1. Dividend Interest Rate Comparisons Prepared by Individual Life Product Development and Support The Guardian Life Insurance Company of America (Guardian) New York, NY December 2011

2. Notes on Dividend Interest Rates & Histories
The Dividend Interest Rate (or DIR) is just one component of a three factor dividend formula that for all mutual carriers includes:
Mortality: to the extent mortality experience is better than guaranteed expectations, the dividend will be positively impacted
Expenses: expense results are reviewed annually and compared to pricing expectations to determine the amount of expense loading assumed in the dividend
Dividend Interest Rate: to the extent the investment experience of the company is better than the guaranteed interest rate assumed in pricing (generally 4%), the excess interest earnings are included

3. Notes on Dividend Interest Rates & Histories
Dividends are not guaranteed and are declared annually subject to Board approval for all mutual carriers
Guardian’s Board of Directors has approved a dividend in every year since 1868
The DIR alone will not always indicate which policy will perform better
Compare policy cash value and death benefit internal rate of returns for a better indication of policies’ relative performance
Guardian’s whole life policies are among the most competitive based on carriers’ 2012 dividend scales
MassMutual has two separate dividend scales. One is for policies issued prior to March 1996 and another for policies issued since March The slides that follow illustrate the DIR histories for policies issued prior to March 1996.
Source: Information contained on all slides obtained from Full Disclosure and other company publications.

4. Historic 30 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
30 Year Average: Guardian 8.98% Northwestern 8.69% MassMutual* 9.10% New York Life 8.67%
*MassMutual’s dividend history applies to policies issued prior to March, 1996

5. Guardian vs. NML Historic 30 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
30 Year Average: Guardian 8.98% Northwestern 8.69%

6. Guardian vs. MassMutual Historic 30 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
30 Year Average: Guardian 8.98% MassMutual* 9.10%
*MassMutual’s dividend history applies to policies issued prior to March, 1996.

7. Guardian vs. NYL Historic 30 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
30 Year Average: Guardian 8.98% New York Life 8.67%

8. Historic 25 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
25 Year Average: Guardian 8.42% Northwestern 8.28% MassMutual* 8.52% New York Life 7.96%
*MassMutual’s dividend history applies to policies issued prior to March, 1996

9. Guardian vs. NML Historic 25 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
25 Year Average: Guardian 8.42% Northwestern 8.28%

10. Guardian vs. MassMutual Historic 25 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
25 Year Average: Guardian 8.42% MassMutual* 8.52%
*MassMutual’s dividend history applies to policies issued prior to March, 1996.

11. Guardian vs. NYL Historic 25 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
25 Year Average: Guardian 8.42% New York Life 7.96%

12. Guardian vs. Penn Mutual Historic 20 Year DIR Comparison
Over Time the Dividend Interest Rate is Similar Because the Asset Allocation is Similar
20 Year Average: Guardian 7.76% Penn Mutual 7.20%

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Questions
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