485BPOS 1 n4rollover.txt REGISTRATION STATEMENT As filed with the Securities and Exchange Commission on April 16, 2003 Registration Nos. 333-70600; 811-05626 ------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-4 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Pre-Effective Amendment No. ___ [ ] Post-Effective Amendment No. 2 [X] and/or REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 Amendment No. [X] (Check appropriate box or boxes) SEPARATE ACCOUNT B (Exact Name of Registrant) GOLDEN AMERICAN LIFE INSURANCE COMPANY (Name of Depositor) 1475 Dunwoody Drive West Chester, Pennsylvania 19380-1478 (Address of Depositor's Principal Executive Offices) (Zip Code) Depositor's Telephone Number, including Area Code (610) 425-3400 Linda E. Senker, Esq. Kimberly J. Smith, Esq. ING ING 1475 Dunwoody Drive 1475 Dunwoody Drive West Chester, PA 19380-1478 West Chester, PA 19380-1478 (610) 425-4139 (610) 425-3427 (Name and Address of Agent for Service) Approximate Date of Proposed Public Offering: As soon as practical after the effective date of the Registration Statement It is proposed that this filing will become effective (check appropriate box): [ ] immediately upon filing pursuant to paragraph (b) of Rule 485 [X] on May 1, 2003 pursuant to paragraph (b) of Rule 485 [ ] 60 days after filing pursuant to paragraph (a)(1) of Rule 485 [ ] on (date) pursuant to paragraph (a)(1) of Rule 485 If appropriate, check the following box: [ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment. Title of Securities Being Registered: Deferred Combination Variable and Fixed Annuity Contracts ------------------------------------------------------------------------------- PART A -------------------------------------------------------------------------------- GOLDEN AMERICAN LIFE INSURANCE COMPANY SEPARATE ACCOUNT B OF GOLDEN AMERICAN LIFE INSURANCE COMPANY DEFERRED COMBINATION VARIABLE AND FIXED ANNUITY PROSPECTUS RETIREMENT SOLUTIONS-- ING ROLLOVER CHOICE SM VARIABLE ANNUITY -------------------------------------------------------------------------------- MAY 1, 2003 This prospectus describes Retirement Solutions -- ING Rollover Choice Variable Annuity, a group and individual deferred variable annuity contract (the "Contract") offered by Golden American Life Insurance Company (the "Company," "we" or "our"). The Contract may be purchased only by a transfer or rollover from an existing contract (the "prior contract") issued by us or one of our affiliates ("internal transfer"). The Contract may be issued only as a traditional Individual Retirement Annuity ("IRA") under section 408(b) of the Internal Revenue Code of 1986 as amended (the "Code") or as a Roth IRA under section 408A The Contract is not currently available as a Simplified Employer Pension (SEP) plan under 408(k) or as a Simple IRA under section 408(p). The Contract provides a means for you to invest your premium payments in one or more of the available mutual fund investment portfolios. You may also allocate premium payments to our Fixed Account with guaranteed interest periods. Your contract value will vary daily to reflect the investment performance of the investment portfolio(s) you select and any interest credited to your allocations in the Fixed Account. For Contracts sold in some states, some guaranteed interest periods or subaccounts may not be available. The investment portfolios available under your Contract and the portfolio managers are listed on the back of this cover. You have a right to return a Contract within 10 days after you receive it for a refund of the adjusted contract value (which may be more or less than the premium payments you paid), or, for IRA's or if required by your state, the original amount of your premium payment. Longer free look periods apply in some states and in certain situations. REPLACING AN EXISTING ANNUITY WITH THE CONTRACT MAY NOT BE BENEFICIAL TO YOU. YOUR EXISTING ANNUITY MAY BE SUBJECT TO FEES OR PENALTIES ON SURRENDER, AND THE CONTRACT MAY HAVE NEW CHARGES. This prospectus provides information that you should know before investing and should be kept for future reference. A Statement of Additional Information ("SAI"), dated, May 1, 2003, has been filed with the Securities and Exchange Commission ("SEC"). It is available without charge upon request. To obtain a copy of this document, write to our Customer Service Center at P.O. Box 9271, Des Moines, Iowa 50306-9271 or call (800) 366-0066, or access the SEC's website (http://www.sec.gov). The table of contents of the SAI is on the last page of this prospectus and the SAI is made part of this prospectus by reference. THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. AN INVESTMENT IN ANY SUBACCOUNT THROUGH THE TRUSTS OR FUNDS IS NOT A BANK DEPOSIT AND IS NOT INSURED OR GUARANTEED BY ANY BANK OR BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. -------------------------------------------------------------------------------- A LIST OF THE INVESTMENT PORTFOLIOS AND THE MANAGERS ARE LISTED ON THE BACK OF THIS COVER. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 The investment portfolios available under your Contract and the portfolio managers are: A I M ADVISORS, INC. AIM V.I. Capital Appreciation Fund (Class II) AIM V.I. Core Equity Fund (Class II) AIM V.I. Premier Equity Fund (Class II) AMERICAN CENTURY INVESTMENT MANAGEMENT, INC. ING American Century Small Cap Value Portfolio (Class S) (1) BAMCO, INC. ING Baron Small Cap Growth Portfolio (Class S) (1) FIDELITY MANAGEMENT & RESEARCH CO. Fidelity(R)VIP Equity-Income Portfolio (Class S2) Fidelity(R)VIP Growth Portfolio (Class S2) Fidelity(R)VIP Contrafund(R)Portfolio (Class S2) Fidelity(R)VIP Overseas Portfolio (Class S2) FRANKLIN ADVISORY SERVICES, LLC Franklin Small Cap Value Securities Fund (Class 2) FRED ALGER MANAGEMENT, INC. ING Alger Aggressive Growth Portfolio (Class S) (1) ING Alger Growth Portfolio (Class S) (1) GOLDMAN SACHS ASSET MANAGEMENT, L.P. ING Goldman Sachs Capital Growth Portfolio (Class S) (1) ING INVESTMENT MANAGEMENT, LLC ING Liquid Assets Portfolio (Class S) (2) ING INVESTMENTS, LLC ING GET U.S. Core Portfolio ING VP Bond Portfolio (Class S) ING VP Balanced Portfolio (Class S) ING VP Growth and Income Portfolio (Class S) ING VP Growth Opportunities Portfolio (Class S) ING VP Growth Portfolio (Class S) ING VP Index Plus LargeCap Portfolio (Class S) ING VP Index Plus MidCap Portfolio (Class S) ING VP Index Plus SmallCap Portfolio (Class S) ING VP International Equity Portfolio (Class S) ING VP International Value Portfolio (Class S) ING VP MidCap Opportunities Portfolio (Class S) ING VP Small Company Portfolio (Class S) ING VP SmallCap Opportunities Portfolio (Class S) ING VP Value Opportunity Portfolio (Class S) JANUS CAPITAL MANAGEMENT LLC Janus Aspen Series Balanced Portfolio (Class S) Janus Aspen Series Flexible Income Portfolio (Class S) Janus Aspen Series Growth Portfolio (Class S) Janus Aspen Series Worldwide Growth Portfolio (Class S) J.P. MORGAN FLEMING ASSET MANAGEMENT ING JPMorgan Fleming International Portfolio (Class S) (1) MASSACHUSETTS FINANCIAL SERVICES COMPANY ING MFS Total Return Portfolio (Class S) (2) ING MFS Capital Opportunities Portfolio (Class S) (1) ING MFS Global Growth Portfolio (Class S) (1) ING MFS Research Equity Portfolio (Class S) (1) OPCAP ADVISORS ING OpCap Balanced Value Portfolio (Class S) (1) OPPENHEIMERFUNDS, INC. Oppenheimer Global Securities Fund/VA (Class S) Oppenheimer Strategic Bond Fund/VA (Class S) PACIFIC INVESTMENT MANAGEMENT COMPANY LLC ING PIMCO Core Bond Portfolio (Class S) (2) ING PIMCO Total Return Portfolio (Class S) (1) PIONEER INVESTMENT MANAGEMENT, INC. Pioneer Equity-Income VCT Portfolio (Class II) Pioneer Fund VCT Portfolio (Class II) Pioneer Mid-Cap Value VCT Portfolio (Class II) ROBERT FLEMING INC. ING JPMorgan Mid Cap Value Portfolio (Class S) (1) SALOMON BROTHERS ASSET MANAGEMENT, INC. ING Salomon Brothers Fundamental Value Portfolio (Class S) (1) ING Salomon Bros. Investors Value Portfolio (Class S) (1) T. ROWE PRICE ASSOCIATES, INC. ING T. Rowe Price Growth Equity Portfolio (Class S) (1) UBS GLOBAL ASSET MANAGEMENT ING UBS Tactical Asset Allocation Portfolio (Class S) (1) VAN KAMPEN ING Van Kampen Comstock Fund (Class S) (1) (1) The investment adviser for this portfolio is ING Life Insurance and Annuity Company. The portfolio manager listed is the sub-adviser. (2) The investment adviser for this portfolio is Directed Services, Inc. The portfolio manager listed is the sub-adviser. Directed Services, Inc. is an affiliated Company of ING Groep, N.V. Effective May 1, 2003 this fund has changed its name to the name listed above. See Appendix B for a complete list of former and current fund names. The above mutual fund investment portfolios are purchased and held by corresponding divisions of our Separate Account B. We refer to the divisions as "subaccounts" and the money you place in the Fixed Account's guaranteed interest periods as "Fixed Interest Allocations" in this prospectus. RS Rollover Choice - 126042 -------------------------------------------------------------------------------- TABLE OF CONTENTS -------------------------------------------------------------------------------- PAGE Index of Special Terms.............................. Fees and Expenses................................... Condensed Financial Information..................... Golden American Life Insurance Company.............. Golden American Separate Account B.................. The Trusts and Funds................................ Accumulation Unit................................... The Net Investment Factor........................... Performance Information............................. Financial Statements................................ Special Funds....................................... Charges and Fees.................................... Charge Deduction Subaccount....................... Charges Deducted from the Contract Value.......... Surrender Charge.............................. Waiver of Surrender Charge for Extended Medical Care............................... Free Withdrawal Amount........................ Surrender Charge for Excess Withdrawals....... Premium Taxes................................. Administrative Charge......................... Transfer Charge............................... Charges Deducted from the Subaccounts............. Mortality and Expense Risk Charge............. Asset-Based Administrative Charge............. Trust and Fund Expenses....................... The Annuity Contract................................ Contract Date and Contract Year .............. Income Phase Start Date....................... Contract Owner................................ Annuitant..................................... Beneficiary................................... Purchase and Availability of the Contract..... Crediting of Premium Payments................. Administrative Procedures..................... Contract Value................................ Cash Surrender Value.......................... Surrendering to Receive the Cash Surrender Value............................ The Subaccounts............................... Addition, Deletion or Substitution of Subaccounts and Other Changes.............. The Fixed Account............................. Other Contracts............................... Withdrawals......................................... Transfers Among Your Investments.................... Death Benefit Choices............................... Death Benefit During the Accumulation Phase....... Option Package I.............................. Option Package II............................. Option Package III............................ Transfers Between Option Packages............. Death Benefit During the Income Phase............. Continuation After Death- Spouse.................. Continuation After Death- Non-Spouse.............. The Income Phase.................................... Other Contract Provisions........................... Other Information................................... Federal Tax Considerations.......................... Statement of Additional Information Table of Contents................................. Appendix A Condensed Financial Information................... A1 Appendix B The Investment Portfolios......................... B1 Appendix C Fixed Account II.................................. C1 Appendix D Fixed Interest Division........................... D1 Appendix E Surrender Charge for Excess Withdrawals Example....................................... E1 Appendix F Withdrawal Adjustment for 5% Roll-Up Death Benefit Examples.............................. F1 Appendix G Projected Schedule of ING GET U.S. Core Portfolio Offerings........................... G1 RS Rollover Choice - 126042 i -------------------------------------------------------------------------------- INDEX OF SPECIAL TERMS -------------------------------------------------------------------------------- The following special terms are used throughout this prospectus. Refer to the page(s) listed for an explanation of each term: ------------------------------------------------------------ SPECIAL TERM PAGE ------------------------------------------------------------ Accumulation Unit 13 ------------------------------------------------------------ Annual Ratchet 31 ------------------------------------------------------------ Annuitant 19 ------------------------------------------------------------ Income Phase Start Date 18 ------------------------------------------------------------ Cash Surrender Value 22 ------------------------------------------------------------ Claim Date ------------------------------------------------------------ Contract Date 18 ------------------------------------------------------------ Contract Owner 19 ------------------------------------------------------------ Contract Value 21 ------------------------------------------------------------ Contract Year 18 ------------------------------------------------------------ Free Withdrawal Amount 34 ------------------------------------------------------------ Net Investment Factor 13 ------------------------------------------------------------ Net Rate of Return ------------------------------------------------------------ Restricted Fund 15 ------------------------------------------------------------ 5% Roll-up 31 ------------------------------------------------------------ Special Funds 18 ------------------------------------------------------------ Standard Death Benefit 30 ------------------------------------------------------------ The following terms as used in this prospectus have the same or substituted meanings as the corresponding terms currently used in the Contract: --------------------------------------------------------------------------- TERM USED IN THIS PROSPECTUS CORRESPONDING TERM USED IN THE CONTRACT --------------------------------------------------------------------------- Accumulation Unit Value Index of Investment Experience --------------------------------------------------------------------------- Income Phase Start Date Annuity Commencement Date --------------------------------------------------------------------------- Contract Owner Owner or Certificate Owner --------------------------------------------------------------------------- Contract Value Accumulation Value --------------------------------------------------------------------------- Transfer Charge Excess Allocation Charge --------------------------------------------------------------------------- Fixed Interest Allocation Fixed Allocation --------------------------------------------------------------------------- Free Look Period Right to Examine Period --------------------------------------------------------------------------- Guaranteed Interest Period Guarantee Period --------------------------------------------------------------------------- Subaccount(s) Division(s) --------------------------------------------------------------------------- Net Investment Factor Experience Factor --------------------------------------------------------------------------- Regular Withdrawals Conventional Partial Withdrawals --------------------------------------------------------------------------- Withdrawals Partial Withdrawals --------------------------------------------------------------------------- RS Rollover Choice - 126042 ii -------------------------------------------------------------------------------- FEES AND EXPENSES -------------------------------------------------------------------------------- The following tables describe the fees and expenses that you will pay when buying, owning, and surrendering the contract. The first table describes the fees and expenses that you will pay at the time that you buy the contract, surrender the contract, or transfer contract value between investment options. State premium taxes may also be deducted. CONTRACT OWNER TRANSACTION EXPENSES1 Surrender Charge COMPLETE YEARS ELAPSED 0 1 2 3 4 5 6 7+ SINCE PREMIUM PAYMENT* SURRENDER CHARGE 6% 6% 5% 4% 3% 2% 1% 0% * For amounts transferred or rolled over into this Contract as an internal transfer, see "Charges Deducted From Contract Value-- Surrender Charge." Transfer Charge2........................................ $25 per transfer, if you make more than 12 transfers in a contract year 1 If you invested in a Fixed Interest Allocation, a Market Value Adjustment may apply to certain transactions. This may increase or decrease your contract value and/or your transfer or surrender amount. 2 We currently do not impose this charge, but may do so in the future. The next table describes the fees and expenses that you will pay periodically during the time that you own the Contract, not including Trust or Fund fees and expenses. ANNUAL CONTRACT ADMINISTRATIVE CHARGE3 Administrative Charge................................... $30 (We waive this charge if the total of your premium payments is $50,000 or more or if your contract value at the end of a contract year is $50,000 or more.) 3 We deduct this charge on each contract anniversary and on surrender. See , "The Income Phase-- Charges Deducted." SEPARATE ACCOUNT ANNUAL CHARGES4 --------------------------------------------------------------------------- OPTION OPTION OPTION PACKAGE I PACKAGE II PACKAGE III --------------------------------------------------------------------------- Mortality & Expense Risk Charge 0.60% 0.80% 0.95% Asset-Based Administrative Charge 0.15% 0.15% 0.15% ----- ----- ----- Total 0.75% 0.95% 1.10% --------------------------------------------------------------------------- GET Fund Guarantee Charge5 0.50% 0.50% 0.50% Total With GET Fund Guarantee Charge 1.25% 1.45% 1.60% --------------------------------------------------------------------------- 4 As a percentage of average daily assets in each subaccount. The Separate Account Annual Charges are deducted daily. 5 The ING GET U.S. Core Portfolio Guarantee Charge is deducted daily during the guarantee period from amounts allocated to the ING GET U.S. Core Portfolio investment option. Please see "The Trusts and Funds-- ING GET U.S. Core Portfolio" for a description of the ING GET U.S. Core Portfolio guarantee. RS Rollover Choice - 126042 1 TRUST OR FUND EXPENSES The next item shows the minimum and maximum total operating expenses charged by a Trust or Fund that you may pay periodically during the time that you own the Contract. More detail concerning each Trust or Fund's fees and expenses is contained in the prospectus for each Trust or Fund. --------------------------------------------------------------------------- TOTAL ANNUAL TRUST OR FUND OPERATING EXPENSES 6 MINIMUM MAXIMUM --------------------------------------------------------------------------- (expenses that are deducted from Trust or Fund assets, including management fees, distribution 0.53% 1.83% and/or service (12b-1) fees*, and other expenses): --------------------------------------------------------------------------- * The Company may receive compensation from each of the funds or the funds' affiliates based on an annual percentage of the average net assets held in that fund by the Company. The percentage paid may vary from one fund company to another. For certain funds, some of this compensation may be paid out of 12b-1 fees or service fees that are deducted from fund assets. Any such fees deducted from fund assets are disclosed in the Fund or Trust prospectuses. The Company may also receive additional compensation from certain funds for administrative, recordkeeping or other services provided by the Company to the funds or the funds' affiliates. These additional payments are made by the funds or the funds' affiliates to the Company and do not increase, directly or indirectly, the fees and expenses shown above. 6 The minimum and maximum total operating expenses charged by a Trust or Fund including applicable expense reimbursement or fee waiver arrangements would be 0.53% to 1.55%. The expense reimbursement or fee arrangement reflected is expected to continue through December 31, 2003. Premium taxes (which currently range from 0% to 3.5% of premium payments) may apply, but are not reflected in the tables above or in the examples below. EXAMPLE: This Example is intended to help you compare the cost of investing in the Contract with the cost of investing in other variable annuity contracts. These costs include contract owner transaction expenses, contract fees, separate account annul expenses, and Trust or Fund fees and expenses. The example assumes that you invest $10,000 in the Contract for the time periods indicated. The example also assumes that your investment has a 5% return each year and assumes the maximum fees and expenses of any of the Trusts or Funds. Specifically, the example assumes election of Option Package III. The example reflects the deduction of a mortality and expense risk charge, an asset-based administrative charge, and the annual contract administrative charge as an annual charge of 0.05% of assets. If you elect different options, your expenses may be lower. The example also takes into account contractual limitations on Trust or Fund expenses that require reimbursement or waivers of expenses, but only for the period of the contractual limitation. Note that if some or all of the amounts held under the Contract are transfer amounts or otherwise not subject to surrender charge, the actual surrender charge will be lower than that represented in the example. Note that surrender charges may apply if you choose to annuitize your Contract within the first contract year and, under certain circumstances, within the first 7 contract years. RS Rollover Choice - 126042 2 Although your actual costs may be higher or lower, based on these assumptions, your costs would be: --------------------------------------------------------------------------- 1) If you surrender your contract at the end of the applicable time period: --------------------------------------------------------------------------- 1 year 3 years 5 years 10 years $873 $1,421 $1,867 $3,299 --------------------------------------------------------------------------- 2) If you annuitize at the end of the applicable time period: --------------------------------------------------------------------------- 1 year 3 years 5 years 10 years $873 $1,421 $1,867 $3,299 --------------------------------------------------------------------------- 3) If you do not surrender your contract: --------------------------------------------------------------------------- 1 year 3 years 5 years 10 years $273 $921 $1,567 $3,299 --------------------------------------------------------------------------- Compensation is paid for the sale of the Contracts. For information about this compensation, see "Selling the Contract." -------------------------------------------------------------------------------- CONDENSED FINANCIAL INFORMATION -------------------------------------------------------------------------------- ACCUMULATION UNIT We use accumulation units to calculate the value of a Contract. Each subaccount of Separate Account B has its own accumulation unit value. The accumulation units are valued each business day that the New York Stock Exchange is open for trading. Their values may increase or decrease from day to day according to a Net Investment Factor, which is primarily based on the investment performance of the applicable investment portfolio. Shares in the investment portfolios are valued at their net asset value. Tables containing (I) the accumulation unit value history of each subaccount of Separate Account B offered in this prospectus and (ii) the total investment value history of each such subaccount are presented in Appendix A - Condensed Financial Information. The numbers show the year-end unit values of each subaccount from the time purchase payments were first received in the subaccounts under the Contract. THE NET INVESTMENT FACTOR The Net Investment Factor is an index number which reflects certain charges under the Contract and the investment performance of the subaccount. The Net Investment Factor is calculated for each subaccount as follows: 1) We take the net asset value of the subaccount at the end of each business day. 2) We add to (1) the amount of any dividend or capital gains distribution declared for the subaccount and reinvested in such subaccount. We subtract from that amount a charge for our taxes, if any. 3) We divide (2) by the net asset value of the subaccount at the end of the preceding business day. 4) We then subtract the applicable daily mortality and expense risk charge and the daily asset-based administrative charge from the subaccount and, for the GET Fund subaccount only, the daily GET Fund guarantee charge. Calculations for the subaccounts are made on a per share basis. RS Rollover Choice - 126042 3 The Net Rate of Return equals the Net Investment Factor minus one. PERFORMANCE INFORMATION >From time to time, we may advertise or include in reports to contract owners performance information for the subaccounts of Separate Account B, including the average annual total return performance, yields and other nonstandard measures of performance. Such performance data will be computed, or accompanied by performance data computed, in accordance with standards defined by the SEC. Except for the Liquid Assets subaccount, quotations of yield for the subaccounts will be based on all investment income per unit (contract value divided by the accumulation unit) earned during a given 30-day period, less expenses accrued during such period. Information on standard total average annual return performance will include average annual rates of total return for 1, 5 and 10 year periods, or lesser periods depending on how long Separate Account B has been investing in the portfolio. We may show other total returns for periods of less than one year. Total return figures will be based on the actual historic performance of the subaccounts of Separate Account B, assuming an investment at the beginning of the period when the separate account first invested in the portfolio and withdrawal of the investment at the end of the period, adjusted to reflect the deduction of all applicable portfolio and current contract charges. We may also show rates of total return on amounts invested at the beginning of the period with no withdrawal at the end of the period. Total return figures which assume no withdrawals at the end of the period will reflect all recurring charges, but will not reflect the surrender charge. In addition, we may present historic performance data for the investment portfolios since their inception reduced by some or all of the fees and charges under the Contract. Such adjusted historic performance includes data that precedes the inception dates of the subaccounts of Separate Account B. This data is designed to show the performance that would have resulted if the Contract had been in existence before the separate account began investing in the portfolios. Current yield for the Liquid Assets subaccount is based on income received by a hypothetical investment over a given 7-day period, less expenses accrued, and then "annualized" (i.e., assuming that the 7-day yield would be received for 52 weeks). We calculate "effective yield" for the Liquid Assets subaccount in a manner similar to that used to calculate yield, but when annualized, the income earned by the investment is assumed to be reinvested. The "effective yield" will thus be slightly higher than the "yield" because of the compounding effect of earnings. We calculate quotations of yield for the remaining subaccounts on all investment income per accumulation unit earned during a given 30-day period, after subtracting fees and expenses accrued during the period, assuming no surrender. YOU SHOULD BE AWARE THAT THERE IS NO GUARANTEE THAT THE LIQUID ASSETS SUBACCOUNT WILL HAVE A POSITIVE OR LEVEL RETURN. We may compare performance information for a subaccount to: (i) the Standard & Poor's 500 Stock Index, Dow Jones Industrial Average, Donoghue Money Market Institutional Averages, or any other applicable market indices, (ii) other variable annuity separate accounts or other investment products tracked by Lipper Analytical Services (a widely used independent research firm which ranks mutual funds and other investment companies), or any other rating service, and (iii) the Consumer Price Index (measure for inflation) to determine the real rate of return of an investment in the Contract. Our reports and promotional literature may also contain other information including the ranking of any subaccount based on rankings of variable annuity separate accounts or other investment products tracked by Lipper Analytical Services or by similar rating services. Performance information reflects only the performance of a hypothetical contract and should be considered in light of other factors, including the investment objective of the investment portfolio and market conditions. Please keep in mind that past performance is not a guarantee of future results. FINANCIAL STATEMENTS The statement of assets and liabilities of Separate Account B as of December 31, 2002, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended are included in the Statement of Additional Information. The consolidated financial statements and schedules of Golden American as of December 31, 2002 and 2001 and for each of the three years in the period ended December 31, 2002 are included in the Statement of Additional Information. RS Rollover Choice - 126042 4 -------------------------------------------------------------------------------- GOLDEN AMERICAN LIFE INSURANCE COMPANY -------------------------------------------------------------------------------- Golden American Life Insurance Company is a Delaware stock life insurance company, which was originally incorporated in Minnesota on January 2, 1973. Golden American is a wholly owned subsidiary of Equitable Life Insurance Company of Iowa ("Equitable Life"). Equitable Life is a wholly owned subsidiary of Lion Connecticut Holdings, Inc. ("Lion Connecticut"), which in turn is a wholly owned subsidiary of ING Groep N.V. ("ING"), a global financial services holding company based in the Netherlands. Golden American is authorized to sell insurance and annuities in all states, except New York, and the District of Columbia. Golden American's consolidated financial statements appear in the Statement of Additional Information. Equitable Life was previously a subsidiary of Equitable of Iowa Companies, Inc. ("Equitable of Iowa") which was merged into Lion Connecticut effective December 31, 2002. Lion Connecticut is the holding company for Equitable Life, Directed Services, Inc., the investment manager of the ING Investors Trust and the distributor of the Contracts, and other interests. ING also owns ING Investments, LLC and ING Investment Management, LLC, portfolio managers of the ING Investors Trust, and the investment managers of the ING Variable Insurance Trust and ING Variable Products Trust and ING Variable Product Portfolios, respectively. ING also owns Baring International Investment Limited, another portfolio manager of the ING Investors Trust. Our principal office is located at 1475 Dunwoody Drive, West Chester, Pennsylvania 19380. -------------------------------------------------------------------------------- GOLDEN AMERICAN SEPARATE ACCOUNT B -------------------------------------------------------------------------------- Golden American Separate Account B ("Separate Account B") was established as a separate account of the Company on July 14, 1988. It is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 as amended (the "1940 Act"). Separate Account B is a separate investment account used for our variable annuity contracts. We own all the assets in Separate Account B but such assets are kept separate from our other accounts. Separate Account B is divided into subaccounts. Each subaccount invests exclusively in shares of one investment portfolio of a Trust or Fund. Each investment portfolio has its own distinct investment objectives and policies. Income, gains and losses, realized or unrealized, of a portfolio are credited to or charged against the corresponding subaccount of Separate Account B without regard to any other income, gains or losses of the Company. Assets equal to the reserves and other contract liabilities with respect to each are not chargeable with liabilities arising out of any other business of the Company. They may, however, be subject to liabilities arising from subaccounts whose assets we attribute to other variable annuity contracts supported by Separate Account B. If the assets in Separate Account B exceed the required reserves and other liabilities, we may transfer the excess to our general account. We are obligated to pay all benefits and make all payments provided under the Contracts. NOTE: We currently offer other variable annuity contracts that invest in Separate Account B but are not discussed in this prospectus. Separate Account B may also invest in other investment portfolios which are not available under your Contract. Under certain circumstances, we may make certain changes to the subaccounts. For more information, see "The Annuity Contract -- Addition, Deletion, or Substitution of Subaccounts and Other Changes." RS Rollover Choice - 126042 5 -------------------------------------------------------------------------------- THE TRUSTS AND FUNDS -------------------------------------------------------------------------------- Investment portfolios of the following Trusts and Funds are currently available under your Contract. ING GET U.S. Core Portfolio is an open-end investment company authorized to issue multiple series of shares. Shares of the series are offered to insurance company separate accounts, including Golden American Separate Account B, that fund variable annuity contracts. The address of ING GET U.S. Core Portfolio is 1475 Dunwoody Drive, West Chester, PA 19380. ING Variable Portfolios, Inc. is a mutual fund whose shares are offered to insurance company separate accounts, including Golden American Separate Account B, that fund both annuity and life insurance contracts and to certain tax-qualified retirement plans. The address of ING Variable Portfolios, Inc. is 151 Farmington Avenue, Hartford, Connecticut 06156-8962. AIM Variable Insurance Funds is a mutual fund whose shares are currently offered only to insurance company separate accounts. The address of AIM Variable Insurance Funds is 11 Greenway Plaza, Suite 100, Houston, Texas 77046-1173. Fidelity Variable Insurance Products Fund is also a mutual fund which offers its shares only to separate accounts of insurance companies that offer variable annuity and variable life insurance products. Fidelity Variable Insurance Products Fund is located at 82 Devonshire Street, Boston, MA 02109. Franklin Templeton Variable Insurance Products Trust is a Franklin Templeton Variable Insurance Products Trust consists of separate series (the Fund or Funds) offering a wide variety of investment choices. Each Fund generally has two classes of shares, Class I and Class 2. Shares of each Fund are sold to insurance company separate accounts to serve as investment options for variable annuity or variable life insurance contracts, and for qualified pension and retirement plans. Franklin Templeton Variable Insurance Products Trust is located at 777 Mariners Island Blvd., P.O. Box 7777, San Mateo, CA 94403-7777. The ING Investors Trust is a mutual fund whose shares are offered to separate accounts funding variable annuity and variable life insurance policies offered by Golden American and other affiliated insurance companies. The ING Investors Trust may also sell its shares to separate accounts of insurance companies not affiliated with Golden American and to certain qualified pension and retirement plans. The address of the ING Investors Trust is 1475 Dunwoody Drive, West Chester, PA 19380. Janus Aspen Series is a mutual fund whose shares are offered in connection with investment in and payments under variable annuity contracts and variable life insurance contracts, as well as certain qualified retirement plans. The address of Janus Aspen Series is 100 Fillmore Street, Denver, Colorado 80206-4928. Oppenheimer Variable Account Funds is a mutual fund whose shares are sold only as the underlying investment for variable life insurance policies, variable annuity contracts and other insurance company separate accounts. The address of the Oppenheimer Variable Account Funds is Oppenheimer Funds Services, P.O. Box 5270, Denver, CO 80217-5270. The ING Variable Products Trust is also a mutual fund whose shares are offered to separate accounts funding variable annuity contracts offered by Golden American and other insurance companies, both affiliated and unaffiliated with Golden American. The address of ING Variable Products Trust is 40 North Central Avenue, Suite 1200, Phoenix, AZ 85004. Pioneer Variable Contracts Trust is an open-end management investment company. Shares of the portfolios are offered primarily to insurance companies to fund the benefits under variable annuity and variable life insurance contracts issued by their companies. The address of Pioneer Variable Contracts Trust is 60 State Street, Boston, Massachusetts 02109. RS Rollover Choice - 126042 6 ING Partners, Inc. is a mutual fund whose shares are offered only to insurance companies to fund benefits under their variable annuity and variable life insurance contracts. The address of ING Partners, Inc. is 151 Farmington Avenue, Hartford, Connecticut 06156-8962. YOU WILL FIND MORE DETAILED INFORMATION ABOUT THE TRUSTS AND FUNDS IN APPENDIX B -- THE INVESTMENT PORTFOLIOS. A PROSPECTUS CONTAINING MORE COMPLETE INFORMATION ON EACH TRUST OR FUND MAY BE OBTAINED BY CALLING OUR CUSTOMER SERVICE CENTER AT 800-366-0066. YOU SHOULD READ THE PROSPECTUS CAREFULLY BEFORE INVESTING. If, due to differences in tax treatment or other considerations, the interests of the contract owners of various contracts participating in the Trusts or Funds conflict, we, the Board of Trustees or Directors of the Trusts or Funds, and any other insurance companies participating in the Trusts or Funds will monitor events to identify and resolve any material conflicts that may arise. ING GET U.S. CORE PORTFOLIO (FORMERLY KNOWN AS ING GET FUND) An ING GET U.S. Core Portfolio ("GET Fund") series may be available during the accumulation phase of the Contract. We make a guarantee, as described below, when you allocate money into a GET Fund series. Each GET Fund series has an offering period of three months which precedes the guarantee period. The GET Fund investment option may not be available under your Contract or in your state. Various series of the GET Fund may be offered from time to time, and additional charges will apply if you elect to invest in one of these series. Please see Appendix G for a projected schedule of GET Fund Series Offerings. The Company makes a guarantee when you direct money into a GET Fund series. We guarantee that the value of an accumulation unit of the GET Fund subaccount for that series under the Contract on the maturity date will not be less than its value as determined after the close of business on the last day of the offering period for that GET Fund series. If the value on the maturity date is lower than it was on the last day of the offering period, we will add funds to the GET Fund subaccount for that series to make up the difference. This means that if you remain invested in the GET Fund series until the maturity date, at the maturity date, you will receive no less than the value of your separate account investment directed to the GET Fund series as of the last day of the offering period, less charges not reflected in the accumulation unit value, including any charges deducted for the earnings multiplier benefit rider, and any amounts you transfer or withdraw from the GET Fund subaccount for that series. The value of dividends and distributions made by the GET Fund series throughout the guarantee period is taken into account in determining whether, for purposes of the guarantee, the value of your GET Fund investment on the maturity date is no less than its value as of the last day of the offering period. If you withdraw or transfer funds from a GET Fund series prior to the maturity date, we will process the transactions at the actual unit value next determined after we receive your request. The GET Fund subaccount is not available for dollar cost averaging or automatic rebalancing. Before the maturity date, we will send a notice to each contract owner who has allocated amounts to the GET Fund series. This notice will remind you that the maturity date is approaching and that you must choose other investment options for your GET Fund series amounts. If you do not make a choice, on the maturity date we will transfer your GET Fund series amounts to another available series of the GET Fund that is then accepting deposits. If no GET Fund series is then available, we will transfer your GET Fund series amounts to the fund or funds that we designate. Please see the ING GET U.S. Core Portfolio prospectus for a complete description of the GET Fund investment option, including charges and expenses. RESTRICTED FUNDS We may designate any investment option as a Restricted Fund and limit the amount you may allocate or transfer to a Restricted Fund. We may establish any such limitation, at our discretion, as a percentage of premium or contract value or as a specified dollar amount and change the limitation at any time. Currently, we have not designated any investment option as a Restricted Fund. We may, with 30 days notice to you, designate any investment portfolio as a Restricted Fund or change the limitations on RS Rollover Choice - 126042 7 existing contracts with respect to new premiums added to such investment portfolio and also with respect to new transfers to such investment portfolio. If a change is made with regard to designation as a Restricted Fund or applicable limitations, such change will apply only to transactions effected after such change. We limit your investment in the Restricted Funds on both an aggregate basis for all Restricted Funds and for each individual Restricted Fund. The aggregate limits for investment in all Restricted Funds are expressed as a percentage of contract value, percentage of premium and maximum dollar amount. Currently, your investment in two or more Restricted Funds would be subject to each of the following three limitations: no more than 30 percent of contract value, up to 100 percent of each premium and no more than $999,999,999. We may change these limits, in our discretion, for new contracts, premiums, transfers or withdrawals. We also limit your investment in each individual Restricted Fund. The limits for investment in each Restricted Fund are expressed as a percentage of contract value, percentage of premium and maximum dollar amount. Currently, the limits for investment in an individual Restricted Fund are the same as the aggregate limits set forth above. We may change these limits, in our discretion, for new contracts, premiums, transfers or withdrawals. We monitor the aggregate and individual limits on investments in Restricted Funds for each transaction (e.g. premium payments, reallocations, withdrawals, dollar cost averaging). If the contract value in the Restricted Fund has increased beyond the applicable limit due to market growth, we will not require the reallocation or withdrawal of contract value from the Restricted Fund. However, if an aggregate limit has been exceeded, withdrawals must be taken either from the Restricted Funds or taken pro rata from all investment options in which contract value is allocated, so that the percentage of contract value in the Restricted Funds following the withdrawal is less than or equal to the percentage of contract value in the Restricted Funds prior to the withdrawal. We will not permit a transfer to the Restricted Funds to the extent that it would increase the contract value in the Restricted Fund or in all Restricted Funds to more than the applicable limits set forth above. We will not limit transfers from Restricted Funds. If the result of multiple reallocations is to lower the percentage of total contract value in Restricted Funds, the reallocation will be permitted even if the percentage of contract value in a Restricted Fund is greater than its limit. Please see "Withdrawals" and "Transfers Among Your Investments" in this prospectus for more information on the effect of Restricted Funds. -------------------------------------------------------------------------------- SPECIAL FUNDS -------------------------------------------------------------------------------- We use the term Special Funds in the discussion of the death benefit options. Currently, no subaccounts have been designated as Special Funds. The Company may, at any time, designate new and/or existing subaccounts as a Special Fund with 30 days notice with respect to new premiums added or transfers to such subaccounts. Such subaccounts will include those that, due to their volatility, are excluded from the death benefit guarantees that may otherwise be provided. Designation of a subaccount as a Special Fund may vary by benefit. For example, a subaccount may be designated a Special Fund for purposes of calculating one death benefit and not another. -------------------------------------------------------------------------------- CHARGES AND FEES -------------------------------------------------------------------------------- We deduct the Contract charges described below to compensate us for our cost and expenses, services provided and risks assumed under the Contracts. We incur certain costs and expenses for distributing and administering the Contracts, including compensation and expenses paid in connection with sales of RS Rollover Choice - 126042 8 the Contracts, for paying the benefits payable under the Contracts and for bearing various risks associated with the Contracts. The amount of a Contract charge will not always correspond to the actual costs associated with the charge. For example, the surrender charge collected may not fully cover all of the distribution expenses incurred by us with the service or benefits provided. In the event there are any profits from fees and charges deducted under the Contract, including the mortality and expense risk charge and rider and benefit charges, we may use such profits to finance the distribution of Contracts. CHARGE DEDUCTION SUBACCOUNT You may elect to have all charges against your contract value deducted directly from a single subaccount designated by the Company. Currently we use the Liquid Assets subaccount for this purpose. If you do not elect this option, or if the amount of the charges is greater than the amount in the designated subaccount, the charges will be deducted as discussed below. You may cancel this option at any time by sending satisfactory notice to our Customer Service Center. CHARGES DEDUCTED FROM THE CONTRACT VALUE We deduct the following charges from your contract value: SURRENDER CHARGE. Internal Transfers when the Prior Contract or arrangement either imposed a front end load or had no applicable surrender charge: There is no surrender charge under this Contract on amounts transferred or rolled over from a prior contract as an internal transfer when the prior contract imposed a front end load, there was no applicable surrender charge under the prior contract, or if the prior contract would not have assessed a surrender charge if the money had been transferred to a contract issued by a non-affiliated company. Internal Transfers when the Prior Contract had an applicable surrender charge and/or additional premium payments not part of an Internal Transfer: We deduct a surrender charge if you surrender your Contract or withdraw an amount exceeding the free withdrawal amount. The free withdrawal amount for a contract year is the greater of: 1) 10% of contract value, based on the contract value on the date of withdrawal, less any prior withdrawals in that contract year; or 2) your minimum required distribution ("MRD") attributable to amounts held under your contract. Under Option Package III, any unused free withdrawal amount may carry forward to successive contract years, but in no event would the free withdrawal amount at any time exceed 30% of contract value. The following table shows the schedule of the surrender charge that will apply. The surrender charge is a percent of each premium payment withdrawn. The surrender charge is based on the total amount withdrawn including the amount deducted for the surrender charge. It is deducted from the contract value remaining after you have received the amount requested for withdrawal. The surrender charge is not based on or deducted from the amount you requested as a withdrawal. For internal transfers, the amount subject to surrender charge is the lesser of premium payments paid under the prior contract or the initial contract value. COMPLETE YEARS ELAPSED 0 1 2 3 4 5 6 7+ SINCE PREMIUM PAYMENT* SURRENDER CHARGE 6% 6% 5% 4% 3% 2% 1% 0% * For amounts transferred or rolled over into this Contract as an internal transfer, the "Complete Years Elapsed" are calculated from the date of the first premium payment made under the prior contract or, if earlier, the effective date of the prior contract. WAIVER OF SURRENDER CHARGE FOR EXTENDED MEDICAL CARE. We will waive the surrender charge in most states in the following events: (i) you begin receiving qualified extended medical care on or after the first contract anniversary for at least 45 days during a 60-day period and your request for the surrender or withdrawal, together with all required documentation is received at our Customer Service Center during the term of your care or within 90 days after the last day of your care; or (ii) you are first diagnosed by a qualifying medical professional, on or after the first contract anniversary, as having a RS Rollover Choice - 126042 9 qualifying terminal illness. We have the right to require an examination by a physician of our choice. If we require such an examination, we will pay for it. You are required to send us satisfactory written proof of illness. See your Contract for more information. The waiver of surrender charge may not be available in all states. FREE WITHDRAWAL AMOUNT. The Free Withdrawal Amount in any contract year is the greater of: 1) 10% of contract value, based on the contract value on the date of the withdrawal; and 2) your MRD attributable to amounts held under the Contract. The Free Withdrawal Amount does not include your MRD for the tax year containing the contract date of this Contract. Under Option Package III, any unused percentage of the 10% Free Withdrawal Amount from a contract year will carry forward into successive contract years, based on the percentage remaining at the time of the last withdrawal in that contract year. In no event will the free withdrawal amount at any time exceed 30% of contract value. SURRENDER CHARGE FOR EXCESS WITHDRAWALS. We will deduct a surrender charge for excess withdrawals, which may include a withdrawal you make to satisfy required minimum distribution requirements under the Internal Revenue Code (the "Code"). We consider a withdrawal to be an "excess withdrawal" when the amount you withdraw in any contract year exceeds the Free Withdrawal Amount. Where you are receiving systematic withdrawals, any combination of regular withdrawals taken and any systematic withdrawals expected to be received in a contract year will be included in determining the amount of the excess withdrawal. Such a withdrawal will be considered a partial surrender of the Contract and we will impose a surrender charge and any associated premium tax. We will deduct such charges from the contract value in proportion to the contract value in each subaccount or Fixed Interest Allocation from which the excess withdrawal was taken. In instances where the excess withdrawal equals the entire contract value in such subaccounts or Fixed Interest Allocations, we will deduct charges proportionately from all other subaccounts and Fixed Interest Allocations in which you are invested. ANY WITHDRAWAL FROM A FIXED INTEREST ALLOCATION MORE THAN 30 DAYS BEFORE ITS MATURITY DATE WILL TRIGGER A MARKET VALUE ADJUSTMENT. For the purpose of calculating the surrender charge for an excess withdrawal: a) we treat premiums as being withdrawn on a first-in, first-out basis; and b) amounts withdrawn which are not considered an excess withdrawal are not considered a withdrawal of any premium payments. We have included an example of how this works in Appendix E. Although we treat premium payments as being withdrawn before earnings for purposes of calculating the surrender charge for excess withdrawals, the federal tax law treats earnings as withdrawn first. PREMIUM TAXES. We may make a charge for state and local premium taxes depending on your state of residence. The tax can range from 0% to 3.5% of the premium payment. We have the right to change this amount to conform with changes in the law or if you change your state of residence. We deduct the premium tax from your contract value on the income phase start date. However, some jurisdictions impose a premium tax at the time that initial and additional premiums are paid, regardless of when the annuity payments begin. In those states we may defer collection of the premium taxes from your contract value and deduct it when you surrender the Contract, when you take an excess withdrawal, or on the income phase start date. ADMINISTRATIVE CHARGE. We deduct an annual administrative charge on each Contract anniversary, or if you surrender your Contract prior to a Contract anniversary, at the time we determine the cash surrender value payable to you. The amount deducted is $30 per Contract unless waived under conditions established by Golden American. We deduct the charge proportionately from all subaccounts in which you are invested. If there is no contract value in those subaccounts, we will deduct the charge from your Fixed Interest Allocations starting with the guaranteed interest periods nearest their maturity dates until the charge has been paid. TRANSFER CHARGE. We currently do not deduct any charges for transfers made during a contract year. We have the right, however, to assess up to $25 for each transfer after the twelfth transfer in a contract year. If such a charge is assessed, we would deduct the charge from the subaccounts and the Fixed Interest Allocations from which each such transfer is made in proportion to the amount being RS Rollover Choice - 126042 10 transferred from each such subaccount and Fixed Interest Allocation unless you have chosen to have all charges deducted from a single subaccount. The charge will not apply to any transfers due to the election of dollar cost averaging, automatic rebalancing and transfers we make to and from any subaccount specially designated by the Company for such purpose. CHARGES DEDUCTED FROM THE SUBACCOUNTS MORTALITY AND EXPENSE RISK CHARGE. The amount of the mortality and expense risk charge depends on the option package you have elected. The charge is deducted on each business day based on the assets you have in each subaccount. In the event there are any profits from the mortality and expense risk charge, we may use such profits to finance the distribution of contracts. OPTION PACKAGES
---------------------------------------------------------------------------------- OPTION PACKAGE I OPTION PACKAGE II OPTION PACKAGE III ---------------------------------------------------------------------------------- Annual Charge Annual Charge Annual Charge Annual Expressed as Annual Expressed as Annual Expressed as Charge Daily Rate Charge Daily Rate Charge Daily Rate ---------------------------------------------------------------------------------- 0.60% 0.001649% 0.80% 0.002201% 0.95% 0.002615% ----------------------------------------------------------------------------------
ASSET-BASED ADMINISTRATIVE CHARGE. The amount of the asset-based administrative charge, on an annual basis, is equal to 0.15% of the assets you have in each subaccount. The charge is deducted on each business day at the rate of .000411% from your assets in each subaccount. This charge is deducted daily from your assets in each subaccount. ING GET U.S. CORE PORTFOLIO GUARANTEE CHARGE. The GET Fund guarantee charge is deducted each business day during the guarantee period if you elect to invest in the GET Fund. The amount of the GET Fund guarantee charge is 0.50% and is deducted from amounts allocated to the GET Fund investment option. This charge compensates us for the cost of providing a guarantee of accumulation unit values of the GET Fund subaccount. See "The Trust and Funds- ING GET U.S. Core Portfolio". TRUST AND FUND EXPENSES Each portfolio deducts portfolio management fees and charges from the amounts you have invested in the portfolios. In addition, certain portfolios deduct a service fee, which is used to compensate service providers for administrative and contract holder services provided on behalf of the portfolios, and certain portfolios deduct a distribution or 12b-1 fee, which is used to finance any activity that is primarily intended to result in the sale of shares of the applicable portfolio. See "Fees and Expenses- Trust or Fund Expenses." -------------------------------------------------------------------------------- THE ANNUITY CONTRACT -------------------------------------------------------------------------------- The Contract described in this prospectus is a deferred combination variable and fixed annuity contract. The Contract provides a means for you to invest in one or more of the available mutual fund portfolios of the Trusts and Funds through Separate Account B. It also provides a means for you to invest in a Fixed Interest Allocation through the Fixed Account. See Appendix C and the Fixed Account II prospectus for more information on the Fixed Interest Allocation and Fixed Account. CONTRACT DATE AND CONTRACT YEAR The date the Contract became effective is the contract date. Each 12-month period following the contract date is a contract year. RS Rollover Choice - 126042 11 CONTRACT OWNER You are the contract owner. You are also the annuitant unless another annuitant is named in the application. You have the rights and options described in the Contract. The death benefit becomes payable when you die. In the case of a sole contract owner who dies before the income phase begins, we will pay the beneficiary the death benefit then due. The sole contract owner's estate will be the beneficiary if no beneficiary has been designated or the beneficiary has predeceased the contract owner. If the contract owner is a trust and a beneficial owner of the trust has been designated, the beneficial owner will be treated as the contract owner for determining the death benefit. If a beneficial owner is changed or added after the contract date, this will be treated as a change of contract owner for determining the death benefit (likely a taxable event). If no beneficial owner of the trust has been designated, the availability of Option II or Option III will be based on the age of the annuitant at the time you purchase the Contract. INCOME PHASE START DATE The income phase start date is the date you start receiving income phase payments under your Contract. The Contract, like all deferred variable annuity contracts, has two phases: the accumulation phase and the income phase. The accumulation phase is the period between the contract date and the income phase start date. The income phase begins when you start receiving regular income phase payments from your Contract on the income phase start date. ANNUITANT The annuitant is the person designated by you to be the measuring life in determining income phase payments. The annuitant's age determines when the income phase must begin and the amount of the income phase payments to be paid. You are the annuitant unless you choose to name another person. The annuitant may not be changed after the Contract is in effect. The contract owner will receive the income phase benefits of the Contract if the annuitant is living on the income phase start date. If the annuitant dies before the income phase start date and a contingent annuitant has been named, the contingent annuitant becomes the annuitant (unless the contract owner is not an individual, in which case the death benefit becomes payable). When the annuitant dies before the income phase start date, the contract owner will become the annuitant. The contract owner may designate a new annuitant within 60 days of the death of the annuitant. When the annuitant dies before the income phase start date and the contract owner is not an individual, we will pay the designated beneficiary the death benefit then due. If a beneficiary has not been designated, or if there is no designated beneficiary living, the contract owner will be the beneficiary. If the annuitant was the sole contract owner and there is no beneficiary designation, the annuitant's estate will be the beneficiary. Regardless of whether a death benefit is payable, if the annuitant dies and any contract owner is not an individual, distribution rules under federal tax law will apply. You should consult your tax advisor for more information if you are not an individual. BENEFICIARY The beneficiary is named by you in a written request. The beneficiary is the person who receives any death benefit proceeds and who may become the successor contract owner if the contract owner who is a spouse (or the annuitant if the contract owner is other than an individual) dies before the income phase start date. We pay death benefits to the primary beneficiary. If the beneficiary dies before the annuitant or the contract owner, the death benefit proceeds are paid to the contingent beneficiary, if any. If there is no surviving beneficiary, we pay the death benefit proceeds to the contract owner's estate. RS Rollover Choice - 126042 12 One or more persons may be a beneficiary or contingent beneficiary. In the case of more than one beneficiary, we will assume any death benefit proceeds are to be paid in equal shares to the surviving beneficiaries. You have the right to change beneficiaries during the annuitant's lifetime unless you have designated an irrevocable beneficiary. When an irrevocable beneficiary has been designated, you and the irrevocable beneficiary may have to act together to exercise some of the rights and options under the Contract. You may also restrict a beneficiary's right to elect an income phase payment option or receive a lump-sum payment. If so, such rights or options will not be available to the beneficiary. All requests for change of beneficiary must be in writing and submitted to our Customer Service Center in good order. The change will be effective as of the day you sign the request. The change will not affect any payment made or action taken by us before recording the change. A change of owner likely has tax consequences. See "Federal Tax Considerations in this prospectus. PURCHASE AND AVAILABILITY OF THE CONTRACT The Contract may be purchased only by a transfer or rollover from an existing contract or arrangement (the "prior contract") issued by us or one of our affiliates ("internal transfer"). The internal transfer must be from one or more of the following sources: o a traditional IRA under Code section 408(b); o an individual retirement account under Code section 408(a) or 403(a); o a tax-deferred annuity under Code section 403(b); o a qualified pension or profit sharing plan under code section 401(a) or 401(k); o certain retirement arrangements that qualify under Code section 457(b); or o a custodial account under Code section 403(b)(7). There are three option packages available under the Contract. You select an option package at the time of application. Each option package is unique. The minimum initial payment to purchase the Contract is $5,000. The maximum age at which you may purchase the Contract is 85 for Option Package I and 80 for Option Packages II and III. You may make additional premium payments up to the contract anniversary after your 86th birthday. The minimum additional premium payment we will accept is $50 regardless of the option package you select. Under certain circumstances, we may waive the minimum premium payment requirement. We may also change the minimum initial or additional premium requirements for certain group or sponsored arrangements. Any initial or additional premium payment that would cause the contract value of all annuities that you maintain with us to exceed $1,000,000 requires our prior approval. The Contract may be issued only as a traditional Individual Retirement Annuity ("IRA") under Section 408(b) of the Code or as a Roth IRA under Section 408A of the Code. The Contract is not currently available as a Simplified Employer Pension (SEP) Plan under 408(k) or as a Simple IRA under Section 408(P). The Contract is designed for people seeking long-term tax-deferred accumulation of assets, generally for retirement or other long-term purposes. The tax-deferred feature is more attractive to people in high federal and state tax brackets. YOU SHOULD NOT BUY THIS CONTRACT: (1) IF YOU ARE LOOKING FOR A SHORT-TERM INVESTMENT; (2) IF YOU CANNOT RISK GETTING BACK LESS MONEY THAN YOU PUT IN; OR (3) IF YOUR ASSETS ARE IN A PLAN WHICH PROVIDES FOR TAX-DEFERRAL AND YOU SEE NO OTHER REASON TO PURCHASE THIS CONTRACT. IRAs and other qualified plans already have the tax-deferral feature found in this Contract. For an additional cost, the Contract provides other features and benefits including death benefits and the ability RS Rollover Choice - 126042 13 to receive a lifetime income. You should not purchase a qualified Contract unless you want these other features and benefits, taking into account their cost. See "Fees and Expenses" in this prospectus. IF YOU ARE CONSIDERING OPTION II OR OPTION III AND YOUR CONTRACT WILL BE AN IRA, SEE "TAXATION OF QUALIFIED CONTRACTS - INDIVIDUAL RETIREMENT ANNUITIES" AND "TAX CONSEQUENCES OF ENHANCED DEATH BENEFIT" IN THIS PROSPECTUS. We and our affiliates offer other variable products that may offer some of the same investment portfolios. These products have different benefits and charges, and may or may not better match your needs. If you are interested in learning more about these other products, contact our Customer Service Center or your registered representative. CREDITING OF PREMIUM PAYMENTS We will process your initial premium in the form of an internal transfer within 2 business days after receipt, if the application and all information necessary for processing the Contract are complete. Subsequent premium payments will be processed within 1 business day if we receive all information necessary. In certain states we also accept additional premium payments by wire order. Wire transmittals must be accompanied by sufficient electronically transmitted data. We may retain your initial premium payment for up to 5 business days while attempting to complete an incomplete application. If the application cannot be completed within this period, we will inform you of the reasons for the delay. We will also return the premium payment immediately unless you direct us to hold the premium payment until the application is completed. We will allocate your initial payment according to the instructions you specified. If a subaccount is not available or requested in error, we will make inquiry about a replacement subaccount. If we are unable to reach you or your representative, we will consider the application incomplete. For initial premium payments designated for a subaccount of Separate Account B, the payment will be credited at the accumulation unit value next determined after we receive your premium payment and the completed application. Once the completed application is received, we will allocate the payment to the subaccounts and/or Fixed Interest Allocation of Separate Account B specified by you within 2 business days. We will make inquiry to discover any missing information related to subsequent payments. We will allocate the subsequent payment(s) pro rata according to the current variable subaccount allocation unless you specify otherwise. Any fixed allocation(s) will not be considered in the pro rata calculations. If a subaccount is no longer available or requested in error, we will allocate the subsequent payment(s) proportionally among the other subaccount(s) in your current allocation or your allocation instructions. For any subsequent premium payments, the payment designated for a subaccount of Separate Account B will be credited at the accumulation unit value next determined after receipt of your premium payment and instructions. Once we allocate your premium payment if applicable, to the subaccounts selected by you, we convert the premium payment into accumulation units. We divide the amount of the premium payment allocated to a particular subaccount by the value of an accumulation unit for the subaccount to determine the number of accumulation units of the subaccount to be held in Separate Account B with respect to your Contract. The net investment results of each subaccount vary with its investment performance. In some states, we may require that an initial premium designated for a subaccount of Separate Account B or the Fixed Account be allocated to a subaccount specially designated by the Company (currently, the Liquid Assets subaccount) during the free look period. After the free look period, we will convert your contract value (your initial premium plus any earnings less any expenses) into accumulation units of the subaccounts you previously selected. The accumulation units will be allocated based on the accumulation unit value next computed for each subaccount. Initial premiums designated for Fixed Interest Allocations will be allocated to a Fixed Interest Allocation with the guaranteed interest period you have chosen; however, in the future we may allocate the premiums to the specially designated subaccount during the free look period. We may also refuse to accept certain forms of premium payments or loan repayments, if applicable, (traveler's checks, for example) or restrict the amount of certain forms of premium payments or loan RS Rollover Choice - 126042 14 repayments (money orders totaling more than $5,000, for example). In addition, we may require information as to why a particular form of payment was used (third party checks, for example) and the source of the funds of such payment in order to determine whether or not we will accept it. Use of an unacceptable form of payment may result in us returning your premium payment and not issuing the contract. ADMINISTRATIVE PROCEDURES We may accept a request for Contract service in writing, by telephone, or other approved electronic means, subject to our administrative procedures, which vary depending on the type of service requested and may include proper completion of certain forms, providing appropriate identifying information, and/or other administrative requirements. We will process your request at the contract value next determined only after you have met all administrative requirements. CONTRACT VALUE We determine your contract value on a daily basis beginning on the contract date. Your contract value is the sum of (a) the contract value in the Fixed Interest Allocations, and (b) the contract value in each subaccount in which you are invested. CONTRACT VALUE IN THE SUBACCOUNTS. On the contract date, the contract value in the subaccount in which you are invested is equal to the initial premium paid that was designated to be allocated to the subaccount. On the contract date, we allocate your contract value to each subaccount and/or a Fixed Interest Allocation specified by you, unless the Contract is issued in a state that requires the return of premium payments during the free look period, in which case, the portion of your initial premium not allocated to a Fixed Interest Allocation may be allocated to a subaccount specially designated by the Company during the free look period for this purpose (currently, the Liquid Assets subaccount). On each business day after the contract date, we calculate the amount of contract value in each subaccount as follows: (1) We take the contract value in the subaccount at the end of the preceding business day. (2) We multiply (1) by the subaccount's Net Rate of Return since the preceding business day. (3) We add (1) and (2). (4) We add to (3) any additional premium payments and then add or subtract any transfers to or from that subaccount. (5) We subtract from (4) any withdrawals and any related charges, and then subtract any contract fees and premium taxes. CASH SURRENDER VALUE The cash surrender value is the amount you receive when you surrender the Contract. The cash surrender value will fluctuate daily based on the investment results of the subaccounts in which you are invested and interest credited to Fixed Interest Allocations and any Market Value Adjustment. See the Fixed Account II prospectus for a description of the calculation of values under any Fixed Interest Allocation. We do not guarantee any minimum cash surrender value. On any date during the accumulation phase, we calculate the cash surrender value as follows: we start with your contract value, then we adjust for any Market Value Adjustment, then we deduct any surrender charge, any charge for premium taxes, the annual contract administrative fee, and any other charges incurred but not yet deducted. SURRENDERING TO RECEIVE THE CASH SURRENDER VALUE You may surrender the Contract at any time while the annuitant is living and before the income phase start date. A surrender will be effective on the date your written request and the Contract are received at our Customer Service Center. We will determine and pay the cash surrender value at the price next RS Rollover Choice - 126042 15 determined after receipt of all paperwork required in order for us to process your surrender. Once paid, all benefits under the Contract will be terminated. For administrative purposes, we will transfer your money to a specially designated subaccount (currently the Liquid Assets subaccount) prior to processing the surrender. This transfer will have no effect on your cash surrender value. You may receive the cash surrender value in a single sum payment or apply it under one or more annuity options. We will usually pay the cash surrender value within 7 days. Consult your tax advisor regarding the tax consequences associated with surrendering your Contract. A surrender made before you reach age 59 1/2 may result in a 10% tax penalty. See "Federal Tax Considerations" for more details. THE SUBACCOUNTS Each of the subaccounts of Separate Account B offered under this prospectus invests in an investment portfolio with its own distinct investment objectives and policies. Each subaccount of Separate Account B invests in a corresponding portfolio of a Trust or Fund. ADDITION, DELETION OR SUBSTITUTION OF SUBACCOUNTS AND OTHER CHANGES We may make additional subaccounts available to you under the Contract. These subaccounts will invest in investment portfolios we find suitable for your Contract. We may also withdraw or substitute investment portfolios, subject to the conditions in your Contract and compliance with regulatory requirements. We may amend the Contract to conform to applicable laws or governmental regulations. If we feel that investment in any of the investment portfolios has become inappropriate to the purposes of the Contract, we may, with approval of the SEC (and any other regulatory agency, if required) substitute another portfolio for existing and future investments. If you have elected the dollar cost averaging, systematic withdrawals, or automatic rebalancing programs or if you have other outstanding instructions, and we substitute or otherwise eliminate a portfolio which is subject to those instructions, we will execute your instructions using the substitute or proposed replacement portfolio unless you request otherwise. The substitute or proposed replacement portfolio may have higher fees and charges than any portfolio it replaces. We also reserve the right to: (i) deregister Separate Account B under the 1940 Act; (ii) operate Separate Account B as a management company under the 1940 Act if it is operating as a unit investment trust; (iii) operate Separate Account B as a unit investment trust under the 1940 Act if it is operating as a managed separate account; (iv) restrict or eliminate any voting rights as to Separate Account B; and (v) combine Separate Account B with other accounts. We will, of course, provide you with written notice before any of these changes are effected. THE FIXED ACCOUNT The Fixed Account is a segregated asset account which contains the assets that support a contract owner's Fixed Interest Allocations. See Appendix C and the Fixed Account II prospectus for more information. OTHER CONTRACTS We offer other variable annuity contracts that also invest in the same investment portfolios of the Trusts. These contracts have different charges that could affect their performance, and may offer different benefits more suitable to your needs. To obtain more information about these other contracts, contact our Customer Service Center or your registered representative. RS Rollover Choice - 126042 16 -------------------------------------------------------------------------------- WITHDRAWALS -------------------------------------------------------------------------------- Any time during the accumulation phase and before the death of the contract owner, except under certain qualified contracts, you may withdraw all or part of your money. Keep in mind that if you request a withdrawal for more than 90% of the cash surrender value, and the remaining cash surrender value after the withdrawal is less than $2,500, we will treat it as a request to surrender the Contract. If any single withdrawal or the sum of withdrawals exceeds the Free Withdrawal Amount, you may incur a surrender charge. There is no surrender charge if, during each contract year, the amount withdrawn is equal to or less than the greater of: 1) 10% or less of your contract value on the date of the withdrawal, less prior withdrawals during that contract year; or 2) your MRD attributable to amounts held under the Contract. The Free Withdrawal Amount does not include your MRD for the tax year containing the contract date of this Contract. Under Option Package III, any unused percentage of the 10% Free Withdrawal Amount from a contract year will carry forward into successive contract years, based on the percentage remaining at the time of the last withdrawal in that contract year. In no event will the Free Withdrawal Amount at any time exceed 30% of contract value. You need to submit to us a written request specifying the Fixed Interest Allocations or subaccounts from which amounts are to be withdrawn, otherwise the withdrawal will be made on a pro rata basis from all of the subaccounts in which you are invested. If there is not enough contract value in the subaccounts, we will deduct the balance of the withdrawal from your Fixed Interest Allocations starting with the guaranteed interest periods nearest their maturity dates until we have honored your request. Definitive guidance on the proper federal tax treatment of the Market Value Adjustment has not been issued. You may want to discuss the potential tax consequences of a Market Value Adjustment with your tax adviser. We will determine the contract value as of the close of business on the day we receive your withdrawal request at our Customer Service Center. The contract value may be more or less than the premium payments made. We will apply a Market Value Adjustment to any withdrawal from your Fixed Interest Allocation taken more than 30 days before its maturity date. Definitive guidance on the proper federal tax treatment of the Market Value Adjustment has not been issued. You may want to discuss the potential tax consequences of a Market Value Adjustment with your tax adviser. If the aggregate percentage cap on allocations to the Restricted Funds has been exceeded, any subsequent withdrawals must be taken so that the percentage of contract value in the Restricted Funds following the withdrawal would not be greater than the percentage of contract value in the Restricted Funds prior to the withdrawal. If a requested withdrawal would cause the percentage cap to be exceeded, the amount of the withdrawal in excess of the cap would be taken pro rata from all variable subaccounts. For administrative purposes, we will transfer your money to a specially designated subaccount (currently, the Liquid Assets subaccount) prior to processing the withdrawal. This transfer will not affect the withdrawal amount you receive. We offer the following three withdrawal options. Other than surrender charges and market value adjustment, if applicable, there is no additional charge for these features. REGULAR WITHDRAWALS After the free look period, you may make regular withdrawals. Each withdrawal must be a minimum of $100. We will apply a Market Value Adjustment to any regular withdrawal from a Fixed Interest Allocation that is taken more than 30 days before its maturity date. See Appendix C and the Fixed Account II prospectus for more information on the application of Market Value adjustment. SYSTEMATIC WITHDRAWALS You may choose to receive automatic systematic withdrawal payments (1) from the contract value in the subaccounts in which you are invested, or (2) from the interest earned in your Fixed Interest Allocations. Systematic withdrawals may be taken monthly, quarterly or annually. If you have contract value allocated to one or more Restricted Funds, and you elect to receive systematic withdrawals from the RS Rollover Choice - 126042 17 subaccounts in which you are invested, the systematic withdrawals must be taken pro rata from all subaccounts in which contract value is invested. If you do not have contract value allocated to a Restricted Fund and choose systematic withdrawals on a non pro rata basis, we will monitor the withdrawals annually. If you subsequently allocate contract value to one or more Restricted Funds, we will require you to take your systematic withdrawals on a pro rata basis from all subaccounts in which contract value is invested. You decide when you would like systematic payments to start as long as it starts at least 28 days after your contract date. You also select the date on which the systematic withdrawals will be made, but this date cannot be later than the 28th day of the month. If you have elected to receive systematic withdrawals but have not chosen a date, we will make the withdrawals on the same calendar day of each month as your contract date. If your contract date is after the 28th day of the month, your systematic withdrawal will be made on the 28th day of each month. Each systematic withdrawal amount must be a minimum of $100. The amount of your systematic withdrawal can either be (1) a fixed dollar amount, or (2) an amount based on a percentage of the contract value. Both forms of systematic withdrawals are subject to the following maximum, which is calculated on each withdrawal date: --------------------------------------------------- MAXIMUM PERCENTAGE FREQUENCY OF CONTRACT VALUE --------------------------------------------------- Monthly 0.833% Quarterly 2.50% Annually 10.00% --------------------------------------------------- If your systematic withdrawal is a fixed dollar amount and the amount to be withdrawn would exceed the applicable maximum percentage of your contract value on any withdrawal date, we will automatically reduce the amount withdrawn so that it equals such percentage. Thus, your fixed dollar systematic withdrawals will never exceed the maximum percentage. If you want fixed dollar systematic withdrawals to exceed the maximum percentage and are willing to incur associated surrender charges, consider the Fixed Dollar Systematic Withdrawal Feature which you may add to your regular systematic withdrawal program. If your systematic withdrawal is based on a percentage of contract value and the amount to be withdrawn based on that percentage would be less than $100, we will automatically increase the amount to $100 as long as it does not exceed the maximum percentage. If the systematic withdrawal would exceed the maximum percentage, we will send the amount, and then automatically cancel your systematic withdrawal option. Systematic withdrawals from Fixed Interest Allocations are limited to interest earnings during the prior month, quarter, or year, depending on the frequency you chose. Systematic withdrawals are not subject to a Market Value Adjustment, unless you have added the Fixed Dollar Systematic Withdrawal Feature discussed below and the payments exceed interest earnings. Systematic withdrawals from Fixed Interest Allocations under the Fixed Dollar Systematic Withdrawal Feature are available only in connection with Section 72(t) distributions. A Fixed Interest Allocation may not participate in both the systematic withdrawal option and the dollar cost averaging program at the same time. You may change the amount or percentage of your systematic withdrawal once each contract year or cancel this option at any time by sending satisfactory notice to our Customer Service Center at least 7 days before the next scheduled withdrawal date. If you submit a subsequent premium payment after you have applied for systematic withdrawals, we will not adjust future withdrawals under the systematic withdrawal program unless you specifically request that we do so. The systematic withdrawal option may commence in a contract year where a regular withdrawal has been taken but you may not change the amount or percentage of your withdrawals in any contract year RS Rollover Choice - 126042 18 during which you have previously taken a regular withdrawal. You may not elect the systematic withdrawal option if you are taking IRA withdrawals. Subject to availability, a spousal or non-spousal beneficiary may elect to receive death benefits as payments over the beneficiary's lifetime ("stretch"). "Stretch" payments will be subject to the same limitations as systematic withdrawals, and non-qualified "stretch" payments will be reported on the same basis as other systematic withdrawals. FIXED DOLLAR SYSTEMATIC WITHDRAWAL FEATURE. You may add the Fixed Dollar Systematic Withdrawal Feature to your regular fixed dollar systematic withdrawal program. This feature allows you to receive a systematic withdrawal in a fixed dollar amount regardless of any surrender charges or Market Value Adjustments. Systematic withdrawals from Fixed Interest Allocations under the Fixed Dollar Systematic Withdrawal Feature are available only in connection with Section 72(t) distributions. You choose the amount of the fixed systematic withdrawals, which may total up to an annual maximum of 10% of your contract value as determined on the day we receive your election of this feature. The maximum limit will not be recalculated when you make additional premium payments, unless you instruct us to do so. We will assess a surrender charge on the withdrawal date if the withdrawal exceeds the maximum limit as calculated on the withdrawal date. We will assess a Market Value Adjustment on the withdrawal date if the withdrawal from a Fixed Interest Allocation exceeds your interest earnings on the withdrawal date. We will apply the surrender charge and any Market Value Adjustment directly to your contract value (rather than to the systematic withdrawal) so that the amount of each systematic withdrawal remains fixed. Flat dollar systematic withdrawals which are intended to satisfy the requirements of Section 72(t) of the Tax Code may exceed the maximum. Such withdrawals are subject to surrender charges and Market Value Adjustment when they exceed the applicable maximum percentage. IRA WITHDRAWALS If you have a traditional IRA Contract and will be at least age 70 1/2 during the current calendar year, you may elect to have distributions made to you to satisfy requirements imposed by federal tax law. IRA withdrawals provide payout of amounts required to be distributed by the Internal Revenue Service ("IRS") rules governing mandatory distributions under qualified plans. We will send you a notice before your distributions commence. You may elect to take IRA withdrawals at that time, or at a later date. You may not elect IRA withdrawals and participate in systematic withdrawals at the same time. If you do not elect to take IRA withdrawals, and distributions are required by federal tax law, distributions adequate to satisfy the requirements imposed by federal tax law may be made. Thus, if you are participating in systematic withdrawals, distributions under that option must be adequate to satisfy the mandatory distribution rules imposed by federal tax law. You may choose to receive IRA withdrawals on a monthly, quarterly or annual basis. Under this option, you may elect payments to start as early as 28 days after the contract date. You select the day of the month when the withdrawals will be made, but it cannot be later than the 28th day of the month. If no date is selected, we will make the withdrawals on the same calendar day of the month as the contract date. You may request that we calculate for you the amount that is required to be withdrawn from your Contract each year based on the information you give us and various choices you make. For information regarding the calculation and choices you have to make, see the SAI. Or, we will accept your written instructions regarding the calculated amount required to be withdrawn from your Contract each year. The minimum dollar amount you can withdraw is $100. When we determine the required IRA withdrawal amount for a taxable year based on the frequency you select, if that amount is less than $100, we will pay $100. At any time where the IRA withdrawal amount is greater than the contract value, we will cancel the Contract and send you the amount of the cash surrender value. You may change the payment frequency of your IRA withdrawals once each contract year or cancel this option at any time by sending satisfactory notice to our Customer Service Center at least 7 days before the next scheduled withdrawal date. RS Rollover Choice - 126042 19 An IRA withdrawal from a Fixed Interest Allocation in excess of the amount allowed under systematic withdrawals will be subject to a Market Value Adjustment. CONSULT YOUR TAX ADVISER REGARDING THE TAX CONSEQUENCES ASSOCIATED WITH TAKING WITHDRAWALS. You are responsible for determining that withdrawals comply with applicable law. A withdrawal made before the taxpayer reaches age 59 1/2 may result in a 10% penalty tax. See "Federal Tax Considerations" for more details. -------------------------------------------------------------------------------- TRANSFERS AMONG YOUR INVESTMENTS -------------------------------------------------------------------------------- You may transfer your contract value among the subaccounts in which you are invested and your Fixed Interest Allocations at the end of the free look period until the income phase start date. Transfers to a GET Fund series may only be made during the offering period for that GET Fund series. We currently do not charge you for transfers made during a contract year, but reserve the right to charge $25 for each transfer after the twelfth transfer in a contract year. WE ALSO RESERVE THE RIGHT TO LIMIT THE NUMBER OF TRANSFERS YOU MAY MAKE AND MAY OTHERWISE MODIFY OR TERMINATE TRANSFER PRIVILEGES IF REQUIRED BY OUR BUSINESS JUDGMENT OR IN ACCORDANCE WITH APPLICABLE LAW. We will apply a Market Value Adjustment to transfers from a Fixed Interest Allocation taken more than 30 days before its maturity date, unless the transfer is made under the dollar cost averaging program. Keep in mind that transfers between Special Funds and other investment portfolios may negatively impact your death benefit or rider benefits. If you allocate contract value to an investment option that has been designated as a Restricted Fund, your ability to transfer contract value to the Restricted Fund may be limited. A transfer to the Restricted Funds will not be permitted to the extent that it would increase the contract value in the Restricted Fund to more than the applicable limits following the transfer. We do not limit transfers from Restricted Funds. If the result of multiple reallocations is to lower the percentage of total contract value in the Restricted Fund, the reallocation will be permitted even if the percentage of contract value in the Restricted Fund is greater than the limit. Transfers will be based on values at the end of the business day in which the transfer request is received at our Customer Service Center. The minimum amount that you may transfer is $100 or, if less, your entire contract value held in a subaccount or a Fixed Interest Allocation. To make a transfer, you must notify our Customer Service Center and all other administrative requirements must be met. Any transfer request received after 4:00 p.m. eastern time or the close of regular trading of the New York Stock Exchange will be effected on the next business day. Separate Account B and the Company will not be liable for following instructions communicated by telephone or other approved electronic means that we reasonably believe to be genuine. We may require personal identifying information to process a request for transfer made over the telephone, over the internet or other approved electronic means. TRANSFERS BY THIRD PARTIES As a convenience to you, we currently allow you to give third parties the right to make transfers on your behalf. However, when the third party makes transfers for many contract owners, the result can be simultaneous transfers involving large amounts of contract values. Such transfers can disrupt the orderly management of the investment portfolios available to the Contract, can result in higher costs to contract owners, and may not be compatible with the long term goals of contract owners. We require third parties making multiple, simultaneous or large volume transfers to execute a third party service agreement with us prior to executing such transfers. Regardless of whether such an agreement is in place, we may at any time exercise our business judgment and limit or discontinue accepting transfers made by a third party. Limits may be based on, among other criteria, the amount of the aggregate trade or the available RS Rollover Choice - 126042 20 investment options for which third parties may make trades on behalf of multiple contract owners. We may also limit or discontinue the right to communicate transfers by facsimile, telephone or email. We may establish additional procedures or change existing procedures at any time in the exercise of our business judgment. DOLLAR COST AVERAGING You may elect to participate in our dollar cost averaging program if you have at least $1,200 of contract value in the (i) Liquid Assets subaccount, or (ii) a Fixed Interest Allocation with either a 6-month or a 1-year guaranteed interest period. This subaccount or Fixed Interest Allocations serve as the source accounts from which we will, on a monthly basis, automatically transfer a set dollar amount of money to other subaccounts selected by you. We also may offer DCA Fixed Interest Allocations, which are 6-month and 1-year Fixed Interest Allocations available exclusively for use with the dollar cost averaging program. The DCA Fixed Interest Allocations require a minimum premium payment of $1,200 directed into a DCA Fixed Interest Allocation. Transfers made pursuant to a dollar cost averaging program do not count toward the 12 transfer limit on free transfers. The dollar cost averaging program is designed to lessen the impact of market fluctuation on your investment. Since we transfer the same dollar amount to other subaccounts each month, more units of a subaccount are purchased if the value of its unit is low and fewer units are purchased if the value of its unit is high. Therefore, a lower than average value per unit may be achieved over the long term. However, we cannot guarantee this. When you elect the dollar cost averaging program, you are continuously investing in securities regardless of fluctuating price levels. You should consider your tolerance for investing through periods of fluctuating price levels. Unless you have a DCA Fixed Interest Allocation, you elect the dollar amount you want transferred under this program. Each monthly transfer must be at least $100. If your source account is the Liquid Assets subaccount or a 1-year Fixed Interest Allocation, the maximum amount that can be transferred each month is your contract value in such source account divided by 12. If your source account is a 6-month Fixed Interest Allocation, the maximum amount that can be transferred each month is your contract value in such source account divided by 6. You may change the transfer amount once each contract year. If you have a DCA Fixed Interest Allocation, there is no minimum or maximum transfer amount; we will transfer all your money allocated to that source account into the subaccount(s) in equal payments over the selected 6-month or 1-year period. The last payment will include earnings accrued over the course of the selected period. If you make an additional premium payment into a Fixed Interest Allocation subject to dollar cost averaging, the amount of your transfers under the dollar cost averaging program remains the same, unless you instruct us to increase the transfer amount. Transfers from a Fixed Interest Allocation or a DCA Fixed Interest Allocation under the dollar cost averaging program are not subject to a Market Value Adjustment. However, if you terminate the dollar cost averaging program for a DCA Fixed Interest Allocation and there is money remaining in the DCA Fixed Interest Allocation, we will transfer the remaining money to the Liquid Assets subaccount. Such transfer will trigger a Market Value Adjustment if the transfer is made more than 30 days before the maturity date of the DCA Fixed Interest Allocation. If you do not specify the subaccounts to which the dollar amount of the source account is to be transferred, we will transfer the money to the subaccounts in which you are invested on a proportional basis. The transfer date is the same day each month as your contract date. If, on any transfer date, your contract value in a source account is equal to or less than the amount you have elected to have transferred, the entire amount will be transferred and the program will end. You may terminate the dollar cost averaging program at any time by sending satisfactory notice to our Customer Service Center at least 7 days before the next transfer date. A Fixed Interest Allocation or DCA Fixed Interest Allocation may not participate in the dollar cost averaging program and in systematic withdrawals at the same time. You are permitted to transfer contract value to a Restricted Fund, subject to the limitations described above in this section and in "Appendix B -- The Investment Portfolios." Compliance with the individual RS Rollover Choice - 126042 21 and aggregate Restricted Fund limits will be reviewed when the dollar cost averaging program is established. Transfers under the dollar cost averaging program must be within those limits. We will not review again your dollar cost averaging election for compliance with the individual and aggregate limits for investment in the Restricted Funds except in the case of the transactions described below. o Amount added to source account: If you add amounts to the source account which would increase the amount to be transferred under the dollar cost averaging program, we will review the amounts to be transferred to ensure that the individual and aggregate limits are not being exceeded. If such limits would be exceeded, we will require that the dollar cost averaging transfer amounts be changed to ensure that the transfers are within the limits based on the then current allocation of contract value to the Restricted Fund(s) and the then current value of the amount designated to be transferred to that Restricted Fund(s). o Additional premium paid: Up to the individual Restricted Fund percentage limit may be allocated to a Restricted Fund. If more than the individual limit has been requested to be allocated to a Restricted Fund, we will look at the aggregate limit, subtract the current allocation to Restricted Funds, and subtract the current value of amounts to be transferred under the dollar cost averaging program to Restricted Funds. The excess, if any, is the maximum that may be allocated pro rata to Restricted Funds. o Reallocation request is made while the dollar cost averaging program is active: If the reallocation would increase the amount allocated to Restricted Funds, the maximum that may be so allocated is the individual Restricted Fund percentage limit, less the current allocation to Restricted Funds and less the current value of any remaining amounts to be transferred under the dollar cost averaging program to the Restricted Funds. We may in the future offer additional subaccounts or withdraw any subaccount or Fixed Interest Allocation to or from the dollar cost averaging program, stop offering DCA Fixed Interest Allocations or otherwise modify, suspend or terminate this program. Of course, such change will not affect any dollar cost averaging programs in operation at the time. AUTOMATIC REBALANCING If you have at least $10,000 of contract value invested in the subaccounts of Separate Account B, you may elect to have your investments in the subaccounts automatically rebalanced. Transfers made pursuant to automatic rebalancing do not count toward the 12 transfer limit on free transfers. Automatic rebalancing is not available if you participate in dollar cost averaging. Automatic rebalancing will not take place during the free look period. You are permitted to reallocate between Restricted and non-Restricted Funds, subject to the limitations described above in this section and in "Appendix B -- The Investment Portfolios." If the reallocation would increase the amount allocated to the Restricted Funds, the maximum that may be so allocated is the individual Restricted Fund percentage limit, less the current allocation to all Restricted Funds. We will transfer funds under your Contract on a quarterly, semi-annual, or annual calendar basis among the subaccounts to maintain the investment blend of your selected subaccounts. The minimum size of any allocation must be in full percentage points. Rebalancing does not affect any amounts that you have allocated to the Fixed Account. The program may be used in conjunction with the systematic withdrawal option only if withdrawals are taken pro rata. To participate in automatic rebalancing, send satisfactory notice to our Customer Service Center. We will begin the program on the last business day of the period in which we receive the notice. You may cancel the program at any time. The program will automatically terminate if you choose to reallocate your contract value among the subaccounts or if you make an additional premium payment or partial withdrawal on other than a pro rata basis. Additional premium payments and partial withdrawals effected on a pro rata basis will not cause the automatic rebalancing program to terminate. RS Rollover Choice - 126042 22 -------------------------------------------------------------------------------- DEATH BENEFIT CHOICES -------------------------------------------------------------------------------- DEATH BENEFIT DURING THE ACCUMULATION PHASE During the accumulation phase, a death benefit is payable when either the contract owner or the annuitant (when a contract owner is not an individual) dies. Assuming you are the contract owner, your beneficiary will receive a death benefit unless the beneficiary is your surviving spouse and elects to continue the Contract. The death benefit paid depends on the option package you have chosen. The death benefit value is calculated as of the claim date (the close of the business day on which we receive written notice and due proof of death, as well as any required paperwork, at our Customer Service Center). If your beneficiary elects to delay receipt of the death benefit until a date after the time of death, the amount of the benefit payable in the future may be affected. The proceeds may be received in a single sum or applied to any of the income phase payment options, or, if available, paid over the beneficiary's lifetime. (See "Systematic Withdrawals" above). A beneficiary's right to elect an income phase payment option or receive a lump-sum payment may have been restricted by the contract owner. If so, such rights or options will not be available to the beneficiary. If we do not receive a request to apply the death benefit proceeds to an income phase payment option, we will make a single sum distribution. We will generally pay death benefit proceeds within 7 days after our Customer Service Center has received sufficient information to make the payment. For information on required distributions under federal income tax laws, you should see "Required Distributions upon Contract Owner's Death." You may select one of the option packages described below which will determine the death benefit payable. Option Package I is available only if the contract owner and the annuitant are not more than 85 years old at the time of purchase. Option Packages II and III are available only if the contract owner and annuitant are not more than 80 years old at the time of purchase. A change in ownership of the Contract may affect the amount of the death benefit payable. The death benefit may be subject to certain mandatory distribution rules required by federal tax law. The death benefit depends upon the option package in effect on the date the contract owner dies. The differences are summarized as follows:
