MassMutual’s

Financial Strength and Stabilityas of

June 30, 2009

CRN200912-124341

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MassMutual – Strength and Stability

Capital………...………..Surplus (financial cushion) of $8.3 billion (Slide 3)

Liquidity…………………Very strong portfolio position (Slide 4)

Financial Strength……..Among the highest ratings in any industry (Slide 5)

Ownership………………Owned by policyholders & members (Slide 6)

Core Business………….Weighted whole life sales up 9% (Slide 7)

Investment Approach….Long term, prudent, diversified (Slide 8)

As of June 30, 2009

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Surplus

A strong financial cushion

MassMutual’s surplus was over $8.3 billion as of 6/30/09*“Surplus” is the amount left over after accounting for projected future

obligations.

More than doubled since 12/31/00 Well above regulatory requirements Includes successful $750 million surplus note issuance in June 2009 Down just 1.4% from 12/31/08 despite uniquely challenging environment

*These consolidated statutory results of Massachusetts Mutual Life Insurance Company (MassMutual) include its U.S.-domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.

4

Liquidity

Strong portfolio liquidity positionLiquidity is routinely assessed in the investment processMaintained at levels sufficient to meet obligations with a high

degree of certainty even under stress conditionsStrong liquidity at 6/30/09*, including cash and cash equivalents of

$2.7 billion and over $11 billion of U.S. government securitiesNet operating cash flow of $1.6 billion* for the 6 months ending

June 30, 2009

*These consolidated statutory results of Massachusetts Mutual Life Insurance Company (MassMutual) include its U.S.-domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.

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Financial Strength

Among the highest financial strength ratings of any company in any industry

Standard & Poor's: AAA (Extremely Strong; top category of 21)Moody's Investors Service: Aa1 (Excellent; second category of 21)Fitch Ratings: AAA (Exceptionally Strong; top category of 21)A.M. Best Company: A++ (Superior; top category of 15)

Ratings apply to Massachusetts Mutual Life Insurance Company and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, as of 8/17/09 and are subject to change.

6

Ownership

Owned by its participating policyholders and members – not shareholders

Answers to the needs of policyholders and members Focus is on long-term financial strength Not faced with shareholder demands for short-term results

Publicly traded life insurance companies are owned by shareholders, who may or may not also be policyholders

To learn more about MassMutual’s status as a mutually owned company, visit MassMutual.com/Mutuality

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Core Business Operations

Strong core operations despite challenging environmentWeighted* whole life sales up 9% for the 12 months ending 6/30/09Net Field Force up 9% as of 6/30/09 compared to 6/30/08Revenue of $9.17 billion for 6 months ending June 30, 2009***New recurring premium is weighted 10 to 1 vs. single-premium products.

**These consolidated statutory results of Massachusetts Mutual Life Insurance Company (MassMutual) include its U.S.-domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.

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Investment Approach

Disciplined diversification & value-driven approach Total invested assets of $84.3 billion as of 6/30/09* Diversification across multiple asset classes, industries and issuers We use sophisticated quantitative tools to help monitor and manage

credit risk, interest rate risk, prepayment risk and liquidity risk Approach is designed to optimize returns over the long run 2009 results reflect impact of investment market declines Details of total invested assets at MassMutual.com/Financial

(see “Financial Summary to Consolidated Results”)

*These consolidated statutory results of Massachusetts Mutual Life Insurance Company (MassMutual) include its U.S.-domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company.

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Additional Financial Results*

(For the 6 months ended June 30, 2009 compared to the same period in 2008)Revenue – $9,174 million compared to $9,718 million for same period in 2008

Statutory premium – Unchanged at $6,736 million Net investment income – $2,105 million compared to $2,719 million for same period in 2008

Benefits and expenses – $8,400 million compared to $8,493 million for same period in 2008 Favorable mortality and morbidity experience and constrained growth in operating expenses were major drivers of the

improvement

Policyholders’ dividends – $643 million compared to $664 million for same period in 2008 The reduction reflects the company’s 2009 dividend schedule decision announced in November 2008

Consolidated statutory net gain from operations before dividends and taxes – $774 million compared to $1,225 million for same period in 2008

Net realized capital loss – $515 million compared to a $734 million capital loss during the equivalent period in 2008 Reduced losses resulted from a decrease in asset impairments

*These consolidated statutory results of Massachusetts Mutual Life Insurance Company include its U.S.-domiciled wholly owned subsidiaries: C.M. Life Insurance Company and MML Bay State Life Insurance Company (collectively, the “Company”)

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Statement from MassMutual CFO Michael Rollings

“During the first half of 2009, we continued to generate stable premium levels despite a challenging business environment and, importantly, maintained our strong surplus position. We posted double digit increases in the number of policyholder applications for whole life insurance compared to the first half of 2008 which highlights the long term value MassMutual provides to our participating policyholders as a highly-rated, mutual life insurance company.”

“In addition, we also completed a $750 million surplus note issuance in June that met with extremely strong investor interest, and bolstered the capital resources available to meet policyholder obligations going forward.” (8/17/09)

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© 2009 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.