Ibbotson Associates Historical Asset Class Model Performance

For your reference, we have outlined the historical performance of Ibbotson Asset Allocation models available with Midland National's Variable Universal Life products. This performance is listed below, along with other information pertaining to variable products. As you review this information, please note that it must be preceded or accompanied by a prospectus, along with the underlying performance of the funds contained in each Ibbotson model.

Midland National offers a range of variable universal life insurance products. Each is designed with different overall objectives to accommodate the goals of clients willing to accept the market risk of VUL. Each also offers 45 Separate Account investment portfolios managed by 12 fund companies,* as well as an Asset Allocation System developed by Ibbotson Associates®, which is one of the world's, largest and most respected portfolio-modeling companies.** (For more complete details about Variable Universal Life Insurance, click here.)

Through the Ibbotson Allocation program, clients answer a few questions to help determine their risk tolerance and then choose a mix of Separate Account investment portfolios that best match their risk tolerance and objectives either by building their own mix or by choosing one of Ibbotson's pre-designed models.

The tables below show the historical performance of the five pre-designed Midland National models comprised of the underlying investment portfolios listed. These models were developed using a statistical technique known as mean variance optimization, which means that they consist of portfolios that have the highest level of return for a given level of risk. When selecting specific portfolios for each model, Ibbotson Associates determines the style of the portfolios based not on what the portfolio owns but on how well each fund has maintained its objective over the years.

The performance data quoted represents past performance and is not specific to any one particular product. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principle value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Also, please note that the performance figures below reflect all underlying fund charges but do not reflect product-specific charges associated with all life insurance, such as cost of insurance, surrender charges, monthly expense charges, and any applicable premium load. If such charges were deducted the asset class performance numbers would be lower than what is shown below. In order to gain a true picture of the potential values of a policy designed for you, please obtain a personalized illustration by contacting a registered representative licensed to sell Midland National's Variable products. If you do not have a registered representative, click here.

Please consider and have your clients consider the fund's investment objectives, risks, charges and expenses carefully before investing. Past performance is no guarantee of future results. The product prospectus and the fund prospectuses contain this an other information about Midland National's variable products including the fund's investment objectives, risks, charges, and expenses. To obtain current product and fund prospectuses, you or your client can call or write to Midland National Life Insurance Company, Executive Office, One Sammons Plaza, Sioux Falls, SD, 57193, (605) 335-5700. Please read and have your clients read these prospectuses carefully before your client invests or sends any money.