----------------------------------------------------------------------------------------- OPTION PACKAGE I OPTION PACKAGE II OPTION PACKAGE III ----------------------------------------------------------------------------------------- DEATH The greater of: The greatest of: The greatest of: BENEFIT ON DEATH (1) the Standard Death (1) the Standard Death (1) the Standard Death OF THE Benefit; and Benefit; and Benefit; and OWNER: (2) the contract value. (2) the contract value; (2) the contract value; and and (3) the Annual Ratchet (3) the Annual Ratchet death benefit. death benefit; and (4) the 5% Roll-Up death benefit. -----------------------------------------------------------------------------------------
Currently, no investment portfolios are designated as "Special Funds." We may, with 30 days notice to you, designate any investment portfolio as a Special Fund on existing contracts with respect to new premiums added to such investment portfolio and also with respect to new transfers to such investment portfolio. Selecting a Special Fund may limit or reduce the enhanced death benefit. RS Rollover Choice - 126042 23 For the period during which a portion of the contract value is allocated to a Special Fund, we may at our discretion reduce the mortality and expense risk charge attributable to that portion of the contract value. The reduced mortality and expense risk charge will be applicable only during that period. We use the Base Death Benefit to help determine the minimum death benefit payable under each of the death benefits described below. You do not elect the Base Death Benefit. The BASE DEATH BENEFIT is equal to the greater of: 1) the contract value; and 2) the cash surrender value. The STANDARD DEATH BENEFIT equals the GREATER of the Base Death Benefit and the SUM of 1) and 2): 1) the contract value allocated to Special Funds; and 2) the Standard Minimum Guaranteed Death Benefit for amounts allocated to Non-Special Funds. The STANDARD MINIMUM GUARANTEED DEATH BENEFIT equals: 1) the initial premium payment allocated to Special and Non-Special Funds, respectively; 2) increased by premium payments, and adjusted for transfers, allocated to Special and Non-Special Funds, respectively, after issue; and 3) reduced by a pro rata adjustment for any withdrawal or transfer taken from the Special and Non-Special Funds, respectively. In the event of transfers from Special to Non-Special funds, the increase in the Minimum Guaranteed Death Benefit of the Non-Special Fund will equal the lesser of the reduction in the Minimum Guaranteed Death Benefit in the Special Fund and the contract value transferred. In the event of transfers from Non-Special to Special Funds, the increase in the Minimum Guaranteed Death Benefit of the Special Fund will equal the reduction in the Minimum Guaranteed Death Benefit in the Non-Special Fund. The 5% ROLL-UP DEATH BENEFIT, equals the GREATER of: 1) the Standard Death Benefit; and 2) the sum of the contract value allocated to Special Funds and the 5% Roll-Up Minimum Guaranteed Death Benefit for Non-Special Funds. The 5% Roll-Up Minimum Guaranteed Death Benefit for Special and Non-Special Funds equals the lesser of: 1) premiums adjusted for withdrawals and transfers, accumulated at 5% until the earlier of attainment of age 90 or reaching the cap (equal to 3 times all premium payments as reduced by adjustments for withdrawals) and thereafter at 0%, and 2) the cap. A pro rata adjustment to the 5% Roll-Up Minimum Guaranteed Death Benefit is made for any withdrawals. The amount of the pro rata adjustment for withdrawals from Non-Special Funds will equal (a) times (b) divided by (c): where (a) is the 5% Roll-Up Minimum Guaranteed Death Benefit for Non-Special Funds prior to the withdrawal; (b) is the contract value of the withdrawal; and (c) is the contract value allocated to Non-Special Funds before the withdrawal. The amount of the pro rata adjustment for withdrawals from Special Funds will equal (a) times (b) divided by (c): where (a) is the 5% Roll-Up Minimum Guaranteed Death Benefit for Special Funds prior to the withdrawal; (b) is the contract value of the withdrawal; and (c) is the contract value allocated to Special Funds before the withdrawal. Please see Appendix E for examples of the pro rata withdrawal adjustment for withdrawals other than special withdrawals. RS Rollover Choice - 126042 24 Transfers from Special to Non-Special Funds will reduce the 5% Roll-Up Minimum Guaranteed Death Benefit and the cap for Special Funds on a pro rata basis. The resulting increase in the 5% Roll-Up Minimum Guaranteed Death Benefit in the Non-Special Funds will equal the lesser of the reduction in the 5% Roll-Up Minimum Guaranteed Death Benefit in the Special Funds and the contract value transferred. The increase in the cap for Non-Special Funds will equal the reduction in the cap for Special Funds. Transfers from Non-Special to Special Funds will reduce the 5% Roll-Up Minimum Guaranteed Death Benefit and the cap in the Non-Special Funds on a pro rata basis. The resulting increase in the 5% Roll-Up Minimum Guaranteed Death Benefit and the cap for the Special Funds will equal the reduction in the 5% Roll-Up Minimum Guaranteed Death Benefit and the cap for the Non-Special Funds, respectively. The ANNUAL RATCHET ENHANCED DEATH BENEFIT equals the GREATER of: 1) the Standard Death Benefit; and 2) the sum of the contract value allocated to Special Funds and the Annual Ratchet Minimum Guaranteed Death Benefit allocated to Non-Special Funds. The ANNUAL RATCHET MINIMUM GUARANTEED DEATH BENEFIT equals: 1) the initial premium allocated at issue to Special and Non-Special Funds, respectively; 2) increased dollar for dollar by any premium, allocated after issue to Special and Non-Special Funds, respectively; 3) for Non-Special Funds, adjusted on each anniversary that occurs on or prior to attainment of age 90 to the greater of the Annual Ratchet Minimum Guaranteed Death Benefit for Non-Special Funds from the prior anniversary (adjusted for new premiums, partial withdrawals allocated to Non-Special Funds, and transfers between Special and Non-Special Funds) and the current contract value allocated to Non-Special Funds; 4) for Special Funds, adjusted on each anniversary that occurs on or prior to attainment of age 90 to the greater of the Annual Ratchet Minimum Guaranteed Death Benefit for Special Funds from the prior anniversary (adjusted for new premiums, partial withdrawals allocated to Special Funds, and transfers between Special and Non-Special Funds) and the current contract value allocated to Special Funds. Withdrawals reduce the Annual Ratchet Minimum Guaranteed Death Benefit on a pro rata basis, based on the amount withdrawn from the Special and Non-Special Funds, respectively. The amount of the pro rata adjustment for withdrawals from Non-Special Funds will equal (a) times (b) divided by (c): where (a) is the Annual Ratchet Minimum Guaranteed Death Benefit for Non-Special Funds prior to the withdrawal; (b) is the contract value of the withdrawal; and (c) is the contract value allocated to Non-Special Funds before withdrawal. The amount of the pro rata adjustment for Special Funds will equal (a) times (b) divided by (c): where (a) is the Annual Ratchet Minimum Guaranteed Death Benefit for Special Funds prior to the withdrawal; (b) is the contract value of the withdrawal; and (c) is the contract value allocated to Special Funds before the withdrawal. Transfers from Special to Non-Special Funds will reduce the Annual Ratchet Minimum Guaranteed Death Benefit for Special Funds on a pro rata basis. The resulting increase in the Annual Ratchet Minimum Guaranteed Death Benefit in the Non-Special Funds will equal the lesser of the reduction in the Annual Ratchet Minimum Guaranteed Death Benefit in the Special Funds and the contract value transferred. Transfers from Non-Special to Special Funds will reduce the Annual Ratchet Minimum Guaranteed Death Benefit for Non-Special Funds on a pro rata basis. The resulting increase in the Annual Ratchet Minimum Guaranteed Death Benefit for the Special Funds will equal the reduction in the Annual Ratchet Minimum Guaranteed Death Benefit for the Non-Special Funds. RS Rollover Choice - 126042 25 Note: The enhanced death benefits may not be available in all states. TRANSFERS BETWEEN OPTION PACKAGES. You may transfer from one option package to another on each contract anniversary. A written request for such transfer must be received at our Customer Service Center within 60 days prior to the contract anniversary. No transfers between option packages are permitted after you attain age 80. If you transfer from Option I to Option II or Option III, the minimum guaranteed death benefit for Special and Non-Special Funds will equal the contract value for Special and Non-Special Funds, respectively, on the effective date of the transfer. On a transfer to Option Package III, the then current roll-up cap will be allocated to Special and Non-Special Funds in the same percentage as the allocation of contract value on the effective date of the transfer. A change of owner may cause an option package transfer on other than a contract anniversary. DEATH BENEFIT DURING THE INCOME PHASE If any contract owner or the annuitant dies after the income phase start date, we will pay the beneficiary any certain benefit remaining under the annuity in effect at the time. CONTINUATION AFTER DEATH -- SPOUSE If at the contract owner's death, the surviving spouse of the deceased contract owner is the beneficiary and such surviving spouse elects to continue the contract as his or her own the following will apply: If the guaranteed death benefit as of the date we receive due proof of death, minus the contract value also on that date, is greater than zero, we will add such difference to the contract value. We will allocate such addition to the variable subaccounts in proportion to the contract value in the subaccounts, unless you direct otherwise. If there is no contract value in any subaccount, the addition will be allocated to the Liquid Assets subaccount, or its successor. Such addition to contract value will not affect the guaranteed death benefit. If the guaranteed death benefit is less than or equal to the contract value, the contract value will not change. The death benefits under each of the available options will continue based on the surviving spouse's age on the date that ownership changes. At subsequent surrender, any surrender charge applicable to premiums paid prior to the date we receive due proof of death of the contract owner will be waived. Any premiums paid later will be subject to any applicable surrender charge. Any addition to contract value, as described above, is available only to the spouse of the owner as of the date of death of the owner if such spouse under the provisions of the contract elects to continue the contract as his or her own. CONTINUATION AFTER DEATH -- NON SPOUSE If the beneficiary is not the spouse of the owner, the contract may continue in force subject to the required distribution rules of the Code. If the guaranteed death benefit as of the date we receive due proof of death, minus the contract value also on that date, is greater than zero, we will add such difference to the contract value. We will allocate such addition to the variable subaccounts in proportion to the contract value in the subaccounts, unless you direct otherwise. If there is no contract value in any subaccount, the addition will be allocated to the Liquid Assets subaccount, or its successor. The death benefit will then terminate. At subsequent surrender, any surrender charge applicable to premiums paid prior to the date we receive due proof of death of the contract owner will be waived. No additional premium payments may be made. RS Rollover Choice - 126042 26 -------------------------------------------------------------------------------- THE INCOME PHASE -------------------------------------------------------------------------------- During the income phase, you stop contributing dollars to your contract and start receiving payments from your accumulated contract value. INITIATING PAYMENTS. At least 30 days prior to the date you want to start receiving payments, you must notify us in writing of all of the following: o Payment start date; o Income phase payment option (see the income phase payment options table in this section); o Payment frequency (i.e., monthly, quarterly, semi-annually or annually); o Choice of fixed, and, if available at the time an income phase payment option is selected, variable or a combination of both fixed and variable payments; and o Selection of an assumed net investment rate (only if variable payments are elected). Your Contract will continue in the accumulation phase until you properly start income phase payments. Once an income phase payment option is selected, it may not be changed. Our current annuity options provide only for fixed payments. WHAT AFFECTS PAYMENT AMOUNTS? Some of the factors that may affect the amount of your income phase payments include: your age; gender; contract value; the income phase payment option selected; the number of guaranteed payments (if any) selected; whether you select fixed, variable or a combination of both fixed and variable payments; and, for variable payments, the assumed net investment rate selected. Variable payments are not currently available. FIXED PAYMENTS. Amounts funding fixed income phase payments will be held in the Company's general account. The amount of fixed payments does not vary with investment performance over time. VARIABLE PAYMENTS. Amounts funding your variable income phase payments will be held in the subaccount(s) you select. Not all subaccounts available during the accumulation phase may be available during the income phase. Payment amounts will vary depending upon the performance of the subaccounts you select. For variable income phase payments, you must select an assumed net investment rate. Variable payments are not currently available. ASSUMED NET INVESTMENT RATE. If you select variable income phase payments, you must also select an assumed net investment rate of either 6%, 5% or 3 1/2%. If you select a 6% rate, for example, your first income phase payment will be higher, but subsequent payments will increase only if the investment performance of the subaccounts you selected is greater than 6% annually, after deduction of fees. Payment amounts will decline if the investment performance is less than 6%, after deduction of fees. If you select a 3 1/2% rate, for example, your first income phase payment will be lower and subsequent payments will increase more rapidly or decline more slowly depending upon changes to the net investment rate of the subaccounts you selected. For more information about selecting an assumed net investment rate, call us for a copy of the SAI. MINIMUM PAYMENT AMOUNTS. The income phase payment option you select must result in: o A first income phase payment of at least $50; and o Total yearly income phase payments of at least $250. If your contract value is too low to meet these minimum payment amounts, you will receive one lump-sum payment. Unless prohibited by law, we reserve the right to increase the minimum payment amount based on increases reflected in the Consumer Price Index-Urban (CPI-U) since July 1, 1993. RS Rollover Choice - 126042 27 RESTRICTIONS ON START DATES AND THE DURATION OF PAYMENTS. Income phase payments may not begin during the first contract year, or, unless we consent, later than the later of: o The first day of the month following the annuitant's 90th birthday; or o The tenth anniversary of the last premium payment made to your Contract. Income phase payments will not begin until you have selected an income phase payment option. Surrender charges may apply if income phase payments begin within the first five contract years. Failure to select an income phase payment option by the later of the annuitant's 90th birthday or the tenth anniversary of your last premium payment may have adverse tax consequences. You should consult with a qualified tax adviser if you are considering delaying the selection of an income phase payment option before the later of these dates. Income phase payments may not extend beyond: a) The life of the annuitant; b) The joint lives of the annuitant and beneficiary; c) A guaranteed period greater than the annuitant's life expectancy; or d) A guaranteed period greater than the joint life expectancies of the annuitant and beneficiary. When income phase payments start, the age of the annuitant plus the number of years for which payments are guaranteed may not exceed 100. If income phase payments start when the annuitant is at an advanced age, such as over 85, it is possible that the Contract will not be considered an annuity for federal tax purposes. See "FEDERAL TAX CONSIDERATIONS" for further discussion of rules relating to income phase payments. CHARGES DEDUCTED o If variable income phase payments are selected, we make a daily deduction for mortality and expense risks from amounts held in the subaccounts. Therefore, if you choose variable income phase payments and a nonlifetime income phase payment option, we still make this deduction from the subaccounts you select, even though we no longer assume any mortality risks. The amount of this charge, on an annual basis, is equal to 1.50% of amounts invested in the subaccounts. See "Fees and Expenses." o There is currently no administrative expense charge during the income phase. We reserve the right, however, to charge an administrative expense charge of up to 0.15% during the income phase. If imposed, we deduct this charge daily from the subaccounts corresponding to the funds you select. If we are imposing this charge when you enter the income phase, the charge will apply to you during the entire income phase. See "Fees and Expenses." DEATH BENEFIT DURING THE INCOME PHASE. The death benefits that may be available to a beneficiary are outlined in the income phase payment options table below. If a lump-sum payment is due as a death benefit, we will make payment within seven calendar days after we receive proof of death acceptable to us and the request for the payment in good order at our Customer Service Center. If continuing income phase payments are elected, the beneficiary may not elect to receive a lump sum at a future date unless the income phase payment option specifically allows a withdrawal right. We will calculate the value of any death benefit at the next valuation after we receive proof of death and a request for payment. Such value will be reduced by any payments made after the date of death. BENEFICIARY RIGHTS. A beneficiary's right to elect an income phase payment option or receive a lump-sum payment may have been restricted by the contract owner. If so, such rights or options will not be available to the beneficiary. RS Rollover Choice - 126042 28 PARTIAL ENTRY INTO THE INCOME PHASE. You may elect an income phase payment option for a portion of your contract value, while leaving the remaining portion invested in the accumulation phase. Whether the Tax Code considers such payments taxable as income phase payments or as withdrawals is currently unclear; therefore, you should consult with a qualified tax adviser before electing this option. The same or different income phase payment option may be selected for the portion left invested in the accumulation phase. TAXATION. To avoid certain tax penalties, you or your beneficiary must meet the distribution rules imposed by the Tax Code. Additionally, when selecting an income phase payment option, the Tax Code requires that your expected payments will not exceed certain durations. See "FEDERAL TAX CONSIDERATIONS". PAYMENT OPTIONS The following table lists the income phase payment options and accompanying death benefits available during the income phase. We may offer additional income phase payment options under the Contract from time to time. Once income phase payments begin, the income phase payment option selected may not be changed. TERMS TO UNDERSTAND: ANNUITANT(S): The person(s) on whose life expectancy(ies) the income phase payments are based. BENEFICIARY(IES): The person(s) or entity(ies) entitled to receive a death benefit, if any, under the income phase payment option selected. RS Rollover Choice - 126042 29 -------------------------------------------------------------------------------- LIFETIME INCOME PHASE PAYMENT OPTIONS -------------------------------------------------------------------------------- Life Income LENGTH OF PAYMENTS: For as long as the annuitant lives. It is possible that only one payment will be made if the annuitant dies prior to the second payment's due date. DEATH BENEFIT--NONE: All payments end upon the annuitant's death. -------------------------------------------------------------------------------- Life Income-- LENGTH OF PAYMENTS: For as long as the annuitant lives, with Guaranteed payments guaranteed for your choice of 5 to 30 years or as Payments otherwise specified in the contract. DEATH BENEFIT--PAYMENT TO THE BENEFICIARY: If the annuitant dies before we have made all the guaranteed payments, we will continue to pay the beneficiary the remaining payments. -------------------------------------------------------------------------------- Life Income-- LENGTH OF PAYMENTS: For as long as either annuitant lives. Two Lives It is possible that only one payment will be made if both annuitants die before the second payment's due date. CONTINUING PAYMENTS: When you select this option you choose for: a) 100%, 66 2/3% or 50% of the payment to continue to the surviving annuitant after the first death; or b) 100% of the payment to continue to the annuitant on the second annuitant's death, and 50% of the payment to continue to the second annuitant on the annuitant's death. DEATH BENEFIT--NONE: All payments end upon the death of both annuitants. -------------------------------------------------------------------------------- Life Income-- LENGTH OF PAYMENTS: For as long as either annuitant lives, Two Lives-- with payments guaranteed from 5 to 30 years or as otherwise Guaranteed specified in the contract. Payments CONTINUING PAYMENTS: 100% of the payment to continue to the surviving annuitant after the first death. DEATH BENEFIT--PAYMENT TO THE BENEFICIARY: If both annuitants die before we have made all the guaranteed payments, we will continue to pay the beneficiary the remaining payments. -------------------------------------------------------------------------------- Life Income-- LENGTH OF PAYMENTS: For as long as the annuitant lives. Cash Refund Option (limited DEATH BENEFIT--PAYMENT TO THE BENEFICIARY: Following the availability-- annuitant's death, we will pay a lump sum payment equal to fixed payments the amount originally applied to the income phase payment only) option (less any applicable premium tax) and less the total amount of income payments paid. -------------------------------------------------------------------------------- Life Income-- LENGTH OF PAYMENTS: For as long as either annuitant lives. Two Lives--Cash Refund Option CONTINUING PAYMENTS: 100% of the payment to continue after (limited the first death. availability-- fixed payments DEATH BENEFIT--PAYMENT TO THE BENEFICIARY: When both only) annuitants die we will pay a lump-sum payment equal to the amount applied to the income phase payment option (less any applicable premium tax) and less the total amount of income payments paid. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 30 -------------------------------------------------------------------------------- NONLIFETIME INCOME PHASE PAYMENT OPTION -------------------------------------------------------------------------------- Nonlifetime-- LENGTH OF PAYMENTS: You may select payments for 5 to 30 Guaranteed years. In certain cases a lump-sum payment may be requested Payments at any time (see below). DEATH BENEFIT--PAYMENT TO THE BENEFICIARY: If the annuitant dies before we make all the guaranteed payments, we will continue to pay the beneficiary the remaining payments. -------------------------------------------------------------------------------- LUMP-SUM PAYMENT: If the "Nonlifetime--Guaranteed Payments" option is elected with variable payments, you may request at any time that all or a portion of the present value of the remaining payments be paid in one lump sum. Any such lump-sum payments will be treated as a withdrawal during the accumulation phase and we will charge any applicable surrender charge. Lump-sum payments will be sent within seven calendar days after we receive the request for payment in good order at our Customer Service Center. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- OTHER CONTRACT PROVISIONS -------------------------------------------------------------------------------- REPORTS TO CONTRACT OWNERS We will send you a quarterly report within 31 days after the end of each calendar quarter. The report will show the contract value, cash surrender value, and the death benefit as of the end of the calendar quarter. The report will also show the allocation of your contract value and reflects the amounts deducted from or added to the contract value since the last report. You have 30 days to notify our Customer Service Center of any errors or discrepancies contained in the report or in any confirmation notices. We will also send you copies of any shareholder reports of the investment portfolios in which Separate Account B invests, as well as any other reports, notices or documents we are required by law to furnish to you. SUSPENSION OF PAYMENTS The Company reserves the right to suspend or postpone the date of any payment or determination of values on any business day (1) when the New York Stock Exchange is closed; (2) when trading on the New York Stock Exchange is restricted; (3) when an emergency exists as determined by the SEC so that the sale of securities held in Separate Account B may not reasonably occur or so that the Company may not reasonably determine the value of Separate Account B's net assets; or (4) during any other period when the SEC so permits for the protection of security holders. We have the right to delay payment of amounts from a Fixed Interest Allocation for up to 6 months. IN CASE OF ERRORS IN YOUR APPLICATION If an age or gender given in the application or enrollment form is misstated, the amounts payable or benefits provided by the Contract shall be those that the premium payment would have bought at the correct age or sex. ASSIGNING THE CONTRACT AS COLLATERAL You may assign a non-qualified Contract as collateral security for a loan but you should understand that your rights and any beneficiary's rights may be subject to the terms of the assignment. An assignment likely has federal tax consequences. You must give us satisfactory written notice at our Customer Service Center in order to make or release an assignment. We are not responsible for the validity of any assignment. RS Rollover Choice - 126042 31 CONTRACT CHANGES -- APPLICABLE TAX LAW We have the right to make changes in the Contract to continue to qualify the Contract as an annuity under applicable federal tax law. You will be given advance notice of such changes. FREE LOOK If you cancel your contract within 7 days after you receive it, we will return your premium payment. You may cancel your Contract within your 10-day free look period. We deem the free look period to expire 15 days after we mail the Contract to you. Some states may require a longer free look period. To cancel, you need to send your Contract to our Customer Service Center or to the agent from whom you purchased it. We will refund the contract value. For purposes of the refund during the free look period, (i) we adjust your contract value for any Market Value Adjustment (if you have invested in the Fixed Account), and (ii) then we include a refund of any charges deducted from your contract value. Because of the market risks associated with investing in the portfolios and the potential positive or negative effect of the market value adjustment, the contract value returned may be greater or less than the premium payment you paid. In the case of IRA's cancelled within 7 days of receipt of the Contract and in some states, we are required to return to you the amount of the paid premium (rather than the contract value) in which case you will not be subject to investment risk during the free look period. In these circumstances, your premiums designated for investment in the subaccounts may be allocated during the free look period to a subaccount specially designated by the Company for this purpose (currently, the Liquid Assets subaccount). We may, in our discretion, require that premiums designated for investment in the subaccounts from all other states as well as premiums designated for a Fixed Interest Allocation be allocated to the specially designated subaccount during the free look period. Your Contract is void as of the day we receive your Contract and cancellation request. We determine your contract value at the close of business on the day we receive your written request. If you keep your Contract after the free look period and the investment is allocated to a subaccount specially designated by the Company, we will put your money in the subaccount(s) chosen by you, based on the accumulation unit value next computed for each subaccount, and/or in the Fixed Interest Allocation chosen by you. SPECIAL ARRANGEMENTS We may reduce or waive any Contract, rider, or benefit fees or charges for certain group or sponsored arrangements, under special programs, and for certain employees, agents, and related persons of our parent corporation and its affiliates. We reduce or waive these items based on expected economies, and the variations are based on differences in costs or services. SELLING THE CONTRACT Our affiliate Directed Services, Inc. ("DSI"), 1475 Dunwoody Dr., West Chester, PA 19380 is the principal underwriter and distributor of the Contract as well as for other Golden American contracts. DSI, a New York corporation, is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, and is a member of the National Association of Securities Dealers, Inc. ("NASD"). DSI does not retain any commissions or compensation paid to it by Golden American for Contract sales. DSI enters into selling agreements with affiliated and unaffiliated broker-dealers to sell the Contracts through their registered representatives who are licensed to sell securities and variable insurance products. Selling firms are also registered with the SEC and NASD member firms. DSI pays selling firms for Contract sales according to one or more schedules. This compensation is generally based on a percentage of premium payments. Selling firms may receive commissions of up to 3.0% of premium payments. In addition, selling firms may receive ongoing annual compensation of up to 0.55% of all, or a portion, of values of Contracts sold through the firm. Individual representatives may receive all or a portion of compensation paid to their selling firm, depending on their firm's practices. Commissions and annual compensation, when combined, could exceed 3.0% of total premium payments. DSI may also compensate wholesalers/distributors, and their sales management personnel, for Contract sales within the wholesale/distribution channel. This compensation may be based on a percentage of premium payments, and/or a percentage of Contract values. RS Rollover Choice - 126042 32 Affiliated selling firms may include Aeltus Capital, Inc., BancWest Investment Services, Inc., Baring Investment Services, Inc., Compulife Investor Services, Inc., Financial Network Investment Corporation, Financial Northeastern Corporation, Granite Investment Services, Inc. Guaranty Brokerage Services, Inc., IFG Network Securities, Inc., ING America Equities, Inc., ING Barings Corp., ING Brokers Network, LLC, ING Direct Funds Limited, ING DIRECT Securities, Inc., ING Financial Advisers, LLC, ING Furman Selz Financial Services LLC, ING Funds Distributor, LLC, ING TT&S (U.S.) Securities, Inc., Investors Financial Group, LLC, Locust Street Securities, Inc., Multi-Financial Securities Corporation, PrimeVest Financial Services, Inc., Systematized Benefits Administrators, Inc., United Variable Services, Inc., VESTAX Securities Corporation, and Washington Square Securities, Inc. We may also make additional payments to broker dealers for marketing and educational expenses and to reimburse certain expenses of registered representatives relating to sales of Contracts. -------------------------------------------------------------------------------- OTHER INFORMATION -------------------------------------------------------------------------------- VOTING RIGHTS We will vote the shares of a Trust owned by Separate Account B according to your instructions. However, if the 1940 Act or any related regulations should change, or if interpretations of it or related regulations should change, and we decide that we are permitted to vote the shares of a Trust in our own right, we may decide to do so. We determine the number of shares that you have in a subaccount by dividing the Contract's contract value in that subaccount by the net asset value of one share of the portfolio in which a subaccount invests. We count fractional votes. We will determine the number of shares you can instruct us to vote 180 days or less before a Trust shareholder meeting. We will ask you for voting instructions by mail at least 10 days before the meeting. If we do not receive your instructions in time, we will vote the shares in the same proportion as the instructions received from all contracts in that subaccount. We will also vote shares we hold in Separate Account B which are not attributable to contract owners in the same proportion. STATE REGULATION We are regulated by the Insurance Department of the State of Delaware. We are also subject to the insurance laws and regulations of all jurisdictions where we do business. The variable Contract offered by this prospectus has been approved where required by those jurisdictions. We are required to submit annual statements of our operations, including financial statements, to the Insurance Departments of the various jurisdictions in which we do business to determine solvency and compliance with state insurance laws and regulations. LEGAL PROCEEDINGS We are not aware of any pending legal proceedings which involve Separate Account B as a party. We are, or may be in the future, a defendant in various legal proceedings in connection with the normal conduct of our insurance operations. Some of these cases may seek class action status and may include a demand for punitive damages as well as for compensatory damages. In the opinion of management, the ultimate resolution of any existing legal proceeding is not likely to have a material adverse effect on our ability to meet our obligations under the contract. Directed Services, Inc., the principal underwriter and distributor of the contract, is not involved in any legal proceeding which, in the opinion of management, is likely to have a material adverse effect on its ability to distribute the contract. RS Rollover Choice - 126042 33 LEGAL MATTERS The legal validity of the Contracts was passed on by Kimberly J. Smith, Executive Vice President, General Counsel and Assistant Secretary of Golden American. EXPERTS The audited consolidated financial statements and schedules of Golden American as of December 31, 2002 and 2001 and for each of the three years in the period ended December 31, 2002, and the statement of assets and liabilities of Separate Account B as of December 31, 2002 and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, appearing in the SAI and Registration Statement have been audited by Ernst & Young LLP, independent auditors, as set forth in their reports thereon appearing in the SAI and in the Registration Statement, and are included in reliance on such reports given on the authority of such firm as experts in accounting and auditing. -------------------------------------------------------------------------------- FEDERAL TAX CONSIDERATIONS -------------------------------------------------------------------------------- The following summary provides a general description of the federal income tax considerations associated with this Contract and does not purport to be complete or to cover all tax situations. This discussion is not intended as tax advice. You should consult your counsel or other competent tax advisers for more complete information. This discussion is based upon our understanding of the present federal income tax laws. We do not make any representations as to the likelihood of continuation of the present federal income tax laws or as to how they may be interpreted by the IRS. This summary references enhanced death benefits and earnings multiplier benefits that may not be available under your Contract. Please see your Contract, and "The Annuity Contract -- Optional Riders" and "Death Benefit Choices" in this prospectus. TYPES OF CONTRACTS: NON-QUALIFIED OR QUALIFIED The Contract may be purchased on a non-tax-qualified basis or purchased on a tax-qualified basis. Qualified Contracts are designed for use by individuals whose premium payments are comprised solely of proceeds from and/or contributions under retirement plans that are intended to qualify as plans entitled to special income tax treatment under Sections 401(a), 403(b), 408, or 408A of the Code. The ultimate effect of federal income taxes on the amounts held under a Contract, or annuity payments, depends on the type of retirement plan, on the tax and employment status of the individual concerned, and on our tax status. In addition, certain requirements must be satisfied in purchasing a qualified Contract with proceeds from a tax-qualified plan and receiving distributions from a qualified Contract in order to continue receiving favorable tax treatment. Some retirement plans are subject to distribution and other requirements that are not incorporated into our Contract administration procedures. Contract owners, participants and beneficiaries are responsible for determining that contributions, distributions and other transactions with respect to the Contract comply with applicable law. Therefore, you should seek competent legal and tax advice regarding the suitability of a Contract for your particular situation. The following discussion assumes that qualified Contracts are purchased with proceeds from and/or contributions under retirement plans that qualify for the intended special federal income tax treatment. TAX STATUS OF THE CONTRACTS DIVERSIFICATION REQUIREMENTS. The Code requires that the investments of a variable account be "adequately diversified" in order for non-qualified Contracts to be treated as annuity contracts for federal income tax purposes. It is intended that Separate Account B, through the subaccounts, will satisfy these diversification requirements. INVESTOR CONTROL. In certain circumstances, owners of variable annuity contracts have been considered for federal income tax purposes to be the owners of the assets of the separate account RS Rollover Choice - 126042 34 supporting their contracts due to their ability to exercise investment control over those assets. When this is the case, the contract owners have been currently taxed on income and gains attributable to the separate account assets. There is little guidance in this area, and some features of the Contracts, such as the flexibility of a contract owner to allocate premium payments and transfer contract values, have not been explicitly addressed in published rulings. It is possible that these Contract features may exceed the limits imposed by the tax law. If so, you would be treated as the owner of the Separate Account B assets that underlie your Contract and thus subject to current taxation on the income and gains from those assets. While we believe that the Contracts do not give contract owners investment control over Separate Account B assets, we reserve the right to modify the Contracts as necessary to prevent a contract owner from being treated as the owner of the Separate Account B assets supporting the Contract. REQUIRED DISTRIBUTIONS. In order to be treated as an annuity contract for federal income tax purposes, the Code requires any non-qualified Contract to contain certain provisions specifying how your interest in the Contract will be distributed in the event of your death. The non-qualified Contracts contain provisions that are intended to comply with these Code requirements, although no regulations interpreting these requirements have yet been issued. We intend to review such provisions and modify them if necessary to assure that they comply with the applicable requirements when such requirements are clarified by regulation or otherwise. See "Death Benefit Choices" for additional information on required distributions from non-qualified contracts. Qualified Contracts are subject to special rules -- see below. The following discussion assumes that the Contracts will qualify as annuity contracts for federal income tax purposes. IN GENERAL. We believe that if you are a natural person you will generally not be taxed on increases in the value of a Contract until a distribution occurs or until annuity payments begin. For these purposes, the agreement to assign or pledge any portion of the contract value, and, in the case of a qualified Contract, any portion of an interest in the qualified plan, generally will be treated as a distribution. TAXATION OF NON-QUALIFIED CONTRACTS NON-NATURAL PERSON. The owner of any annuity contract who is not a natural person generally must include in income any increase in the excess of the contract value over the "investment in the contract" (generally, the premiums or other consideration you paid for the contract less any nontaxable withdrawals) during the taxable year. There are some exceptions to this rule and a prospective contract owner that is not a natural person may wish to discuss these with a tax adviser. The following discussion generally applies to Contracts owned by natural persons. DELAYED ANNUITY STARTING DATE. If the Contract's annuity starting date occurs (or is scheduled to occur) at a time when the annuitant has reached an advanced age (e.g., age 85), it is possible that the Contract would not be treated as an annuity for federal income tax purposes. In that event, the income and gains under the Contract could be currently includible in your income. WITHDRAWALS. When a withdrawal from a non-qualified Contract occurs, the amount received will be treated as ordinary income subject to tax up to an amount equal to the excess (if any) of the contract value (unreduced by the amount of any surrender charge) immediately before the distribution over the contract owner's investment in the Contract at that time. The contract value that applies for this purpose is unclear in some respects. For example, the market value adjustment could increase the contract value that applies. Thus, the income on the Contracts could be higher than the amount of income that would be determined without regard to such adjustment. As a result, you could have higher amounts of income than will be reported to you. In the case of a surrender under a non-qualified Contract, the amount received generally will be taxable only to the extent it exceeds the contract owner's investment in the Contract. The Contract offers a death benefit that may exceed the greater of the premium payments and the contract value. Certain charges are imposed with respect to the death benefit. It is possible that these RS Rollover Choice - 126042 35 charges (or some portion thereof) could be treated for federal tax purposes as a distribution from the Contract. PENALTY TAX ON CERTAIN WITHDRAWALS. A distribution from a non-qualified Contract may be subject to a federal tax penalty equal to 10% of the amount treated as income. In general, however, there is no penalty on distributions: o made on or after the taxpayer reaches age 59 1/2; o made on or after the death of a contract owner; o attributable to the taxpayer's becoming disabled; or o made as part of a series of substantially equal periodic payments for the life (or life expectancy) of the taxpayer. Other exceptions may be applicable under certain circumstances and special rules may be applicable in connection with the exceptions enumerated above. A tax adviser should be consulted with regard to exceptions from the penalty tax. ANNUITY PAYMENTS. Although tax consequences may vary depending on the payment option elected under an annuity contract, a portion of each annuity payment is generally not taxed and the remainder is taxed as ordinary income. The non-taxable portion of an annuity payment is generally determined in a manner that is designed to allow you to recover your investment in the Contract ratably on a tax-free basis over the expected stream of annuity payments, as determined when annuity payments start. Once your investment in the Contract has been fully recovered, however, the full amount of each annuity payment is subject to tax as ordinary income. TAXATION OF DEATH BENEFIT PROCEEDS. Amounts may be distributed from a Contract because of your death or the death of the annuitant. Generally, such amounts are includible in the income of recipient as follows: (i) if distributed in a lump sum, they are taxed in the same manner as a surrender of the Contract, or (ii) if distributed under a payment option, they are taxed in the same way as annuity payments. Special rules may apply to amounts distributed after a Beneficiary has elected to maintain Contract value and receive payments. TRANSFERS, ASSIGNMENTS AND EXCHANGES. A transfer or assignment of ownership of a Contract, the designation of an annuitant or payee other than an owner, or the exchange of a Contract may result in certain tax consequences to you that are not discussed herein. A contract owner contemplating any such transfer, assignment, designation or exchange, should consult a tax adviser as to the tax consequences. MULTIPLE CONTRACTS. All non-qualified deferred annuity contracts that are issued by us (or our affiliates) to the same contract owner during any calendar year are treated as one non-qualified deferred annuity contract for purposes of determining the amount includible in such contract owner's income when a taxable distribution occurs. TAXATION OF QUALIFIED CONTRACTS The Contracts are designed for use with several types of qualified plans. The tax rules applicable to participants in these qualified plans vary according to the type of plan and the terms and conditions of the plan itself. Special favorable tax treatment may be available for certain types of contributions and distributions. Adverse tax consequences may result from: contributions in excess of specified limits; distributions before age 59 1/2 (subject to certain exceptions); distributions that do not conform to specified commencement and minimum distribution rules; and in other specified circumstances. Therefore, no attempt is made to provide more than general information about the use of the Contracts with the various types of qualified retirement plans. Contract owners, annuitants, and beneficiaries are cautioned that the rights of any person to any benefits under these qualified retirement plans may be subject to the terms and conditions of the plans themselves, regardless of the terms and conditions of the Contract, but RS Rollover Choice - 126042 36 we shall not be bound by the terms and conditions of such plans to the extent such terms contradict the Contract, unless the Company consents. For qualified plans under Section 401(a) and 403(b), the Code requires that distributions generally must commence no later than the later of April 1 of the calendar year following the calendar year in which the plan participant for whose benefit the contract is purchased (i) reaches age 70 1/2 or (ii) retires, and must be made in a specified form or manner. If the plan participant is a "5 percent owner" (as defined in the Code), distributions generally must begin no later than April 1 of the calendar year following the calendar year in which the plan participant reaches age 70 1/2. For IRAs described in Section 408, distributions generally must commence no later than by April 1 of the calendar year following the calendar year in which the individual contract owner reaches age 70 1/2. Roth IRAs under Section 408A do not require distributions at any time before the contract owner's death. PLEASE NOTE THAT REQUIRED MINIMUM DISTRIBUTIONS UNDER QUALIFIED CONTRACTS MAY BE SUBJECT TO SURRENDER CHARGE AND/OR MARKET VALUE ADJUSTMENT, IN ACCORDANCE WITH THE TERMS OF THE CONTRACT. THIS COULD AFFECT THE AMOUNT THAT MUST BE TAKEN FROM THE CONTRACT IN ORDER TO SATISFY REQUIRED MINIMUM DISTRIBUTIONS. DIRECT ROLLOVERS. If the Contract is used in connection with a pension, profit-sharing, or annuity plan qualified under sections 401(a) or 403(a) of the Code, or is a tax-sheltered annuity under section 403(b) of the Code, or is used with an eligible deferred compensation plan that has a government sponsor and that is qualified under section 457(b), any "eligible rollover distribution" from the Contract will be subject to direct rollover and mandatory withholding requirements. An eligible rollover distribution generally is any taxable distribution from a qualified pension plan under section 401(a) of the Code, qualified annuity plan under section 403(a) of the Code, section 403(b) annuity or custodial account, or an eligible section 457(b) deferred compensation plan that has a government sponsor, excluding certain amounts (such as minimum distributions required under section 401(a)(9) of the Code, distributions which are part of a "series of substantially equal periodic payments" made for life or a specified period of 10 years or more, or hardship distributions as defined in the tax law). Under these requirements, federal income tax equal to 20% of the eligible rollover distribution will be withheld from the amount of the distribution. Unlike withholding on certain other amounts distributed from the Contract, discussed below, you cannot elect out of withholding with respect to an eligible rollover distribution. However, this 20% withholding will not apply if, instead of receiving the eligible rollover distribution, you elect to have it directly transferred to certain qualified plans. Prior to receiving an eligible rollover distribution, you will receive a notice (from the plan administrator or us) explaining generally the direct rollover and mandatory withholding requirements and how to avoid the 20% withholding by electing a direct rollover. CORPORATE AND SELF-EMPLOYED PENSION AND PROFIT SHARING PLANS. Section 401(a) of the Code permits corporate employers to establish various types of retirement plans for employees, and permits self-employed individuals to establish these plans for themselves and their employees. These retirement plans may permit the purchase of the Contracts to accumulate retirement savings under the plans. Adverse tax or other legal consequences to the plan, to the participant, or to both may result if this Contract is assigned or transferred to any individual as a means to provide benefit payments, unless the plan complies with all legal requirements applicable to such benefits before transfer of the Contract. Employers intending to use the Contract with such plans should seek competent advice. INDIVIDUAL RETIREMENT ANNUITIES. Section 408 of the Code permits eligible individuals to contribute to an individual retirement program known as an "Individual Retirement Annuity" or "IRA." These IRAs are subject to limits on the amount that can be contributed, the deductible amount of the contribution, the persons who may be eligible, and the time when distributions commence. Also, distributions from certain other types of qualified retirement plans may be "rolled over" on a tax-deferred basis into an IRA. Also, amounts in another IRA or individual retirement account can be rolled over or transferred tax-free to an IRA. There are significant restrictions on rollover or transfer contributions from Savings Incentive Match Plans for Employees (SIMPLE), under which certain employers may provide contributions to IRAs on behalf of their employees, subject to special restrictions. Employers may establish Simplified Employee Pension (SEP) Plans to provide IRA contributions on behalf of their RS Rollover Choice - 126042 37 employees. If you make a tax-free rollover of a distribution from any of these IRAs, you may not make another tax-free rollover from the IRA within a 1-year period. Sales of the Contract for use with IRAs may be subject to special requirements of the IRS. DISTRIBUTIONS - IRAS. All distributions from a traditional IRA are taxed as received unless either one of the following is true: o The distribution is rolled over to a plan eligible to receive rollovers or to another traditional IRA or certain qualified plans in accordance with the Tax Code; or o You made after-tax contributions to the IRA. In this case, the distribution will be taxed according to rules detailed in the Tax Code. To avoid certain tax penalties, you and any designated beneficiary must also meet the minimum distribution requirements imposed by the Tax Code. The requirements do not apply to Roth IRA contracts while the owner is living. These rules may dictate one or more of the following: o Start date for distributions; o The time period in which all amounts in your account(s) must be distributed; or o Distribution amounts. Generally, you must begin receiving distributions from a traditional IRA by April 1 of the calendar year following the calendar year in which you attain age 70 1/2. We must pay out distributions from the contract over one of the following time periods: o Over your life or the joint lives of you and your designated beneficiary; or o Over a period not greater than your life expectancy or the joint life expectancies of you and your designated beneficiary. The amount of each periodic distribution must be calculated in accordance with IRS regulations. If you fail to receive the minimum required distribution for any tax year, a 50% excise tax is imposed on the required amount that was not distributed. The following applies to the distribution of death proceeds under 408(b) and 408A (Roth IRA - See below) plans. Different distribution requirements apply after your death. If your death occurs after you begin receiving minimum distributions under the contract, distributions must be made at least as rapidly as under the method in effect at the time of your death. Code section 401(a)(9) provides specific rules for calculating the minimum required distributions at your death. The death benefit under the contract may affect the amount of the required minimum distribution that must be taken. If your death occurs before you begin receiving minimum distributions under the contract, your entire balance must be distributed by December 31 of the calendar year containing the fifth anniversary of the date of your death. For example, if you die on September 1, 2002, your entire balance must be distributed to the designated beneficiary by December 31, 2007. However, if the distributions begin by December 31 of the calendar year following the calendar year of your death, and you have named a designated beneficiary, then payments may be made over either of the following time-frames: o Over the life of the designated beneficiary; or o Over a period not extending beyond the life expectancy of the designated beneficiary. If the designated beneficiary is your spouse, distributions must begin on or before the later of the following: RS Rollover Choice - 126042 38 o December 31 of the calendar year following the calendar year of your death; or o December 31 of the calendar year in which you would have attained age 70 1/2. In lieu of taking a distribution under these rules, a spouse who is the sole beneficiary may elect to treat the account as his or her own IRA. In such case, the surviving spouse will be able to make contributions to the account, make rollovers from the account, and defer taking a distribution until his or her age 70 1/2. The surviving spouse is deemed to have made such an election if the surviving spouse makes a rollover to or from the account, makes additional contributions to the account, or fails to take a distribution within the required time period. ROTH IRA. Section 408A of the Code permits certain eligible individuals to contribute to a Roth IRA. Contributions to a Roth IRA, which are subject to limits on the amount of the contributions and the persons who may be eligible to contribute, are not deductible, and must be made in cash or as a rollover or transfer from another Roth IRA or other IRA. Certain qualifying individuals may convert an IRA, SEP, or SIMPLE IRA, to a Roth IRA. Such rollovers and conversions are subject to tax, and other special rules may apply. If you make a tax-free rollover of a distribution from a Roth IRA to another Roth IRA, you may not make another tax-free rollover from the Roth IRA from which the rollover was made within a 1-year period. A 10% penalty may apply to amounts attributable to a conversion to a Roth IRA if the amounts are distributed during the five taxable years beginning with the year in which the conversion was made. DISTRIBUTIONS -- ROTH IRAS. A qualified distribution from a Roth IRA is not taxed when it is received. A qualified distribution is a distribution: o Made after the five-taxable year period beginning with the first taxable year for which a contribution was made to a Roth IRA of the owner; and o Made after you attain age 59 1/2, die, become disabled as defined in the Tax Code, or for a qualified first-time home purchase. If a distribution is not qualified, it will be taxable to the extent of the accumulated earnings. Under special ordering rules, a partial distribution will first be treated generally as a return of contributions which is not taxable and then as taxable accumulated earnings. TAX SHELTERED ANNUITIES. Section 403(b) of the Code allows employees of certain Section 501(c)(3) organizations and public schools to exclude from their gross income the premium payments made, within certain limits, on a Contract that will provide an annuity for the employee's retirement. These premium payments may be subject to FICA (Social Security) tax. Distributions of (1) salary reduction contributions made in years beginning after December 31, 1988; (2) earnings on those contributions; and (3) earnings on amounts held as of the last year beginning before January 1, 1989, are not allowed prior to age 59 1/2, severance from employment, death or disability. Distributions allocable to salary reduction contributions, but not earnings on such contributions, may also be distributed upon hardship. Certain penalties may apply. TSAS -- LOANS. Loans may be available if you purchased your contract in connection with a non-ERISA plan qualified under Section 403(b) of the Code ("TSA"). We do not currently permit loans under Section 403(b) Contracts that are subject to ERISA. If your contract was issued in connection with a TSA and the terms of your plan permit, you may take a loan from us, using your surrender value as collateral for the loan. Loans are subject to the terms of the Contract, your 403(b) plan, and the Code. The amount and number of loans outstanding at any one time under your TSA are limited, whether under our contracts or those of other carriers. We may modify the terms of a loan to comply with changes in applicable law. Various mandatory repayment requirements apply to loans, and failure to repay generally would result in income to you and the potential application of tax penalties. We urge you to consult with a qualified tax advisor prior to effecting a loan transaction under your Contract. We may apply additional restrictions or limitations on loans, and you must make loan requests in accordance with our administrative practices and loan request procedures in effect at the time you submit your request. Read the terms of the loan agreement before submitting any request. RS Rollover Choice - 126042 39 Any outstanding loan balance impacts the following: 1) Withdrawals and Charges: We determine amounts available for maximum withdrawal amounts, free partial withdrawals, systematic withdrawals and waiver of administrative charges by reducing the otherwise applicable amounts by the amount of any outstanding loan balance. 2) Death Benefits, Annuitization and Surrenders: We deduct the outstanding loan balance from any amounts otherwise payable and in determining the amount available for annuitization. TSAS -- DISTRIBUTIONS. All distributions from Section 403(b) plans are taxed as received unless either of the following are true: o The distribution is rolled over to another plan eligible to receive rollovers or to a traditional individual retirement annuity/account (IRA) in accordance with the Tax Code; or o You made after-tax contributions to the plan. In this case, the amount will be taxed according to rules detailed in the Tax Code. Generally, you must begin receiving distributions by April 1 of the calendar year following the calendar year in which you attain age 70 1/2 or retire, whichever occurs later, unless you had amounts under the contract as of December 31, 1986. In this case, distribution of these amounts generally must begin by the end of the calendar year in which you attain age 75 or retire, if later. The death benefit under the contract may affect the amount of the required minimum distribution that must be taken. If you take any distributions in excess of the minimum required amount, then special rules require that some or all of the December 31, 1986 balance be distributed earlier. TAX CONSEQUENCES OF ENHANCED DEATH BENEFIT The Contract offers a death benefit that may exceed the greater of the premium payments and the contract value. It is possible that the IRS could characterize such a death benefit as an incidental death benefit. There are limitations on the amount of incidental benefits that may be provided under pension and profit sharing plans. In addition, the provision of such benefits may result in currently taxable income to participants. Also, as stated above, the presence of the death benefit, as well as certain other contract benefits, could affect the amount of required minimum distributions. OTHER TAX CONSEQUENCES As noted above, the foregoing comments about the federal tax consequences under the Contracts are not exhaustive, and special rules are provided with respect to other tax situations not discussed in this prospectus. Further, the federal income tax consequences discussed herein reflect our understanding of current law, and the law may change. Federal estate and state and local estate, inheritance and other tax consequences of ownership or receipt of distributions under a Contract depend on the individual circumstances of each contract owner or recipient of the distribution. A competent tax adviser should be consulted for further information. POSSIBLE CHANGES IN TAXATION Although the likelihood of legislative change is uncertain, there is always the possibility that the tax treatment of the Contracts could change by legislation or other means. It is also possible that any change could be retroactive (that is, effective before the date of the change). You should consult a tax adviser with respect to legislative developments and their effect on the Contract. FEDERAL INCOME TAX WITHHOLDING We will withhold and remit to the U.S. government a part of the taxable portion of each distribution made under a Contract unless the distributee notifies us at or before the time of the distribution that he or she elects not to have any amounts withheld. In certain circumstances, we may be required to RS Rollover Choice - 126042 40 withhold tax, as explained above. The withholding rates applicable to the taxable portion of periodic annuity payments (other than eligible rollover distributions) are the same as the withholding rates generally applicable to payments of wages. In addition, a 10% withholding rate applies to the taxable portion of non-periodic payments (including withdrawals prior to the annuity starting date) and conversions of, and rollovers from, non-Roth IRAs to Roth IRAs. Regardless of whether you elect not to have federal income tax withheld, you are still liable for payment of federal income tax on the taxable portion of the payment. As discussed above, the withholding rate applicable to eligible rollover distributions is 20%. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RS Rollover Choice - 126042 41 -------------------------------------------------------------------------------- STATEMENT OF ADDITIONAL INFORMATION -------------------------------------------------------------------------------- TABLE OF CONTENTS Introduction Description of Golden American Life Insurance Company Safekeeping of Assets The Administrator Independent Auditors Distribution of Contracts Performance Information IRA Partial Withdrawal Option Other Information Financial Statements of Golden American Life Insurance Company Financial Statements of Separate Account B -------------------------------------------------------------------------------- PLEASE TEAR OFF, COMPLETE AND RETURN THE FORM BELOW TO ORDER A FREE STATEMENT OF ADDITIONAL INFORMATION FOR THE CONTRACTS OFFERED UNDER THE PROSPECTUS. ADDRESS THE FORM TO OUR CUSTOMER SERVICE CENTER; THE ADDRESS IS SHOWN ON THE PROSPECTUS COVER. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - PLEASE SEND ME A FREE COPY OF THE STATEMENT OF ADDITIONAL INFORMATION FOR SEPARATE ACCOUNT B. Please Print or Type: -------------------------------------------------- NAME -------------------------------------------------- SOCIAL SECURITY NUMBER -------------------------------------------------- STREET ADDRESS -------------------------------------------------- CITY, STATE, ZIP RS Rollover Choice - 126042 05/01/2003 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - RS Rollover Choice - 126042 42 -------------------------------------------------------------------------------- APPENDIX A -------------------------------------------------------------------------------- CONDENSED FINANCIAL INFORMATION Except for subaccounts which did not commence operations as of December 31, 2002, the following tables give (1) the accumulation unit value ("AUV") at the beginning of the period, (2) the AUV at the end of the period and (3) the total number of accumulation units outstanding at the end of the period for each subaccount of Golden American Separate Account B available under the Contract for the indicated periods. 2002 ---- SEPARATE ACCOUNT ANNUAL CHARGES OF 0.75 % AIM VI CAPITAL APPRECIATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.40 Number of Accumulation Units Outstanding at End of Period 3,701 AIM VI CORE EQUITY AUV at Beginning of Period $9.88 (1) AUV at End of Period $8.26 Number of Accumulation Units Outstanding at End of Period 4,961 AIM VI PREMIER EQUITY AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.84 Number of Accumulation Units Outstanding at End of Period 6,113 FIDELITY II CONTRAFUND AUV at Beginning of Period $9.74 (1) AUV at End of Period $8.73 Number of Accumulation Units Outstanding at End of Period 18,395 FIDELITY VIP EQUITY-INCOME AUV at Beginning of Period $9.62 (1) AUV at End of Period $7.91 Number of Accumulation Units Outstanding at End of Period 21,034 FIDELITY VIP GROWTH AUV at Beginning of Period $9.30 (1) AUV at End of Period $6.43 Number of Accumulation Units Outstanding at End of Period 30,533 Fidelity VIP OVERSEAS AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.89 Number of Accumulation Units Outstanding at End of Period 1,171 FRANKLIN SMALL CAP VALUE AUV at Beginning of Period $9.98 (1) AUV at End of Period $8.99 Number of Accumulation Units Outstanding at End of Period 1,802 RS Rollover Choice - 126042 A1 2002 ---- ING ALGER AGGRESSIVE GROWTH AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.86 Number of Accumulation Units Outstanding at End of Period -- ING ALGER GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $6.56 Number of Accumulation Units Outstanding at End of Period 5,956 ING AMERICAN CENTURY SMALLCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.11 Number of Accumulation Units Outstanding at End of Period -- ING BARON SMALLCAP GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.72 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES Q AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.12 Number of Accumulation Units Outstanding at End of Period 2,541 ING GET FUND -- SERIES R AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.16 Number of Accumulation Units Outstanding at End of Period 19,741 ING GET FUND -- SERIES S AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.08 Number of Accumulation Units Outstanding at End of Period 31,719 ING GET FUND -- SERIES T AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.10 Number of Accumulation Units Outstanding at End of Period 105,908 ING GET FUND -- SERIES U AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.00 Number of Accumulation Units Outstanding at End of Period 46,529 ING GOLDMAN SACHS CAPITAL GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.37 Number of Accumulation Units Outstanding at End of Period -- ING JP MORGAN FLEMING INTERNATIONAL AUV at Beginning of Period $10.04 (1) AUV at End of Period $8.14 Number of Accumulation Units Outstanding at End of Period 534 RS Rollover Choice - 126042 A2 2002 ---- ING JP MORGAN MIDCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $9.20 Number of Accumulation Units Outstanding at End of Period -- ING LIQUID ASSETS AUV at Beginning of Period $17.22 (1) AUV at End of Period $17.34 Number of Accumulation Units Outstanding at End of Period 25,089 ING MFS CAPITAL OPPORTUNITIES AUV at Beginning of Period $9.91 (1) AUV at End of Period $6.85 Number of Accumulation Units Outstanding at End of Period 10,569 ING MFS GLOBAL GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.35 Number of Accumulation Units Outstanding at End of Period 223 ING MFS RESEARCH AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.35 Number of Accumulation Units Outstanding at End of Period -- ING MFS TOTAL RETURN AUV at Beginning of Period $21.55 (1) AUV at End of Period $20.30 Number of Accumulation Units Outstanding at End of Period 24,145 ING OPCAP BALANCED VALUE AUV at Beginning of Period $9.97 (1) AUV at End of Period $7.80 Number of Accumulation Units Outstanding at End of Period 16,208 ING PIMCO CORE BOND AUV at Beginning of Period $12.43 (1) AUV at End of Period $13.41 Number of Accumulation Units Outstanding at End of Period 11,209 ING PIMCO TOTAL RETURN AUV at Beginning of Period $10.00 (2) AUV at End of Period $10.75 Number of Accumulation Units Outstanding at End of Period 55,182 ING SALOM BROTHERS INVESTORS AUV at Beginning of Period $9.94 (1) AUV at End of Period $7.61 Number of Accumulation Units Outstanding at End of Period 487 ING SALOMON BROTHERS CAPITAL AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.41 Number of Accumulation Units Outstanding at End of Period 1,232 RS Rollover Choice - 126042 A3 2002 ---- ING T. ROWE PRICE GROWTH EQUITY AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.52 Number of Accumulation Units Outstanding at End of Period 18,694 ING UBS TACTICAL ASSET ALLOCATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.54 Number of Accumulation Units Outstanding at End of Period 297 ING VAN KAMPEN COMSTOCK AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.34 Number of Accumulation Units Outstanding at End of Period 4,738 ING VP GROWTH OPPORTUNITIES AUV at Beginning of Period $7.83 (1) AUV at End of Period $5.32 Number of Accumulation Units Outstanding at End of Period 2,754 ING VP GROWTH AUV at Beginning of Period $9.87 (1) AUV at End of Period $6.94 Number of Accumulation Units Outstanding at End of Period 6,569 ING VP INDEX + LARGECAP AUV at Beginning of Period $9.41 (1) AUV at End of Period $7.31 Number of Accumulation Units Outstanding at End of Period 71,090 ING VP INDEX + MIDCAP AUV at Beginning of Period $9.92 (1) AUV at End of Period $8.64 Number of Accumulation Units Outstanding at End of Period 22,538 ING VP INDEX + SMALLCAP AUV at Beginning of Period $10.12 (1) AUV at End of Period $8.70 Number of Accumulation Units Outstanding at End of Period 18,192 ING VP INTERNATIONAL EQUITY AUV at Beginning of Period $10.04 (1) AUV at End of Period $7.29 Number of Accumulation Units Outstanding at End of Period -- ING VP INTERNATIONAL VALUE AUV at Beginning of Period $10.01 (1) AUV at End of Period $8.47 Number of Accumulation Units Outstanding at End of Period 4,649 ING VP MIDCAP OPPORTUNITIES AUV at Beginning of Period $9.85 (1) AUV at End of Period $7.24 Number of Accumulation Units Outstanding at End of Period 1,700 RS Rollover Choice - 126042 A4 2002 ---- ING VP SMALL COMPANY AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.56 Number of Accumulation Units Outstanding at End of Period 16,504 ING VP SMALLCAP OPPORTUNITIES AUV at Beginning of Period $8.37 (1) AUV at End of Period $4.67 Number of Accumulation Units Outstanding at End of Period 3,071 ING VP VALUE OPPORTUNITY AUV at Beginning of Period $9.05 (1) AUV at End of Period $6.63 Number of Accumulation Units Outstanding at End of Period 8,767 JANUS ASPEN BALANCED AUV at Beginning of Period $9.98 (1) AUV at End of Period $9.25 Number of Accumulation Units Outstanding at End of Period 47,038 JANUS ASPEN FLEXIBLE INCOME AUV at Beginning of Period $10.05 (1) AUV at End of Period $10.99 Number of Accumulation Units Outstanding at End of Period 19,824 JANUS ASPEN GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.19 Number of Accumulation Units Outstanding at End of Period 26,691 JANUS ASPEN WORLDWIDE GROWTH AUV at Beginning of Period $9.40 (1) AUV at End of Period $6.93 Number of Accumulation Units Outstanding at End of Period 31,948 OPPENHEIMER STRATEGIC BOND AUV at Beginning of Period $10.04 (1) AUV at End of Period $10.67 Number of Accumulation Units Outstanding at End of Period 832 OPPENHEIMER GLOBAL SECURITIES AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.67 Number of Accumulation Units Outstanding at End of Period 23,287 PIONEER EQUITY--INCOME VCT AUV at Beginning of Period $9.94 (1) AUV at End of Period $8.28 Number of Accumulation Units Outstanding at End of Period 15,836 PIONEER FUND VCT AUV at Beginning of Period $9.41 (1) AUV at End of Period $7.54 Number of Accumulation Units Outstanding at End of Period 5,561 RS Rollover Choice - 126042 A5 2002 ---- PIONEER MID CAP VALUE VCT AUV at Beginning of Period $10.73 (1) AUV at End of Period $9.43 Number of Accumulation Units Outstanding at End of Period 2,422 FOOTNOTES (1) Fund First Available during January 2002 (2) Fund First Available during May 2002 2002 ---- SEPARATE ACCOUNT ANNUAL CHARGES OF 0.95 % AIM VI CAPITAL APPRECIATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.38 Number of Accumulation Units Outstanding at End of Period -- AIM VI CORE EQUITY AUV at Beginning of Period $9.88 (1) AUV at End of Period $8.24 Number of Accumulation Units Outstanding at End of Period -- AIM VI PREMIER EQUITY AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.82 Number of Accumulation Units Outstanding at End of Period 5,601 FIDELITY II CONTRAFUND AUV at Beginning of Period $9.73 (1) AUV at End of Period $8.71 Number of Accumulation Units Outstanding at End of Period 4,124 FIDELITY VIP EQUITY--INCOME AUV at Beginning of Period $9.61 (1) AUV at End of Period $7.89 Number of Accumulation Units Outstanding at End of Period 2,414 FIDELITY VIP GROWTH AUV at Beginning of Period $9.29 (1) AUV at End of Period $6.42 Number of Accumulation Units Outstanding at End of Period 3,701 Fidelity VIP OVERSEAS AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.87 Number of Accumulation Units Outstanding at End of Period -- FRANKLIN SMALL CAP VALUE AUV at Beginning of Period $9.98 (1) AUV at End of Period $8.97 Number of Accumulation Units Outstanding at End of Period 137 RS Rollover Choice - 126042 A6 2002 ---- ING ALGER AGGRESSIVE GROWTH AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.85 Number of Accumulation Units Outstanding at End of Period -- ING ALGER GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $6.55 Number of Accumulation Units Outstanding at End of Period -- ING AMERICAN CENTURY SMALLCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.10 Number of Accumulation Units Outstanding at End of Period 215 ING BARON SMALLCAP GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.70 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES Q AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.10 Number of Accumulation Units Outstanding at End of Period 4,941 ING GET FUND -- SERIES R AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.14 Number of Accumulation Units Outstanding at End of Period 4,165 ING GET FUND -- SERIES S AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.07 Number of Accumulation Units Outstanding at End of Period 4,791 ING GET FUND -- SERIES T AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.09 Number of Accumulation Units Outstanding at End of Period 1,397 ING GET FUND -- SERIES U AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.00 Number of Accumulation Units Outstanding at End of Period -- ING GOLDMAN SACHS CAPITAL GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.36 Number of Accumulation Units Outstanding at End of Period -- ING JP MORGAN FLEMING INTERNATIONAL AUV at Beginning of Period $10.04 (1) AUV at End of Period $8.13 Number of Accumulation Units Outstanding at End of Period 385 ING JP MORGAN MIDCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $9.19 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A7 2002 ---- ING LIQUID ASSETS AUV at Beginning of Period $16.78 (1) AUV at End of Period $16.86 Number of Accumulation Units Outstanding at End of Period -- ING MFS CAPITAL OPPORTUNITIES AUV at Beginning of Period $9.91 (1) AUV at End of Period $6.84 Number of Accumulation Units Outstanding at End of Period -- ING MFS GLOBAL GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.34 Number of Accumulation Units Outstanding at End of Period -- ING MFS RESEARCH AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.33 Number of Accumulation Units Outstanding at End of Period -- ING MFS TOTAL RETURN AUV at Beginning of Period $21.24 (1) AUV at End of Period $19.96 Number of Accumulation Units Outstanding at End of Period 414 ING OPCAP BALANCED VALUE AUV at Beginning of Period $9.97 (1) AUV at End of Period $7.78 Number of Accumulation Units Outstanding at End of Period -- ING PIMCO CORE BOND AUV at Beginning of Period $12.25 (1) AUV at End of Period $13.19 Number of Accumulation Units Outstanding at End of Period 7,405 ING PIMCO TOTAL RETURN AUV at Beginning of Period $10.00 (2) AUV at End of Period $10.74 Number of Accumulation Units Outstanding at End of Period -- ING SALOM BROTHERS INVESTORS AUV at Beginning of Period $9.94 (1) AUV at End of Period $7.60 Number of Accumulation Units Outstanding at End of Period -- ING SALOMON BROTHERS CAPITAL AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.40 Number of Accumulation Units Outstanding at End of Period -- ING T. ROWE PRICE GROWTH EQUITY AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.51 Number of Accumulation Units Outstanding at End of Period 391 RS Rollover Choice - 126042 A8 2002 ---- ING UBS TACTICAL ASSET ALLOCATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.52 Number of Accumulation Units Outstanding at End of Period -- ING VAN KAMPEN COMSTOCK AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.32 Number of Accumulation Units Outstanding at End of Period -- ING VP GROWTH OPPORTUNITIES AUV at Beginning of Period $7.81 (1) AUV at End of Period $5.30 Number of Accumulation Units Outstanding at End of Period -- ING VP GROWTH AUV at Beginning of Period $9.87 (1) AUV at End of Period $6.93 Number of Accumulation Units Outstanding at End of Period -- ING VP INDEX + LARGECAP AUV at Beginning of Period $9.40 (1) AUV at End of Period $7.28 Number of Accumulation Units Outstanding at End of Period 2,369 ING VP INDEX + MIDCAP AUV at Beginning of Period $9.91 (1) AUV at End of Period $8.61 Number of Accumulation Units Outstanding at End of Period 5,073 ING VP INDEX + SMALLCAP AUV at Beginning of Period $10.11 (1) AUV at End of Period $8.68 Number of Accumulation Units Outstanding at End of Period 1,382 ING VP INTERNATIONAL EQUITY AUV at Beginning of Period $10.04 (1) AUV at End of Period $7.27 Number of Accumulation Units Outstanding at End of Period -- ING VP INTERNATIONAL VALUE AUV at Beginning of Period $10.01 (1) AUV at End of Period $8.45 Number of Accumulation Units Outstanding at End of Period 289 ING VP MIDCAP OPPORTUNITIES AUV at Beginning of Period $9.85 (1) AUV at End of Period $7.22 Number of Accumulation Units Outstanding at End of Period -- ING VP SMALL COMPANY AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.54 Number of Accumulation Units Outstanding at End of Period 4,208 ING VP SMALLCAP OPPORTUNITIES AUV at Beginning of Period $8.36 (1) AUV at End of Period $4.66 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A9 2002 ---- ING VP VALUE OPPORTUNITY AUV at Beginning of Period $9.04 (1) AUV at End of Period $6.62 Number of Accumulation Units Outstanding at End of Period -- JANUS ASPEN BALANCED AUV at Beginning of Period $9.98 (1) AUV at End of Period $9.23 Number of Accumulation Units Outstanding at End of Period 6,042 JANUS ASPEN FLEXIBLE INCOME AUV at Beginning of Period $10.05 (1) AUV at End of Period $10.97 Number of Accumulation Units Outstanding at End of Period 5,940 JANUS ASPEN GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.17 Number of Accumulation Units Outstanding at End of Period -- JANUS ASPEN WORLDWIDE GROWTH AUV at Beginning of Period $9.39 (1) AUV at End of Period $6.91 Number of Accumulation Units Outstanding at End of Period 581 OPPENHEIMER STRATEGIC BOND AUV at Beginning of Period $10.04 (1) AUV at End of Period $10.65 Number of Accumulation Units Outstanding at End of Period 696 OPPENHEIMER GLOBAL SECURITIES AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.65 Number of Accumulation Units Outstanding at End of Period 2,448 PIONEER EQUITY--INCOME VCT AUV at Beginning of Period $9.94 (1) AUV at End of Period $8.27 Number of Accumulation Units Outstanding at End of Period 5,737 PIONEER FUND VCT AUV at Beginning of Period $9.41 (1) AUV at End of Period $7.52 Number of Accumulation Units Outstanding at End of Period -- PIONEER MID CAP VALUE VCT AUV at Beginning of Period $10.72 (1) AUV at End of Period $9.41 Number of Accumulation Units Outstanding at End of Period 370 FOOTNOTES (1) Fund First Available during January 2002 (2) Fund First Available during May 2002 RS Rollover Choice - 126042 A10 2002 ---- SEPARATE ACCOUNT ANNUAL CHARGES OF 1.10 % AIM VI CAPITAL APPRECIATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.37 Number of Accumulation Units Outstanding at End of Period -- AIM VI CORE EQUITY AUV at Beginning of Period $9.88 (1) AUV at End of Period $8.23 Number of Accumulation Units Outstanding at End of Period -- AIM VI PREMIER EQUITY AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.81 Number of Accumulation Units Outstanding at End of Period -- FIDELITY II CONTRAFUND AUV at Beginning of Period $9.72 (1) AUV at End of Period $8.69 Number of Accumulation Units Outstanding at End of Period 538 FIDELITY VIP EQUITY--INCOME AUV at Beginning of Period $9.60 (1) AUV at End of Period $7.87 Number of Accumulation Units Outstanding at End of Period 749 FIDELITY VIP GROWTH AUV at Beginning of Period $9.29 (1) AUV at End of Period $6.40 Number of Accumulation Units Outstanding at End of Period 607 Fidelity VIP OVERSEAS AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.86 Number of Accumulation Units Outstanding at End of Period -- FRANKLIN SMALL CAP VALUE AUV at Beginning of Period $9.98 (1) AUV at End of Period $8.96 Number of Accumulation Units Outstanding at End of Period -- ING ALGER AGGRESSIVE GROWTH AUV at Beginning of Period $9.90 (1) AUV at End of Period $6.84 Number of Accumulation Units Outstanding at End of Period -- ING ALGER GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $6.54 Number of Accumulation Units Outstanding at End of Period -- ING AMERICAN CENTURY SMALLCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.09 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A11 2002 ---- ING BARON SMALLCAP GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.70 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES Q AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.08 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES R AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.13 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES S AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.06 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES T AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.08 Number of Accumulation Units Outstanding at End of Period -- ING GET FUND -- SERIES U AUV at Beginning of Period $10.00 (1) AUV at End of Period $10.00 Number of Accumulation Units Outstanding at End of Period -- ING GOLDMAN SACHS CAPITAL GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.35 Number of Accumulation Units Outstanding at End of Period -- ING JP MORGAN FLEMING INTERNATIONAL AUV at Beginning of Period $10.04 (1) AUV at End of Period $8.12 Number of Accumulation Units Outstanding at End of Period -- ING JP MORGAN MIDCAP VALUE AUV at Beginning of Period $10.00 (2) AUV at End of Period $9.18 Number of Accumulation Units Outstanding at End of Period -- ING LIQUID ASSETS AUV at Beginning of Period $16.45 (1) AUV at End of Period $16.51 Number of Accumulation Units Outstanding at End of Period -- ING MFS CAPITAL OPPORTUNITIES AUV at Beginning of Period $9.91 (1) AUV at End of Period $6.83 Number of Accumulation Units Outstanding at End of Period -- ING MFS GLOBAL GROWTH AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.33 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A12 2002 ---- ING MFS RESEARCH AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.32 Number of Accumulation Units Outstanding at End of Period -- ING MFS TOTAL RETURN AUV at Beginning of Period $21.01 (1) AUV at End of Period $19.72 Number of Accumulation Units Outstanding at End of Period -- ING OPCAP BALANCED VALUE AUV at Beginning of Period $9.97 (1) AUV at End of Period $7.77 Number of Accumulation Units Outstanding at End of Period -- ING PIMCO CORE BOND AUV at Beginning of Period $12.12 (1) AUV at End of Period $13.03 Number of Accumulation Units Outstanding at End of Period -- ING PIMCO TOTAL RETURN AUV at Beginning of Period $10.00 (2) AUV at End of Period $10.73 Number of Accumulation Units Outstanding at End of Period -- ING SALOM BROTHERS INVESTORS AUV at Beginning of Period $9.94 (1) AUV at End of Period $7.58 Number of Accumulation Units Outstanding at End of Period -- ING SALOMON BROTHERS CAPITAL AUV at Beginning of Period $9.99 (1) AUV at End of Period $7.38 Number of Accumulation Units Outstanding at End of Period -- ING T. ROWE PRICE GROWTH EQUITY AUV at Beginning of Period $9.91 (1) AUV at End of Period $7.50 Number of Accumulation Units Outstanding at End of Period -- ING UBS TACTICAL ASSET ALLOCATION AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.51 Number of Accumulation Units Outstanding at End of Period -- ING VAN KAMPEN COMSTOCK AUV at Beginning of Period $10.00 (2) AUV at End of Period $8.32 Number of Accumulation Units Outstanding at End of Period -- ING VP GROWTH OPPORTUNITIES AUV at Beginning of Period $7.81 (1) AUV at End of Period $5.29 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A13 2002 ---- ING VP GROWTH AUV at Beginning of Period $9.87 (1) AUV at End of Period $6.92 Number of Accumulation Units Outstanding at End of Period -- ING VP INDEX + LARGECAP AUV at Beginning of Period $9.39 (1) AUV at End of Period $7.27 Number of Accumulation Units Outstanding at End of Period 564 ING VP INDEX + MIDCAP AUV at Beginning of Period $9.90 (1) AUV at End of Period $8.59 Number of Accumulation Units Outstanding at End of Period 481 ING VP INDEX + SMALLCAP AUV at Beginning of Period $10.11 (1) AUV at End of Period $8.66 Number of Accumulation Units Outstanding at End of Period -- ING VP INTERNATIONAL EQUITY AUV at Beginning of Period $10.04 (1) AUV at End of Period $7.26 Number of Accumulation Units Outstanding at End of Period -- ING VP INTERNATIONAL VALUE AUV at Beginning of Period $10.01 (1) AUV at End of Period $8.44 Number of Accumulation Units Outstanding at End of Period -- ING VP MIDCAP OPPORTUNITIES AUV at Beginning of Period $9.85 (1) AUV at End of Period $7.21 Number of Accumulation Units Outstanding at End of Period -- ING VP SMALL COMPANY AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.53 Number of Accumulation Units Outstanding at End of Period -- ING VP SMALLCAP OPPORTUNITIES AUV at Beginning of Period $8.35 (1) AUV at End of Period $4.65 Number of Accumulation Units Outstanding at End of Period -- ING VP VALUE OPPORTUNITY AUV at Beginning of Period $9.03 (1) AUV at End of Period $6.60 Number of Accumulation Units Outstanding at End of Period -- JANUS ASPEN BALANCED AUV at Beginning of Period $9.98 (1) AUV at End of Period $9.21 Number of Accumulation Units Outstanding at End of Period 592 JANUS ASPEN FLEXIBLE INCOME AUV at Beginning of Period $10.05 (1) AUV at End of Period $10.95 Number of Accumulation Units Outstanding at End of Period -- RS Rollover Choice - 126042 A14 2002 ---- JANUS ASPEN GROWTH AUV at Beginning of Period $9.88 (1) AUV at End of Period $7.16 Number of Accumulation Units Outstanding at End of Period -- JANUS ASPEN WORLDWIDE GROWTH AUV at Beginning of Period $9.38 (1) AUV at End of Period $6.89 Number of Accumulation Units Outstanding at End of Period -- OPPENHEIMER STRATEGIC BOND AUV at Beginning of Period $10.04 (1) AUV at End of Period $10.63 Number of Accumulation Units Outstanding at End of Period -- OPPENHEIMER GLOBAL SECURITIES AUV at Beginning of Period $9.95 (1) AUV at End of Period $7.64 Number of Accumulation Units Outstanding at End of Period 1,064 PIONEER EQUITY--INCOME VCT AUV at Beginning of Period $9.94 (1) AUV at End of Period $8.25 Number of Accumulation Units Outstanding at End of Period -- PIONEER FUND VCT AUV at Beginning of Period $9.40 (1) AUV at End of Period $7.51 Number of Accumulation Units Outstanding at End of Period -- PIONEER MID CAP VALUE VCT AUV at Beginning of Period $10.72 (1) AUV at End of Period $9.40 Number of Accumulation Units Outstanding at End of Period -- FOOTNOTES (1) Fund First Available during January 2002 (2) Fund First Available during May 2002 RS Rollover Choice - 126042 A15 -------------------------------------------------------------------------------- APPENDIX B -------------------------------------------------------------------------------- THE INVESTMENT PORTFOLIOS During the accumulation phase, you may allocate your premium payments and contract value to any of the investment portfolios available under this Contract. They are listed in this appendix. You bear the entire investment risk for amounts you allocate to any investment portfolio, and you may lose your principal. The investment results of the mutual funds (funds) are likely to differ significantly and there is no assurance that any of the funds will achieve their respective investment objectives. Shares of the funds will rise and fall in value and you could lose money by investing in the funds. Shares of the funds are not bank deposits and are not guaranteed, endorsed or insured by any financial institution, the Federal Deposit Insurance Corporation or any other government agency. Except as noted, all funds are diversified, as defined under the Investment Company Act of 1940. Please refer to the fund prospectuses for additional information. Fund prospectuses may be obtained free of charge, from our Customer Service Center at the address and telephone number listed in the prospectus, by accessing the SEC's web site or by contacting the SEC Public Reference Room. Certain funds offered under the contracts have investment objectives and policies similar to other funds managed by the fund's investment adviser. The investment results of a fund may be higher or lower than those of other funds managed by the same adviser. There is no assurance and no representation is made that the investment results of any fund will be comparable to those of another fund managed by the same investment adviser. --------------------------------------------------------------------------- LIST OF FUND NAME CHANGES --------------------------------------------------------------------------- FORMER FUND NAME CURRENT FUND NAME --------------------------------------------------------------------------- Core Bond Series ING PIMCO Core Bond Portfolio --------------------------------------------------------------------------- Liquid Assets Series ING Liquid Assets Portfolio --------------------------------------------------------------------------- Total Return Series ING MFS Total Return Portfolio --------------------------------------------------------------------------- ING GET Fund ING GET U.S. Core Portfolio --------------------------------------------------------------------------- ING Salomon Brothers Capital ING Salomon Brothers Fundamental Portfolio Value Portfolio --------------------------------------------------------------------------- ING MFS Research Portfolio ING MFS Research Equity Portfolio --------------------------------------------------------------------------- -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING INVESTORS TRUST (formerly The GCG Trust) -------------------------------------------------------------------------------- ING LIQUID ASSETS PORTFOLIO Seeks high level of current income (Service Class) (formerly Liquid consistent with the preservation of Asset Series) capital and liquidity. The Portfolio Manager strives to maintain a stable INVESTMENT ADVISER: $1 per share net asset value and its Directed Services, Inc. investment strategy focuses on safety of principal, liquidity and yield, in INVESTMENT SUBADVISER: order of importance, to achieve this ING Investment Management LLC goal. