Common use of Market Value Adjustment Clause in Contracts

Market Value Adjustment. Any transfer (except as noted below), withdrawal, or surrender of value from a Fixed Sub-account, unless effective on the Expiration Date of a Guaranteed Period, the Annuity Commencement Date, or at the death of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphs. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. The amount of the Market Value Adjustment is calculated by multiplying the dollar amount of any transfer, withdrawal, or surrender of value from a Fixed Sub-account by the following amount: (1 + A)/n/ divided by (1 + B) /n/ , the result reduced by 1.0, where: A = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the time of cash withdrawal or transfer, plus the Percentage Adjustment to Index Rate "B". The Percentage Adjustment to Index Rate "B" is [0.50%] If rates "A" and "B" are within 0.25% of each other, the Percentage Adjustment to Index Rate "B" will not be applied. N = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is used to determine the yield rate for a Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Market Value Adjustment increases the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases it. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligations.

Market Value Adjustment. Any transfer (except as noted below), withdrawal, or surrender of value from a Fixed Sub-account, unless effective on the Expiration Date of a Guaranteed Period, on the Annuity Commencement Date, or at the death of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphs. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. The amount of the Market Value Adjustment is calculated by multiplying the dollar amount of any transfer, withdrawal, or surrender of value from a Fixed Sub-account by the following amount: (1 1+ A)/n/ A) /n/ divided by (1 + B) /n/ /n/, the result reduced by 1.0, where: A = the yield rate for a Treasury security (U.S. U. S. Treasury Bonds, Notes, . or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the time of cash withdrawal or transfer, plus the Percentage Adjustment to Index Rate "B". The Percentage Adjustment to Index Rate "B" is [0.50%] . If rates "A" and "B" are within 0.25% of each other, the Percentage Adjustment to Index Rate "B" will not be applied. N = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is used to determine the yield rate for a Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Market Value Adjustment increases the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases it. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligations.

Market Value Adjustment. Any The market value adjustment applicable upon withdrawal of the Fixed Maturity Amount from an FMO that applies to the Participant is determined as follows: (a) Equitable determines the Fixed Maturity Amount that will be payable on the Expiration Date, using the Guaranteed Rate for such FMO. (b) Equitable determines the period remaining in the FMO (based on the Business Day Equitable receives the Participant's transaction request at Equitable's Processing Office or effective date for such determination) and converts it to fractional years based on a 365 day year. For example, three years and 12 days becomes 3.0329. (c) Equitable determines the current Guaranteed Rate that applies to new Contributions, for the same class of Certificates as the Participants, under an FMO with the same Expiration Date as the Participant's FMO plus a current rate percentage determined by Equitable up to a maximum of 0.50%. (d) Equitable determines the present value of the Fixed Maturity Amount payable at the Expiration Date, using the period determined in item (b) and the rate determined in item (c). (e) Equitable subtracts the current Fixed Maturity Amount from the result in (d). The result is the Market Value Adjustment, which may be positive or negative, applicable to such FMO. The market value adjustment (positive or negative) resulting from a withdrawal or transfer (except as noted below), withdrawal, or surrender of a portion of the Fixed Maturity Amount in a Fixed Maturity Option will be a percentage of the market value adjustment that would be applicable upon a withdrawal of the entire Fixed Maturity Amount from a Fixed Sub-account, unless effective on the Expiration Date of a Guaranteed Period, the Annuity Commencement Date, or at the death of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphsMaturity Option. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. The percentage is determined by dividing (i) the amount of the Market Value Adjustment is calculated by multiplying withdrawal or transfer from the dollar amount of any transfer, withdrawal, or surrender of value from a Fixed Sub-account by the following amount: (1 + A)/n/ divided Maturity Option by (1 + Bii) /n/ , the result reduced by 1.0, where: A = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal Fixed Maturity Amount in such Fixed Maturity Option prior to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the time of cash withdrawal or transfer, plus the Percentage Adjustment to Index Rate "B". The Percentage Adjustment market value adjustment will be in addition to Index Rate any charges which otherwise apply as described in Part IX. 2003-GAC 403(B) 15 If Equitable is not offering an FMO to which the current "BGuaranteed Rate" would apply, Equitable will use the rate at the closest Expiration Date. If Equitable is [0.50%] If rates no longer offering new FMOs, Equitable will use the "AMoody's rate" and "B" are within 0.25% of each otherwhich will be a rate based on the most recent Moody's Corporate Bond Yield Average - Monthly Average Corporates, for the Percentage Adjustment to Index Rate "B" will not be applied. N = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided duration required, as published by 365) = 1.2 years) Straight-line interpolation is used to determine the yield Moody's Investor ▇▇▇▇▇▇▇s, Inc. The rate for a Treasury security with time to maturity the numerator will be the Moody's rate for the applicable Guaranteed Period if initial duration of the FMO on the date the Contribution was made to such yield FMO and the rate for the denominator will be the Moody's rate for the remaining duration on the date the withdrawal is made. If such Moody's rate is not quotedavailable, a rate based on a substantially similar average will be used. A positive Market Equitable will report the values of the FMO in the reports sent out as described in Section 10.08 "Reports and Notices". Such report will include the Fixed Maturity Amount, MVA and Annuity Account Value Adjustment increases in the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases itFMO. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligations.2003-GAC 403(B) 16

