Equitable Reserve Association

The financial condition of a life insurance organization is an important factor in public confidence. In this regard we believe the fundamental factors listed below are significant. The following is a Comparative Analysis of these basic factors, comparing EQUITABLE RESERVE ASSOCIATION with 25 of the largest United States life insurance companies. Since these 25 companies have an average of over 100 years of life insurance experience, and own a major portion of the invested assets and life insurance in force of all the companies, a favorable comparison of these factors can be indicative of financial stability.

BASIC SIGNIFICANT FACTORS - AS OF DECEMBER 31, 2008

Derived from the Annual Statement

(The Companies listed below are 25 of the largest by the amount of Admitted Assets held for the protection of their policyholders.)

SOLVENCY

A wide margin of Assets over Liabilities can be a significant safety factor. This indicates financial soundness and a Company's ability to meet all obligations as they become due.

Assets for each $100 of Liabilities as of Dec. 31, 2008:

Aetna Life Insurance Company, CT	$121.84
Allstate Life Insurance Company, IL	$105.05
American Family Life Assurance Co., GA	$106.85
American General Life Ins. Co., TX	$115.52
AXA Equitable Life Assurance Society, NY	$102.90
Connecticut General Life Ins. Co., CT	$112.93
Great-West Life and Annuity Ins. Co., CO	$102.79
Guardian Life Ins. Co. of America, NY	$114.45
Hartford Life Insurance Company, CT	$103.14
Jackson National Life Ins. Company., MI	$105.80
John Hancock Life Ins. Co., MA	$104.28
Lincoln National Life Ins. Co., IN	$103.98
Massachusetts Mutual Life Ins. Co., MA	$108.00
Metropolitan Life Insurance Co., NY	$104.17
Minnesota Mutual Life Ins. Co., MN	$107.84
Nationwide Life Insurance Co., OH	$103.01
New York Life Insurance Company, NY	$111.18
Northwestern Mutual Life Ins. Co., WI	$108.71
Pacific Life Insurance Company, CA	$103.89
Principal Life Insurance Company, IA	$104.35
Protective Life Insurance Company, TN	$107.32
Prudential Insurance Co. of America, NJ	$102.78
Riversource Life Insurance Company, MN	$103.87
State Farm Life Insurance Company, IL	$112.79
Transamerica Life Insurance Company, IA	$105.00
AVERAGE OF 25 OF THE LARGEST LIFE CO'S	$105.60
EQUITABLE RESERVE ASSOCIATION	$105.88

LIQUID ASSETS - Assets in Bonds, Stocks, Cash and Short-Term Investments for each $100 of Liabilities: A high ratio may indicate a more liquid investment position to cover unforeseen emergency cash requirements that may arise.

AVERAGE OF 25 OF THE LARGEST LIFE CO'S	$51.26
EQUITABLE RESERVE ASSOCIATION	$100.00

ADDITIONAL SOCIETY STRENGTH

The following ratios are Per $1000 of Life Insurance in Force. They show further proof of financial strength and stability:

	Equitable Reserve Association		Average 25 of the Largest Life Companies
Assets per $1000	$225.90		$139.72
Reserves per $1000	202.29		63.30
Surplus per $1000	12.55		7.41

FINANCIAL STATEMENT SUMMARY AS OF DECEMBER 31, 2008

Admitted Assets $120,017,439.00		Benefits to Policyowners $7,765,193.00
Policy Reserves $107,471,896.00		Net Investment Income $5,849,679.00
Total Liabilities $113,350,685.00		Total Income $12,950,055.00
Gross Surplus (Incl. Capital, if any) $6,666,754.00		Insurance Issued $17,524,000.00
Insurance in Force $531,288,000.00

CONCLUSION

Based on the financial results achieved in the year ended 2008, the analysis made of the above organization is favorable in comparison with the aggregate averages of 25 of the LARGEST LIFE INSURANCE COMPANIES.

2008 STANDARD'S INDEPENDENT COMPARATIVE REPORT ON EQUITABLE RESERVE ASSOCIATION, Neenah, Wisconsin

What is Standard Analytical Service, Inc.?

Standard Analytical Service, Inc. is independent of any insurance company or companies, and we do not sell any kind of insurance. Our financial reports and comparisons, reprints of which are paid for by the companies, are based on statutory financial statements filed with the state insurance departments.

This report should not be interpreted as an analysis of the stock value of a capital stock company, nor is it intended to imply that the company featured will be as successful or is better than the companies making up the aggregate averages, nor is it a recommendation or analysis of the specific policy provisions, rates or claims practices of the organization featured. Its use for all companies, stock, mutual or fraternal, is intended to serve as a guide with respect to the current financial responsibility of the individual company featured herein, based upon the current statutory financial statements on file with the state insurance departments where they are available for public inspection.

This report prepared by:
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