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B1 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING MFS TOTAL RETURN PORTFOLIO Seeks above-average income (compared (Service Class) (formerly Total to a portfolio entirely invested in Return Series) equity securities) consistent with the prudent employment of capital. INVESTMENT ADVISER: Secondarily seeks reasonable Directed Services, Inc. opportunity for growth of capital and INVESTMENT SUBADVISER: income. The Portfolio is a "balanced Massachusetts Financial Services fund," and invests in a combination of Company equity and fixed income securities. -------------------------------------------------------------------------------- ING PIMCO CORE BOND PORTFOLIO Seeks maximum total return, consistent (Service Class) (formerly Core Bond with preservation of capital and Series) prudent investment management. The Portfolio is diversified and seeks to INVESTMENT ADVISER: achieve its investment objective by Directed Services, Inc. investing under normal circumstances INVESTMENT SUBADVISER: at least 80% of its net assets (plus Pacific Investment Management borrowings for investment purposes) in Company LLC a diversified portfolio of fixed income instruments of varying maturities. -------------------------------------------------------------------------------- ING GET U.S. Core Portfolio -------------------------------------------------------------------------------- ING GET U.S. CORE PORTFOLIO Seeks to achieve maximum total return (formerly ING GET Fund) and minimal exposure of the Series' assets to a market value loss, by INVESTMENT ADVISER: participating, to the extent possible Aeltus Investment Management, Inc. in favorable equity market performance during the Guarantee Period. The Series will not implement an "investment strategy" in any conventional sense. Rather, the Series' asset allocation strategy seeks to optimize the exposure of the Series to the Equity Component while protecting Series' assets. Assets allocated to the Equity Component may be reduced or eliminated in order to conserve assets at a level equal to or above the present value of the Guarantee. -------------------------------------------------------------------------------- ING PARTNERS, INC. -------------------------------------------------------------------------------- ING ALGER AGGRESSIVE GROWTH PORTFOLIO Seeks long-term capital appreciation. (Class S) Invests primarily (at least 65% of total assets) in the equity securities INVESTMENT ADVISER: of companies having a market ING Life Insurance and Annuity capitalization within the range of Company companies in the Russell MidCap Growth INVESTMENT SUBADVISER: Index or the S&P Mid Cap 400 Index. Fred Alger Management, Inc. -------------------------------------------------------------------------------- ING ALGER GROWTH PORTFOLIO (Class S) Seeks long-term capital appreciation. Invests primarily (at least 65% of INVESTMENT ADVISER: total assets) in the equity securities ING Life Insurance and Annuity of large companies having a market Company capitalization of $10 billion or INVESTMENT SUBADVISER: greater. Fred Alger Management, Inc. -------------------------------------------------------------------------------- ING AMERICAN CENTURY SMALL CAP VALUE Seeks long-term growth of capital; PORTFOLIO (Class S) income is a secondary objective. Invests primarily (at least 80% of net INVESTMENT ADVISER: assets under normal circumstances) in ING Life Insurance and Annuity equity securities of smaller Company companies. The Portfolio's subadviser considers smaller companies to include INVESTMENT SUBADVISER: those with a market capitalization no American Century Investment bigger than that of the largest Management, Inc. company in the S&P Small Cap 600 Index or the Russell 2000 Index. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B2 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING BARON SMALL CAP GROWTH PORTFOLIO Seeks capital appreciation. Invests (Class S) primarily (at least 80% of total assets under normal circumstances) in INVESTMENT ADVISER: securities of smaller companies with ING Life Insurance and Annuity market values under $2.5 billion as Company measured at the time of purchase. INVESTMENT SUBADVISER: BAMCO, Inc. -------------------------------------------------------------------------------- ING GOLDMAN SACHS(R) CAPITAL GROWTH Seeks long-term growth of capital. PORTFOLIO (Class S) Invests, under normal circumstances, at least 90% of total assets in equity INVESTMENT ADVISER: securities. ING Life Insurance and Annuity Company INVESTMENT SUBADVISER: Goldman Sachs(R)Asset Management, L.P. Goldman Sachs(R) is a registered service mark of Goldman, Sachs & Co., and it is used by agreement with Goldman, Sachs & Co. -------------------------------------------------------------------------------- ING JPMORGAN FLEMING INTERNATIONAL Seeks long-term growth of capital. PORTFOLIO (Class S) Invests primarily (at least 65% of total assets) in the equity securities INVESTMENT ADVISER: of foreign companies that the ING Life Insurance and Annuity subadviser believes have high growth Company potential. Will normally invest in INVESTMENT SUBADVISER: securities of at least three different J.P. Morgan Fleming Asset countries other than the U.S. and will Management (London) Ltd. invest in securities in both developed and developing markets. -------------------------------------------------------------------------------- ING JPMORGAN MID CAP VALUE PORTFOLIO Seeks growth from capital (Class S) appreciation. A nondiversified Portfolio that invests primarily (at INVESTMENT ADVISER: least 80% of net assets under normal ING Life Insurance and Annuity circumstances) in a broad portfolio of Company common stocks of companies with market INVESTMENT SUBADVISER: capitalizations of $1 billion to $20 Robert Fleming, Inc., a subsidiary billion at the time of purchase that of J.P. Morgan Chase & Co. the subadviser believes to be undervalued. -------------------------------------------------------------------------------- ING MFS CAPITAL OPPORTUNITIES Seeks capital appreciation. Invests PORTFOLIO (Class S) primarily (at least 65% of net assets) in common stocks and related INVESTMENT ADVISER: securities, such as preferred stocks, ING Life Insurance and Annuity convertible securities and depositary Company receipts. INVESTMENT SUBADVISER: Massachusetts Financial Services Company -------------------------------------------------------------------------------- ING MFS GLOBAL GROWTH PORTFOLIO Seeks capital appreciation. A (Class S) nondiversified Portfolio that invests primarily (at least 65% of net assets INVESTMENT ADVISER: under normal circumstances) in ING Life Insurance and Annuity securities of companies worldwide Company including common stocks and related INVESTMENT SUBADVISER: equity securities such as preferred Massachusetts Financial Services stock, convertible securities and Company depositary receipts. -------------------------------------------------------------------------------- ING MFS RESEARCH EQUITY PORTFOLIO Seeks long-term growth of capital and (Class S) future income. Invests primarily (at least 80% of net assets) in common INVESTMENT ADVISER: stocks and related securities, such as ING Life Insurance and Annuity preferred stocks, convertible Company securities and depositary receipts. INVESTMENT SUBADVISER: Massachusetts Financial Services Company -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B3 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING OPCAP BALANCED VALUE PORTFOLIO Seeks capital growth, and secondarily, (Class S) investment income. Under normal market conditions, invests at least 25% of INVESTMENT ADVISER: total assets in equity securities, ING Life Insurance and Annuity including common stocks and preferred Company stocks and expects to have between 50% INVESTMENT SUBADVISER: to 70% of total assets invested in OpCap Advisors LLC equities. Also invests at least 25% of total assets in fixed-income senior securities including bonds, debentures, notes, participation interests in loans, convertible securities and U.S. Government securities. -------------------------------------------------------------------------------- ING PIMCO TOTAL RETURN PORTFOLIO Seeks maximum total return, consistent (Class S) with capital preservation and prudent investment management. Invests under INVESTMENT ADVISER: normal circumstances at least 65% of ING Life Insurance and Annuity net assets plus borrowings for Company investment purposes in a diversified INVESTMENT SUBADVISER: portfolio of fixed income instruments Pacific Investment Management of varying maturities. Invests Company LLC primarily in investment grade debt securities, but may invest up to 10% of its assets in high yield securities ("junk bonds") rated B or higher by Moody's or S&P, or, if unrated, determined by the subadviser to be of comparable quality. -------------------------------------------------------------------------------- ING SALOMON BROTHERS FUNDAMENTAL VALUE Seeks capital appreciation. A PORTFOLIO (Class S) (formerly ING nondiversified Portfolio that invests Salomon Brothers Capital Portfolio) primarily in common stocks and common stock equivalents, such as preferred INVESTMENT ADVISER: stocks and securities convertible in ING Life Insurance and Annuity common stocks, of companies the Company subadviser believes are undervalues in INVESTMENT SUBADVISER: the marketplace. May invest in Salomon Brothers Asset Management investment grade fixed-income Inc securities and may invest up to 20% of net assets in non-convertible debt securities rated below investment grade or, if unrated, are of equivalent quality as determined by the subadviser. May also invest up to 20% of assets in securities of foreign issuers. -------------------------------------------------------------------------------- ING SALOMON BROTHERS INVESTORS VALUE Seeks long-term growth of capital, and PORTFOLIO (Class S) secondarily, current income. Invests primarily in common stocks of INVESTMENT ADVISER: established U.S. companies. May also ING Life Insurance and Annuity invest in other equity securities, Company including up to 20% of its assets in INVESTMENT SUBADVISER: securities of foreign issuers. Salomon Brothers Asset Management Inc -------------------------------------------------------------------------------- ING T. ROWE PRICE GROWTH EQUITY Seeks long-term capital growth, and PORTFOLIO (Class S) secondarily, increasing dividend income. Invests primarily (at least INVESTMENT ADVISER: 80% of net assets under normal ING Life Insurance and Annuity circumstances) in the common stocks. Company Concentrates its investments in growth INVESTMENT SUBADVISER: companies. Investments in foreign T. Rowe Price Associates, Inc. securities are limited to 30% of total assets. -------------------------------------------------------------------------------- ING UBS TACTICAL ASSET ALLOCATION Seeks total return, consisting of PORTFOLIO (Class S) long-term capital appreciation and current income. Allocates assets INVESTMENT ADVISER: between a stock portion designed to ING Life Insurance and Annuity track the performance of the Standard Company & Poor's 500 Composite Stock Price INVESTMENT SUBADVISER: Index (S&P 500) and a fixed income UBS Global Asset Management (US) portion that consists of either Inc. five-year U.S. Treasury notes or U.S. Treasury bills with remaining maturities of 30 days. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B4 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING VAN KAMPEN COMSTOCK PORTFOLIO Seeks capital growth and income. (Class S) Invests in a portfolio of equity securities, including common stocks, INVESTMENT ADVISER: preferred stocks and securities ING Life Insurance and Annuity convertible into common and preferred Company stocks. INVESTMENT SUBADVISER: Van Kampen -------------------------------------------------------------------------------- ING VARIABLE PRODUCT PORTFOLIOS -------------------------------------------------------------------------------- ING VP BALANCED PORTFOLIO, INC. Seeks to maximize investment return, (Class S) consistent with reasonable safety of principal, by investing in a INVESTMENT ADVISER: diversified portfolio of one or more ING Investments, LLC of the following asset classes: INVESTMENT SUBADVISER: stocks, bonds and cash equivalents, Aeltus Investment Management, Inc. based on the judgment of the Portfolio's management, of which of those sectors or mix thereof offers the best investment prospects. Typically, maintains approximately 60% of total assets in equities and approximately 40% of total assets in debt (including money market instruments). The Portfolio may invest up to 15% of total assets in high-yield instruments. -------------------------------------------------------------------------------- ING VP BOND PORTFOLIO (Class S) Seeks to maximize total return as is consistent with reasonable risk, INVESTMENT ADVISER: through investment in a diversified ING Investments, LLC portfolio consisting of debt INVESTMENT SUBADVISER: securities. Under normal market Aeltus Investment Management, Inc. conditions, invests at least 80% of net assets in high-grade corporate bonds, mortgage-related and other asset-backed securities, and securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. The Portfolio may invest up to 15% of total assets in high-yield instruments and up to 25% of total assets in foreign debt securities. -------------------------------------------------------------------------------- ING VP GROWTH AND INCOME PORTFOLIO Seeks to maximize total return through (Class S) investments in a diversified portfolio of common stocks and securities INVESTMENT ADVISER: convertible into common stock. Under ING Investments, LLC normal market conditions, invests at INVESTMENT SUBADVISER: least 65% of total assets in common Aeltus Investment Management, Inc. stocks that the Portfolio's subadviser believes have significant potential for capital appreciation or income growth or both. -------------------------------------------------------------------------------- ING VP GROWTH PORTFOLIO (Class S) Seeks growth of capital through investment in a diversified portfolio INVESTMENT ADVISER: consisting primarily of common stocks ING Investments, LLC and securities convertible into common INVESTMENT SUBADVISER: stocks believed to offer growth Aeltus Investment Management, Inc. potential. Under normal market conditions, invests at least 65% of total assets in common stocks and securities convertible into common stock. -------------------------------------------------------------------------------- ING VP INDEX PLUS LARGECAP PORTFOLIO Seeks to outperform the total return (Class S) performance of the Standard & Poor's 500 Composite Index (S&P 500), while INVESTMENT ADVISER: maintaining a market level of risk. ING Investments, LLC Invests at least 80% of net assets in INVESTMENT SUBADVISER: stocks included in the S&P 500. The Aeltus Investment Management, Inc. subadviser's objective is to overweight those stocks in the S&P 500 that they believe will outperform the index and underweight or avoid those stocks in the S&P 500 that they believe will underperform the index. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B5 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING VP INDEX PLUS MIDCAP PORTFOLIO Seeks to outperform the total return (Class S) performance of the Standard & Poor's MidCap 400 Index (S&P 400), while INVESTMENT ADVISER: maintaining a market level of risk. ING Investments, LLC Invests at least 80% of net assets in INVESTMENT SUBADVISER: stocks included in the S&P 400. The Aeltus Investment Management, Inc. subadviser's objective is to overweight those stocks in the S&P 400 that they believe will outperform the index and underweight or avoid those stocks in the S&P 400 that they believe will underperform the index. -------------------------------------------------------------------------------- ING VP INDEX PLUS SMALLCAP PORTFOLIO Seeks to outperform the total return (Class S) performance of the Standard and Poor's SmallCap 600 Index (S&P 600), while INVESTMENT ADVISER: maintaining a market level of risk. ING Investments, LLC Invests at least 80% of net assets in INVESTMENT SUBADVISER: stocks included in the S&P 600. The Aeltus Investment Management, Inc. subadviser's objective is to overweight those stocks in the S&P 600 that they believe will outperform the index and underweight or avoid those stocks in the S&P 600 that they believe will underperform the index. -------------------------------------------------------------------------------- ING VP INTERNATIONAL EQUITY PORTFOLIO Seeks long-term capital growth (Class S) primarily through investment in a diversified portfolio of common stocks INVESTMENT ADVISER: principally traded in countries ING Investments, LLC outside of the United States. The INVESTMENT SUBADVISER: Portfolio will not target any given Aeltus Investment Management, Inc. level of current income. Under normal market conditions, invests at least 80% of assets in equity securities and at least 65% of its assets will normally be invested in securities principally traded in three or more countries outside of the U.S. These securities may include common stocks as well as securities convertible into common stock. -------------------------------------------------------------------------------- ING VP SMALL COMPANY PORTFOLIO Seeks growth of capital primarily (Class S) through investment in a diversified portfolio of common stocks and INVESTMENT ADVISER: securities convertible into common ING Investments, LLC stocks of companies with smaller INVESTMENT SUBADVISER: market capitalizations. Under normal Aeltus Investment Management, Inc. market conditions, invests at least 80% of net assets in common stocks and securities convertible into common stock of small-capitalization companies, defined as: 1) the 2,000 smallest of the 3,000 largest U.S. companies (as measured by market capitalization); 2) all companies not included above that are included in the Standard & Poor's SmallCap 600 Index or the Russell 2000 Index; and 3) companies with market capitalizations lower than companies included in the first two categories. -------------------------------------------------------------------------------- ING VP VALUE OPPORTUNITY PORTFOLIO Seeks growth of capital primarily (Class S) through investment in a diversified portfolio of common stocks and INVESTMENT ADVISER: securities convertible into common ING Investments, LLC stock. Under normal market conditions, INVESTMENT SUBADVISER: invests at least 65% of total assets Aeltus Investment Management, Inc. in common stocks and securities convertible into common stock. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B6 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- ING VARIABLE PRODUCTS TRUST -------------------------------------------------------------------------------- ING VP GROWTH OPPORTUNITIES PORTFOLIO Seeks long-term growth of capital. (Class S) Invests primarily in common stock of U.S. companies that the portfolio INVESTMENT ADVISER: managers feel have above average ING Investments, LLC prospects for growth. Under normal market conditions, invests at least 65% of total assets in securities purchased on the basis of the potential for capital appreciation. These securities may be from large-cap, mid-cap or small-cap companies. -------------------------------------------------------------------------------- ING VP INTERNATIONAL VALUE PORTFOLIO Seeks long-term capital appreciation. (Class S) Invests primarily in foreign companies with market capitalizations greater INVESTMENT ADVISER: than $1 billion, but may hold up to ING Investments, LLC 25% of assets in companies with smaller market capitalization. Under normal circumstances, will invest at least 65% of total assets in securities of companies located in at least three countries other than the U.S., which may include emerging market countries. -------------------------------------------------------------------------------- ING VP MIDCAP OPPORTUNITIES PORTFOLIO Seeks long-term capital appreciation. (Class S) Normally invests at least 80% of assets in the common stocks of INVESTMENT ADVISER: mid-sized U.S. companies that the ING Investments, LLC portfolio managers feel have above average prospects for growth. For this Portfolio, mid-size companies are those with market capitalizations that fall within the range of companies in the Standard & Poor's MidCap 400 Index. -------------------------------------------------------------------------------- ING VP SMALLCAP OPPORTUNITIES Seeks long-term capital appreciation. PORTFOLIO (Class S) Normally invests at least 80% of assets in the common stock of smaller, INVESTMENT ADVISER: lesser-known U.S. companies that are ING Investments, LLC believed to have above average prospects for growth. For this Portfolio, smaller companies are those with market capitalizations that fall within the range of companies in the Russell 2000 Index. -------------------------------------------------------------------------------- AIM VARIABLE INSURANCE FUNDS -------------------------------------------------------------------------------- AIM V.I. CAPITAL APPRECIATION FUND Seeks growth of capital. Seeks to meet (Series II) its objective by investing principally in common stocks of companies the INVESTMENT ADVISER: portfolio managers believe are likely A I M Advisors, Inc. to benefit from new or innovative products, services or processes as well as those that have experienced above-average, long-term growth in earnings and have excellent prospects for future growth. -------------------------------------------------------------------------------- AIM V.I. CORE EQUITY FUND Seeks growth of capital. Seeks to meet (Series II) its objective by investing, normally, at least 80% of net assets in equity INVESTMENT ADVISER: securities, including convertible A I M Advisors, Inc. securities, of established companies that have long-term above-average growth in earnings, and growth companies that the portfolio managers believe have the potential for above-average growth in earnings. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B7 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- AIM V.I. PREMIER EQUITY FUND Seeks to achieve long-term growth of (Series II) capital with a secondary objective of income. Seeks to meet its objectives INVESTMENT ADVISER: by investing, normally, at least 80% A I M Advisors, Inc. of net assets in equity securities, including convertible securities. -------------------------------------------------------------------------------- FIDELITY VARIABLE INSURANCE PRODUCTS PORTFOLIO -------------------------------------------------------------------------------- FIDELITY(R)VIP EQUITY-INCOME PORTFOLIO Seeks reasonable income. Also (Service Class 2) considers the potential for capital appreciation. Seeks to achieve a yield INVESTMENT ADVISER: which exceeds the composite yield on Fidelity Management & Research the securities comprising the Standard Company & Poor's 500 Index. Normally invests INVESTMENT SUBADVISER: at least 80% of total assets in FMR Co., Inc. income-producing equity securities (which tends to lead to investments in large cap "value" stocks). -------------------------------------------------------------------------------- FIDELITY(R)VIP GROWTH PORTFOLIO Seeks to achieve capital appreciation. (Service Class 2) Normally invests primarily in common stocks of companies the investment INVESTMENT ADVISER: adviser believes have above-average Fidelity Management & Research growth potential (often called Company "growth" stocks). INVESTMENT SUBADVISER: FMR Co., Inc. -------------------------------------------------------------------------------- FIDELITY(R)VIP CONTRAFUND(R)PORTFOLIO Seeks long-term capital appreciation. (Service Class 2) Normally invests primarily in common stocks of companies whose value the INVESTMENT ADVISER: Portfolio's investment adviser Fidelity Management & Research believes is not fully recognized by Company the public. INVESTMENT SUBADVISER: Fidelity Management & Research (U.K.) Inc.; Fidelity Management & Research (Far East) Inc.; Fidelity Investments Japan Limited; FMR Co., Inc. -------------------------------------------------------------------------------- FIDELITY(R)VIP OVERSEAS PORTFOLIO Seeks long-term growth of capital. (Service Class 2) Normally invests at least 80% of assets in non-U.S. securities, INVESTMENT ADVISER: primarily in common stocks. Fidelity Management & Research Company INVESTMENT SUBADVISER: Fidelity Management & Research (U.K.) Inc.; Fidelity Management & Research (Far East) Inc.; Fidelity International Investment Advisors (U.K.) Limited; Fidelity Investments Japan Limited; FMR Co., Inc. -------------------------------------------------------------------------------- FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST -------------------------------------------------------------------------------- FRANKLIN SMALL CAP VALUE SECURITIES A nondiversified fund that seeks FUND (Class 2) long-term total return. The fund will normally invest at least 80% of net INVESTMENT ADVISER: assets in investments of small Franklin Advisory Services, LLC capitalization companies that have (Advisory Services) market capitalization values not exceeding $2.5 billion, at the time of purchase. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B8 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- JANUS ASPEN SERIES -------------------------------------------------------------------------------- JANUS ASPEN SERIES - BALANCED Seeks long-term capital growth, PORTFOLIO (Class S) consistent with preservation of capital and balanced by current INVESTMENT ADVISER: income. Normally invests 40-60% of its Janus Capital assets in securities selected primarily for their growth potential and 40-60% of its assets in securities selected primarily for their income potential. Will normally invest at least 25% of its assets in fixed-income securities. -------------------------------------------------------------------------------- JANUS ASPEN SERIES - FLEXIBLE INCOME Invests primarily in a wide variety of PORTFOLIO (Class S) income-producing securities such as corporate bonds and notes, government INVESTMENT ADVISER: securities and preferred stock. Will Janus Capital invest at least 80% of its assets in income-producing securities. Will invest at least 65% of its assets in investment grade debt securities with a dollar-weighted maturity of five to ten years. Will limit its investment in high-yield/high-risk bonds to 35% or less of its net assets. -------------------------------------------------------------------------------- JANUS ASPEN SERIES - GROWTH PORTFOLIO Seeks long-term growth of capital in a (Class S) manner consistent with the preservation of capital. Invests INVESTMENT ADVISER: primarily in common stocks selected Janus Capital for their growth potential. Although it can invest in companies of any size, it generally invests in larger, more established companies. -------------------------------------------------------------------------------- JANUS ASPEN SERIES - WORLDWIDE GROWTH Seeks long-term growth of capital in a PORTFOLIO (Class S) manner consistent with the preservation of capital. Invests INVESTMENT ADVISER: primarily in common stocks of Janus Capital companies of any size located throughout the world. Normally invests in issuers from at least five different countries, including the United States. May at times invest in fewer than five countries or even in a single country. -------------------------------------------------------------------------------- OPPENHEIMER VARIABLE ACCOUNT FUNDS -------------------------------------------------------------------------------- OPPENHEIMER GLOBAL SECURITIES FUND/VA Seeks long-term capital appreciation (Class S) by investing a substantial portion of assets in securities of foreign INVESTMENT ADVISER: issuers, "growth-type" companies, OppenheimerFunds, Inc. cyclical industries and special situations that are considered to have appreciation possibilities. Invests mainly in common stocks and can also buy other equity securities, including preferred stocks and convertible securities in the U.S. and foreign countries. -------------------------------------------------------------------------------- OPPENHEIMER STRATEGIC BOND FUND/VA Seeks a high level of current income (Class S) principally derived from interest on debt securities. Invests mainly in INVESTMENT ADVISER: debt securities of issuers in three OppenheimerFunds, Inc. market sectors: foreign governments and companies, U.S. Government securities, and lower-grade high-yield securities of U.S. and foreign companies. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B9 -------------------------------------------------------------------------------- FUND NAME AND INVESTMENT ADVISER/SUBADVISER INVESTMENT OBJECTIVE -------------------------------------------------------------------------------- PIONEER VARIABLE CONTRACTS TRUST -------------------------------------------------------------------------------- PIONEER EQUITY INCOME VCT PORTFOLIO Seeks current income and long-term (Class II) growth of capital from a portfolio consisting primarily of income INVESTMENT ADVISER: producing equity securities of U.S. Pioneer Investment Management, corporations. Invests at least 80% of Inc. total assets in income producing equity securities. Income producing equity securities of U.S. issuers include common stocks, preferred stocks and interests in real estate investment trusts. Remainder of the portfolio may be invested in debt securities, most of which are expected to be convertible into common stocks. -------------------------------------------------------------------------------- PIONEER FUND VCT PORTFOLIO (Class II) Seeks reasonable income and capital growth. Invests in a broad list of INVESTMENT ADVISER: carefully selected, reasonably priced Pioneer Investment Management, securities rather than in securities Inc. whose prices reflect a premium resulting from their current market popularity. Invests the major portion of its assets in equity securities, primarily of U.S. issuers. -------------------------------------------------------------------------------- PIONEER MID CAP VALUE VCT PORTFOLIO Seeks capital appreciation by (Class II) investing in a diversified portfolio of securities consisting primarily of INVESTMENT ADVISER: common stocks. Normally, invests at Pioneer Investment Management, least 80% of total assets in equity Inc. securities of mid-size companies, that is, companies with market values within the range of market values of companies included in the Russell Midcap(R) Value Index. -------------------------------------------------------------------------------- RS Rollover Choice - 126042 B10 -------------------------------------------------------------------------------- APPENDIX C -------------------------------------------------------------------------------- FIXED ACCOUNT II Fixed Account II ("Fixed Account") is an optional fixed interest allocation offered during the accumulation phase of your variable annuity contract between you and Golden American Life Insurance Company ("Golden American," the "Company," "we" or "our"). The Fixed Account, which is a segregated asset account of Golden American, provides a means for you to invest on a tax-deferred basis and earn a guaranteed interest for guaranteed interest periods (Fixed Interest Allocation(s)). We will credit your Fixed Interest Allocation(s) with a fixed rate of interest. We currently offer Fixed Interest Allocations with guaranteed interest periods of 5, 7 and 10 years. In addition, we may offer DCA Fixed Interest Allocations, which are 6-month and 1-year Fixed Interest Allocations available exclusively in connection with our dollar cost averaging program. We may offer additional guaranteed interest periods in some or all states, may not offer all guaranteed interest periods on all contracts or in all states and the rates for a given guaranteed interest period may vary among contracts. We set the interest rates periodically. We may credit a different interest rate for each interest period. The interest you earn in the Fixed Account as well as your principal is guaranteed by Golden American, as long as you do not take your money out before the maturity date for the applicable interest period. If you take your money out from a Fixed Interest Allocation more than 30 days before the applicable maturity date, we will apply a market value adjustment ("Market Value Adjustment"). A Market Value Adjustment could increase or decrease your contract value and/or the amount you take out. A surrender charge may also apply to withdrawals from your contract. You bear the risk that you may receive less than your principal because of the Market Value Adjustment. For contracts sold in some states, not all Fixed Interest Allocations are available. You have a right to return a contract for a refund as described in the prospectus. THE FIXED ACCOUNT You may allocate premium payments and transfer your Contract value to the guaranteed interest periods of the Fixed Account during the accumulation period as described in the prospectus. Every time you allocate money to the Fixed Account, we set up a Fixed Interest Allocation for the guaranteed interest period you select. We will credit your Fixed Interest Allocation with a guaranteed interest rate for the interest period you select, so long as you do not withdraw money from that Fixed Interest Allocation before the end of the guaranteed interest period. Each guaranteed interest period ends on its maturity date which is the last day of the month in which the interest period is scheduled to expire. Your Contract value in the Fixed Account is the sum of your Fixed Interest Allocations and the interest credited as adjusted for any withdrawals, transfers or other charges we may impose, including any Market Value Adjustment. Your Fixed Interest Allocation will be credited with the guaranteed interest rate in effect for the guaranteed interest period you selected when we receive and accept your premium or reallocation of Contract value. We will credit interest daily at a rate that yields the quoted guaranteed interest rate. If you surrender, withdraw, transfer or annuitize your investment in a Fixed Interest Allocation more than 30 days before the end of the guaranteed interest period, we will apply a Market Value Adjustment to the transaction. A Market Value Adjustment could increase or decrease the amount you surrender, withdraw, transfer or annuitize, depending on current interest rates at the time of the transaction. You bear the risk that you may receive less than your principal because of the Market Value Adjustment. GUARANTEED INTEREST RATES Each Fixed Interest Allocation will have an interest rate that is guaranteed as long as you do not take your money out until its maturity date. We do not have a specific formula for establishing the guaranteed interest rates for the different guaranteed interest periods. We determine guaranteed interest rates at our sole RS Rollover Choice - 126042 C1 discretion. We cannot predict the level of future interest rates but no Fixed Interest Allocation will ever have a guaranteed interest rate declared of less than 3% per year. For more information see the prospectus for the Fixed Account. TRANSFERS FROM A FIXED INTEREST ALLOCATION You may transfer your Contract value in a Fixed Interest Allocation to one or more new Fixed Interest Allocations with new guaranteed interest periods, or to any of the subaccounts of Golden American's Separate Account B as described in the prospectus on the maturity date of a guaranteed interest period. The minimum amount that you can transfer to or from any Fixed Interest Allocation is $100. Transfers from a Fixed Interest Allocation may be subject to a Market Value Adjustment. If you have a special Fixed Interest Allocation that was offered exclusively with our dollar cost averaging program, cancelling dollar cost averaging will cause a transfer of the entire Contract value in such Fixed Interest Allocation to the Liquid Assets subaccount, and such a transfer will be subject to a Market Value Adjustment. WITHDRAWALS FROM A FIXED INTEREST ALLOCATION During the accumulation phase, you may withdraw a portion of your Contract value in any Fixed Interest Allocation. You may make systematic withdrawals of only the interest earned during the prior month, quarter or year, depending on the frequency chosen, from a Fixed Interest Allocation under our systematic withdrawal option. A withdrawal from a Fixed Interest Allocation may be subject to a Market Value Adjustment and a contract surrender charge. Be aware that withdrawals may have federal income tax consequences, including a 10% penalty tax, as well as state income tax consequences. MARKET VALUE ADJUSTMENT A Market Value Adjustment may decrease, increase or have no effect on your Contract value. We will apply a Market Value Adjustment (i) whenever you withdraw or transfer money from a Fixed Interest Allocation (unless made within 30 days before the maturity date of the applicable guaranteed interest period, or under the systematic withdrawal or dollar cost averaging program) and (ii) if on the income phase payment start date a guaranteed interest period for any Fixed Interest Allocation does not end on or within 30 days of the income phase payment start date. A Market Value Adjustment may be positive, negative or result in no change. In general, if interest rates are rising, you bear the risk that any Market Value Adjustment will likely be negative and reduce your Contract value. On the other hand, if interest rates are falling, it is more likely that you will receive a positive Market Value Adjustment that increases your Contract value. In the event of a full surrender, transfer or annuitization from a Fixed Interest Allocation, we will add or subtract any Market Value Adjustment from the amount surrendered, transferred or annuitized. In the event of a partial withdrawal, transfer or annuitization, we will add or subtract any Market Value Adjustment from the total amount withdrawn, transferred or annuitized in order to provide the amount requested. If a negative Market Value Adjustment exceeds your Contract value in the Fixed Interest Allocation, we will consider your request to be a full surrender, transfer or annuitization of the Fixed Interest Allocation. CONTRACT VALUE IN THE FIXED INTEREST ALLOCATIONS On the contract date, the Contract value in any Fixed Interest Allocation in which you are invested is equal to the portion of the initial premium paid and designated for allocation to the Fixed Interest Allocation. On each business day after the contract date, we calculate the amount of Contract value in each Fixed Interest Allocation as follows: (1) We take the Contract value in the Fixed Interest Allocation at the end of the preceding business day. (2) We credit a daily rate of interest on (1) at the guaranteed rate since the preceding business day. (3) We add (1) and (4) We subtract from (3) any transfers from that Fixed Interest Allocation. RS Rollover Choice - 126042 C2 (5) We subtract from (4) any withdrawals, and then subtract any contract fees (including any rider charges) and premium taxes. Additional premium payments and transfers allocated to the Fixed Account will be placed in a new Fixed Interest Allocation. The Contract value on the date of allocation will be the amount allocated. Several examples which illustrate how the Market Value Adjustment works are included in the prospectus for the Fixed Account CASH SURRENDER VALUE The cash surrender value is the amount you receive when you surrender the Contract. The cash surrender value of amounts allocated to the Fixed Account will fluctuate daily based on the interest credited to Fixed Interest Allocations, any Market Value Adjustment, and any surrender charge. We do not guarantee any minimum cash surrender value. On any date during the accumulation phase, we calculate the cash surrender value as follows: we start with your Contract value, then we adjust for any Market Value Adjustment, and then we deduct any surrender charge, any charge for premium taxes, the annual contract administrative fee (unless waived), and any optional benefit rider charge, and any other charges incurred but not yet deducted. DOLLAR COST AVERAGING FROM FIXED INTEREST ALLOCATIONS You may elect to participate in our dollar cost averaging program if you have at least $1,200 of Contract value in Fixed Account Interest Allocations with a guaranteed interest period of 1 year or less. The Fixed Interest Allocations serve as the source accounts from which we will, on a monthly basis, automatically transfer a set dollar amount of money to other Fixed Interest Allocations or contract investment portfolio subaccounts selected by you. The dollar cost averaging program is designed to lessen the impact of market fluctuation on your investment. Since we transfer the same dollar amount to subaccounts each month, more units of a subaccount are purchased if the value of its unit is low and fewer units are purchased if the value of its unit is high. Therefore, a lower than average value per unit may be achieved over the long term. However, we cannot guarantee this. When you elect the dollar cost averaging program, you are continuously investing in securities regardless of fluctuating price levels. You should consider your tolerance for investing through periods of fluctuating price levels. You elect the dollar amount you want transferred under this program. Each monthly transfer must be at least $100. You may change the transfer amount once each contract year. Transfers from a Fixed Interest Allocation under the dollar cost averaging program are not subject to a Market Value Adjustment. We may in the future offer additional subaccounts or withdraw any subaccount or Fixed Interest Allocation to or from the dollar cost averaging program or otherwise modify, suspend or terminate this program. Of course, such change will not affect any dollar cost averaging programs in operation at the time. SUSPENSION OF PAYMENTS We have the right to delay payment of amounts from a Fixed Interest Allocation for up to 6 months. MORE INFORMATION See the prospectus for Fixed Account II. RS Rollover Choice - 126042 C3 -------------------------------------------------------------------------------- APPENDIX D -------------------------------------------------------------------------------- FIXED INTEREST DIVISION A Fixed Interest Division option is available through the group and individual deferred variable annuity contracts offered by Golden American Life Insurance Company. The Fixed Interest Division is part of the Golden American General Account. Interests in the Fixed Interest Division have not been registered under the Securities Act of 1933, and neither the Fixed Interest Division nor the General Account are registered under the Investment Company Act of 1940. Interests in the Fixed Interest Division are offered in certain states through an Offering Brochure, dated May 1, 2003. The Fixed Interest Division is different from the Fixed Account which is described in the prospectus but which is not available in your state. If you are unsure whether the Fixed Account is available in your state, please contact our Customer Service Center at (800) 366-0066. When reading through the Prospectus, the Fixed Interest Division should be counted among the various investment options available for the allocation of your premiums, in lieu of the Fixed Account. The Fixed Interest Division may not be available in some states. Some restrictions may apply. You will find more complete information relating to the Fixed Interest Division in the Offering Brochure. Please read the Offering Brochure carefully before you invest in the Fixed Interest Division. RS Rollover Choice - 126042 D1 -------------------------------------------------------------------------------- APPENDIX E -------------------------------------------------------------------------------- SURRENDER CHARGE FOR EXCESS WITHDRAWALS EXAMPLE The following assumes you made an initial premium payment of $25,000 and additional premium payments of $25,000 in each of the second and third contract years, for total premium payments under the Contract of $75,000. It also assumes a withdrawal at the beginning of the fifth contract year of 30% of the contract value of $90,000. In this example, $9,000 (10% of $90,000) is maximum free withdrawal amount that you may withdraw during the contract year without a surrender charge. The total amount withdrawn from the contract would be $27,000 ($90,000 x .30). Therefore, $18,000 ($27,000 - $9,000) is considered an excess withdrawal and would be subject to a 3% surrender charge of $540 ($18,000 x .03). This example does not take into account any Market Value Adjustment or deduction of any premium taxes.} RS Rollover Choice - 126042 E1 -------------------------------------------------------------------------------- APPENDIX F -------------------------------------------------------------------------------- WITHDRAWAL ADJUSTMENT FOR 5% ROLL-UP DEATH BENEFIT EXAMPLES EXAMPLE #1: THE CONTRACT VALUE (AV) IS LOWER THAN THE DEATH BENEFIT Assume a premium payment of $100,000, AV at the time of withdrawal of $80,000 and a 5% Roll-Up minimum guarantee death benefit ("MGDB") at the time of withdrawal of $120,000. A total withdrawal of $20,000 is made. Calculate the Effect of the Withdrawal Pro rata Withdrawal Adjustment to MGDB = $30,000 ($120,000 * ($20,000 / $80,000)) MGDB after Pro rata Withdrawal = $90,000 ($120,000 - $30,000) AV after Withdrawal = $60,000 ($80,000 - $20,000) EXAMPLE #2: THE CONTRACT VALUE (AV) IS GREATER THAN THE DEATH BENEFIT Assume a premium payment of $100,000, AV at the time of withdrawal of $160,000 and a 5% Roll-Up minimum guarantee death benefit ("MGDB") at the time of withdrawal of $120,000. A total withdrawal of $20,000 is made. Calculate the Effect of the Withdrawal Pro rata Withdrawal Adjustment to MGDB = $15,000 ($120,000 * ($20,000 / $160,000)) MGDB after Pro rata Withdrawal = $105,000 ($120,000 - $15,000) AV after Withdrawal = $140,000 ($160,000 - $20,000) EXAMPLE #3: THE CONTRACT VALUE (AV) IS EQUAL TO THE DEATH BENEFIT Assume a premium payment of $100,000, AV at the time of withdrawal of $120,000 and a 5% Roll-Up minimum guarantee death benefit ("MGDB") at the time of withdrawal of $120,000. A total withdrawal of $20,000 is made. Calculate the Effect of the Withdrawal Pro rata Withdrawal Adjustment to MGDB = $20,000 ($120,000 * ($20,000 / $120,000)) MGDB after Pro rata Withdrawal = $100,000 ($120,000 - $20,000) AV after Pro rata Withdrawal = $100,000 ($120,000 - $20,000) RS Rollover Choice - 126042 F1 -------------------------------------------------------------------------------- APPENDIX G -------------------------------------------------------------------------------- PROJECTED SCHEDULE OF ING GET U.S. CORE PORTFOLIO* OFFERINGS
------------------------------------------------------------------------------------------- OFFERING DATES GUARANTEE DATES ------------------------------------------------------------------------------------------- GET V SERIES 03/13/03 - 06/12/03 06/13/03 - 06/13/08 ------------------------------------------------------------------------------------------- ING GET U.S. CORE PORTFOLIO-- SERIES 1 06/12/03 - 09/11/03 09/12/03 - 09/12/08 ------------------------------------------------------------------------------------------- ING GET U.S. CORE PORTFOLIO-- SERIES 2 09/12/03 - 12/11/03 12/12/03 - 12/12/08 ------------------------------------------------------------------------------------------- ING GET U.S. CORE PORTFOLIO-- SERIES 3 12/12/03 - 03/11/04 03/12/04 - 03/13/09 ------------------------------------------------------------------------------------------- ING GET U.S. CORE PORTFOLIO-- SERIES 4 03/12/04 - 06/10/04 06/11/04 - 06/12/09 -------------------------------------------------------------------------------------------
* Previously known as ING GET Fund. RS Rollover Choice - 126042 G1 ING [LOGO] GOLDEN AMERICAN LIFE INSURANCE COMPANY Golden American Life Insurance Company is a stock company domiciled in Delaware. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- RS Rollover Choice - 126042 05/01/2003 PART B Statement of Additional Information RETIREMENT SOLUTIONS - ING ROLLOVER CHOICE DEFERRED COMBINATION VARIABLE AND FIXED ANNUITY CONTRACT ISSUED BY SEPARATE ACCOUNT B OF GOLDEN AMERICAN LIFE INSURANCE COMPANY This Statement of Additional Information is not a prospectus. The information contained herein should be read in conjunction with the Prospectus for the Golden American Life Insurance Company Deferred Variable Annuity Contract, which is referred to herein. The Prospectus sets forth information that a prospective investor ought to know before investing. For a copy of the Prospectus, send a written request to Golden American Life Insurance Company, Customer Service Center, P.O. Box 9271 Des Moines, IA 50306-9271 or telephone 1-800-366-0066. DATE OF PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION: May 1, 2003 TABLE OF CONTENTS ITEM PAGE Introduction......................................................... Description of Golden American Life Insurance Company................ Separate Account B .................................................. Safekeeping of Assets ............................................... The Administrator.................................................... Independent Auditors................................................. Distribution of Contracts............................................ Performance Information.............................................. IRA Partial Withdrawal Option........................................ Other Information.................................................... Financial Statements of Golden American Life Insurance Company....... Financial Statements of Separate Account B........................... i INTRODUCTION This Statement of Additional Information provides background information regarding Separate Account B. DESCRIPTION OF GOLDEN AMERICAN LIFE INSURANCE COMPANY Golden American Life Insurance Company ("Golden American") is a Delaware stock life insurance company, which was originally incorporated in Minnesota on January 2, 1973. Golden American is a wholly owned subsidiary of Equitable Life Insurance Company of Iowa ("Equitable Life"). Equitable Life is a wholly owned subsidiary of Lion Connecticut Holdings, Inc. ("Lion Connecticut"), which in turn is a wholly owned subsidiary of ING Groep N.V. ("ING"), a global financial services holding company based in The Netherlands. Golden American is authorized to sell insurance and annuities in all states, except New York, and the District of Columbia. Golden American's consolidated financial statements appear in the Statement of Additional Information. As of December 31, 2002, Golden American had approximately $999.1 million in stockholder's equity and approximately $17.6 billion in total assets, including approximately $11 billion of separate account assets. Golden American is authorized to do business in all jurisdictions except New York. Golden American offers variable insurance products. Golden American formed a subsidiary, First Golden American Life Insurance Company of New York ("First Golden"), which was licensed to do variable annuity business in the states of New York and Delaware. First Golden was merged into ReliaStar Life Insurance Company of New York, another wholly owned subsidiary of ING and an affiliate, on April 1, 2002. SEPARATE ACCOUNT B Separate Account B is a separate account established by the Company for the purpose of funding variable annuity contracts issued by the Company. The separate account is registered with the Securities and Exchange Commission (SEC) as a unit investment trust under the Investment Company act of 1940, as amended. Purchase payments to accounts under the contract may be allocated to one or more of the subaccounts. Each subaccount invests in the shares of only one of the funds offered under the contracts. We may make additions to, deletions from or substitutions of available investment options as permitted by law and subject to the conditions of the contract. The availability of the funds is subject to applicable regulatory authorization. Not all funds are available in all jurisdictions or under all contracts. SAFEKEEPING OF ASSETS Golden American acts as its own custodian for Separate Account B. THE ADMINISTRATOR Effective January 1, 1997, Equitable and Golden American became parties to a service agreement pursuant to which Equitable Life agreed to provide certain accounting, actuarial, tax, underwriting, sales, management and other services to Golden American. Expenses incurred by Equitable Life in relation to this service agreement were reimbursed by Golden American on an allocated cost basis. Equitable Life billed Golden American $570,000 and $309,000 pursuant to the service agreement in 2002 and 2001, respectively. 1 INDEPENDENT AUDITORS Ernst & Young LLP, independent auditors, performs annual audits of Golden American and Separate Account B. DISTRIBUTION OF CONTRACTS The offering of contracts under the prospectus associated with this Statement of Additional Information is continuous. Directed Services, Inc. ("DSI"), an affiliate of Golden American, acts as the principal underwriter (as defined in the Securities Act of 1933 and the Investment Company Act of 1940, as amended) of the variable insurance products (the "variable insurance products") issued by Golden American. The contracts are distributed through registered representatives of other broker-dealers who have entered into selling agreements with DSI. For the years ended 2002, 2001 and 2000 commissions paid by Golden American, including amounts paid by its affiliated Company, ReliaStar Life Insurance Company of New York, to DSI aggregated $287,208,000, $223,321,000 and $208,883,000, respectively. All commissions received by the distributor were passed through to the broker-dealers who sold the contracts. DSI is located at 1475 Dunwoody Drive, West Chester, Pennsylvania 19380-1478. Under a management services agreement, last amended in 1995, Golden American provides to DSI certain of its personnel to perform management, administrative and clerical services and the use of certain facilities. Golden American charges DSI for such expenses and all other general and administrative costs, first on the basis of direct charges when identifiable, and the remainder allocated based on the estimated amount of time spent by Golden American's employees on behalf of DSI. In the opinion of management, this method of cost allocation is reasonable. This fee, calculated as a percentage of average assets in the variable separate accounts, was $25,914,000, $23,138,000, and $21,296,000 for the years ended 2002, 2001, and 2000, respectively. PERFORMANCE INFORMATION Performance Information for the subaccounts of Separate Account B, including yields, standard annual returns and other non-standard measures of performance of all subaccounts, may appear in reports or promotional literature to current or prospective owners. Such non-standard measures of performance will be computed, or accompanied by performance data computed, in accordance with standards defined by the SEC. Negative values are denoted by minus signs ("-"). Performance Information for measures other than total return does not reflect any applicable premium tax that can range from 0% to 3.5%. As described in the prospectus, four death benefit options are available. The following performance values reflect the election at issue of the Max 7 Enhanced Death Benefit, thus providing values reflecting the highest aggregate contract charges. In addition, the performance values reflect the selection of the most costly optional benefit rider. If one of the other death benefit options had been elected, or if another optional benefit rider or no rider had been elected, the historical performance values would be higher than those represented in the examples. SEC STANDARD MONEY MARKET SUBACCOUNT YIELDS Current yield for the Liquid Asset Subaccount will be based on the change in the value of a hypothetical investment (exclusive of capital changes or income other than investment income) over a particular 7-day period, less a pro rata share of subaccount expenses which includes deductions for the mortality and expense risk charge and the administrative charge accrued over that period (the "base period"), and stated as a percentage of the investment at the start of the base period (the "base period return"). The base period return is then annualized by multiplying by 365/7, with the resulting yield figure carried to at least the nearest hundredth of one percent. Calculation of "effective yield" begins with the same "base period return" used in the calculation of yield, which is then annualized to reflect weekly compounding pursuant to the following formula: Effective Yield = [(Base Period Return) +1)^365/7] - 1 2 The current yield and effective yield of the Liquid Asset Subaccount for the 7-day period December 25, 2002 to December 31, 2002 were -0.05% and -0.05% respectively. SEC STANDARD 30-DAY YIELD FOR NON-MONEY MARKET SUBACCOUNTS Quotations of yield for the remaining subaccounts will be based on all investment income per subaccount earned during a particular 30-day period, less expenses accrued during the period ("net investment income"), and will be computed by dividing net investment income by the value of an accumulation unit on the last day of the period, according to the following formula: Yield = 2 x [((a - b)/(c x d) + 1)^6 - 1] Where: [a] equals the net investment income earned during the period by the investment portfolio attributable to shares owned by a subaccount [b] equals the expenses accrued for the period (net of reimbursements) [c] equals the average daily number of units outstanding during the period based on the accumulation unit value [d] equals the value (maximum offering price) per accumulation unit value on the last day of the period Yield on subaccounts of Separate Account B is earned from the increase in net asset value of shares of the investment portfolio in which the subaccount invests and from dividends declared and paid by the investment portfolio, which are automatically reinvested in shares of the investment portfolio. SEC STANDARD AVERAGE ANNUAL TOTAL RETURN FOR ALL SUBACCOUNTS Quotations of average annual total return for any subaccount will be expressed in terms of the average annual compounded rate of return of a hypothetical investment in a contract over a period of one, five and 10 years (or, if less, up to the life of the subaccount), calculated pursuant to the formula: P(1+T)^(n)=ERV Where: (1) [P] equals a hypothetical initial premium payment of $1,000 (2) [T] equals an average annual total return (3) [n] equals the number of years (4) [ERV] equals the ending redeemable value of a hypothetical $1,000 initial premium payment made at the beginning of the period (or fractional portion thereof) All total return figures reflect the deduction of the maximum sales load; the administrative charges, the mortality and expense risk charges and maximum optional benefit rider charge. The Securities and Exchange Commission (the "SEC") requires that an assumption be made that the contract owner surrenders the entire contract at the end of the one, five and 10 year periods (or, if less, up to the life of the security) for which performance is required to be calculated. This assumption may not be consistent with the typical contract owner's intentions in purchasing a contract and may adversely affect returns. Quotations of total return may simultaneously be shown for other periods, as well as quotations of total return that do not take into account certain contractual charges such as sales load. Except for subaccounts which had not commenced operations as of December 31, 2002, Average Annual Total Return for the Subaccounts presented on a standardized basis, which includes deductions for the maximum 3 mortality and expense risk charge for Option Package III of 0.95%, contract administration charge annualized at 0.05%, and administrative charges of 0.15%, for the year ending December 31, 2002 were as follows:
Average Annual Total Return for Periods Ending 12/31/02 - Standardized with Rider Charges ----------------------------------------------------------------------------------------- 1 Year 5 Year 10 Year Inception Inception Date --------------------------------------------------------------------------------------------------------------------- AIM V.I. Capital Appreciation Fund -31.40 n/a n/a -32.03 28-Dec-01 AIM V.I. Core Equity Fund -22.77 n/a n/a -23.57 28-Dec-01 AIM V.I. Premier Equity Fund -37.26 n/a n/a -37.62 28-Dec-01 Fidelity(R)VIP Contrafund(R)Portfolio -16.65 n/a n/a -13.45 13-Jul-01 Fidelity(R)VIP Equity-Income Portfolio -24.11 n/a n/a -19.53 13-Jul-01 Fidelity(R)VIP Growth Portfolio -37.11 n/a n/a -30.97 13-Jul-01 Fidelity(R)VIP Overseas Portfolio -27.38 n/a n/a -27.19 28-Dec-01 Franklin Small Cap Value Securities Fund -16.31 n/a n/a -16.32 28-Dec-01 Get Fund Series Q -5.24 n/a n/a -4.96 12-Dec-01 Get Fund Series R n/a n/a n/a -4.71 15-Mar-02 ING Alger Aggressive Growth Portfolio -37.00 n/a n/a -37.34 28-Dec-01 ING Alger Growth Portfolio -39.88 n/a n/a -40.35 28-Dec-01 ING American Century Small Cap Value Portfolio n/a n/a n/a -25.08 01-May-02 ING Baron Small Cap Growth Portfolio n/a n/a n/a -19.05 01-May-02 ING Goldman Sachs Capital Growth Portfolio -31.72 n/a n/a -32.30 28-Dec-01 ING JP Morgan Fleming International Portfolio -25.21 n/a n/a -24.66 28-Dec-01 ING JP Morgan Mid Cap Value Portfolio n/a n/a n/a -14.21 01-May-02 ING Liquid Assets Portfolio -5.73 2.48 3.11 3.63 25-Jan-89 ING MFS Capital Opportunities Portfolio -37.16 n/a n/a -37.45 28-Dec-01 ING MFS Global Growth Portfolio n/a n/a n/a -22.72 01-May-02 ING MFS Research Equity Portfolio -32.18 n/a n/a -32.53 28-Dec-01 ING MFS Total Return Portfolio -12.19 3.37 n/a 8.56 07-Oct-94 ING OpCap Balanced Value Portfolio -28.11 n/a n/a -28.11 28-Dec-01 ING PIMCO Core Bond Portfolio 1.43 1.07 n/a 3.22 07-Oct-94 ING PIMCO Total Return Portfolio n/a n/a n/a 1.28 01-May-02 ING Salomon Bros. Investors Value Portfolio -29.73 n/a n/a -29.94 28-Dec-01 ING Salomon Brothers Fundamental Value Portfolio -32.11 n/a n/a -31.92 28-Dec-01 ING T. Rowe Price Growth Equity Portfolio -30.38 n/a n/a -30.82 28-Dec-01 ING UBS Tactical Asset Allocation Portfolio -30.02 n/a n/a -30.66 28-Dec-01 ING Van Kampen Comstock Fund n/a n/a n/a -22.84 01-May-02 ING VP Growth Opportunities Portfolio -38.32 n/a n/a -36.48 01-May-01 ING VP Growth Portfolio -35.91 n/a n/a -36.53 28-Dec-01 ING VP Index Plus LargeCap Portfolio -28.66 n/a n/a -24.11 13-Jul-01 ING VP Index Plus MidCap Portfolio -19.27 n/a n/a -14.15 13-Jul-01 ING VP Index Plus SmallCap Portfolio -20.40 n/a n/a -13.70 13-Jul-01 ING VP International Equity Portfolio -33.69 n/a n/a -33.13 28-Dec-01 ING VP International Value Portfolio -21.76 n/a n/a -21.48 28-Dec-01 ING VP MidCap Opportunities Portfolio -32.86 n/a n/a -33.64 28-Dec-01 ING VP Small Company Portfolio -30.34 n/a n/a -30.48 28-Dec-01 ING VP SmallCap Opportunities Portfolio -50.41 n/a n/a -41.84 01-May-01 ING VP Value Opportunity Portfolio -32.99 n/a n/a -29.37 13-Jul-01 Janus Aspen Series Balanced Portfolio -13.75 n/a n/a -13.78 28-Dec-01 Janus Aspen Series Flexible Income Portfolio 2.90 n/a n/a 3.40 28-Dec-01 Janus Aspen Series Growth Portfolio -33.58 n/a n/a -34.15 28-Dec-01 Janus Aspen Series Worldwide Growth Portfolio -32.57 n/a n/a -27.05 13-Jul-01 Oppenheimer Global Securities Fund/VA -29.27 n/a n/a -29.38 28-Dec-01 Oppenheimer Strategic Bond Fund/VA -0.20 n/a n/a 0.24 28-Dec-01 Pioneer Equity-Income VCT Portfolio -23.02 n/a n/a -23.30 28-Dec-01 Pioneer Fund VCT -26.19 n/a n/a -22.28 13-Jul-01 Pioneer Mid-Cap Value VCT Portfolio -18.40 n/a n/a -10.48 02-Nov-01
4 P(1+T)^(n)]=ERV Where: (1) [P] equals a hypothetical initial premium payment of $1,000 (2) [T] equals an average annual total return (3) [n] equals the number of years (4) [ERV] equals the ending redeemable value of a hypothetical $1,000 initial premium payment made at the beginning of the period (or fractional portion thereof) assuming certain loading and charges are zero. Except for the subaccounts which had not commenced operations as of December 31, 2002, Average Annual Total Return for the subaccounts presented on a non-standardized basis, which includes deductions for the maximum mortality and expense risk charge for the Option Package III of 0.95% and administrative charges of 0.15%, for the year ending December 31, 2002 were as follows:
Average Annual Total Return for Periods Ending 12/31/02 - Non-Standardized -------------------------------------------------------------------------- 1 Year 5 Year 10 Year Inception Inception Date --------------------------------------------------------------------------------------------------------------------- AIM V.I. Capital Appreciation Fund -25.35 n/a n/a -26.03 28-Dec-01 AIM V.I. Core Equity Fund -16.72 n/a n/a -17.57 28-Dec-01 AIM V.I. Premier Equity Fund -31.21 n/a n/a -31.60 28-Dec-01 Fidelity(R)VIP Contrafund(R)Portfolio -10.60 n/a n/a -9.10 13-Jul-01 Fidelity(R)VIP Equity-Income Portfolio -18.06 n/a n/a -15.03 13-Jul-01 Fidelity(R)VIP Growth Portfolio -31.06 n/a n/a -26.16 13-Jul-01 Fidelity(R)VIP Overseas Portfolio -21.33 n/a n/a -21.19 28-Dec-01 Franklin Small Cap Value Securities Fund -10.26 n/a n/a -10.33 28-Dec-01 Get Fund Series Q 0.82 n/a n/a 0.78 12-Dec-01 Get Fund Series R n/a n/a n/a 1.30 15-Mar-02 ING Alger Aggressive Growth Portfolio -30.95 n/a n/a -31.33 28-Dec-01 ING Alger Growth Portfolio -33.83 n/a n/a -34.33 28-Dec-01 ING American Century Small Cap Value Portfolio n/a n/a n/a -19.08 01-May-02 ING Baron Small Cap Growth Portfolio n/a n/a n/a -13.05 01-May-02 ING Goldman Sachs Capital Growth Portfolio -25.67 n/a n/a -26.29 28-Dec-01 ING JP Morgan Fleming International Portfolio -19.16 n/a n/a -18.66 28-Dec-01 ING JP Morgan Mid Cap Value Portfolio n/a n/a n/a -8.21 01-May-02 ING Liquid Assets Portfolio 0.32 3.07 3.15 3.66 25-Jan-89 ING MFS Capital Opportunities Portfolio -31.11 n/a n/a -31.44 28-Dec-01 ING MFS Global Growth Portfolio n/a n/a n/a -16.72 01-May-02 ING MFS Research Equity Portfolio -26.13 n/a n/a -26.52 28-Dec-01 ING MFS Total Return Portfolio -6.14 3.93 n/a 8.59 07-Oct-94 ING OpCap Balanced Value Portfolio -22.06 n/a n/a -22.11 28-Dec-01 ING PIMCO Core Bond Portfolio 7.48 1.69 n/a 3.26 07-Oct-94 ING PIMCO Total Return Portfolio n/a n/a n/a 7.28 01-May-02 ING Salomon Bros. Investors Value Portfolio -23.68 n/a n/a -23.93 28-Dec-01 ING Salomon Brothers Fundamental Value Portfolio -26.06 n/a n/a -25.91 28-Dec-01 ING T. Rowe Price Growth Equity Portfolio -24.33 n/a n/a -24.81 28-Dec-01 ING UBS Tactical Asset Allocation Portfolio -23.97 n/a n/a -24.66 28-Dec-01 ING Van Kampen Comstock Fund n/a n/a n/a -16.84 01-May-02 ING VP Growth Opportunities Portfolio -32.27 n/a n/a -31.70 01-May-01 ING VP Growth Portfolio -29.86 n/a n/a -30.52 28-Dec-01 ING VP Index Plus LargeCap Portfolio -22.61 n/a n/a -19.50 13-Jul-01 ING VP Index Plus MidCap Portfolio -13.22 n/a n/a -9.78 13-Jul-01 ING VP Index Plus SmallCap Portfolio -14.34 n/a n/a -9.35 13-Jul-01 ING VP International Equity Portfolio -27.64 n/a n/a -27.12 28-Dec-01 ING VP International Value Portfolio -15.71 n/a n/a -15.48 28-Dec-01 ING VP MidCap Opportunities Portfolio -26.81 n/a n/a -27.63 28-Dec-01 ING VP Small Company Portfolio -24.29 n/a n/a -24.47 28-Dec-01 5 ING VP SmallCap Opportunities Portfolio -44.36 n/a n/a -36.80 01-May-01 ING VP Value Opportunity Portfolio -26.94 n/a n/a -24.60 13-Jul-01 Janus Aspen Series Balanced Portfolio -7.70 n/a n/a -7.78 28-Dec-01 Janus Aspen Series Flexible Income Portfolio 8.95 n/a n/a 9.38 28-Dec-01 Janus Aspen Series Growth Portfolio -27.53 n/a n/a -28.14 28-Dec-01 Janus Aspen Series Worldwide Growth Portfolio -26.52 n/a n/a -22.35 13-Jul-01 Oppenheimer Global Securities Fund/VA -23.22 n/a n/a -23.37 28-Dec-01 Oppenheimer Strategic Bond Fund/VA 5.85 n/a n/a 6.22 28-Dec-01 Pioneer Equity-Income VCT Portfolio -16.97 n/a n/a -17.30 28-Dec-01 Pioneer Fund VCT -20.14 n/a n/a -17.72 13-Jul-01 Pioneer Mid-Cap Value VCT Portfolio -12.35 n/a n/a -5.21 02-Nov-01
Performance Information for a subaccount may be compared, in reports and promotional literature, to: (i) the Standard & Poor's 500 Stock Index ("S&P 500"), Dow Jones Industrial Average ("DJIA"), Donoghue Money Market Institutional Averages, or other indices that measure performance of a pertinent group of securities so that investors may compare a subaccount's results with those of a group of securities widely regarded by investors as representative of the securities markets in general; (ii) other groups of variable annuity separate accounts or other investment products tracked by Lipper Analytical Services, a widely used independent research firm which ranks mutual funds and other investment companies by overall performance, investment objectives, and assets, or tracked by other services, companies, publications, or persons who rank such investment companies on overall performance or other criteria; and (iii) the Consumer Price Index (measure for inflation) to assess the real rate of return from an investment in the contract. Unmanaged indices may assume the reinvestment of dividends but generally do not reflect deductions for administrative and management costs and expenses. Performance Information for any subaccount reflects only the performance of a hypothetical contract under which contract value is allocated to a subaccount during a particular time period on which the calculations are based. Performance Information should be considered in light of the investment objectives and policies, characteristics and quality of the investment portfolio of the Trust in which the Separate Account B subaccounts invest, and the market conditions during the given time period, and should not be considered as a representation of what may be achieved in the future. Reports and promotional literature may also contain other information including the ranking of any subaccount derived from rankings of variable annuity separate accounts or other investment products tracked by Lipper Analytical Services or by other rating services, companies, publications, or other persons who rank separate accounts or other investment products on overall performance or other criteria. PUBLISHED RATINGS From time to time, the rating of Golden American as an insurance company by A.M. Best may be referred to in advertisements or in reports to contract owners. Each year the A.M. Best Company reviews the financial status of thousands of insurers, culminating in the assignment of Best's Ratings. These ratings reflect their current opinion of the relative financial strength and operating performance of an insurance company in comparison to the norms of the life/health insurance industry. Best's ratings range from A+ + to F. An A++ and A+ ratings mean, in the opinion of A.M. Best, that the insurer has demonstrated the strongest ability to meet its respective policyholder and other contractual obligations. ACCUMULATION UNIT VALUE The calculation of the Accumulation Unit Value ("AUV") is discussed in the prospectus for the Contracts under Condensed Financial Information. Note that in your Contract, accumulation unit value is referred to as the Index of Investment Experience. The following illustrations show a calculation of a new AUV and the purchase of Units (using hypothetical examples). Note that the examples below are calculated for a Contract issued with the death benefit option with the highest mortality and expense risk charge. The mortality and expense risk charge 6 associated with other death benefit options are lower than that used in the examples and would result in higher AUV's or contract values. ILLUSTRATION OF CALCULATION OF AUV EXAMPLE 1. 1. AUV, beginning of period $ 10.00 2. Value of securities, beginning of period $ 10.00 3. Change in value of securities $ 0.10 4. Gross investment return (3) divided by (2) 0.01 5. Less daily mortality and expense charge 0.00004280 6. Less asset based administrative charge 0.00000411 7. Net investment return (4) minus (5) minus (6) 0.009953092 8. Net investment factor (1.000000) plus (7) 1.009953092 9. AUV, end of period (1) multiplied by (8) $ 10.09953092 ILLUSTRATION OF PURCHASE OF UNITS (ASSUMING NO STATE PREMIUM TAX) EXAMPLE 2. 1. Initial premium payment $ 1,000 2. AUV on effective date of purchase (see Example 1) $ 10.00 3. Number of units purchased (1) divided by (2) 100 4. AUV for valuation date following purchase (see Example 1) $ 10.09953092 5. Contract Value in account for valuation date following purchase (3) multiplied by (4) $ 1,009.95 IRA PARTIAL WITHDRAWAL OPTION If the contract owner has an IRA contract and will attain age 70 1/2 in the current calendar year, distributions will be made in accordance with the requirements of Federal tax law. This option is available to assure that the required minimum distributions from qualified plans under the Internal Revenue Code (the "Code") are made. Under the Code, distributions must begin no later than April 1st of the calendar year following the calendar year in which the contract owner attains age 70 1/2. If the required minimum distribution is not withdrawn, there may be a penalty tax in an amount equal to 50% of the difference between the amount required to be withdrawn and the amount actually withdrawn. Even if the IRA Partial Withdrawal Option is not elected, distributions must nonetheless be made in accordance with the requirements of Federal tax law. Golden American notifies the contract owner of these regulations with a letter mailed in the calendar year in which the contract owner reaches age 70 1/2 which explains the IRA Partial Withdrawal Option and supplies an election form. If electing this option, the owner specifies whether the withdrawal amount will be based on a life expectancy calculated on a single life basis (contract owner's life only) or, if the contract owner is married, on a 7 joint life basis (contract owner's and spouse's lives combined). The contract owner selects the payment mode on a monthly, quarterly or annual basis. If the payment mode selected on the election form is more frequent than annually, the payments in the first calendar year in which the option is in effect will be based on the amount of payment modes remaining when Golden American receives the completed election form. Golden American calculates the IRA Partial Withdrawal amount each year based on the minimum distribution rules. We do this by dividing the contract value by the life expectancy. In the first year withdrawals begin; we use the contract value as of the date of the first payment. Thereafter, we use the contract value on December 31st of each year. The life expectancy is recalculated each year. Certain minimum distribution rules govern payouts if the designated beneficiary is other than the contract owner's spouse and the beneficiary is more than ten years younger than the contract owner. OTHER INFORMATION Registration statements have been filed with the SEC under the Securities Act of 1933, as amended, with respect to the Contracts discussed in this Statement of Additional Information. Not all of the information set forth in the registration statements, amendments and exhibits thereto has been included in this Statement of Additional Information. Statements contained in this Statement of Additional Information concerning the content of the Contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of these documents, reference should be made to the instruments filed with the SEC. CONSOLIDATED FINANCIAL STATEMENTS OF GOLDEN AMERICAN LIFE INSURANCE COMPANY The consolidated audited financial statements of Golden American Life Insurance Company are listed below and are included in this Statement of Additional Information: Report of Independent Auditors Audited Consolidated Financial Statements of Golden American Life Insurance Company Consolidated Income Statements for the years ended December 31, 2002, 2001 and 2000 Consolidated Balance Sheets as of December 31, 2002 and 2001 Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2002, 2001 and 2000 Consolidated Statements of Cash Flows for the years ended December 31, 2002, 2001 and 2000 Notes to Consolidated Financial Statements FINANCIAL STATEMENTS OF SEPARATE ACCOUNT B The audited financial statements of Separate Account B are listed below and are included in this Statement of Additional Information: Report of Independent Auditors Audited Financial Statements of Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities as of December 31, 2002 Statement of Operations for the year ended December 31, 2002 Statements of Changes in Net Assets for the years ended December 31, 2002 and 2001 Notes to Financial Statements 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page ------------ Report of Independent Auditors .................................... F-2 Consolidated Financial Statements: Consolidated Income Statements for the years ended December 31, 2002, 2001, and 2000............................................. F-3 Consolidated Balance Sheets as of December 31, 2002 and 2001..... F-4 Consolidated Statements of Changes in Shareholder's Equity for the years ended December 31, 2002, 2001, and 2000................ F-5 Consolidated Statements of Cash Flows for the years ended December 31, 2002, 2001, and 2000................................................... F-6 Notes to Consolidated Financial Statements....................... F-7 F-1 REPORT OF INDEPENDENT AUDITORS The Board of Directors Golden American Life Insurance Company We have audited the accompanying consolidated balance sheets of Golden American Life Insurance Company and Subsidiary as of December 31, 2002 and 2001, and the related income statements, statements of changes in shareholder's equity, and statements of cash flows for each of the three years in the period ended December 31, 2002. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Golden American Life Insurance Company at December 31, 2002 and 2001, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2002, in conformity with accounting principles generally accepted in the United States. As discussed in Note 1 to the financial statements, the Company changed the accounting principle for goodwill and other intangible assets effective January 1, 2002. /s/ Ernst & Young LLP Atlanta, Georgia March 21, 2003 F-2
GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARY (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa) CONSOLIDATED INCOME STATEMENTS (Millions) For the Years Ended December 31, ------------------------------------------------ 2002 2001 2000 ------------- -------------- ------------- Revenues: Fee income $ 204.0 $ 188.9 $ 167.9 Net investment income 197.7 94.4 64.1 Net realized capital gains (losses) 4.2 (6.5) (6.6) Other income 3.5 - - ------------- -------------- ------------- Total revenue 409.4 276.8 225.4 ------------- -------------- ------------- Benefits, losses and expenses: Benefits: Interest credited and other benefits to policyholders 276.5 209.0 199.9 Underwriting, acquisition, and insurance expenses: General expenses 139.7 119.9 89.5 Commissions 288.7 232.4 213.7 Policy acquisition costs deferred (292.2) (128.2) (168.4) Amortization: Deferred policy acquisition costs and value of business acquired 127.8 49.6 60.0 Goodwill - 4.2 4.2 Other: Expense and charges reimbursed under modified coinsurance agreements (104.9) (225.6) (225.8) Interest expense 16.0 19.4 19.9 ------------- -------------- ------------- Total benefits, losses and expenses 451.6 280.7 193.0 ------------- -------------- ------------- Income (loss) before income taxes (42.2) (3.9) 32.4 Income tax expense (benefit) (12.5) 0.1 13.2 ------------- -------------- ------------- Income (loss) before cumulative effect of change in accounting principle (29.7) (4.0) 19.2 Cumulative effect of change in accounting principle (135.3) - - ------------- -------------- ------------- Net income (loss) $ (165.0) $ (4.0) $ 19.2 ============= ============== ============= See Notes to Consolidated Financial Statements F-3
GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARY (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa) CONSOLIDATED BALANCE SHEETS (Millions, except share data) As of December 31, ------------------------------------- Assets 2002 2001 ------ ----------------- ---------------- Investments: Fixed maturities, available for sale, at fair value (amortized cost of $4,720.1 at 2002 and $1,982.5 at 2001) $ 4,936.4 $1,994.9 Equity securities, at fair value: Investment in mutual funds (cost of $22.9 at 2002) 19.0 - Mortgage loans on real estate 482.4 213.9 Policy loans 16.0 14.8 Short-term investments 2.2 10.1 ----------------- ---------------- Total investments 5,456.0 2,233.7 Cash and cash equivalents 148.5 195.7 Accrued investment income 61.9 22.8 Reinsurance recoverable 196.9 56.0 Deferred policy acquisition costs 678.0 709.0 Value of business acquired 8.5 20.2 Goodwill (net of accumulated amortization of $17.6 at 2001) - 151.3 Other assets 5.3 23.7 Assets held in separate accounts 11,029.3 10,958.2 ----------------- ---------------- Total assets $ 17,584.4 $14,370.6 ================= ================ Liabilities and Shareholder's Equity ------------------------------------ Policy liabilities and accruals: Future policy benefits and claims reserves $ 5,159.1 $2,185.3 ----------------- ---------------- Total policy liabilities and accruals 5,159.1 2,185.3 Surplus notes 170.0 245.0 Due to affiliates - 25.1 Payables for securities purchased - 36.4 Current income taxes 42.4 - Deferred income taxes 79.8 12.6 Dollar roll obligations 40.0 3.9 Other borrowed money - 1.4 Other liabilities 64.7 84.9 Liabilities related to separate accounts 11,029.3 10,958.2 ----------------- ---------------- Total liabilities 16,585.3 13,552.8 ----------------- ---------------- Shareholder's equity: Common stock (250,000 shares authorized, issued and outstanding; $10.00 per share par value) 2.5 2.5 Additional paid-in capital 1,128.4 780.4 Accumulated other comprehensive income 2.1 3.8 Retained earnings (deficit) (133.9) 31.1 ----------------- ---------------- Total shareholder's equity 999.1 817.8 ----------------- ---------------- Total liabilities and shareholder's equity $ 17,584.4 $ 14,370.6 ================= ================ See Notes to Consolidated Financial Statements F-4
GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARY (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa) CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY (Millions) Accumulated Total Additional Other Retained Share- Common Paid-in- Comprehensive Earnings holder's Stock Paid-in-Capit Income (loss) (Deficit) Equity ------------ ------------- ------------------ ----------- ------------ Balance at December 31, 1999 $ 2.5 $ 468.6 $ (9.2) $ 15.9 $ 477.8 Contribution of capital 115.0 115.0 Comprehensive income: Net income - - - 19.2 19.2 Other comprehensive income net of tax: Unrealized gain on securities ($9.8 pretax) - - 5.1 - 5.1 ------------ Comprehensive income 24.3 ------------ ------------- ------------------ ----------- ------------ Balance at December 31, 2000 2.5 583.6 (4.1) 35.1 617.1 Contribution of capital 196.8 196.8 Comprehensive income: Net (loss) - - - (4.0) (4.0) Other comprehensive income net of tax: Unrealized gain on securities ($12.2 pretax) - - 7.9 - 7.9 ------------ Comprehensive income 3.9 ------------ ------------- ------------------ ----------- ------------ Balance at December 31, 2001 2.5 780.4 3.8 31.1 817.8 Contribution of capital 356.3 356.3 Other (8.3) (8.3) Comprehensive income: Net (loss) - - - (165.0) (165.0) Other comprehensive income net of tax: Unrealized (loss) on securities ($(2.6) pretax) - - (1.7) - (1.7) ------------ Comprehensive (loss) (166.7) ------------ ------------- ------------------ ----------- ------------ Balance at December 31, 2002 $ 2.5 $ 1,128.4 $ 2.1 $ (133.9) $ 999.1 ============ ============= ================== =========== ============ See Notes to Consolidated Financial Statements F-5
GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARY (A wholly-owned subsidiary of Equitable Life Insurance Company of Iowa) CONSOLIDATED STATEMENTS OF CASH FLOWS (Millions) For the years Ended December 31, 2002 2001 2000 ---------------- ------------- --------------- Cash Flows from Operating Activities: Net income (loss) $ (165.0) $ (4.0) $ 19.2 Adjustments to reconcile net income to net cash provided by operating activities: Interest credited and charges on interest sensitive products 282.2 191.0 183.1 Net realized capital (gains) losses (4.2) 6.5 6.6 Accrued investment income (39.5) (13.2) 1.6 Increase in guaranteed benefits reserve 107.1 28.2 26.7 Acquisition costs deferred (292.2) (128.2) (168.4) Amortization of deferred policy acquisition costs 121.2 45.2 55.2 Amortization of value of business acquired 6.6 4.4 4.8 Impairment of Goodwill 151.3 - - Change in other assets and liabilities 21.3 110.6 (69.4) Provision for deferred income taxes (85.7) (0.6) 13.3 ---------------- ------------- --------------- Net cash provided by operating activities 103.1 239.9 72.7 Cash Flows from Investing Activities: Proceeds from the sale of: Fixed maturities available for sale 7,297.1 880.7 205.1 Equity securities 7.8 6.9 6.1 Mortgages 285.0 136.0 12.7 Acquisition of investments: Fixed maturities available for sale (10,068.3) (2,070.8) (154.0) Equity securities (22.8) - - Short-term investments - (4.7) (5.3) Mortgages (553.7) (250.3) (12.9) Increase (decrease) in policy loans (1.2) (1.5) 0.8 Increase (decrease) in property and equipment 1.1 1.2 (3.2) Proceeds from sale of interest in subsidiary 27.7 - - Loss on valuation of interest in subsidiary 3.0 - - Other 0.6 - - ---------------- ------------- --------------- Net cash (used for) provided by investing activities (3,023.7) (1,302.5) 49.3 Cash Flows from Financing Activities: Deposits and interest credited for investment contracts 3,818.5 1,933.1 801.8 Maturities and withdrawals from insurance contracts (171.2) (134.8) (141.5) Transfers from (to) separate accounts (1,053.8) (902.9) (825.8) Proceeds of notes payable - 3.1 67.2 Repayment of notes payable (1.4) (1.7) (68.6) Proceeds from reciprocal loan agreement borrowings - 69.3 178.9 Repayment of reciprocal loan agreement borrowings (75.0) (69.3) (178.9) Contributions of capital by parent 356.3 196.8 115.0 ---------------- ------------- --------------- Net cash provided by (used for) financing activities 2,873.4 1,093.6 (51.9) ---------------- ------------- --------------- Net increase (decrease) in cash and cash equivalents (47.2) 31.0 70.1 Cash and cash equivalents, beginning of period 195.7 164.7 94.6 ---------------- ------------- --------------- Cash and cash equivalents, end of period $ 148.5 $ 195.7 $ 164.7 ================ ============= =============== See Notes to Consolidated Financial Statements F-6
