MassMutual provides a concise summary of its financial strength and stability in uncertain economic times. It highlights its 157 years of operations, $8.5 billion surplus, diversified investment portfolio, and AAA financial strength ratings from major rating agencies. MassMutual emphasizes that its mutual ownership structure ensures its priorities are aligned with policyholders, and that it is well-positioned to continue honoring its commitments through periods of market turbulence.

1. Strength and stability
in uncertain times
| insure | invest | retire |
INFORMATION AS OF DECEMBER 31, 2008

2. There are many reasons to choose a life insurance company
to help meet your financial needs: protection for your family
or business, supplemental income, and the confidence of
1 | The sign of a good decision knowing you will be prepared for the future.
2 | Mutual ownership: your interests
At Massachusetts Mutual Life Insurance Company
come first
3 | Financial strength: stability in all
(MassMutual) we stand strong in the fundamental belief
market conditions that every secure future begins with one good decision.
4 | Consistent financial strength ratings And when choosing a life insurance company, strength
5 | MassMutual Customer VoicesSM: and stability matter.
the Coleman family
6 | Diversification: sound financial
judgment
8 | Quality: exceptional products,
experienced people
NOT A BANK OR CREDIT UNION DEPOSIT OR OBLIGATION • NOT FDIC- OR NCUA-INSURED •
NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY ANY BANK OR CREDIT UNION • MAY GO DOWN IN VALUE

3. What is the sign of a good decision?
Having confidence in the company
Built on a reputation of
mutual ownership, financial
you work with — even in uncertain
economic times. strength, diversification,
In light of the unprecedented events in the financial markets, we want and quality.
to assure you of your good decision when selecting MassMutual to help
you meet your financial needs.
For 157 years, MassMutual has maintained a long-term focus, providing
the strength and stability policyholders expect. Our mutual company
structure enables us to manage with the long-term interests of our
policyholders and customers in mind, and aligns the Company’s interests
with those of our policyholders.
When working with MassMutual and your financial professional,
you can be confident we’ll be there to honor our commitments to you.
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4. Mutual ownership: your interests come first
We believe our mutual ownership provides a distinct advantage. We have
What does it mean to be mutually no shareholders, so we face no short-term market pressures to manage
owned (or member-owned)? quarter-to-quarter to meet shareholder earnings expectations or to enhance
shareholder value. Our commitment is to help you focus on what you
There are two common forms of
value most and to understand how life’s uncertainties could impact your
insurance company structure —
plans and aspirations.
mutual and stock. As a mutual
company, MassMutual does not We seek to maintain the financial strength and stability of the Company
have any shareholders and is often to meet future obligations and to serve the long-term interests of our
described as being owned by its customers. Since the beginning of 2008, we increased our surplus1 6%,
members. This generally means that closing the year with a surplus of $8.5 billion.
if you are insured under a whole life
Additionally, with the ability to focus on the long term, we are able to
or disability income insurance policy
ensure that our policyholders come first. And we’re pleased to find that
issued by MassMutual, for example,
our policyholders appreciate being our priority:
you are a member entitled to vote
for the Company’s Board of Directors. • Our retention rate – the percentage of our policyholders who
Moreover, if you also own the policy, keep their policies in force – is among the highest in the industry.2
you may be entitled to share in any Additionally, as of year-end 2008, more than 95,000 policies have
dividends the Company may declare. been in force for 50 years or longer.
• From January 1, 2003, through December 31, 2008, we’ve paid
over $9.3 billion to policyholder claimants and beneficiaries of
life, disability income, and long term care insurance policies.
• In 2008, we paid over $850 million in annuity benefits.
We are committed to our customers —
to you. And we help you keep your
promises to those you care about.
1 Surplus is the amount the company has on hand after setting aside reserves to meet projected future obligations.
2 National Underwriter Insurance Data Services from Highline Data, March 2009.
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5. Financial strength: stability in all market conditions
In uncertain times, you want a company you can count on. That’s
MassMutual. Founded in 1851, in Springfield, Massachusetts, where Especially in uncertain
we are headquartered today, MassMutual has a long history of financial times, MassMutual is well-
strength — including during times of market turbulence. positioned to continue its
Our strong surplus of $8.5 billion and a surplus-to-policyholder reserves long history of exceptional
ratio of 12.9%, as of December 31, 2008, gives us the financial cushion financial strength and growth.
to manage through unforeseen events. We had positive cash flow from
operations of $3.7 billion and $1.3 billion of statutory net gain from
operations before dividends and taxes, with $3.0 billion of cash and
short-term investments on hand, as of December 31, 2008.
In addition, we do not rely on short-term financing to run our business.
