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 (VUL) 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. These products are, first and foremost, life insurance products designed primarily to provide a death benefit. Each is designed with different overall objectives to accommodate the goals of clients willing to accept the market risk of VUL. Each also offers 58 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.

Through the Asset 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. No investment strategy assures a profit or protects against losses in a declining market.

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.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Please consider the fund's investment objectives, risks, charges and expenses carefully before investing. The product prospectus and the fund prospectuses contain this and other information about the funds and Midland National's variable products. To obtain current product and fund prospectuses, you can call or write to Midland National Life Insurance Company, Executive Offices, One Sammons Plaza, Sioux Falls, SD 57193, 800-272-1642. Please read these prospectuses carefully before you invest or send any money.

Midland National Model Performance

Returns Through 1/31/2012
	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: 78% Equity: 22%	Fixed Income: 57% Equity: 43%	Fixed Income: 40% Equity: 60%	Fixed Income: 23% Equity: 77%	Fixed Income: 5% Equity: 95%
Year To Date	2.08%	2.65%	3.22%	3.62%	3.54%
12 Month	2.81%	2.06%	1.16%	0.33%	-0.09%
3 Year (avg. annual)	9.70%	12.68%	14.89%	16.74%	18.36%
5 Year (avg. annual)	4.05%	2.84%	2.17%	1.04%	-0.31%
	36% PIMCO VIT Total Return Admin1,4 25% Fidelity VIP Investment Grade Bond IC1 12% Fidelity VIP Money Market IC1,2 7% Fidelity VIP Index 500 IC1,9 5% Fidelity VIP High Income IC1,6 5% Vanguard Var Ins International1,5 4% Vanguard Var Ins Mid-Cap Index1,3 3% American Century VP Value I1,8 3% Van Eck Insurance Tr WW Hard Assets I1,7 Total: 100%	28% PIMCO VIT Total Return Admin1,4 18% Fidelity VIP Investment Grade Bond IC1 15% Fidelity VIP Index 500 IC1,9 11% Vanguard Var Ins International1,5 8% Vanguard Var Ins Mid-Cap Index1,3 7% Fidelity VIP Money Market IC1,2 4% Fidelity VIP High Income IC1,6 3% American Century VP Value I1,8 3% Van Eck Insurance Tr WW Hard Assets I1,7 3% Vanguard Var Ins Small Co Gr1,3,10 Total: 100%	33% PIMCO VIT Total Return Admin1,4 16% Vanguard Var Ins International1,5 10% Vanguard Var Ins Mid-Cap Index1,3 9% American Century VP Value I1,8 9% Fidelity VIP Index 500 IC1,9 7% MFS VIT Growth Initial1,10 5% Vanguard Var Ins Small Co Gr1,3,10 4% Fidelity VIP High Income IC1,6 4% Van Eck Insurance TR WW Hard Assets I1,7 3% Fidelity VIP Money Market IC1,2 Total: 100%	21% Vanguard Var Ins International1,5 20% PIMCO VIT Total Return Admin1,4 14% Vanguard Var Ins Mid-Cap Index1,3 13% American Century VP Value I1,8 10% MFS VIT Growth Initial1,10 8% Fidelity VIP Index 500 IC1,9 5% Van Eck Insurance Tr WW Hard Assets I1,7 3% Vanguard Var Ins Small Co Gr1,3,10 3% Fidelity VIP High Income IC1,6 3% Goldman Sachs VIT Structured Sm Cp Eq I11 Total: 100%	17% Vanguard Var Ins Mid-Cap Index1,3 14% American Century VP ValueI1,8 14% AIM V.I. International Growth I1,5,10 13% Vanguard Var Ins International1,5 12% Fidelity VIP Index 500 IC1,9 10% MFS VIT Growth Initial1,10 6% Vanguard Var Ins Small Co Gr1,3,10 5% PIMCO VIT Total Return Admin1,4 5% Van Eck Insurance Tr WW Hard Assets I1,7 4% Goldman Sachs VIT Structured Sm Cp Eq I11 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). 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. 11 The structured Small Cap Equity Fund invests in a broadly diversified portfolio of small-capitalization U.S. equity investments and is subject to market risk so that the value of the securities in which it invests may go up or down in response to the prospects of individual companies, particular industry sectors and/or general economic conditions. Stocks of smaller companies are often more volatile and less liquid and present greater risks than stocks of larger companies. At times, the Fund may be unable to sell certain of its portfolio securities without a substantial drop in price, if at all.

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

**Ibbotson Associates, Inc. is a registered investment advisor and wholly owned subsidiary of Morningstar, Inc. Used with permission. ©2011 Ibbotson Associates, Inc. All Rights Reserved.

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.

These policies, or any of its riders, are not designed for resale, speculation, arbitrage, viatical settlements or any type of collective investment scheme. The policy may not be traded on any stock exchange or secondary market. By purchasing this policy, You represent and warrant that You are not purchasing or intending to use this policy, or any of its riders, for resale, speculation, arbitrage, viatical settlements or any type of collective investment scheme.

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.