GOLDEN AMERICAN LIFE INSURANCE COMPANY AND SUBSIDIARY (A WHOLLY-OWNED SUBSIDIARY OF EQUITABLE LIFE INSURANCE COMPANY OF IOWA) NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. SIGNIFICANT ACCOUNTING POLICIES PRINCIPLES OF CONSOLIDATION Golden American Life Insurance Company ("Golden American"), a wholly-owned subsidiary of Equitable Life Insurance Company of Iowa ("Equitable Life" or the "Parent"), is a stock life insurance company organized under the laws of the State of Delaware. Golden American was originally incorporated under the laws of the State of Minnesota on January 2, 1973, in the name of St. Paul Life Insurance Company. Equitable Life is a wholly-owned subsidiary of Lion Connecticut Holding Inc. ("Lion Connecticut") which is an indirect wholly-owned subsidiary of ING Groep N.V. ("ING"), a global financial services holding company based in The Netherlands. Golden American is authorized to do business in the District of Columbia and all states except New York. Golden American's wholly-owned life insurance subsidiary, First Golden American Life Insurance Company of New York ("First Golden,") and collectively with Golden American, the ("Company"), is licensed as a life insurance company under the laws of the States of New York and Delaware. There is no public trading market for the Registrant's of common stock. Formerly, from October 24, 1997, until December 30, 2001, Equitable of Iowa Company, Inc. ("EIC" or "Former Holding Company"), directly owned 100% of Golden American's stock. On December 3, 2001, the Board of Directors of the Former Holding Company approved a plan to contribute its holding of stock of Golden American to another wholly-owned subsidiary, Equitable Life. The contribution of stock occurred on December 31, 2001, following approval granted by the Insurance Department of the State of Delaware. There is no public trading market for the Registrant's common stock. As of April 1, 2002, Golden American sold First Golden to its sister company, ReliaStar Life Insurance Company ("ReliaStar"). ReliaStar Life, the parent of Security-Connecticut Life Insurance Company ("Security-Connecticut") which in turn is the parent of ReliaStar Life Insurance Company of New York ("RLNY"), merged the First Golden business into RLNY operations and dissolved First Golden at book value for $27.7 million in cash and a receivable totaling $0.2 million from RLNY. The receivable from RLNY was assumed by Equitable Life, and ultimately by ING. The consideration was based on First Golden's statutory-basis book value. RLNY's payable to the Company was assumed by ING and subsequently forgiven. Golden American realized a loss of $3.0 million related to the sale of First Golden, which was recorded as a capital transaction. Approval for the merger was obtained from the Insurance Departments of the States of New York and Delaware. Statement of Financial Accounting Standards ("FAS") No. 141 "Business Combinations" excludes transfers of net assets or exchanges of shares between entities under common control and is therefore covered by Accounting Principles Board ("APB") Opinion No. 16 "Business Combinations." Since RLNY presented combined results of operations including First Golden activity as of the beginning of the period ending December 31, 2002. The first three months of First Golden activity is not reflected in the Golden statement of financial position or other financial information for the period ended December 31, 2002, as the amounts were not material. F-7 DESCRIPTION OF BUSINESS The Company offers a portfolio of variable and fixed insurance products designed to meet customer needs for a tax-advantaged saving for retirement and protection from death. The Company's variable and fixed insurance products are marketed by broker/dealers, financial institutions, and insurance agents. The Company's primary customers are consumers and corporations. NEW ACCOUNTING STANDARDS ACCOUNTING FOR GOODWILL AND INTANGIBLE ASSETS In June 2001, the Financial Accounting Standards Board ("FASB") issued FAS No. 142, "Goodwill and Other Intangible Assets," effective for fiscal years beginning after December 15, 2001. Under FAS No. 142, goodwill and intangible assets deemed to have indefinite lives will no longer be amortized but will be subject to annual impairment tests. Other intangible assets are still amortized over their estimated useful lives. The Company adopted the new standard effective January 1, 2002. As required under FAS No. 142, the Company completed the first of the required impairment tests as of January 1, 2002. Step one of the impairment test was a screen for potential impairment, while step two measured the amount of the impairment. All of the Company's operations fall under one reporting unit, USFS, due to the consolidated nature of the Company's operations. Step one of the impairment test required the Company to estimate the fair value of the reporting unit and compare the estimated fair value to its carrying value. The Company determined the estimated fair value utilizing a discounted cash flow approach and applying a discount rate equivalent to the Company's weighted average cost of capital. Fair value was determined to be less than carrying value which required the Company to complete step two of the test. In step two, the Company allocated the fair value of the reporting unit determined in step one to the assets and liabilities of the reporting unit resulting in an implied fair value of goodwill of zero. The comparison of the fair value amount allocated to goodwill and the carrying value of goodwill resulted in an impairment loss of $135.3 million net of taxes, which represents the entire carrying amount of goodwill, net of accumulated amortization. This impairment charge is shown as a change in accounting principle on the Consolidated Statements of Income. Application of the nonamortization provision (net of tax) of the new standard resulted in an increase in net income of $3.8 million for the twelve months ended December 31, 2002. Had the Company been accounting for goodwill under FAS No. 142 for all periods presented, the Company's net (loss) income would have been as follows: (Millions) Year ended Year ended December 31, 2001 December 31, 2001 ------------------------------------------------------------------------ Reported net income (loss) $ (4.0) $ 19.2 Add back goodwill amortization, net of tax 3.8 3.8 ------------------------------------------------------------------------ Adjusted net income $ (0.2) $ 23.0 ======================================================================== F-8 ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES In June 1998, the FASB issued FAS No. 133, "Accounting for Derivative Instruments and Hedging Activities," as amended and interpreted by FAS No. 137, "Accounting for Derivative Instruments and Hedging Activities - Deferral of the Effective Date of FASB Statement 133, FAS No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities - an Amendment of FASB 133, and certain FAS 133 implementation issues." This standard, as amended, requires companies to record all derivatives on the balance sheet as either assets or liabilities and measure those instruments at fair value. The manner in which companies are to record gains or losses resulting from changes in the fair values of those derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. FAS No. 133 was effective for the Company's financial statements beginning January 1, 2001. Adoption of FAS No. 133 did not have a material effect on the Company's financial position or results of operations given the Company's limited derivative and embedded derivative holdings. The Company occasionally purchases a financial instrument that contains a derivative that is "embedded" in the instrument. In addition, the Company's insurance products are reviewed to determine whether they contain an embedded derivative. The Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument or insurance product (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and that a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current period earnings or the Company is unable to reliably identify and measure the embedded derivative for separation from its host contracts, the entire contract is carried on the balance sheet at fair value and is not designated as a hedging instrument. The Company did not have embedded derivatives at December 31, 2002. GUARANTEES In November 2002, the FASB issued Interpretation No.45 ("FIN 45"), "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others," to clarify accounting and disclosure requirements relating to a guarantor's issuance of certain types of guarantees, or groups of similar guarantees, even if the likelihood of the guarantor's having to make any payments under the guarantee is remote. The disclosure provisions are effective for financial statements for fiscal years ended after December 15, 2002. For certain guarantees, the interpretation also requires that guarantors recognize a liability equal to the fair value of the guarantee upon its issuance. This initial recognition and measurement provision is to be applied only on a prospective basis to guarantees issued or modified after December 31, 2002. The Company has performed an assessment of its guarantees and believes that all of its guarantees are excluded from the scope of this interpretation. In January 2003, the FASB issued Interpretation No. 46 ("FIN 46"), Consolidation of Variable Interest Entities ("VIE"), an interpretation of Accounting Research Bulletin ("ARB") No. 51. This Interpretation addresses consolidation by business F-9 enterprises of variable interest entities, which have one or both of the following characteristics: a) insufficient equity investment at risk, or b) insufficient control by equity investors. This guidance is effective for VIEs created after January 31, 2003 and for existing VIEs as of July 1, 2003. An entity with variable interests in VIEs created before February 1, 2003 shall apply the guidance no later than the beginning of the first interim or annual reporting period beginning after June 15, 2003. In conjunction with the issuance of this guidance, the Company conducted a review of its involvement with VIEs and does not believe it has any significant investments or ownership in VIEs. FUTURE ACCOUNTING STANDARDS EMBEDDED DERIVATIVES The FASB issued FAS No.133, "Accounting for Derivative Instruments and Hedging Activities" ("FAS 133") in 1998 and continues to issue guidance for implementation through its Derivative Implementation Group ("DIG"). DIG recently released a draft of FASB Statement 133 Implementation Issue B36 "Embedded Derivatives: Bifurcation of a Debt Instrument That Incorporates Both Interest Rate Risk and Credit Risk Exposures That are Unrelated or Only Partially Related to the Creditworthiness of the Issuer of That Instrument" ("DIG B36"). Under this interpretation, modified coinsurance and coinsurance with funds withheld reinsurance agreements as well as other types of receivables and payables where interest is determined by reference to a pool of fixed maturity assets or total return debt index may be determined to contain bifurcatable embedded derivatives. The required date of adoption of DIG B36 has not been determined. If the guidance is finalized in its current form, the Company has determined that certain of its existing reinsurance receivables (payables), investments or insurance products contain embedded derivatives that may require bifurcation. The Company has not yet completed its evaluation of the potential impact, if any, on its consolidated financial positions, results of operations, or cash flows. USE OF ESTIMATES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from reported results using those estimates. RECLASSIFICATIONS Certain reclassifications have been made to prior year financial information to conform to the current year classifications. CASH AND CASH EQUIVALENTS Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity of 90 days or less when purchased. F-10 INVESTMENTS All of the Company's fixed maturity and equity securities are currently designated as available-for-sale. Available-for-sale securities are reported at fair value and unrealized gains and losses on these securities are included directly in shareholder's equity, after adjustment for related charges in deferred policy acquisition costs, value of business acquired, and deferred income taxes. The Company analyzes the general account investments to determine whether there has been an other than temporary decline in fair value below the amortized cost basis in accordance with FAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities." Management considers the length of the time and the extent to which the market value has been less than cost; the financial condition and near-term prospects of the issuer; future economic conditions and market forecasts; and the Company's intent and ability to retain the investment in the issuer for a period of time sufficient to allow for recovery in market value. If it is probable that all amounts due according to the contractual terms of a debt security will not be collected, an other than temporary impairment is considered to have occurred. When a decline in fair value is determined to be other than temporary, the individual security is written down to fair value and the loss is accounted for as a realized loss. Realized capital gains and losses on all other investments are reflected in the Company's results of operations. Unrealized capital gains and losses on all other investments are reflected in shareholder's equity, net of related income taxes. Purchases and sales of fixed maturities and equity securities (excluding private placements) are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Fair values for fixed maturity securities are obtained from independent pricing services or broker/dealer quotations. Fair values for privately placed bonds are determined using a matrix-based model. The matrix-based model considers the level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. The fair values for equity securities are based on quoted market prices. For equity securities not actively traded, estimated fair values are based upon values of issues of comparable yield and quality or conversion value where applicable. F-11 The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions for short periods of time. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned domestic securities. The collateral is deposited by the borrower with a lending agent, and retained and invested by the lending agent according to the Company's guidelines to generate additional income. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. Reverse dollar repurchase agreement and reverse repurchase agreement transactions are accounted for as collateralized borrowings, where the amount borrowed is equal to the sales price of the underlying securities. The investment in mutual funds represents an investment in mutual funds managed by the Company, and is carried at fair value. Mortgage loans on real estate are reported at amortized cost less impairment writedowns. If the value of any mortgage loan is determined to be impaired (i.e., when it is probable the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the present value of expected cash flows from the loan, discounted at the loan's effective interest rate, or to the loan's observable market price, or the fair value of the underlying collateral. The carrying value of the impaired loans is reduced by establishing a permanent writedown charged to realized loss. Policy loans are carried at unpaid principal balances, net of impairment reserves. Short-term investments, consisting primarily of money market instruments and other fixed maturity securities issues purchased with an original maturity of 91 days to one year, are considered available for sale and are carried at fair value, which approximates amortized cost. On occasion, the Company sells call options written on underlying securities that are carried at fair value. Changes in fair value of these options are recorded in net realized capital gains or losses. DEFERRED POLICY ACQUISITION COSTS AND VALUE OF BUSINESS ACQUIRED Deferred Policy Acquisition Costs ("DAC") is an asset, which represents certain costs of acquiring certain insurance business, which are deferred and amortized. These costs, all of which vary with and are primarily related to the production of new and renewal business, consist principally of commissions, certain underwriting and contract issuance expenses, and certain agency expenses. Value of Business Acquired ("VOBA") is an asset, which represents the present value of estimated net cash flows embedded in the Company's contracts, which existed at the time the Company was acquired by ING. DAC and VOBA are evaluated for recoverability at each balance sheet date and these assets would be reduced to the extent that gross profits are inadequate to recover the asset. F-12 The amortization methodology varies by product type based upon two accounting standards: FAS No. 60, "Accounting and Reporting by Insurance Enterprises" ("FAS No. 60") and FAS No. 97, "Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and Realized Gains and Losses from the Sale of Investments" ("FAS No. 97"). Under FAS No. 60, acquisition costs for traditional life insurance products, which primarily include whole life and term life insurance contracts, are amortized over the premium payment period in proportion to the premium revenue recognition. Under FAS No. 97, acquisition costs for universal life and investment-type products, which include universal life policies and fixed and variable deferred annuities, are amortized over the life of the blocks of policies (usually 25 years) in relation to the emergence of estimated gross profits from surrender charges, investment margins, mortality and expense margins, asset-based fee income, and actual realized gains (losses) on investments. Amortization is adjusted retrospectively when estimates of current or future gross profits to be realized from a group of products are revised. Activity for the year-ended December 31, 2002 within VOBA was as follows: (Millions) ------------------------------------------------------------------- Balance at December 31,2001 $ 20.2 Adjustment for FAS No. 115 (5.1) Additions (3.3) Interest accrued at 7% 1.3 Amortization (4.6) ------------------------------------------------------------------- Balance at December 31,2002 $ 8.5 =================================================================== The estimated amount of VOBA to be amortized, net of interest, over the next five years is $3.0 million, $2.0 million, $1.5 million, $1.5 million and $1.1 million and $1.0 million for the years 2003, 2004, 2005, 2006 and 2007, respectively. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results. As part of the regular analysis of DAC/VOBA, at the end of third quarter 2002, the Company unlocked its assumptions by resetting its near term and long-term assumptions for the separate account returns to 9% (gross before fund management fees and mortality and expense and other policy charges), reflecting a blended return of equity and other sub-accounts. This unlocking adjustment was primarily driven by the sustained downturn in the equity markets and revised expectations for future returns. For the year ended December 31, 2002, the Company recorded an acceleration of DAC/VOBA amortization totaling $91.5 million before tax, or $59.5 million, net of $32.0 million of federal income tax benefit. POLICY LIABILITIES AND ACCRUALS Reserves for immediate annuities with life contingent payout contracts are computed on the basis of assumed investment yield, mortality, and expenses, including a margin for adverse deviations. Such assumptions generally vary by plan, year of issue and policy duration. Reserve interest rates range from 3.0% to 3.5% for all years presented. Investment yield is based on the Company's experience. F-13 Mortality and withdrawal rate assumptions are based on relevant Company experience and are periodically reviewed against both industry standards and experience. Other policyholders' funds include reserves for deferred annuity investment contracts and immediate annuities without life contingent payouts. Reserves on such contracts are equal to cumulative deposits less charges and withdrawals plus credited interest thereon (rates range from 2.4% to 11.0% for all years presented) net of adjustments for investment experience that the Company is entitled to reflect in future credited interest. REVENUE RECOGNITION For certain annuity contracts, charges assessed against policyholders' funds for the cost of insurance, surrender, expenses, actuarial margin and other fees are recorded as revenue as charges are assessed against policyholders. Other amounts received for these contracts are reflected as deposits and are not recorded as revenue. Related policy benefits are recorded in relation to the associated premiums or gross profit so that profits are recognized over the expected lives of the contracts. When annuity payments with life contingencies begin under contracts that were initially investment contracts, the accumulated balance in the account is treated as a single premium for the purchase of an annuity and reflected as an offsetting amount in both premiums and current and future benefits in the Consolidated Income Statement. SEPARATE ACCOUNTS Separate Account assets and liabilities generally represent funds maintained to meet specific investment objectives of contractholders who bear the investment risk, subject, in some cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contractholders. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Separate Account assets supporting variable options under universal life and annuity contracts are invested, as designated by the contractholder or participant under a contract (who bears the investment risk subject, in limited cases, to minimum guaranteed rates) in shares of mutual funds which are managed by the Company, or other selected mutual funds not managed by the Company. Separate Account assets are carried at fair value. At December 31, 2002 and 2001, unrealized gains of $133.4 million and of $6.9 million, respectively, after taxes, on assets supporting a guaranteed interest option are reflected in shareholder's equity. Separate Account liabilities are carried at fair value, except for those relating to the guaranteed interest option. Reserves relating to the guaranteed interest option are maintained at fund value and reflect interest credited at rates ranging from 2.4% to 11.0% in 2002 and 2.4% to 14.0% in 2001. F-14 Separate Account assets and liabilities are shown as separate captions in the Consolidated Balance Sheets. Deposits, investment income and net realized and unrealized capital gains and losses of the Separate Accounts are not reflected in the Consolidated Financial Statements (with the exception of realized and unrealized capital gains and losses on the assets supporting the guaranteed interest option). The Consolidated Statements of Cash Flows do not reflect investment activity of the Separate Accounts. REINSURANCE The Company utilizes indemnity reinsurance agreements to reduce its exposure to large losses in all aspects of its insurance business. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. The Company evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on the Company's Balance Sheets. INCOME TAXES The Company is taxed at regular corporate rates after adjusting income reported for financial statement purposes for certain items. Deferred income tax expenses/benefits result from changes during the year in cumulative temporary differences between the tax basis and book basis of assets and liabilities. F-15
2. INVESTMENTS Fixed maturities available for sale as of December 31 were as follows: Gross Gross Amortized Unrealized Unrealized Fair 2002 (Millions) Cost Gains Losses Value ----------------------------------------------------------------------------------------------------------- U.S. government and government agencies and authorities $ 207.3 $ 2.3 $ 0.1 $ 209.5 U.S. corporate securities: Public utilities 335.7 15.5 1.9 349.3 Other corporate securities 3,012.0 178.7 7.8 3,182.9 ----------------------------------------------------------------------------------------------------------- Total U.S. corporate securities 3,347.7 194.2 9.7 3,532.2 ----------------------------------------------------------------------------------------------------------- Foreign securities: Government 64.8 2.9 - 67.7 Other 163.8 12.2 1.2 174.8 ----------------------------------------------------------------------------------------------------------- Total foreign securities 228.6 15.1 1.2 242.5 ----------------------------------------------------------------------------------------------------------- Mortgage-backed securities 641.7 12.0 0.2 653.5 Other asset-backed securities 294.8 7.0 3.1 298.7 ----------------------------------------------------------------------------------------------------------- Total fixed maturities, including fixed maturities pledged to creditors 4,720.1 230.6 14.3 4,936.4 Less: Fixed maturities pledged to creditors - - - - ----------------------------------------------------------------------------------------------------------- Fixed maturities $4,720.1 $ 230.6 $ 14.3 $ 4,936.4 =========================================================================================================== F-16
Fixed maturities available for sale as of December 31 were as follows: Gross Gross Amortized Unrealized Unrealized Fair 2001 (Millions) Cost Gains Losses Value ----------------------------------------------------------------------------------------------------------- U.S. government and government agencies and authorities $ 132.1 $ 0.5 $ 3.4 $ 129.2 U.S. corporate securities: Public utilities 39.8 0.3 1.4 38.7 Other corporate securities 1,111.8 15.2 10.1 1,116.9 ----------------------------------------------------------------------------------------------------------- Total U.S. corporate securities 1,151.6 15.5 11.5 1,155.6 ----------------------------------------------------------------------------------------------------------- Foreign securities: Government 143.6 3.3 0.2 146.7 ----------------------------------------------------------------------------------------------------------- Total foreign securities 143.6 3.3 0.2 146.7 ----------------------------------------------------------------------------------------------------------- Mortgage-backed securities 167.0 3.6 0.9 169.7 Other asset-backed securities 388.2 7.2 1.7 393.7 ----------------------------------------------------------------------------------------------------------- Total fixed maturities, including fixed maturities pledged to creditors 1,982.5 30.1 17.7 1,994.9 Less: Fixed maturities pledged to creditors - - - - ----------------------------------------------------------------------------------------------------------- Fixed maturities $1,982.5 $ 30.1 $ 17.7 $ 1,994.9 ===========================================================================================================
The amortized cost and fair value of total fixed maturities for the year-ended December 31, 2002 are shown below by contractual maturity. Actual maturities may differ from contractual maturities because securities may be restructured, called, or prepaid. (Millions) Amortized Cost Fair Value ------------------------------------------------------------------------ Due to mature: One year or less $ - $ - After one year through five years 401.0 419.7 After five years through ten years 1,681.3 1,773.1 After ten years 1,701.3 1,791.4 Mortgage-backed securities 641.7 653.5 Other asset-backed securities 294.8 298.7 ------------------------------------------------------------------------ ------------------------------------------------------------------------ Fixed maturities $4,720.1 $4,936.4 ======================================================================== At December 31, 2002 and 2001, fixed maturities with carrying values of $6.5 million and $6.9 million, respectively, were on deposit as required by regulatory authorities. The Company did not have any investments in a single issuer, other than obligations of the U.S. government, with a carrying value in excess of 10% of the Company's shareholder's equity at December 31, 2002. F-17 Beginning in April 2001, the Company entered into reverse dollar repurchase agreement and reverse repurchase agreement transactions to increase its return on investments and improve liquidity. These transactions involve a sale of securities and an agreement to repurchase substantially the same securities as those sold. The dollar rolls and reverse repurchase agreements are accounted for as short-term collateralized financings and the repurchase obligation is reported on the Consolidated Balance Sheets. The repurchase obligation totaled $40.0 and $3.9 million at December 31, 2002 and 2001, respectively. The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company's exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments, an amount that was not material at December 31, 2001. The Company believes the counterparties to the dollar roll and reverse repurchase agreements are financially responsible and that the counterparty risk is immaterial. During 2002, the Company determined that thirteen fixed maturities had other than temporary impairments. As a result, at December 31, 2002, the Company recognized a pre-tax loss of $8.9 million to reduce the carrying value of the fixed maturities to their combined fair value of $123.5 million. During 2001, the Company determined that ten fixed maturities had other than temporary impairments. As a result, at December 31, 2001, the Company recognized a pre-tax loss of $0.7 million to reduce the carrying value of the fixed maturities to their fair value of $0.07 million. 3. FINANCIAL INSTRUMENTS ESTIMATED FAIR VALUE The following disclosures are made in accordance with the requirements of FAS No. 107, "Disclosures about Fair Value of Financial Instruments." FAS No. 107 requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in immediate settlement of the instrument. FAS No. 107 excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. F-18 The following valuation methods and assumptions were used by the Company in estimating the fair value of the above financial instruments: FIXED MATURITIES SECURITIES: The fair values for the actively traded marketable bonds are determined based upon the quoted market prices. The fair values for marketable bonds without an active market are obtained through several commercial pricing services which provide the estimated fair values. Fair values of privately placed bonds are determined using a matrix-based pricing model. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond. Fair values for privately placed bonds are determined through consideration of factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company's evaluation of the borrower's ability to compete in their relevant market. EQUITY SECURITIES: Fair values of these securities are based upon quoted market value. MORTGAGE LOANS ON REAL ESTATE: The fair values for mortgage loans on real estate are estimated using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. CASH, SHORT-TERM INVESTMENTS AND POLICY LOANS: The carrying amounts for these assets approximate the assets' fair values. ASSETS HELD IN SEPARATE ACCOUNTS: Assets held in separate accounts are reported at the quoted fair values of the individual securities in the separate accounts. SURPLUS NOTES: Estimated fair value of the Company's surplus notes were based upon discounted future cash flows using a discount rate approximating the current market value. INVESTMENT CONTRACT LIABILITIES (INCLUDED IN FUTURE POLICY BENEFITS AND CLAIMS RESERVES): SUPPLEMENTARY CONTRACTS AND IMMEDIATE ANNUITIES: Estimated fair values of the Company's liabilities for future policy benefits for the divisions of the variable annuity products with fixed interest guarantees and for supplemental contracts without life contingencies are stated at cash surrender value, the cost the Company would incur to extinguish the liability. LIABILITIES RELATED TO SEPARATE ACCOUNTS: Liabilities related to separate accounts are reported at full account value in the Company's historical balance sheet. Estimated fair values of separate account liabilities are equal to their carrying amount. F-19 The carrying values and estimated fair values of certain of the Company's financial instruments at December 31, 2002 and 2001 were as follows:
2002 2001 -------------------------------------------------------------------------------------------------------- Carrying Fair Carrying Fair (Millions) Value Value Value Value -------------------------------------------------------------------------------------------------------- Assets: Fixed maturities $ 4,936.4 $4,936.4 $ 1,994.9 $ 1,994.9 Equity securities 19.0 19.0 - - Mortgage loans on real estate 482.4 522.2 213.9 219.2 Policy loans 16.0 16.0 14.8 14.8 Cash and short-term investments 150.7 150.7 205.8 205.8 Assets held in separate accounts 11,029.3 11,029.3 10,958.2 10,958.2 Liabilities: Surplus notes (170.0) (260.0) (245.0) (358.1) Investment contract liabilities: Deferred annuities (5,128.0) (4,802.9) (2,155.3) (1,976.7) Supplementary contracts and immediate annuities (8.0) (8.0) (7.1) (7.1) Liabilities related to separate accounts (11,029.3) (11,029.3) (10,958.2) (10,958.2) --------------------------------------------------------------------------------------------------------
Fair value estimates are made at a specific point in time, based on available market information and judgments about various financial instruments, such as estimates of timing and amounts of future cash flows. Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company's entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized gains or losses. In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company's management of interest rate, price and liquidity risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above. F-20 4. NET INVESTMENT INCOME Sources of net investment income were as follows: Year Ended Year Ended Year Ended December 31, December 31, December 31, (Millions) 2002 2001 2000 ------------------------------------------------------------------------- Fixed maturities $ 185.6 $ 83.7 $ 55.3 Mortgage loans 19.6 11.2 7.8 Policy loans 0.6 0.8 0.5 Short term investments and cash equivalents 2.6 2.6 2.3 Other 0.4 0.6 0.7 ------------------------------------------------------------------------- Gross investment income 208.8 98.9 66.6 Less: investment expenses 11.1 4.5 2.5 ------------------------------------------------------------------------- Net investment income $ 197.7 $ 94.4 $ 64.1 ========================================================================= 5. DIVIDEND RESTRICTIONS AND SHAREHOLDER'S EQUITY The ability of Golden American to pay dividends to the Parent is restricted. Prior approval of insurance regulatory authorities is required for payment of dividends to the stockholder which exceed an annual limit. During 2002, Golden American cannot pay dividends to Equitable Life without prior approval of statutory authorities. Golden American did not pay common stock dividends during 2002, 2001, or 2000. The Department recognizes as net income and capital and surplus those amounts determined in conformity with statutory accounting practices prescribed or permitted by the Department, which differ in certain respects from accounting principles generally accepted in the United States. Statutory net (loss) income was $(303.0) million, $(156.4) million and $(71.1) million for the years ended December 31, 2002, 2001, and 2000, respectively. Statutory capital and surplus was $424.9 million and $451.6 million as of December 31, 2002 and 2001, respectively. As of December 31, 2002, the Company does not utilize any statutory accounting practices, which are not prescribed by state regulatory authorities that, individually or in the aggregate, materially affect statutory capital and surplus. For 2001, the Company was required to implement statutory accounting changes ("Codification") ratified by the National Association of Insurance Commissioners ("NAIC") and state insurance departments. The cumulative effect of Codification to the Company's statutory surplus as of January 1, 2001 was a decrease of $5.9 million. The Company maintains a $40.0 million reciprocal loan agreement with ING AIH (refer to Note 10), a perpetual $75.0 million revolving note facility with Bank of New York and a $75.0 million revolving note facility with SunTrust Bank which expires on July 31, 2003. 6. CAPITAL GAINS AND LOSSES ON INVESTMENT OPERATIONS Realized capital gains or losses are the difference between the carrying value and sale proceeds of specific investments sold. Net realized capital (losses) gains on investments were as follows: F-21
Year ended Year ended Year ended December 31, December 31, December 31, (Millions) 2002 2001 2000 -------------------------------------------------------------------------------------- Fixed maturities $ 4.2 $ (4.9) $ (6.3) Equity securities - (1.6) (0.2) Mortgage loans on real estate - - (0.1) -------------------------------------------------------------------------------------- Pretax realized capital gains (losses) $ 4.2 $ (6.5) $ (6.6) ====================================================================================== After-tax realized capital gains (losses) $ 2.7 $ (4.2) $ (4.3) ======================================================================================
Proceeds from the sale of total fixed maturities and the related gross gains and losses were as follows: Year ended Year ended Year ended December 31, December 31, December 31, (Millions) 2002 2001 2000 --------------------------------------------------------------------------- Proceeds on sales $ 7,297.1 $ 880.7 $ 205.1 Gross gains 76.8 6.9 0.2 Gross losses 72.6 11.8 6.5 Changes in shareholder's equity related to changes in accumulated other comprehensive income were as follows: (Millions) 2002 2001 2000 -------------------------------------------------------------------------- Fixed maturities $ 204.0 $18.4 $12.4 Equity securities (3.9) - - DAC/VOBA (202.8) (8.4) (10.4) -------------------------------------------------------------------------- (2.7) 10.0 2.0 Increase (decrease) in deferred income taxes (1.0) 2.1 (3.1) -------------------------------------------------------------------------- Net changes in accumulated other comprehensive income (loss) $ (1.7) $ 7.9 $ 5.1 -------------------------------------------------------------------------- F-22 Shareholder's equity included the following accumulated other comprehensive income (loss), at December 31: (Millions) 2002 2001 2000 --------------------------------------------------------------------------- Net unrealized capital gains (losses): Fixed maturities $ 216.3 $ 12.3 $ (6.1) Equity securities (3.9) - - DAC/VOBA (209.2) (6.4) 2.0 --------------------------------------------------------------------------- 3.2 5.9 (4.1) Deferred income taxes 1.1 2.1 - --------------------------------------------------------------------------- Net accumulated other comprehensive income (loss) $ 2.1 $ 3.8 $ (4.1) =========================================================================== Changes in accumulated other comprehensive income related to changes in unrealized gains (losses) on securities, were as follows: (Millions) 2002 2001 2000 --------------------------------------------------------------------------- Unrealized holding gains (losses) arising $ (8.7) $ 11.1 $ 6.9 the year (1) Less: reclassification adjustment for gains (losses) and other items included in net income (2) 7.0 (3.2) (1.8) --------------------------------------------------------------------------- Net unrealized gains (losses) on securities $ (1.7) $ 7.9 $ 5.1 =========================================================================== (1) Pretax unrealized holding gains (losses) arising during the year were $13.4 million, $17.1 million and $10.6 million for the years ended December 31, 2002, 2001 and 2000, respectively. (2) Pretax reclassification adjustments for gains (losses) and other items included in net income were $10.8 million, $(4.9) million and $(2.8) million for the years ended December 31, 2002, 2001 and 2000, respectively. F-23 7. SEVERANCE In December 2001, ING announced its intentions to further integrate and streamline the U.S. based operations of ING Americas, (which includes the Company), in order to build a more customer-focused organization. In connection with these actions, the Company recorded a charge of $4.9 million pretax. The severance portion of this charge ($4.8 million pretax) is based on a plan to eliminate 260 positions (primarily operations, information technology and other administrative/staff support personnel). Severance actions are expected to be substantially complete by March 31, 2003. The facilities portion ($.1 million pretax) of the charge represents the amount to be incurred by the Company to terminate a contractual lease obligation. Activity for the year ended December 31, 2002 within the severance liability and positions eliminated related to such actions were as follows: (Millions) Severance Liability Positions --------------------------------------------------------------------- Balance at December 31, 2001 $ 4.8 252 Actions taken (3.4) (194) --------------------------------------------------------------------- Balance at December 31, 2002 $ 1.4 58 ===================================================================== 8. INCOME TAXES Starting in 2002, Golden American Life Insurance Company joins in the filing of a consolidated federal income tax return with its parent, Equitable Life and other affiliates. The Company has a tax allocation agreement with Equitable Life whereby the Company is charged for taxes it would have incurred were it not a member of the consolidated group and is credited for losses at the statutory tax rate. Prior to joining the Equitable Life consolidated group, the Company was the parent of a different consolidated group. At December 31, 2002, the Company has net operating loss carryforwards of approximately $369.2 million for federal income tax purposes which are available to offset future taxable income. If not used, these carryforwards will expire between 2011 and 2016. Income tax expense (benefit) from continuing operations included in the consolidated financial statements are as follows: Year ended Year ended Year ended December 31, December 31, December 31, (Millions) 2002 2001 2000 --------------------------------------------------------------------------- Current taxes (benefits): Federal $ (98.2) $ 0.6 $ (0.1) --------------------------------------------------------------------------- Total current taxes (benefits) (98.2) 0.6 (0.1) --------------------------------------------------------------------------- Deferred taxes (benefits): Federal 85.7 (0.5) 13.3 --------------------------------------------------------------------------- Total deferred taxes (benefits) 85.7 (0.5) 13.3 --------------------------------------------------------------------------- Total $ (12.5) $ 0.1 $ 13.2 ============================================================================ F-24 Income taxes were different from the amount computed by applying the federal income tax rate to income from continuing operations before income taxes for the following reasons:
Year ended Year ended Year ended December 31, December 31, December 31, (Millions) 2002 2001 2000 ------------------------------------------------------------------------------------ Income before income taxes $ (42.2) $ (3.9) $ 32.4 Tax rate 35% 35% 35% ------------------------------------------------------------------------------------ Income tax at federal statutory rate (14.8) (1.4) 11.3 Tax effect of: Goodwill amortization - 1.0 1.0 Meals and entertainment 0.6 0.5 0.3 Other 1.7 - 0.6 ------------------------------------------------------------------------------------ Income tax expense (benefit) $ (12.5) $ 0.1 $ 13.2 ------------------------------------------------------------------------------------
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31 are presented below:
(Millions) 2002 2001 ------------------------------------------------------------------------------------ Deferred tax assets: Operations and capital loss carryforwards $ 125.6 $ 121.7 Future policy benefits 214.1 176.3 Goodwill 11.1 - Investments 0.2 0.1 ------------------------------------------------------------------------------------ 351.0 298.1 Deferred tax liabilities: Goodwill - (3.5) Unrealized gains on investments (1.1) (2.1) Deferred policy acquisition cost (254.8) (222.8) Value of purchased insurance in force (5.0) (6.9) Other (169.9) (75.4) ------------------------------------------------------------------------------------ Deferred tax liability before allowance (430.8) (310.7) ------------------------------------------------------------------------------------ Valuation allowance - - ------------------------------------------------------------------------------------ Net deferred income tax liability $ (79.8) $ (12.6) ====================================================================================
The Company establishes reserves for possible proposed adjustments by various taxing authorities. Management believes there are sufficient reserves provided for, or adequate defenses against any such adjustments. The Company establishes reserves for possible proposed adjustments by various taxing authorities. Management believes there are sufficient reserves provided for, or adequate defenses against any such adjustments. F-25 9. BENEFIT PLANS DEFINED BENEFIT PLANS Prior to December 31, 2001, the Company's employees were covered by the ING Retirement Plan for Employees of Equitable Life ("Equitable Plan"), a qualified, defined contribution pension plan. The Company was allocated its share of the pension liability associated with employees. As of December 31, 2001, the qualified pension benefit plans of certain United States subsidiaries of ING North America Insurance Corporation ("ING North America"), including Equitable Life, were merged into the ING Americas Retirement Plan. The Company transferred its pension liabilities to the Parent at that date. In exchange for these liabilities, the Company received a capital contribution, net of taxes, from the Parent. The costs allocated to the Company for its members' participation in the ING Pension Plan were $3.0 million for 2002. The following tables summarize the benefit obligations and the funded status for pension benefits related to the Equitable Plan for the two-year period ended December 31, 2001: (Millions) 2001 ------------------------------------------------------------------------------ Change in benefit obligation: Benefit obligation at January 1 $ 7.9 Service cost 2.0 Interest cost 0.8 Actuarial (gain) loss (2.7) Plan Amendments (0.2) Transfer of benefit obligation to the Parent (7.8) ---------------------- Benefit obligation at December 31 $ - ====================== Funded status: Funded status at December 31 prior to the transfer of the benefit obligation to the Parent $ (7.8) Unrecognized past service cost (1.1) Unrecognized net loss - Transfer of the funded status to the Parent 8.9 ---------------------- Net amount recognized $ - ====================== Prior to the merger of the qualified benefit plans of ING's U.S. subsidiaries at December 31, 2001, Equitable Life, held the plan assets. The weighted-average assumptions used in the measurement of the Company's' December 31, 2001 benefit obligation, prior to the merger of the qualified benefit plans of ING, follows: 2001 ------------------------------------------------------------------------------ Discount rate 7.50% Expected return on plan assets 9.25 Rate of compensation increase 4.50 F-26 The following table provides the net periodic benefit cost for the fiscal years 2001 and 2000: Year Ended December 31, 2001 2000 ------------------------------------------------------------------------ (MILLIONS) Service cost $ 2.0 $ 1.6 Interest cost 0.8 0.5 Unrecognized past service cost - - ------------------------------------ Net periodic benefit cost $ 2.8 $ 2.1 ==================================== There were no gains or losses resulting from curtailments or settlements during 2001 or 2000. The projected benefit obligation, accumulated benefit obligation, and fair value of plan assets for pension plans with accumulated benefit obligations in excess of plan assets were $0 as of December 31, 2001. 10. RELATED PARTY TRANSACTIONS OPERATING AGREEMENTS: The Company has certain agreements whereby it generates revenues and incurs expenses with affiliated entities. The agreements are as follows: o Resources and services are provided to Security Life of Denver Insurance Company ("SLDIC) and Southland Life Insurance Company ("SLIC"). For the years ended December 31, 2002, 2001, and 2000 revenues for these services, which reduced general expenses incurred, were $4.2 million, $0.3 million and $0.3 million, respectively for SLDIC and $1.0 million, $0.1 million and $0.1 million, respectively for SLIC. o Underwriting and distribution agreement with Directed Services, Inc. ("DSI"), for the variable insurance products issued by the Company. DSI is authorized to enter into agreements with broker/dealers to distribute the Company's' variable products and appoint representatives of the broker/dealers as agents. For the years ended December 31, 2002, 2001 and 2000 commission expenses were incurred in the amounts of $282.9 million, $229.7 million, and $208.9 million, respectively. o Asset management agreement with ING Investment Management LLC ("IIM"), in which IIM provides asset management and accounting services. The Company records a fee, which is paid quarterly, based on the value of the assets under management. For the years ended December 31, 2002, 2001, and 2000 expenses were incurred in the amounts of $11.0 million, $4.4 million, and $2.5 million, respectively. o Service agreement with Equitable Life in which administrative and financial related services are provided. For the years ended December 31, 2002, 2001, and 2000 expenses were incurred in the amounts of $0.6 million, $0.3 million, and $1.3 million, respectively. Golden American has certain agreements whereby it generates revenues and incurs expenses with affiliated entities. F-27 The agreements are as follows: o Managerial and supervisory services to DSI. The fee paid by DSI for these services is calculated as a percentage of average assets in the variable separate accounts. For the years ended December 31, 2002, 2001, and 2000 revenue for these services was $23.7 million, $23.1 million, and $21.3 million, respectively. o Advisory, computer, and other resources and services are provided to Equitable Life and United Life & Annuity Insurance Company ("ULAIC"). For the years ended December 31, 2002, 2001, and 2000 revenues for these services, which reduced general expenses incurred, totaled $9.8 million, $8.2 million, and $6.2 million, respectively for Equitable Life and $0.3 million, $0.4 million and $0.6 million, respectively for ULAIC. o Expense sharing agreements with ING America Insurance Holdings, Inc. ("ING AIH") for administrative, management, financial, and information technology services, which were approved in 2001. For the years ended December 31, 2002 and 2001, Golden American incurred expenses of $41.0 million and $23.2 million, respectively. o Guaranty agreement with Equitable Life. In consideration of an annual fee, payable June 30, Equitable Life guarantees that it will make funds available, if needed, to pay the contractual claims made under the provisions of Golden American's life insurance and annuity contracts. The agreement is not, and nothing contained therein or done pursuant thereto by Equitable Life shall be deemed to constitute, a direct or indirect guaranty by Equitable Life of the payment of any debt or other obligation, indebtedness, or liability, of any kind or character whatsoever, of Golden American. The agreement does not guarantee the value of the underlying assets held in separate accounts in which funds of variable life insurance and variable annuity policies have been invested. The calculation of the annual fee is based on risk based capital. No amounts were payable under this agreement as of December 31, 2002, 2001 and 2000. REINSURANCE AGREEMENTS: Golden American participates in a modified coinsurance agreement with Equitable Life, covering a considerable portion of Golden American's variable annuities issued on or after January 1, 2000, excluding those with an interest rate guarantee. The financial statements are presented net of the effects of the agreement. Under this agreement, Golden American received a net reimbursement of expenses and charges of $100.9 million, $224.5 million and $218.8 million for the years ended December 31, 2002, 2001, and 2000, respectively. This was offset by a decrease in policy acquisition costs deferred of $143.5 million, $257.5 million and $223.7 million, respectively, for the same periods. As at December 31, 2002, 2001 and 2000, Golden American also had a payable to Equitable Life of $7.1 million, $22.6 million and $16.3 million, respectively, due to the overpayment by Equitable Life of the cash settlement for the modified coinsurance agreement. Golden American entered into a reinsurance agreement with Security Life of Denver International, Ltd., an affiliate, covering variable annuity minimum guaranteed death benefits and minimum guaranteed living benefits of variable annuities issued after January 1, 2000. Golden American also obtained an irrevocable letter of credit in the amount of $25 million related to this agreement. In addition, the Company obtained a standby letter of credit in the amount of $75 million. F-28 RECIPROCAL LOAN AGREEMENT: Golden American maintains a reciprocal loan agreement with ING AIH, a Delaware corporation and affiliate, to facilitate the handling of unusual and/or unanticipated short-term cash requirements. Under this agreement, which expires December 31, 2007, Golden American and ING AIH can borrow up to $40.0 million from one another. Prior to lending funds to ING AIH, Golden American must obtain the approval from the Department of Insurance of the State of Delaware. Interest on any Golden American borrowings is charged at the rate of ING AIH's cost of funds for the interest period plus 0.15%. Interest on any ING AIH borrowings is charged at a rate based on the prevailing interest rate of U.S. commercial paper available for purchase with a similar duration. Under this agreement, Golden American incurred interest expense of $33,000, $26,000, and $481,000 for the years ended December 31, 2002, 2001 and 2000, respectively. At December 31, 2002, 2001, and 2000, Golden American did not have any borrowings or receivables from ING AIH under this agreement. SURPLUS NOTES: Golden American issued multiple 30-year surplus notes (see below table). Payment of the notes and related accrued interest is subordinate to payments due to policyholders, claimant and beneficiary claims, as well as debts owed to all other classes of debtors, other than surplus note holders, of Golden American. Any payment of principal and/or interest made is subject to the prior approval of the Delaware Insurance Commissioner. Interest expense for the years ended December 31:
(Millions) ----------------------------------------------------------------------------------------------------------------------- Surplus Maturity Note Amount Affiliate Date 2002 2001 2000 ----------------------------------------------------------------------------------------------------------------------- 8.2% 50.0 *Equitable Life 12/29/29 2.0 4.1 4.1 8.0 35.0 Security Life of Denver 12/07/29 2.8 2.8 3.0 7.8 75.0 Equitable Life 09/29/29 5.8 5.8 5.8 7.3 60.0 Equitable Life 12/29/28 4.4 4.4 4.4 8.3 25.0 *Equitable Life 12/17/26 1.0 2.1 2.1 -----------------------------------------------------------------------------------------------------------------------
*Surplus notes redeemed June 28, 2002. STOCKHOLDER'S EQUITY: During 2002, 2001, and 2000, Golden American received capital contributions of $356.3 million, $196.8 million, and $115.0 million respectively. F-29 11. REINSURANCE At December 31, 2002, Golden American had reinsurance treaties with four unaffiliated reinsurers and three affiliated reinsurers covering a significant portion of the mortality risks and guaranteed death and living benefits under its variable contracts. Golden American remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. Reinsurance ceded in force for life mortality risks were $90.7 million and $94.8 million at December 31, 2002 and 2001, respectively. At December 31, 2002 and 2001, the Company had net receivables of $196.9 million and $56.0 million, respectively for reinsurance claims, reserve credits, or other receivables from these reinsurers. At December 31, 2002 and 2001, respectively, these net receivables were comprised of the following: $36.7 and $7.8 million for claims recoverable from reinsurers; $6.3 and $3.4 million for payable for reinsurance premiums; $137.2 million and $28.8 million for reserve credits; and $24.0 million and $22.7 million for reinsured surrenders and allowances due from an unaffiliated reinsurer. Included in the accompanying consolidated financial statements, excluding the modified coinsurance agreements, are net considerations to reinsurers of $50.8 million, $30.3 million and $21.7 million and net policy benefits recoveries of $49.5 million, $21.8 million and $8.9 million for the years ended December 21, 2002, 2001 and 2000, respectively. Golden participates in a modified coinsurance agreement with an unaffiliated reinsurer. The accompanying consolidated financial statements are presented net of the effects of the treaty which increased (decreased) income by $(2.9) million, $(0.5) million and $1.7 million for the years ended December 31, 2002, 2001 and 2000, respectively. 12. COMMITMENTS AND CONTINGENT LIABILITIES LEASES For the year ended December 31, 2002 rent expense for leases was $4.6 million. The future net minimum payments under noncancelable leases for the years ended December 31, 2003 through 2007 are estimated to be $2.3 million, $2.3 million, $2.4 million, $2.4 million and $2.4 million, respectively, and $2.4 million, thereafter. The Company pays substantially all expenses associated with its leased and subleased office properties. Expenses not paid directly by the Company are paid for by an affiliate and allocated back to the Company. COMMITMENTS Through the normal course of investment operations, the Company commits to either purchase or sell securities, commercial mortgage loans or money market instruments at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. At December 31, 2002 and 2001, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $39.0 million and $25.2 million, respectively. The Company makes investments in limited partnerships on a subscription basis. At December 31, 2002 and 2001, the Company had to fund the subscriptions of $38.0 million and $0.0 million, respectively. F-30 LITIGATION The Company is a party to threatened or pending lawsuits arising from the normal conduct of business. Due to the climate in insurance and business litigation, suits against the Company sometimes include claims for substantial compensatory, consequential or punitive damages and other types of relief. Moreover, certain claims are asserted as class actions, purporting to represent a group of similarly situated individuals. While it is not possible to forecast the outcome of such lawsuits, in light of existing insurance, reinsurance and established reserves, it is the opinion of management that the disposition of such lawsuits will not have a materially adverse effect on the Company's operations or financial position. F-31
QUARTERLY DATA (UNAUDITED) 2002 (Millions) First Second Third Fourth ------------------------------------------------------------------------------------------------------ Total Revenue $ 69.4 $ 89.2 $ 141.4 $ 109.4 ------------------------------------------------------------------------------------------------------ Income (loss) before income taxes (3.2) (16.0) (60.2) 37.2 Income taxes (benefit) (1.0) (5.5) (19.2) 13.2 ------------------------------------------------------------------------------------------------------ Income (loss) before cumulative effect of change in accounting principal (2.2) (10.5) (41.0) 24.0 Cumulative effect of change in accounting principle - - - (135.3) ------------------------------------------------------------------------------------------------------ Net income (loss) $ (2.2) $ (10.5) $ (41.0) $ (111.3) ====================================================================================================== 2001 (Millions) First Second Third Fourth ------------------------------------------------------------------------------------------------------ Total Revenue $ 72.1 $ 65.4 $ 70.1 $ 69.2 ------------------------------------------------------------------------------------------------------ Income (loss) before income taxes 14.2 5.6 (14.3) (9.4) Income taxes 5.3 2.4 (5.6) (2.0) ------------------------------------------------------------------------------------------------------ Net income (loss) $ 8.9 $ 3.2 $ (8.7) $ (7.4) ====================================================================================================== F-32
FINANCIAL STATEMENTS Golden American Life Insurance Company Separate Account B YEAR ENDED DECEMBER 31, 2002 WITH REPORT OF INDEPENDENT AUDITORS Golden American Life Insurance Company Separate Account B Financial Statements Year ended December 31, 2002 CONTENTS Report of Independent Auditors.............................................1 Audited Financial Statements Statement of Assets and Liabilities........................................4 Statement of Operations...................................................32 Statements of Changes in Net Assets.......................................60 Notes to Financial Statements.............................................88 Report of Independent Auditors The Board of Directors and Participants Golden American Life Insurance Company We have audited the accompanying statement of assets and liabilities of Golden American Life Insurance Company Separate Account B (the "Account") as of December 31, 2002, and the related statements of operations and changes in net assets for the periods disclosed in the financial statements. These financial statements are the responsibility of the Account's management. Our responsibility is to express an opinion on these financial statements based on our audits. The Account is comprised of the following Divisions: The GCG Trust: The GCG Trust (continued): All Cap Internet Tollkeeper Advisor All Cap Advisor Investors Asset Allocation Growth Investors Advisor Capital Growth J.P. Morgan Fleming Small Cap Equity Capital Growth Advisor J.P. Morgan Fleming Small Cap Advisor Capital Guardian Small Cap Janus Growth and Income Capital Guardian Small Cap Advisor Janus Growth and Income Advisor Core Bond Large Cap Value Core Bond Advisor Large Cap Value Advisor Developing World Limited Maturity Bond Developing World Advisor Liquid Asset Diversified Mid-Cap Liquid Asset Advisor Diversified Mid-Cap Advisor Managed Global Emerging Markets Managed Global Advisor Equity Growth Market Manager Equity Growth Advisor Mid-Cap Growth Equity Income Mid-Cap Growth Advisor Equity Income Advisor Real Estate Equity Opportunity Real Estate Advisor Equity Opportunity Advisor Research Focus Value Research Advisor Focus Value Advisor Special Situations Fully Managed Special Situations Advisor Fully Managed Advisor Strategic Equity Fundamental Growth Focus Strategic Equity Advisor Fundamental Growth Advisor Total Return Global Franchise Total Return Advisor Global Franchise Advisor Value Equity Growth Value Equity Advisor Growth Advisor Van Kampen Growth and Income Hard Assets Van Kampen Growth and Income Advisor Hard Assets Advisor AIM Variable Insurance Funds: International Enhanced EAFE AIM V.I. Dent Demographic Trends International Enhanced EAFE Advisor AIM V.I. Growth International Equity AIM V.I. Capital Appreciation International Equity Advisor AIM V.I. Core Equity Internet Tollkeeper AIM V.I. Premier Equity
1 Alliance Variable Products Series Fund, Inc.: ING Variable Portfolios, Inc. (continued): Alliance Bernstein Value ING VP Small Company Alliance Growth and Income ING VP Value Opportunity Alliance Premier Growth ING Variable Products Trust: Fidelity(R) Variable Insurance Products Fund: ING VP Convertible Fidelity(R) VIP Growth ING VP Growth Opportunities Fidelity(R) VIP Equity-Income ING VP International Value Fidelity(R) VIP Contrafund(R) ING VP Large Company Value Fidelity(R) VIP Overseas ING VP LargeCap Growth Franklin Templeton Variable Insurance Products Trust: ING VP MagnaCap Franklin Small Cap Value Securities ING VP MidCap Opportunities Greenwich Street Series Fund: ING VP SmallCap Opportunities Greenwich Appreciation INVESCO Variable Investment Funds, Inc.: The Galaxy VIP Fund: INVESCO VIF - Financial Services Galaxy VIP Asset Allocation INVESCO VIF - Health Sciences Galaxy VIP Equity INVESCO VIF - Leisure Galaxy VIP Growth and Income INVESCO VIF - Utilities Galaxy VIP High Quality Bond Janus Aspen Series: Galaxy VIP Small Company Growth Janus Aspen Series Balanced ING GET Fund: Janus Aspen Series Flexible Income ING GET Fund - Series N Janus Aspen Series Growth ING GET Fund - Series P Janus Aspen Series Worldwide Growth ING GET Fund - Series Q Oppenheimer Variable Accounts Fund: ING GET Fund - Series R Oppenheimer Global Securities ING GET Fund - Series S Oppenheimer Strategic Bond ING GET Fund - Series T PIMCO Variable Insurance Trust: ING GET Fund - Series U PIMCO High Yield ING Partners, Inc.: PIMCO StocksPLUS Growth and Income ING Alger Growth Pioneer Variable Contracts Trust: ING American Century Small Cap Value Pioneer Equity-Income VCT ING J.P. Morgan Mid Cap Value Pioneer Fund VCT ING MFS(R)Capital Opportunities (Initial Class) Pioneer Mid-Cap Value VCT ING MFS(R)Capital Opportunities (Service Class) Pioneer Small Company VCT ING MFS(R)Global Growth ProFunds VP: ING OpCap Balanced Value ProFund VP Bull ING PIMCO Total Return ProFund VP Europe 30 ING Salomon Bros. Capital ProFund VP Small-Cap ING Salomon Bros. Investors Value Prudential Series Fund, Inc.: ING Scudder International Growth Prudential Jennison ING T. Rowe Price Growth Equity Prudential SP Jennison International Growth ING UBS Tactical Asset Allocation Putnam Variable Trust: ING Van Kampen Comstock Putnam VT Growth and Income ING Variable Insurance Trust: Putnam VT International Growth and Income ING VP Worldwide Growth Putnam VT Voyager II
2 ING VP Bond Portfolio: Travelers Series Fund Inc.: ING VP Bond Smith Barney High Income ING Variable Portfolios, Inc.: Smith Barney International All Cap Growth ING VP Growth Smith Barney Large Cap Value ING VP Index Plus LargeCap Smith Barney Money Market ING VP Index Plus MidCap UBS Series Trust: ING VP Index Plus SmallCap UBS Tactical Allocation
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2002, by correspondence with the transfer agents. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of each of the Divisions comprising the Golden American Life Insurance Company Separate Account B at December 31, 2002, and the results of their operations and changes in their net assets for the periods disclosed in the financial statements, in conformity with accounting principles generally accepted in the United States. /s/ ERNST & YOUNG LLP Atlanta, Georgia March 14, 2003 3 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST ASSET GCG TRUST CAPITAL CAPITAL GCG TRUST ALL CAP ALLOCATION CAPITAL GROWTH GUARDIAN ALL CAP ADVISOR GROWTH GROWTH ADVISOR SMALL CAP --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $247,786 $176 $47,253 $246,763 $148 $341,173 --------------------------------------------------------------------------------- Total assets 247,786 176 47,253 246,763 148 341,173 LIABILITIES Payable to Golden American Life Insurance Company 46 - 12 (6) - 27 --------------------------------------------------------------------------------- Total liabilities 46 - 12 (6) - 27 --------------------------------------------------------------------------------- NET ASSETS $247,740 $176 $47,241 $246,769 $148 $341,146 ================================================================================= NET ASSETS Accumulation units $247,740 $176 $47,241 $246,769 $148 $341,115 Contracts in payout (annuitization) period - - - - - 31 --------------------------------------------------------------------------------- Total net assets $247,740 $176 $47,241 $246,769 $148 $341,146 ================================================================================= Total number of mutual fund shares 28,947,007 20,551 6,446,580 27,663,981 16,548 43,516,942 ================================================================================= Cost of mutual fund shares $326,290 $177 $55,931 $245,271 $154 $365,212 ================================================================================= SEE ACCOMPANYING NOTES.
4 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST CAPITAL GUARDIAN GCG TRUST GCG TRUST GCG TRUST GCG TRUST SMALL CAP GCG TRUST CORE BOND DEVELOPING DEVELOPING DIVERSIFIED ADVISOR CORE BOND ADVISOR WORLD WORLD ADVISOR MID-CAP --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $321 $425,187 $992 $60,010 $79 $91,178 --------------------------------------------------------------------------------- Total assets 321 425,187 992 60,010 79 91,178 LIABILITIES Payable to Golden American Life Insurance Company - 62 - 10 - 19 --------------------------------------------------------------------------------- Total liabilities - 62 - 10 - 19 --------------------------------------------------------------------------------- NET ASSETS $321 $425,125 $992 $60,000 $79 $91,159 ================================================================================= NET ASSETS Accumulation units $321 $425,125 $992 $59,922 $79 $91,159 Contracts in payout (annuitization) period - - - 78 - - --------------------------------------------------------------------------------- Total net assets $321 $425,125 $992 $60,000 $79 $91,159 ================================================================================= Total number of mutual fund shares 40,778 40,927,570 95,384 9,463,043 12,488 12,304,724 ================================================================================= Cost of mutual fund shares $320 $413,399 $995 $66,565 $81 $107,329 ================================================================================= SEE ACCOMPANYING NOTES.
5 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST DIVERSIFIED GCG TRUST EQUITY GCG TRUST EQUITY GCG TRUST MID-CAP EQUITY GROWTH EQUITY INCOME EQUITY ADVISOR GROWTH ADVISOR INCOME ADVISOR OPPORTUNITY --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $220 $4,363 $458 $409,709 $640 $280,956 --------------------------------------------------------------------------------- Total assets 220 4,363 458 409,709 640 280,956 LIABILITIES Payable to Golden American Life Insurance Company - 1 - 39 - 2 --------------------------------------------------------------------------------- Total liabilities - 1 - 39 - 2 --------------------------------------------------------------------------------- NET ASSETS $220 $4,362 $458 $409,670 $640 $280,954 ================================================================================= NET ASSETS Accumulation units $220 $4,362 $458 $409,087 $640 $280,954 Contracts in payout (annuitization) period - - - 583 - - --------------------------------------------------------------------------------- Total net assets $220 $4,362 $458 $409,670 $640 $280,954 ================================================================================= Total number of mutual fund shares 29,088 553,027 58,036 42,151,267 65,893 28,011,556 ================================================================================= Cost of mutual fund shares $224 $4,533 $480 $478,993 $660 $375,266 ================================================================================= SEE ACCOMPANYING NOTES.
6 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST EQUITY GCG TRUST GCG TRUST FULLY FUNDAMENTAL OPPORTUNITY GCG TRUST FOCUS VALUE FULLY MANAGED GROWTH ADVISOR FOCUS VALUE ADVISOR MANAGED ADVISOR FOCUS --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $34 $5,932 $48 $935,237 $894 $2,742 --------------------------------------------------------------------------------- Total assets 34 5,932 48 935,237 894 2,742 LIABILITIES Payable to Golden American Life Insurance Company - 1 - 158 - - --------------------------------------------------------------------------------- Total liabilities - 1 - 158 - - --------------------------------------------------------------------------------- NET ASSETS $34 $5,931 $48 $935,079 $894 $2,742 ================================================================================= NET ASSETS Accumulation units $34 $5,931 $48 $934,553 $894 $2,742 Contracts in payout (annuitization) period - - - 526 - - --------------------------------------------------------------------------------- Total net assets $34 $5,931 $48 $935,079 $894 $2,742 ================================================================================= Total number of mutual fund shares 3,356 702,000 5,700 54,596,475 52,102 340,663 ================================================================================= Cost of mutual fund shares $34 $6,022 $50 $951,332 $913 $2,856 ================================================================================= SEE ACCOMPANYING NOTES.
Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST FUNDAMENTAL GCG TRUST GLOBAL GCG TRUST GROWTH GLOBAL FRANCHISE GCG TRUST GROWTH GCG TRUST ADVISOR FRANCHISE ADVISOR GROWTH ADVISOR HARD ASSETS --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $108 $14,672 $708 $559,968 $92 $67,762 --------------------------------------------------------------------------------- Total assets 108 14,672 708 559,968 92 67,762 LIABILITIES Payable to Golden American Life Insurance Company - 2 - (73) - 9 --------------------------------------------------------------------------------- Total liabilities - 2 - (73) - 9 --------------------------------------------------------------------------------- NET ASSETS $108 $14,670 $708 $560,041 $92 $67,753 ================================================================================= NET ASSETS Accumulation units $108 $14,670 $708 $560,041 $92 $67,731 Contracts in payout (annuitization) period - - - - - 22 --------------------------------------------------------------------------------- Total net assets $108 $14,670 $708 $560,041 $92 $67,753 ================================================================================= Total number of mutual fund shares 13,419 1,643,031 78,863 57,609,909 9,474 6,907,479 ================================================================================= Cost of mutual fund shares $113 $14,881 $702 $588,641 $97 $72,704 ================================================================================= SEE ACCOMPANYING NOTES.
7 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST INTERNATIONAL INTERNATIONAL GCG TRUST INTERNATIONAL GCG TRUST HARD ASSETS ENHANCED ENHANCED INTERNATIONAL EQUITY INTERNET ADVISOR EAFE EAFE ADVISOR EQUITY ADVISOR TOLLKEEPER --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $97 $4,990 $165 $120,479 $254 $12,805 --------------------------------------------------------------------------------- Total assets 97 4,990 165 120,479 254 12,805 LIABILITIES Payable to Golden American Life Insurance Company - - - 2 - 3 --------------------------------------------------------------------------------- Total liabilities - - - 2 - 3 --------------------------------------------------------------------------------- NET ASSETS $97 $4,990 $165 $120,477 $254 $12,802 ================================================================================= NET ASSETS Accumulation units $97 $4,990 $165 $120,477 $254 $12,802 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $97 $4,990 $165 $120,477 $254 $12,802 ================================================================================= Total number of mutual fund shares 9,842 602,666 19,839 17,486,179 36,824 2,690,088 ================================================================================= Cost of mutual fund shares $95 $4,961 $166 $117,316 $254 $12,773 ================================================================================= SEE ACCOMPANYING NOTES.
8 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST J.P. GCG TRUST J.P. MORGAN MORGAN GCG TRUST INTERNET GCG TRUST FLEMING FLEMING JANUS TOLLKEEPER GCG TRUST INVESTORS SMALL CAP SMALL CAP GROWTH AND ADVISOR INVESTORS ADVISOR EQUITY ADVISOR INCOME --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $53 $92,152 $297 $9,491 $511 $130,375 --------------------------------------------------------------------------------- Total assets 53 92,152 297 9,491 511 130,375 LIABILITIES Payable to Golden American Life Insurance Company - 16 - 1 - 30 --------------------------------------------------------------------------------- Total liabilities - 16 - 1 - 30 --------------------------------------------------------------------------------- NET ASSETS $53 $92,136 $297 $9,490 $511 $130,345 ================================================================================= NET ASSETS Accumulation units $53 $92,136 $297 $9,490 $511 $130,345 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $53 $92,136 $297 $9,490 $511 $130,345 ================================================================================= Total number of mutual fund shares 11,189 11,490,287 37,008 1,198,388 64,524 18,107,685 ================================================================================= Cost of mutual fund shares $57 $119,320 $297 $9,902 $520 $156,213 ================================================================================= SEE ACCOMPANYING NOTES.
9 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST JANUS GROWTH GCG TRUST GCG TRUST LIMITED LIQUID AND INCOME LARGE CAP LARGE CAP MATURITY GCG TRUST ASSET ADVISOR VALUE VALUE ADVISOR BOND LIQUID ASSET ADVISOR --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $587 $295,742 $333 $559,019 $1,023,271 $1,800 --------------------------------------------------------------------------------- Total assets 587 295,742 333 559,019 1,023,271 1,800 LIABILITIES Payable to Golden American Life Insurance Company - 54 - 78 92 - --------------------------------------------------------------------------------- Total liabilities - 54 - 78 92 - --------------------------------------------------------------------------------- NET ASSETS $587 $295,688 $333 $558,941 $1,023,179 $1,800 ================================================================================= NET ASSETS Accumulation units $587 $295,688 $333 $558,749 $1,023,108 $1,800 Contracts in payout (annuitization) period - - - 192 71 - --------------------------------------------------------------------------------- Total net assets $587 $295,688 $333 $558,941 $1,023,179 $1,800 ================================================================================= Total number of mutual fund shares 81,270 38,209,569 42,967 48,864,682 1,023,271,242 1,799,891 ================================================================================= Cost of mutual fund shares $602 $364,544 $347 $550,029 $1,023,271 $1,800 ================================================================================= SEE ACCOMPANYING NOTES.
10 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST MANAGED GCG TRUST MID-CAP GCG TRUST MANAGED GLOBAL MID-CAP GROWTH GCG TRUST REAL ESTATE GLOBAL ADVISOR GROWTH ADVISOR REAL ESTATE ADVISOR --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $223,101 $50 $435,524 $549 $187,637 $276 --------------------------------------------------------------------------------- Total assets 223,101 50 435,524 549 187,637 276 LIABILITIES Payable to Golden American Life Insurance Company 17 - (57) - 30 - --------------------------------------------------------------------------------- Total liabilities 17 - (57) - 30 - --------------------------------------------------------------------------------- NET ASSETS $223,084 $50 $435,581 $549 $187,607 $276 ================================================================================= NET ASSETS Accumulation units $222,985 $50 $435,520 $549 $187,529 $276 Contracts in payout (annuitization) period 99 - 61 - 78 - --------------------------------------------------------------------------------- Total net assets $223,084 $50 $435,581 $549 $187,607 $276 ================================================================================= Total number of mutual fund shares 26,911,933 5,981 59,989,440 75,620 12,534,302 18,400 ================================================================================= Cost of mutual fund shares $265,330 $51 $536,584 $558 $203,069 $278 ================================================================================= SEE ACCOMPANYING NOTES.
11 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST SPECIAL GCG TRUST STRATEGIC GCG TRUST RESEARCH SPECIAL SITUATIONS STRATEGIC EQUITY RESEARCH ADVISOR SITUATIONS ADVISOR EQUITY ADVISOR --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $421,026 $326 $21,800 $56 $139,837 $78 --------------------------------------------------------------------------------- Total assets 421,026 326 21,800 56 139,837 78 LIABILITIES Payable to Golden American Life Insurance Company (9) - 6 - (15) - --------------------------------------------------------------------------------- Total liabilities (9) - 6 - (15) - --------------------------------------------------------------------------------- NET ASSETS $421,035 $326 $21,794 $56 $139,852 $78 ================================================================================= NET ASSETS Accumulation units $421,035 $326 $21,794 $56 $139,689 $78 Contracts in payout (annuitization) period - - - - 163 - --------------------------------------------------------------------------------- Total net assets $421,035 $326 $21,794 $56 $139,852 $78 ================================================================================= Total number of mutual fund shares 35,202,892 27,238 3,488,059 8,892 15,554,763 8,627 ================================================================================= Cost of mutual fund shares $624,498 $329 $29,152 $56 $139,701 $79 ================================================================================= SEE ACCOMPANYING NOTES.
12 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST VAN KAMPEN TOTAL GCG TRUST VALUE VAN KAMPEN GROWTH AND GCG TRUST RETURN VALUE EQUITY GROWTH AND INCOME TOTAL RETURN ADVISOR EQUITY ADVISOR INCOME ADVISOR --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $853,368 $955 $173,253 $107 $554,615 $990 --------------------------------------------------------------------------------- Total assets 853,368 955 173,253 107 554,615 990 LIABILITIES Payable to Golden American Life Insurance Company 102 - 14 - 7 - --------------------------------------------------------------------------------- Total liabilities 102 - 14 - 7 - --------------------------------------------------------------------------------- NET ASSETS $853,266 $955 $173,239 $107 $554,608 $990 ================================================================================= NET ASSETS Accumulation units $853,266 $955 $173,226 $107 $554,483 $990 Contracts in payout (annuitization) period - - 13 - 125 - --------------------------------------------------------------------------------- Total net assets $853,266 $955 $173,239 $107 $554,608 $990 ================================================================================= Total number of mutual fund shares 57,621,059 64,473 13,535,386 8,350 32,188,897 57,364 ================================================================================= Cost of mutual fund shares $940,003 $984 $206,816 $110 $733,160 $1,001 ================================================================================= SEE ACCOMPANYING NOTES.
13 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
AIM V.I. DENT AIM V.I. AIM V.I. ALLIANCE DEMOGRAPHIC AIM V.I. CAPITAL AIM V.I. PREMIER BERNSTEIN TRENDS GROWTH APPRECIATION CORE EQUITY EQUITY VALUE --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $11,338 $848 $27 $41 $80 $2,709 --------------------------------------------------------------------------------- Total assets 11,338 848 27 41 80 2,709 LIABILITIES Payable to Golden American Life Insurance Company 3 - - - - - --------------------------------------------------------------------------------- Total liabilities 3 - - - - - --------------------------------------------------------------------------------- NET ASSETS $11,335 $848 $27 $41 $80 $2,709 ================================================================================= NET ASSETS Accumulation units $11,335 $848 $27 $41 $80 $2,709 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $11,335 $848 $27 $41 $80 $2,709 ================================================================================= Total number of mutual fund shares 2,999,480 75,286 1,672 2,417 4,947 309,651 ================================================================================= Cost of mutual fund shares $13,467 $932 $34 $44 $87 $2,932 ================================================================================= SEE ACCOMPANYING NOTES.
14 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ALLIANCE ALLIANCE FIDELITY(R) FIDELITY(R) FIDELITY(R) GROWTH AND PREMIER FIDELITY(R) VIP VIP VIP INCOME GROWTH VIP GROWTH EQUITY-INCOME CONTRAFUND(R) OVERSEAS --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $4,731 $2,094 $23,216 $23,855 $4,439 $9 --------------------------------------------------------------------------------- Total assets 4,731 2,094 23,216 23,855 4,439 9 LIABILITIES Payable to Golden American Life Insurance Company 1 - 4 4 1 - --------------------------------------------------------------------------------- Total liabilities 1 - 4 4 1 - --------------------------------------------------------------------------------- NET ASSETS $4,730 $2,094 $23,212 $23,851 $4,438 $9 ================================================================================= NET ASSETS Accumulation units $4,730 $2,094 $23,212 $23,851 $4,438 $9 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $4,730 $2,094 $23,212 $23,851 $4,438 $9 ================================================================================= Total number of mutual fund shares 286,931 121,132 1,000,254 1,325,264 247,315 848 ================================================================================= Cost of mutual fund shares $5,706 $2,199 $24,417 $23,730 $4,720 $9 ================================================================================= SEE ACCOMPANYING NOTES.
15 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
FRANKLIN GALAXY VIP SMALL CAP GALAXY VIP GALAXY VIP HIGH VALUE GREENWICH ASSET GALAXY VIP GROWTH AND QUALITY SECURITIES APPRECIATION ALLOCATION EQUITY INCOME BOND --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $17 $589 $631 $487 $122 $130 --------------------------------------------------------------------------------- Total assets 17 589 631 487 122 130 LIABILITIES Payable to Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------------- Total liabilities - - - - - - --------------------------------------------------------------------------------- NET ASSETS $17 $589 $631 $487 $122 $130 ================================================================================= NET ASSETS Accumulation units $17 $589 $631 $487 $122 $130 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $17 $589 $631 $487 $122 $130 ================================================================================= Total number of mutual fund shares 1,814 33,520 52,433 43,112 15,339 11,785 ================================================================================= Cost of mutual fund shares $20 $704 $875 $907 $171 $124 ================================================================================= SEE ACCOMPANYING NOTES.
16 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
GALAXY VIP SMALL ING GET ING GET ING GET ING GET ING GET COMPANY FUND - FUND - FUND - FUND - FUND - GROWTH SERIES N SERIES P SERIES Q SERIES R SERIES S --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $57 $28,663 $142,429 $169,061 $170,561 $219,297 --------------------------------------------------------------------------------- Total assets 57 28,663 142,429 169,061 170,561 219,297 LIABILITIES Payable to Golden American Life Insurance Company - 2 (1,417) 32 35 27 --------------------------------------------------------------------------------- Total liabilities - 2 (1,417) 32 35 27 --------------------------------------------------------------------------------- NET ASSETS $57 $28,661 $143,846 $169,029 $170,526 $219,270 ================================================================================= NET ASSETS Accumulation units $57 $28,661 $143,846 $169,029 $170,526 $219,270 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $57 $28,661 $143,846 $169,029 $170,526 $219,270 ================================================================================= Total number of mutual fund shares 7,252 2,832,289 13,991,036 16,838,766 16,887,183 21,777,267 ================================================================================= Cost of mutual fund shares $90 $28,540 $140,492 $168,845 $169,204 $218,284 ================================================================================= SEE ACCOMPANYING NOTES.
17 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING ING MFS(R) AMERICAN CAPITAL ING GET ING GET CENTURY ING J.P. OPPORTUNITIES FUND - FUND - ING ALGER SMALL CAP MORGAN MID (INITIAL SERIES T SERIES U GROWTH VALUE CAP VALUE CLASS) --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $237,964 $1,048 $39 $2 $301 $1,280 --------------------------------------------------------------------------------- Total assets 237,964 1,048 39 2 301 1,280 LIABILITIES Payable to Golden American Life Insurance Company 16 - - - - - --------------------------------------------------------------------------------- Total liabilities 16 - - - - - --------------------------------------------------------------------------------- NET ASSETS $237,948 $1,048 $39 $2 $301 $1,280 ================================================================================= NET ASSETS Accumulation units $237,948 $1,048 $39 $2 $301 $1,280 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $237,948 $1,048 $39 $2 $301 $1,280 ================================================================================= Total number of mutual fund shares 23,514,212 104,710 5,928 214 32,577 67,567 ================================================================================= Cost of mutual fund shares $235,664 $1,047 $43 $2 $293 $1,561 ================================================================================= SEE ACCOMPANYING NOTES.
Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING MFS(R) CAPITAL ING SALOMON OPPORTUNITIES ING MFS(R) ING OPCAP ING PIMCO ING SALOMON BROS. (SERVICE GLOBAL BALANCED TOTAL BROS. INVESTORS CLASS) GROWTH VALUE RETURN CAPITAL VALUE --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $72 $75 $126 $593 $9 $4 --------------------------------------------------------------------------------- Total assets 72 75 126 593 9 4 LIABILITIES Payable to Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------------- Total liabilities - - - - - - --------------------------------------------------------------------------------- NET ASSETS $72 $75 $126 $593 $9 $4 ================================================================================= NET ASSETS Accumulation units $72 $75 $126 $593 $9 $4 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $72 $75 $126 $593 $9 $4 ================================================================================= Total number of mutual fund shares 3,834 8,956 13,107 56,245 762 373 ================================================================================= Cost of mutual fund shares $85 $75 $131 $599 $9 $4 ================================================================================= SEE ACCOMPANYING NOTES.
18 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING T. ROWE ING UBS ING SCUDDER PRICE TACTICAL ING VAN ING VP INTERNATIONAL GROWTH ASSET KAMPEN WORLDWIDE ING VP GROWTH EQUITY ALLOCATION COMSTOCK GROWTH BOND --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $7 $144 $2 $1,737 $27,365 $49,597 --------------------------------------------------------------------------------- Total assets 7 144 2 1,737 27,365 49,597 LIABILITIES Payable to Golden American Life Insurance Company - - - - 7 7 --------------------------------------------------------------------------------- Total liabilities - - - - 7 7 --------------------------------------------------------------------------------- NET ASSETS $7 $144 $2 $1,737 $27,358 $49,590 ================================================================================= NET ASSETS Accumulation units $7 $144 $2 $1,737 $27,358 $49,590 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $7 $144 $2 $1,737 $27,358 $49,590 ================================================================================= Total number of mutual fund shares 918 4,150 94 208,228 5,077,001 3,665,695 ================================================================================= Cost of mutual fund shares $8 $162 $2 $1,730 $32,839 $49,791 ================================================================================= SEE ACCOMPANYING NOTES.
19 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP ING VP ING VP ING VP INDEX PLUS INDEX INDEX PLUS ING VP SMALL VALUE GROWTH LARGECAP PLUS MIDCAP SMALLCAP COMPANY OPPORTUNITY --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $46 $4,590 $5,910 $4,006 $156 $1,086 --------------------------------------------------------------------------------- Total assets 46 4,590 5,910 4,006 156 1,086 LIABILITIES Payable to Golden American Life Insurance Company - 1 1 1 - - --------------------------------------------------------------------------------- Total liabilities - 1 1 1 - - --------------------------------------------------------------------------------- NET ASSETS $46 $4,589 $5,909 $4,005 $156 $1,086 ================================================================================= NET ASSETS Accumulation units $46 $4,589 $5,909 $4,005 $156 $1,086 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $46 $4,589 $5,909 $4,005 $156 $1,086 ================================================================================= Total number of mutual fund shares 6,680 423,812 499,540 403,834 13,756 111,346 ================================================================================= Cost of mutual fund shares $50 $4,673 $6,054 $4,041 $209 $1,335 ================================================================================= SEE ACCOMPANYING NOTES.
20 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP ING VP LARGE ING VP ING VP GROWTH INTERNATIONAL COMPANY LARGECAP ING VP CONVERTIBLE OPPORTUNITIES VALUE VALUE GROWTH MAGNACAP --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $1,034 $9,921 $42 $958 $1,006 $12,340 --------------------------------------------------------------------------------- Total assets 1,034 9,921 42 958 1,006 12,340 LIABILITIES Payable to Golden American Life Insurance Company - 3 - - - 2 --------------------------------------------------------------------------------- Total liabilities - 3 - - - 2 --------------------------------------------------------------------------------- NET ASSETS $1,034 $9,918 $42 $958 $1,006 $12,338 ================================================================================= NET ASSETS Accumulation units $1,034 $9,918 $42 $958 $1,006 $12,338 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $1,034 $9,918 $42 $958 $1,006 $12,338 ================================================================================= Total number of mutual fund shares 109,462 2,638,582 4,816 120,960 160,390 1,801,417 ================================================================================= Cost of mutual fund shares $1,086 $12,343 $52 $1,116 $1,054 $14,542 ================================================================================= SEE ACCOMPANYING NOTES.
21 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP INVESCO VIF INVESCO VIF MIDCAP SMALLCAP - FINANCIAL - HEALTH INVESCO VIF INVESCO VIF OPPORTUNITIES OPPORTUNITIES SERVICES SCIENCES - LEISURE - UTILITIES --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $12 $30,125 $22,946 $30,564 $6,098 $7,784 --------------------------------------------------------------------------------- Total assets 12 30,125 22,946 30,564 6,098 7,784 LIABILITIES Payable to Golden American Life Insurance Company - 7 5 6 1 1 --------------------------------------------------------------------------------- Total liabilities - 7 5 6 1 1 --------------------------------------------------------------------------------- NET ASSETS $12 $30,118 $22,941 $30,558 $6,097 $7,783 ================================================================================= NET ASSETS Accumulation units $12 $30,118 $22,941 $30,558 $6,097 $7,783 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $12 $30,118 $22,941 $30,558 $6,097 $7,783 ================================================================================= Total number of mutual fund shares 2,752 2,840,607 2,185,295 2,222,861 715,754 697,486 ================================================================================= Cost of mutual fund shares $16 $42,110 $23,502 $32,262 $6,082 $7,988 ================================================================================= SEE ACCOMPANYING NOTES.
22 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
JANUS ASPEN JANUS ASPEN JANUS ASPEN SERIES JANUS ASPEN SERIES OPPENHEIMER OPPENHEIMER SERIES FLEXIBLE SERIES WORLDWIDE GLOBAL STRATEGIC BALANCED INCOME GROWTH GROWTH SECURITIES BOND --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $496 $283 $192 $3,535 $205 $16 --------------------------------------------------------------------------------- Total assets 496 283 192 3,535 205 16 LIABILITIES Payable to Golden American Life Insurance Company - - - 1 - - --------------------------------------------------------------------------------- Total liabilities - - - 1 - - --------------------------------------------------------------------------------- NET ASSETS $496 $283 $192 $3,534 $205 $16 ================================================================================= NET ASSETS Accumulation units $496 $283 $192 $3,534 $205 $16 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $496 $283 $192 $3,534 $205 $16 ================================================================================= Total number of mutual fund shares 23,270 22,071 13,244 168,746 11,665 3,487 ================================================================================= Cost of mutual fund shares $525 $273 $224 $3,639 $244 $16 ================================================================================= SEE ACCOMPANYING NOTES.
23 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
PIMCO PIMCO STOCKSPLUS PIONEER PIONEER PIONEER HIGH GROWTH AND EQUITY-INCOME PIONEER MID-CAP SMALL YIELD INCOME VCT FUND VCT VALUE VCT COMPANY VCT --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $305,275 $181,641 $179 $20,067 $53,073 $3,418 --------------------------------------------------------------------------------- Total assets 305,275 181,641 179 20,067 53,073 3,418 LIABILITIES Payable to Golden American Life Insurance Company 38 4 - 3 11 1 --------------------------------------------------------------------------------- Total liabilities 38 4 - 3 11 1 --------------------------------------------------------------------------------- NET ASSETS $305,237 $181,637 $179 $20,064 $53,062 $3,417 ================================================================================= NET ASSETS Accumulation units $305,237 $181,637 $179 $20,064 $53,062 $3,417 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $305,237 $181,637 $179 $20,064 $53,062 $3,417 ================================================================================= Total number of mutual fund shares 42,576,723 25,044,953 11,764 1,315,882 3,571,539 376,869 ================================================================================= Cost of mutual fund shares $319,995 $240,989 $199 $21,406 $59,944 $3,947 ================================================================================= SEE ACCOMPANYING NOTES.
24 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
PRUDENTIAL SP JENNISON PUTNAM VT PROFUND VP PROFUND VP PROFUND VP PRUDENTIAL INTERNATIONAL GROWTH AND BULL EUROPE 30 SMALL-CAP JENNISON GROWTH INCOME --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $31,273 $15,629 $38,620 $37,756 $15,344 $1,662 --------------------------------------------------------------------------------- Total assets 31,273 15,629 38,620 37,756 15,344 1,662 LIABILITIES Payable to Golden American Life Insurance Company 8 2 8 8 3 - --------------------------------------------------------------------------------- Total liabilities 8 2 8 8 3 - --------------------------------------------------------------------------------- NET ASSETS $31,265 $15,627 $38,612 $37,748 $15,341 $1,662 ================================================================================= NET ASSETS Accumulation units $31,265 $15,627 $38,612 $37,748 $15,341 $1,662 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $31,265 $15,627 $38,612 $37,748 $15,341 $1,662 ================================================================================= Total number of mutual fund shares 1,527,025 867,774 1,743,448 2,972,899 3,661,627 89,142 ================================================================================= Cost of mutual fund shares $32,082 $15,970 $40,061 $39,753 $15,921 $1,902 ================================================================================= SEE ACCOMPANYING NOTES.
25 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
SMITH PUTNAM VT BARNEY SMITH INTERNATIONAL INTERNATIONAL SMITH BARNEY BARNEY GROWTH AND PUTNAM VT SMITH BARNEY ALL CAP LARGE CAP MONEY INCOME VOYAGER II HIGH INCOME GROWTH VALUE MARKET --------------------------------------------------------------------------------- ASSETS Investments in mutual funds at fair value $2,981 $1,645 $319 $201 $371 $143 --------------------------------------------------------------------------------- Total assets 2,981 1,645 319 201 371 143 LIABILITIES Payable to Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------------- Total liabilities - - - - - - --------------------------------------------------------------------------------- NET ASSETS $2,981 $1,645 $319 $201 $371 $143 ================================================================================= NET ASSETS Accumulation units $2,981 $1,645 $319 $201 $371 $143 Contracts in payout (annuitization) period - - - - - - --------------------------------------------------------------------------------- Total net assets $2,981 $1,645 $319 $201 $371 $143 ================================================================================= Total number of mutual fund shares 357,012 470,066 50,922 22,831 28,077 142,697 ================================================================================= Cost of mutual fund shares $3,378 $2,030 $533 $365 $563 $143 ================================================================================= SEE ACCOMPANYING NOTES.
26 Golden American Life Insurance Company Separate Account B Statement of Assets and Liabilities (continued) December 31, 2002 (DOLLARS IN THOUSANDS)
UBS TACTICAL ALLOCATION -------------- ASSETS Investments in mutual funds at fair value $1,548 -------------- Total assets 1,548 LIABILITIES Payable to Golden American Life Insurance Company - -------------- Total liabilities - -------------- NET ASSETS $1,548 ============== NET ASSETS Accumulation units $1,548 Contracts in payout (annuitization) period - -------------- Total net assets $1,548 ============== Total number of mutual fund shares 159,134 ============== Cost of mutual fund shares $1,802 ============== SEE ACCOMPANYING NOTES.
27 This page is intentionally left blank. 28 This page is intentionally left blank. 29 This page is intentionally left blank. 30 This page is intentionally left blank. 31 Golden American Life Insurance Company Separate Account B Statement of Operations For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST ASSET GCG TRUST CAPITAL CAPITAL GCG TRUST ALL CAP ALLOCATION CAPITAL GROWTH GUARDIAN ALL CAP ADVISOR GROWTH GROWTH ADVISOR SMALL CAP ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $632 $- $602 $- $- $523 ------------------------------------------------------------------------------- Total investment income 632 - 602 - - 523 Expenses: Mortality and expense risk and other charges 4,742 - 929 4,657 - 6,716 Annual administrative charges 161 - 32 159 - 248 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 286 - 32 520 - 523 Other contract charges 481 - 120 154 - 368 Amortization of deferred charges related to: Deferred sales load - - - 1 - 3 Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 5,670 - 1,113 5,491 - 7,858 ------------------------------------------------------------------------------- Net investment income (loss) (5,038) - (511) (5,491) - (7,335) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (14,269) - (2,018) (211,562) - (87,705) Capital gains distributions 2 - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (14,267) - (2,018) (211,562) - (87,705) Net unrealized appreciation (depreciation) of investments (74,887) (1) (8,019) 97,211 (6) (39,390) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(94,192) $(1) $(10,548) $(119,842) $(6) $(134,430) =============================================================================== SEE ACCOMPANYING NOTES.