Market Value Adjustment. Any transfer (except as noted below), withdrawal, MARKET VALUE ADJUSTMENT: Amounts withdrawn or surrender of value from a Fixed Sub-account, unless effective on annuitized prior to the Expiration Date end of a Guaranteed Period, GIR Period may be subject to a Market Value Adjustment. The MVA is applied as a positive or negative adjustment to the Annuity Commencement Date, or at the death applicable portion of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphs. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. The amount of the Market Value Adjustment is calculated by multiplying the dollar withdrawal amount before deduction of any transfer, withdrawal, or surrender of value from a Fixed Sub-account applicable Withdrawal Charge by the following amount: MVA factor. The MVA factor is equal to: ( )n/12 ( 1+i ) (1 + A)/n/ divided by -----------) --1 (1 + B1+j+.0025 ) /n/ , the result reduced by 1.0, ( ) where: A i = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of is the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time Interest Rate currently credited to maturity equal to the applicable Guaranteed Period, determined this Contract at the time of cash withdrawal the withdrawal, annuitization or transfersettlement. j = is the current credited interest rate at the time of the withdrawal, plus the Percentage Adjustment annuitization or settlement for a new issue of this policy form with a GIR Period equal to Index Rate "B"n/12 years. The Percentage Adjustment to Index Rate "B" If such a GIR Period is [0.50%] If rates "A" and "B" are within 0.25% of each othernot offered by us, the Percentage Adjustment rate will be determined using linear interpolation of the nearest offered rates. n = is the number of months remaining in this Contract's GIR Period (rounded up). A higher current interest rate for new issues of this policy form with a GIR Period equal to Index Rate "B" will not be applied. N = the number of years remaining in the applicable Guaranteed current GIR Period (e.g. 1 year may result in a negative MVA and 73 thus a lower Contract Surrender Value. A lower current interest rate for new issues of this policy form with a GIR Period equal to the number of years remaining in the current GIR Period may result in a positive MVA and thus a higher Contract Surrender Value. A Market Value Adjustment will not be applied when the death benefit is payable, for a Charge-Free Amount withdrawal or within 30 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is prior to the end of the current GIR Period. A detailed description of the MVA formula has been filed with the Superintendent. If the Company no longer offers this policy form at any time, the crediting rates available for subsequent Purchase Payments will be used to determine the yield rate value of j in the MVA formula above. WITHDRAWALS: During the Accumulation Period you may, upon a request in Good Order, make a total or partial withdrawal of the Contract Surrender Value. Any applicable Withdrawal Charge will be applied after any Market Value Adjustment. We have the right to defer payment of any withdrawal for a Treasury security with time period not to maturity exceed six months from the date your request is received in Good Order. We will pay the amount of any withdrawal within 7 days of receipt of request in Good Order unless the "Suspension or Deferral of Payments Provision" is in effect. If we postpone payment of a withdrawal for more than 7 days after we receive your withdrawal request, we will pay interest. The interest will be calculated daily from the applicable Guaranteed Period date we receive your request, at the effective annual rate of 3%. No interest will be paid if such yield rate the amount of interest calculated is less than $25. Each partial withdrawal must be for an amount that is not quotedless than the minimum amount shown on the Contract Data pages. A positive The minimum Contract Value that must remain in the Contract after a partial withdrawal in order to keep the Contract inforce is shown on the Contract Data pages. If the amount of the withdrawal requested would reduce the Contract Value below this minimum, we will give you the maximum amount available that, with the Withdrawal Charge and Market Value Adjustment increases Adjustment, would not reduce the amount transferred, withdrawn, or surrendered while a negative Market Contract Value Adjustment decreases itbelow such minimum. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligationsSpecial rules may apply for IRAs.

Market Value Adjustment. Any transfer (except as noted below), withdrawal, or surrender of value from a Fixed Sub-account, unless effective on the Expiration Date of a Guaranteed Period, the Annuity Commencement Date, or at the death of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphs. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. The amount of the Market Value Adjustment is calculated by multiplying the dollar amount of any transfer, withdrawal, or surrender of value from a Fixed Sub-account by the following amount: (1 + A)/n/ A)/n/divided by (1 + B) /n/ B)/n/, the result reduced by 1.0, where: A = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the time of cash withdrawal or transfer, plus the Percentage Adjustment to Index Rate "B". The Percentage Adjustment to Index Rate "B" is [0.50%] If rates "A" and "B" are within 0.25% of each other, the Percentage Adjustment to Index Rate "B" will not be applied. N = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is used to determine the yield rate for a Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Market Value Adjustment increases the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases it. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligations.