In this way we are very different from commercial banks and investment
banks, which have greater vulnerability to market volatility and changes
in the availability of credit. Cash flow and liquidity needs are routinely
monitored in order to meet customer needs.
Finally, growing the business and managing expenses is a fundamental
part of the MassMutual story. For 2008, relative to 2007, although benefits
and expenses were up 9% due in large part to higher business volumes, as
well as reserve strengthening, revenues were up 3%.
So what does all of this mean? In uncertain times, we continue to grow the
business without taking imprudent risks. You can count on MassMutual
to be fiscally responsible for the long term, yet innovative in delivering
relevant solutions for our customers.
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6. Consistent financial strength ratings
The rating agencies have consistently recognized MassMutual’s financial
What does it mean to be strength as reflected in factors like our strong capital, our investment
AAA rated? discipline and our focus on time-tested products such as whole life
insurance. In fact, MassMutual has consistently earned some of the
The amount of capital an insurance
highest financial strength ratings of any company in any industry.3
company holds to meet the obligations
to its customers is one important
consideration rating agencies use
Financial strength ratings
when evaluating companies. Capital
is important since the guarantees
offered by an insurance company are A.M. Best Company A++ Superior — Top category of 15
only as good as the company’s ability Fitch Ratings AAA Exceptionally Strong —
to pay those claims. Therefore, the Top category of 21
more capital an insurer holds in Moody’s Investors Service Aa1 Excellent — Second category of 21
addition to its reserves, the better
Standard & Poor’s AAA Extremely Strong —
its claims-paying ability should be.
Top category of 21
To view financial information about
MassMutual, including reports
from rating agencies, visit Independent rating agencies assess insurers’ strength
www.massmutual.com. The companies listed above are independent rating agencies that try to
assess a company’s financial strength and its capacity to meet its insurance
obligations such as the guarantees in life insurance policies or annuity
contracts. They do this via a thorough analytical process that culminates
in ratings to reflect their current opinion of the insurance company.
The major rating agencies cite our broad portfolio diversification and
strong credit analysis in their favorable reports on MassMutual.
3 Massachusetts Mutual Life Insurance Company and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company.
Ratings as of 4/1/2009. Ratings are subject to change.
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7. MassMutual Customer Voices SM
‘‘
real people, real solutions
I didn’t know anything about
’’
insurance, I’m a construction guy.
We went off of recommendations
and it’s really helped us a whole lot
…in good times and bad times.
Buzzy Coleman (center) and sons Clif (left) and David (right)
Meet Buzzy Coleman and Sons
Profile • Accessing the cash value benefit
Buzzy Coleman, chairman, and his sons Clif and • Protecting a family business in a down economy
David, operate Coleman Adams Construction as a • MassMutual life insurance
family business. Clif and David asked their father,
“What do you want to see happen with the business?
What’s your continuity plan?” They were able to take a loan from the cash values*
in their life insurance policies to help settle the cash
Buzzy knew he wanted to stay in the company and loss situation and keep moving. “Instead of slowing
work, while his son Clif transitioned to the presidency. down, we were able to stay aggressive with our
A MassMutual financial professional came in to help business and keep the employees working. It gave us
put a plan in place. cash to operate on so we could make the paychecks
He suggested key person life insurance policies be on Friday, and pay our bills to the subcontractors so
implemented as an incentive for key people to stay they too could keep working,” says Buzzy.
under the changed leadership. The advice proved
invaluable a few years later when a downturn in the
economy threatened the viability of the company.
*Distributions under the policy (including cash dividends and partial/full surrenders) are not subject to taxation up to the amount paid into
the policy (your cost basis). If the policy is a Modified Endowment Contract, policy loans and/or distributions are taxable to the extent of gain
and are subject to a 10% tax penalty. Access to cash values through borrowing or partial surrenders can reduce the policy’s cash value and
death benefit, increase the chance the policy will lapse, and may result in a tax liability if the policy terminates before the death of the insured.
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8. Diversification: sound financial judgment
Benefits of a diversified company
Our investment management expertise, We believe a diversified business is an important part of our financial strength
which is integral to the success of our and a direct benefit to our customers because it means a variety of business
Company and our products, is drawn lines – including insurance, retirement, international, and investment
from our investment subsidiaries: management – contribute to the company’s bottom line. This also helps us
• Babson Capital Management LLC to pay competitive dividends4 to our participating policyholders over time.
• Baring Asset Management Limited Prudent investment philosophy
• Cornerstone Real Estate MassMutual’s investment philosophy is based on a core set of beliefs
Advisers LLC that guide our investment-decision making for the Company’s General
• OppenheimerFunds, Inc. Investment Account (GIA). The GIA supports many of our insurance
and investment products.