32 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST CAPITAL GUARDIAN GCG TRUST GCG TRUST GCG TRUST GCG TRUST SMALL CAP GCG TRUST CORE BOND DEVELOPING DEVELOPING DIVERSIFIED ADVISOR CORE BOND ADVISOR WORLD WORLD ADVISOR MID-CAP ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $9,185 $16 $- $- $228 ------------------------------------------------------------------------------- Total investment income - 9,185 16 - - 228 Expenses: Mortality and expense risk and other charges - 4,101 1 1,144 - 1,361 Annual administrative charges - 124 - 50 - 43 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - 185 - 93 - 62 Other contract charges - 376 - 68 - 167 Amortization of deferred charges related to: Deferred sales load - 1 - 1 - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 4,787 1 1,356 - 1,633 ------------------------------------------------------------------------------- Net investment income (loss) - 4,398 15 (1,356) - (1,405) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - 1,692 - 1,932 - (1,645) Capital gains distributions - 545 1 - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - 2,237 1 1,932 - (1,645) Net unrealized appreciation (depreciation) of investments 1 10,717 (3) (8,556) (2) (16,949) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $1 $17,352 $13 $(7,980) $(2) $(19,999) =============================================================================== SEE ACCOMPANYING NOTES.
33 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST DIVERSIFIED GCG TRUST EQUITY GCG TRUST EQUITY GCG TRUST MID-CAP EQUITY GROWTH EQUITY INCOME EQUITY ADVISOR GROWTH ADVISOR INCOME ADVISOR OPPORTUNITY ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $3 $- $5,698 $7 $437 ------------------------------------------------------------------------------- Total investment income - 3 - 5,698 7 437 Expenses: Mortality and expense risk and other charges - 19 1 6,536 1 5,459 Annual administrative charges - 1 - 217 - 191 Minimum death benefit guarantee charges - - - 3 - - Contingent deferred sales charges - - - 413 - 459 Other contract charges - 2 - 399 - 287 Amortization of deferred charges related to: Deferred sales load - - - 18 - 12 Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 22 1 7,586 1 6,408 ------------------------------------------------------------------------------- Net investment income (loss) - (19) (1) (1,888) 6 (5,971) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (88) - (15,791) - (150,767) Capital gains distributions - - - 1,935 3 - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (88) - (13,856) 3 (150,767) Net unrealized appreciation (depreciation) of investments (4) (170) (22) (56,537) (20) 21,921 ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(4) $(277) $(23) $(72,281) $(11) $(134,817) =============================================================================== SEE ACCOMPANYING NOTES.
34 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST EQUITY GCG TRUST GCG TRUST GCG TRUST FULLY FUNDAMENTAL OPPORTUNITY FOCUS FOCUS VALUE FULLY MANAGED GROWTH ADVISOR VALUE ADVISOR MANAGED ADVISOR FOCUS ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $14,219 $10 $- ------------------------------------------------------------------------------- Total investment income - - - 14,219 10 - Expenses: Mortality and expense risk and other charges - 33 - 13,275 1 11 Annual administrative charges - 1 - 486 - - Minimum death benefit guarantee charges - - - 1 - - Contingent deferred sales charges - 1 - 905 - - Other contract charges - 4 - 881 - 1 Amortization of deferred charges related to: Deferred sales load - - - 15 - - Premium taxes - - - 1 - - ------------------------------------------------------------------------------- Total expenses - 39 - 15,564 1 12 ------------------------------------------------------------------------------- Net investment income (loss) - (39) - (1,345) 9 (12) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (201) - 3,703 1 (17) Capital gains distributions - - - 10,018 8 - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (201) - 13,721 9 (17) Net unrealized appreciation (depreciation) of investments - (90) (2) (34,916) (20) (114) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $- $(330) $(2) $(22,540) $(2) $(143) =============================================================================== SEE ACCOMPANYING NOTES.
35 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST FUNDAMENTAL GCG TRUST GLOBAL GCG TRUST GROWTH GLOBAL FRANCHISE GCG TRUST GROWTH GCG TRUST ADVISOR FRANCHISE ADVISOR GROWTH ADVISOR HARD ASSETS ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $- $- $386 ------------------------------------------------------------------------------- Total investment income - - - - - 386 Expenses: Mortality and expense risk and other charges - 70 1 11,796 - 912 Annual administrative charges - 3 - 421 - 33 Minimum death benefit guarantee charges - - - - - 1 Contingent deferred sales charges - 2 - 1,183 - 39 Other contract charges - 9 - 545 - 42 Amortization of deferred charges related to: Deferred sales load - - - 5 - 1 Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 84 1 13,950 - 1,028 ------------------------------------------------------------------------------- Net investment income (loss) - (84) (1) (13,950) - (642) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (154) - (524,085) - (2,333) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (154) - (524,085) - (2,333) Net unrealized appreciation (depreciation) of investments (5) (208) 6 244,425 (5) (1,937) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(5) $(446) $5 $(293,610) $(5) $(4,912) =============================================================================== SEE ACCOMPANYING NOTES.
36 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST INTERNATIONAL INTERNATIONAL GCG TRUST INTERNATIONAL GCG TRUST HARD ASSETS ENHANCED ENHANCED INTERNATIONAL EQUITY INTERNET ADVISOR EAFE EAFE ADVISOR EQUITY ADVISOR TOLLKEEPER ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $13 $- $1,039 $2 $- ------------------------------------------------------------------------------- Total investment income - 13 - 1,039 2 - Expenses: Mortality and expense risk and other charges - 31 - 2,195 1 142 Annual administrative charges - 1 - 68 - 5 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - 205 - 3 Other contract charges - 5 - 81 - 19 Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 37 - 2,549 1 169 ------------------------------------------------------------------------------- Net investment income (loss) - (24) - (1,510) 1 (169) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (285) - (18,218) - (3,259) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (285) - (18,218) - (3,259) Net unrealized appreciation (depreciation) of investments 1 29 (1) (1,709) - 32 ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $1 $(280) $(1) $(21,437) $1 $(3,396) =============================================================================== SEE ACCOMPANYING NOTES.
37 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST J.P. GCG TRUST J.P. MORGAN MORGAN GCG TRUST INTERNET GCG TRUST FLEMING FLEMING JANUS TOLLKEEPER GCG TRUST INVESTORS SMALL CAP SMALL CAP GROWTH AND ADVISOR INVESTORS ADVISOR EQUITY ADVISOR INCOME ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $771 $1 $- $- $527 ------------------------------------------------------------------------------- Total investment income - 771 1 - - 527 Expenses: Mortality and expense risk and other charges - 1,619 - 47 1 1,971 Annual administrative charges - 45 - 2 - 69 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - 98 - 1 - 130 Other contract charges - 165 - 6 - 226 Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 1,927 - 56 1 2,396 ------------------------------------------------------------------------------- Net investment income (loss) - (1,156) 1 (56) (1) (1,869) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (2,693) - (90) - (4,040) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (2,693) - (90) - (4,040) Net unrealized appreciation (depreciation) of investments (4) (23,933) - (411) (9) (22,039) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(4) $(27,782) $1 $(557) $(10) $(27,948) =============================================================================== SEE ACCOMPANYING NOTES.
38 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST JANUS GCG TRUST GCG TRUST GCG TRUST GROWTH AND GCG TRUST LARGE CAP LIMITED LIQUID INCOME LARGE CAP VALUE MATURITY GCG TRUST ASSET ADVISOR VALUE ADVISOR BOND LIQUID ASSET ADVISOR ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $1 $695 $- $16,692 $14,926 $2 ------------------------------------------------------------------------------- Total investment income 1 695 - 16,692 14,926 2 Expenses: Mortality and expense risk and other charges 1 4,710 1 7,274 16,952 4 Annual administrative charges - 154 - 236 607 - Minimum death benefit guarantee charges - - - 1 4 - Contingent deferred sales charges - 343 - 650 31,673 - Other contract charges - 473 - 352 686 - Amortization of deferred charges related to: Deferred sales load - - - 7 20 - Premium taxes - - - 1 7 - ------------------------------------------------------------------------------- Total expenses 1 5,680 1 8,521 49,949 4 ------------------------------------------------------------------------------- Net investment income (loss) - (4,985) (1) 8,171 (35,023) (2) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (12,529) - 5,336 - - Capital gains distributions - - - 1,065 - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (12,529) - 6,401 - - Net unrealized appreciation (depreciation) of investments (15) (66,466) (14) 9,830 - - ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(15) $(83,980) $(15) $24,402 $(35,023) $(2) =============================================================================== SEE ACCOMPANYING NOTES.
39 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST MANAGED GCG TRUST MID-CAP GCG TRUST MANAGED GLOBAL MID-CAP GROWTH GCG TRUST REAL ESTATE GLOBAL ADVISOR GROWTH ADVISOR REAL ESTATE ADVISOR ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $306 $- $- $- $6,320 $7 ------------------------------------------------------------------------------- Total investment income 306 - - - 6,320 7 Expenses: Mortality and expense risk and other charges 3,679 - 9,857 - 2,682 - Annual administrative charges 115 - 303 - 104 - Minimum death benefit guarantee charges - - 1 - - - Contingent deferred sales charges 215 - 836 - 181 - Other contract charges 267 - 578 - 184 - Amortization of deferred charges related to: Deferred sales load 7 - 6 - 5 - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 4,283 - 11,581 - 3,156 - ------------------------------------------------------------------------------- Net investment income (loss) (3,977) - (11,581) - 3,164 7 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (2,654) - (502,998) - 3,631 - Capital gains distributions - - - - 1,891 2 ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (2,654) - (502,998) - 5,522 2 Net unrealized appreciation (depreciation) of investments (50,119) (2) 41,552 (9) (16,719) (2) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(56,750) $(2) $(473,027) $(9) $(8,033) $7 =============================================================================== SEE ACCOMPANYING NOTES.
40 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST SPECIAL GCG TRUST STRATEGIC GCG TRUST RESEARCH SPECIAL SITUATIONS STRATEGIC EQUITY RESEARCH ADVISOR SITUATIONS ADVISOR EQUITY ADVISOR ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $2,140 $- $- $- $- $- ------------------------------------------------------------------------------- Total investment income 2,140 - - - - - Expenses: Mortality and expense risk and other charges 8,315 - 411 - 3,062 - Annual administrative charges 274 - 17 - 104 - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 895 - 23 - 320 - Other contract charges 398 - 53 - 184 - Amortization of deferred charges related to: Deferred sales load 1 - - - 2 - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 9,883 - 504 - 3,672 - ------------------------------------------------------------------------------- Net investment income (loss) (7,743) - (504) - (3,672) - REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (159,946) - (1,565) - (113,239) - Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (159,946) - (1,565) - (113,239) - Net unrealized appreciation (depreciation) of investments 3,501 (3) (6,229) (1) 38,088 (1) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(164,188) $(3) $(8,298) $(1) $(78,823) $(1) =============================================================================== SEE ACCOMPANYING NOTES.
41 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST VAN KAMPEN GCG TRUST TOTAL GCG TRUST VALUE VAN KAMPEN GROWTH AND TOTAL RETURN VALUE EQUITY GROWTH AND INCOME RETURN ADVISOR EQUITY ADVISOR INCOME ADVISOR ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $19,811 $18 $1,325 $1 $5,457 $6 ------------------------------------------------------------------------------- Total investment income 19,811 18 1,325 1 5,457 6 Expenses: Mortality and expense risk and other charges 13,476 1 3,024 - 10,153 1 Annual administrative charges 457 - 102 - 334 - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 1,115 - 279 - 1,058 - Other contract charges 705 - 150 - 323 - Amortization of deferred charges related to: Deferred sales load 5 - 3 - 18 - Premium taxes 1 - - - 1 - ------------------------------------------------------------------------------- Total expenses 15,759 1 3,558 - 11,887 1 ------------------------------------------------------------------------------- Net investment income (loss) 4,052 17 (2,233) 1 (6,430) 5 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments 295 1 (11,165) - (9,833) 1 Capital gains distributions 409 - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions 704 1 (11,165) - (9,833) 1 Net unrealized appreciation (depreciation) of investments (67,592) (29) (27,107) (3) (100,836) (12) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(62,836) $(11) $(40,505) $(2) $(117,099) $(6) =============================================================================== SEE ACCOMPANYING NOTES.
42 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
AIM V.I. DENT AIM V.I. AIM V.I. ALLIANCE DEMOGRAPHIC AIM V.I. CAPITAL AIM V.I. PREMIER BERNSTEIN TRENDS GROWTH APPRECIATION CORE EQUITY EQUITY VALUE ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $- $- $3 ------------------------------------------------------------------------------- Total investment income - - - - - 3 Expenses: Mortality and expense risk and other charges 140 11 - - - 26 Annual administrative charges 5 - - - - 1 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 3 - - - - - Other contract charges 11 - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 159 11 - - - 27 ------------------------------------------------------------------------------- Net investment income (loss) (159) (11) - - - (24) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (1,222) (108) - - - (19) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (1,222) (108) - - - (19) Net unrealized appreciation (depreciation) of investments (2,117) (102) (7) (3) (7) (241) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(3,498) $(221) $(7) $(3) $(7) $(284) =============================================================================== SEE ACCOMPANYING NOTES.
43 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ALLIANCE ALLIANCE FIDELITY(R) FIDELITY(R) FIDELITY(R) FIDELITY(R) GROWTH AND PREMIER VIP VIP VIP INCOME GROWTH VIP GROWTH EQUITY-INCOME CONTRAFUND(R) OVERSEAS ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $144 $- $1 $102 $11 $- ------------------------------------------------------------------------------- Total investment income 144 - 1 102 11 - Expenses: Mortality and expense risk and other charges 54 25 114 140 44 - Annual administrative charges 1 1 5 5 1 - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 3 - 4 4 1 - Other contract charges - - 8 6 - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 58 26 131 155 46 - ------------------------------------------------------------------------------- Net investment income (loss) 86 (26) (130) (53) (35) - REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (72) (413) (725) (1,606) (35) - Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (72) (413) (725) (1,606) (35) - Net unrealized appreciation (depreciation) of investments (1,016) (166) (1,237) 62 (331) - ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(1,002) $(605) $(2,092) $(1,597) $(401) $- =============================================================================== SEE ACCOMPANYING NOTES.
44 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GALAXY VIP FRANKLIN GALAXY VIP GALAXY VIP HIGH SMALL CAP GREENWICH ASSET GALAXY VIP GROWTH AND QUALITY VALUE APPRECIATION ALLOCATION EQUITY INCOME BOND ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $10 $20 $1 $- $6 ------------------------------------------------------------------------------- Total investment income - 10 20 1 - 6 Expenses: Mortality and expense risk and other charges - 9 15 10 2 2 Annual administrative charges - 1 1 1 - - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - 1 - - Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 10 16 12 2 2 ------------------------------------------------------------------------------- Net investment income (loss) - - 4 (11) (2) 4 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (11) (192) (84) (5) 2 Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (11) (192) (84) (5) 2 Net unrealized appreciation (depreciation) of investments (3) (130) (40) (126) (42) 3 ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(3) $(141) $(228) $(221) $(49) $9 =============================================================================== SEE ACCOMPANYING NOTES.
45 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
GALAXY VIP SMALL ING GET ING GET ING GET ING GET ING GET COMPANY FUND - FUND - FUND - FUND - FUND - GROWTH SERIES N SERIES P SERIES Q SERIES R SERIES S ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $396 $109 $3,320 $2,458 $1,400 ------------------------------------------------------------------------------- Total investment income - 396 109 3,320 2,458 1,400 Expenses: Mortality and expense risk and other charges 1 597 3,008 2,883 2,050 1,464 Annual administrative charges - 8 (1,381) 42 36 28 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - 16 95 60 52 40 Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 1 621 1,722 2,985 2,138 1,532 ------------------------------------------------------------------------------- Net investment income (loss) (1) (225) (1,613) 335 320 (132) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (7) 1 (70) (3) 48 (15) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (7) 1 (70) (3) 48 (15) Net unrealized appreciation (depreciation) of investments (23) (538) 1,644 217 1,356 1,013 ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(31) $(762) $(39) $549 $1,724 $866 =============================================================================== SEE ACCOMPANYING NOTES.
46 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING ING MFS(R) AMERICAN CAPITAL ING GET ING GET CENTURY ING J.P. OPPORTUNITIES FUND - FUND - ING ALGER SMALL CAP MORGAN MID (INITIAL SERIES T SERIES U GROWTH VALUE CAP VALUE CLASS) ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $26 $- $- $- $1 $- ------------------------------------------------------------------------------- Total investment income 26 - - - 1 - Expenses: Mortality and expense risk and other charges 304 - - - 1 17 Annual administrative charges 17 - - - - - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 3 - - - - - Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 324 - - - 1 17 ------------------------------------------------------------------------------- Net investment income (loss) (298) - - - - (17) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments 8 - - - (4) (59) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions 8 - - - (4) (59) Net unrealized appreciation (depreciation) of investments 2,300 - (4) - 7 (329) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $2,010 $- $(4) $- $3 $(405) =============================================================================== SEE ACCOMPANYING NOTES.
47 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING MFS(R) CAPITAL ING SALOMON OPPORTUNITIES ING MFS(R) ING OPCAP ING PIMCO ING SALOMON BROS. (SERVICE GLOBAL BALANCED TOTAL BROS. INVESTORS CLASS) GROWTH VALUE RETURN CAPITAL VALUE ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $14 $- $- ------------------------------------------------------------------------------- Total investment income - - - 14 - - Expenses: Mortality and expense risk and other charges - - - 1 - - Annual administrative charges - - - - - - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - - - - Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - - - 1 - - ------------------------------------------------------------------------------- Net investment income (loss) - - - 13 - - REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - - - 1 - - Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - - - 1 - - Net unrealized appreciation (depreciation) of investments (13) - (5) (5) - - ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(13) $- $(5) $9 $- $- =============================================================================== SEE ACCOMPANYING NOTES.
48 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING T. ROWE ING UBS ING SCUDDER PRICE TACTICAL ING VAN ING VP INTERNATIONAL GROWTH ASSET KAMPEN WORLDWIDE ING VP GROWTH EQUITY ALLOCATION COMSTOCK GROWTH BOND ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $7 $4 $1,391 ------------------------------------------------------------------------------- Total investment income - - - 7 4 1,391 Expenses: Mortality and expense risk and other charges - - - 4 443 220 Annual administrative charges - - - - 16 11 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - 1 16 33 Other contract charges - - - - 65 21 Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - - - 5 540 285 ------------------------------------------------------------------------------- Net investment income (loss) - - - 2 (536) 1,106 REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - - - - (2,830) 134 Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - - - - (2,830) 134 Net unrealized appreciation (depreciation) of investments - (19) - 7 (4,792) (195) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $- $(19) $- $9 $(8,158) $1,045 =============================================================================== SEE ACCOMPANYING NOTES.
49 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP ING VP ING VP ING VP INDEX PLUS INDEX PLUS INDEX PLUS ING VP SMALL VALUE GROWTH LARGECAP MIDCAP SMALLCAP COMPANY OPPORTUNITY ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $4 $11 $10 $1 $3 ------------------------------------------------------------------------------- Total investment income - 4 11 10 1 3 Expenses: Mortality and expense risk and other charges - 34 57 40 1 14 Annual administrative charges - 1 1 1 - 1 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - 1 1 - - Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 35 59 42 1 15 ------------------------------------------------------------------------------- Net investment income (loss) - (31) (48) (32) - (12) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (505) (505) (416) (5) (45) Capital gains distributions - - - 22 - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (505) (505) (394) (5) (45) Net unrealized appreciation (depreciation) of investments (5) (104) (180) (90) (53) (250) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(5) $(640) $(733) $(516) $(58) $(307) =============================================================================== SEE ACCOMPANYING NOTES.
50 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP ING VP LARGE ING VP ING VP GROWTH INTERNATIONAL COMPANY LARGECAP ING VP CONVERTIBLE OPPORTUNITIES VALUE VALUE GROWTH MAGNACAP ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $23 $- $- $9 $4 $99 ------------------------------------------------------------------------------- Total investment income 23 - - 9 4 99 Expenses: Mortality and expense risk and other charges 11 141 - 10 13 166 Annual administrative charges - 5 - - - 5 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - 4 - - - 8 Other contract charges - 20 - - - 16 Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 11 170 - 10 13 195 ------------------------------------------------------------------------------- Net investment income (loss) 12 (170) - (1) (9) (96) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (15) (662) - (40) (292) (437) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (15) (662) - (40) (292) (437) Net unrealized appreciation (depreciation) of investments (53) (2,425) (10) (163) (52) (2,222) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(56) $(3,257) $(10) $(204) $(353) $(2,755) =============================================================================== SEE ACCOMPANYING NOTES.
51 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
ING VP ING VP INVESCO VIF INVESCO VIF MIDCAP SMALLCAP - FINANCIAL - HEALTH INVESCO VIF INVESCO VIF OPPORTUNITIES OPPORTUNITIES SERVICES SCIENCES - LEISURE - UTILITIES ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $148 $- $- $40 ------------------------------------------------------------------------------- Total investment income - - 148 - - 40 Expenses: Mortality and expense risk and other charges - 408 211 389 33 58 Annual administrative charges - 12 8 12 1 2 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - 8 7 10 1 2 Other contract charges - 65 18 23 5 6 Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses - 493 244 434 40 68 ------------------------------------------------------------------------------- Net investment income (loss) - (493) (96) (434) (40) (28) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments - (1,185) (1,999) (4,162) (157) (205) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions - (1,185) (1,999) (4,162) (157) (205) Net unrealized appreciation (depreciation) of investments (4) (12,282) (590) (1,617) 16 (198) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(4) $(13,960) $(2,685) $(6,213) $(181) $(431) =============================================================================== SEE ACCOMPANYING NOTES.
52 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
JANUS JANUS ASPEN ASPEN JANUS ASPEN SERIES JANUS ASPEN SERIES OPPENHEIMER OPPENHEIMER SERIES FLEXIBLE SERIES WORLDWIDE GLOBAL STRATEGIC BALANCED INCOME GROWTH GROWTH SECURITIES BOND ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $8 $6 $- $21 $- $- ------------------------------------------------------------------------------- Total investment income 8 6 - 21 - - Expenses: Mortality and expense risk and other charges 2 1 1 60 1 - Annual administrative charges - - - 1 - - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - - - - Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 2 1 1 61 1 - ------------------------------------------------------------------------------- Net investment income (loss) 6 5 (1) (40) (1) - REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (3) - - (682) (6) (1) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (3) - - (682) (6) (1) Net unrealized appreciation (depreciation) of investments (29) 10 (32) (169) (38) 1 ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(26) $15 $(33) $(891) $(45) $- =============================================================================== SEE ACCOMPANYING NOTES.
53 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
PIMCO STOCKSPLUS PIONEER PIONEER PIONEER PIMCO HIGH GROWTH AND EQUITY-INCOME PIONEER MID-CAP SMALL YIELD INCOME VCT FUND VCT VALUE VCT COMPANY VCT ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $21,664 $5,561 $3 $124 $195 $1 ------------------------------------------------------------------------------- Total investment income 21,664 5,561 3 124 195 1 Expenses: Mortality and expense risk and other charges 4,283 3,303 1 191 584 39 Annual administrative charges 133 96 - 5 23 1 Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 340 374 - 3 18 - Other contract charges 248 151 - 23 48 - Amortization of deferred charges related to: Deferred sales load 1 1 - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 5,005 3,925 1 222 673 40 ------------------------------------------------------------------------------- Net investment income (loss) 16,659 1,636 2 (98) (478) (39) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (18,706) (63,970) - (1,493) (1,011) (35) Capital gains distributions - - - - 1,087 - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (18,706) (63,970) - (1,493) 76 (35) Net unrealized appreciation (depreciation) of investments (3,581) 10,124 (21) (1,359) (6,968) (577) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(5,628) $(52,210) $(19) $(2,950) $(7,370) $(651) =============================================================================== SEE ACCOMPANYING NOTES.
54 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
PRUDENTIAL SP JENNISON PUTNAM VT PROFUND VP PROFUND VP PROFUND VP PRUDENTIAL INTERNATIONAL GROWTH AND BULL EUROPE 30 SMALL-CAP JENNISON GROWTH INCOME ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $- $- $- $- $- $19 ------------------------------------------------------------------------------- Total investment income - - - - - 19 Expenses: Mortality and expense risk and other charges 422 151 516 691 251 19 Annual administrative charges 19 3 17 20 8 - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges 20 31 58 28 12 - Other contract charges 27 6 37 82 26 - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 488 191 628 821 297 19 ------------------------------------------------------------------------------- Net investment income (loss) (488) (191) (628) (821) (297) - REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (7,045) (1,793) (6,274) (12,816) (2,827) (30) Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (7,045) (1,793) (6,274) (12,816) (2,827) (30) Net unrealized appreciation (depreciation) of investments (1,022) (425) (1,582) (2,790) (897) (254) ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(8,555) $(2,409) $(8,484) $(16,427) $(4,021) $(284) =============================================================================== SEE ACCOMPANYING NOTES.
55 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
SMITH PUTNAM VT BARNEY SMITH INTERNATIONAL SMITH INTERNATIONAL SMITH BARNEY BARNEY GROWTH AND PUTNAM VT BARNEY HIGH ALL CAP LARGE CAP MONEY INCOME VOYAGER II INCOME GROWTH VALUE MARKET ------------------------------------------------------------------------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $6 $- $82 $2 $18 $2 ------------------------------------------------------------------------------- Total investment income 6 - 82 2 18 2 Expenses: Mortality and expense risk and other charges 34 19 5 3 7 2 Annual administrative charges 1 1 - - - - Minimum death benefit guarantee charges - - - - - - Contingent deferred sales charges - - - - - 8 Other contract charges - - - - - - Amortization of deferred charges related to: Deferred sales load - - - - - - Premium taxes - - - - - - ------------------------------------------------------------------------------- Total expenses 35 20 5 3 7 10 ------------------------------------------------------------------------------- Net investment income (loss) (29) (20) 77 (1) 11 (8) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (12) (8) (33) (9) (24) - Capital gains distributions - - - - - - ------------------------------------------------------------------------------- Net realized gain (loss) on investments and capital gains distributions (12) (8) (33) (9) (24) - Net unrealized appreciation (depreciation) of investments (412) (431) (62) (67) (133) - ------------------------------------------------------------------------------- Net increase (decrease) in net assets resulting from operations $(453) $(459) $(18) $(77) $(146) $(8) =============================================================================== SEE ACCOMPANYING NOTES.
56 Golden American Life Insurance Company Separate Account B Statement of Operations (continued) For the year ended December 31, 2002 (DOLLARS IN THOUSANDS)
UBS TACTICAL ALLOCATION -------------- NET INVESTMENT INCOME (LOSS) Income: Dividends $5 -------------- Total investment income 5 Expenses: Mortality and expense risk and other charges 17 Annual administrative charges - Minimum death benefit guarantee charges - Contingent deferred sales charges - Other contract charges - Amortization of deferred charges related to: Deferred sales load - Premium taxes - -------------- Total expenses 17 -------------- Net investment income (loss) (12) REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain (loss) on investments (15) Capital gains distributions - -------------- Net realized gain (loss) on investments and capital gains distributions (15) Net unrealized appreciation (depreciation) of investments (299) -------------- Net increase (decrease) in net assets resulting from operations $(326) ============== SEE ACCOMPANYING NOTES.
57 This page is intentionally left blank. 58 This page is intentionally left blank. 59 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST ASSET GCG TRUST CAPITAL CAPITAL GCG TRUST ALL CAP ALLOCATION CAPITAL GROWTH GUARDIAN ALL CAP ADVISOR GROWTH GROWTH ADVISOR SMALL CAP --------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $104,883 $- $4,696 $463,399 $- $422,097 Increase (decrease) in net assets: Operations: Net investment income (loss) (818) - (27) (7,708) - (7,294) Net realized gain (loss) on investments and capital gains distributions (209) - (61) (21,430) - (283,317) Net unrealized appreciation (depreciation) of investments (2,272) - (644) (46,715) - 276,874 --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (3,299) - (732) (75,853) - (13,737) Changes from principal transactions: Purchase payments 110,856 - 30,995 40,288 - 72,626 Contract distributions and terminations (9,054) - (753) (22,815) - (19,753) Transfer payments from (to) other Divisions (including the fixed accounts), net 95,928 - 15,035 (9,586) - 19,278 Additions to assets retained in the Account by Golden American Life Insurance Company - - 1 1 - 2 --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 197,730 - 45,278 7,888 - 72,153 --------------------------------------------------------------------------- Total increase (decrease) 194,431 - 44,546 (67,965) - 58,416 --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 299,314 - 49,242 395,434 - 480,513 Increase (decrease) in net assets: Operations: Net investment income (loss) (5,038) - (511) (5,491) - (7,335) Net realized gain (loss) on investments and capital gains distributions (14,267) - (2,018) (211,562) - (87,705) Net unrealized appreciation (depreciation) of investments (74,887) (1) (8,019) 97,211 (6) (39,390) --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (94,192) (1) (10,548) (119,842) (6) (134,430) Changes from principal transactions: Purchase payments 83,489 136 11,948 22,649 150 64,429 Contract distributions and terminations (12,299) - (2,730) (16,524) - (23,540) Transfer payments from (to) other Divisions (including the fixed accounts), net (28,572) 41 (671) (34,948) 4 (45,826) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 42,618 177 8,547 (28,823) 154 (4,937) --------------------------------------------------------------------------- Total increase (decrease) (51,574) 176 (2,001) (148,665) 148 (139,367) --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $247,740 $176 $47,241 $246,769 $148 $341,146 =========================================================================== SEE ACCOMPANYING NOTES.
60 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST CAPITAL GCG TRUST GUARDIAN GCG TRUST GCG TRUST DEVELOPING GCG TRUST SMALL CAP GCG TRUST CORE BOND DEVELOPING WORLD DIVERSIFIED ADVISOR CORE BOND ADVISOR WORLD ADVISOR MID-CAP ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $40,000 $- $54,398 $- $11,358 Increase (decrease) in net assets: Operations: Net investment income (loss) - (857) - (422) - (408) Net realized gain (loss) on investments and capital gains distributions - (1,057) - (8,712) - (602) Net unrealized appreciation (depreciation) of investments - 2,969 - 4,320 - 668 ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - 1,055 - (4,814) - (342) Changes from principal transactions: Purchase payments - 45,161 - 11,440 - 33,892 Contract distributions and terminations - (3,062) - (3,183) - (956) Transfer payments from (to) other Divisions (including the fixed accounts), net - 31,839 - 13,624 - 13,862 Additions to assets retained in the Account by Golden American Life Insurance Company - 3 - 1 - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - 73,941 - 21,882 - 46,798 ------------------------------------------------------------------------------- Total increase (decrease) - 74,996 - 17,068 - 46,456 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 114,996 - 71,466 - 57,814 Increase (decrease) in net assets: Operations: Net investment income (loss) - 4,398 15 (1,356) - (1,405) Net realized gain (loss) on investments and capital gains distributions - 2,237 1 1,932 - (1,645) Net unrealized appreciation (depreciation) of investments 1 10,717 (3) (8,556) (2) (16,949) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 1 17,352 13 (7,980) (2) (19,999) Changes from principal transactions: Purchase payments 85 135,019 872 11,601 81 38,230 Contract distributions and terminations - (11,442) - (4,659) - (3,572) Transfer payments from (to) other Divisions (including the fixed accounts), net 235 169,200 107 (10,428) - 18,686 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 320 292,777 979 (3,486) 81 53,344 ------------------------------------------------------------------------------- Total increase (decrease) 321 310,129 992 (11,466) 79 33,345 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $321 $425,125 $992 $60,000 $79 $91,159 =============================================================================== SEE ACCOMPANYING NOTES.
61 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST DIVERSIFIED GCG TRUST GCG TRUST EQUITY GCG TRUST EQUITY MID-CAP EMERGING EQUITY GROWTH EQUITY INCOME ADVISOR MARKETS GROWTH ADVISOR INCOME ADVISOR ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $19,953 $- $- $ 291,793 $- Increase (decrease) in net assets: Operations: Net investment income (loss) - (46) - - 814 - Net realized gain (loss) on investments and capital gains distributions - (1,106) - - (1,482) - Net unrealized appreciation (depreciation) of investments - 898 - - (822) - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (254) - - (1,490) - Changes from principal transactions: - - 78,113 - Purchase payments - 305 - - (19,657) - Contract distributions and terminations - (580) - - 68,000 - Transfer payments from (to) other Divisions (including the fixed accounts), net - (19,424) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - 4 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - (19,699) - - 126,460 - ------------------------------------------------------------------------------- Total increase (decrease) - (19,953) - - 124,970 - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - - - - 416,763 - Increase (decrease) in net assets: Operations: Net investment income (loss) - - (19) (1) (1,888) 6 Net realized gain (loss) on investments and capital gains distributions - - (88) - (13,856) 3 Net unrealized appreciation (depreciation) of investments (4) - (170) (22) (56,537) (20) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (4) - (277) (23) (72,281) (11) Changes from principal transactions: Purchase payments 136 - 2,518 468 85,631 591 Contract distributions and terminations - - (48) - (20,848) - Transfer payments from (to) other Divisions (including the fixed accounts), net 88 - 2,169 13 403 60 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - 2 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 224 - 4,639 481 65,188 651 ------------------------------------------------------------------------------- Total increase (decrease) 220 - 4,362 458 (7,093) 640 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $220 $- $4,362 $458 $409,670 $640 =============================================================================== SEE ACCOMPANYING NOTES.
62 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST EQUITY GCG TRUST GCG TRUST FULLY EQUITY OPPORTUNITY GCG TRUST FOCUS VALUE FULLY MANAGED OPPORTUNITY ADVISOR FOCUS VALUE ADVISOR MANAGED ADVISOR ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $477,934 $- $- $- $345,651 $- Increase (decrease) in net assets: Operations: Net investment income (loss) (7,700) - - - 7,691 - Net realized gain (loss) on investments and capital gains distributions (15,294) - - - 21,548 - Net unrealized appreciation (depreciation) of investments (50,801) - - - 1,318 - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (73,795) - - - 30,557 - Changes from principal transactions: Purchase payments 75,117 - - - 146,482 - Contract distributions and terminations (21,611) - - - (26,120) - Transfer payments from (to) other Divisions (including the fixed accounts), net (17,438) - - - 148,392 - Additions to assets retained in the Account by Golden American Life Insurance Company 2 - - - 9 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 36,070 - - - 268,763 - ------------------------------------------------------------------------------- Total increase (decrease) (37,725) - - - 299,320 - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 440,209 - - - 644,971 - Increase (decrease) in net assets: Operations: Net investment income (loss) (5,971) - (39) - (1,345) 9 Net realized gain (loss) on investments and capital gains distributions (150,767) - (201) - 13,721 9 Net unrealized appreciation (depreciation) of investments 21,921 - (90) (2) (34,916) (20) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (134,817) - (330) (2) (22,540) (2) Changes from principal transactions: Purchase payments 34,448 32 3,044 23 223,105 900 Contract distributions and terminations (17,174) - (96) - (43,624) - Transfer payments from (to) other Divisions (including the fixed accounts), net (41,715) 2 3,313 27 133,166 (4) Additions to assets retained in the Account by Golden American Life Insurance Company 3 - - - 1 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions (24,438) 34 6,261 50 312,648 896 ------------------------------------------------------------------------------- Total increase (decrease) (159,255) 34 5,931 48 290,108 894 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $280,954 $34 $5,931 $48 $935,079 $894 =============================================================================== SEE ACCOMPANYING NOTES.
63 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST FUNDAMENTAL GCG TRUST GLOBAL GCG TRUST FUNDAMENTAL GROWTH GLOBAL FRANCHISE GCG TRUST GROWTH GROWTH FOCUS ADVISOR FRANCHISE ADVISOR GROWTH ADVISOR ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $1,474,980 $- Increase (decrease) in net assets: Operations: Net investment income (loss) - - - - (21,671) - Net realized gain (loss) on investments and capital gains distributions - - - - (652,014) - Net unrealized appreciation (depreciation) of investments - - - - 196,709 - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - - - - (476,976) - Changes from principal transactions: Purchase payments - - - - 150,918 - Contract distributions and terminations - - - - (53,998) - Transfer payments from (to) other Divisions (including the fixed accounts), net - - - - (92,035) - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - 3 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - - - - 4,888 - ------------------------------------------------------------------------------- Total increase (decrease) - - - - (472,088) - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - - - - 1,002,892 - Increase (decrease) in net assets: Operations: Net investment income (loss) (12) - (84) (1) (13,950) - Net realized gain (loss) on investments and capital gains distributions (17) - (154) - (524,085) - Net unrealized appreciation (depreciation) of investments (114) (5) (208) 6 244,425 (5) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (143) (5) (446) 5 (293,610) (5) Changes from principal transactions: Purchase payments 1,709 99 7,816 690 56,919 68 Contract distributions and terminations (21) - (161) - (35,962) - Transfer payments from (to) other Divisions (including the fixed accounts), net 1,197 14 7,461 13 (170,198) 29 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 2,885 113 15,116 703 (149,241) 97 ------------------------------------------------------------------------------- Total increase (decrease) 2,742 108 14,670 708 (442,851) 92 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $2,742 $108 $14,670 $708 $560,041 $92 =============================================================================== SEE ACCOMPANYING NOTES.
64 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST INTERNATIONAL INTERNATIONAL GCG TRUST GROWTH GCG TRUST HARD ASSETS ENHANCED ENHANCED INTERNATIONAL ADVISOR HARD ASSETS ADVISOR EAFE EAFE ADVISOR EQUITY ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $41,509 $- $- $- $194,618 Increase (decrease) in net assets: Operations: Net investment income (loss) - (662) - - - (3,180) Net realized gain (loss) on investments and capital gains distributions - (1,681) - - - (66,811) Net unrealized appreciation (depreciation) of investments - (3,365) - - - 30,006 ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (5,708) - - - (39,985) Changes from principal transactions: Purchase payments - 6,781 - - - 21,029 Contract distributions and terminations - (1,927) - - - (7,978) Transfer payments from (to) other Divisions (including the fixed accounts), net - (7,446) - - - (23,623) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - (2,592) - - - (10,572) ------------------------------------------------------------------------------- Total increase (decrease) - (8,300) - - - (50,557) ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 33,209 - - - 144,061 Increase (decrease) in net assets: Operations: Net investment income (loss) - (642) - (24) - (1,510) Net realized gain (loss) on investments and capital gains distributions - (2,333) - (285) - (18,218) Net unrealized appreciation (depreciation) of investments (5) (1,937) 1 29 (1) (1,709) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (5) (4,912) 1 (280) (1) (21,437) Changes from principal transactions: Purchase payments 68 10,388 63 2,749 166 15,966 Contract distributions and terminations - (2,996) - (61) - (6,869) Transfer payments from (to) other Divisions (including the fixed accounts), net 29 32,064 33 2,582 - (11,244) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 97 39,456 96 5,270 166 (2,147) ------------------------------------------------------------------------------- Total increase (decrease) 92 34,544 97 4,990 165 (23,584) ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $92 $67,753 $97 $4,990 $165 $120,477 =============================================================================== SEE ACCOMPANYING NOTES.
65 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST J.P. MORGAN INTERNATIONAL GCG TRUST INTERNET GCG TRUST FLEMING EQUITY INTERNET TOLLKEEPER GCG TRUST INVESTORS SMALL CAP ADVISOR TOLLKEEPER ADVISOR INVESTORS ADVISOR EQUITY ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $21,558 $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - (27) - (325) - - Net realized gain (loss) on investments and capital gains distributions - (152) - (368) - - Net unrealized appreciation (depreciation) of investments - (1) - (3,000) - - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (180) - (3,693) - - Changes from principal transactions: Purchase payments - 3,417 - 41,981 - - Contract distributions and terminations - (36) - (2,329) - - Transfer payments from (to) other Divisions (including the fixed accounts), net - 2,188 - 33,883 - - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - 5,569 - 73,535 - - ------------------------------------------------------------------------------- Total increase (decrease) - 5,389 - 69,842 - - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 5,389 - 91,400 - - Increase (decrease) in net assets: Operations: Net investment income (loss) 1 (169) - (1,156) 1 (56) Net realized gain (loss) on investments and capital gains distributions - (3,259) - (2,693) - (90) Net unrealized appreciation (depreciation) of investments - 32 (4) (23,933) - (411) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 1 (3,396) (4) (27,782) 1 (557) Changes from principal transactions: Purchase payments 218 7,425 42 33,925 267 5,453 Contract distributions and terminations - (281) - (3,916) - (116) Transfer payments from (to) other Divisions (including the fixed accounts), net 35 3,665 15 (1,491) 29 4,710 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 253 10,809 57 28,518 296 10,047 ------------------------------------------------------------------------------- Total increase (decrease) 254 7,413 53 736 297 9,490 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $254 $12,802 $53 $92,136 $297 $9,490 =============================================================================== SEE ACCOMPANYING NOTES.
66 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST J.P GCG TRUST MORGAN GCG TRUST JANUS GCG TRUST GCG TRUST FLEMING JANUS GROWTH AND GCG TRUST LARGE CAP LIMITED SMALL CAP GROWTH AND INCOME LARGE CAP VALUE MATURITY ADVISOR INCOME ADVISOR VALUE ADVISOR BOND ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $12,726 $- $98,545 $- $200,958 Increase (decrease) in net assets: Operations: Net investment income (loss) - (420) - (2,813) - 8,924 Net realized gain (loss) on investments and capital gains distributions - (175) - (343) - 4,818 Net unrealized appreciation (depreciation) of investments - (3,724) - (1,637) - 3,378 ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (4,319) - (4,793) - 17,120 Changes from principal transactions: Purchase payments - 56,119 - 114,157 - 94,671 Contract distributions and terminations - (1,615) - (6,489) - (16,054) Transfer payments from (to) other Divisions (including the fixed accounts), net - 29,809 - 74,069 - 67,367 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - 84,313 - 181,737 - 145,984 ------------------------------------------------------------------------------- Total increase (decrease) - 79,994 - 176,944 - 163,104 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 92,720 - 275,489 - 364,062 Increase (decrease) in net assets: Operations: Net investment income (loss) (1) (1,869) - (4,985) (1) 8,171 Net realized gain (loss) on investments and capital gains distributions - (4,040) - (12,529) - 6,401 Net unrealized appreciation (depreciation) of investments (9) (22,039) (15) (66,466) (14) 9,830 ------------------------------------------------------------------------------- Net increase (decrease) in net assets from (10) (27,948) (15) (83,980) (15) 24,402 operations Changes from principal transactions: Purchase payments 462 55,155 541 90,790 307 96,571 Contract distributions and terminations - (4,880) - (11,843) - (30,028) Transfer payments from (to) other Divisions (including the fixed accounts), net 59 15,298 61 25,232 41 103,934 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 521 65,573 602 104,179 348 170,477 ------------------------------------------------------------------------------- Total increase (decrease) 511 37,625 587 20,199 333 194,879 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $511 $130,345 $587 $295,688 $333 $558,941 =============================================================================== SEE ACCOMPANYING NOTES.
67 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST LIQUID GCG TRUST MANAGED GCG TRUST MID-CAP GCG TRUST ASSET MANAGED GLOBAL MID-CAP GROWTH LIQUID ASSET ADVISOR GLOBAL ADVISOR GROWTH ADVISOR ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $679,666 $- $228,347 $- $1,158,061 $- Increase (decrease) in net assets: Operations: Net investment income (loss) (1,253) - (3,832) - (14,522) - Net realized gain (loss) on investments and capital gains distributions - - (98,932) - (607,476) - Net unrealized appreciation (depreciation) of investments - - 72,788 - 312,790 - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (1,253) - (29,976) - (309,208) - Changes from principal transactions: Purchase payments 591,523 - 58,076 - 180,227 - Contract distributions and terminations (449,815) - (10,294) - (45,653) - Transfer payments from (to) other Divisions (including the fixed accounts), net 251,363 - 4,232 - (55,138) - Additions to assets retained in the Account by Golden American Life Insurance Company 1 - 3 - 1 - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 393,072 - 52,017 - 79,437 - ------------------------------------------------------------------------------- Total increase (decrease) 391,819 - 22,041 - (229,771) - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 1,071,485 - 250,388 - 928,290 - Increase (decrease) in net assets: Operations: Net investment income (loss) (35,023) (2) (3,977) - (11,581) - Net realized gain (loss) on investments and capital gains distributions - - (2,654) - (502,998) - Net unrealized appreciation (depreciation) of investments - - (50,119) (2) 41,552 (9) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (35,023) (2) (56,750) (2) (473,027) (9) Changes from principal transactions: Purchase payments 454,243 3,191 48,234 31 86,280 231 Contract distributions and terminations (594,093) - (12,917) - (30,288) - Transfer payments from (to) other Divisions (including the fixed accounts), net 126,567 (1,389) (5,872) 21 (75,674) 327 Additions to assets retained in the Account by Golden American Life Insurance Company - - 1 - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions (13,283) 1,802 29,446 52 (19,682) 558 ------------------------------------------------------------------------------- Total increase (decrease) (48,306) 1,800 (27,304) 50 (492,709) 549 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $1,023,179 $1,800 $223,084 $50 $435,581 $549 =============================================================================== SEE ACCOMPANYING NOTES.
68 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST GCG TRUST MARKET GCG TRUST REAL ESTATE GCG TRUST RESEARCH SPECIAL MANAGER REAL ESTATE ADVISOR RESEARCH ADVISOR SITUATIONS ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $6,619 $100,303 $- $800,528 $- $5,891 Increase (decrease) in net assets: Operations: Net investment income (loss) (545) 2,682 - (11,613) - (241) Net realized gain (loss) on investments and capital gains distributions 3,429 6,128 - 2,768 - (359) Net unrealized appreciation (depreciation) of investments (3,695) (3,608) - (178,581) - (769) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (811) 5,202 - (187,426) - (1,369) Changes from principal transactions: Purchase payments (168) 23,104 - 98,910 - 12,758 Contract distributions and terminations (10) (4,974) - (32,070) - (535) Transfer payments from (to) other Divisions (including the fixed accounts), net (5,630) 2,531 - (42,232) - 7,580 Additions to assets retained in the Account by Golden American Life Insurance Company - 3 - 1 - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions (5,808) 20,664 - 24,609 - 19,803 ------------------------------------------------------------------------------- Total increase (decrease) (6,619) 25,866 - (162,817) - 18,434 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 126,169 - 637,711 - 24,325 Increase (decrease) in net assets: Operations: Net investment income (loss) - 3,164 7 (7,743) - (504) Net realized gain (loss) on investments and capital gains distributions - 5,522 2 (159,946) - (1,565) Net unrealized appreciation (depreciation) of investments - (16,719) (2) 3,501 (3) (6,229) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (8,033) 7 (164,188) (3) (8,298) Changes from principal transactions: Purchase payments - 44,924 243 51,406 254 6,311 Contract distributions and terminations - (8,734) - (28,260) - (834) Transfer payments from (to) other Divisions (including the fixed accounts), net - 33,281 26 (75,634) 75 290 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - 69,471 269 (52,488) 329 5,767 ------------------------------------------------------------------------------- Total increase (decrease) - 61,438 276 (216,676) 326 (2,531) ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $- $187,607 $276 $421,035 $326 $21,794 =============================================================================== SEE ACCOMPANYING NOTES.
69 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST GCG TRUST SPECIAL GCG TRUST STRATEGIC GCG TRUST TOTAL GCG TRUST SITUATIONS STRATEGIC EQUITY TOTAL RETURN VALUE ADVISOR EQUITY ADVISOR RETURN ADVISOR EQUITY ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $359,734 $- $608,868 $- $180,722 Increase (decrease) in net assets: Operations: Net investment income (loss) - (5,301) - 21,062 - (1,768) Net realized gain (loss) on investments and capital gains distributions - (127,454) - 17,228 - 265 Net unrealized appreciation (depreciation) of investments - 52,004 - (46,531) - (14,146) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (80,751) - (8,241) - (15,649) Changes from principal transactions: Purchase payments - 38,833 - 174,830 - 32,137 Contract distributions and terminations - (13,819) - (38,220) - (9,292) Transfer payments from (to) other Divisions (including the fixed accounts), net - (44,615) - 56,153 - 11,120 Additions to assets retained in the Account by Golden American Life Insurance Company - - - 4 - 1 ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - (19,601) - 192,767 - 33,966 ------------------------------------------------------------------------------- Total increase (decrease) - (100,352) - 184,526 - 18,317 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 259,382 - 793,394 - 199,039 Increase (decrease) in net assets: Operations: Net investment income (loss) - (3,672) - 4,052 17 (2,233) Net realized gain (loss) on investments and capital gains distributions - (113,239) - 704 1 (11,165) Net unrealized appreciation (depreciation) of investments (1) 38,088 (1) (67,592) (29) (27,107) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (1) (78,823) (1) (62,836) (11) (40,505) Changes from principal transactions: Purchase payments 36 15,000 61 155,432 976 24,266 Contract distributions and terminations - (9,725) - (47,311) - (9,725) Transfer payments from (to) other Divisions (including the fixed accounts), net 21 (45,983) 18 14,587 (10) 164 Additions to assets retained in the Account by Golden American Life Insurance Company - 1 - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 57 (40,707) 79 122,708 966 14,705 ------------------------------------------------------------------------------- Total increase (decrease) 56 (119,530) 78 59,872 955 (25,800) ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $56 $139,852 $78 $853,266 $955 $173,239 =============================================================================== SEE ACCOMPANYING NOTES.
70 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GCG TRUST GCG TRUST VAN KAMPEN AIM V.I. GCG TRUST VAN KAMPEN GROWTH & DENT AIM V.I. VALUE EQUITY GROWTH AND INCOME DEMOGRAPHIC AIM V.I. CAPITAL ADVISOR INCOME ADVISOR TRENDS GROWTH APPRECIATION ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $860,338 $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - (11,298) - (3) - - Net realized gain (loss) on investments and capital gains distributions - 30,166 - 3 - - Net unrealized appreciation (depreciation) of investments - (137,786) - (12) 18 - ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (118,918) - (12) 18 - Changes from principal transactions: Purchase payments - 70,829 - 404 137 - Contract distributions and terminations - (39,067) - (5) (1) - Transfer payments from (to) other Divisions (including the fixed accounts), net - (41,139) - 3,163 289 - Additions to assets retained in the Account by Golden American Life Insurance Company - 6 - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - (9,371) - 3,562 425 - ------------------------------------------------------------------------------- Total increase (decrease) - (128,289) - 3,550 443 - ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 732,049 - 3,550 443 - Increase (decrease) in net assets: Operations: Net investment income (loss) 1 (6,430) 5 (159) (11) - Net realized gain (loss) on investments and capital gains distributions - (9,833) 1 (1,222) (108) - Net unrealized appreciation (depreciation) of investments (3) (100,836) (12) (2,117) (102) (7) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (2) (117,099) (6) (3,498) (221) (7) Changes from principal transactions: Purchase payments 62 44,218 960 9,229 663 24 Contract distributions and terminations - (36,216) - (233) (18) - Transfer payments from (to) other Divisions (including the fixed accounts), net 47 (68,345) 36 2,287 (19) 10 Additions to assets retained in the Account by Golden American Life Insurance Company - 1 - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from 109 (60,342) 996 11,283 626 34 principal transactions ------------------------------------------------------------------------------- Total increase (decrease) 107 (177,441) 990 7,785 405 27 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $107 $554,608 $990 $11,335 $848 $27 =============================================================================== SEE ACCOMPANYING NOTES.
71 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
AIM V.I. ALLIANCE ALLIANCE ALLIANCE FIDELITY(R) AIM V.I. PREMIER BERNSTEIN GROWTH AND PREMIER VIP CORE EQUITY EQUITY VALUE INCOME GROWTH GROWTH ------------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - - (2) (4) (3) (2) Net realized gain (loss) on investments and capital gains distributions - - (5) (3) (6) (4) Net unrealized appreciation (depreciation) of investments - - 18 41 61 36 ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - - 11 34 52 30 Changes from principal transactions: Purchase payments - - 463 1,467 921 578 Contract distributions and terminations - - (1) (3) (1) (12) Transfer payments from (to) other Divisions (including the fixed accounts), net - - 122 155 119 97 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - - 584 1,619 1,039 663 ------------------------------------------------------------------------------- Total increase (decrease) - - 595 1,653 1,091 693 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - - 595 1,653 1,091 693 Increase (decrease) in net assets: Operations: Net investment income (loss) - - (24) 86 (26) (130) Net realized gain (loss) on investments and capital gains distributions - - (19) (72) (413) (725) Net unrealized appreciation (depreciation) of investments (3) (7) (241) (1,016) (166) (1,237) ------------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (3) (7) (284) (1,002) (605) (2,092) Changes from principal transactions: Purchase payments 41 69 1,019 3,457 942 13,555 Contract distributions and terminations - - (44) (100) (74) (197) Transfer payments from (to) other Divisions (including the fixed accounts), net 3 18 1,423 722 740 11,253 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 44 87 2,398 4,079 1,608 24,611 ------------------------------------------------------------------------------- Total increase (decrease) 41 80 2,114 3,077 1,003 22,519 ------------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $41 $80 $2,709 $4,730 $2,094 $23,212 =============================================================================== SEE ACCOMPANYING NOTES.
72 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
FRANKLIN FIDELITY(R) FIDELITY(R) FIDELITY(R) SMALL CAP GALAXY VIP VIP VIP VIP VALUE GREENWICH ASSET EQUITY-INCOME CONTRAFUND(R) OVERSEAS SECURITIES APPRECIATION ALLOCATION ------------------------------------------------------------------------------ NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $831 $1,387 Increase (decrease) in net assets: Operations: Net investment income (loss) (5) (3) - - (7) 5 Net realized gain (loss) on investments and capital gains distributions (4) - - - 1 (14) Net unrealized appreciation (depreciation) of investments 63 51 - - (46) (136) ------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations 54 48 - - (52) (145) Changes from principal transactions: Purchase payments 1,658 1,001 - - 5 105 Contract distributions and terminations (10) (2) - - (44) (76) Transfer payments from (to) other Divisions (including the fixed accounts), net 247 136 - - (17) (11) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------ Increase (decrease) in net assets derived from principal transactions 1,895 1,135 - - (56) 18 ------------------------------------------------------------------------------ Total increase (decrease) 1,949 1,183 - - (108) (127) ------------------------------------------------------------------------------ NET ASSETS AT DECEMBER 31, 2001 1,949 1,183 - - 723 1,260 Increase (decrease) in net assets: Operations: Net investment income (loss) (53) (35) - - - 4 Net realized gain (loss) on investments and capital gains distributions (1,606) (35) - - (11) (192) Net unrealized appreciation (depreciation) of investments 62 (331) - (3) (130) (40) ------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations (1,597) (401) - (3) (141) (228) Changes from principal transactions: Purchase payments 12,283 3,038 9 20 15 1 Contract distributions and terminations (287) (57) - - (5) (25) Transfer payments from (to) other Divisions (including the fixed accounts), net 11,503 675 - - (3) (377) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------ Increase (decrease) in net assets derived from principal transactions 23,499 3,656 9 20 7 (401) ------------------------------------------------------------------------------ Total increase (decrease) 21,902 3,255 9 17 (134) (629) ------------------------------------------------------------------------------ NET ASSETS AT DECEMBER 31, 2002 $23,851 $4,438 $9 $17 $589 $631 ============================================================================== SEE ACCOMPANYING NOTES.
73 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
GALAXY VIP GALAXY VIP GALAXY VIP HIGH SMALL ING GET ING GET GALAXY VIP GROWTH AND QUALITY COMPANY FUND - FUND - EQUITY INCOME BOND GROWTH SERIES N SERIES P ------------------------------------------------------------------------------ NET ASSETS AT JANUARY 1, 2001 $1,071 $ 284 $78 $72 $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) (20) (4) 5 (1) 28 (79) Net realized gain (loss) on investments and capital gains distributions (45) (9) 1 (1) 72 - Net unrealized appreciation (depreciation) of investments (162) (14) 1 1 661 293 ------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations (227) (27) 7 (1) 761 214 Changes from principal transactions: Purchase payments 87 48 33 9 1,687 6,196 Contract distributions and terminations (87) (11) (4) - (135) (202) Transfer payments from (to) other Divisions (including the fixed accounts), net (37) (93) 38 4 28,555 146,837 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------ Increase (decrease) in net assets derived from principal transactions (37) (56) 67 13 30,107 152,831 ------------------------------------------------------------------------------ Total increase (decrease) (264) (83) 74 12 30,868 153,045 ------------------------------------------------------------------------------ NET ASSETS AT DECEMBER 31, 2001 807 201 152 84 30,868 153,045 Increase (decrease) in net assets: Operations: Net investment income (loss) (11) (2) 4 (1) (225) (1,613) Net realized gain (loss) on investments and capital gains distributions (84) (5) 2 (7) 1 (70) Net unrealized appreciation (depreciation) of investments (126) (42) 3 (23) (538) 1,644 ------------------------------------------------------------------------------ Net increase (decrease) in net assets from operations (221) (49) 9 (31) (762) (39) Changes from principal transactions: Purchase payments 15 4 - 12 (8) (437) Contract distributions and terminations (33) (14) (4) (5) (792) (3,496) Transfer payments from (to) other Divisions (including the fixed accounts), net (81) (20) (27) (3) (645) (5,227) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ------------------------------------------------------------------------------ Increase (decrease) in net assets derived from principal transactions (99) (30) (31) 4 (1,445) (9,160) ------------------------------------------------------------------------------ Total increase (decrease) (320) (79) (22) (27) (2,207) (9,199) ------------------------------------------------------------------------------ NET ASSETS AT DECEMBER 31, 2002 $487 $122 $130 $57 $28,661 $143,846 ============================================================================== SEE ACCOMPANYING NOTES.
74 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING GET ING GET ING GET ING GET ING GET FUND - FUND - FUND - FUND - FUND - ING ALGER SERIES Q SERIES R SERIES S SERIES T SERIES U GROWTH ----------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - - - - - - Net realized gain (loss) on investments and capital gains distributions - - - - - - Net unrealized appreciation (depreciation) of investments - - - - - - ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - - - - - - Changes from principal transactions: Purchase payments - - - - - - Contract distributions and terminations - - - - - - Transfer payments from (to) other Divisions (including the fixed accounts), net 1,904 - - - - - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 1,904 - - - - - ----------------------------------------------------------------------------- Total increase (decrease) 1,904 - - - - - ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 1,904 - - - - - Increase (decrease) in net assets: Operations: Net investment income (loss) 335 320 (132) (298) - - Net realized gain (loss) on investments and capital gains distributions (3) 48 (15) 8 - - Net unrealized appreciation (depreciation) of investments 217 1,356 1,013 2,300 - (4) ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 549 1,724 866 2,010 - (4) Changes from principal transactions: Purchase payments 2,717 2,413 3,067 6,518 466 43 Contract distributions and terminations (2,304) (2,081) (1,591) (152) - - Transfer payments from (to) other Divisions (including the fixed accounts), net 166,163 168,470 216,928 229,572 582 - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 166,576 168,802 218,404 235,938 1,048 43 ----------------------------------------------------------------------------- Total increase (decrease) 167,125 170,526 219,270 237,948 1,048 39 ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $169,029 $170,526 $219,270 $237,948 $1,048 $39 ============================================================================= SEE ACCOMPANYING NOTES.
75 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING ING MFS(R) ING MFS(R) AMERICAN CAPITAL CAPITAL CENTURY ING J.P. OPPORTUNITIES OPPORTUNITIES ING MFS(R) ING OPCAP SMALL CAP MORGAN MID (INITIAL (SERVICE GLOBAL BALANCED VALUE CAP VALUE CLASS) CLASS) GROWTH VALUE ----------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - - (2) - - - Net realized gain (loss) on investments and capital gains distributions - - (2) - - - Net unrealized appreciation (depreciation) of investments - - 48 - - - ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - - 44 - - - Changes from principal transactions: Purchase payments - - 625 - - - Contract distributions and terminations - - (3) - - - Transfer payments from (to) other Divisions (including the fixed accounts), net - - 32 - - - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - - 654 - - - ----------------------------------------------------------------------------- Total increase (decrease) - - 698 - - - ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - - 698 - - - Increase (decrease) in net assets: Operations: Net investment income (loss) - - (17) - - - Net realized gain (loss) on investments and capital gains distributions - (4) (59) - - - Net unrealized appreciation (depreciation) of investments - 7 (329) (13) - (5) ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - 3 (405) (13) - (5) Changes from principal transactions: Purchase payments 2 140 717 85 66 131 Contract distributions and terminations - - (25) - - - Transfer payments from (to) other Divisions (including the fixed accounts), net - 158 295 - 9 - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 2 298 987 85 75 131 ----------------------------------------------------------------------------- Total increase (decrease) 2 301 582 72 75 126 ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $2 $301 $1,280 $72 $75 $126 ============================================================================= SEE ACCOMPANYING NOTES.
76 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING ING SALOMON ING T. ROWE ING UBS ING PIMCO SALOMON BROS. ING SCUDDER PRICE TACTICAL TOTAL BROS. INVESTORS INTERNATIONAL GROWTH ASSET RETURN CAPITAL VALUE GROWTH EQUITY ALLOCATION ----------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - - - - - - Net realized gain (loss) on investments and capital gains distributions - - - - - - Net unrealized appreciation (depreciation) of investments - - - - - - ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - - - - - - Changes from principal transactions: Purchase payments - - - - - - Contract distributions and terminations - - - - - - Transfer payments from (to) other Divisions (including the fixed accounts), net - - - - - - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - - - - - - ----------------------------------------------------------------------------- Total increase (decrease) - - - - - - ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - - - - - - Increase (decrease) in net assets: Operations: Net investment income (loss) 13 - - - - - Net realized gain (loss) on investments and capital gains distributions 1 - - - - - Net unrealized appreciation (depreciation) of investments (5) - - - (19) - ----------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 9 - - - (19) - Changes from principal transactions: Purchase payments 585 9 4 7 163 - Contract distributions and terminations - - - - - - Transfer payments from (to) other Divisions (including the fixed accounts), net (1) - - - - 2 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ----------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 584 9 4 7 163 2 ----------------------------------------------------------------------------- Total increase (decrease) 593 9 4 7 144 2 ----------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $593 $9 $4 $7 $144 $2 ============================================================================= SEE ACCOMPANYING NOTES.
77 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING VAN ING VP ING VP ING VP KAMPEN WORLDWIDE ING VP ING VP INDEX PLUS INDEX PLUS COMSTOCK GROWTH BOND GROWTH LARGECAP MIDCAP ---------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $ 5,554 $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - (237) - - 2 (2) Net realized gain (loss) on investments and capital gains distributions - (1,558) - - (4) (5) Net unrealized appreciation (depreciation) of investments - (466) - - 21 35 ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations - (2,261) - - 19 28 Changes from principal transactions: Purchase payments - 12,903 - - 834 684 Contract distributions and terminations - (485) - - - - Transfer payments from (to) other Divisions (including the fixed accounts), net - 4,303 - - (41) 108 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions - 16,721 - - 793 792 ---------------------------------------------------------------------------- Total increase (decrease) - 14,460 - - 812 820 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 - 20,014 - - 812 820 Increase (decrease) in net assets: Operations: Net investment income (loss) 2 (536) 1,106 - (31) (48) Net realized gain (loss) on investments and capital gains distributions - (2,830) 134 - (505) (505) Net unrealized appreciation (depreciation) of investments 7 (4,792) (195) (5) (104) (180) ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 9 (8,158) 1,045 (5) (640) (733) Changes from principal transactions: Purchase payments 1,591 15,820 11,426 51 3,070 4,161 Contract distributions and terminations (13) (673) (720) - (85) (74) Transfer payments from (to) other Divisions (including the fixed accounts), net 150 355 37,839 - 1,432 1,735 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 1,728 15,502 48,545 51 4,417 5,822 ---------------------------------------------------------------------------- Total increase (decrease) 1,737 7,344 49,590 46 3,777 5,089 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $1,737 $27,358 $49,590 $46 $4,589 $5,909 ============================================================================ SEE ACCOMPANYING NOTES.
78 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING VP ING VP ING VP ING VP ING VP INDEX PLUS SMALL VALUE ING VP GROWTH INTERNATIONAL SMALLCAP COMPANY OPPORTUNITY CONVERTIBLE OPPORTUNITIES VALUE ---------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) (2) - (1) (4) (27) - Net realized gain (loss) on investments and capital gains distributions (2) - (1) 5 (189) - Net unrealized appreciation (depreciation) of investments 55 - - 2 3 - ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 51 - (2) 3 (213) - Changes from principal transactions: Purchase payments 489 - 289 146 3,287 - Contract distributions and terminations - - - - (61) - Transfer payments from (to) other Divisions (including the fixed accounts), net 140 - 11 45 2,206 - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 629 - 300 191 5,432 - ---------------------------------------------------------------------------- Total increase (decrease) 680 - 298 194 5,219 - ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 680 - 298 194 5,219 - Increase (decrease) in net assets: Operations: Net investment income (loss) (32) - (12) 12 (170) - Net realized gain (loss) on investments and capital gains distributions (394) (5) (45) (15) (662) - Net unrealized appreciation (depreciation) of investments (90) (53) (250) (53) (2,425) (10) ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (516) (58) (307) (56) (3,257) (10) Changes from principal transactions: Purchase payments 3,269 237 981 673 6,716 52 Contract distributions and terminations (43) - (24) (11) (246) - Transfer payments from (to) other Divisions (including the fixed accounts), net 615 (23) 138 234 1,486 - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 3,841 214 1,095 896 7,956 52 ---------------------------------------------------------------------------- Total increase (decrease) 3,325 156 788 840 4,699 42 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $4,005 $156 $1,086 $1,034 $9,918 $42 ============================================================================ SEE ACCOMPANYING NOTES.
79 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
ING VP LARGE ING VP ING VP ING VP INVESCO VIF COMPANY LARGECAP ING VP MIDCAP SMALLCAP - FINANCIAL VALUE GROWTH MAGNACAP OPPORTUNITIES OPPORTUNITIES SERVICES ---------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) (1) (2) (6) - (80) 5 Net realized gain (loss) on investments and capital gains distributions 2 - (8) - (918) 25 Net unrealized appreciation (depreciation) of investments 4 3 20 - 297 33 ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 5 1 6 - (701) 63 Changes from principal transactions: Purchase payments 343 488 3,746 - 8,651 822 Contract distributions and terminations (1) - (117) - (133) (4) Transfer payments from (to) other Divisions (including the fixed accounts), net (191) 44 1,767 - 6,620 1,523 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 151 532 5,396 - 15,138 2,341 ---------------------------------------------------------------------------- Total increase (decrease) 156 533 5,402 - 14,437 2,404 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 156 533 5,402 - 14,437 2,404 Increase (decrease) in net assets: Operations: Net investment income (loss) (1) (9) (96) - (493) (96) Net realized gain (loss) on investments and capital gains distributions (40) (292) (437) - (1,185) (1,999) Net unrealized appreciation (depreciation) of investments (163) (52) (2,222) (4) (12,282) (590) ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (204) (353) (2,755) (4) (13,960) (2,685) Changes from principal transactions: Purchase payments 575 719 7,453 16 24,037 11,708 Contract distributions and terminations (15) (40) (335) - (584) (419) Transfer payments from (to) other Divisions (including the fixed accounts), net 446 147 2,573 - 6,188 11,933 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 1,006 826 9,691 16 29,641 23,222 ---------------------------------------------------------------------------- Total increase (decrease) 802 473 6,936 12 15,681 20,537 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $958 $1,006 $12,338 $12 $30,118 $22,941 ============================================================================ SEE ACCOMPANYING NOTES.
80 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
JANUS ASPEN JANUS INVESCO VIF INVESCO JANUS ASPEN SERIES ASPEN - HEALTH VIF - INVESCO VIF SERIES FLEXIBLE SERIES SCIENCES LEISURE - UTILITIES BALANCED INCOME GROWTH ---------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) 22 - 3 - - - Net realized gain (loss) on investments and capital gains distributions 16 - 4 - - - Net unrealized appreciation (depreciation) of investments (81) - (6) - - - ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (43) - 1 - - - Changes from principal transactions: Purchase payments 1,234 - 325 - - - Contract distributions and terminations (55) - - - - - Transfer payments from (to) other Divisions (including the fixed accounts), net 9,654 - 638 - - - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 10,833 - 963 - - - ---------------------------------------------------------------------------- Total increase (decrease) 10,790 - 964 - - - ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 10,790 - 964 - - - Increase (decrease) in net assets: Operations: Net investment income (loss) (434) (40) (28) 6 5 (1) Net realized gain (loss) on investments and capital gains distributions (4,162) (157) (205) (3) - - Net unrealized appreciation (depreciation) of investments (1,617) 16 (198) (29) 10 (32) ---------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (6,213) (181) (431) (26) 15 (33) Changes from principal transactions: Purchase payments 14,819 4,483 2,753 548 270 225 Contract distributions and terminations (1,044) (74) (128) (2) (1) - Transfer payments from (to) other Divisions (including the fixed accounts), net 12,206 1,869 4,625 (24) (1) - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - ---------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 25,981 6,278 7,250 522 268 225 ---------------------------------------------------------------------------- Total increase (decrease) 19,768 6,097 6,819 496 283 192 ---------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $30,558 $6,097 $7,783 $496 $283 $192 ============================================================================ SEE ACCOMPANYING NOTES.
81 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
JANUS ASPEN PIMCO SERIES OPPENHEIMER OPPENHEIMER STOCKSPLUS PIONEER WORLDWIDE GLOBAL STRATEGIC PIMCO HIGH GROWTH AND EQUITY-INCOME GROWTH SECURITIES BOND YIELD INCOME VCT --------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $162,857 $258,484 $- Increase (decrease) in net assets: Operations: Net investment income (loss) (2) - - 12,879 5,699 - Net realized gain (loss) on investments and capital gains distributions (4) - - (12,967) (21,014) - Net unrealized appreciation (depreciation) of investments 64 - - 448 (20,466) - --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 58 - - 360 (35,781) - Changes from principal transactions: Purchase payments 1,166 - - 56,951 34,841 - Contract distributions and terminations (7) - - (12,056) (11,973) - Transfer payments from (to) other Divisions (including the fixed accounts), net 81 - - 28,231 (4,506) - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 1,240 - - 73,126 18,362 - --------------------------------------------------------------------------- Total increase (decrease) 1,298 - - 73,486 (17,419) - --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 1,298 - - 236,343 241,065 - Increase (decrease) in net assets: Operations: Net investment income (loss) (40) (1) - 16,659 1,636 2 Net realized gain (loss) on investments and capital gains distributions (682) (6) (1) (18,706) (63,970) - Net unrealized appreciation (depreciation) of investments (169) (38) 1 (3,581) 10,124 (21) --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (891) (45) - (5,628) (52,210) (19) Changes from principal transactions: Purchase payments 3,277 273 51 55,612 25,548 198 Contract distributions and terminations (141) (3) - (15,056) (10,918) - Transfer payments from (to) other Divisions (including the fixed accounts), net (9) (20) (35) 33,966 (21,848) - Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 3,127 250 16 74,522 (7,218) 198 --------------------------------------------------------------------------- Total increase (decrease) 2,236 205 16 68,894 (59,428) 179 --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $3,534 $205 $16 $305,237 $181,637 $179 =========================================================================== SEE ACCOMPANYING NOTES.
82 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
PIONEER PIONEER PIONEER MID-CAP SMALL PROFUND VP PROFUND VP PROFUND VP FUND VCT VALUE VCT COMPANY VCT BULL EUROPE 30 SMALL-CAP --------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $- $- $- $- $- $- Increase (decrease) in net assets: Operations: Net investment income (loss) - (4) (3) (82) (88) (94) Net realized gain (loss) on investments and capital gains distributions 3 - (7) (640) (4,198) (1,538) Net unrealized appreciation (depreciation) of investments 20 97 49 214 83 141 --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations 23 93 39 (508) (4,203) (1,491) Changes from principal transactions: Purchase payments 1,074 620 857 3,580 1,157 2,754 Contract distributions and terminations (6) (6) - (153) (293) (281) Transfer payments from (to) other Divisions (including the fixed accounts), net 1,184 4,432 42 17,664 9,651 18,986 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 2,252 5,046 899 21,091 10,515 21,459 --------------------------------------------------------------------------- Total increase (decrease) 2,275 5,139 938 20,583 6,312 19,968 --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 2,275 5,139 938 20,583 6,312 19,968 Increase (decrease) in net assets: Operations: Net investment income (loss) (98) (478) (39) (488) (191) (628) Net realized gain (loss) on investments and capital gains distributions (1,493) 76 (35) (7,045) (1,793) (6,274) Net unrealized appreciation (depreciation) of investments (1,359) (6,968) (577) (1,022) (425) (1,582) --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (2,950) (7,370) (651) (8,555) (2,409) (8,484) Changes from principal transactions: Purchase payments 10,991 22,661 2,180 5,734 2,797 11,484 Contract distributions and terminations (339) (1,418) (56) (1,352) (941) (4,103) Transfer payments from (to) other Divisions (including the fixed accounts), net 10,087 34,050 1,006 14,855 9,868 19,747 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 20,739 55,293 3,130 19,237 11,724 27,128 --------------------------------------------------------------------------- Total increase (decrease) 17,789 47,923 2,479 10,682 9,315 18,644 --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $20,064 $53,062 $3,417 $31,265 $15,627 $38,612 =========================================================================== SEE ACCOMPANYING NOTES.
83 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
PRUDENTIAL PUTNAM VT SMITH SP JENNISON PUTNAM VT INTERNATIONAL BARNEY PRUDENTIAL INTERNATIONAL GROWTH AND GROWTH AND PUTNAM VT HIGH JENNISON GROWTH INCOME INCOME VOYAGER II INCOME --------------------------------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $ 7,732 $ 2,720 $- $- $- $ 446 Increase (decrease) in net assets: Operations: Net investment income (loss) (407) (126) (1) (2) (1) 44 Net realized gain (loss) on investments and capital gains distributions (5,401) (3,123) (1) (4) - (32) Net unrealized appreciation (depreciation) of investments 2,985 418 13 16 46 (32) --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (2,823) (2,831) 11 10 45 (20) Changes from principal transactions: Purchase payments 16,595 7,856 450 488 456 - Contract distributions and terminations (945) (448) - - (1) (25) Transfer payments from (to) other Divisions (including the fixed accounts), net 25,432 4,013 (6) 106 77 (31) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 41,082 11,421 444 594 532 (56) --------------------------------------------------------------------------- Total increase (decrease) 38,259 8,590 455 604 577 (76) --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 45,991 11,310 455 604 577 370 Increase (decrease) in net assets: Operations: Net investment income (loss) (821) (297) - (29) (20) 77 Net realized gain (loss) on investments and capital gains distributions (12,816) (2,827) (30) (12) (8) (33) Net unrealized appreciation (depreciation) of investments (2,790) (897) (254) (412) (431) (62) --------------------------------------------------------------------------- Net increase (decrease) in net assets from operations (16,427) (4,021) (284) (453) (459) (18) Changes from principal transactions: Purchase payments 16,384 7,906 1,270 2,192 1,233 - Contract distributions and terminations (2,130) (550) (94) (25) (19) (17) Transfer payments from (to) other Divisions (including the fixed accounts), net (6,070) 696 315 663 313 (16) Additions to assets retained in the Account by Golden American Life Insurance Company - - - - - - --------------------------------------------------------------------------- Increase (decrease) in net assets derived from principal transactions 8,184 8,052 1,491 2,830 1,527 (33) --------------------------------------------------------------------------- Total increase (decrease) (8,243) 4,031 1,207 2,377 1,068 (51) --------------------------------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $37,748 $15,341 $1,662 $2,981 $1,645 $319 =========================================================================== SEE ACCOMPANYING NOTES.
84 Golden American Life Insurance Company Separate Account B Statements of Changes in Net Assets (continued) For the years ended December 31, 2002 and 2001 (DOLLARS IN THOUSANDS)
SMITH BARNEY SMITH SMITH INTERNATIONAL BARNEY BARNEY UBS ALL CAP LARGE CAP MONEY TACTICAL GROWTH VALUE MARKET ALLOCATION -------------------------------------------------- NET ASSETS AT JANUARY 1, 2001 $455 $ 692 $156 $- Increase (decrease) in net assets: Operations: Net investment income (loss) (5) (1) (12) (2) Net realized gain (loss) on investments and capital gains distributions 1 13 - (4) Net unrealized appreciation (depreciation) of investments (142) (79) - 46 -------------------------------------------------- Net increase (decrease) in net assets from operations (146) (67) (12) 40 Changes from principal transactions: Purchase payments - - - 718 Contract distributions and terminations (4) (15) (241) - Transfer payments from (to) other Divisions (including the fixed accounts), net (5) (47) 318 29 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - -------------------------------------------------- Increase (decrease) in net assets derived from principal transactions (9) (62) 77 747 -------------------------------------------------- Total increase (decrease) (155) (129) 65 787 -------------------------------------------------- NET ASSETS AT DECEMBER 31, 2001 300 563 221 787 Increase (decrease) in net assets: Operations: Net investment income (loss) (1) 11 (8) (12) Net realized gain (loss) on investments and capital gains distributions (9) (24) - (15) Net unrealized appreciation (depreciation) of investments (67) (133) - (299) -------------------------------------------------- Net increase (decrease) in net assets from operations (77) (146) (8) (326) Changes from principal transactions: Purchase payments - - - 768 Contract distributions and terminations (3) (9) (174) (87) Transfer payments from (to) other Divisions (including the fixed accounts), net (19) (37) 104 406 Additions to assets retained in the Account by Golden American Life Insurance Company - - - - -------------------------------------------------- Increase (decrease) in net assets derived from principal transactions (22) (46) (70) 1,087 -------------------------------------------------- Total increase (decrease) (99) (192) (78) 761 -------------------------------------------------- NET ASSETS AT DECEMBER 31, 2002 $201 $371 $143 $1,548 ================================================== SEE ACCOMPANYING NOTES.
