What Is A FIxed Deferred Annuity?

Fixed AnnuitiesFlight to Quality

Not FDIC/NCUA Insured Not A Bank Deposit Not Bank Guaranteed

May Lose Value Not Insured By Any Federal Government Agency

Retirement Income Strategies

For Producer Use Only. Not For Use With The Public.

1109RI01253 810

2For Producer Use Only. Not For Use With The Public.

Fixed Annuities Rise Again Rewards for Going Long Fixed Annuities vs. CDs Case for Tax-Deferral Reasons Why a Fixed Annuity May Be Appropriate Where and Who the Assets Can Come From Benefits of MassMutual Odyssey® and MassMutual

Odyssey PlusSM

Marketing Support

Agenda


Fixed Annuities Rise Again

31% Increase –

1st Quarter 2008 vs.

1st Quarter 2007

$21.3 Billion –

1st Quarter 2008

Fixed Annuity Sales

Source: LIMRA U.S. Individual Annuities Industry Highlights, 1st Quarter 2008


Rewards for Going Long

Treasury Yield Curve (as of July 11, 2008)

July 11, 2007June 11, 2008July 11, 2008

Source: Financial Services Daily, July 14, 2008

July 11, 2007 –

Flat Curve

June 11, 2008 – Normal Curve

Yield


Rewards for Going Long

1-Year CD Rates versus Fixed Annuity Rates(with 1st year Enhanced Rate)

Midmonth averagesSource: Kehrer-Jackson National RateWatch July 2008

2007 - 1 Yr CD &Annuity Base Rate Virtually Equal

2008 – Annuity Base Rate Steady

2008 – 1 Year CDSteep Decline

Yield


Fixed Annuities vs. CDs

1 Guarantees are based on the claims-paying ability of the issuing company.2 Liquidated earnings are subject to income tax and may be subject to a surrender charge. If taken prior to age 59½ a 10% federal income tax penalty may apply.

Fixed Annuities CDs

Guaranteed Rate of Return1

Yes Yes Both are low risk investments Both guarantee1 a positive rate of return

FDIC Insured No Yes CDs – insured up to $250,000 by the (FDIC) and (NCUA) per depositor

Fixed Annuities – guaranteed by the issuing insurance companies; Not insured by the government

Free Withdrawals

Generally, Yes2

Generally, No CDs – charge an interest penalty if funds are withdrawn prior to maturity

Fixed Annuities – allow withdrawals for a certain percentage of account value free of any surrender charges; Amounts in excess are typically subject to surrender charges


Fixed Annuities vs. CDs

1 There is no additional tax deferral provided when a variable annuity contract is used to fund a tax-qualified retirement plan. Investors should only buy a variable annuity contract for the insurance features offered by the contract such as lifetime income payments and death benefit protection.

Fixed Annuities CDs

Choice ofInvestmentPeriod

Yes Yes CDs - typically offer a choice of shorter investment terms such as 90 or 180 days, but also offer 1 year and multiple year durations.

Fixed Annuities - typically range between 1 and 10 years

ProvidesIncome

Yes Generally, No CDs - designed as a savings vehicle and generally do not provide an income stream

Fixed Annuities - designed to provide retirement savingsand income

Tax Deferral1 Yes No CDs - interest earned is taxable for the current year on an annual basis

Fixed Annuities - earnings are tax deferred until they are withdrawn


Case for Tax-Deferral

$162

,889

$265

,330

$432

,194

$142

,429

$202

,859

$289

,930

$145

,280

$219

,037

$339

,180

$0

$100,000

$200,000

$300,000

$400,000

$500,000

10 Years 20 Years 30 Years

Assumptions: $100,000 initial investment, 5% annual rate of return, 28% tax bracketThis hypothetical example is intended to illustrate the advantages of tax-deferral. It does not represent the performance of any particular product.

Surrender charges are not included and had they been, results would be lower. Please consider your client’s personalinvestment horizon and income tax bracket,both current and anticipated, when helpingthem make an investment decision as these may further reduce the results of the comparison.