Investment diversification
Diversification is central to our business operations and our investment
philosophy; and adds both strength and safety to MassMutual’s portfolio.
MassMutual’s disciplined investment diversification extends across
asset classes, sectors, and individual issuers safeguarding against many
investment risks. As a result, MassMutual’s portfolio achieves a balance
across major asset types (as shown in the chart on page 7).
As of December 31, 2008:
• MassMutual had $86.2 billion in well-diversified invested GIA assets.
• 92% of our long-term bonds were investment grade.
• MassMutual had $1,611 million of subprime and $3,362 million
of Alt-A residential mortgage-backed securities as part of its
diversified bond portfolio. These securities represent 5.8% of
invested assets.
Value investing
We believe the direction of the market cannot be predicted consistently.
Therefore, we take a value approach, using fundamental, bottom-up
analysis, to invest in assets believed to be undervalued.
4 Dividends are not guaranteed.
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9. Investment selection Liquidity
In selecting investments for purchase or sale, we rely on We maintain cash and liquid securities that are more than
the credit, loan structuring, valuation, and quantitative sufficient to be able to meet customer obligations even if
expertise of our seasoned investment professionals to extreme circumstances arise.
compare the tradeoff between the risks and potential
Our prudent management, including excess capital, has
rewards for different investments. In this way, we strive to
positioned us well to weather this market turmoil.
provide more consistent results over the long term.
Total invested assets
The composition of MassMutual’s total invested assets as of December 31, 2008
10.6% Bonds excluding Alt-A and Subprime
8.0% Policy Loans
2.2%
Cash Equivalents and Derivatives
Preferred and Common Stock
7.6% 50.7%
Partnerships, LLCs and Real Estate
Mortgage Loans
15.1%
Subprime Bonds
Alt-A Bonds
1.9%
3.9%
See definitions of investment sectors on back page.
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10. Quality: exceptional products, experienced people
We believe our ultimate duty is to meet our commitments to policyholders
As a MassMutual policyholder and customers as they arise. This is the reason MassMutual exists.
or customer, you place your This is also the reason we work with local financial professionals who
confidence in us with your spend time getting to know their customers and their unique personal
financial needs.
and business needs.
Products and services
Of course, MassMutual has an array of products, but it’s not about fitting
you into a category or rushing you into a sale. It’s about establishing a
long-term relationship — and we have experienced people to guide you
through each phase of your life.
Trusted financial professionals
When you’re trying to make sense of what to do next, sitting down with a
knowledgeable professional can be extremely helpful. These professionals
will listen and will help you make sure the people you care about are
protected, now and in the years to come.
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11. MassMutual. We’ll help you get there.SM

12. Definition of investment sectors:
Bonds — Debt instruments of corporations and governments as well as various types of mortgage- and asset-backed securities. Two sub-categories
within Bonds are shown separately on the chart:
Alt-A — Securities supported by pools of residential mortgage loans originated and issued by non-government entities. These are loans to a range
of generally higher quality borrower types than subprime loans for which a variety of non-traditional underwriting standards were used in the approval
process, such as limited documentation of income.
Subprime — Securities supported by pools of residential mortgage loans originated and issued by non-government entities. While there is no standard
definition, these may be loans to borrowers with a weak or limited credit history, second liens, home equity loans, or loans with high loan-to-value ratios.
Mortgage Loans — Mortgage loans secured by various types of commercial property, and residential mortgage whole loan pools.
Partnerships, LLCs and Real Estate — Investments in partnerships, limited liability companies and equity real estate.
Preferred and Common Stock — Investments in preferred and common equities.
Cash Equivalents and Derivatives — Cash, short term investments, receivables for securities and derivatives. Cash equivalents have short maturities
(less than one year) or are highly liquid and able to be readily sold.
Policy Loans — Loans by policyholders that are secured by insurance and annuity contracts.
Financial information reported in this brochure is the consolidated statutory results of Massachusetts Mutual Life Insurance Company and also includes
its U.S. domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company (collectively, the “Company”).
Diversification does not guarantee against a loss, and there is no guarantee that a diversified portfolio will outperform a non-diversified portfolio.
Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investment may
be more or less than the original cost. Current performance may be lower or higher than the performance data quoted.
Insurance products issued by Massachusetts Mutual Life Insurance Company, Springfield, MA 01111-0001 and its subsidiaries C.M. Life Insurance
Company and MML Bay State Life Insurance Company, Enfield, CT 06082-1981.
© 2009 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com. MassMutual Financial Group COR3762 0409
is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives. CRN201004-118700