85 This page is intentionally left blank. 86 This page is intentionally left blank. 87 Golden American Life Insurance Company Separate Account B Notes To Financial Statements December 31, 2002 1. ORGANIZATION Golden American Life Insurance Company Separate Account B (the "Account") was established by Golden American Life Insurance Company ("Golden American" or the "Company") to support the operations of variable annuity contracts ("Contracts"). The Company is an indirect wholly owned subsidiary of ING Groep, N.V., a global financial services holding company based in The Netherlands. The Account is registered as a unit investment trust with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended. Golden American provides for variable accumulation and benefits under the Contracts by crediting annuity considerations to one or more divisions within the Account or the Golden American guaranteed interest division, the Golden American fixed interest division, and the fixed separate account, which are not part of the Account, as directed by the Contractowners. The portion of the Account's assets applicable to Contracts will not be charged with liabilities arising out of any other business Golden American may conduct, but obligations of the Account, including the promise to make benefit payments, are obligations of Golden American. The assets and liabilities of the Account are clearly identified and distinguished from the other assets and liabilities of Golden American. During 2002, the Account had GoldenSelect Contracts, Granite PrimElite Contracts, SmartDesign Contracts, and ING Rollover Choice Contracts. GoldenSelect Contracts sold by Golden American during 2002 included DVA Plus, Access, Premium Plus, ESII, Value, Access One, Landmark, and Generations Contracts. SmartDesign Contracts included Variable Annuity ("VA") and Advantage Contracts. The Account discontinued offering DVA 80 Contracts in May 1991 and discontinued registering DVA and DVA Series 100 Contracts for sale to the public as of May 1, 2000. 88 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 1. ORGANIZATION (CONTINUED) The Account also includes The Fund For Life Division, which is not included in the accompanying financial statements, and which ceased to accept new Contracts effective December 31, 1994. At December 31, 2002, the Account had 151 investment divisions (the "Divisions") 44 of which invest in independently managed mutual funds and 107 of which invest in mutual funds managed by affiliates, either Direct Services, Inc., ING Investments, LLC, or ING Life Insurance and Annuity Company. The assets in each Division are invested in shares of a designated series ("Series," which may also be referred to as "Portfolio" or "Fund") of various investment trusts (the "Trusts"). Investment Divisions at December 31, 2002 and related Trusts are as follows: The GCG Trust: The GCG Trust (continued): All Cap Series Global Franchise Series (S Class) ** All Cap Advisor Series ** Global Franchise Advisor Series ** Asset Allocation Growth Series Growth Series Capital Growth Series Growth Advisor Series ** Capital Growth Advisor Series ** Hard Assets Series Capital Guardian Small Cap Series Hard Assets Advisor Series ** Capital Guardian Small Cap Advisor Series ** International Enhanced EAFE Series (S Class) ** Core Bond Series International Enhanced EAFE Advisor Series ** Core Bond Advisor Series ** International Equity Series Developing World Series International Equity Advisor Series ** Developing World Advisor Series ** Internet Tollkeeper Series Diversified Mid-Cap Series Internet Tollkeeper Advisor Series ** Diversified Mid-Cap Advisor Series ** Investors Series Equity Growth Series (S Class) ** Investors Advisor Series ** Equity Growth Series Advisor Series ** J.P. Morgan Fleming Small Cap Equity Series (S Class) ** Equity Income Series J.P. Morgan Fleming Small Cap Equity Advisor Series ** Equity Income Advisor Series ** Janus Growth and Income Series Equity Opportunity Series Janus Growth and Income Advisor Series ** Equity Opportunity Series Advisor Series ** Large Cap Value Series Focus Value Series (S Class) ** Large Cap Value Advisor Series ** Focus Value Series Advisor Series ** Limited Maturity Bond Series Fully Managed Series Liquid Asset Series Fully Managed Advisor Series ** Liquid Asset Advisor Series ** Fundamental Growth Focus Series (S Class) ** Managed Global Series Fundamental Growth Advisor Series ** Managed Global Advisor Series **
89 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 1. ORGANIZATION (CONTINUED) The GCG Trust (continued): ING GET Fund: Mid-Cap Growth Series ING GET Fund - Series N * Mid-Cap Growth Advisor Series ** ING GET Fund - Series P * Real Estate Series ING GET Fund - Series Q ** Real Estate Advisor Series ** ING GET Fund - Series R ** Research Series ING GET Fund - Series S ** Research Advisor Series ** ING GET Fund - Series T ** Special Situations Series ING GET Fund - Series U ** Special Situations Advisor Series ** ING Partners, Inc.: Strategic Equity Series ING Alger Growth Portfolio (Service Class) ** Strategic Equity Advisor Series ** ING American Century Small Cap Value Portfolio (Service Class) ** Total Return Series ING J.P. Morgan Mid Cap Value Portfolio (Service Class) ** Total Return Advisor Series ** ING MFS(R)Capital Opportunities Portfolio (Initial Class) * Value Equity Series ING MFS(R)Capital Opportunities Portfolio (Service Class) ** Value Equity Advisor Series ** ING MFS(R)Global Growth Portfolio (Service Class) ** Van Kampen Growth and Income Series ING OpCap Balanced Value Portfolio (Service Class) ** Van Kampen Growth & Income Advisor Series ** ING PIMCO Total Return Portfolio (Service Class) ** AIM Variable Insurance Funds: ING Salomon Bros. Capital Portfolio (Service Class) ** AIM V.I. Dent Demographic Trends Fund (Class II Shares) * ING Salomon Bros. Investors Value Portfolio (Service Class) ** AIM V.I. Growth Fund (Series II) * ING Scudder International Growth Portfolio (Service Class) ** AIM V.I. Capital Appreciation Fund (Series II) ** ING T. Rowe Price Growth Equity Portfolio (Service Class) ** AIM V.I. Core Equity Fund (Series II) ** ING UBS Tactical Asset Allocation Portfolio (Service Class) ** AIM V.I. Premier Equity Fund (Series II) ** ING Van Kampen Comstock Portfolio (Service Class) ** Alliance Variable Products Series Fund, Inc.: ING Variable Insurance Trust: Alliance Bernstein Value Portfolio (Class B) * ING VP Worldwide Growth Portfolio (Service Shares) Alliance Growth and Income Portfolio (Class B) * ING VP Bond Portfolio: Alliance Premier Growth Portfolio (Class B) * ING VP Bond Portfolio (Class S Shares) ** Fidelity(R)Variable Insurance Products Fund: ING Variable Portfolios, Inc.: Fidelity(R) VIP Growth Portfolio (Service Class 2) * ING VP Growth Portfolio (S Class) ** Fidelity(R) VIP Equity-Income Portfolio (Service Class 2) * ING VP Index Plus LargeCap Portfolio (Class S) * Fidelity(R) VIP Contrafund(R)Portfolio (Service Class 2) * ING VP Index Plus MidCap Portfolio (Class S) * Fidelity(R) VIP Overseas Portfolio (Service Class 2) ** ING VP Index Plus SmallCap Portfolio (Class S) * Franklin Templeton Variable Insurance Products Trust: ING VP Small Company Portfolio (Class S) ** Franklin Small Cap Value Securities Fund (Class 2) ** ING VP Value Opportunity Portfolio (Class S) * Greenwich Street Series Fund: ING Variable Products Trust: Greenwich Appreciation Portfolio ING VP Convertible Portfolio (Class S) * The Galaxy VIP Fund: ING VP Growth Opportunities Portfolio (Service Shares) * Galaxy VIP Asset Allocation Fund ING VP International Value Portfolio (Class S) ** Galaxy VIP Equity Fund ING VP Large Company Value Portfolio (Class S) * Galaxy VIP Growth and Income Fund ING VP LargeCap Growth Portfolio (Class S) * Galaxy VIP High Quality Bond Fund ING VP MagnaCap Portfolio (Service Shares) * Galaxy VIP Small Company Growth Fund ING VP MidCap Opportunities Portfolio (Class S) **
90 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 1. ORGANIZATION (CONTINUED) ING Variable Products Trust (continued): ProFunds VP: ING VP SmallCap Opportunities Portfolio (Service Shares) * ProFund VP Bull * INVESCO Variable Investment Funds, Inc.: ProFund VP Europe 30 * INVESCO VIF - Financial Services Fund * ProFund VP Small-Cap * INVESCO VIF - Health Sciences Fund * Prudential Series Fund, Inc.: INVESCO VIF - Leisure Fund ** Prudential Jennison Portfolio (Class II Shares) INVESCO VIF - Utilities Fund* Prudential SP Jennison International Growth Janus Aspen Series: Portfolio (Class II Shares) Janus Aspen Series Balanced Portfolio (Service Class) ** Putnam Variable Trust: Janus Aspen Series Flexible Income Portfolio (Service Class) ** Putnam VT Growth and Income (Class IB) * Janus Aspen Series Growth Portfolio (Service Class) ** Putnam VT International Growth and Income (Class IB) * Janus Aspen Series Worldwide Growth Portfolio (Service Class) * Putnam VT Voyager Fund II (Class IB) * Oppenheimer Variable Accounts Fund: Travelers Series Fund Inc.: Oppenheimer Global Securities Fund/VA (Service Class) ** Smith Barney High Income Portfolio Oppenheimer Strategic Bond Fund/VA (Service Class) ** Smith Barney International All Cap Growth Portfolio PIMCO Variable Insurance Trust: Smith Barney Large Cap Value Portfolio PIMCO High Yield Portfolio Smith Barney Money Market Portfolio PIMCO StocksPLUS Growth and Income Portfolio UBS Series Trust: Pioneer Variable Contracts Trust: UBS Tactical Allocation Portfolio (Class I) * Pioneer Equity-Income VCT Portfolio (Class II) ** Pioneer Fund VCT Portfolio (Class II Shares) * Pioneer Mid-Cap Value VCT Portfolio (Class II Shares) * Pioneer Small Company VCT Portfolio (Class II) * * Division was new in 2001. ** Division was new in 2002.
The GCG Trust Market Manager Division was open for investment for only a brief period during 1994 and 1995. This Division is now closed and Contractowners are not permitted to direct their investments into this Division. On March 6, 2001, all remaining proceeds in the Market Manager Division were liquidated and Contractowner holdings were reallocated to the Liquid Asset Division as described in the Contract prospectus. On April 27, 2001, following approval by it shareholders, all remaining proceeds in the GCG Trust Emerging Markets Division were liquidated and Contractowner holdings were reallocated to the GCG Trust Developing World Division as described in the Contract prospectus. 91 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 1. ORGANIZATION (CONTINUED) On December 14, 2001, the consolidation of the Warburg Pincus International Equity Portfolio into the GCG Trust International Equity Series took place at no cost to Contractowners. Shares of GCG Trust International Equity Series were substituted for shares of Warburg Pincus International Equity Portfolio. The names of certain Divisions were changed during 2002. The following is a summary of current and former names for those Divisions: CURRENT NAME FORMER NAME -------------------------------------------------------------------------------- ING MFS(R)Capital Opportunities PPI MFS Capital Opportunities ING VP Worldwide Growth Pilgrim Worldwide Growth ING VP Index Plus LargeCap Aetna Index Plus LargeCap ING VP Index Plus MidCap Aetna Index Plus MidCap ING VP Index Plus SmallCap Aetna Index Plus SmallCap ING VP Value Opportunity Aetna Value Opportunity ING VP Convertible Pilgrim Convertible ING VP Growth Opportunities Pilgrim Growth Opportunities ING VP Large Company Value Pilgrim Growth and Income ING VP LargeCap Growth Pilgrim LargeCap Growth ING VP MagnaCap Pilgrim MagnaCap ING VP SmallCap Opportunities Pilgrim SmallCap Opportunities 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of the significant accounting policies of the Account: USE OF ESTIMATES The preparation of the financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. 92 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) INVESTMENTS Investments are made in shares of a Series or Portfolio of the Trusts and are recorded at fair value, determined by the net asset value per share of the respective Series or Portfolio of the Trusts. Investment transactions in each Series or Portfolio of the Trusts are recorded on the trade date. Distributions of net investment income and capital gains from each Series or Portfolio of the Trusts are recognized on the ex-distribution date. Realized gains and losses on redemptions of the shares of the Series or Portfolio of the Trusts are determined on the specific identification basis. The difference between cost and current market value of investments owned on the day of measurement is recorded as unrealized appreciation or depreciation of investments. FEDERAL INCOME TAXES Operations of the Account form a part of, and are taxed with, the total operations of Golden American, which is taxed as a life insurance company under the Internal Revenue Code. Earnings and realized capital gains of the Account attributable to the Contractowners are excluded in the determination of the federal income tax liability of Golden American. TRANSFERS Transfers between the Account and Golden American relate to gains and losses resulting from actual mortality experience, the full responsibility for which is assumed by Golden American, Contractowner transfers between the general account and the Divisions, and other Contractowner activity including contract deposits and withdrawals. Unsettled transactions as of the reporting date appear on a net basis in the line Payable to Golden American Life Insurance Company on the Statement of Assets and Liabilities. 93 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES Prior to February 1, 2000, DVA Plus, Access, and Premium Plus Contracts each had three different death benefit options referred to as Standard, Annual Ratchet, and 7% Solution; however, in the state of Washington, the 5.5% Solution is offered instead of the 7% Solution. After February 1, 2000, DVA Plus, Access and Premium Plus each had four different death benefit options referred to as Standard, Annual Ratchet, 7% Solution and Max 7. Granite PrimElite has two death benefit options referred to as Standard and Annual Ratchet. Golden American discontinued external sales of DVA 80 in May 1991. Golden American has also discontinued external sales of DVA 100, DVA Series 100, and Granite PremElite. Under the terms of all Contracts, certain charges are allocated to the Contracts to cover Golden American's expenses in connection with the issuance and administration of the Contracts. Following is a summary of these charges: MORTALITY AND EXPENSE RISK CHARGES Golden American assumes mortality and expense risks related to the operations of the Account and, in accordance with the terms of the Contracts, deducts a daily charge from the assets of the Account. Daily charges deducted at annual rates to cover these risks follows: SERIES ANNUAL RATES ----------------- DVA 80 0.80% DVA 0.90 DVA Series 100 1.25 DVA Plus (pre February 2000) - Standard 1.10 DVA Plus (post January 2000) - Standard 1.15 DVA Plus (post 2000) - Standard 1.15 DVA Plus (pre February 2000) - Annual Ratchet 1.25 DVA Plus (pre February 2000) - 5.5% Solution 1.25 DVA Plus (post January 2000) - 5.5% Solution 1.25 DVA Plus (post 2000) - 5.5% Solution 1.30 DVA Plus (post January 2000) - Annual Ratchet 1.30 DVA Plus (pre February 2000) - 7% Solution 1.40 94 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) MORTALITY AND EXPENSE RISK CHARGES (CONTINUED) SERIES ANNUAL RATES ----------------- DVA Plus (post January 2000) - Max 5.5 1.40% DVA Plus (post 2000) - Annual Ratchet 1.40 DVA Plus (post 2000) - Max 5.5 1.45 DVA Plus (post January 2000) - 7% Solution 1.50 DVA Plus (post 2000) - 7% Solution 1.50 DVA Plus (post January 2000) - Max 7 1.60 DVA Plus (post 2000) - Max 7 1.60 Access (pre February 2000) - Standard 1.25 Access (post January 2000) - Standard 1.30 Access (post 2000) - Standard 1.30 Access (pre February 2000) - Annual Ratchet 1.40 Access (pre February 2000) - 5.5% Solution 1.40 Access (post January 2000) - Annual Ratchet 1.45 Access (post January 2000) - 5.5% Solution 1.45 Access (post 2000) - 5.5% Solution 1.45 Access (pre February 2000) - 7% Solution 1.55 Access (post January 2000) - Max 5.5 1.55 Access (post 2000) - Annual Ratchet 1.55 Access (post 2000) - Max 5.5 1.60 Access (post January 2000) - 7% Solution 1.65 Access (post 2000) - 7% Solution 1.65 Access (post April 2001) - Standard 1.65 Access (post January 2000) - Max 7 1.75 Access (post 2000) - Max 7 1.75 Access (post April 2001) - 5.5% Solution 1.80 Access (post April 2001) - Annual Ratchet 1.90 Access (post April 2001) - Max 5.5 1.95 Access (post April 2001) - 7% Solution 2.00 Access (post April 2001) - Max 7 2.10 Premium Plus (pre February 2000) - Standard 1.25 Premium Plus (post January 2000) - Standard 1.30 95 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) MORTALITY AND EXPENSE RISK CHARGES (CONTINUED) SERIES ANNUAL RATES --------------- Premium Plus (post 2000) - Standard 1.30% Premium Plus (pre February 2000) - Annual Ratchet 1.40 Premium Plus (pre February 2000) - 5.5% Solution 1.40 Premium Plus (post January 2000) - Annual Ratchet 1.45 Premium Plus (post January 2000) - 5.5% Solution 1.45 Premium Plus (post 2000) - 5.5% Solution 1.45 Premium Plus (pre February 2000) - 7% Solution 1.55 Premium Plus (post January 2000) - Max 5.5 1.55 Premium Plus (post 2000) - Annual Ratchet 1.55 Premium Plus (post 2000) - Max 5.5 1.60 Premium Plus (post January 2000) - 7% Solution 1.65 Premium Plus (post 2000) - 7% Solution 1.65 Premium Plus (post January 2000) - Max 7 1.75 Premium Plus (post 2000) - Max 7 1.75 ES II (pre 2001) 1.25 ES II (post 2000) - Standard 1.25 ES II (post 2000) - Deferred Ratchet 1.30 ES II (post 2000) - 5.5% Solution 1.40 ES II (post 2000) - Annual Ratchet 1.50 ES II (post 2000) - Max 5.5 1.55 ES II (post 2000) - 7% Solution 1.60 ES II (post 2000) - Max 7 1.70 Value - Standard 0.75 Access One 0.35 Granite PrimElite - Standard 1.10 Granite PrimElite - Annual Ratchet 1.25 Generations - Standard 1.25 Generations - Deferred Ratchet 1.30 Generations - Annual Ratchet 1.50 Generations - 7% Solution 1.60 Generations - Max 7 1.70 Landmark - Standard 1.50 96 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) MORTALITY AND EXPENSE RISK CHARGES (CONTINUED) SERIES ANNUAL RATES ----------------- Landmark - 5.5% Solution 1.65% Landmark - Annual Ratchet 1.75 Landmark - Max 5.5 1.80 Landmark - 7% Solution 1.85 Landmark - Max 7 1.95 VA Option I 0.80 VA Option II 1.10 VA Option III 1.25 VA Bonus Option I 1.30 VA Bonus Option II 1.60 VA Bonus Option III 1.75 Advantage Option I 2.05 Advantage Option II 2.25 Advantage Option III 2.30 Rollover Choice Option I 0.60 Rollover Choice Option II 0.80 Rollover Choice Option III 0.95 ASSET BASED ADMINISTRATIVE CHARGES A daily charge at an annual rate of 0.10% is deducted from assets attributable to DVA and DVA Series 100 Contracts. A daily charge at an annual rate of 0.15% is deducted from the assets attributable to the DVA Plus, Access, Premium Plus, ESII, Value, Access One, Granite PrimElite, Generations, Landmark, VA, Advantage, and Rollover Choice Contracts. 97 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) ADMINISTRATIVE CHARGES An administrative charge is deducted from the accumulation value of deferred annuity Contracts to cover ongoing administrative expenses. The charge is $30 per Contract year for ES II, Value, VA, Advantage, and Rollover Choice Contracts. For DVA Series 100 and Access One Contracts there is no charge. For all other Contracts the charge is $40. The charge is incurred at the beginning of the Contract processing period and deducted at the end of the Contract processing period. This charge had been waived for certain offerings of the Contracts. For certain Contracts, a minimum death benefit guarantee charge of up to $1.20 per $1,000 of guaranteed death benefit per Contract year is deducted from the accumulation value of each Contract on its anniversary date. CONTINGENT DEFERRED SALES CHARGES Under DVA 80, DVA, DVA Plus, Premium Plus, ES II, Value, Granite PrimElite, Landmark, VA, Advantage, and Rollover Choice Contracts, a contingent deferred sales charge ("Surrender Charge") is imposed as a percentage of each premium payment if the Contract is surrendered or an excess partial withdrawal is taken. The following table reflects the Surrender Charge that is assessed based upon the date a premium payment is received.
COMPLETE YEARS GRANITE ELAPSED SINCE DVA PRIMELITE PREMIUM PAYMENT 80 & PREMIUM ES II & ROLLOVER & DVA DVA PLUS PLUS GENERATIONS VALUE ADVANTAGE LANDMARK VA CHOICE -------------------- -------- ------------ ---------- ------------- -------- ------------ ------------ ------ ---------- 0 6% 7% 8% 8% 6% 6% 6% 7% 6% 1 5 7 8 7 6 5 5 7 6 2 4 6 8 6 6 4 4 6 5 3 3 5 8 5 5 - 3 6 4 4 2 4 7 4 4 - - 5 3 5 1 3 6 3 3 - - 4 2 6 - 1 5 2 1 - - 3 1 7 - - 3 1 - - - - - 8 - - 1 - - - - - - 9+ - - - - - - - - - -------------------- -------- ------------ ---------- ------------- -------- ------------ ------------ ------ ----------
98 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) OTHER CONTRACT CHARGES Under DVA 80, DVA, and DVA Series 100 Contracts, a charge is deducted from the accumulation value for Contractowners taking more than one conventional partial withdrawal during a Contract year. For DVA 80 and DVA Contracts, annual distribution fees are deducted from the Contracts' accumulation values. DEFERRED SALES LOAD Under Contracts offered prior to October 1995, a sales load of up to 7.5% was assessed against each premium payment for sales-related expenses as specified in the Contracts. For DVA Series 100, the sales load is deducted in equal annual installments over the period the Contract is in force, not to exceed 10 years. For DVA 80 and DVA Contracts, although the sales load is chargeable to each premium when it is received by Golden American, the amount of such charge is initially advanced by Golden American to Contractowners and included in the accumulation value and then deducted in equal installments on each Contract anniversary date over a period of six years. Upon surrender of the Contract, the unamortized deferred sales load is deducted from the accumulation value. In addition, when partial withdrawal limits are exceeded, a portion of the unamortized deferred sales load is deducted. PREMIUM TAXES For certain Contracts, premium taxes are deducted, where applicable, from the accumulation value of each Contract. The amount and timing of the deduction depends on the Contractowner's state of residence and currently ranges up to 3.5% of premiums. 99 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 3. CHARGES AND FEES (CONTINUED) FEES WAIVED BY GOLDEN AMERICAN Certain charges and fees for various types of Contracts are currently waived by Golden American. Golden American reserves the right to discontinue these waivers at its discretion or to conform with changes in the law. NET ASSETS RETAINED IN THE ACCOUNT BY GOLDEN AMERICAN LIFE INSURANCE COMPANY A summary of the net assets retained in the Account, representing the unamortized deferred sales load and premium taxes advanced by Golden American previously noted, follows: YEAR ENDED ----------------------------- 2002 2001 --------------- ------------- (DOLLARS IN THOUSANDS) Balance at beginning of year $ 135 $ 813 Sales load advanced 9 46 Amortization of deferred sales load and premium tax (144) (724) --------------- ------------- Balance at end of year $ - $ 135 =============== ============= 4. RELATED PARTY TRANSACTIONS During the year ended December 31, 2002, management and service fees were paid indirectly to Directed Services, Inc., an affiliate of the Company, in its capacity as investment manager to the GCG Trust. The Trust's advisory agreement provided for a fee at annual rates ranging from 0.53% to 1.85% of the average net assets of each respective Series. In addition, management and service fees were paid to ING Investments, LLC, in its capacity as investment adviser to the ING GET Fund, the ING Variable Insurance Trust, ING VP Bond Portfolio, ING Variable Portfolios, Inc., and the ING Variable Products Trust. The Trusts' advisory agreement provided for fees at annual rates ranging from 0.35% to 1.00% of the average net assets of each respective Portfolio. Management and service fees were paid to ING Life Insurance and Annuity Company, an affiliate of the Company, in its capacity as investment adviser to ING Partners, Inc. The Trust's advisory agreement provided for a fee at annual rates ranging from 0.50% to 1.00% of the average net assets of each respective Portfolio. 100 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 5. PURCHASES AND SALES OF INVESTMENT SECURITIES The aggregate cost of purchases and proceeds from sales of investments follows:
YEAR ENDED DECEMBER 31 2002 2001 -------------------------------------------------------------- PURCHASES SALES PURCHASES SALES -------------------------------------------------------------- (DOLLARS IN THOUSANDS) The GCG Trust: All Cap $99,898 $62,269 $215,529 $18,161 All Cap Advisor 177 - - - Asset Allocation Growth 18,227 10,179 46,049 798 Capital Growth 271,861 306,181 150,331 150,151 Capital Growth Advisor 154 - - - Capital Guardian Small Cap 830,463 842,708 474,975 410,116 Capital Guardian Small Cap Advisor 320 - - - Core Bond 332,380 34,599 96,443 23,096 Core Bond Advisor 995 - - - Developing World 256,419 261,252 514,464 492,886 Developing World Advisor 81 - - - Diversified Mid-Cap 58,638 6,680 51,740 5,350 Diversified Mid-Cap Advisor 224 - - - Emerging Markets - - 49,902 69,646 Equity Growth 5,244 623 - - Equity Growth Advisor 480 - - - Equity Income 166,618 101,344 216,341 81,506 Equity Income Advisor 673 13 - - Equity Opportunity 147,404 177,811 142,512 114,142 Equity Opportunity Advisor 34 - - - Focus Value 6,954 731 - - Focus Value Advisor 50 - - - Fully Managed 383,713 62,233 377,005 90,177 Fully Managed Advisor 946 34 - - Fundamental Growth Focus 3,288 415 - - Fundamental Growth Advisor 113 - - - Global Franchise 19,859 4,824 - - Global Franchise Advisor 744 42 - - Growth 922,370 1,085,634 838,003 854,786 Growth Advisor 97 - - - Hard Assets 102,835 64,011 15,759 19,014 Hard Assets Advisor 95 - - - International Enhanced EAFE 18,536 13,290 - - International Enhanced EAFE Advisor 166 - - - International Equity 684,796 688,451 1,288,757 1,304,170
101 5. PURCHASES AND SALES OF INVESTMENT SECURITIES (CONTINUED) Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued)
YEAR ENDED DECEMBER 31 2002 2001 -------------------------------------------------------------- PURCHASES SALES PURCHASES SALES -------------------------------------------------------------- (DOLLARS IN THOUSANDS) The GCG Trust (continued): International Equity Advisor $ 254 $- $ - $ - Internet Tollkeeper 16,754 6,112 5,934 392 Internet Tollkeeper Advisor 57 - - - Investors 37,278 9,900 79,313 6,102 Investors Advisor 297 - - - J.P. Morgan Fleming Small Cap Equity 10,549 557 - - J.P. Morgan Fleming Small Cap Advisor 520 - - - Janus Growth and Income 77,366 13,632 85,909 2,016 Janus Growth and Income Advisor 602 - - - Large Cap Value 137,118 37,870 192,419 13,495 Large Cap Value Advisor 347 - - - Limited Maturity Bond 289,313 109,521 320,388 165,480 Liquid Asset 6,067,854 6,116,068 5,778,907 5,387,088 Liquid Asset Advisor 3,353 1,553 - - Managed Global Series 439,191 413,705 994,534 946,349 Managed Global Advisor 51 - - - Market Manager - - 3,388 8,410 Mid-Cap Growth 672,311 703,631 813,977 747,789 Mid-Cap Growth Advisor 558 - - - Real Estate 137,466 62,909 71,207 46,270 Real Estate Advisor 278 - - - Research 171,313 231,552 208,240 178,793 Research Advisor 329 - - - Special Situations 11,468 6,198 21,339 1,778 Special Situations Advisor 56 - - - Strategic Equity 403,752 448,147 199,079 223,594 Strategic Equity Advisor 79 - - - Total Return 268,590 141,319 303,584 73,267 Total Return Advisor 1,034 51 - - Value Equity 102,513 90,027 109,345 74,755 Value Equity Advisor 110 - - - Van Kampen Growth and Income 60,273 127,038 60,251 72,471 Van Kampen Growth and Income Advisor 1,031 31 - - AIM Variable Insurance Funds: AIM V.I. Dent Demographic Trends 16,368 5,241 3,649 90 AIM V.I. Growth 987 372 427 2 AIM V.I. Capital Appreciation 34 - - - AIM V.I. Core Equity 44 - - - AIM V.I. Premier Equity 87 - - -
102 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 5. PURCHASES AND SALES OF INVESTMENT SECURITIES (CONTINUED)
YEAR ENDED DECEMBER 31 2002 2001 -------------------------------------------------------------- PURCHASES SALES PURCHASES SALES -------------------------------------------------------------- (DOLLARS IN THOUSANDS) Alliance Variable Products Series Fund, Inc.: Alliance Bernstein Value $ 2,631 $ 257 $ 648 $ 66 Alliance Growth and Income 4,785 619 1,659 44 Alliance Premier Growth 3,175 1,593 1,115 79 Fidelity(R)Variable Insurance Products Fund: Fidelity(R)VIP Growth 48,243 23,758 705 44 Fidelity(R)VIP Equity-Income 62,498 39,048 1,945 55 Fidelity(R)VIP Contrafund(R) 4,406 783 1,568 436 Fidelity(R)VIP Overseas 9 - - - Franklin Templeton Variable Insurance Products Trust: Franklin Small Cap Value Securities 20 - - - Greenwich Street Series Fund: Greenwich Appreciation 81 74 54 116 The Galaxy VIP Fund: Galaxy VIP Asset Allocation 33 431 214 191 Galaxy VIP Equity 22 132 130 187 Galaxy VIP Growth and Income - 32 59 119 Galaxy VIP High Quality Bond 32 58 90 18 Galaxy VIP Small Company Growth 13 11 19 6 ING GET Fund: ING GET Fund - Series N 733 2,401 33,144 3,009 ING GET Fund - Series P 6,579 18,769 152,998 246 ING GET Fund - Series Q 182,185 15,241 1,904 - ING GET Fund - Series R 184,803 15,647 - - ING GET Fund - Series S 227,944 9,645 - - ING GET Fund - Series T 237,424 1,768 - - ING GET Fund - Series U 1,047 - - - ING Partners, Inc.: ING Alger Growth 43 - - - ING American Century Small Cap Value 2 - - - ING J.P. Morgan Mid Cap Value 357 60 - - ING MFS(R)Capital Opportunities 1,163 193 661 9 ING MFS(R)Capital Opportunities 85 - - - ING MFS(R)Global Growth 76 1 - - ING OpCap Balanced Value 131 - - - ING PIMCO Total Return 627 29 - - ING Salomon Bros. Capital 9 - - -
103 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 5. PURCHASES AND SALES OF INVESTMENT SECURITIES (CONTINUED)
YEAR ENDED DECEMBER 31 2002 2001 -------------------------------------------------------------- PURCHASES SALES PURCHASES SALES -------------------------------------------------------------- (DOLLARS IN THOUSANDS) ING Partners, Inc. (continued): ING Salomon Bros. Investors Value $ 4 $ - $- $ - ING Scudder International Growth 8 - - - ING T. Rowe Price Growth Equity 162 - - - ING UBS Tactical Asset Allocation 2 - - - ING Van Kampen Comstock 1,785 55 - - ING Variable Insurance Trust: ING VP Worldwide Growth 24,169 9,196 24,855 8,371 ING VP Bond Portfolio: ING VP Bond 63,496 13,839 - - ING Variable Portfolios, Inc.: ING VP Growth 51 1 - - ING VP Index Plus LargeCap 7,078 2,691 896 101 ING VP Index Plus MidCap 9,240 3,466 852 62 ING VP Index Plus SmallCap 8,715 4,883 854 227 ING VP Small Company 251 37 - - ING VP Value Opportunity 1,251 169 314 15 ING Variable Products Trust: ING VP Convertible 1,096 187 195 3 ING VP Growth Opportunities 10,173 2,384 7,080 1,675 ING VP International Value 53 1 - - ING VP Large Company Value 1,376 372 442 291 ING VP LargeCap Growth 1,869 1,053 538 8 ING VP MagnaCap 13,443 3,846 5,521 131 ING VP MidCap Opportunities 16 - - - ING VP SmallCap Opportunities 31,124 1,969 20,495 5,437 INVESCO Variable Investment Funds, Inc.: INVESCO VIF - Financial Services 63,673 40,543 3,684 1,338 INVESCO VIF - Health Sciences 83,757 58,204 13,606 2,751 INVESCO VIF - Leisure 7,516 1,277 - - INVESCO VIF - Utilities 8,167 944 1,085 117 Janus Aspen Series: Janus Aspen Series Balanced 565 37 - - Janus Aspen Series Flexible Income 276 3 - - Janus Aspen Series Growth 225 1 - - Janus Aspen Series Worldwide Growth 104,529 101,442 1,300 62
104 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 5. PURCHASES AND SALES OF INVESTMENT SECURITIES (CONTINUED)
YEAR ENDED DECEMBER 31 2002 2001 -------------------------------------------------------------- PURCHASES SALES PURCHASES SALES -------------------------------------------------------------- (DOLLARS IN THOUSANDS) Oppenheimer Variable Accounts Fund: Oppenheimer Global Securities $ 274 $24 $ - $ - Oppenheimer Strategic Bond 53 36 - - PIMCO Variable Insurance Trust: PIMCO High Yield 217,839 126,620 187,456 101,450 PIMCO StocksPLUS Growth and Income 92,182 97,761 78,983 54,922 Pioneer Variable Contracts Trust: Pioneer Equity-Income VCT 200 1 - - Pioneer Fund VCT 27,454 6,810 2,403 151 Pioneer Mid-Cap Value VCT 69,537 13,624 5,058 16 Pioneer Small Company VCT 3,491 398 978 82 ProFunds VP: ProFund VP Bull 114,057 95,299 41,559 20,550 ProFund VP Europe 30 318,634 307,100 179,473 169,046 ProFund VP Small-Cap 321,292 294,784 202,340 180,975 Prudential Series Fund, Inc.: Prudential Jennison 223,318 215,947 161,864 120,999 Prudential SP Jennison International Growth 44,081 36,323 72,009 60,714 Putnam Variable Trust: Putnam VT Growth and Income 1,662 172 456 13 Putnam VT International Growth and Income 3,063 261 625 33 Putnam VT Voyager II 1,601 94 539 8 Travelers Series Fund Inc.: Smith Barney High Income 82 38 51 62 Smith Barney International All Cap Growth 4 26 4 19 Smith Barney Large Cap Value 19 54 30 71 Smith Barney Money Market 2 80 194 129 UBS Series Trust: UBS Tactical Allocation 1,316 240 794 49
105 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 6. CHANGES IN UNITS The changes in units outstanding for the years ended December 31, 2002 and 2001 are shown in the following table. The activity includes Contractowners electing to update a DVA 100 or DVA Series 100 Contract to a DVA PLUS Contract. Updates to DVA PLUS Contracts resulted in both a redemption (surrender of the old Contract) and an issue (acquisition of the new Contract). All of the units issued for the GCG Trust Market Manager Division resulted from such updates.
FOR THE YEAR ENDED DECEMBER 31 2002 2001 --------------------------------------------------------------------------------------- NET NET UNITS UNITS INCREASE UNITS UNITS INCREASE ISSUED REDEEMED (DECREASE) ISSUED REDEEMED (DECREASE) --------------------------------------------------------------------------------------- The GCG Trust: All Cap 14,295,321 10,877,332 3,417,989 20,782,291 4,029,958 16,752,333 All Cap Advisor 18,492 - 18,492 - - - Asset Allocation Growth 2,524,223 1,691,382 832,841 5,576,656 359,275 5,217,381 Capital Growth 12,673,641 14,350,360 (1,676,719) 9,170,101 7,646,399 1,523,702 Capital Growth Advisor 3,459 - 3,459 - - - Capital Guardian Small Cap 31,167,383 33,693,558 (2,526,175) 12,516,724 12,352,679 164,045 Capital Guardian Small Cap Advisor 14,125 - 14,125 - - - Core Bond 58,286,404 59,112,337 (825,933) 32,782,567 28,723,840 4,058,727 Core Bond Advisor 32,995 27 32,968 - - - Developing World 31,632,928 7,268,250 24,364,678 9,464,453 3,028,846 6,435,607 Developing World Advisor 96,894 124 96,770 - - - Diversified Mid-Cap 38,357,135 38,795,832 (438,697) 77,143,940 74,214,198 2,929,742 Diversified Mid-Cap Advisor 8,162 3 8,159 - - - Emerging Markets 8,678,192 2,364,577 6,313,615 6,501,025 1,269,887 5,231,138 Equity Growth 23,763 590 23,173 - - - Equity Growth Advisor - - - 7,053,917 9,615,850 (2,561,933) Equity Income 715,898 157,257 558,641 - - - Equity Income Advisor 47,562 - 47,562 - - - Equity Opportunity 10,707,624 7,860,701 2,846,923 11,244,435 5,753,173 5,491,262 Equity Opportunity Advisor 68,680 3,462 65,218 - - - Focus Value 927,802 217,748 710,054 - - - Focus Value Advisor 4,735 - 4,735 - - - Fully Managed 16,893,498 5,743,297 11,150,201 15,753,519 5,774,203 9,979,316 Fully Managed Advisor 92,813 3,431 89,382 - - - Fundamental Growth Focus 412,537 67,974 344,563 - - - Fundamental Growth Advisor 11,445 7 11,438 - - - Global Franchise 2,512,607 851,207 1,661,400 - - - Global Franchise Advisor 78,879 4,514 74,365 - - - Growth 88,418,811 101,385,523 (12,966,712) 56,738,599 57,342,210 (603,611) Growth Advisor 9,416 - 9,416 - - - Hard Assets 8,767,576 6,176,025 2,591,551 1,479,521 1,669,257 (189,736) Hard Assets Advisor 9,841 - 9,841 - - - International Enhanced EAFE 2,304,452 1,696,647 607,805 - - -
106 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 6. CHANGES IN UNITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31 2002 2001 --------------------------------------------------------------------------------------- NET NET UNITS UNITS INCREASE UNITS UNITS INCREASE ISSUED REDEEMED (DECREASE) ISSUED REDEEMED (DECREASE) --------------------------------------------------------------------------------------- The GCG Trust (continued): International Enhanced EAFE Advisor 16,921 29 16,892 - - - International Equity 88,470,226 88,235,675 234,551 140,797,564 141,233,941 (436,377) International Equity Advisor 25,956 3 25,953 - - - Internet Tollkeeper 3,969,315 1,909,841 2,059,474 867,730 158,666 709,064 Internet Tollkeeper Advisor 5,119 - 5,119 - - - Investors 5,380,431 2,510,400 2,870,031 8,174,409 1,445,937 6,728,472 Investors Advisor 30,514 17 30,497 - - - J.P. Morgan Fleming Small Cap Equity 1,450,310 238,479 1,211,831 - - - J.P. Morgan Fleming Small Cap Advisor 53,904 3 53,901 - - - Janus Growth and Income 11,879,305 3,750,330 8,128,975 10,214,159 1,007,740 9,206,419 Janus Growth and Income Advisor 60,374 - 60,374 - - - Large Cap Value 22,131,127 10,157,539 11,973,588 21,298,417 3,032,221 18,266,196 Large Cap Value Advisor 32,499 - 32,499 - - - Limited Maturity Bond 19,089,421 10,093,155 8,996,266 21,094,466 13,022,965 8,071,501 Liquid Asset 432,718,159 435,462,419 (2,744,260) 406,837,337 381,974,408 24,862,929 Liquid Asset Advisor 376,779 196,446 180,333 - - - Managed Global 29,219,248 27,211,114 2,008,134 57,913,358 54,827,286 3,086,072 Managed Global Advisor 4,848 - 4,848 - - - Market Manager - - - - 238,516 (238,516) Mid-Cap Growth 37,536,301 39,509,334 (1,973,033) 26,837,412 24,939,789 1,897,623 Mid-Cap Growth Advisor 56,277 2 56,275 - - - Real Estate 6,070,387 3,723,970 2,346,417 3,276,661 2,545,459 731,202 Real Estate Advisor 28,719 3 28,716 - - - Research 14,355,356 17,693,135 (3,337,779) 11,109,168 10,124,605 984,563 Research Advisor 33,623 - 33,623 - - - Special Situations 2,057,335 1,380,067 677,268 3,020,279 751,676 2,268,603 Special Situations Advisor 5,773 - 5,773 - - - Strategic Equity 39,062,471 42,593,565 (3,531,094) 18,048,284 19,375,073 (1,326,789) Strategic Equity Advisor 8,044 - 8,044 - - - Total Return 17,689,754 11,652,054 6,037,700 16,341,446 6,826,503 9,514,943 Total Return Advisor 100,210 5,006 95,204 - - - Value Equity 8,835,743 8,086,769 748,974 7,284,108 5,650,995 1,633,113 Value Equity Advisor 12,051 923 11,128 - - - Van Kampen Growth and Income 5,686,825 8,964,808 (3,277,983) 5,403,189 5,969,298 (566,109) Van Kampen Growth and Income Advisor 105,373 4,220 101,153 - - - AIM Variable Insurance Funds: AIM V.I. Dent Demographic Trends 2,175,335 948,298 1,227,037 339,548 16,457 323,091 AIM V.I. Growth 129,633 51,493 78,140 42,954 57 42,897 AIM V.I. Capital Appreciation 3,701 - 3,701 - - - AIM V.I. Core Equity 4,961 - 4,961 - - - AIM V.I. Premier Equity 11,714 - 11,714 - - - Alliance Variable Products Series Fund, Inc. Alliance Bernstein Value 298,200 42,183 256,017 71,653 12,180 59,473 Alliance Growth and Income 585,752 114,322 471,430 181,005 8,620 172,385 Alliance Premier Growth 467,717 260,296 207,421 123,347 9,253 114,094
107 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 6. CHANGES IN UNITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31 2002 2001 --------------------------------------------------------------------------------------- NET NET UNITS UNITS INCREASE UNITS UNITS INCREASE ISSUED REDEEMED (DECREASE) ISSUED REDEEMED (DECREASE) --------------------------------------------------------------------------------------- Fidelity(R)Variable Insurance Products Fund: Fidelity(R)VIP Growth 8,076,321 4,495,778 3,580,543 80,283 5,508 74,775 Fidelity(R)VIP Equity-Income 8,251,501 5,400,874 2,850,627 214,691 11,435 203,256 Fidelity(R)VIP Contrafund(R) 540,071 148,494 391,577 171,166 49,255 121,911 Fidelity(R)VIP Overseas 1,171 - 1,171 Franklin Templeton Variable Insurance Products Trust: Franklin Small Cap Value Securities 1,965 25 1,940 - - - Greenwich Street Series Fund: Greenwich Appreciation 4,624 4,584 40 2,637 6,303 (3,666) The Galaxy VIP Fund: Galaxy VIP Asset Allocation 1,789 52,447 (50,658) 19,007 19,492 (485) Galaxy VIP Equity 2,539 15,793 (13,254) 11,685 17,902 (6,217) Galaxy VIP Growth and Income 561 3,752 (3,191) 5,606 12,104 (6,498) Galaxy VIP High Quality Bond 2,096 4,759 (2,663) 7,406 1,490 5,916 Galaxy VIP Small Company Growth 1,172 1,052 120 1,341 329 1,012 ING GET Fund: ING GET Fund - Series N 43,042 189,804 (146,762) 3,305,373 296,325 3,009,048 ING GET Fund - Series P 772,618 1,720,085 (947,467) 15,403,642 127,730 15,275,912 ING GET Fund - Series Q 18,122,750 1,458,265 16,664,485 190,471 - 190,471 ING GET Fund - Series R 18,803,947 1,893,348 16,910,599 - - - ING GET Fund - Series S 22,953,264 1,085,776 21,867,488 - - - ING GET Fund - Series T 23,875,059 232,370 23,642,689 - - - ING GET Fund - Series U 104,774 - 104,774 - - - ING Partners, Inc.: ING Alger Growth 5,956 - 5,956 - - - ING American Century Small Cap Value 215 - 215 - - - ING J.P. Morgan Mid Cap Value 950 31 919 - - - ING MFS(R)Capital Opportunities (Initial Class) 39,538 6,696 32,842 - - - ING MFS(R)Capital Opportunities (Service Class) 169,917 39,170 130,747 79,584 1,274 78,310 ING MFS(R)Global Growth 10,569 - 10,569 - - - ING OpCap Balanced Value 9,184 144 9,040 - - - ING PIMCO Total Return 16,208 - 16,208 - - - ING Salomon Bros. Capital 57,930 2,748 55,182 - - - ING Salomon Bros. Investors Value 487 - 487 - - - ING Scudder International Growth 1,232 - 1,232 - - - ING T. Rowe Price Growth Equity 19,085 - 19,085 - - - ING UBS Tactical Asset Allocation 297 - 297 - - - ING Van Kampen Comstock 218,552 8,852 209,700 - - - ING Variable Insurance Trust: ING VP Worldwide Growth 4,884,109 2,447,811 2,436,298 3,791,068 1,563,623 2,227,445 ING VP Bond Portfolio: ING VP Bond 7,230,384 2,562,132 4,668,252 - - - ING Variable Portfolios, Inc.: ING VP Growth 6,679 110 6,569 - - - ING VP Index Plus LargeCap 989,798 442,688 547,110 99,176 12,643 86,533 ING VP Index Plus MidCap 1,075,901 467,221 608,680 90,604 7,688 82,916
108 Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 6. CHANGES IN UNITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31 2002 2001 --------------------------------------------------------------------------------------- NET NET UNITS UNITS INCREASE UNITS UNITS INCREASE ISSUED REDEEMED (DECREASE) ISSUED REDEEMED (DECREASE) --------------------------------------------------------------------------------------- ING Variable Portfolios, Inc. (continued): ING VP Index Plus SmallCap 1,032,462 634,554 397,908 96,255 28,852 67,403 ING VP Small Company 27,484 6,772 20,712 - - - ING VP Value Opportunity 162,657 30,086 132,571 34,696 1,645 33,051 ING Variable Products Trust: ING VP Convertible 111,643 22,720 88,923 18,782 347 18,435 ING VP Growth Opportunities 1,984,390 760,395 1,223,995 931,175 259,800 671,375 ING VP International Value 5,020 82 4,938 - - - ING VP Large Company Value 151,517 46,425 105,092 45,138 30,153 14,985 ING VP LargeCap Growth 281,373 173,739 107,634 56,377 733 55,644 ING VP MagnaCap 1,873,780 706,779 1,167,001 632,349 53,590 578,759 ING VP MidCap Opportunities 1,700 - 1,700 - - - ING VP SmallCap Opportunities 6,167,933 1,352,225 4,815,708 2,548,996 811,701 1,737,295 INVESCO Variable Investment Funds, Inc.: INVESCO VIF - Financial Services 8,952,534 6,278,761 2,673,773 434,280 177,355 256,925 INVESCO VIF - Health Sciences 11,553,067 8,591,990 2,961,077 1,421,950 369,814 1,052,136 INVESCO VIF - Leisure 1,002,159 278,062 724,097 - - - INVESCO VIF - Utilities 1,413,473 305,358 1,108,115 141,238 22,159 119,079 Janus Aspen Series: Janus Aspen Series Balanced 57,501 3,830 53,671 - - - Janus Aspen Series Flexible Income 25,934 170 25,764 - - - Janus Aspen Series Growth 26,711 20 26,691 - - - Janus Aspen Series Worldwide Growth 13,323,220 12,946,666 376,554 146,938 8,275 138,663 Oppenheimer Variable Accounts Fund: Oppenheimer Global Securities 29,681 2,882 26,799 - - - Oppenheimer Strategic Bond 5,028 3,500 1,528 - - - PIMCO Variable Insurance Trust: PIMCO High Yield 27,197,895 19,409,516 7,788,379 21,217,537 13,988,901 7,228,636 PIMCO StocksPLUS Growth and Income 13,357,877 14,285,763 (927,886) 8,925,373 7,365,612 1,559,761 Pioneer Variable Contracts Trust: Pioneer Equity-Income VCT 21,635 61 21,574 - - - Pioneer Fund VCT 3,769,608 1,315,200 2,454,408 268,899 26,350 242,549 Pioneer Mid-Cap Value VCT 7,875,737 2,670,048 5,205,689 576,552 96,828 479,724 Pioneer Small Company VCT 431,876 92,472 339,404 107,907 10,101 97,806 ProFunds VP: ProFund VP Bull 18,816,487 16,427,269 2,389,218 4,686,896 2,370,498 2,316,398 ProFund VP Europe 30 50,746,741 48,922,218 1,824,523 23,135,968 22,371,682 764,286 ProFund VP Small-Cap 44,254,935 41,001,972 3,252,963 21,972,144 19,853,663 2,118,481 Prudential Series Fund, Inc.: Prudential Jennison 45,072,785 43,503,839 1,568,946 26,252,187 19,904,133 6,348,054 Prudential SP Jennison International Growth 10,464,472 8,810,383 1,654,089 12,383,699 10,604,474 1,779,225 Putnam Variable Trust: Putnam VT Growth and Income 199,811 27,845 171,966 50,302 2,090 48,212 Putnam VT International Growth and Income 355,859 48,525 307,334 70,513 6,733 63,780 Putnam VT Voyager II 227,745 22,636 205,109 68,823 2,835 65,988 109
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 6. CHANGES IN UNITS (CONTINUED)
FOR THE YEAR ENDED DECEMBER 31 2002 2001 --------------------------------------------------------------------------------------- NET NET UNITS UNITS INCREASE UNITS UNITS INCREASE ISSUED REDEEMED (DECREASE) ISSUED REDEEMED (DECREASE) --------------------------------------------------------------------------------------- Travelers Series Fund Inc.: Smith Barney High Income 35 3,035 (3,000) 93 4,626 (4,533) Smith Barney International All Cap Growth 80 2,233 (2,153) 277 1,051 (774) Smith Barney Large Cap Value 114 3,173 (3,059) 6 3,282 (3,276) Smith Barney Money Market 16 6,191 (6,175) 15,005 10,129 4,876 UBS Series Trust: UBS Tactical Allocation 165,483 32,046 133,437 89,352 5,615 83,737 110
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY Accumulation unit value information for units outstanding, by Contract type, as of December 31, 2002 follows:
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST ALL CAP Contracts in accumulation period: DVA 41,458.754 $8.65 $358,618 DVA Series 100 3,137.705 8.56 26,859 DVA Plus - Standard (pre February 2000) 94,490.061 8.59 811,670 DVA Plus - Standard (post January 2000 & post 2000) 355,697.642 8.57 3,048,329 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 3,519,149.243 8.55 30,088,726 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 4,205,675.709 8.54 35,916,471 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 1,646,986.989 8.51 14,015,859 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 957,911.527 8.50 8,142,248 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,505,988.275 8.49 12,785,840 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 3,652,427.624 8.47 30,936,062 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,438,659.230 8.46 12,171,057 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,308,447.252 8.45 27,956,379 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 5,615,264.398 8.42 47,280,526 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,104.907 8.41 26,112 Access - Annual Ratchet (post April 2001) 186,268.904 8.39 1,562,796 Access - Max 5.5 (post April 2001), Landmark - Max 7 892,250.465 8.37 7,468,136 111
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST ALL CAP (CONTINUED) Access - 7% Solution (post April 2001) 142,957.557 $8.36 $1,195,125 Access - Max 7 (post April 2001) 381,029.823 8.34 3,177,789 ES II - Max 7 (post 2000), Generations - Max 7 915,050.379 8.44 7,723,025 Landmark - 7% Solution 294,227.794 8.40 2,471,513 Value 71,708.265 8.68 622,428 ----------------- ----------------- 29,231,892.503 $247,785,568 ================= ================= GCG TRUST ALL CAP ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 3,130.121 $9.53 $29,830 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 75.548 9.53 720 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 2,247.033 9.53 21,414 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 8,123.878 9.52 77,339 ES II - Max 7 (post 2000), Generations - Max 7 4,915.691 9.52 46,797 ----------------- ----------------- 18,492.271 $176,100 ================= ================= GCG TRUST ASSET ALLOCATION GROWTH Contracts in accumulation period: DVA 2,027.410 $7.33 $14,861 DVA Plus - Standard (pre February 2000) 26,126.263 7.29 190,460 DVA Plus - Standard (post January 2000 & post 2000) 70,920.996 7.28 516,305 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 660,455.843 7.26 4,794,909 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,194,266.289 7.25 8,658,431 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 169,483.674 7.24 1,227,062 112
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST ASSET ALLOCATION GROWTH (CONTINUED) DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 187,063.134 $7.23 $1,352,466 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 337,704.673 7.22 2,438,228 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 501,198.187 7.21 3,613,639 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 446,755.295 7.20 3,216,638 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 987,291.899 7.20 7,108,502 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,284,001.843 7.18 9,219,133 Access - Annual Ratchet (post April 2001) 51,903.335 7.16 371,628 Access - Max 5.5 (post April 2001), Landmark - Max 7 224,828.378 7.15 1,607,523 Access - 7% Solution (post April 2001) 31,656.908 7.14 226,030 Access - Max 7 (post April 2001) 69,349.514 7.12 493,769 ES II - Max 7 (post 2000), Generations - Max 7 241,486.345 7.19 1,736,287 Landmark - 7% Solution 48,142.273 7.16 344,699 Value 16,589.694 7.35 121,934 ----------------- ----------------- 6,551,251.953 $47,252,504 ================= ================= GCG TRUST CAPITAL GROWTH Contracts in accumulation period: DVA 80 1,607.870 $10.52 $16,915 DVA 153,146.430 10.37 1,588,128 DVA Series 100 8,227.787 10.13 83,347 DVA Plus - Standard (pre February 2000) 380,316.760 10.20 3,879,231 DVA Plus - Standard (post January 2000 & post 2000) 142,766.855 10.17 1,451,939 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,368,760.600 10.10 54,224,482 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,918,853.410 10.06 19,303,665 113
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST CAPITAL GROWTH (CONTINUED) DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 4,478,808.490 $9.99 $44,743,297 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 749,731.689 9.96 7,467,328 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 481,010.436 9.92 4,771,624 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 6,139,683.548 9.89 60,721,470 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 616,585.888 9.86 6,079,537 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,761,535.292 9.82 17,298,277 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,863,527.950 9.76 18,188,033 Access - Annual Ratchet (post April 2001) 30,974.973 9.66 299,218 Access - Max 5.5 (post April 2001), Landmark - Max 7 184,178.500 9.62 1,771,797 Access - 7% Solution (post April 2001) 58,702.850 9.59 562,960 Access - Max 7 (post April 2001) 67,393.152 9.52 641,583 ES II - Max 7 (post 2000), Generations - Max 7 249,302.116 9.79 2,440,668 Landmark - 7% Solution 56,387.454 9.69 546,394 Value 65,321.974 10.45 682,615 ----------------- ----------------- 24,776,824.024 $246,762,508 ================= ================= GCG TRUST CAPITAL GROWTH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,843.350 $10.46 $19,281 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 341.182 10.45 3,565 114
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST CAPITAL GROWTH ADVISOR (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 6,840.247 $10.45 $71,481 ES II - Max 7 (post 2000), Generations - Max 7 5,100.584 10.45 53,301 ----------------- ----------------- 14,125.363 $147,628 ================= ================= GCG TRUST CAPITAL GUARDIAN SMALL CAP Currently payable annuity products: DVA 2,297.593 $13.52 $31,063 Contracts in accumulation period: DVA 80 14,858.695 13.71 203,713 DVA 214,874.378 13.52 2,905,102 DVA Series 100 13,572.305 13.18 178,883 DVA Plus - Standard (pre February 2000) 343,421.977 13.28 4,560,644 DVA Plus - Standard (post January 2000 & post 2000) 235,631.961 13.23 3,117,411 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,592,780.344 13.14 73,489,134 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,987,430.595 13.09 39,105,466 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 4,048,976.100 13.00 52,636,689 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,000,666.713 12.95 12,958,634 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 874,016.460 12.91 11,283,552 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,163,677.792 12.86 53,544,896 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 857,077.537 12.82 10,987,734 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,319,409.725 12.77 29,618,862 115
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST CAPITAL GUARDIAN SMALL CAP (CONTINUED) Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,389,035.932 $12.68 $30,292,976 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,453.358 12.64 18,370 Access - Annual Ratchet (post April 2001) 61,290.156 12.55 769,191 Access - Max 5.5 (post April 2001), Landmark - Max 7 350,648.747 12.50 4,383,109 Access - 7% Solution (post April 2001) 54,701.732 12.46 681,584 Access - Max 7 (post April 2001) 69,007.571 12.37 853,624 ES II - Max 7 (post 2000), Generations - Max 7 518,748.741 12.73 6,603,671 Landmark - 7% Solution 123,957.985 12.59 1,560,631 Access One 1,141.000 14.00 15,974 Value 100,785.890 13.61 1,371,696 ----------------- ----------------- 26,339,463.287 $341,172,609 ================= ================= GCG TRUST CAPITAL GUARDIAN SMALL CAP ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,340.969 $9.73 $51,968 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,152.595 9.72 11,203 ES II - Max 7 (post 2000), Generations - Max 7 26,474.859 9.72 257,336 ----------------- ----------------- 32,968.423 $320,507 ================= ================= GCG TRUST CORE BOND Contracts in accumulation period: DVA 80 753.424 $13.35 $10,058 DVA 90,062.736 13.13 1,182,524 DVA Series 100 738.171 12.76 9,419 DVA Plus - Standard (pre February 2000) 223,688.583 12.87 2,878,872 DVA Plus - Standard (post January 2000 & post 2000) 284,926.081 12.81 3,649,903 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,410,374.581 12.71 56,055,861 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 4,516,489.676 12.65 57,133,594 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,142,594.793 12.55 26,889,565 116
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST CORE BOND (CONTINUED) DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 689,474.728 $12.49 $8,611,539 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,936,105.724 12.44 24,085,155 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,423,425.565 12.39 54,806,243 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,446,384.844 12.34 17,848,389 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,457,226.108 12.29 42,489,309 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 5,600,336.870 12.19 68,268,106 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 32,107.716 12.13 389,467 Access - Annual Ratchet (post April 2001) 134,069.579 12.03 1,612,857 Access - Max 5.5 (post April 2001), Landmark - Max 7 836,450.736 11.98 10,020,680 Access - 7% Solution (post April 2001) 299,610.090 11.93 3,574,348 Access - Max 7 (post April 2001) 390,105.072 11.83 4,614,943 ES II - Max 7 (post 2000), Generations - Max 7 1,325,734.470 12.24 16,226,990 Landmark - 7% Solution 529,439.956 12.08 6,395,635 Value 71,442.238 13.24 945,895 VA Option I 161,643.514 13.19 2,132,078 VA Option II 104,350.003 12.86 1,341,941 VA Option III 78,978.140 12.70 1,003,022 VA Bonus Option I 410,566.626 12.65 5,193,668 VA Bonus Option II 238,795.640 12.34 2,946,738 VA Bonus Option III 280,007.129 12.18 3,410,487 SmartDesign Advantage Option I 41,826.052 11.89 497,312 SmartDesign Advantage Option II 33,654.867 11.69 393,425 SmartDesign Advantage Option III 27,833.585 11.55 321,478 Rollover Choice Option I 11,209.365 13.41 150,318 Rollover Choice Option II 7,405.249 13.19 97,675 --------------- ---------------- 34,237,811.911 $425,187,494 =============== ================ GCG TRUST CORE BOND ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 27,862.818 $10.26 $285,873 117
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST CORE BOND ADVISOR (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 4,219.045 $10.26 $43,287 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 6,367.528 10.25 65,267 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 48,272.777 10.25 494,796 ES II - Max 7 (post 2000), Generations - Max 7 10,048.284 10.24 102,894 --------------- --------------- 96,770.452 $992,117 =============== =============== GCG TRUST DEVELOPING WORLD Currently payable annuity products: DVA 12,255.773 $6.36 $77,947 Contracts in accumulation period: DVA 80 14,178.783 6.42 91,028 DVA 475,932.987 6.36 3,026,934 DVA Series 100 18,313.765 6.25 114,461 DVA Plus - Standard (pre February 2000) 207,165.986 6.28 1,301,002 DVA Plus - Standard (post January 2000 & post 2000) 144,724.137 6.26 905,973 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,925,891.221 6.23 11,998,302 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,365,017.451 6.22 8,490,409 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 1,372,716.295 6.19 8,497,114 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 474,427.290 6.17 2,927,216 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 249,735.938 6.16 1,538,373 118
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST DEVELOPING WORLD (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 1,283,289.404 $6.14 $7,879,397 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 256,922.106 6.13 1,574,933 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 690,414.368 6.11 4,218,432 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 847,173.047 6.08 5,150,812 Access - Annual Ratchet (post April 2001) 45,608.548 6.04 275,476 Access - Max 5.5 (post April 2001), Landmark - Max 7 87,622.124 6.02 527,485 Access - 7% Solution (post April 2001) 14,127.458 6.01 84,906 Access - Max 7 (post April 2001) 39,283.433 5.98 234,915 ES II - Max 7 (post 2000), Generations - Max 7 89,889.364 6.10 548,325 Landmark - 7% Solution 40,885.379 6.05 247,357 Value 46,745.779 6.39 298,706 --------------- --------------- 9,702,320.636 $60,009,503 =============== =============== GCG TRUST DEVELOPING WORLD ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 520.886 $9.71 $5,058 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 5,949.670 9.70 57,712 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 504.135 9.70 4,890 ES II - Max 7 (post 2000), Generations - Max 7 1,184.808 9.70 11,493 --------------- --------------- 8,159.499 $79,153 =============== =============== GCG TRUST DIVERSIFIED MID-CAP Contracts in accumulation period: DVA 14,377.938 $7.30 $104,959 DVA Series 100 547.871 7.24 3,967 DVA Plus - Standard (pre February 2000) 52,084.982 7.26 378,137 DVA Plus - Standard (post January 2000 & post 2000) 107,226.771 7.25 777,394 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,436,693.678 7.23 10,387,295 119
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST DIVERSIFIED MID-CAP (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,947,601.094 $7.22 $14,061,680 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 504,098.037 7.21 3,634,547 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 239,616.364 7.20 1,725,238 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 877,091.558 7.19 6,306,288 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 1,210,498.995 7.18 8,691,383 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 839,243.527 7.17 6,017,376 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,611,467.331 7.17 11,554,221 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,302,130.917 7.15 16,460,236 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,418.819 7.14 10,130 Access - Annual Ratchet (post April 2001) 78,293.863 7.12 557,452 Access - Max 5.5 (post April 2001), Landmark - Max 7 492,026.422 7.12 3,503,228 Access - 7% Solution (post April 2001) 74,631.497 7.11 530,630 Access - Max 7 (post April 2001) 181,302.263 7.09 1,285,433 ES II - Max 7 (post 2000), Generations - Max 7 532,775.028 7.16 3,814,669 Landmark - 7% Solution 163,816.671 7.13 1,168,013 Value 28,075.151 7.31 205,229 --------------- --------------- 12,695,018.777 $91,177,505 =============== =============== GCG TRUST DIVERSIFIED MID-CAP ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,407.942 $9.48 $51,267 120
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST DIVERSIFIED MID-CAP ADVISOR (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 432.092 $9.48 $4,096 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 243.004 9.47 2,301 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 12,952.240 9.47 122,658 ES II - Max 7 (post 2000), Generations - Max 7 4,137.894 9.47 39,186 --------------- --------------- 23,173.172 $219,508 =============== =============== GCG TRUST EQUITY GROWTH Contracts in accumulation period: DVA 3,698.022 $7.84 $28,992 DVA Plus - Standard (pre February 2000) 2,799.601 7.83 21,921 DVA Plus - Standard (post January 2000 & post 2000) 10,978.003 7.83 85,958 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 124,180.866 7.82 971,094 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 115,969.157 7.82 906,879 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 36,456.517 7.81 284,725 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 16,317.558 7.81 127,440 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 28,455.347 7.81 222,236 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 62,875.801 7.81 491,060 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 20,987.840 7.80 163,705 121
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST EQUITY GROWTH (CONTINUED) Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 37,951.928 $7.80 $296,025 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 67,606.323 7.79 526,653 Access - Max 5.5 (post April 2001), Landmark - Max 7 10,421.530 7.78 81,080 Access - Max 7 (post April 2001) 852.028 7.78 6,629 ES II - Max 7 (post 2000), Generations - Max 7 10,170.532 7.80 79,330 Landmark - 7% Solution 8,348.943 7.79 65,038 Value 571.100 7.85 4,483 --------------- --------------- 558,641.096 $4,363,248 =============== =============== GCG TRUST EQUITY GROWTH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 500.893 $9.64 $4,829 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 15,788.036 9.63 152,039 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 2,058.799 9.63 19,826 ES II - Max 7 (post 2000), Generations - Max 7 29,214.728 9.63 281,338 --------------- --------------- 47,562.456 $458,032 =============== =============== GCG TRUST EQUITY INCOME Currently payable annuity products: DVA 80 1,348.359 $22.22 $29,661 DVA 25,612.255 21.61 553,481 Contracts in accumulation period: DVA 80 121,213.832 22.22 2,693,671 DVA 2,051,786.851 21.61 44,339,114 DVA Series 100 32,304.604 20.57 664,506 DVA Plus - Standard (pre February 2000) 255,606.846 20.89 5,339,627 DVA Plus - Standard (post January 2000 & post 2000) 159,632.560 20.72 3,307,587 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,796,771.768 20.45 57,193,983 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,137,260.309 20.28 43,343,639 122
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST EQUITY INCOME (CONTINUED) DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,226,227.787 $20.03 $44,591,343 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 375,190.550 19.86 7,451,284 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 814,591.599 19.72 16,063,746 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 3,360,009.304 19.58 65,788,982 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 773,224.228 19.44 15,031,479 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,769,553.969 19.30 34,152,392 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,273,204.350 19.03 43,259,079 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 192.692 18.90 3,642 Access - Annual Ratchet (post April 2001) 69,736.079 18.63 1,299,183 Access - Max 5.5 (post April 2001), Landmark - Max 7 425,111.213 18.50 7,864,557 Access - 7% Solution (post April 2001) 90,035.804 18.37 1,653,958 Access - Max 7 (post April 2001) 94,236.389 18.11 1,706,621 ES II - Max 7 (post 2000), Generations - Max 7 479,847.384 19.17 9,198,674 Landmark - 7% Solution 151,475.992 18.76 2,841,690 Access One 875.000 23.18 20,283 Value 60,096.515 21.92 1,317,316 --------------- --------------- 20,545,146.239 $409,709,498 =============== =============== GCG TRUST EQUITY INCOME ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 14,864.732 $9.83 $146,120 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 18,285.717 9.82 179,566 123
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST EQUITY INCOME ADVISOR (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 21,139.474 $9.82 $207,590 ES II - Max 7 (post 2000), Generations - Max 7 10,928.226 9.81 107,206 --------------- --------------- 65,218.149 $640,482 =============== =============== GCG TRUST EQUITY OPPORTUNITY Currently payable annuity products: DVA 14,478.487 $15.71 $227,457 Contracts in accumulation period: DVA 80 15,404.039 16.05 247,235 DVA 1,154,948.305 15.71 18,144,238 DVA Series 100 16,405.052 15.12 248,044 DVA Plus - Standard (pre February 2000) 284,899.727 15.31 4,361,815 DVA Plus - Standard (post January 2000 & post 2000) 184,671.967 15.21 2,808,861 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,929,610.455 15.06 44,119,933 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,951,375.489 14.96 29,192,577 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,915,535.853 14.82 43,208,241 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 692,996.783 14.72 10,200,913 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 479,670.392 14.64 7,022,375 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 3,453,225.380 14.56 50,278,962 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 577,200.232 14.48 8,357,859 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,643,361.524 14.41 23,680,840 124
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST EQUITY OPPORTUNITY (CONTINUED) Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,091,212.810 $14.25 $29,799,783 Access - Annual Ratchet (post April 2001) 41,941.988 14.02 588,027 Access - Max 5.5 (post April 2001), Landmark - Max 7 132,555.663 13.94 1,847,826 Access - 7% Solution (post April 2001) 34,165.539 13.87 473,876 Access - Max 7 (post April 2001) 61,196.435 13.72 839,615 ES II - Max 7 (post 2000), Generations - Max 7 263,932.617 14.33 3,782,154 Landmark - 7% Solution 44,959.241 14.10 633,925 Value 56,140.426 15.88 891,510 ----------------- --------------- 19,039,888.404 $280,956,066 ================= =============== GCG TRUST EQUITY OPPORTUNITY ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 169.464 $9.75 $1,652 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 2,428.703 9.74 23,656 ES II - Max 7 (post 2000), Generations - Max 7 860.908 9.74 8,385 ----------------- --------------- 3,459.075 $33,693 ================= =============== GCG TRUST FOCUS VALUE Contracts in accumulation period: DVA Series 100 403.111 $8.37 $3,374 DVA Plus - Standard (post January 2000 & post 2000) 88.979 8.38 746 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 93,267.838 8.37 780,652 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 91,570.714 8.37 766,447 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 69,302.448 8.36 579,368 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 22,197.693 8.36 185,573 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 36,243.979 8.36 303,000 125
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST FOCUS VALUE (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 94,260.227 $8.35 $787,073 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 16,518.844 8.35 137,932 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 53,879.191 8.35 449,891 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 94,082.902 8.34 784,651 Access - Annual Ratchet (post April 2001) 5,396.319 8.33 44,951 Access - Max 5.5 (post April 2001), Landmark - Max 7 15,877.599 8.33 132,260 Access - 7% Solution (post April 2001) 20,649.316 8.33 172,009 Access - Max 7 (post April 2001) 8,470.384 8.32 70,474 ES II - Max 7 (post 2000), Generations - Max 7 84,874.579 8.35 708,703 Landmark - 7% Solution 1,398.706 8.34 11,665 Value 1,571.082 8.40 13,197 --------------- --------------- 710,053.911 $5,931,966 =============== =============== GCG TRUST FOCUS VALUE ADVISOR Contracts in accumulation period: DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 222.890 $10.17 $2,267 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,252.965 10.16 12,730 ES II - Max 7 (post 2000), Generations - Max 7 3,259.390 10.16 33,115 --------------- --------------- 4,735.245 $48,112 =============== =============== GCG TRUST FULLY MANAGED Currently payable annuity products: DVA 80 476.959 $30.37 $14,885 DVA 17,327.473 29.53 511,680 Contracts in accumulation period: DVA 80 46,348.529 30.37 1,407,205 DVA 1,134,176.173 29.53 33,492,223 DVA Series 100 21,165.295 28.11 594,956 DVA Plus - Standard (pre February 2000) 435,649.731 28.55 12,437,800 DVA Plus - Standard (post January 2000 & post 2000) 281,689.371 28.32 7,977,443 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,326,018.141 27.96 148,915,467 126
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST FULLY MANAGED (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 4,380,116.820 $27.72 $121,416,838 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 4,093,955.209 27.37 112,051,554 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 639,976.992 27.14 17,368,976 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,232,631.081 26.95 33,219,408 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 5,387,390.525 26.76 144,166,570 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,345,841.222 26.57 35,759,001 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,716,909.826 26.38 98,052,081 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 3,927,374.682 26.01 102,151,015 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 12,094.796 25.83 312,409 Access - Annual Ratchet (post April 2001) 122,475.644 25.46 3,118,230 Access - Max 5.5 (post April 2001), Landmark - Max 7 442,656.923 25.28 11,190,367 Access - 7% Solution (post April 2001) 164,221.185 25.10 4,121,952 Access - Max 7 (post April 2001) 217,796.256 24.75 5,390,457 ES II - Max 7 (post 2000), Generations - Max 7 1,256,046.260 26.20 32,908,412 Landmark - 7% Solution 232,111.293 25.65 5,953,655 Value 90,281.116 29.95 2,703,919 ----------------- ---------------- 34,524,731.502 $935,236,503 ================= ================ GCG TRUST FULLY MANAGED ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 8,749.639 $10.01 $87,584 127
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST FULLY MANAGED ADVISOR (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,656.240 $10.01 $16,579 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 11,784.255 10.00 117,843 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 51,407.699 10.00 514,077 ES II - Max 7 (post 2000), Generations - Max 7 15,783.663 9.99 157,679 ---------------- --------------- 89,381.496 $893,762 ================ =============== GCG TRUST FUNDAMENTAL GROWTH FOCUS Contracts in accumulation period: DVA Plus - Standard (post January 2000 & post 2000) 4,821.861 $7.98 $38,478 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 44,772.613 7.97 356,838 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 27,663.603 7.97 220,479 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 18,057.041 7.97 143,915 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 754.698 7.96 6,007 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 60,486.886 7.96 481,476 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 44,257.084 7.96 352,286 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 16,838.025 7.96 134,031 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 27,465.089 7.95 218,347 128
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST FUNDAMENTAL GROWTH FOCUS (CONTINUED) Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 62,915.346 $7.95 $500,177 Access - Max 5.5 (post April 2001), Landmark - Max 7 8,896.164 7.94 70,636 Access - 7% Solution (post April 2001) 297.033 7.93 2,355 ES II - Max 7 (post 2000), Generations - Max 7 26,080.260 7.95 207,338 Landmark - 7% Solution 1,011.739 7.94 8,033 Value 246.288 8.00 1,970 ---------------- ------------- 344,563.730 $2,742,366 ================ ============= GCG TRUST FUNDAMENTAL GROWTH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,049.598 $9.45 $38,269 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 6,209.274 9.44 58,616 ES II - Max 7 (post 2000), Generations - Max 7 1,178.801 9.44 11,128 ---------------- ------------- 11,437.673 $108,013 ================ ============= GCG TRUST GLOBAL FRANCHISE Contracts in accumulation period: DVA 80 1,187.427 $8.88 $10,544 DVA 640.174 8.87 5,678 DVA Plus - Standard (pre February 2000) 11,623.141 8.86 102,981 DVA Plus - Standard (post January 2000 & post 2000) 23,085.952 8.85 204,311 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 220,958.044 8.85 1,955,479 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 255,200.584 8.84 2,255,973 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 135,600.201 8.84 1,198,706 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 27,705.332 8.83 244,638 129
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST GLOBAL FRANCHISE (CONTINUED) DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 136,897.046 $8.83 $1,208,801 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 222,557.194 8.83 1,965,180 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 53,322.828 8.83 470,841 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 133,793.649 8.82 1,180,060 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 201,785.907 8.82 1,779,752 Access - Annual Ratchet (post April 2001) 5,968.492 8.81 52,582 Access - Max 5.5 (post April 2001), Landmark - Max 7 40,257.987 8.80 354,270 Access - 7% Solution (post April 2001) 1,758.151 8.80 15,472 Access - Max 7 (post April 2001) 34,645.719 8.80 304,882 ES II - Max 7 (post 2000), Generations - Max 7 130,191.636 8.82 1,148,290 Landmark - 7% Solution 14,613.060 8.81 128,741 Value 9,607.419 8.88 85,314 ----------------- --------------- 1,661,399.943 $14,672,495 ================= =============== GCG TRUST GLOBAL FRANCHISE ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 29,031.188 $9.52 $276,377 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 412.034 9.52 3,923 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,167.197 9.51 11,100 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 26,238.388 9.51 249,527 ES II - Max 7 (post 2000), Generations - Max 7 17,515.525 9.51 166,573 ----------------- --------------- 74,364.332 $707,500 ================= =============== 130
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST GROWTH Contracts in accumulation period: DVA 80 12,857.714 $10.95 $140,792 DVA 368,583.831 10.81 3,984,391 DVA Series 100 10,762.408 10.55 113,543 DVA Plus - Standard (pre February 2000) 566,759.980 10.62 6,018,991 DVA Plus - Standard (post January 2000 & post 2000) 445,014.880 10.59 4,712,708 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 12,372,394.796 10.52 130,157,593 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 5,599,656.965 10.48 58,684,405 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 8,151,063.532 10.41 84,852,571 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 2,302,846.613 10.37 23,880,519 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,434,608.045 10.34 14,833,847 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 11,094,010.020 10.30 114,268,303 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,379,115.515 10.27 14,163,516 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 4,731,610.364 10.23 48,404,374 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 4,149,073.607 10.16 42,154,588 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,801.069 10.13 18,245 Access - Annual Ratchet (post April 2001) 60,336.832 10.06 606,989 Access - Max 5.5 (post April 2001), Landmark - Max 7 311,442.281 10.02 3,120,652 Access - 7% Solution (post April 2001) 62,459.653 9.99 623,972 Access - Max 7 (post April 2001) 134,109.863 9.92 1,330,370 ES II - Max 7 (post 2000), Generations - Max 7 464,260.700 10.20 4,735,459 131
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST GROWTH (CONTINUED) Landmark - 7% Solution 149,093.481 $10.09 $1,504,353 Access One 808.000 11.18 9,033 Value 151,569.894 10.88 1,649,080 ----------------- --------------- 53,954,240.043 $559,968,294 ================= =============== GCG TRUST GROWTH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,337.665 $9.78 $42,422 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 2,872.645 9.77 28,066 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 2,205.411 9.76 21,525 ----------------- --------------- 9,415.721 $92,013 ================= =============== GCG TRUST HARD ASSETS Currently payable annuity products: DVA 1,451.663 $14.85 $21,557 Contracts in accumulation period: DVA 80 35,342.359 15.27 539,678 DVA 217,667.924 14.85 3,232,369 DVA Series 100 11,963.287 14.13 169,041 DVA Plus - Standard (pre February 2000) 64,493.201 14.35 925,477 DVA Plus - Standard (post January 2000 & post 2000) 36,131.929 14.23 514,157 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 575,255.091 14.05 8,082,334 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 436,184.996 13.94 6,080,419 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 561,649.827 13.76 7,728,302 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 62,770.602 13.64 856,191 132
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST HARD ASSETS (CONTINUED) DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 108,459.704 $13.55 $1,469,629 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 968,858.495 13.45 13,031,147 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 120,307.849 13.36 1,607,313 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 302,601.665 13.26 4,012,498 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 932,326.908 13.08 12,194,836 Access - Annual Ratchet (post April 2001) 23,531.967 12.80 301,209 Access - Max 5.5 (post April 2001), Landmark - Max 7 43,248.118 12.71 549,684 Access - 7% Solution (post April 2001) 11,014.885 12.62 139,008 Access - Max 7 (post April 2001) 23,773.123 12.44 295,738 ES II - Max 7 (post 2000), Generations - Max 7 389,188.424 13.17 5,125,612 Landmark - 7% Solution 14,039.187 12.89 180,965 Access One 14,311.339 15.93 227,980 Value 31,695.351 15.06 477,332 ----------------- -------------- 4,986,267.894 $67,762,476 ================= ============== GCG TRUST HARD ASSETS ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,119.434 $9.83 $11,004 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 25.690 9.83 253 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 239.543 9.82 2,352 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 7,945.259 9.82 78,022 ES II - Max 7 (post 2000), Generations - Max 7 511.225 9.82 5,020 ----------------- -------------- 9,841.151 $96,651 ================= ============== 133
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INTERNATIONAL ENHANCED EAFE Contracts in accumulation period: DVA 2,423.918 $8.25 $19,997 DVA Plus - Standard (pre February 2000) 4,118.741 8.23 33,897 DVA Plus - Standard (post January 2000 & post 2000) 2,548.665 8.23 20,976 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 72,897.915 8.22 599,221 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 106,211.466 8.22 873,058 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 33,208.173 8.22 272,971 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 4,278.309 8.21 35,125 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 81,976.969 8.21 673,031 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 52,606.310 8.21 431,898 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 9,890.018 8.21 81,197 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 51,442.150 8.20 421,826 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 138,594.248 8.20 1,136,473 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 466.576 8.19 3,821 Access - Annual Ratchet (post April 2001) 1,612.722 8.19 13,208 Access - Max 5.5 (post April 2001), Landmark - Max 7 6,369.326 8.19 52,165 Access - 7% Solution (post April 2001) 4,136.609 8.18 33,837 Access - Max 7 (post April 2001) 3,184.248 8.18 26,047 ES II - Max 7 (post 2000), Generations - Max 7 12,518.879 8.20 102,655 Landmark - 7% Solution 8,531.245 8.19 69,871 Value 1,514.364 8.25 12,494 VA Option I 3,925.552 8.25 32,386 VA Option II 42.615 8.23 351 134
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INTERNATIONAL ENHANCED EAFE (CONTINUED) VA Bonus Option I 1,123.321 $8.22 $9,234 VA Bonus Option II 806.164 8.21 6,619 VA Bonus Option III 2,716.806 8.20 22,278 SmartDesign Advantage Option I 71.304 8.18 583 SmartDesign Advantage Option II 587.775 8.17 4,802 ---------------- -------------- 607,804.388 $4,990,021 ================ ============== GCG TRUST INTERNATIONAL ENHANCED EAFE ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 3,935.485 $9.76 $38,410 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 9,208.703 9.75 89,785 ES II - Max 7 (post 2000), Generations - Max 7 3,747.359 9.74 36,499 ---------------- -------------- 16,891.547 $164,694 ================ ============== GCG TRUST INTERNATIONAL EQUITY Contracts in accumulation period: DVA 14,806.091 $7.41 $109,713 DVA Plus - Standard (pre February 2000) 5,838.470 7.29 42,562 DVA Plus - Standard (post January 2000 & post 2000) 41,512.023 7.26 301,377 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,449,069.007 7.16 31,855,334 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,834,152.254 7.19 13,187,555 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 1,745,092.452 7.14 12,459,960 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 700,469.554 7.11 4,980,339 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 244,423.432 7.09 1,732,962 135