Midland National Model Performance

Returns Through 8/31/2010
	Model 1	Model 2	Model 3	Model 4	Model 5
	Conservative	Moderate Conservative	Moderate	Moderate Aggressive	Aggressive
	Less Risk Shorter Investment Time Horizon Less Volatile				More Risk Longer Investment Time Horizon More Volatile
Investor Objective	Primarily preservation of capital	Moderate Growth	Steady growth in asset values	Moderately high growth in asset value	High growth in asset values
Asset Class Breakdown	Fixed Income: 80% Equity: 20%	Fixed Income: 59% Equity: 41%	Fixed Income: 40% Equity: 60%	Fixed Income: 23% Equity: 77%	Fixed Income: 6% Equity: 94%
Year To Date	4.01%	1.69%	-0.31%	-2.28%	-4.44%
12 Month	8.03%	7.43%	6.99%	6.26%	5.49%
3 Year (avg. annual)	3.65%	0.33%	-2.26%	-4.96%	-8.21%
5 Year (avg. annual)	3.82%	2.70%	1.86%	0.80%	-0.46%
	36% PIMCO VIT Total Return1,4 25% Fidelity VIP Invesment Grade Bond1 13% Fidelity VIP Money Market1,2 7% Fidelity VIP Index 5001,9 5% Fidelity VIP High Income1,6 5% Vanguard VIF International1,5 4% Vanguard VIF Mid-Cap Index1,3 3% American Century VP Value1,8 2% Van Eck VIP Global Hard Assets1,7 Total: 100%	27% PIMCO VIT Total Return1,4 18% Fidelity VIP Invesment Grade Bond1 17% Fidelity VIP Index 5001,9 11% Vanguard VIF International1,5 7% Fidelity VIP Money Market1,2 7% Vanguard VIF Mid-Cap Index1,3 4% Fidelity VIP High Income1,6 3% American Century VP Value1,8 3% Van Eck VIP Global Hard Assets1,7 3% Vanguard VIF Small Company Growth1,3,10 Total: 100%	33% PIMCO VIT Total Return1,4 15% Vanguard VIF International1,5 10% American Century VP Value1,8 10% Vanguard VIF Mid-Cap Index1,3 9% Fidelity VIP Index 5001,9 7% MFS VIT Growth1,10 5% Vanguard VIF Small Company Growth1,3,10 4% Fidelity VIP High Income1,6 4% Van Eck VIP Global Hard Assets1,7 3% Fidelity VIP Money Market1,2 Total: 100%	20% PIMCO VIT Total Return1,4 20% Vanguard VIF International1,5 13% American Century VP Value1,8 13% Vanguard VIF Mid-Cap Index1,3 10% Fidelity VIP Index 5001,9 10% MFS VIT Growth1,10 4% Van Eck VIP Global Hard Assets1,7 4% Vanguard VIF Small Company Growth1,3,10 3% Fidelity VIP High Income1,6 3% ProFund VP Small-Cap Value1,3,8 Total: 100%	15% American Century VP Value1,8 15% Vanguard VIF Mid-Cap Index1,3 14% Invesco V.I. International Growth1,5,10 13% Fidelity VIP Index 5001,9 12% Vanguard VIF International1,5 11% MFS VIT Growth1,10 6% Vanguard VIF Small Company Growth1,3,10 5% PIMCO VIT Total Return1,4 5% Van Eck VIP Global Hard Assets1,7 4% ProFund VP Small-Cap Value1,3,8 Total: 100%
1 VP refers to American Century Variable Portfolio Fund. VIP refers to Fidelity® Variable Insurance Products. V.I. refers to AIM Variable Insurance (Invesco Variable Insurance). VC refers to Lord Abbett Variable Contract. VIT refers to PIMCO Variable Insurance Trust. VIF refers to Vanguard Variable Insurance Fund. VIP refers to Van Eck Variable Insurance Product. 2 The fund invests primarily in the money market instruments issued and guaranteed as to the principal and interest by the U.S. Government, its agencies or instruments, and enters into repurchase agreements fully collateralized by U.S. Government securities. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund. 3 There are increased risks associated with small and medium sized companies, owning to such factors as inexperienced management and limited financial resources. Thus, the portfolio's net asset value can decrease more quickly then large sized companies. 4 These funds invest in derivatives which are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, and management risk and funds investing in derivative instruments could lose more then the principal amount invested. 5 Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuation. 6 This portfolio is subject to the risks of investing in low-grade corporate bonds that have a higher default risk, less liquidity and greater sensitivity to changes in the economy then investment-grade securities. 7 This portfolio invests in hard asset securities, which may be subject to greater risks and market fluctuations than other investments with more diversified portfolios. Some of these risks include: volatility of energy and basic material prices; possible instability of the supply of various hard assets; the risks generally associated with the extraction of natural resources; actions and changes in government which could affect the production and marketing of hard assets; and greater price fluctuations that may be experienced by hard assets. 8 Value stocks tend to be inexpensive or believed to be undervalued relative to their earnings or assets compared to other types of stocks. However, value stocks can continue to be inexpensive or undervalued for long periods of time and may not ever realize their full value. 9 An index fund is designed to track the performance of a specific stock or index. The S&P 500 is made up of primarily large-capitalization companies that represent a broad spectrum of the U.S. economy and a substantial part of the U.S. stock market's total capitalization. 10 The stocks of growth companies can be more sensitive to the company’s earnings and more volatile than the market in general.

 

Year By Year Returns
	Model 1 Conservative	Model 2 Moderate-Conservative	Model 3 Moderate	Model 4 Moderate-Aggressive	Model 5 Aggressive
2009	16.41%	20.85%	24.46%	27.00%	30.56%
2008	-8.27%	-16.60%	-24.05%	-30.42%	-38.12%
2007	4.48%	4.30%	5.18%	5.51%	5.80%
2006	6.36%	8.27%	10.31%	11.66%	12.97%
2005	3.22%	5.34%	7.29%	9.45%	10.73%

*There are fees and charges associated with Separate Account investment portfolios, and all Separate Account investment portfolios are subject to market risk.

**Used with permission, ©2006 Ibbotson Associates, Inc. All rights reserved. Ibbotson is a wholly owned subsidiary of Morningstar Inc.

This graphic is neither an offer to sell nor a solicitation to buy. Before purchasing a VUL product, you must receive a current prospectus that includes information regarding risk factors, fees, expenses, investment objectives and policies. Read the prospectus carefully before you invest any money. No variable product offers any guaranteed rate of return.

Past performance is no guarantee of future results. Historical market and asset class performance may differ in the future. Allocation to a single asset class may out-perform or under-perform a model.

The broker-dealer for Midland National's variable products is Sammons Securities Company, LLC, member FINRA/SIPC. Sammons Securities Company is a registered broker-dealer under the Securities Exchange Act of 1934. Sammons Securities Company is an indirect wholly owned subsidiary of Sammons Enterprises, Inc. of Dallas, Texas, the ultimate parent company of Midland National.

According to regulation, all registered representatives are required to show their relationship with their broker/dealer.