Market Value Adjustment. Any transfer (except as noted below), withdrawal, or surrender of value from a Fixed Sub-account, unless effective on the Expiration Date of a Guaranteed Period, the Annuity Commencement Date, or at the death of the Owner, Joint Owner or Annuitant, will be increased or decreased by the Market Value Adjustment described in the following paragraphs. The Market Value Adjustment will not apply to any Contract Value being transferred as part of a DCA program. Form 30296-NY 10 The amount of the Market Value Adjustment is calculated by multiplying the dollar amount of any transfer, withdrawal, or surrender of value from a Fixed Sub-account by the following amount: (1 1+ A)/n/ divided by (1 + B) /n/ B)/n/, the result reduced by 1.0, where: A = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the time of cash withdrawal or transfer, plus the Percentage Adjustment to Index Rate "B". The Percentage Adjustment to Index Rate "B" is [0.500.25%] . If rates "A" and "B" are within 0.25% of each other, the Percentage Adjustment to Index Rate "B" will not be applied. N n = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is used to determine the yield rate for a Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Market Value Adjustment increases the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases it. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligations).

Market Value Adjustment. Any transfer The Market Value Adjustment is applied to GRO Accounts prior to any (except as noted below), withdrawali) Full Withdrawal; (ii) Excess Withdrawal; (iii) transfer; (iv) distribution on Owner’s death, or surrender (v) purchase of value an Annuity Benefit from a Fixed Sub-accountGRO Account, unless effective on the Expiration Date of a Guaranteed Period, the Annuity Commencement Date, or at the death any of the Ownerevents occur within the Window Period. The Market Value Adjustment does not apply to Guarantee Periods with a duration of one (1) year or less. We do not apply the Market Value Adjustment to a GRO Account Value when Excess Withdrawals are requested and processed inside the Window Period or when a Death Benefit is paid. The Market Value Adjustment may be a positive or negative adjustment to the applicable portion of your GRO Account Value by multiplying the amount requested, Joint Owner or Annuitantminus any Free Withdrawal, will be increased or decreased by the Market Value Adjustment described factor specified on the Schedule Page, calculated on a first-in first-out basis. Any downward Market Value Adjustment will be limited by the following paragraphsMVA Floor. A detailed description of such formula has been filed with the New York Department of Insurance. The Market Value Adjustment will not apply Formula is specified on the Schedule Page. Notwithstanding the above, if the remaining term of the GRO Guarantee Period for the GRO Account Value subject to any Contract Value being transferred as part of a DCA program. The amount of the Market Value Adjustment is calculated by multiplying the dollar amount of any transfer, withdrawal, 30 days or surrender of value from a Fixed Sub-account by the following amount: (1 + A)/n/ divided by (1 + B) /n/ less, the result reduced by 1.0Market Value Adjustment applicable to that GRO Guarantee Period shall be zero (0). If for any reason we are no longer declaring current Guaranteed Interest Rates, where: A = then “I” will be determined using the yield rate for a Treasury security to maturity (asked yield) of the U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined at the beginning of the Guaranteed Period. B = the yield rate for a Treasury security (U.S. Treasury Bonds, Notes, or Bills) with time to maturity equal to the applicable Guaranteed Period, determined Notes as published in The Wall Street Journal at the time of cash withdrawal or transferissue for the original GRO Guarantee Period, plus and “J” will be determined by using the Percentage Adjustment yield to Index Rate "B"maturity of the U.S. Treasury Notes with the same remaining term as published in The Wall Street Journal on the next succeeding Business Day following the effective date of the Market Value Adjustment. The Percentage Adjustment to Index Rate "B" is [0.50%] If rates "A" “I” and "B" are within 0.25% of each other“J” will be interpolated when necessary. Furthermore, the Percentage Adjustment to Index Rate "B" .0025 within the current formula will not be applied. N = the number of years remaining in the applicable Guaranteed Period (e.g. 1 year and 73 days = 1 + (73 divided by 365) = 1.2 years) Straight-line interpolation is used to determine the yield rate for a Treasury security with time to maturity for the applicable Guaranteed Period if such yield rate is not quoted. A positive Market Value Adjustment increases the amount transferred, withdrawn, or surrendered while a negative Market Value Adjustment decreases it. If such yields are no longer published, LNL will substitute an appropriate index of publicly traded obligationsapply.