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INTERNATIONAL EQUITY (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,107,916.003 $7.07 $29,042,966 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 261,177.037 7.04 1,838,686 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,565,174.958 7.02 10,987,528 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,470,429.332 6.97 10,248,892 Access - Annual Ratchet (post April 2001) 8,794.725 6.90 60,684 Access - Max 5.5 (post April 2001), Landmark - Max 7 132,382.931 6.87 909,471 Access - 7% Solution (post April 2001) 28,442.290 6.85 194,830 Access - Max 7 (post April 2001) 28,306.916 6.80 192,487 ES II - Max 7 (post 2000), Generations - Max 7 221,112.964 6.99 1,545,580 Landmark - 7% Solution 55,117.980 6.92 381,416 Value 54,578.332 7.46 407,154 ----------------- ---------------- 16,968,796.751 $120,479,496 ================= ================ GCG TRUST INTERNATIONAL EQUITY ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,275.003 $9.80 $22,295 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 7,027.611 9.79 68,800 ES II - Max 7 (post 2000), Generations - Max 7 16,649.992 9.79 163,003 ----------------- ---------------- 25,952.606 $254,098 ================= ================ GCG TRUST INTERNET TOLLKEEPER Contracts in accumulation period: DVA 2,033.594 $4.68 $9,517 DVA Series 100 1,507.485 4.65 7,010 DVA Plus - Standard (pre February 2000) 3,020.064 4.66 14,073 DVA Plus - Standard (post January 2000 & post 2000) 9,099.556 4.66 42,404 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 387,485.791 4.65 1,801,809 136
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INTERNET TOLLKEEPER (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 519,243.692 $4.64 $2,409,291 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 109,776.291 4.64 509,362 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 18,672.457 4.63 86,453 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 240,376.369 4.63 1,112,943 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 151,985.088 4.63 703,691 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 181,314.866 4.62 837,675 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 220,934.965 4.62 1,020,720 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 447,885.199 4.61 2,064,751 Access - Annual Ratchet (post April 2001) 41,859.479 4.60 192,554 Access - Max 5.5 (post April 2001), Landmark - Max 7 141,022.746 4.59 647,294 Access - 7% Solution (post April 2001) 23,045.661 4.59 105,780 Access - Max 7 (post April 2001) 80,239.506 4.58 367,497 ES II - Max 7 (post 2000), Generations - Max 7 161,332.193 4.61 743,741 Landmark - 7% Solution 22,077.083 4.60 101,555 Value 5,625.439 4.69 26,383 ----------------- --------------- 2,768,537.524 $12,804,503 ================= =============== GCG TRUST INTERNET TOLLKEEPER ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 335.041 $10.42 $3,491 137
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INTERNET TOLLKEEPER ADVISOR (CONTINUED) DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,329.443 $10.41 $13,840 ES II - Max 7 (post 2000), Generations - Max 7 3,454.704 10.40 35,929 ----------------- -------------- 5,119.188 $53,260 ================= ============== GCG TRUST INVESTORS Contracts in accumulation period: DVA 5,944.138 $8.17 $48,564 DVA Plus - Standard (pre February 2000) 37,817.102 8.11 306,697 DVA Plus - Standard (post January 2000 & post 2000) 169,038.915 8.09 1,367,525 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,177,891.614 8.07 9,505,585 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,674,081.360 8.06 13,493,096 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 590,391.269 8.04 4,746,746 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 330,087.985 8.02 2,647,306 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,030,210.891 8.01 8,251,989 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 1,371,276.985 8.00 10,970,216 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 534,292.847 7.99 4,269,000 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,333,386.702 7.98 10,640,426 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,079,376.721 7.95 16,531,045 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,596.183 7.94 20,614 138
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST INVESTORS (CONTINUED) Access - Annual Ratchet (post April 2001) 88,534.000 $7.92 $701,189 Access - Max 5.5 (post April 2001), Landmark - Max 7 294,204.803 7.91 2,327,160 Access - 7% Solution (post April 2001) 33,193.925 7.89 261,900 Access - Max 7 (post April 2001) 215,194.574 7.87 1,693,581 ES II - Max 7 (post 2000), Generations - Max 7 336,121.073 7.96 2,675,524 Landmark - 7% Solution 160,813.629 7.93 1,275,252 Value 51,170.187 8.19 419,084 ----------------- --------------- 11,515,624.903 $92,152,499 ================= =============== GCG TRUST INVESTORS ADVISOR Contracts in accumulation period: DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 5,609.111 $9.75 $54,689 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 2,588.611 9.75 25,239 ES II - Max 7 (post 2000), Generations - Max 7 22,298.988 9.74 217,192 ----------------- --------------- 30,496.710 $297,120 ================= =============== GCG TRUST J.P. MORGAN FLEMING SMALL CAP EQUITY Contracts in accumulation period: DVA 3,893.026 $7.87 $30,638 DVA Plus - Standard (pre February 2000) 6,459.288 7.85 50,705 DVA Plus - Standard (post January 2000 & post 2000) 13,266.013 7.85 104,138 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 169,670.331 7.85 1,331,912 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 209,858.323 7.84 1,645,289 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 31,083.841 7.84 243,697 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 14,675.334 7.83 114,908 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 114,379.561 7.83 895,592 139
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST J.P. MORGAN FLEMING SMALL CAP EQUITY (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 166,809.449 $7.83 $1,306,118 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 72,176.099 7.83 565,139 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 95,249.109 7.82 744,848 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 155,619.727 7.82 1,216,946 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,107.867 7.82 16,484 Access - Annual Ratchet (post April 2001) 5,346.492 7.81 41,756 Access - Max 5.5 (post April 2001), Landmark - Max 7 37,673.562 7.81 294,231 Access - 7% Solution (post April 2001) 47.133 7.81 368 Access - Max 7 (post April 2001) 8,558.644 7.80 66,757 ES II - Max 7 (post 2000), Generations - Max 7 54,217.816 7.82 423,983 Landmark - 7% Solution 18,981.527 7.81 148,246 Value 9,884.594 7.87 77,792 VA Option I 2,395.075 7.87 18,849 VA Option II 202.769 7.85 1,592 VA Option III 74.699 7.85 586 VA Bonus Option I 11,543.916 7.84 90,504 VA Bonus Option II 2,705.468 7.83 21,184 VA Bonus Option III 2,734.971 7.82 21,387 SmartDesign Advantage Option I 277.276 7.80 2,163 SmartDesign Advantage Option II 1,939.734 7.79 15,111 ----------------- --------------- 1,211,831.644 $9,490,923 ================= =============== GCG TRUST J.P. MORGAN FLEMING SMALL CAP ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 12,546.872 $9.49 $119,070 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 51.434 9.49 488 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 11,332.630 9.48 107,433 140
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST J.P. MORGAN FLEMING SMALL CAP ADVISOR (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 12,802.704 $9.48 $121,370 ES II - Max 7 (post 2000), Generations - Max 7 17,168.053 9.48 162,753 ----------------- --------------- 53,901.693 $511,114 ================= =============== GCG TRUST JANUS GROWTH AND INCOME Contracts in accumulation period: DVA 19,775.056 $7.11 $140,601 DVA Series 100 3,746.840 7.06 26,453 DVA Plus - Standard (pre February 2000) 78,084.441 7.07 552,057 DVA Plus - Standard (post January 2000 & post 2000) 257,195.925 7.07 1,818,375 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,676,922.509 7.05 11,822,304 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,831,574.297 7.04 19,934,283 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 719,851.323 7.03 5,060,555 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 315,169.992 7.02 2,212,493 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,160,151.753 7.01 8,132,664 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 1,909,356.758 7.00 13,365,497 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,307,255.573 6.99 9,137,716 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,513,591.776 6.99 17,570,007 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 3,186,621.478 6.97 22,210,752 141
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST JANUS GROWTH AND INCOME (CONTINUED) Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 5,288.195 $6.96 $36,806 Access - Annual Ratchet (post April 2001) 132,023.878 6.95 917,566 Access - Max 5.5 (post April 2001), Landmark - Max 7 584,691.147 6.94 4,057,757 Access - 7% Solution (post April 2001) 103,609.107 6.93 718,011 Access - Max 7 (post April 2001) 255,764.423 6.91 1,767,332 ES II - Max 7 (post 2000), Generations - Max 7 803,023.067 6.98 5,605,101 Landmark - 7% Solution 184,660.669 6.95 1,283,392 Value 54,814.567 7.13 390,828 VA Option I 150,753.831 7.12 1,073,367 VA Option II 48,439.217 7.07 342,465 VA Option III 17,896.151 7.05 126,168 VA Bonus Option I 167,273.116 7.04 1,177,603 VA Bonus Option II 75,159.946 6.99 525,368 VA Bonus Option III 38,566.865 6.97 268,811 SmartDesign Advantage Option I 4,647.962 6.92 32,164 SmartDesign Advantage Option II 7,683.653 6.89 52,940 SmartDesign Advantage Option III 2,197.487 6.87 15,097 ----------------- ---------------- 18,615,791.002 $130,374,533 ================= ================ GCG TRUST JANUS GROWTH AND INCOME ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 20,265.683 $9.73 $197,185 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 6,270.030 9.72 60,945 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 24,716.980 9.72 240,249 ES II - Max 7 (post 2000), Generations - Max 7 9,121.503 9.71 88,570 ----------------- ---------------- 60,374.196 $586,949 ================= ================ GCG TRUST LARGE CAP VALUE Contracts in accumulation period: DVA 45,296.402 $7.62 $345,159 DVA Series 100 2,185.539 7.54 16,479 DVA Plus - Standard (pre February 2000) 154,789.655 7.56 1,170,210 DVA Plus - Standard (post January 2000 & post 2000) 533,166.943 7.55 4,025,410 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,513,819.120 7.53 33,989,058 142
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST LARGE CAP VALUE (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 6,465,372.229 $7.52 $48,619,599 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,128,387.026 7.50 15,962,903 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,328,528.910 7.48 9,937,396 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 2,660,134.746 7.47 19,871,207 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,117,976.668 7.46 30,720,106 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 2,719,020.902 7.45 20,256,706 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 5,103,820.816 7.44 37,972,427 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 6,279,536.964 7.42 46,594,164 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 685.718 7.41 5,081 Access - Annual Ratchet (post April 2001) 153,495.420 7.39 1,134,331 Access - Max 5.5 (post April 2001), Landmark - Max 7 916,295.246 7.37 6,753,096 Access - 7% Solution (post April 2001) 190,461.403 7.36 1,401,796 Access - Max 7 (post April 2001) 486,302.358 7.34 3,569,459 ES II - Max 7 (post 2000), Generations - Max 7 1,216,648.520 7.43 9,039,699 Landmark - 7% Solution 483,293.216 7.40 3,576,370 Access One 185.000 7.73 1,430 Value 102,148.307 7.64 780,413 ----------------- ---------------- 39,601,551.108 $295,742,499 ================= ================ 143
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST LARGE CAP VALUE ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 8,771.780 $10.27 $90,086 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 220.967 10.26 2,267 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 9,363.630 10.26 96,071 ES II - Max 7 (post 2000), Generations - Max 7 14,142.339 10.25 144,959 ----------------- --------------- 32,498.716 $333,383 ================= =============== GCG TRUST LIMITED MATURITY BOND Currently payable annuity products: DVA 80 2,359.019 $21.88 $51,615 DVA 6,619.882 21.27 140,805 Contracts in accumulation period: DVA 80 34,224.282 21.88 748,828 DVA 846,602.221 21.27 18,007,229 DVA Series 100 12,011.152 20.25 243,226 DVA Plus - Standard (pre February 2000) 431,757.457 20.58 8,885,568 DVA Plus - Standard (post January 2000 & post 2000) 325,166.054 20.38 6,626,884 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 6,261,694.220 20.16 126,235,755 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 3,840,532.602 19.95 76,618,625 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 3,063,485.056 19.73 60,442,560 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 629,610.846 19.53 12,296,300 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 917,937.051 19.40 17,807,979 144
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST LIMITED MATURITY BOND (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,436,722.906 $19.29 $85,584,385 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,001,052.596 19.12 19,140,126 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,793,640.320 18.99 53,051,230 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,647,004.840 18.72 49,551,931 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 6,404.724 18.62 119,256 Access - Annual Ratchet (post April 2001) 115,924.795 18.36 2,128,379 Access - Max 5.5 (post April 2001), Landmark - Max 7 187,662.150 18.23 3,421,081 Access - 7% Solution (post April 2001) 102,237.878 18.10 1,850,506 Access - Max 7 (post April 2001) 117,719.660 17.84 2,100,119 ES II - Max 7 (post 2000), Generations - Max 7 457,642.573 18.89 8,644,868 Landmark - 7% Solution 148,372.597 18.49 2,743,409 Access One 1,261.000 22.84 28,801 Value 118,011.620 21.60 2,549,051 ----------------- ---------------- 28,505,657.501 $559,018,516 ================= ================ GCG TRUST LIQUID ASSET Currently payable annuity products: DVA 80 2,612.969 $17.21 $44,969 DVA 1,526.708 16.74 25,557 Contracts in accumulation period: DVA 80 149,703.142 17.21 2,576,391 DVA 679,365.487 16.74 11,372,578 DVA Series 100 44,784.895 15.93 713,423 DVA Plus - Standard (pre February 2000) 695,808.213 16.18 11,258,177 DVA Plus - Standard (post January 2000 & post 2000) 337,508.715 16.00 5,400,139 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 12,089,343.159 15.84 191,495,196 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 10,877,062.661 15.66 170,334,801 145
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST LIQUID ASSET (CONTINUED) DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 5,577,965.813 $15.51 $86,514,250 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 2,297,033.266 15.33 35,213,520 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,599,933.376 15.23 24,366,985 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 8,964,021.189 15.17 135,984,201 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,590,575.818 15.01 23,874,543 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 10,613,767.944 14.91 158,251,280 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 7,015,870.143 14.70 103,133,291 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 19,321.100 14.64 282,861 Access - Annual Ratchet (post April 2001) 327,508.915 14.43 4,725,954 Access - Max 5.5 (post April 2001), Landmark - Max 7 514,408.939 14.33 7,371,480 Access - 7% Solution (post April 2001) 102,402.302 14.23 1,457,185 Access - Max 7 (post April 2001) 300,237.886 14.03 4,212,338 ES II - Max 7 (post 2000), Generations - Max 7 749,575.552 14.85 11,131,197 Landmark - 7% Solution 246,747.572 14.54 3,587,710 Value 117,368.795 16.98 1,992,922 VA Option I 125,681.154 16.86 2,118,984 VA Option II 65,629.633 16.16 1,060,575 VA Option III 17,951.798 15.82 283,997 VA Bonus Option I 379,646.273 15.71 5,964,243 VA Bonus Option II 116,033.602 15.05 1,746,306 VA Bonus Option III 130,082.443 14.74 1,917,415 SmartDesign Advantage Option I 948,016.951 14.15 13,414,440 SmartDesign Advantage Option II 44,327.639 13.75 609,505 SmartDesign Advantage Option III 29,720.969 13.46 400,044 Rollover Choice Option I 25,088.627 17.34 435,037 ----------------- ----------------- 66,796,633.647 $1,023,271,494 ================= ================= 146
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST LIQUID ASSET ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 28,048.150 $9.99 $280,201 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 14,084.319 9.99 140,702 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 14,647.450 9.98 146,182 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 65,111.528 9.98 649,813 ES II - Max 7 (post 2000), Generations - Max 7 58,442.123 9.98 583,252 ----------------- ---------------- 180,333.570 $1,800,150 ================= ================ GCG TRUST MANAGED GLOBAL Currently payable annuity products: DVA 6,904.811 $14.39 $99,360 Contracts in accumulation period: DVA 80 12,796.817 14.69 187,985 DVA 1,163,854.594 14.39 16,747,868 DVA Series 100 19,801.323 13.89 275,040 DVA Plus - Standard (pre February 2000) 392,630.543 14.02 5,504,680 DVA Plus - Standard (post January 2000 & post 2000) 262,335.765 13.93 3,654,337 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,965,665.844 13.80 27,126,189 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,246,689.590 13.71 30,802,114 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,796,757.957 13.59 38,007,941 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 629,167.687 13.50 8,493,764 147
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST MANAGED GLOBAL (CONTINUED) DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,121,603.349 $13.43 $15,063,133 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 1,143,491.481 13.36 15,277,046 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 592,153.300 13.29 7,869,717 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,564,387.791 13.23 20,696,850 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,515,103.147 13.09 19,832,700 Access - Annual Ratchet (post April 2001) 44,003.244 12.89 567,202 Access - Max 5.5 (post April 2001), Landmark - Max 7 210,410.956 12.82 2,697,468 Access - 7% Solution (post April 2001) 59,805.081 12.75 762,515 Access - Max 7 (post April 2001) 102,390.142 12.62 1,292,164 ES II - Max 7 (post 2000), Generations - Max 7 367,449.857 13.16 4,835,640 Landmark - 7% Solution 127,169.390 12.95 1,646,844 Access One 953.000 15.12 14,409 Value 113,467.340 14.51 1,646,411 ----------------- ---------------- 16,458,993.009 $223,101,377 ================= ================ GCG TRUST MANAGED GLOBAL ADVISOR Contracts in accumulation period: Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 3,121.056 $10.23 $31,928 ES II - Max 7 (post 2000), Generations - Max 7 1,726.583 10.23 17,663 ----------------- ---------------- 4,847.639 $49,591 ================= ================ GCG TRUST MID-CAP GROWTH Currenlty payable annuity products: DVA 3,693.891 $16.62 $61,392 Contracts in accumulation period: DVA 80 24,281.313 16.90 410,354 DVA 658,498.563 16.62 10,944,247 DVA Series 100 11,781.116 16.14 190,147 DVA Plus - Standard (pre February 2000) 356,065.245 16.28 5,796,742 DVA Plus - Standard (post January 2000 & post 2000) 262,443.098 16.21 4,254,203 148
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST MID-CAP GROWTH (CONTINUED) DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,485,147.242 $16.05 $88,036,613 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 3,084,371.759 16.01 49,380,792 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 3,781,797.316 15.88 60,054,941 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,067,107.577 15.81 16,870,971 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 844,739.953 15.74 13,296,207 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 4,651,809.596 15.68 72,940,374 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 911,394.113 15.61 14,226,862 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,356,960.176 15.55 36,650,731 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,751,560.359 15.42 42,429,061 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,307.595 15.35 20,072 Access - Annual Ratchet (post April 2001) 59,471.114 15.22 905,150 Access - Max 5.5 (post April 2001), Landmark - Max 7 309,800.690 15.16 4,696,578 Access - 7% Solution (post April 2001) 60,108.378 15.10 907,637 Access - Max 7 (post April 2001) 106,351.561 14.97 1,592,083 ES II - Max 7 (post 2000), Generations - Max 7 511,368.087 15.48 7,915,978 Landmark - 7% Solution 130,301.492 15.29 1,992,310 Granite PrimElite - Standard 2,558.699 16.28 41,656 Granite PrimElite - Annual Ratchet 24,641.442 16.05 395,495 Access One 53.000 17.32 918 Value 90,271.530 16.76 1,512,951 ----------------- ---------------- 27,547,884.905 $435,524,465 ================= ================ 149
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST MID-CAP GROWTH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,630.831 $9.77 $25,703 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,465.638 9.76 14,305 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 11,583.092 9.76 113,051 ES II - Max 7 (post 2000), Generations - Max 7 40,595.693 9.75 395,808 ----------------- --------------- 56,275.254 $548,867 ================= =============== GCG TRUST REAL ESTATE Currently payable annuity products: DVA 2,632.724 $29.64 $78,034 Contracts in accumulation period: DVA 80 14,372.816 30.48 438,083 DVA 294,492.593 29.64 8,728,760 DVA Series 100 6,317.688 28.21 178,222 DVA Plus - Standard (pre February 2000) 99,481.407 28.65 2,850,142 DVA Plus - Standard (post January 2000 & post 2000) 71,426.257 28.42 2,029,934 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,167,126.261 28.06 32,749,563 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 947,489.751 27.82 26,359,165 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 784,788.188 27.47 21,558,132 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 149,145.345 27.24 4,062,719 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 242,782.471 27.05 6,567,266 150
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST REAL ESTATE (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 977,817.612 $26.86 $26,264,181 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 271,008.977 26.67 7,227,809 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 639,503.760 26.48 16,934,060 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 768,502.886 26.11 20,065,610 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 695.890 25.92 18,037 Access - Annual Ratchet (post April 2001) 28,955.148 25.56 740,094 Access - Max 5.5 (post April 2001), Landmark - Max 7 77,757.492 25.38 1,973,485 Access - 7% Solution (post April 2001) 17,947.437 25.20 452,275 Access - Max 7 (post April 2001) 48,340.758 24.84 1,200,784 ES II - Max 7 (post 2000), Generations - Max 7 222,334.059 26.29 5,845,162 Landmark - 7% Solution 33,005.212 25.74 849,554 Access One 74.000 31.80 2,353 Value 15,433.848 30.06 463,941 ----------------- ---------------- 6,881,432.580 $187,637,365 ================= ================ GCG TRUST REAL ESTATE ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 12,247.451 $9.61 $117,698 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 2,275.170 9.60 21,842 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 9,555.238 9.60 91,730 ES II - Max 7 (post 2000), Generations - Max 7 4,638.384 9.60 44,528 ----------------- ---------------- 28,716.243 $275,798 ================= ================ GCG TRUST RESEARCH Contracts in accumulation period: DVA 80 3,627.670 $15.91 $57,716 DVA 162,961.471 15.64 2,548,717 DVA Series 100 13,646.311 15.19 207,287 DVA Plus - Standard (pre February 2000) 440,910.844 15.32 6,754,754 DVA Plus - Standard (post January 2000 & post 2000) 171,543.554 15.26 2,617,755 151
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST RESEARCH (CONTINUED) DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 5,913,309.306 $15.14 $89,527,503 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,475,752.225 15.07 37,309,586 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 4,975,285.355 14.95 74,380,516 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 838,520.000 14.88 12,477,178 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 921,348.789 14.82 13,654,389 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 6,171,512.045 14.76 91,091,518 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 792,215.685 14.70 11,645,571 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,132,959.006 14.64 31,226,520 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,110,644.796 14.51 30,625,456 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,027.237 14.45 14,844 Access - Annual Ratchet (post April 2001) 52,293.527 14.33 749,366 Access - Max 5.5 (post April 2001), Landmark - Max 7 215,282.859 14.27 3,072,086 Access - 7% Solution (post April 2001) 58,224.072 14.21 827,364 Access - Max 7 (post April 2001) 87,204.903 14.09 1,228,717 ES II - Max 7 (post 2000), Generations - Max 7 377,645.580 14.58 5,506,073 Landmark - 7% Solution 131,250.673 14.39 1,888,697 Granite PrimElite - Standard 2,602.459 15.32 39,870 Granite PrimElite - Annual Ratchet 29,978.465 15.14 453,874 Value 78,969.334 15.78 1,246,136 VA Option I 12,098.531 15.71 190,068 VA Option II 8,360.616 15.32 128,085 152
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST RESEARCH (CONTINUED) VA Option III 6,455.986 $15.13 $97,679 VA Bonus Option I 45,514.654 15.07 685,906 VA Bonus Option II 25,547.390 14.69 375,291 VA Bonus Option III 15,015.861 14.51 217,880 SmartDesign Advantage Option I 3,982.031 14.16 56,386 SmartDesign Advantage Option II 743.776 13.93 10,361 SmartDesign Advantage Option III 8,243.250 13.75 113,345 ----------------- ---------------- 28,284,678.261 $421,026,494 ================= ================ GCG TRUST RESEARCH ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 3,274.243 $9.72 $31,826 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 2,960.691 9.71 28,748 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 5,729.442 9.71 55,633 ES II - Max 7 (post 2000), Generations - Max 7 21,658.874 9.70 210,091 ----------------- ---------------- 33,623.250 $326,298 ================= ================ GCG TRUST SPECIAL SITUATIONS Contracts in accumulation period: DVA 2,870.905 $6.13 $17,599 DVA Plus - Standard (pre February 2000) 6,734.067 6.10 41,078 DVA Plus - Standard (post January 2000 & post 2000) 65,939.323 6.09 401,570 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 464,522.134 6.08 2,824,295 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 610,059.047 6.07 3,703,058 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 162,394.418 6.06 984,110 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 123,276.130 6.05 745,821 153
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST SPECIAL SITUATIONS (CONTINUED) DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 246,923.594 $6.04 $1,491,419 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 327,689.607 6.04 1,979,245 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 292,321.465 6.03 1,762,698 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 401,444.438 6.02 2,416,696 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 520,898.404 6.01 3,130,599 Access - Annual Ratchet (post April 2001) 13,630.437 5.99 81,646 Access - Max 5.5 (post April 2001), Landmark - Max 7 96,354.913 5.98 576,202 Access - 7% Solution (post April 2001) 7,583.310 5.97 45,272 Access - Max 7 (post April 2001) 19,023.473 5.96 113,380 ES II - Max 7 (post 2000), Generations - Max 7 170,016.196 6.01 1,021,797 Landmark - 7% Solution 70,820.281 5.99 424,213 Value 6,471.533 6.15 39,800 ----------------- --------------- 3,608,973.675 $21,800,498 ================= =============== GCG TRUST SPECIAL SITUATIONS ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,145.777 $9.63 $20,664 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 3,627.415 9.62 34,896 ----------------- --------------- 5,773.192 $55,560 ================= =============== GCG TRUST STRATEGIC EQUITY Currently payable annuity products: DVA 16,012.956 $10.19 $163,172 Contracts in accumulation period: DVA 80 11,734.623 10.34 121,336 DVA 134,063.017 10.19 1,366,102 DVA Series 100 6,136.461 9.93 60,935 154
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST STRATEGIC EQUITY (CONTINUED) DVA Plus - Standard (pre February 2000) 275,485.690 $10.01 $2,757,612 DVA Plus - Standard (post January 2000 & post 2000) 126,033.889 9.97 1,256,558 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,906,118.345 9.91 28,799,633 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,870,964.685 9.86 18,447,712 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 1,999,021.919 9.80 19,590,415 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 748,019.466 9.75 7,293,190 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 335,993.421 9.71 3,262,496 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 2,578,304.124 9.68 24,957,984 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 398,841.111 9.64 3,844,828 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,196,567.061 9.61 11,499,009 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,357,779.373 9.54 12,953,215 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 430.560 9.50 4,090 Access - Annual Ratchet (post April 2001) 22,031.797 9.43 207,760 Access - Max 5.5 (post April 2001), Landmark - Max 7 63,802.164 9.40 599,740 Access - 7% Solution (post April 2001) 20,218.871 9.36 189,249 Access - Max 7 (post April 2001) 28,983.967 9.29 269,261 ES II - Max 7 (post 2000), Generations - Max 7 179,597.574 9.57 1,718,749 Landmark - 7% Solution 24,833.591 9.47 235,174 Value 23,302.730 10.26 239,086 ---------------- ---------------- 14,324,277.395 $139,837,306 ================ ================ 155
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST STRATEGIC EQUITY ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,899.546 $9.65 $47,281 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,511.374 9.64 14,570 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,318.982 9.63 12,702 ES II - Max 7 (post 2000), Generations - Max 7 314.201 9.63 3,026 ---------------- ---------------- 8,044.103 $77,579 ================ ================ GCG TRUST TOTAL RETURN Contracts in accumulation period: DVA 80 16,067.433 $20.21 $324,723 DVA 206,393.471 19.88 4,103,102 DVA Series 100 3,973.499 19.31 76,728 DVA Plus - Standard (pre February 2000) 631,444.743 19.47 12,294,229 DVA Plus - Standard (post January 2000 & post 2000) 447,612.150 19.39 8,679,200 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 9,138,044.633 19.23 175,724,598 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 4,962,122.568 19.15 95,024,647 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 5,740,869.851 18.99 109,019,118 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 859,681.681 18.91 16,256,581 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,672,476.623 18.83 31,492,735 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 8,722,390.414 18.75 163,544,820 156
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST TOTAL RETURN (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,806,440.987 $18.68 $33,744,318 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,921,172.749 18.60 72,933,813 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 4,012,552.154 18.44 73,991,462 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 19,957.847 18.37 366,626 Access - Annual Ratchet (post April 2001) 108,560.173 18.21 1,976,881 Access - Max 5.5 (post April 2001), Landmark - Max 7 687,305.380 18.14 12,467,720 Access - 7% Solution (post April 2001) 123,964.300 18.06 2,238,795 Access - Max 7 (post April 2001) 192,906.695 17.91 3,454,959 ES II - Max 7 (post 2000), Generations - Max 7 865,414.745 18.52 16,027,481 Landmark - 7% Solution 311,823.735 18.29 5,703,256 Granite PrimElite - Standard 3,436.014 19.47 66,899 Granite PrimElite - Annual Ratchet 24,501.483 19.23 471,164 Access One 243.000 20.72 5,035 Value 124,189.496 20.05 2,489,999 VA Option I 100,966.989 19.96 2,015,301 VA Option II 58,151.220 19.47 1,132,204 VA Option III 20,971.311 19.23 403,278 VA Bonus Option I 129,465.341 19.15 2,479,261 VA Bonus Option II 136,882.391 18.67 2,555,594 VA Bonus Option III 58,555.225 18.44 1,079,758 SmartDesign Advantage Option I 19,792.659 18.00 356,268 SmartDesign Advantage Option II 7,434.941 17.70 131,598 SmartDesign Advantage Option III 13,605.955 17.48 237,832 Rollover Choice Option I 24,144.989 20.30 490,143 Rollover Choice Option II 414.379 19.96 8,271 ---------------- ----------------- 45,173,931.224 $853,368,397 ================ ================= GCG TRUST TOTAL RETURN ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 14,499.387 $10.04 $145,574 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 19,781.090 10.04 198,602 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 42,679.276 10.03 428,073 ES II - Max 7 (post 2000), Generations - Max 7 18,244.240 10.03 182,990 ---------------- ----------------- 95,203.993 $955,239 ================ ================= 157
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST VALUE EQUITY Currently payable annuity products: DVA 80 196.196 $15.72 $3,084 DVA 625.357 15.47 9,674 Contracts in accumulation period: DVA 80 14,757.269 15.72 231,984 DVA 255,627.944 15.47 3,954,565 DVA Series 100 10,613.579 15.04 159,628 DVA Plus - Standard (pre February 2000) 263,973.651 15.18 4,007,120 DVA Plus - Standard (post January 2000 & post 2000) 87,727.524 15.10 1,324,686 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 2,314,069.828 15.00 34,711,047 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,201,589.403 14.92 17,927,714 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 2,133,007.485 14.82 31,611,171 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 259,140.361 14.74 3,819,729 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 318,879.888 14.68 4,681,157 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 2,165,514.354 14.61 31,638,165 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 307,027.413 14.56 4,470,319 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 923,702.340 14.50 13,393,684 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 983,702.944 14.38 14,145,648 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 5,517.456 14.32 79,010 Access - Annual Ratchet (post April 2001) 20,452.084 14.21 290,624 Access - Max 5.5 (post April 2001), Landmark - Max 7 131,098.668 14.15 1,855,046 158
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST VALUE EQUITY (CONTINUED) Access - 7% Solution (post April 2001) 19,840.272 $14.09 $279,549 Access - Max 7 (post April 2001) 48,682.166 13.98 680,577 ES II - Max 7 (post 2000), Generations - Max 7 160,511.984 14.44 2,317,793 Landmark - 7% Solution 56,537.908 14.27 806,796 Value 12,716.963 15.59 198,257 VA Option I 5,697.794 15.53 88,487 VA Option II 6,030.913 15.16 91,429 VA Option III 701.727 14.97 10,505 VA Bonus Option I 13,323.533 14.91 198,654 VA Bonus Option II 7,148.366 14.56 104,080 VA Bonus Option III 7,163.305 14.38 103,008 SmartDesign Advantage Option I 2,513.045 14.05 35,308 SmartDesign Advantage Option II 1,441.150 13.82 19,917 SmartDesign Advantage Option III 372.008 13.65 5,078 ----------------- ---------------- 11,739,904.878 $173,253,493 ================= ================ GCG TRUST VALUE EQUITY ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,330.312 $9.63 $41,701 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 4,121.280 9.62 39,647 ES II - Max 7 (post 2000), Generations - Max 7 2,676.572 9.61 25,722 ----------------- ---------------- 11,128.164 $107,070 ================= ================ GCG TRUST VAN KAMPEN GROWTH AND INCOME Currently payable annuity products: DVA 80 487.525 $19.21 $9,365 DVA 6,153.091 18.86 116,047 Contracts in accumulation period: DVA 80 12,569.800 19.21 241,466 DVA 1,174,899.843 18.86 22,158,611 DVA Series 100 41,044.682 18.25 749,065 DVA Plus - Standard (pre February 2000) 802,103.676 18.45 14,798,813 DVA Plus - Standard (post January 2000 & post 2000) 212,478.908 18.34 3,896,863 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 6,183,620.626 18.19 112,480,059 159
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST VAN KAMPEN GROWTH AND INCOME (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,951,606.925 $18.08 $35,285,053 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 6,933,408.861 17.94 124,385,355 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 478,279.632 17.83 8,527,726 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 835,107.303 17.75 14,823,155 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 7,350,027.957 17.67 129,874,994 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 616,372.946 17.58 10,835,836 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,678,850.979 17.50 29,379,892 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,920,555.207 17.34 33,302,427 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 834.783 17.26 14,408 Access - Annual Ratchet (post April 2001) 40,928.330 17.09 699,465 Access - Max 5.5 (post April 2001), Landmark - Max 7 180,352.195 17.01 3,067,791 Access - 7% Solution (post April 2001) 38,925.362 16.93 659,006 Access - Max 7 (post April 2001) 69,527.951 16.77 1,165,984 ES II - Max 7 (post 2000), Generations - Max 7 274,359.681 17.42 4,779,346 Landmark - 7% Solution 134,276.152 17.17 2,305,522 Access One 48.000 19.76 948 Value 55,540.097 19.04 1,057,483 ----------------- ---------------- 30,992,360.512 $554,614,680 ================= ================ 160
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GCG TRUST VAN KAMPEN GROWTH AND INCOME ADVISOR Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 42,614.234 $9.79 $417,193 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,609.802 9.79 15,760 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 10,565.924 9.78 103,335 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 20,751.329 9.78 202,948 ES II - Max 7 (post 2000), Generations - Max 7 25,611.638 9.78 250,482 ----------------- --------------- 101,152.927 $989,718 ================= =============== AIM V.I. DENT DEMOGRAPHIC TRENDS Contracts in accumulation period: DVA Plus - Standard (pre February 2000) 1,885.585 $7.36 $13,878 DVA Plus - Standard (post January 2000 & post 2000) 25,365.346 7.35 186,435 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 218,093.842 7.34 1,600,809 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 226,139.250 7.34 1,659,862 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 43,073.626 7.33 315,730 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 25,792.732 7.32 188,803 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 95,004.921 7.32 695,436 161
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- AIM V.I. DENT DEMOGRAPHIC TRENDS (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 94,533.265 $7.32 $691,983 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 76,298.756 7.31 557,744 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 144,579.250 7.31 1,056,874 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 237,697.824 7.30 1,735,194 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,380.753 7.29 17,356 Access - Annual Ratchet (post April 2001) 36,436.265 7.28 265,256 Access - Max 5.5 (post April 2001), Landmark - Max 7 11,617.804 7.28 84,578 Access - 7% Solution (post April 2001) 8,919.249 7.27 64,843 Access - Max 7 (post April 2001) 109,981.346 7.27 799,564 ES II - Max 7 (post 2000), Generations - Max 7 132,570.005 7.30 967,761 Landmark - 7% Solution 20,619.001 7.29 150,313 VA Option I 2,751.497 7.38 20,306 VA Option II 1,639.386 7.36 12,066 VA Bonus Option I 10,729.473 7.34 78,754 VA Bonus Option II 4,182.723 7.31 30,576 VA Bonus Option III 7,735.578 7.30 56,470 SmartDesign Advantage Option I 9,033.164 7.27 65,671 SmartDesign Advantage Option II 2,133.782 7.25 15,470 SmartDesign Advantage Option III 934.452 7.24 6,765 ----------------- -------------- 1,550,128.875 $11,338,497 ================= ============== AIM V.I. GROWTH Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,399.031 $7.00 $9,793 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 6,965.519 6.98 48,619 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 984.776 6.97 6,864 VA Option I 26,221.846 7.06 185,126 VA Option II 20,010.222 7.03 140,672 VA Option III 1,160.532 7.02 8,147 VA Bonus Option I 15,898.460 7.02 111,607 VA Bonus Option II 34,050.283 6.99 238,011 162
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- AIM V.I. GROWTH (CONTINUED) VA Bonus Option III 797.868 $6.98 $5,569 SmartDesign Advantage Option I 9,991.085 6.95 69,438 SmartDesign Advantage Option II 3,408.679 6.93 23,622 SmartDesign Advantage Option III 148.669 6.92 1,029 ----------------- -------------- 121,036.970 $848,497 ================= ============== AIM V.I. CAPITAL APPRECIATION Contracts in accumulation period: Rollover Choice Option I 3,701.273 $7.40 $27,389 ----------------- -------------- 3,701.273 $27,389 ================= ============== AIM V.I. CORE EQUITY Contracts in accumulation period: Rollover Choice Option I 4,960.602 $8.26 $40,975 ----------------- -------------- 4,960.602 $40,975 ================= ============== AIM V.I. PREMIER EQUITY Contracts in accumulation period: Rollover Choice Option I 6,113.296 $6.84 $41,815 Rollover Choice Option II 5,600.805 6.82 38,197 ----------------- -------------- 11,714.101 $80,012 ================= ============== ALLIANCE BERNSTEIN VALUE Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 5,317.948 $8.58 $45,628 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 8,584.788 8.55 73,400 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 5,498.975 8.53 46,906 VA Option I 53,589.426 8.66 464,084 VA Option II 41,567.535 8.62 358,312 VA Option III 16,435.620 8.60 141,346 VA Bonus Option I 69,917.676 8.60 601,292 VA Bonus Option II 71,475.693 8.56 611,832 VA Bonus Option III 17,783.469 8.54 151,871 SmartDesign Advantage Option I 12,252.266 8.50 104,144 SmartDesign Advantage Option II 6,907.718 8.48 58,577 SmartDesign Advantage Option III 6,158.098 8.46 52,098 ----------------- -------------- 315,489.212 $2,709,490 ================= ============== 163
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ALLIANCE GROWTH AND INCOME Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 11,011.021 $7.33 $80,711 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 5,073.118 7.31 37,084 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,048.890 7.29 14,936 VA Option I 111,625.699 7.40 826,030 VA Option II 107,568.702 7.37 792,781 VA Option III 37,970.848 7.35 279,086 VA Bonus Option I 187,892.497 7.35 1,381,010 VA Bonus Option II 110,199.338 7.32 806,659 VA Bonus Option III 49,729.010 7.30 363,022 SmartDesign Advantage Option I 7,581.492 7.27 55,117 SmartDesign Advantage Option II 11,489.341 7.25 83,298 SmartDesign Advantage Option III 1,624.503 7.23 11,745 ---------------- ------------- 643,814.459 $4,731,479 ================ ============= ALLIANCE PREMIER GROWTH Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 18,699.611 $6.50 $121,547 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 4,096.233 6.48 26,544 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 242.415 6.47 1,568 VA Option I 41,282.713 6.56 270,815 VA Option II 87,298.365 6.54 570,931 VA Option III 21,482.259 6.52 140,064 VA Bonus Option I 48,076.653 6.52 313,460 VA Bonus Option II 63,675.099 6.49 413,251 VA Bonus Option III 13,118.794 6.47 84,879 SmartDesign Advantage Option I 10,347.731 6.44 66,639 SmartDesign Advantage Option II 10,463.152 6.43 67,278 SmartDesign Advantage Option III 2,733.252 6.41 17,520 ---------------- ------------- 321,516.277 $2,094,496 ================ ============= 164
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VIP GROWTH Contracts in accumulation period: DVA 6,391.315 $6.41 $40,968 DVA Plus - Standard (pre February 2000) 9,787.230 6.39 62,540 DVA Plus - Standard (post January 2000 & post 2000) 14,326.050 6.38 91,400 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 523,176.282 6.37 3,332,633 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 534,217.197 6.37 3,402,964 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 219,814.733 6.36 1,398,022 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 69,147.668 6.35 439,088 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 202,568.992 6.35 1,286,313 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 256,320.522 6.34 1,625,072 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 138,234.806 6.34 876,409 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 244,585.622 6.33 1,548,227 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 473,546.962 6.33 2,997,552 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 7,612.918 6.32 48,114 Access - Annual Ratchet (post April 2001) 4,842.214 6.31 30,554 Access - Max 5.5 (post April 2001), Landmark - Max 7 107,164.703 6.31 676,209 Access - 7% Solution (post April 2001) 72,400.853 6.30 456,125 Access - Max 7 (post April 2001) 13,477.384 6.29 84,773 ES II - Max 7 (post 2000), Generations - Max 7 147,714.687 6.33 935,034 Landmark - 7% Solution 72,837.366 6.32 460,332 Value 16,144.991 6.42 103,651 VA Option I 117,835.906 6.42 756,507 165
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VIP GROWTH (CONTINUED) VA Option II 41,737.349 $6.39 $266,702 VA Option III 15,098.206 6.37 96,176 VA Bonus Option I 156,999.146 6.37 1,000,085 VA Bonus Option II 74,614.341 6.34 473,055 VA Bonus Option III 53,634.764 6.32 338,972 SmartDesign Advantage Option I 14,612.297 6.30 92,057 SmartDesign Advantage Option II 8,816.847 6.28 55,370 SmartDesign Advantage Option III 2,814.395 6.26 17,618 Rollover Choice Option I 30,532.901 6.43 196,327 Rollover Choice Option II 3,701.211 6.42 23,762 Rollover Choice Option III 607.274 6.40 3,887 ---------------- --------------- 3,655,317.132 $23,216,498 ================ =============== FIDELITY(R) VIP EQUITY-INCOME Contracts in accumulation period: DVA 4,246.161 $7.88 $33,460 DVA Series 100 525.907 7.84 4,123 DVA Plus - Standard (pre February 2000) 5,651.143 7.85 44,361 DVA Plus - Standard (post January 2000 & post 2000) 37,470.212 7.85 294,141 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 478,394.663 7.83 3,745,830 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 321,871.933 7.83 2,520,257 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 185,664.648 7.82 1,451,898 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 70,101.597 7.81 547,493 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 177,882.505 7.80 1,387,484 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 338,456.229 7.80 2,639,959 166
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VIP EQUITY-INCOME (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 139,297.067 $7.79 $1,085,124 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 178,751.984 7.79 1,392,478 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 250,947.059 7.78 1,952,368 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 9,459.360 7.77 73,499 Access - Annual Ratchet (post April 2001) 18,935.799 7.76 146,942 Access - Max 5.5 (post April 2001), Landmark - Max 7 54,903.954 7.75 425,506 Access - 7% Solution (post April 2001) 46,318.279 7.75 358,967 Access - Max 7 (post April 2001) 7,498.006 7.74 58,035 ES II - Max 7 (post 2000), Generations - Max 7 70,753.511 7.78 550,462 Landmark - 7% Solution 19,711.625 7.76 152,962 Value 3,346.119 7.89 26,401 VA Option I 137,710.507 7.89 1,086,536 VA Option II 67,873.888 7.85 532,810 VA Option III 26,357.099 7.83 206,376 VA Bonus Option I 178,215.219 7.83 1,395,425 VA Bonus Option II 140,603.473 7.79 1,095,301 VA Bonus Option III 24,656.472 7.78 191,827 SmartDesign Advantage Option I 15,527.727 7.74 120,185 SmartDesign Advantage Option II 10,722.407 7.72 82,777 SmartDesign Advantage Option III 7,831.391 7.70 60,302 Rollover Choice Option I 21,033.949 7.91 166,379 Rollover Choice Option II 2,414.475 7.89 19,050 Rollover Choice Option III 748.840 7.87 5,893 ---------------- --------------- 3,053,883.208 $23,854,611 ================ =============== FIDELITY(R) VIP CONTRAFUND(R) Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 10,193.484 $8.63 $87,970 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 8,870.371 8.60 76,285 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 19,392.267 8.58 166,386 VA Option I 86,387.123 8.71 752,432 VA Option II 77,060.412 8.67 668,114 VA Option III 17,280.541 8.65 149,477 VA Bonus Option I 141,706.160 8.64 1,224,341 VA Bonus Option II 80,927.058 8.61 696,782 167
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- FIDELITY(R) VIP CONTRAFUND(R) (CONTINUED) VA Bonus Option III 26,329.715 $8.59 $226,172 SmartDesign Advantage Option I 5,170.226 8.55 44,205 SmartDesign Advantage Option II 11,635.946 8.52 99,138 SmartDesign Advantage Option III 5,478.254 8.50 46,565 Rollover Choice Option I 18,394.766 8.73 160,586 Rollover Choice Option II 4,124.316 8.71 35,923 Rollover Choice Option III 537.961 8.69 4,675 --------------- -------------- 513,488.600 $4,439,051 =============== ============== FIDELITY(R) VIP OVERSEAS Contracts in accumulation period: Rollover Choice Option I 1,171.175 $7.89 $9,241 --------------- -------------- 1,171.175 $9,241 =============== ============== FRANKLIN SMALL CAP VALUE SECURITIES Contracts in accumulation period: Rollover Choice Option I 1,802.105 $8.99 $16,201 Rollover Choice Option II 137.390 8.97 1,232 --------------- -------------- 1,939.495 $17,433 =============== ============== GREENWICH APPRECIATION Contracts in accumulation period: Granite PrimElite - Standard 410.469 $14.02 $5,755 Granite PrimElite - Annual Ratchet 42,037.067 13.88 583,474 --------------- -------------- 42,447.536 $589,229 =============== ============== GALAXY VIP ASSET ALLOCATION Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 14,470.820 $8.15 $117,937 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 41,973.587 8.14 341,665 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 4,092.860 8.11 33,193 168
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GALAXY VIP ASSET ALLOCATION (CONTINUED) DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 7,686.299 $8.10 $62,259 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 3,094.826 8.07 24,975 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 6,392.631 8.05 51,461 ---------------- --------------- 77,711.023 $631,490 ================ =============== GALAXY VIP EQUITY Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 6,146.836 $6.57 $40,385 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 41,997.580 6.56 275,504 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 9,438.274 6.54 61,726 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 2,533.499 6.53 16,544 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 2,842.961 6.50 18,479 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 9,491.052 6.48 61,502 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 2,067.330 6.46 13,355 ---------------- --------------- 74,517.532 $487,495 ================ =============== 169
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GALAXY VIP GROWTH AND INCOME Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,973.536 $7.56 $37,600 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 6,935.812 7.55 52,365 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 941.925 7.51 7,074 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 2,055.178 7.49 15,393 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 778.183 7.46 5,805 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 520.260 7.44 3,871 ---------------- --------------- 16,204.894 $122,108 ================ =============== GALAXY VIP HIGH QUALITY BOND Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 3,333.820 $12.74 $42,473 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,441.177 12.72 31,052 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,264.887 12.65 16,001 170
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- GALAXY VIP HIGH QUALITY BOND (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 261.886 $12.61 $3,302 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,995.152 12.57 37,649 ---------------- --------------- 10,296.922 $130,477 ================ =============== GALAXY VIP SMALL COMPANY GROWTH Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,744.000 $8.69 $15,155 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,318.134 8.67 11,428 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 1,508.000 8.65 13,044 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 506.975 8.63 4,375 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,382.134 8.57 11,845 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 98.104 8.55 839 ---------------- --------------- 6,557.347 $56,686 ================ =============== ING GET FUND - SERIES N Contracts in accumulation period: VA Option I 390,804.171 $10.10 $3,947,122 VA Option II 213,031.411 10.05 2,140,966 VA Option III 117,577.827 10.03 1,179,306 VA Bonus Option I 972,908.364 10.02 9,748,542 VA Bonus Option II 682,003.499 9.98 6,806,395 VA Bonus Option III 485,961.261 9.96 4,840,174 ---------------- --------------- 2,862,286.533 $28,662,505 ================ =============== 171
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING GET FUND - SERIES P Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 67,854.231 $9.93 $673,793 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 10,497.941 9.91 104,035 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,684.163 9.89 36,436 VA Option I 1,705,435.036 10.02 17,088,459 VA Option II 972,549.749 9.98 9,706,046 VA Option III 401,541.204 9.96 3,999,350 VA Bonus Option I 5,315,976.104 9.95 52,893,962 VA Bonus Option II 3,474,689.314 9.91 34,434,171 VA Bonus Option III 2,205,103.224 9.89 21,808,471 SmartDesign Advantage Option I 108,591.586 9.86 1,070,713 SmartDesign Advantage Option II 35,661.831 9.83 350,556 SmartDesign Advantage Option III 26,860.854 9.81 263,505 ----------------- ---------------- 14,328,445.237 $142,429,497 ================= ================ ING GET FUND - SERIES Q Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 562,383.289 $10.03 $5,640,704 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 284,409.580 10.01 2,846,940 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 83,909.189 9.99 838,253 VA Option I 1,999,208.942 10.10 20,192,010 VA Option II 1,409,733.467 10.07 14,196,016 VA Option III 491,168.651 10.05 4,936,245 VA Bonus Option I 4,783,644.544 10.04 48,027,791 VA Bonus Option II 3,845,316.589 10.01 38,491,619 VA Bonus Option III 1,887,729.911 10.00 18,877,299 SmartDesign Advantage Option I 1,028,249.267 9.97 10,251,645 SmartDesign Advantage Option II 217,938.548 9.94 2,166,309 SmartDesign Advantage Option III 253,781.731 9.93 2,520,053 Rollover Choice Option I 2,541.246 10.12 25,717 Rollover Choice Option II 4,941.125 10.10 49,905 ----------------- ---------------- 16,854,956.079 $169,060,506 ================= ================ 172
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING GET FUND - SERIES R Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,074,925.572 $10.09 $10,845,999 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 257,403.873 10.07 2,592,057 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 115,167.896 10.06 1,158,589 VA Option I 2,104,589.356 10.14 21,340,536 VA Option II 988,297.070 10.12 10,001,566 VA Option III 506,820.458 10.10 5,118,887 VA Bonus Option I 4,259,757.948 10.10 43,023,555 VA Bonus Option II 3,262,756.657 10.08 32,888,587 VA Bonus Option III 1,891,866.395 10.06 19,032,176 SmartDesign Advantage Option I 1,141,597.398 10.04 11,461,638 SmartDesign Advantage Option II 716,661.831 10.02 7,180,952 SmartDesign Advantage Option III 566,849.087 10.01 5,674,159 Rollover Choice Option I 19,740.797 10.16 200,566 Rollover Choice Option II 4,164.678 10.14 42,230 ----------------- ---------------- 16,910,599.016 $170,561,497 ================= ================ ING GET FUND - SERIES S Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,272,002.001 $10.03 $12,758,180 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 714,136.233 10.02 7,155,645 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 253,670.431 10.01 2,539,241 VA Option I 2,645,718.489 10.07 26,642,385 VA Option II 1,006,108.528 10.05 10,111,391 VA Option III 531,316.937 10.04 5,334,422 VA Bonus Option I 5,903,407.361 10.04 59,270,210 VA Bonus Option II 3,536,752.857 10.02 35,438,264 VA Bonus Option III 2,276,351.650 10.01 22,786,280 SmartDesign Advantage Option I 1,993,960.945 10.00 19,939,609 SmartDesign Advantage Option II 1,229,819.186 9.99 12,285,894 SmartDesign Advantage Option III 467,734.302 9.98 4,667,988 Rollover Choice Option I 31,718.983 10.08 319,727 Rollover Choice Option II 4,790.846 10.07 48,244 ----------------- ---------------- 21,867,488.749 $219,297,480 ================= ================ 173
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING GET FUND - SERIES T Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 50,400.668 $10.08 $508,039 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,558,991.778 10.07 15,699,047 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 19,504.482 10.07 196,410 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 171,909.156 10.06 1,729,406 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 508,430.836 10.06 5,114,814 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 402,293.548 10.06 4,047,073 ES II - Max 7 (post 2000), Generations - Max 7 95,839.486 10.06 964,145 VA Option I 2,265,324.445 10.09 22,857,124 VA Option II 986,184.393 10.08 9,940,739 VA Option III 395,886.131 10.08 3,990,532 VA Bonus Option I 6,903,091.797 10.07 69,514,134 VA Bonus Option II 3,462,362.180 10.06 34,831,364 VA Bonus Option III 2,223,311.868 10.06 22,366,517 SmartDesign Advantage Option I 2,313,192.394 10.05 23,247,584 SmartDesign Advantage Option II 1,164,309.907 10.04 11,689,671 SmartDesign Advantage Option III 1,014,350.218 10.04 10,184,076 Rollover Choice Option I 105,907.907 10.10 1,069,670 Rollover Choice Option II 1,397.340 10.09 14,099 ----------------- ---------------- 23,642,688.533 $237,964,444 ================= ================ ING GET FUND - SERIES U Contracts in accumulation period: Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,187.025 $10.00 $11,870 VA Option I 1,571.485 10.00 15,715 VA Option II 6,507.823 10.00 65,078 VA Option III 1,409.047 10.00 14,090 VA Bonus Option I 36,166.923 10.00 361,669 VA Bonus Option II 8,169.053 10.00 81,691 SmartDesign Advantage Option I 3,233.024 9.99 32,298 Rollover Choice Option I 46,529.254 10.00 465,293 ----------------- ---------------- 104,773.634 $1,047,704 ================= ================ 174
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING ALGER GROWTH Contracts in accumulation period: Rollover Choice Option I 5,955.720 $6.56 $39,070 ----------------- --------------- 5,955.720 $39,070 ================= =============== ING AMERICAN CENTURY SMALL CAP VALUE Contracts in accumulation period: Rollover Choice Option II 215.415 $8.10 $1,745 ----------------- --------------- 215.415 $1,745 ================= =============== ING J.P. MORGAN MID CAP VALUE Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,313.035 $9.15 $12,014 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 105.865 9.14 968 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 279.120 9.13 2,548 VA Option I 7,703.109 9.19 70,792 VA Option II 325.073 9.17 2,981 VA Option III 871.507 9.16 7,983 VA Bonus Option I 12,516.020 9.16 114,647 VA Bonus Option II 6,147.437 9.14 56,188 VA Bonus Option III 2,029.335 9.13 18,528 SmartDesign Advantage Option I 525.395 9.11 4,786 SmartDesign Advantage Option II 500.283 9.10 4,553 SmartDesign Advantage Option III 525.629 9.09 4,778 ----------------- --------------- 32,841.808 $300,766 ================= =============== ING MFS(R) CAPITAL OPPORTUNITIES (INITIAL CLASS) Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 9,202.920 $6.12 $56,322 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,495.904 6.10 9,125 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 6,820.488 6.08 41,469 VA Option I 24,402.739 6.18 150,809 VA Option II 24,352.603 6.15 149,769 VA Option III 9,183.824 6.13 56,297 VA Bonus Option I 51,742.510 6.13 317,182 175
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING MFS(R) CAPITAL OPPORTUNITIES (INITIAL CLASS) (CONTINUED) VA Bonus Option II 45,652.230 $6.10 $278,479 VA Bonus Option III 27,827.914 6.09 169,472 SmartDesign Advantage Option I 7,426.711 6.06 45,006 SmartDesign Advantage Option II 949.187 6.04 5,733 --------------- -------------- 209,057.030 $1,279,663 =============== ============== ING MFS(R) CAPITAL OPPORTUNITIES (SERVICE CLASS) Contracts in accumulation period: Rollover Choice Option I 10,569.482 $6.85 $72,401 --------------- -------------- 10,569.482 $72,401 =============== ============== ING MFS(R) GLOBAL GROWTH Contracts in accumulation period: Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 110.304 $8.29 $914 VA Option I 1,482.246 8.34 12,362 VA Option II 1,343.372 8.32 11,177 VA Bonus Option I 4,797.670 8.31 39,869 VA Bonus Option II 295.240 8.29 2,448 VA Bonus Option III 192.981 8.28 1,598 SmartDesign Advantage Option I 595.582 8.27 4,925 Rollover Choice Option I 222.879 8.35 1,861 --------------- -------------- 9,040.274 $75,154 =============== ============== ING OPCAP BALANCED VALUE Contracts in accumulation period: Rollover Choice Option I 16,208.427 $7.80 $126,426 --------------- -------------- 16,208.427 $126,426 =============== ============== ING PIMCO TOTAL RETURN Contracts in accumulation period: Rollover Choice Option I 55,182.425 $10.75 $593,211 --------------- -------------- 55,182.425 $593,211 =============== ============== ING SALOMON BROS. CAPITAL Contracts in accumulation period: Rollover Choice Option I 1,231.608 $7.41 $9,126 --------------- -------------- 1,231.608 $9,126 =============== ============== ING SALOMON BROS. INVESTORS VALUE Contracts in accumulation period: Rollover Choice Option I 487.219 $7.61 $3,708 --------------- -------------- 487.219 $3,708 =============== ============== 176
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING SCUDDER INTERNATIONAL GROWTH Contracts in accumulation period: Rollover Choice Option I 534.407 $8.14 $4,350 Rollover Choice Option II 385.164 8.13 3,131 --------------- ---------------- 919.571 $7,481 =============== ================ ING T. ROWE PRICE GROWTH EQUITY Rollover Choice Option I 18,694.132 $7.52 $140,580 Rollover Choice Option II 390.902 7.51 2,936 --------------- ---------------- 19,085.034 $143,516 =============== ================ ING UBS TACTICAL ASSET ALLOCATION Contracts in accumulation period: Rollover Choice Option I 297.448 $7.54 $2,243 --------------- ---------------- 297.448 $2,243 =============== ================ ING VAN KAMPEN COMSTOCK Contracts in accumulation period: DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 28,765.909 $8.30 $238,757 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,563.257 8.30 21,275 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 4,117.380 8.29 34,133 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 283.320 8.29 2,349 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 29,823.131 8.28 246,936 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,649.302 8.28 13,656 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 4,188.813 8.27 34,641 ES II - Max 7 (post 2000), Generations - Max 7 105,532.227 8.27 872,752 VA Option I 6,159.801 8.32 51,250 VA Option II 4,430.488 8.31 36,817 VA Option III 109.415 8.30 908 VA Bonus Option I 5,134.250 8.30 42,614 VA Bonus Option II 6,396.200 8.28 52,961 VA Bonus Option III 2,101.826 8.27 17,382 177
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VAN KAMPEN COMSTOCK (CONTINUED) SmartDesign Advantage Option I 1,514.971 $8.25 $12,499 SmartDesign Advantage Option II 2,191.557 8.24 18,058 Rollover Choice Option I 4,737.926 8.34 39,514 ----------------- --------------- 209,699.773 $1,736,502 ================= =============== ING VP WORLDWIDE GROWTH Contracts in accumulation period: DVA 5,517.312 $5.26 $29,021 DVA Plus - Standard (pre February 2000) 12,358.456 5.23 64,635 DVA Plus - Standard (post January 2000 & post 2000) 49,480.801 5.22 258,290 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 467,246.705 5.21 2,434,355 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 859,281.375 5.20 4,468,263 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 142,057.864 5.19 737,280 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 116,508.310 5.18 603,513 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 322,466.194 5.17 1,667,150 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 361,646.549 5.16 1,866,096 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 349,870.710 5.16 1,805,333 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 598,427.686 5.15 3,081,903 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,083,707.075 5.14 5,570,254 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,003.284 5.13 5,147 Access - Annual Ratchet (post April 2001) 39,020.638 5.12 199,786 178
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP WORLDWIDE GROWTH (CONTINUED) Access - Max 5.5 (post April 2001), Landmark - Max 7 138,853.238 $5.11 $709,540 Access - 7% Solution (post April 2001) 57,393.340 5.10 292,706 Access - Max 7 (post April 2001) 78,477.936 5.09 399,453 ES II - Max 7 (post 2000), Generations - Max 7 382,518.737 5.14 1,966,146 Landmark - 7% Solution 100,549.031 5.12 514,811 Value 31,341.713 5.28 165,484 VA Option I 13,906.179 5.27 73,286 VA Option II 22,034.369 5.23 115,240 VA Option III 3,808.449 5.21 19,842 VA Bonus Option I 25,910.251 5.20 134,733 VA Bonus Option II 20,896.200 5.16 107,824 VA Bonus Option III 6,582.348 5.14 33,833 SmartDesign Advantage Option I 5,942.421 5.10 30,306 SmartDesign Advantage Option II 819.595 5.07 4,155 SmartDesign Advantage Option III 1,408.659 5.05 7,114 ----------------- --------------- 5,299,035.425 $27,365,499 ================= =============== ING VP BOND Contracts in accumulation period: DVA 80 5,835.705 $10.69 $62,384 DVA 1,384.830 10.67 14,776 DVA Series 100 460.852 10.65 4,908 DVA Plus - Standard (pre February 2000) 13,699.520 10.65 145,900 DVA Plus - Standard (post January 2000 & post 2000) 65,448.385 10.65 697,025 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 719,278.721 10.64 7,653,126 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 665,314.190 10.64 7,078,943 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 290,354.137 10.63 3,086,464 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 48,128.304 10.63 511,604 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 88,274.683 10.63 938,360 179
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP BOND (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 707,083.140 $10.62 $7,509,223 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 218,866.859 10.62 2,324,366 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 616,916.853 10.62 6,551,657 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 456,890.838 10.61 4,847,612 Access - Annual Ratchet (post April 2001) 9,276.800 10.60 98,334 Access - Max 5.5 (post April 2001), Landmark - Max 7 20,543.142 10.59 217,552 Access - 7% Solution (post April 2001) 45,161.920 10.59 478,265 Access - Max 7 (post April 2001) 93,174.370 10.58 985,785 ES II - Max 7 (post 2000), Generations - Max 7 564,471.057 10.61 5,989,038 Landmark - 7% Solution 16,610.577 10.60 176,072 Value 21,077.526 10.68 225,108 ---------------- -------------- 4,668,252.409 $49,596,502 ================ ============== ING VP GROWTH Contracts in accumulation period: Rollover Choice Option I 6,569.234 $6.94 $45,590 ---------------- -------------- 6,569.234 $45,590 ================ ============== ING VP INDEX PLUS LARGECAP Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 12,557.733 $7.21 $90,541 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 6,179.958 7.19 44,434 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,963.889 7.18 28,461 VA Option I 141,983.350 7.28 1,033,639 VA Option II 46,368.062 7.25 336,168 VA Option III 34,433.300 7.24 249,297 VA Bonus Option I 224,198.353 7.23 1,620,954 VA Bonus Option II 35,518.020 7.20 255,730 VA Bonus Option III 26,792.477 7.18 192,370 SmartDesign Advantage Option I 10,195.872 7.15 72,900 SmartDesign Advantage Option II 8,441.439 7.13 60,187 180
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP INDEX PLUS LARGECAP (CONTINUED) SmartDesign Advantage Option III 8,987.585 $7.11 $63,902 Rollover Choice Option I 71,089.664 7.31 519,665 Rollover Choice Option II 2,369.346 7.28 17,249 Rollover Choice Option III 564.067 7.27 4,101 ---------------- -------------- 633,643.115 $4,589,598 ================ ============== ING VP INDEX PLUS MIDCAP Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 13,930.296 $8.53 $118,825 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 7,367.210 8.51 62,695 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 19,361.288 8.49 164,377 VA Option I 133,786.073 8.61 1,151,898 VA Option II 61,372.138 8.58 526,573 VA Option III 19,210.554 8.56 164,442 VA Bonus Option I 177,302.397 8.55 1,515,935 VA Bonus Option II 94,503.966 8.51 804,229 VA Bonus Option III 97,939.999 8.49 831,511 SmartDesign Advantage Option I 11,177.803 8.46 94,564 SmartDesign Advantage Option II 10,167.267 8.43 85,710 SmartDesign Advantage Option III 17,384.130 8.41 146,201 Rollover Choice Option I 22,538.459 8.64 194,732 Rollover Choice Option II 5,073.425 8.61 43,682 Rollover Choice Option III 480.800 8.59 4,130 ---------------- -------------- 691,595.805 $5,909,504 ================ ============== ING VP INDEX PLUS SMALLCAP Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 24,464.385 $8.59 $210,149 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,622.813 8.57 31,048 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,254.460 8.55 27,826 VA Option I 97,303.653 8.67 843,623 VA Option II 45,701.551 8.64 394,861 VA Option III 8,401.252 8.62 72,419 VA Bonus Option I 119,426.433 8.61 1,028,262 VA Bonus Option II 50,587.854 8.57 433,538 181
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP INDEX PLUS SMALLCAP (CONTINUED) VA Bonus Option III 69,820.561 $8.55 $596,966 SmartDesign Advantage Option I 5,086.437 8.52 43,336 SmartDesign Advantage Option II 9,017.544 8.49 76,559 SmartDesign Advantage Option III 9,049.582 8.47 76,650 Rollover Choice Option I 18,191.748 8.70 158,268 Rollover Choice Option II 1,382.428 8.68 11,999 ---------------- -------------- 465,310.701 $4,005,504 ================ ============== ING VP SMALL COMPANY Contracts in accumulation period: Rollover Choice Option I 16,504.399 $7.56 $124,773 Rollover Choice Option II 4,207.514 7.54 31,725 ---------------- -------------- 20,711.913 $156,498 ================ ============== ING VP VALUE OPPORTUNITY Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,312.844 $6.55 $8,599 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,588.561 6.53 10,373 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,346.537 6.52 15,299 VA Option I 31,204.909 6.62 206,576 VA Option II 13,742.756 6.59 90,565 VA Option III 4,227.538 6.57 27,775 VA Bonus Option I 32,953.774 6.57 216,506 VA Bonus Option II 28,741.641 6.54 187,970 VA Bonus Option III 7,083.223 6.52 46,183 SmartDesign Advantage Option I 17,731.744 6.49 115,079 SmartDesign Advantage Option II 1,235.020 6.47 7,991 SmartDesign Advantage Option III 14,687.082 6.46 94,879 Rollover Choice Option I 8,766.617 6.63 58,123 ---------------- -------------- 165,622.247 $1,085,918 ================ ============== ING VP CONVERTIBLE Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,417.757 $9.61 $13,625 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 571.190 9.58 5,472 182
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP CONVERTIBLE (CONTINUED) Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,962.680 $9.56 $28,323 VA Option I 27,864.868 9.70 270,289 VA Option II 23,212.677 9.66 224,234 VA Bonus Option I 24,891.586 9.63 239,706 VA Bonus Option II 16,097.635 9.59 154,376 VA Bonus Option III 1,293.425 9.57 12,378 SmartDesign Advantage Option I 3,125.116 9.52 29,751 SmartDesign Advantage Option II 5,397.937 9.50 51,280 SmartDesign Advantage Option III 522.665 9.48 4,955 ----------------- -------------- 107,357.536 $1,034,389 ================= ============== ING VP GROWTH OPPORTUNITIES Contracts in accumulation period: DVA 508.000 $5.30 $2,692 DVA Plus - Standard (pre February 2000) 589.526 5.27 3,107 DVA Plus - Standard (post January 2000 & post 2000) 11,903.518 5.27 62,732 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 143,306.638 5.26 753,793 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 297,926.064 5.26 1,567,091 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 134,511.899 5.25 706,187 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 30,250.239 5.24 158,511 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 157,970.166 5.24 827,764 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 151,542.584 5.23 792,568 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 149,494.282 5.23 781,855 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 178,992.222 5.23 936,129 183
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP GROWTH OPPORTUNITIES (CONTINUED) Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 355,700.276 $5.22 $1,856,755 Access - Annual Ratchet (post April 2001) 4,918.441 5.20 25,576 Access - Max 5.5 (post April 2001), Landmark - Max 7 68,490.561 5.20 356,151 Access - 7% Solution (post April 2001) 11,587.039 5.19 60,137 Access - Max 7 (post April 2001) 49,552.666 5.19 257,178 ES II - Max 7 (post 2000), Generations - Max 7 109,759.285 5.22 572,943 Landmark - 7% Solution 34,246.496 5.21 178,424 Value 1,365.563 5.31 7,251 Rollover Choice Option I 2,754.175 5.32 14,652 ---------------- -------------- 1,895,369.640 $9,921,496 ================ ============== ING VP INTERNATIONAL VALUE Contracts in accumulation period: Rollover Choice Option I 4,649.081 $8.47 $39,378 Rollover Choice Option II 288.667 8.45 2,439 ---------------- -------------- 4,937.748 $41,817 ================ ============== ING VP LARGE COMPANY VALUE Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 6,796.009 $7.95 $54,028 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 888.555 7.93 7,046 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,895.920 7.91 22,907 VA Option I 31,277.430 8.03 251,158 VA Option II 18,070.271 7.99 144,381 VA Option III 14,141.043 7.98 112,846 VA Bonus Option I 26,066.797 7.97 207,752 VA Bonus Option II 10,660.289 7.93 84,536 VA Bonus Option III 4,544.920 7.92 35,996 SmartDesign Advantage Option I 3,927.934 7.88 30,952 SmartDesign Advantage Option II 80.251 7.86 631 SmartDesign Advantage Option III 727.650 7.84 5,705 ---------------- -------------- 120,077.069 $957,938 ================ ============== ING VP LARGECAP GROWTH Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 4,324.788 $6.15 $26,597 184
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP LARGECAP GROWTH (CONTINUED) Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 148.376 $6.13 $910 VA Option I 17,334.479 6.21 107,647 VA Option II 31,441.028 6.18 194,306 VA Option III 7,410.080 6.17 45,720 VA Bonus Option I 41,753.715 6.16 257,203 VA Bonus Option II 42,851.444 6.14 263,108 VA Bonus Option III 11,187.257 6.12 68,466 SmartDesign Advantage Option I 4,073.044 6.10 24,846 SmartDesign Advantage Option II 1,059.501 6.08 6,442 SmartDesign Advantage Option III 1,693.678 6.06 10,264 ---------------- -------------- 163,277.390 $1,005,509 ================ ============== ING VP MAGNACAP Contracts in accumulation period: DVA 6,555.686 $7.15 $46,873 DVA Plus - Standard (pre February 2000) 6,549.431 7.12 46,632 DVA Plus - Standard (post January 2000 & post 2000) 10,551.443 7.11 75,021 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 211,733.236 7.10 1,503,306 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 307,643.277 7.10 2,184,267 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 20,061.852 7.08 142,038 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 17,210.413 7.08 121,850 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 153,013.266 7.07 1,081,804 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 125,575.174 7.07 887,816 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 102,496.200 7.06 723,623 185
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP MAGNACAP (CONTINUED) Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 190,988.256 $7.05 $1,346,467 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 295,511.233 7.04 2,080,399 Access - Annual Ratchet (post April 2001) 18,131.585 7.02 127,284 Access - Max 5.5 (post April 2001), Landmark - Max 7 41,228.581 7.02 289,425 Access - 7% Solution (post April 2001) 12,375.694 7.01 86,754 Access - Max 7 (post April 2001) 27,970.406 7.00 195,793 ES II - Max 7 (post 2000), Generations - Max 7 108,901.970 7.05 767,759 Landmark - 7% Solution 31,708.981 7.03 222,914 Value 4,070.367 7.16 29,144 VA Option I 20,708.864 7.16 148,275 VA Option II 284.124 7.12 2,023 VA Option III 630.457 7.10 4,476 VA Bonus Option I 19,500.998 7.10 138,457 VA Bonus Option II 6,930.236 7.06 48,927 VA Bonus Option III 3,957.580 7.04 27,861 SmartDesign Advantage Option I 1,471.448 7.01 10,315 ----------------- --------------- 1,745,760.759 $12,339,503 ================= =============== ING VP MIDCAP OPPORTUNITIES Contracts in accumulation period: Rollover Choice Option I 1,699.815 $7.24 $12,307 ----------------- --------------- 1,699.815 $12,307 ================= =============== ING VP SMALLCAP OPPORTUNITIES Contracts in accumulation period: DVA 7,081.683 $4.65 $32,930 DVA Plus - Standard (pre February 2000) 4,958.507 4.63 22,958 DVA Plus - Standard (post January 2000 & post 2000) 59,275.642 4.63 274,446 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 774,556.649 4.62 3,578,452 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,042,745.581 4.62 4,817,485 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 139,362.310 4.61 642,460 186
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- ING VP SMALLCAP OPPORTUNITIES (CONTINUED) DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 48,062.812 $4.61 $221,570 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 563,708.902 4.60 2,593,061 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 483,572.111 4.60 2,224,432 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 454,391.883 4.59 2,085,659 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 696,664.441 4.59 3,197,690 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,196,796.823 4.58 5,481,329 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 345.077 4.58 1,580 Access - Annual Ratchet (post April 2001) 54,432.709 4.57 248,757 Access - Max 5.5 (post April 2001), Landmark - Max 7 249,713.741 4.57 1,141,192 Access - 7% Solution (post April 2001) 46,045.780 4.56 209,969 Access - Max 7 (post April 2001) 177,134.824 4.55 805,963 ES II - Max 7 (post 2000), Generations - Max 7 374,677.088 4.59 1,719,768 Landmark - 7% Solution 117,675.900 4.57 537,779 Value 58,728.870 4.66 273,677 Rollover Choice Option I 3,071.070 4.67 14,342 ----------------- --------------- 6,553,002.403 $30,125,499 ================= =============== INVESCO VIF - FINANCIAL SERVICES Contracts in accumulation period: DVA 406.061 $7.90 $3,208 DVA Series 100 670.845 7.86 5,273 DVA Plus - Standard (pre February 2000) 5,407.333 7.88 42,610 DVA Plus - Standard (post January 2000 & post 2000) 19,155.514 7.87 150,754 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 584,089.237 7.86 4,590,941 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 491,868.834 7.85 3,861,170 187
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- INVESCO VIF - FINANCIAL SERVICES (CONTINUED) DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 117,511.348 $7.84 $921,289 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 44,675.520 7.83 349,809 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 200,145.811 7.83 1,567,142 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 182,155.631 7.82 1,424,457 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 110,702.021 7.82 865,690 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 284,060.139 7.81 2,218,510 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 407,036.399 7.80 3,174,884 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 667.125 7.79 5,197 Access - Annual Ratchet (post April 2001) 36,848.113 7.78 286,678 Access - Max 5.5 (post April 2001), Landmark - Max 7 84,291.461 7.78 655,788 Access - 7% Solution (post April 2001) 8,073.622 7.77 62,732 Access - Max 7 (post April 2001) 32,860.169 7.76 254,995 ES II - Max 7 (post 2000), Generations - Max 7 91,597.737 7.81 715,378 Landmark - 7% Solution 47,920.623 7.79 373,302 Value 5,012.313 7.92 39,698 VA Option I 28,312.555 7.91 223,952 VA Option II 17,476.529 7.88 137,715 VA Option III 2,929.158 7.86 23,023 VA Bonus Option I 40,079.602 7.85 314,625 VA Bonus Option II 39,578.360 7.82 309,503 VA Bonus Option III 41,939.098 7.80 327,125 SmartDesign Advantage Option I 786.478 7.77 6,111 SmartDesign Advantage Option II 3,904.827 7.74 30,223 SmartDesign Advantage Option III 535.466 7.73 4,139 ----------------- --------------- 2,930,697.929 $22,945,921 ================= =============== INVESCO VIF - HEALTH SCIENCES Contracts in accumulation period: DVA 80 9,089.241 $7.72 $70,169 188
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- INVESCO VIF - HEALTH SCIENCES (CONTINUED) DVA 540.527 $7.70 $4,162 DVA Series 100 541.402 7.66 4,147 DVA Plus - Standard (pre February 2000) 14,310.616 7.67 109,762 DVA Plus - Standard (post January 2000 & post 2000) 22,197.466 7.66 170,033 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 351,424.377 7.65 2,688,396 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 481,392.756 7.65 3,682,655 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 166,542.609 7.63 1,270,720 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 35,809.566 7.63 273,227 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 183,978.442 7.62 1,401,916 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 493,957.606 7.62 3,763,957 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 271,523.360 7.61 2,066,293 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 375,101.966 7.61 2,854,526 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 736,095.750 7.59 5,586,967 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,088.348 7.59 15,851 Access - Annual Ratchet (post April 2001) 15,338.008 7.58 116,262 Access - Max 5.5 (post April 2001), Landmark - Max 7 151,076.855 7.57 1,143,652 Access - 7% Solution (post April 2001) 9,189.497 7.57 69,564 Access - Max 7 (post April 2001) 45,837.467 7.56 346,531 ES II - Max 7 (post 2000), Generations - Max 7 306,734.060 7.60 2,331,179 Landmark - 7% Solution 94,313.253 7.58 714,894 Value 10,080.927 7.71 77,724 VA Option I 33,864.629 7.70 260,758 VA Option II 24,596.088 7.67 188,652 189