Liquidated earnings are subject to income tax, and if taken prior to age 59½ may be subject to a 10% federal income tax penalty.

A CD is a short- or medium-term debtinstrument offered by banks. CDs earninterest and are FDIC insured up to $250,000 Fixed Annuity

(before taxes)CD Fixed Annuity

(after taxes)

Tax-deferred vs. Currently Taxable


Reasons Why a Fixed Annuity May be Appropriate

Are over age 59½ seeking income Own a low yielding taxable account earmarked for retirement Are willing to extend investment horizon for a potentially

higher rate Value tax deferral1,2

Desire a level of liquidity Concerned about return of principal Seek to diversify equity exposure

Fixed Annuities may be appropriate for clients who:

1 There is no additional tax deferral provided when an annuity contract is used to fund a tax-qualified retirement plan. Investors should only buy an annuity contract for the insurance features offered by the contract such as lifetime income payments and death benefit protection.

2 Earnings are taxable as income when distributed and if w ithdrawn before age 591/2, may be subject to a 10% federal tax penalty.


Where & Who the Assets Can Come From

1 Lipper Research Series: FundFlows Insight Report June 30, 20082 Source: Federal Reserve Flow of Funds Report (Z1); Mast Hill Consulting analysis, MassMutual Analysis, 1st Quarter 2008

-$72.3 Billion Net Flows for Money Market Funds1 (May ’08 - June ’08)

$928.3 Billion in CDs2 (as of 1st Qtr ’08)

77% owned by people age 55+2 (as of 1st Qtr ’08)


Benefits of MassMutual Odyssey®

and Odyssey PlusSM

Tax-Deferred1,2

Principal Protection3

Guaranteed Rate of Return3

First Year Enhanced Rate Two Year Interest Rate

Guarantee3

Guaranteed Lifetime Income3

Liquidity Feature2

Death Benefit

1 There is no additional tax deferral provided when a variable annuity contract is used to fund a tax-qualified retirement plan. Investors should only buy a variable annuity contract for the insurance features offered by the contract such as lifetime income payments and death benefit protection.

2 Earnings are taxable as income when distributed and if withdrawn before age 591/2, and may be subject to a 10% federal tax penalty.3 Guarantees based on the claims-paying ability of the issuing company.


Corporate Strength – Ratings

A.M. Best Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .A++ (Superior - top Category of 15)

Fitch Ratings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . AAA (Exceptionally Strong - top Category of 21)

Moody’s Investor Services Inc. . . . . . . . . . . . . . . . . . . . . . . . .Aa2 (Excellent – third Category of 21)

Standard & Poor’s Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .AA+ (Extremely Strong – second Category of 21)

Ratings are for Massachusetts Mutual Life Insurance Company and its subsidiary C.M. Life Insurance Company as of December 1, 2008 and are subject to change.

Among The Highest In Any Industry


Marketing Support

Client-Approved Marketing Flyer

Talking Points

Order Number – AN6553

Odyssey and Odyssey Plus Product Comparison order number AN5501


Thank You


MassMutual Odyssey® (Policy Form #: MUFA99 or MUFAC99) is a fixed deferred annuity contract issued by Massachusetts Mutual Life Insurance Company in New York and by C.M. Life Insurance Company in all other states. C.M. Life Insurance Company, 100 Bright Meadow Boulevard, Enfield, CT 06082, is non-admitted in New York and is a subsidiary of Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001.

MassMutual Odyssey PlusSM [Policy Form #: MG1, MG1(NC)] is a fixed deferred annuity contract with flexible purchase payments issued by Massachusetts Mutual Life Insurance Company, 1295 State Street, Springfield, MA 01111-0001.

The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. MassMutual, its employees and representatives are not authorized to give tax or legal advice. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel.

16For Producer Use Only. Not For Use With The Public.© 2008 Massachusetts Mutual Life Insurance Company, Springfield, MA. All rights reserved. www.massmutual.com

MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its affiliated companies and sales representatives.

What Is A FIxed Deferred Annuity?

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