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- INVESCO VIF - HEALTH SCIENCES (CONTINUED) VA Option III 9,104.697 $7.65 $69,651 VA Bonus Option I 44,853.153 7.65 343,127 VA Bonus Option II 46,036.519 7.61 350,338 VA Bonus Option III 66,227.851 7.59 502,669 SmartDesign Advantage Option I 4,098.527 7.56 30,985 SmartDesign Advantage Option II 4,279.783 7.54 32,270 SmartDesign Advantage Option III 2,987.645 7.52 22,467 ----------------- --------------- 4,013,212.991 $30,563,504 ================= =============== INVESCO VIF - LEISURE Contracts in accumulation period: DVA Plus - Standard (pre February 2000) 2,494.057 $8.45 $21,075 DVA Plus - Standard (post January 2000 & post 2000) 1,919.924 8.45 16,223 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 69,606.717 8.44 587,481 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 132,018.982 8.44 1,114,240 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 28,020.116 8.43 236,210 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 1,463.630 8.43 12,338 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 65,381.973 8.43 551,170 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 30,006.613 8.42 252,656 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 41,607.549 8.42 350,336 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 54,250.341 8.42 456,788 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 100,698.931 8.41 846,878 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 757.891 8.41 6,374 190
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- INVESCO VIF - LEISURE (CONTINUED) Access - Annual Ratchet (post April 2001) 3,611.911 $8.40 $30,340 Access - Max 5.5 (post April 2001), Landmark - Max 7 40,591.830 8.40 340,971 Access - 7% Solution (post April 2001) 17,360.124 8.40 145,825 Access - Max 7 (post April 2001) 7,579.148 8.39 63,589 ES II - Max 7 (post 2000), Generations - Max 7 94,573.834 8.41 795,366 Landmark - 7% Solution 24,347.114 8.41 204,759 VA Option I 749.048 8.47 6,344 VA Option II 695.822 8.45 5,880 VA Option III 767.220 8.44 6,475 VA Bonus Option I 4,265.438 8.44 36,000 VA Bonus Option II 1,327.969 8.42 11,181 ----------------- ---------------- 724,096.182 $6,098,499 ================= ================ INVESCO VIF - UTILITIES Contracts in accumulation period: DVA 80 1,587.040 $6.43 $10,205 DVA Plus - Standard (pre February 2000) 63.189 6.38 403 DVA Plus - Standard (post January 2000 & post 2000) 11,472.225 6.38 73,193 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 127,144.822 6.37 809,913 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 152,797.244 6.37 973,318 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 86,524.213 6.36 550,294 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 18,051.925 6.35 114,630 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 51,660.421 6.35 328,044 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 103,373.775 6.34 655,390 191
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- INVESCO VIF - UTILITIES (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 94,265.565 $6.34 $597,644 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 167,758.159 6.33 1,061,909 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 173,345.603 6.32 1,095,544 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 2,187.610 6.32 13,826 Access - Annual Ratchet (post April 2001) 814.005 6.31 5,136 Access - Max 5.5 (post April 2001), Landmark - Max 7 52,670.628 6.30 331,825 Access - 7% Solution (post April 2001) 24,927.137 6.30 157,041 Access - Max 7 (post April 2001) 2,946.473 6.29 18,533 ES II - Max 7 (post 2000), Generations - Max 7 34,605.984 6.33 219,056 Landmark - 7% Solution 30,198.224 6.31 190,551 VA Option I 14,992.194 6.41 96,100 VA Option II 18,841.260 6.38 120,207 VA Option III 1,930.007 6.37 12,294 VA Bonus Option I 33,452.942 6.36 212,761 VA Bonus Option II 8,961.746 6.34 56,817 VA Bonus Option III 11,546.075 6.32 72,971 SmartDesign Advantage Option I 523.745 6.29 3,294 SmartDesign Advantage Option II 133.928 6.28 841 SmartDesign Advantage Option III 417.793 6.26 2,615 ----------------- --------------- 1,227,193.932 $7,784,355 ================= =============== JANUS ASPEN SERIES BALANCED Contracts in accumulation period: Rollover Choice Option I 47,037.671 $9.25 $435,098 Rollover Choice Option II 6,041.602 9.23 55,764 Rollover Choice Option III 591.682 9.21 5,449 ----------------- --------------- 53,670.955 $496,311 ================= =============== JANUS ASPEN SERIES FLEXIBLE INCOME Contracts in accumulation period: Rollover Choice Option I 19,824.232 $10.99 $217,868 Rollover Choice Option II 5,939.558 10.97 65,157 ----------------- --------------- 25,763.790 $283,025 ================= =============== JANUS ASPEN SERIES GROWTH Contracts in accumulation period: Rollover Choice Option I 26,690.842 $7.19 $191,907 ----------------- --------------- 26,690.842 $191,907 ================= =============== 192
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- JANUS ASPEN SERIES WORLDWIDE GROWTH Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 3,936.633 $6.84 $26,927 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,893.741 6.82 19,735 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 5,871.582 6.81 39,985 VA Option I 105,069.103 6.91 726,028 VA Option II 53,631.991 6.88 368,988 VA Option III 14,254.337 6.86 97,785 VA Bonus Option I 150,684.827 6.86 1,033,698 VA Bonus Option II 65,555.286 6.83 447,743 VA Bonus Option III 58,756.313 6.81 400,130 SmartDesign Advantage Option I 7,229.106 6.78 49,013 SmartDesign Advantage Option II 11,630.857 6.76 78,625 SmartDesign Advantage Option III 3,174.425 6.75 21,427 Rollover Choice Option I 31,947.524 6.93 221,396 Rollover Choice Option II 581.133 6.91 4,016 ----------------- --------------- 515,216.858 $3,535,496 ================= =============== OPPENHEIMER GLOBAL SECURITIES Contracts in accumulation period: Rollover Choice Option I 23,286.992 $7.67 $178,611 Rollover Choice Option II 2,448.302 7.65 18,730 Rollover Choice Option III 1,064.000 7.64 8,129 ----------------- --------------- 26,799.294 $205,470 ================= =============== OPPENHEIMER STRATEGIC BOND Contracts in accumulation period: Rollover Choice Option I 832.001 $10.67 $8,877 Rollover Choice Option II 696.170 10.65 7,414 ----------------- --------------- 1,528.171 $16,291 ================= =============== PIMCO HIGH YIELD Contracts in accumulation period: DVA 80 2,477.364 $10.12 $25,071 DVA 102,400.716 10.03 1,027,079 DVA Series 100 940.098 9.87 9,279 DVA Plus - Standard (pre February 2000) 281,240.079 9.91 2,787,089 DVA Plus - Standard (post January 2000 & post 2000) 278,564.887 9.89 2,755,007 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 6,193,058.219 9.84 60,939,693 193
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIMCO HIGH YIELD (CONTINUED) DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 3,925,319.594 $9.82 $38,546,638 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 3,053,445.935 9.77 29,832,167 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 657,117.954 9.75 6,406,900 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 1,388,956.102 9.73 13,514,543 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 5,428,136.230 9.70 52,652,921 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 1,004,329.863 9.68 9,721,913 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,639,544.850 9.66 35,158,003 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 3,093,339.354 9.61 29,726,991 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 4,447.208 9.59 42,649 Access - Annual Ratchet (post April 2001) 186,395.537 9.54 1,778,213 Access - Max 5.5 (post April 2001), Landmark - Max 7 423,832.352 9.52 4,034,884 Access - 7% Solution (post April 2001) 64,823.416 9.50 615,822 Access - Max 7 (post April 2001) 218,537.943 9.45 2,065,184 ES II - Max 7 (post 2000), Generations - Max 7 624,871.926 9.63 6,017,517 Landmark - 7% Solution 272,347.815 9.57 2,606,369 Access One 3,970.224 10.27 40,774 Value 114,778.115 10.08 1,156,963 VA Option I 78,297.774 10.05 786,893 VA Option II 31,300.139 9.91 310,184 VA Option III 15,357.631 9.84 151,119 VA Bonus Option I 113,201.558 9.82 1,111,639 VA Bonus Option II 71,352.805 9.68 690,695 VA Bonus Option III 27,719.473 9.61 266,384 194
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIMCO HIGH YIELD (CONTINUED) SmartDesign Advantage Option I 16,988.722 $9.48 $161,053 SmartDesign Advantage Option II 25,014.302 9.39 234,884 SmartDesign Advantage Option III 10,727.585 9.32 99,981 ----------------- ---------------- 31,352,835.770 $305,274,501 ================= ================ PIMCO STOCKSPLUS GROWTH AND INCOME Contracts in accumulation period: DVA 80 396.590 $8.28 $3,284 DVA 68,010.499 8.20 557,686 DVA Series 100 1,768.555 8.07 14,272 DVA Plus - Standard (pre February 2000) 154,632.792 8.11 1,254,072 DVA Plus - Standard (post January 2000 & post 2000) 146,940.984 8.09 1,188,753 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 4,911,148.898 8.05 39,534,749 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 2,241,995.580 8.03 18,003,225 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 3,392,261.204 7.99 27,104,167 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 562,721.076 7.97 4,484,887 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 745,489.553 7.95 5,926,642 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 5,327,507.941 7.94 42,300,413 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 777,891.760 7.92 6,160,903 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 1,932,333.312 7.90 15,265,433 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,702,074.897 7.86 13,378,309 195
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIMCO STOCKSPLUS GROWTH AND INCOME (CONTINUED) Access - Annual Ratchet (post April 2001) 24,968.654 $7.80 $194,756 Access - Max 5.5 (post April 2001), Landmark - Max 7 218,962.411 7.79 1,705,717 Access - 7% Solution (post April 2001) 59,533.277 7.77 462,574 Access - Max 7 (post April 2001) 103,647.174 7.73 801,193 ES II - Max 7 (post 2000), Generations - Max 7 312,246.133 7.88 2,460,500 Landmark - 7% Solution 76,765.128 7.82 600,303 Value 28,964.179 8.24 238,665 ----------------- ---------------- 22,790,260.597 $181,640,503 ================= ================ PIONEER EQUITY-INCOME VCT Contracts in accumulation period: Rollover Choice Option I 15,836.215 $8.28 $131,124 Rollover Choice Option II 5,737.063 8.27 47,446 ----------------- ---------------- 21,573.278 178,570 ================= ================ PIONEER FUND VCT Contracts in accumulation period: DVA 80 1,285.499 $7.54 $9,693 DVA Plus - Standard (pre February 2000) 1,732.586 7.49 12,977 DVA Plus - Standard (post January 2000 & post 2000) 10,928.441 7.48 81,745 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 291,460.540 7.47 2,177,210 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 295,687.608 7.47 2,208,786 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 144,234.289 7.46 1,075,988 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 62,576.065 7.45 466,192 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 184,118.536 7.44 1,369,842 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 297,004.743 7.44 2,209,715 196
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIONEER FUND VCT (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 135,708.029 $7.43 $1,008,311 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 229,508.353 7.43 1,705,247 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 562,117.242 7.42 4,170,910 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 6,686.900 7.41 49,550 Access - Annual Ratchet (post April 2001) 8,140.811 7.40 60,242 Access - Max 5.5 (post April 2001), Landmark - Max 7 57,294.293 7.39 423,405 Access - 7% Solution (post April 2001) 19,166.357 7.39 141,639 Access - Max 7 (post April 2001) 21,066.987 7.38 155,474 ES II - Max 7 (post 2000), Generations - Max 7 79,240.223 7.42 587,962 Landmark - 7% Solution 91,407.752 7.41 677,331 Value 1,654.898 7.53 12,461 VA Option I 38,807.073 7.52 291,829 VA Option II 19,828.989 7.49 148,519 VA Option III 6,500.233 7.47 48,557 VA Bonus Option I 47,948.431 7.47 358,175 VA Bonus Option II 50,245.101 7.43 373,321 VA Bonus Option III 19,852.051 7.42 147,302 SmartDesign Advantage Option I 4,167.994 7.38 30,760 SmartDesign Advantage Option II 2,168.327 7.36 15,959 SmartDesign Advantage Option III 857.708 7.35 6,304 Rollover Choice Option I 5,561.288 7.54 41,932 ----------------- --------------- 2,696,957.347 $20,067,338 ================= =============== PIONEER MID-CAP VALUE VCT Contracts in accumulation period: DVA 17,509.307 $9.41 $164,763 DVA Plus - Standard (pre February 2000) 29,446.556 9.38 276,209 DVA Plus - Standard (post January 2000 & post 2000) 45,975.704 9.37 430,792 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 983,243.301 9.36 9,203,157 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 728,410.430 9.36 6,817,922 197
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIONEER MID-CAP VALUE VCT (CONTINUED) DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 509,210.033 $9.35 $4,761,114 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 113,225.368 9.34 1,057,525 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 338,219.386 9.34 3,158,969 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 796,390.778 9.33 7,430,326 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 218,154.631 9.32 2,033,201 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 503,891.718 9.32 4,696,271 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 740,866.746 9.31 6,897,469 Access - Annual Ratchet (post April 2001) 28,194.228 9.29 261,924 Access - Max 5.5 (post April 2001), Landmark - Max 7 145,462.672 9.29 1,351,348 Access - 7% Solution (post April 2001) 25,874.832 9.28 240,118 Access - Max 7 (post April 2001) 74,644.120 9.27 691,951 ES II - Max 7 (post 2000), Generations - Max 7 245,270.337 9.31 2,283,467 Landmark - 7% Solution 127,116.070 9.30 1,182,179 Value 11,515.180 9.42 108,473 Rollover Choice Option I 2,421.894 9.43 22,838 Rollover Choice Option II 369.982 9.41 3,482 ----------------- --------------- 5,685,413.273 $53,073,498 ================= =============== PIONEER SMALL COMPANY VCT Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 13,596.414 $7.81 $106,188 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 11,749.693 7.79 91,530 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 16,355.281 7.77 127,081 198
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PIONEER SMALL COMPANY VCT (CONTINUED) VA Option I 80,077.498 $7.89 $631,811 VA Option II 34,919.722 7.85 274,120 VA Option III 9,445.248 7.84 74,051 VA Bonus Option I 122,885.683 7.83 962,195 VA Bonus Option II 57,105.530 7.80 445,423 VA Bonus Option III 50,553.725 7.78 393,308 SmartDesign Advantage Option I 8,317.144 7.74 64,375 SmartDesign Advantage Option II 8,192.585 7.72 63,247 SmartDesign Advantage Option III 24,011.644 7.70 184,890 ----------------- --------------- 437,210.167 $3,418,219 ================= =============== PROFUND VP BULL Contracts in accumulation period: DVA 1,672.331 $6.71 $11,221 DVA Plus - Standard (pre February 2000) 8,556.341 6.68 57,156 DVA Plus - Standard (post January 2000 & post 2000) 18,623.407 6.68 124,404 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,231,932.938 6.67 8,216,993 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,271,888.411 6.66 8,470,777 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 194,394.055 6.65 1,292,720 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 117,319.332 6.64 779,000 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 127,499.175 6.64 846,595 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 342,069.817 6.63 2,267,923 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 185,752.318 6.63 1,231,538 199
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PROFUND VP BULL (CONTINUED) Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 475,784.662 $6.62 $3,149,694 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 491,041.711 6.61 3,245,786 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 304.523 6.61 2,013 Access - Annual Ratchet (post April 2001) 29,583.240 6.59 194,954 Access - Max 5.5 (post April 2001), Landmark - Max 7 23,782.886 6.59 156,729 Access - 7% Solution (post April 2001) 32,743.236 6.58 215,450 Access - Max 7 (post April 2001) 19,326.241 6.57 126,973 ES II - Max 7 (post 2000), Generations - Max 7 114,753.182 6.62 759,666 Landmark - 7% Solution 16,668.657 6.60 110,013 Value 1,919.612 6.72 12,900 ----------------- --------------- 4,705,616.075 $31,272,505 ================= =============== PROFUND VP EUROPE 30 Contracts in accumulation period: DVA Series 100 2,091.440 $6.06 $12,674 DVA Plus - Standard (pre February 2000) 2,703.205 6.07 16,408 DVA Plus - Standard (post January 2000 & post 2000) 11,286.811 6.06 68,398 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 257,910.120 6.05 1,560,356 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,365,500.420 6.05 8,261,278 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 156,756.190 6.04 946,807 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 42,457.449 6.03 256,018 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 64,316.959 6.03 387,831 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 181,952.664 6.02 1,095,355 200
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PROFUND VP EUROPE 30 (CONTINUED) Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 105,639.573 $6.02 $635,950 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 103,963.433 6.01 624,820 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 218,082.990 6.00 1,308,498 Access - Annual Ratchet (post April 2001) 8,143.705 5.98 48,699 Access - Max 5.5 (post April 2001), Landmark - Max 7 17,650.043 5.98 105,547 Access - 7% Solution (post April 2001) 1,104.440 5.97 6,594 Access - Max 7 (post April 2001) 30,091.610 5.96 179,346 ES II - Max 7 (post 2000), Generations - Max 7 13,789.452 6.00 82,737 Landmark - 7% Solution 5,164.325 5.99 30,934 Value 204.139 6.10 1,245 ----------------- --------------- 2,588,808.968 $15,629,495 ================= =============== PROFUND VP SMALL CAP Contracts in accumulation period: DVA 2,329.512 $7.26 $16,912 DVA Plus - Standard (pre February 2000) 41,515.869 7.23 300,160 DVA Plus - Standard (post January 2000 & post 2000) 31,843.836 7.22 229,912 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,755,935.865 7.21 12,660,298 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,133,338.695 7.21 8,171,372 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 269,439.892 7.19 1,937,273 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 72,216.551 7.19 519,237 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 236,885.358 7.18 1,700,837 201
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PROFUND VP SMALL CAP (CONTINUED) Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 499,605.632 $7.17 $3,582,172 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 182,535.627 7.17 1,308,780 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 420,431.165 7.16 3,010,287 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 374,257.847 7.15 2,675,944 Access - Annual Ratchet (post April 2001) 7,373.061 7.13 52,570 Access - Max 5.5 (post April 2001), Landmark - Max 7 68,579.360 7.13 488,971 Access - 7% Solution (post April 2001) 12,461.032 7.12 88,723 Access - Max 7 (post April 2001) 83,442.202 7.11 593,274 ES II - Max 7 (post 2000), Generations - Max 7 114,433.002 7.16 819,340 Landmark - 7% Solution 59,952.995 7.14 428,064 Value 4,866.239 7.27 35,378 ----------------- --------------- 5,371,443.740 $38,619,504 ================= =============== PRUDENTIAL JENNISON Contracts in accumulation period: DVA 11,366.432 $4.32 $49,103 DVA Plus - Standard (pre February 2000) 23,359.674 4.29 100,213 DVA Plus - Standard (post January 2000 & post 2000) 171,751.231 4.28 735,095 DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 1,009,407.882 4.27 4,310,172 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 1,366,873.798 4.27 5,836,551 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 322,010.407 4.26 1,371,764 202
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PRUDENTIAL JENNISON (CONTINUED) DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 222,330.396 $4.25 $944,904 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 522,739.562 4.24 2,216,416 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 840,344.480 4.24 3,563,061 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 565,738.494 4.23 2,393,074 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 934,116.055 4.23 3,951,311 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 1,916,839.330 4.22 8,089,062 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 5,385.239 4.21 22,672 Access - Annual Ratchet (post April 2001) 22,367.313 4.20 93,943 Access - Max 5.5 (post April 2001), Landmark - Max 7 265,343.797 4.19 1,111,791 Access - 7% Solution (post April 2001) 78,263.500 4.19 327,924 Access - Max 7 (post April 2001) 158,536.137 4.18 662,681 ES II - Max 7 (post 2000), Generations - Max 7 259,117.120 4.22 1,093,474 Landmark - 7% Solution 69,926.920 4.20 293,693 Value 30,964.333 4.33 134,076 VA Option I 8,151.859 4.33 35,298 VA Option II 15,799.358 4.29 67,779 VA Bonus Option I 35,940.756 4.27 153,467 VA Bonus Option II 37,135.007 4.23 157,081 VA Bonus Option III 4,306.427 4.22 18,173 SmartDesign Advantage Option I 2,115.980 4.18 8,845 SmartDesign Advantage Option II 2,970.195 4.16 12,356 SmartDesign Advantage Option III 608.533 4.14 2,519 ----------------- --------------- 8,903,810.215 $37,756,498 ================= =============== PRUDENTIAL SP JENNISON INTERNATIONAL GROWTH Contracts in accumulation period: DVA 1,624.864 $4.15 $6,743 DVA Plus - Standard (pre February 2000) 15,070.093 4.13 62,239 DVA Plus - Standard (post January 2000 & post 2000) 88,237.466 4.13 364,421 203
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PRUDENTIAL SP JENNISON INTERNATIONAL GROWTH (CONTINUED) DVA Plus - Annual Ratchet (pre February 2000) & 5.5% Solution (pre February 2000 and post January 2000), Access - Standard (pre February 2000), Premium Plus - Standard (pre February 2000), ES II (pre 2001), ES II - Standard (post 2000), Generations - Standard 535,933.282 $4.12 $2,208,045 DVA Plus - Annual Ratchet (post January 2000), DVA Plus - 5.5% Solution (post 2000), Access - Standard (post January 2000 and post 2000), Premium Plus - Standard (post January 2000 and post 2000), ES II - Deferred Ratchet (post 2000), Generations - Deferred Ratchet 519,699.551 4.11 2,135,965 DVA Plus - 7% Solution (pre February 2000), DVA Plus - Annual Ratchet (post 2000), DVA Plus - Max 5.5 (post January 2000), Access - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), Premium Plus - Annual Ratchet (pre February 2000) and 5.5% Solution (pre February 2000), ES II - 5.5% Solution (post 2000) 120,333.463 4.10 493,367 DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 46,748.068 4.10 191,667 DVA Plus - 7% Solution (post January 2000 and post 2000), ES II - Annual Ratchet (post 2000), Generations - Annual Ratchet, Landmark - Standard 243,443.935 4.09 995,686 Access - 7% Solution (pre February 2000), Access - Annual Ratchet (post 2000), Access - Max 5.5 (post January 2000), DVA Plus - Annual Ratchet (post 2000), ES II - Max 5.5 (post 2000), Premium Plus - 7% Solution (pre February 2000), Premium Plus - Annual Ratchet (post 2000), Premium Plus - Max 5.5 (post January 2000) 393,653.448 4.09 1,610,043 Access - Max 5.5 (post 2000), DVA Plus - Max 7 (post January 2000 and post 2000), Premium Plus - Max 5.5 (post 2000), ES II - 7% Solution (post 2000), Generations - 7% Solution 235,551.818 4.08 961,051 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 360,088.600 4.08 1,469,161 Access - Max 7 (post January 2000 and post 2000), Premium Plus - Max 7 (post January 2000 and post 2000), Landmark - Annual Ratchet 636,058.487 4.07 2,588,758 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,559.403 4.06 14,451 Access - Annual Ratchet (post April 2001) 34,976.884 4.05 141,656 Access - Max 5.5 (post April 2001), Landmark - Max 7 156,993.562 4.05 635,824 Access - 7% Solution (post April 2001) 16,084.015 4.05 65,140 Access - Max 7 (post April 2001) 39,549.231 4.04 159,779 ES II - Max 7 (post 2000), Generations - Max 7 98,449.075 4.07 400,688 Landmark - 7% Solution 89,981.934 4.06 365,327 Value 54,114.150 4.16 225,115 VA Option I 5,285.109 4.16 21,986 VA Option II 12,259.907 4.13 50,633 VA Bonus Option I 13,713.568 4.11 56,363 204
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PRUDENTIAL SP JENNISON INTERNATIONAL GROWTH (CONTINUED) VA Bonus Option II 4,728.844 $4.08 $19,294 VA Bonus Option III 15,437.133 4.07 62,829 SmartDesign Advantage Option I 1,182.895 4.04 4,779 SmartDesign Advantage Option II 356.962 4.02 1,435 SmartDesign Advantage Option III 7,993.599 4.01 32,054 ----------------- --------------- 3,751,109.346 $15,344,499 ================= =============== PUTNAM VT GROWTH AND INCOME Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 613.560 $7.40 $4,540 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 3,518.706 7.38 25,968 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 1,355.145 7.36 9,974 VA Option I 47,269.102 7.62 360,191 VA Option II 9,757.789 7.59 74,062 VA Option III 1,001.492 7.57 7,581 VA Bonus Option I 71,543.199 7.56 540,867 VA Bonus Option II 50,353.513 7.53 379,162 VA Bonus Option III 24,513.938 7.51 184,100 SmartDesign Advantage Option I 8,057.360 7.33 59,060 SmartDesign Advantage Option II 1,505.661 7.30 10,991 SmartDesign Advantage Option III 688.406 7.28 5,012 ----------------- --------------- 220,177.871 $1,661,508 ================= =============== PUTNAM VT INTERNATIONAL GROWTH AND INCOME Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 7,080.219 $8.03 $56,854 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 743.400 8.00 5,947 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 4,603.594 7.98 36,737 VA Option I 88,504.950 8.10 716,890 VA Option II 18,195.578 8.07 146,838 VA Option III 7,142.668 8.05 57,498 VA Bonus Option I 94,100.599 8.04 756,569 VA Bonus Option II 24,314.533 8.01 194,759 VA Bonus Option III 101,982.647 7.99 814,841 205
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- PUTNAM VT INTERNATIONAL GROWTH AND INCOME (CONTINUED) SmartDesign Advantage Option I 6,043.072 $7.95 $48,042 SmartDesign Advantage Option II 2,280.679 7.93 18,086 SmartDesign Advantage Option III 16,122.611 7.91 127,530 ----------------- --------------- 371,114.550 $2,980,591 ================= =============== PUTNAM VT VOYAGER II Contracts in accumulation period: DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 5,242.644 $6.06 $31,770 Access - 7% Solution (post January 2000 and post 2000), Access - Standard (post April 2001), Premium Plus - 7% Solution (post January 2000 and post 2000), Landmark - 5.5% Solution 2,365.637 6.04 14,288 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 3,579.319 6.03 21,583 VA Option I 44,148.219 6.12 270,187 VA Option II 33,313.466 6.09 202,879 VA Option III 4,631.701 6.08 28,161 VA Bonus Option I 96,271.677 6.07 584,369 VA Bonus Option II 38,339.846 6.05 231,956 VA Bonus Option III 21,456.980 6.03 129,386 SmartDesign Advantage Option I 8,448.608 6.01 50,776 SmartDesign Advantage Option II 12,435.747 5.99 74,490 SmartDesign Advantage Option III 863.315 5.98 5,163 ----------------- --------------- 271,097.159 $1,645,008 ================= =============== SMITH BARNEY HIGH INCOME Contracts in accumulation period: Granite PrimElite - Standard 3,602.132 $11.41 $41,100 Granite PrimElite - Annual Ratchet 24,619.405 11.28 277,707 ----------------- --------------- 28,221.537 $318,807 ================= =============== SMITH BARNEY INTERNATIONAL ALL CAP GROWTH Contracts in accumulation period: Granite PrimElite - Standard 1,685.183 $8.92 $15,032 Granite PrimElite - Annual Ratchet 21,044.795 8.82 185,615 ----------------- --------------- 22,729.978 $200,647 ================= =============== SMITH BARNEY LARGE CAP VALUE Contracts in accumulation period: Granite PrimElite - Standard 2,504.960 $14.26 $35,721 Granite PrimElite - Annual Ratchet 23,808.210 14.09 335,458 ----------------- --------------- 26,313.170 $371,179 ================= =============== 206
Golden American Life Insurance Company Separate Account B Notes to Financial Statements (continued) 7. UNIT SUMMARY (CONTINUED)
UNIT EXTENDED DIVISION/CONTRACT UNITS VALUE VALUE -------------------------------------------------------------------------------------------------------------------------- SMITH BARNEY MONEY MARKET Contracts in accumulation period: Granite PrimElite - Standard 6,864.600 $12.68 $87,043 Granite PrimElite - Annual Ratchet 4,446.085 12.53 55,709 ----------------- --------------- 11,310.685 $142,752 ================= =============== UBS TACTICAL ALLOCATION DVA Plus - Max 5.5 (post 2000), Access - Annual Ratchet (post January 2000), Access - 5.5% Solution (post January 2000 and post 2000), Premium Plus - Annual Ratchet (post January 2000), Premium Plus - 5.5% Solution (post January 2000 and post 2000) 4,476.111 $7.12 $31,870 Access - 5.5% Solution (post April 2001), Landmark - Max 5.5% 9,383.635 7.08 66,436 VA Option I 46,001.622 7.19 330,752 VA Option II 16,031.679 7.16 114,787 VA Option III 7,474.126 7.14 53,365 VA Bonus Option I 58,942.255 7.14 420,848 VA Bonus Option II 38,953.675 7.10 276,571 VA Bonus Option III 18,471.861 7.09 130,965 SmartDesign Advantage Option I 6,768.805 7.06 47,788 SmartDesign Advantage Option II 10,343.837 7.04 72,821 SmartDesign Advantage Option III 326.855 7.02 2,295 ----------------- --------------- 217,174.461 $1,548,498 ================= ===============
207 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS A summary of unit values and units outstanding for variable annuity Contracts, expense ratios, excluding expenses of underlying Funds, investment income ratios, and total return for the years ended December, 31, 2002 and 2001, along with unit values and units outstanding for the year ended December 31, 2000, follows:
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST: All Cap 2002 29,232 $8.34 to $8.68 $ 247,740 2001 25,814 $11.46 to $11.76 299,314 2000 9,062 $11.54 to $11.65 104,883 All Cap Advisor 2002 18 $9.52 to $9.53 176 2001 *** *** *** 2000 *** *** *** Asset Allocation Growth 2002 6,551 $7.12 to $7.35 47,241 2001 5,718 $8.55 to $8.70 49,242 2000 501 $9.37 to $9.38 4,696 Capital Growth 2002 24,777 $9.52 to $10.52 246,769 2001 27,303 $13.93 to $15.15 395,434 2000 27,139 $16.80 to $17.71 463,399 Capital Growth Advisor 2002 14 $10.45 to $10.46 148 2001 *** *** *** 2000 *** *** ***
208 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Capital Guardian Small Cap 2002 26,339 $12.37 to $14.00 $ 341,146 2001 27,165 $16.97 to $18.87 480,513 2000 23,107 $17.94 to $19.25 422,097 Capital Guardian Small Cap Advisor 2002 33 $9.72 to $9.73 321 2001 *** *** *** 2000 *** *** *** Core Bond 2002 34,238 $11.55 to $13.41 425,125 2001 9,873 $11.14 to $12.39 114,996 2000 3,438 $11.37 to $12.19 40,000 Core Bond Advisor 2002 97 $10.24 to $10.26 992 2001 *** *** *** 2000 *** *** *** Developing World 2002 9,702 $5.98 to $6.42 60,000 2001 10,141 $6.85 to $7.25 71,466 2000 7,211 $7.47 to $7.71 54,398 Developing World Advisor 2002 8 $9.70 to $9.71 79 2001 *** *** *** 2000 *** *** *** Diversified Mid-Cap 2002 12,695 $7.09 to $7.31 91,159 2001 6,381 $8.99 to $9.15 57,814 2000 1,150 $9.87 to $9.88 11,358
209 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Diversified Mid-Cap Advisor 2002 23 $9.47 to $9.48 $ 220 2001 *** *** *** 2000 *** *** *** Equity Growth 2002 559 $7.78 to $7.85 4,362 2001 *** *** *** 2000 *** *** *** Equity Growth Advisor 2002 48 $9.63 to $9.64 458 2001 *** *** *** 2000 *** *** *** Equity Income 2002 20,545 $18.11 to $23.18 409,670 2001 17,698 $21.34 to $26.84 416,763 2000 12,207 $22.48 to $26.61 291,793 Equity Income Advisor 2002 65 $9.81 to $9.83 640 2001 *** *** *** 2000 *** *** *** Equity Opportunity 2002 19,040 $13.72 to $16.05 280,954 2001 20,717 $19.84 to $22.87 440,209 2000 19,193 $24.06 to $26.49 477,934 Equity Opportunity Advisor 2002 3 $9.74 to $9.75 34 2001 *** *** *** 2000 *** *** ***
210 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Focus Value 2002 710 $8.32 to $8.40 $ 5,931 2001 *** *** *** 2000 *** *** *** Focus Value Advisor 2002 5 $10.16 to $10.17 48 2001 *** *** *** 2000 *** *** *** Fully Managed 2002 34,525 $24.75 to $30.37 935,079 2001 23,375 $25.20 to $30.47 644,971 2000 13,395 $24.47 to $27.95 345,651 Fully Managed Advisor 2002 89 $9.99 to $10.01 894 2001 *** *** *** 2000 *** *** *** Fundamental Growth Focus 2002 345 $7.93 to $8.00 2,742 2001 *** *** *** 2000 *** *** *** Fundamental Growth Advisor 2002 11 $9.44 to $9.45 108 2001 *** *** *** 2000 *** *** *** Global Franchise 2002 1,661 $8.80 to $8.88 14,670 2001 *** *** *** 2000 *** *** ***
211 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Global Franchise Advisor 2002 74 $9.51 to $9.52 $ 708 2001 *** *** *** 2000 *** *** *** Growth 2002 53,954 $9.92 to $11.18 560,041 2001 66,921 $14.41 to $15.95 1,002,892 2000 67,525 $21.49 to $22.98 1,474,980 Growth Advisor 2002 9 $9.76 to $9.78 92 2001 *** *** *** 2000 *** *** *** Hard Assets 2002 4,986 $12.44 to $15.93 67,753 2001 2,395 $12.63 to $15.27 33,209 2000 2,584 $15.34 to $17.52 41,509 Hard Assets Advisor 2002 10 $9.82 to $9.83 97 2001 *** *** *** 2000 *** *** *** International Enhanced EAFE 2002 608 $8.17 to $8.25 4,990 2001 *** *** *** 2000 *** *** *** International Enhanced EAFE Advisor 2002 17 $9.74 to $9.76 165 2001 *** *** *** 2000 *** *** ***
212 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): International Equity 2002 16,969 $6.80 to $7.46 $ 120,477 2001 16,734 $8.37 to $8.98 144,061 2000 17,171 $11.23 to $11.73 194,618 International Equity Advisor 2002 26 $9.79 to $9.80 254 2001 *** *** *** 2000 *** *** *** Internet Tollkeeper 2002 2,769 $4.58 to $4.69 12,802 2001 709 $7.57 to $7.64 5,389 2000 ** ** ** Internet Tollkeeper Advisor 2002 5 $10.40 to $10.42 53 2001 *** *** *** 2000 *** *** *** Investors 2002 11,516 $7.87 to $8.19 92,136 2001 8,646 $10.45 to $10.73 91,400 2000 1,917 $11.21 to $11.31 21,558 Investors Advisor 2002 30 $9.74 to $9.75 297 2001 *** *** *** 2000 *** *** *** J.P. Morgan Fleming Small Cap Equity 2002 1,212 $7.79 to $7.87 9,490 2001 *** *** *** 2000 *** *** ***
213 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): J.P. Morgan Fleming Small Cap Advisor 2002 54 $9.48 to $9.49 $ 511 2001 *** *** *** 2000 *** *** *** Janus Growth and Income 2002 18,616 $6.87 to $7.13 130,345 2001 10,487 $8.78 to $8.93 92,720 2000 1,280 $9.93 to $9.96 12,726 Janus Growth and Income Advisor 2002 60 $9.71 to $9.73 587 2001 *** *** *** 2000 *** *** *** Large Cap Value 2002 39,602 $7.34 to $7.73 295,688 2001 27,628 $9.85 to $10.20 275,489 2000 9,362 $10.50 to $10.59 98,545 Large Cap Value Advisor 2002 32 $10.25 to $10.27 333 2001 *** *** *** 2000 *** *** *** Limited Maturity Bond 2002 28,506 $17.84 to $22.84 558,941 2001 19,509 $17.02 to $21.41 364,062 2000 11,438 $16.67 to $19.77 200,958 Liquid Asset 2002 66,797 $13.46 to $17.34 1,023,179 2001 69,541 $13.62 to $17.79 1,071,485 2000 44,678 $14.50 to $16.61 679,666
214 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Liquid Asset Advisor 2002 180 $9.98 to $9.99 $ 1,800 2001 *** *** *** 2000 *** *** *** Managed Global 2002 16,459 $12.62 to $15.12 223,084 2001 14,451 $16.18 to $19.04 250,388 2000 11,365 $19.34 to $21.72 228,347 Managed Global Advisor 2002 5 $10.23 50 2001 *** *** *** 2000 *** *** *** Mid-Cap Growth 2002 27,548 $14.97 to $17.32 435,581 2001 29,521 $29.92 to $34.01 928,290 2000 27,623 $40.98 to $43.92 1,158,061 Mid-Cap Growth Advisor 2002 56 $9.75 to $9.77 549 2001 *** *** *** 2000 *** *** *** Real Estate 2002 6,881 $24.84 to $31.80 187,607 2001 4,535 $25.36 to $31.90 126,169 2000 3,804 $25.04 to $28.59 100,303 Real Estate Advisor 2002 29 $9.60 to $9.61 276 2001 *** *** *** 2000 *** *** ***
215 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Research 2002 28,285 $13.75 to $15.91 $ 421,035 2001 31,622 $19.19 to $21.34 637,711 2000 30,638 $25.56 to $27.39 800,528 Research Advisor 2002 34 $9.70 to $9.72 326 2001 *** *** *** 2000 *** *** *** Special Situations 2002 3,609 $5.96 to $6.15 21,794 2001 2,932 $8.23 to $8.38 24,325 2000 663 $8.88 to $8.89 5,891 Special Situations Advisor 2002 6 $9.62 to $9.63 56 2001 *** *** *** 2000 *** *** *** Strategic Equity 2002 14,324 $9.29 to $10.34 139,852 2001 17,855 $13.92 to $15.26 259,382 2000 19,182 $18.40 to $19.51 359,734 Strategic Equity Advisor 2002 8 $9.63 to $9.65 78 2001 *** *** *** 2000 *** *** *** Total Return 2002 45,174 $17.48 to $20.72 853,266 2001 39,136 $18.90 to $21.94 793,394 2000 29,621 $20.10 to $21.54 608,868
216 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GCG TRUST (CONTINUED): Total Return Advisor 2002 95 10.03 to $10.04 $ 955 2001 *** *** *** 2000 *** *** *** Value Equity 2002 11,740 $13.65 to $15.72 173,239 2001 10,991 $17.24 to $19.10 199,039 2000 9,358 $18.85 to $20.15 180,722 Value Equity Advisor 2002 11 $9.61 to $9.63 107 2001 *** *** *** 2000 *** *** *** Van Kampen Growth and Income 2002 30,992 $16.77 to $19.76 554,608 2001 34,270 $20.13 to $23.30 732,049 2000 34,836 $24.00 to $26.02 860,338 Van Kampen Growth and Income Advisor 2002 101 $9.78 to $9.79 990 2001 *** *** *** 2000 *** *** *** AIM VARIABLE INSURANCE FUNDS: AIM V.I. Dent Demographic Trends 2002 1,550 $7.24 to $7.38 11,335 2001 323 $10.97 to $11.00 3,550 2000 ** ** **
217 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- AIM VARIABLE INSURANCE FUNDS (CONTINUED): AIM V.I. Growth 2002 121 $6.92 to $7.06 $ 848 2001 43 $10.32 to $10.35 443 2000 ** ** ** AIM V.I. Capital Appreciation 2002 4 $7.40 27 2001 *** *** *** 2000 *** *** *** AIM V.I. Core Equity 2002 5 $8.26 41 2001 *** *** *** 2000 *** *** *** AIM V.I. Premier Equity 2002 12 $6.82 to $6.84 80 2001 *** *** *** 2000 *** *** *** ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.: Alliance Bernstein Value 2002 315 $8.46 to $8.66 2,709 2001 59 $9.98 to $10.05 595 2000 ** ** ** Alliance Growth and Income 2002 644 $7.23 to $7.40 4,730 2001 172 $9.57 to $9.61 1,653 2000 ** ** ** Alliance Premier Growth 2002 322 $6.41 to $6.56 2,094 2001 114 $9.52 to $9.58 1,091 2000 ** ** **
218 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- FIDELITY(R) VARIABLE INSURANCE PRODUCTS FUND: Fidelity(R) VIP GrowtH 2002 3,655 $6.26 to $6.43 $ 23,212 2001 75 $9.25 to $9.29 693 2000 ** ** ** Fidelity(R) VIP Equity-Income 2002 3,054 $7.70 to $7.91 23,851 2001 203 $9.55 to $9.61 1,949 2000 ** ** ** Fidelity(R)VIP Contrafund(R) 2002 513 $8.50 to $8.73 4,438 2001 122 $9.68 to $9.73 1,183 2000 ** ** ** Fidelity(R) VIP Overseas 2002 1 $7.89 9 2001 *** *** *** 2000 *** *** *** FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST: Franklin Small Cap Value Securities 2002 2 $8.97 to $8.99 17 2001 *** *** *** 2000 *** *** *** GREENWICH STREET SERIES FUND: Greenwich Appreciation 2002 42 $13.88 to $14.02 589 2001 42 $17.07 to $17.22 723 2000 46 $18.03 to $18.16 831
219 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- THE GALAXY VIP FUND: Galaxy VIP Asset Allocation 2002 78 $8.05 to $8.15 $ 631 2001 128 $9.75 to $9.84 1,260 2000 129 $10.73 to $10.78 1,387 Galaxy VIP Equity 2002 75 $6.46 to $6.57 487 2001 88 $9.12 to $9.21 807 2000 94 $11.36 to $11.41 1,071 Galaxy VIP Growth and Income 2002 16 $7.44 to $7.56 122 2001 19 $10.31 to $10.40 201 2000 26 $10.93 to $10.98 284 Galaxy VIP High Quality Bond 2002 10 $12.57 to $12.74 130 2001 13 $11.60 to $11.70 152 2000 7 $11.04 to $11.05 78 Galaxy VIP Small Company Growth 2002 7 $8.55 to $8.69 57 2001 6 $12.99 to $13.14 84 2000 5 $13.27 to $13.35 72 ING GET FUND: ING GET Fund - Series N 2002 2,862 $9.96 to $10.10 28,661 2001 3,009 $10.24 to $10.28 30,868 2000 ** ** **
220 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING GET FUND (CONTINUED): ING GET Fund - Series P 2002 14,328 $9.81 to $10.02 $ 143,846 2001 15,276 $9.99 to $10.04 153,045 2000 ** ** ** ING GET Fund - Series Q 2002 16,855 $9.93 to $10.12 169,029 2001 190 $10.00 1,904 2000 ** ** ** ING GET Fund - Series R 2002 16,911 $10.01 to $10.16 170,526 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series S 2002 21,867 $9.98 to $10.08 219,270 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series T 2002 23,643 $10.04 to $10.10 237,948 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series U 2002 105 $9.99 to $10.00 1,048 2001 *** *** *** 2000 *** *** ***
221 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING PARTNERS, INC.: ING Alger Growth 2002 6 $6.56 $ 39 2001 *** *** *** 2000 *** *** *** ING American Century Small Cap Value 2002 - $8.10 2 2001 *** *** *** 2000 *** *** *** ING J.P. Morgan Mid Cap Value 2002 33 $9.09 to $9.19 301 2001 *** *** *** 2000 *** *** *** ING MFS(R)Capital Opportunities (Initial Class) 2002 209 $6.04 to $6.18 1,280 2001 78 $8.92 to $9.91 698 2000 ** ** ** ING MFS(R)Capital Opportunities (Sevice Class) 2002 11 $6.85 72 2001 *** *** *** 2000 *** *** *** ING MFS(R) Global Growth 2002 9 $8.27 to $8.35 75 2001 *** *** *** 2000 *** *** ***
222 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING PARTNERS, INC. (CONTINUED): ING OpCap Balanced Value 2002 16 $7.80 $ 126 2001 *** *** *** 2000 *** *** *** ING PIMCO Total Return 2002 55 $10.75 593 2001 *** *** *** 2000 *** *** *** ING Salomon Bros. Capital 2002 1 $7.41 9 2001 *** *** *** 2000 *** *** *** ING Salomon Bros. Investors Value 2002 - $7.61 4 2001 *** *** *** 2000 *** *** *** ING Scudder International Growth 2002 1 $8.13 to $8.14 7 2001 *** *** *** 2000 *** *** *** ING T. Rowe Price Growth Equity 2002 19 $7.51 to $7.52 144 2001 *** *** *** 2000 *** *** *** ING UBS Tactical Asset Allocation Division 2002 - $7.54 2 2001 *** *** *** 2000 *** *** ***
223 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING PARTNERS, INC. (CONTINUED): ING Van Kampen Comstock Division 2002 210 $8.24 to $8.34 $ 1,737 2001 *** *** *** 2000 *** *** *** ING VARIABLE INSURANCE TRUST: ING VP Worldwide Growth 2002 5,299 $5.05 to $5.28 27,358 2001 2,863 $6.92 to $7.08 20,014 2000 635 $8.72 to $8.78 5,554 ING VP BOND PORTFOLIO: ING VP Bond 2002 4,668 $10.58 to $10.69 49,590 2001 *** *** *** 2000 *** *** *** ING VARIABLE PORTFOLIOS, INC.: ING VP Growth 2002 7 $6.94 46 2001 *** *** *** 2000 *** *** *** ING VP Index Plus LargeCap 2002 634 $7.11 to $7.31 4,589 2001 87 $9.36 to $9.40 812 2000 ** ** ** ING VP Index Plus MidCap 2002 692 $8.41 to $8.64 5,909 2001 83 $9.87 to $9.91 820 2000 ** ** **
224 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING VARIABLE PORTFOLIOS, INC. (CONTINUED): ING VP Index Plus SmallCap 2002 465 $8.47 to $8.70 $ 4,005 2001 67 $10.07 to $10.11 680 2000 ** ** ** ING VP Small Company 2002 21 $7.54 to $7.56 156 2001 *** *** *** 2000 *** *** *** ING VP Value Opportunity 2002 166 $6.46 to $6.63 1,086 2001 33 $9.00 to $9.04 298 2000 ** ** ** ING VARIABLE PRODUCTS TRUST: ING VP Convertible 2002 107 $9.48 to $9.70 1,034 2001 18 $10.46 to $10.52 194 2000 ** ** ** ING VP Growth Opportunities 2002 1,895 $5.19 to $5.32 9,918 2001 671 $7.75 to $7.82 5,219 2000 ** ** ** ING VP International Value 2002 5 $8.45 to $8.47 42 2001 *** *** *** 2000 *** *** ***
225 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- ING VARIABLE PRODUCTS TRUST (CONTINUED): ING VP Large Company Value 2002 120 $7.84 to $8.03 $ 958 2001 15 $10.37 to $10.45 156 2000 ** ** ** ING VP LargeCap Growth 2002 163 $6.06 to $6.21 1,006 2001 56 $9.57 to $9.62 533 2000 ** ** ** ING VP MagnaCap 2002 1,746 $7.00 to $7.16 12,338 2001 579 $9.30 to $9.39 5,402 2000 ** ** ** ING VP MidCap Opportunities 2002 2 $7.24 12 2001 *** *** *** 2000 *** *** *** ING VP SmallCap Opportunities 2002 6,553 $4.55 to $4.67 30,118 2001 1,737 $8.28 to $8.36 14,437 2000 ** ** ** INVESCO VARIABLE INVESTMENT FUNDS, INC.: INVESCO VIF - Financial Services 2002 2,931 $7.73 to $7.92 22,941 2001 256 $9.33 to $9.39 2,404 2000 ** ** **
226 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- INVESCO VARIABLE INVESTMENT FUNDS, INC. (CONTINUED): INVESCO VIF - Health Sciences 2002 4,013 $7.52 to $7.72 $ 30,558 2001 1,052 $10.22 to $10.29 10,790 2000 ** ** ** INVESCO VIF - Leisure 2002 724 $8.39 to $8.47 6,097 2001 *** *** *** 2000 *** *** *** INVESCO VIF - Utilities 2002 1,227 $6.26 to $6.43 7,783 2001 119 $8.09 to $8.13 964 2000 ** ** ** JANUS ASPEN SERIES: Janus Aspen Series Balanced 2002 54 $9.21 to $9.25 496 2001 *** *** *** 2000 *** *** *** Janus Aspen Series Flexible Income 2002 26 $10.97 to $10.99 283 2001 *** *** *** 2000 *** *** *** Janus Aspen Series Growth 2002 27 $7.19 192 2001 *** *** *** 2000 *** *** ***
227 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- JANUS ASPEN SERIES (CONTINUED): Janus Aspen Series Worldwide Growth 2002 515 $6.75 to $6.93 $ 3,534 2001 139 $9.32 to $9.39 1,298 2000 ** ** ** OPPENHEIMER VARIABLE ACCOUNTS FUND: Oppenheimer Global Securities 2002 27 $7.64 to $7.67 205 2001 *** *** *** 2000 *** *** *** Oppenheimer Strategic Bond 2002 2 $10.65 to $10.67 16 2001 *** *** *** 2000 *** *** *** PIMCO VARIABLE INSURANCE TRUST: PIMCO High Yield 2002 31,353 $9.32 to $10.27 305,237 2001 23,564 $9.79 to $10.44 236,343 2000 16,336 $9.88 to $10.17 162,857 PIMCO StocksPLUS Growth and Income 2002 22,790 $7.73 to $8.28 181,637 2001 23,718 $9.91 to $10.46 241,065 2000 22,158 $11.56 to $11.91 258,484 PIONEER VARIABLE CONTRACTS TRUST: Pioneer Equity-Income VCT 2002 22 $8.27 to $8.28 179 2001 *** *** *** 2000 *** *** ***
228 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- PIONEER VARIABLE CONTRACTS TRUST (CONTINUED): Pioneer Fund VCT 2002 2,697 $7.35 to $7.54 $ 20,064 2001 243 $9.36 to $9.41 2,275 2000 ** ** ** Pioneer Mid-Cap Value VCT 2002 5,685 $9.27 to $9.43 53,062 2001 480 $10.70 to $10.72 5,139 2000 ** ** ** Pioneer Small Company VCT 2002 437 $7.70 to $7.89 3,417 2001 98 $9.54 to $9.61 938 2000 ** ** ** PROFUNDS VP: ProFund VP Bull 2002 4,706 $6.57 to $6.72 31,265 2001 2,316 $8.84 to $8.92 20,583 2000 ** ** ** ProFund VP Europe 30 2002 2,589 $5.96 to $6.10 15,627 2001 764 $8.22 to $8.29 6,312 2000 ** ** ** ProFund VP Small-Cap 2002 5,371 $7.11 to $7.27 38,612 2001 2,118 $9.38 to $9.46 19,968 2000 ** ** **
229 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- PRUDENTIAL SERIES FUND, INC.: Prudential Jennison 2002 8,904 $4.14 to $4.33 $ 37,748 2001 7,335 $6.21 to $6.35 45,991 2000 987 $7.82 to $7.85 7,732 Prudential SP Jennison International Growth 2002 3,751 $4.01 to $4.16 15,341 2001 2,097 $5.35 to $5.44 11,310 2000 318 $8.55 to $8.57 2,720 PUTNAM VARIABLE TRUST: Putnam VT Growth and Income 2002 220 $7.28 to $7.62 1,662 2001 48 $9.25 to $9.50 455 2000 ** ** ** Putnam VT International Growth and Income 2002 371 $7.91 to $8.10 2,981 2001 64 $9.44 to $9.49 604 2000 ** ** ** Putnam VT Voyager Fund II 2002 271 $5.98 to $6.12 1,645 2001 66 $8.71 to $8.77 577 2000 ** ** ** TRAVELERS SERIES FUND INC.: Smith Barney High Income 2002 28 $11.28 to $11.41 319 2001 31 $11.82 to $11.94 370 2000 36 $12.46 to $12.56 446
230 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
UNITS UNIT FAIR VALUE NET ASSETS DIVISION (000S) LOWEST TO HIGHEST (000S) ---------------------------------------------- ------------ -------------------- -------------------- TRAVELERS SERIES FUND INC. (CONTINUED): Smith Barney International All Cap Growth 2002 23 $8.82 to $8.92 $ 201 2001 25 $12.04 to $12.16 300 2000 26 $17.74 to $17.89 455 Smith Barney Large Cap Value 2002 26 $14.09 to $14.26 371 2001 29 $19.16 to $19.35 563 2000 33 $21.16 to $21.34 692 Smith Barney Money Market 2002 11 $12.53 to $12.68 143 2001 17 $12.55 to $12.68 221 2000 13 $12.27 to $12.38 156 UBS SERIES TRUST: UBS Tactical Allocation 2002 217 $7.02 to $7.19 1,548 2001 84 $9.37 to $9.42 787 2000 ** ** **
Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST: All Cap 2002 0.22% 0.90% to 2.25% -27.23% to -26.19% 2001 1.47% 0.90% to 2.25% 0.00% to 0.94% 2000 * * * All Cap Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Asset Allocation Growth 2002 1.11% 0.90% to 2.25% -16.73% to -15.52% 2001 1.78% 0.90% to 2.25% -8.32% to -7.68% 2000 * * * Capital Growth 2002 - 0.80% to 2.25% -31.66% to -30.56% 2001 - 0.80% to 2.25% -15.42% to -14.46% 2000 * * * Capital Growth Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** ***
231 Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Capital Guardian Small Cap 2002 0.12% 0.80% to 2.25% -27.11% to -25.80% 2001 0.13% 0.50% to 2.25% -3.40% to -1.97% 2000 * * * Capital Guardian Small Cap Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Core Bond 2002 3.72% 0.80% to 2.55% 3.69% to 8.23% 2001 0.40% 0.80% to 2.25% 0.53% to 1.64% 2000 * * * Core Bond Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Developing World 2002 - 0.80% to 2.25% -12.70% to -11.45% 2001 1.18% 0.80% to 2.25% -7.10% to -5.97% 2000 * * * Developing World Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Diversified Mid-Cap 2002 0.29% 0.90% to 2.25% -21.13% to -20.11% 2001 0.48% 0.90% to 2.25% -8.41% to -7.79% 2000 * * *
231a Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Diversified Mid-Cap Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Equity Growth 2002 *** 0.90% to 2.25% *** 2001 *** *** *** 2000 *** *** *** Equity Growth Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Equity Income 2002 1.34% 0.50% to 2.25% -15.14% to -13.64% 2001 1.95% 0.50% to 2.25% -0.58% to 1.46% 2000 * * * Equity Income Advisor 2002 *** 1.40% to 1..85% *** 2001 *** *** *** 2000 *** *** *** Equity Opportunity 2002 0.13% 0.80% to 2.25% -30.85% to -29.82% 2001 0.07% 0.80% to 2.25% -14.67% to -13.67% 2000 * * * Equity Opportunity Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** ***
231b Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Focus Value 2002 *** 0.90% to 2.25% *** 2001 *** *** *** 2000 *** *** *** Focus Value Advisor 2002 *** 1.65% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Fully Managed 2002 1.72% 0.80% to 2.25% -1.79% to -0.33% 2001 3.34% 0.80% to 2.25% 7.85% to 9.02% 2000 * * * Fully Managed Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Fundamental Growth Focus 2002 *** 0.90% to 2.15% *** 2001 *** *** *** 2000 *** *** *** Fundamental Growth Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Global Franchise 2002 *** 0.80% to 2.25% *** 2001 *** *** *** 2000 *** *** ***
213c Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Global Franchise Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Growth 2002 - 0.50% to 2.25% -31.16% to -29.91% 2001 - 0.50% to 2.25% -31.55% to -30.59% 2000 * * * Growth Advisor 2002 *** 1.40% to 1.75% *** 2001 *** *** *** 2000 *** *** *** Hard Assets 2002 0.68% 0.50% to 2.25% -1.50% to 4.32% 2001 - 0.80% to 2.25% -13.82% to -12.84% 2000 * * * Hard Assets Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** International Enhanced EAFE 2002 *** 0.90% to 2.40% *** 2001 *** *** *** 2000 *** *** *** International Enhanced EAFE Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** ***
231d Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): International Equity 2002 0.75% 0.90% to 2.25% -18.76% to -16.93% 2001 - 0.90% to 2.10% -24.87% to -22.18% 2000 * * * International Equity Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Internet Tollkeeper 2002 - 0.90% to 2.25% -39.50% to -38.61% 2001 ** 0.90% to 2.25% ** 2000 ** ** ** Internet Tollkeeper Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Investors 2002 0.81% 0.90% to 2.25% -24.69% to -23.67% 2001 1.30% 0.90% to 2.25% -6.16% to -5.13% 2000 * * * Investors Advisor 2002 *** 1.65% to 1.85% *** 2001 *** *** *** 2000 *** *** *** J.P. Morgan Fleming Small Cap Equity 2002 *** 0.90% to 2.40% *** 2001 *** *** *** 2000 *** *** ***
231e Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): J.P. Morgan Fleming Small Cap Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Janus Growth and Income 2002 0.45% 0.90% to 2.55% -21.75% to -20.16% 2001 1.02% 0.90% to 2.25% -11.18% to -10.34% 2000 * * * Janus Growth and Income Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Large Cap Value 2002 0.25% 0.50% to 2.25% -25.48% to -24.22% 2001 0.25% 0.50% to 2.25% -5.43% to -4.44% 2000 * * * Large Cap Value Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Limited Maturity Bond 2002 3.62% 0.50% to 2.25% 4.82% to 6.68% 2001 4.84% 0.50% to 2.25% 6.78% to 8.30% 2000 * * * Liquid Asset 2002 1.42% 0.50% to 2.55% -1.17% to 0.96% 2001 3.59% 0.50% to 2.55% 1.86% to 3.01% 2000 * * *
231f Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Liquid Asset Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Managed Global 2002 0.13% 0.50% to 2.25% -22.00% to -20.59% 2001 0.13% 0.50% to 2.25% -13.60% to -12.34% 2000 * * * Managed Global Advisor 2002 *** 1.75% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Mid-Cap Growth 2002 - 0.50% to 2.25% -49.97% to -49.07% 2001 0.37% 0.50% to 2.25% -25.09% to -24.25% 2000 * * * Mid-Cap Growth Advisor 2002 *** 1.40% to 1.80% *** 2001 *** *** *** 2000 *** *** *** Real Estate 2002 3.73% 0.50% to 2.25% -2.05% to 0.31% 2001 4.29% 0.50% to 2.25% 6.07% to 7.28% 2000 * * * Real Estate Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** ***
231g Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Research 2002 0.41% 0.80% to 2.55% -28.35% to -25.45% 2001 0.12% 0.80% to 2.25% -22.97% to -22.09% 2000 * * * Research Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Special Situations 2002 - 0.90% to 2.25% -27.58% to -26.61% 2001 0.37% 0.90% to 2.25% -6.87% to -6.19% 2000 * * * Special Situations Advisor 2002 *** 1.40% to 1.75% *** 2001 *** *** *** 2000 *** *** *** Strategic Equity 2002 - 0.80% to 2.25% -33.26% to -32.24% 2001 - 0.80% to 2.25% -22.66% to -21.78% 2000 * * * Strategic Equity Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Total Return 2002 2.36% 0.50% to 2.55% -7.51% to -5.56% 2001 4.88% 0.50% to 2.55% -1.44% to -0.32% 2000 * * *
231h Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GCG TRUST (CONTINUED): Total Return Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Value Equity 2002 0.69% 0.80% to 2.55% -20.82% to -17.70% 2001 0.85% 0.80% to 2.25% -6.21% to -5.21% 2000 * * * Value Equity Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** Van Kampen Growth and Income 2002 0.84% 0.50% to 2.25% -16.69% to -15.19% 2001 0.30% 0.50% to 2.25% -13.63% to -12.68% 2000 * * * Van Kampen Growth and Income Advisor 2002 *** 1.40% to 1.85% *** 2001 *** *** *** 2000 *** *** *** AIM VARIABLE INSURANCE FUNDS: AIM V.I. Dent Demographic Trends 2002 0.00% 0.95% to 2.55% -34.00% to -32.91% 2001 ** 0.95% to 2.25% ** 2000 ** ** **
231i Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- AIM VARIABLE INSURANCE FUNDS (CONTINUED): AIM V.I. Growth 2002 - 0.95% to 2.55% -32.94% to -31.79% 2001 1.09% 0.95% to 1.90% ** 2000 ** ** ** AIM V.I. Capital Appreciation 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** AIM V.I. Core Equity 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** AIM V.I. Premier Equity 2002 *** 0.75 % to 0.95% *** 2001 *** *** *** 2000 *** *** *** ALLIANCE VARIABLE PRODUCTS SERIES FUND, INC.: Alliance Bernstein Value 2002 0.17% 0.95% to 2.55% -15.23% to -13.83% 2001 ** 0.95% to 2.40% ** 2000 ** ** ** Alliance Growth and Income 2002 3.91% 0.95% to 2.55% -24.45% to -23.00% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** Alliance Premier Growth 2002 - 0.95% to 2.55% -32.66% to -31.52% 2001 ** 0.95% to 2.40% ** 2000 ** ** **
231j Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- FIDELITY(R) VARIABLE INSURANCE PRODUCTS FUND: Fidelity(R) VIP GrowtH 2002 0.02% 0.90% to 2.55% -32.32% to -30.79% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** Fidelity(R) VIP Equity-Income 2002 1.09% 0.75% to 2.55% -18.95% to -17.69% 2001 ** 0.95% to 2.20% ** 2000 ** ** ** Fidelity(R)VIP Contrafund(R) 2002 0.37% 0.75% to 2.55% -12.19% to -10.28% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** Fidelity(R) VIP Overseas 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST: Franklin Small Cap Value Securities 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** GREENWICH STREET SERIES FUND: Greenwich Appreciation 2002 1.50% 1.25% to 1.40% -18.69% to -18.58% 2001 1.15% 1.25% to 1.40% -5.32% to -5.18% 2000 * * *
231k Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- THE GALAXY VIP FUND: Galaxy VIP Asset Allocation 2002 2.08% 1.40% to 1.80% -17.44% to -17.17% 2001 2.29% 1.40% to 1.80% -9.13% to -8.72% 2000 * * * Galaxy VIP Equity 2002 0.23% 1.40% to 1.90% -29.17% to -28.66% 2001 - 1.40% to 1.80% '-19.72% to -19.28% 2000 * * * Galaxy VIP Growth and Income 2002 0.09% 1.40% to 1.90% -27.84% to -27.31% 2001 0.15% 1.40% to 1.80% -5.67% to -5.28% 2000 * * * Galaxy VIP High Quality Bond 2002 4.71% 1.40% to 1.80% 8.36% to 8.89% 2001 5.35% 1.40% to 1.80% 5.88% to 5.89% 2000 * * * Galaxy VIP Small Company Growth 2002 - 1.40% to 1.90% -34.18% to -33.87% 2001 - 1.40% to 1.90% -2.11% to -1.57% 2000 * * * ING GET FUND: ING GET Fund - Series N 2002 1.35% 0.95% to 1.90% -2.73% to -1.75% 2001 2.25% 0.95% to 1.90% ** 2000 ** ** **
231l Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING GET FUND (CONTINUED): ING GET Fund - Series P 2002 0.07% 0.75% to 2.55% -1.80% to -0.20% 2001 ** 0.95% to 2.55% ** 2000 ** ** ** ING GET Fund - Series Q 2002 2.51% 0.75% to 2.55% -0.70% to 1.20% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** ING GET Fund - Series R 2002 *** 0.75% to 2.55% *** 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series S 2002 *** 0.75% to 2.55% *** 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series T 2002 *** 0.75% to 2.55% *** 2001 *** *** *** 2000 *** *** *** ING GET Fund - Series U 2002 *** 0.75% to 2.20% *** 2001 *** *** *** 2000 *** *** ***
231m Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING PARTNERS, INC.: ING Alger Growth 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING American Century Small Cap Value 2002 *** 0.95% *** 2001 *** *** *** 2000 *** *** *** ING J.P. Morgan Mid Cap Value 2002 *** 0.95% to 2.55% *** 2001 *** *** *** 2000 *** *** *** ING MFS(R)Capital Opportunities (Initial Class) 2002 - 0.95% to 2.40% -37.64% to -32.29% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** ING MFS(R)Capital Opportunities (Sevice Class) 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING MFS(R) Global Growth 2002 *** 0.75% to 2.20% *** 2001 *** *** *** 2000 *** *** ***
231n Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING PARTNERS, INC. (CONTINUED): ING OpCap Balanced Value 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING PIMCO Total Return 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING Salomon Bros. Capital 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING Salomon Bros. Investors Value 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING Scudder International Growth 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** ING T. Rowe Price Growth Equity 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** ING UBS Tactical Asset Allocation Division 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** ***
231o Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING PARTNERS, INC. (CONTINUED): ING Van Kampen Comstock Division 2002 *** 0.75% to 2.40% *** 2001 *** *** *** 2000 *** *** *** ING VARIABLE INSURANCE TRUST: ING VP Worldwide Growth 2002 0.02% 0.90% to 2.55% -27.02% to -25.42% 2001 - 0.90% to 2.25% -20.18% to -19.36% 2000 * * * ING VP BOND PORTFOLIO: ING VP Bond 2002 *** 0.80% to 2.25% *** 2001 *** *** *** 2000 *** *** *** ING VARIABLE PORTFOLIOS, INC.: ING VP Growth 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING VP Index Plus LargeCap 2002 0.15% 0.75% to 2.55% -29.03% to -22.23% 2001 2.73% 0.95% to 1.90% ** 2000 ** ** ** ING VP Index Plus MidCap 2002 0.31% 0.75% to 2.55% -14.79 to -12.82% 2001 ** 0.95% to 1.90% ** 2000 ** ** **
231p Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING VARIABLE PORTFOLIOS, INC. (CONTINUED): ING VP Index Plus SmallCap 2002 0.36% 0.75% to 2.55% -15.89% to -13.95% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** ING VP Small Company 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** ING VP Value Opportunity 2002 0.40% 0.75% to 2.55% -28.22% to -26.66% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** ING VARIABLE PRODUCTS TRUST: ING VP Convertible 2002 3.17% 0.95% to 2.55% -9.37% to -7.79% 2001 -10.36% 0.95% to 2.20% ** 2000 ** ** ** ING VP Growth Opportunities 2002 - 0.75% to 2.25% -33.03% to -32.10% 2001 ** 0.90% to 2.25% ** 2000 ** ** ** ING VP International Value 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** ***
231q Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- ING VARIABLE PRODUCTS TRUST (CONTINUED): ING VP Large Company Value 2002 1.28% 0.95% to 2.55% -24.40% to -23.16% 2001 0.92% 0.95% to 2.55% ** 2000 ** ** ** ING VP LargeCap Growth 2002 0.48% 0.95% to 2.25% -36.68% to -35.45% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** ING VP MagnaCap 2002 1.02% 0.90% to 2.25% -24.73% to -23.74% 2001 1.36% 0.90% to 2.25% ** 2000 ** ** ** ING VP MidCap Opportunities 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** *** ING VP SmallCap Opportunities 2002 0.00% 0.75% to 2.25% -45.05% to -44.14% 2001 ** 0.90% to 2.25% ** 2000 ** ** ** INVESCO VARIABLE INVESTMENT FUNDS, INC.: INVESCO VIF - Financial Services 2002 1.15% 0.90% to 2.55% -17.15% to -15.76% 2001 2.70% 0.95% to 2.25% ** 2000 ** ** **
231r Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- INVESCO VARIABLE INVESTMENT FUNDS, INC. (CONTINUED): INVESCO VIF - Health Sciences 2002 - 0.90% to 2.55% -26.42% to -24.98% 2001 3.60% 0.95% to 2.55% ** 2000 ** ** ** INVESCO VIF - Leisure 2002 *** 0.95% to 2.25% *** 2001 *** *** *** 2000 *** *** *** INVESCO VIF - Utilities 2002 1.12% 0.95% to 2.55% -22.62% to -20.91% 2001 3.07% 0.95% to 1.90% ** 2000 ** ** ** JANUS ASPEN SERIES: Janus Aspen Series Balanced 2002 *** 0.75% to 1.10% *** 2001 *** *** *** 2000 *** *** *** Janus Aspen Series Flexible Income 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** Janus Aspen Series Growth 2002 *** 0.75% *** 2001 *** *** *** 2000 *** *** ***
231s Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- JANUS ASPEN SERIES (CONTINUED): Janus Aspen Series Worldwide Growth 2002 0.52% 0.75% to 2.55% -27.58% to 26.20% 2001 0.33% 0.95% to 2.40% ** 2000 ** ** ** OPPENHEIMER VARIABLE ACCOUNTS FUND: Oppenheimer Global Securities 2002 *** 0.75% to 1.10% *** 2001 *** *** *** 2000 *** *** *** Oppenheimer Strategic Bond 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** *** PIMCO VARIABLE INSURANCE TRUST: PIMCO High Yield 2002 8.20% 0.80% to 2.55% -4.80% to -1.63% 2001 7.91% 0.50% to 2.25% 0.30% to 1.57% 2000 * * * PIMCO StocksPLUS Growth and Income 2002 2.69% 0.80% to 2.25% -22.00% to -20.84% 2001 4.22% 0.80% to 2.25% -13.15% to -12.17% 2000 * * * PIONEER VARIABLE CONTRACTS TRUST: Pioneer Equity-Income VCT 2002 *** 0.75% to 0.95% *** 2001 *** *** *** 2000 *** *** ***
231t Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- PIONEER VARIABLE CONTRACTS TRUST (CONTINUED): Pioneer Fund VCT 2002 1.08% 0.80% to 2.55% -21.47% to -19.87% 2001 0.91% 0.95% to 1.90% ** 2000 ** ** ** Pioneer Mid-Cap Value VCT 2002 0.56% 0.75% to 2.25% -13.36% to -12.03% 2001 ** 1.25% to 2.25% ** 2000 ** ** ** Pioneer Small Company VCT 2002 0.03% 0.95% to 2.55% -19.29% to -17.90% 2001 ** 0.95% to 2.55% ** 2000 ** ** ** PROFUNDS VP: ProFund VP Bull 2002 - 0.90% to 2.25% -25.68% to -24.66% 2001 ** 1.25% to 2.25% ** 2000 ** ** ** ProFund VP Europe 30 2002 - 0.90% to 2.25% -27.49% to -26.42% 2001 ** 0.90% to 2.25% ** 2000 ** ** ** ProFund VP Small-Cap 2002 - 0.90% to 2.25% -24.20% to -23.15% 2001 ** 1.25% to 2.25% ** 2000 ** ** **
231u Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- PRUDENTIAL SERIES FUND, INC.: Prudential Jennison 2002 - 0.90% to 2.55% -33.33% to -31.81% 2001 - 0.90% to 2.25% -20.20% to -19.62% 2000 * * * Prudential SP Jennison International Growth 2002 - 0.90% to 2.55% -25.05% to -23.53% 2001 0.24% 0.90% to 2.25% -37.19% to -36.52% 2000 * * * PUTNAM VARIABLE TRUST: Putnam VT Growth and Income 2002 1.62% 0.95% to 2.55% -21.30% to -19.79% 2001 ** 0.95% to 2.20% ** 2000 ** ** ** Putnam VT International Growth and Income 2002 0.28% 0.95% to 2.55% -16.21% to -14.65% 2001 ** 0.95% to 1.90% ** 2000 ** ** ** Putnam VT Voyager Fund II 2002 0.00% 0.95% to 2.55% -31.34% to -30.22% 2001 ** 0.95% to 2.40% ** 2000 ** ** ** TRAVELERS SERIES FUND INC.: Smith Barney High Income 2002 24.02% 1.25% to 1.40% -4.57% to -4.44% 2001 12.01% 1.25% to 1.40% -5.14% to -4.94% 2000 * * *
231v Golden American Life Insurance Company Separate Account B Notes To Financial Statements (continued) 8. FINANCIAL HIGHLIGHTS (CONTINUED)
INVESTMENT EXPENSE RATIO TOTAL RETURN DIVISION INCOME RATIO LOWEST TO HIGHEST LOWEST TO HIGHEST ---------------------------------------------- ------------------ -------------------------- ------------------- TRAVELERS SERIES FUND INC. (CONTINUED): Smith Barney International All Cap Growth 2002 0.95% 1.25% to 1.40% -26.74% to -26.64% 2001 - 1.25% to 1.40% -32.13% to -32.03% 2000 * * * Smith Barney Large Cap Value 2002 3.74% 1.25% to 1.40% -26.46% to -26.30% 2001 1.39% 1.25% to 1.40% -9.45% to -9.33% 2000 * * * Smith Barney Money Market 2002 1.30% 1.25% to 1.40% -0.16% to 0.00% 2001 3.49% 1.25% to 1.40% 2.28% to 2.42% 2000 * * * UBS SERIES TRUST: UBS Tactical Allocation 2002 0.45% 0.95% to 2.55% -25.08% to -23.67% 2001 ** 0.95% to 2.20% ** 2000 ** ** ** * Not provided for 2000. ** As this Division is new in 2001, this data is not meaningful and is therefore not presented. *** As this Division is new in 2002, this data is not meaningful and is therefore not presented
231w PART C - OTHER INFORMATION ITEM 24: FINANCIAL STATEMENTS AND EXHIBITS FINANCIAL STATEMENTS (a) (1) All financial statements are included in the Prospectus or the Statement of Additional Information as indicated therein (2) Schedules I and IV follow. All other schedules to the consolidated financial statements required by Article 7 of Regulation S-X are omitted because they are not applicable or because the information is included elsewhere in the consolidated financial statements or notes thereto.
SCHEDULE I Summary of Investments - Other than Investments in Affiliates As of December 31, 2002 (Millions) Amount shown on Balance Type of Investment Cost Value* Sheet ----------------------------------------------------------------------------------------------------------- Fixed maturities: U.S. government and government agencies and authorities $ 207.3 $ 209.5 $ 209.5 Public Utilities Securities 335.7 349.3 349.3 U.S. corporate securities 3,012.0 3,182.9 3,182.9 Foreign securities (1) 228.6 242.5 242.5 Mortgage-backed securities 641.7 653.5 653.5 Other asset-backed securities 294.8 298.7 298.7 Less: Fixed maturities pledged to creditors - - - ---------------------------------------------- Total fixed maturities $ 4,720.1 $ 4,936.4 $ 4,936.4 ---------------------------------------------- Equity securities: ---------------------------------------------- Total equity securities 22.9 19.0 19.0 ---------------------------------------------- Short term investments 2.2 2.2 2.2 Mortgage loans 482.4 482.4 482.4 Policy loans 16.0 16.0 16.0 ---------------------------------------------- Total other investments $ 500.6 $ 500.6 $ 500.6 =========================================================================================================== * See Notes 2 and 3 of Notes to Consolidated Financial Statements. (1) The term "foreign" includes foreign governments, foreign political subdivisions, foreign public utilities and all other bonds of foreign issuers. Substantially all of the Company's foreign securities are denominated in U.S. dollars.
SCHEDULE IV Reinsurance Information As of and for the years ended December 31, 2002, 2001 and 2000 (Millions) (Millions) Ceded to Assumed Percentage of Gross Other from Other Net Amount assumed Amount Companies Companies Amount to net --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- AT DECEMBER 31, 2002 Life insurance in Force $ 158.7 $ 90.7 $ - $ 68.0 0.0% AT DECEMBER 31, 2001 Life insurance in Force $ 169.3 $ 94.8 $ - $ 74.5 0.0% AT DECEMBER 31, 2000 Life insurance in Force $ 196.3 $ 105.3 $ - $ 91.0 0.0%
EXHIBITS (b) (1) Resolution of the Board of Directors of Depositor authorizing the establishment of the Registrant (1) (2) Not applicable (3)(a) Distribution Agreement between the Depositor and Directed Services, Inc. (1) (b) Form of Dealers Agreement (1) (c) Organizational Agreement (1) (d) Addendum to Organizational Agreement (1) (e) Expense Reimbursement Agreement (1) (f) Form of Assignment Agreement for Organizational Agreement (1) (4)(a) Form of Variable Annuity Group Master Contract (2) (b) Form of Variable Annuity Contract (2) (c) Form of Variable Annuity Certificate (2) (d) Form of GET Fund Rider (2) (e) Section 72 Rider (2) (f) Waiver of Surrender Charge Rider (2) (g) Simple Retirement Account Rider. (5) (h) 403(b) Rider. (5) (i) Individual Retirement Annuity Rider. (5) (j) ROTH Individual Retirement Annuity Rider. (5) (5)(a) Individual Deferred Combination Variable and Fixed Annuity Application (6)(a) Certificate of Amendment of the Restated Articles of Incorporation of Golden American Life Insurance Company, dated 03/01/95 (1) (c) By-laws of Golden American Life Insurance Company, dated 01/07/94 (1) (7) Not applicable (8)(a) Service Agreement between Golden American Life Insurance Company and Equitable Life Insurance Company of Iowa (1) (b) Service Agreement between Golden American Life Insurance Company and Directed Services, Inc.(1) (c) Asset Management Agreement between Golden American Life Insurance Company and ING Investment Management LLC (1) (d) Reciprocal Loan Agreement between Golden American Life Insurance Company and ING America Insurance Holdings, Inc. (1) (e) Revolving Note Payable between Golden American Life Insurance Company and SunTrust Bank (1) (f) Surplus Note, dated 12/17/96, between Golden American Life Insurance Company and Equitable of Iowa Companies (1) (g) Surplus Note, dated 12/30/98, between Golden American Life Insurance Company and Equitable Life Insurance Company of Iowa (1) (h) Surplus Note, dated 09/30/99, between Golden American Life Insurance Company and ING AIH (1) (i) Surplus Noted, dated 12/08/99, between Golden American Life Insurance Company and First Columbine Life Insurance Company (1) (j) Surplus Note, dated 12/30/99, between Golden American Life Insurance Company and Equitable of Iowa Companies (1) (k) Reinsurance Agreement, dated 06/30/00, between Golden American Life Insurance Company and Equitable Life Insurance Company of Iowa (1) (l) Renewal of Revolving Note Payable between Golden American Life Insurance Company and SunTrust Bank as of April 30, 2001 and expiring May 31, 2002 (1) (m) Reinsurance Agreement, effective 01/01/00, between Golden American Life Insurance Company and Security Life of Denver International Limited (1) (n) Letter of Credit between Security Life of Denver International Limited and The Bank of New York (1) (o) Form of Services Agreement among Golden American Life Insurance Company and ING affiliated Insurance Companies listed on Exhibit B (2) (p) Form of Services Agreement between Golden American Life Insurance Company and ING North American Insurance Corporation, Inc. (2) (q) Form of Shared Services Center Agreement among ING North American Insurance Corporation, Inc. and ING affiliated Insurance Companies (2) (r) Participation Agreement between Golden American and ING Variable Products Trust (3) (s) Participation Agreement between Golden American and Pioneer Variable Contracts Trust (3) (t) Participation Agreement between Golden American and Fidelity Variable Insurance Products (3) (u) Participation Agreement between Golden American and AIM Variable Insurance Funds, Inc. (3) (v) Participation Agreement between Golden American and ING Variable Portfolios, Inc. (4) (w) Participation Agreement between Golden American and Franklin Templeton Variable Insurance Products Trust (4) (x) Participation Agreement between Golden American and ING Partners, Inc. (4) (y) Amendment to Participation Agreement between Golden American and ING Partners, Inc. (4) (z) Participation Agreement between Golden American and Janus Capital Corporation (4) (aa) Form of Participation Agreement between Golden American and Oppenheimer Variable Account Funds (4) (9) Opinion and Consent of Kimberly J. Smith (10)(a) Consent of Ernst & Young LLP, Independent Auditors (b) Consent of Kimberly J. Smith, incorporated in Item 9 of this Part C, together with the Opinion of Kimberly J. Smith. (11) Not applicable (12) Not applicable (13) Schedule of Performance Data (4) (14) Not applicable (15) Powers of Attorney (6) ------------------------------ (1) Incorporated by reference to Initial Registration Statement on Form N-4 for Separate Account B filed with the Securities and Exchange Commission on September 28, 2001. (2) Incorporated by reference to Pre-Effective Amendment 1 to the Registration Statement on Form N-4 for Separate Account B filed with the Securities and Exchange Commission on December 11, 2001. (3) Incorporated herein by reference to Post-Effective Amendment No. 32 to a Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B (File Nos. 033-23351, 811-5626). (4) Incorporated herein by reference to Post-Effective Amendment No. 1 to a Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B on April 30, 2002 (File Nos. 333-70600; 811-05626). (5) Incorporated herein by reference to Post-Effective Amendment No. 34 to a Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B filed with the Securities and Exchange Commission on April 15, 2003 (File Nos. 033-23351, 811-5626). (6) Incorporated by reference to Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 10, 2003 for Variable Annuity Account C of ING Life Insurance and Annuity Company. ITEM 25: DIRECTORS AND OFFICERS OF THE DEPOSITOR Principal Position(s) Name Business Address with Depositor ---- ---------------- -------------- Keith Gubbay ING Insurance Operations Director and President 5780 Powers Ferry Road Atlanta, GA 30327-4390 Cheryl L. Price ReliaStar Life Insurance Co. Chief Financial Officer, 20 Washington Avenue South Vice President Minneapolis, MN 55402 Boyd G. Combs ING Insurance Operations Senior Vice President 5780 Powers Ferry Road Atlanta, GA 30327-4390 Jacques de Vaucleroy ING Insurance Operations Senior Vice President 5780 Powers Ferry Road Atlanta, GA 30327-4390 Shaun P. Mathews ING Financial Services Senior Vice President 151 Farmington Avenue Hartford, CT 06156 James R. Gelder ReliaStar Life Insurance Co. Senior Vice President 20 Washington Avenue South Minneapolis, MN 55402 James R. McInnis Golden American Life Ins. Co. Senior Vice President 1475 Dunwoody Drive West Chester, PA 19380 Stephen J. Preston Golden American Life Ins. Co. Senior Vice President 1475 Dunwoody Drive West Chester, PA 19380 Thomas J. McInerney ING Insurance Operations Director 5780 Powers Ferry Road Atlanta, GA 30327-4390 David A. Wheat ING Insurance Operations Director 5780 Powers Ferry Road Atlanta, GA 30327-4390 Mark A. Tullis ING Insurance Operations Director 5780 Powers Ferry Road Atlanta, GA 30327-4390 P. Randall Lowery ING Insurance Operations Director 5780 Powers Ferry Road Atlanta, GA 30327-4390 David L. Jacobson Golden American Life Ins. Co. Vice President, Chief 1475 Dunwoody Drive Compliance Officer and West Chester, PA 19380 Assistant Secretary David S. Pendergrass ING Insurance Operations Vice President and 5780 Powers Ferry Road Treasurer Atlanta, GA 30327-4390 Paula Cludray-Engelke ReliaStar Life Insurance Co. Secretary 20 Washington Avenue South Minneapolis, MN 55402 ITEM 26: PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH THE DEPOSITOR OR REGISTRANT The Depositor owned 100% of the stock of a New York company, First Golden American Life Insurance Company of New York ("First Golden"). The primary purpose of First Golden was to offer variable products in the state of New York. First Golden was merged into ReliaStar Life Insurance Company of New York, an affiliate of the Depositor on April 1, 2002. The following persons control or are under common control with the Depositor: DIRECTED SERVICES, INC. ("DSI") - This corporation is a general business corporation organized under the laws of the State of New York, and is wholly owned by ING Groep, N.V. ("ING"). The primary purpose of DSI is to act as a broker-dealer in securities. It acts as the principal underwriter and distributor of variable insurance products including variable annuities as required by the SEC. The contracts are issued by the Depositor. DSI also has the power to carry on a general financial, securities, distribution, advisory or investment advisory business; to act as a general agent or broker for insurance companies and to render advisory, managerial, research and consulting services for maintaining and improving managerial efficiency and operation. DSI is also registered with the SEC as an investment adviser. The registrant is a segregated asset account of the Company and is therefore owned and controlled by the Company. All of the Company's outstanding stock is owned and controlled by ING. Various companies and other entities controlled by ING may therefore be considered to be under common control with the registrant or the Company. Such other companies and entities, together with the identity of their controlling persons (where applicable), are set forth on the following organizational chart. Subsidiaries of ING Groep N.V. incorporated herein by reference to Item 26 in Post-Effective Amendment No. 28 to Registration Statement on Form N-4 (File No. 33-75988), as filed on April 10, 2003 for Variable Annuity Account C of ING Life Insurance and Annuity Company. ITEM 27: NUMBER OF CONTRACT OWNERS As of March 31, 2003, there are 134,518 qualified contract owners and 153,520 non-qualified contract owners in Golden American's Separate Account B. ITEM 28: INDEMNIFICATION Golden American shall indemnify (including therein the prepayment of expenses) any person who is or was a director, officer or employee, or who is or was serving at the request of Golden American as a director, officer or employee of another corporation, partnership, joint venture, trust or other enterprise for expenses (including attorney's fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him with respect to any threatened, pending or completed action, suit or proceedings against him by reason of the fact that he is or was such a director, officer or employee to the extent and in the manner permitted by law. Golden American may also, to the extent permitted by law, indemnify any other person who is or was serving Golden American in any capacity. The Board of Directors shall have the power and authority to determine who may be indemnified under this paragraph and to what extent (not to exceed the extent provided in the above paragraph) any such person may be indemnified. Golden American or its parents may purchase and maintain insurance on behalf of any such person or persons to be indemnified under the provision in the above paragraphs, against any such liability to the extent permitted by law. Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended, may be permitted to directors, officers and controlling persons of the Registrant, as provided above or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification by the Depositor is against public policy, as expressed in the Securities Act of 1933, and therefore may be unenforceable. In the event that a claim of such indemnification (except insofar as it provides for the payment by the Depositor of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding) is asserted against the Depositor by such director, officer or controlling person and the SEC is still of the same opinion, the Depositor or Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question of whether such indemnification by the Depositor is against public policy as expressed by the Securities Act of 1933 and will be governed by the final adjudication of such issue. ITEM 29: PRINCIPAL UNDERWRITER (a) At present, Directed Services, Inc. ("DSI"), the Registrant's Distributor, also serves as principal underwriter for all contracts issued by Golden American. DSI is the principal underwriter for Separate Account A, Separate Account B, Equitable Life Insurance Company of Iowa Separate Account A, ReliaStar Life Insurance Company of New York Separate Account NY-B, Alger Separate Account A of Golden American and the ING Investors Trust (formerly known as The GCG Trust). (b) The following information is furnished with respect to the principal officers and directors of Directed Services, Inc., the Registrant's Distributor. The principal business address for each officer and director following is 1475 Dunwoody Drive, West Chester, PA 19380-1478, unless otherwise noted. Name and Principal Positions and Offices Business Address with Underwriter -------------------- --------------------- James R. McInnis Director and President Alan G. Hoden Director Stephen J. Preston Director David S. Pendergrass Vice President and Treasurer ING Insurance Operations 5780 Powers Ferry Road Atlanta, GA 30327-4390 David L. Jacobson Senior Vice President Kimberly J. Smith Secretary (c) 2002 Net Name of Underwriting Compensation Principal Discounts and on Brokerage Underwriter Commissions Redemption Commissions Compensation ----------- ------------ ------------- ----------- ------------ DSI $287,208,066 $0 $0 $0 ITEM 30: LOCATION OF ACCOUNTS AND RECORDS Accounts and records are maintained by Golden American Life Insurance Company at 1475 Dunwoody Drive, West Chester, Pennsylvania 19380-1478, ING Americas at 5780 Powers Ferry Road, N.W., Atlanta, GA 30327-4390 and by Equitable Life Insurance Company of Iowa, an affiliate, at 909 Locust Street, Des Moines, Iowa 50309. ITEM 31: MANAGEMENT SERVICES None. ITEM 32: UNDERTAKINGS (a) Registrant hereby undertakes to file a post-effective amendment to this registration statement as frequently as it is necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old so long as payments under the variable annuity contracts may be accepted. (b) Registrant hereby undertakes to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a post card or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information; and, (c) Registrant hereby undertakes to deliver any Statement of Additional Information and any financial statements required to be made available under this Form promptly upon written or oral request. REPRESENTATIONS 1. The account meets the definition of a "separate account" under federal securities laws. 2. Golden American Life Insurance Company hereby represents that the fees and charges deducted under the Contract described in the Prospectus, in the aggregate, are reasonable in relation to the services rendered, the expenses to be incurred and the risks assumed by the Company. SIGNATURES As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Securities Act Rule 485(b) for effectiveness of this Post-Effective Amendment to its Registration Statement on Form N-4 and has caused this Post-Effective Amendment to be signed on its behalf in the City of West Chester and Commonwealth of Pennsylvania on this 16th day of April, 2003. SEPARATE ACCOUNT B (Registrant) By: GOLDEN AMERICAN LIFE INSURANCE COMPANY (Depositor) By: -------------------- Keith Gubbay* President Attest: /s/ Linda E. Senker ------------------------ Linda E. Senker Counsel of Depositor As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated on April 16, 2003. Signature Title --------- ----- President -------------------- Keith Gubbay* DIRECTORS OF DEPOSITOR ---------------------- David A. Wheat ---------------------- Thomas J. McInerney* ---------------------- Mark A. Tullis* ---------------------- P. Randall Lowery* Attest: /s/ Linda E. Senker ------------------------ Linda E. Senker Counsel of Depositor *Executed by Linda E. Senker on behalf of those indicated pursuant to Power of Attorney. EXHIBIT INDEX ITEM EXHIBIT PAGE # ---- ------- ------ 5(a) Individual Deferred Variable Annuity Application EX-99.B5 9 Opinion and Consent of Kimberly J. Smith EX-99.B9 10(a) Consent of Ernst & Young LLP, Independent Auditors EX-99.B10A