1. These investment portfolios are offered in connection with Midland National's Variable products. They are not the same as retail mutual funds with similar names available for direct purchase by the general public.

2. Companies with small capitalization have the potential for greater volatility than companies with large capitalization. The limited volume and trading frequency of small-capitalized stocks may result in substantial price deviation. Further, companies with small capitalization may experience more significant growth and failure rates than companies with large capitalization.

3. Investing in medium-sized companies involves greater risk than is customarily associated with more established companies. Stocks of such companies may be subject to more abrupt or erratic price movements than larger company securities. Such companies usually do not pay significant dividends that could cushion returns in a failing market.

4. Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuation.

5. This portfolio is subject to the risks of investing in low-grade bonds that have a higher default risk, less liquidity and greater sensitivity to changes in the economy then investment-grade securities.

6. Value stocks tend to be inexpensive relative to their earnings or assets compared to other types of stocks. However, value stocks can continue to be inexpensive for long periods of time and may not ever realize their full value.

7. Investing in sector funds may be more volatile than investing in broadly diversified funds, as there can be greater risk due to the concentration of the fund’s holdings in issuers of the same or similar offerings.

8. 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.

9. Risks associated with REITs include fluctuations in value of real estate, extended vacancies and uninsured damage losses from natural disasters.

10. Investing in ProFunds VP and/or Access VP High Yield involves certain risks, including in all or some cases, active investor risk, aggressive investment technique risk, concentration risk, correlation risk, counterparty risk, credit risk, debt instrument risk, early close/trading halt risk, equity risk, geographic concentration risk, liquidity risk, market risk, non-diversification risk, portfolio turnover risk, repurchase agreement risk, short sale risk, technology investment risk, volatility risk, CDS risk, issuer specific risk, management risk, valuation risk, and lack of extended operating history risk. For a full description of these risks, please see the proper Prospectus document.

11. The Fund’s socially responsible investment criteria may limit the number of investment opportunities available to the Fund, and as a result, at times the Fund may produce more modest gains than funds that are not subject to such special investment considerations.

12. Inverse funds should lose money when their benchmark index rises - a result that is opposite from traditional funds.

13. These funds employ leveraged investment techniques that magnify gains and losses and result in greater volatility in value.

14. Growth stocks may be susceptible to rapid price swings, especially during periods of economic uncertainty. Growth stocks typically have little or no dividend income to cushion the effect of adverse market conditions and may be particularly volatile in the event of earnings disappointments or other financial difficulties experienced by the issuer.

15. Interest rate risk is the risk that debt securities or certain financial instruments may fluctuate in value due to changes in interest rates. Typically, the value of outstanding debt instruments fall when interest rates rise and vice versa.

16. 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.

17. Market risk is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this portfolio.

18. In addition to the risks associated with common stocks, investments in convertible securities are subject to the risks associated with fixedincome securities, namely credit, price and interest-rate risks.

19. Derivatives can be illiquid, may disproportionately increase losses and may have a potentially large negative impact on the portfolio’s performance.

20. More bonds may be called by the issuer, which may decrease the overall income potential of the portfolio.

21. The risk of foreign investing may be increased in lesser developed or “emerging markets”.

22. The fund may invest in a limited number of securities so that a decline in the value of these investments would cause the fund’s overall value to decline to a greater degree than a more diversified portfolio.

23. The Average Annual Total Returns without Surrender Charges represent past performance based on a $1,000 hypothetical investment and reflect deduction of the following insurance charges (comprised of the mortality and expense risk charge): 1.55% for the Base Policy. The returns also reflect an annual maintenance fee of $30. This maintenance fee is based on anticipated average Accumulation Value of $35,000, and is calculated at $30/$35,000 or 0.09% annually.

24. Returns also reflect Surrender Charges for the first seven years (beginning at 7 percent in the first and second year and decreasing 1 percent every year until they reach 0 percent). Surrender Charges would apply only in the event of a contract surrender at the end of the applicable period. No Surrender Charge will be assessed upon: (a) payment of death benefits; or (b) exercise of the free look right.

25. Returns do not reflect applicable Surrender Charges. If reflected, the surrender charges would reduce the performance quoted.

26. This Investment Division was closed to new investors on June 15, 2007. If You had money invested in this Investment Division as of the close of business on Thursday, June 14, 2007, You may continue to make additional investments into the portfolio. However, if You redeem or transfer completely out of this Investment Division after this date, You will not be able to reinvest in the portfolio.

27. If You had money invested in these Investment Divisions as of the close of business on November 30, 2007, You may continue to make additional investments into the portfolio. However, if You redeem or transfer completely out of these Investment Divisions after this date, You will not be able to reinvest in the portfolio.

28. The Portfolio is a new mutual fund and has no history of operations. In addition, the Advisor has not previously managed a mutual fund.

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The initial offering of the MNL Vector Variable Annuity was May 1, 2006. The investment results shown represent historical returns based upon the assumption that the MNL Vector Variable Annuity was available for the periods shown. Past performance is no guarantee of future results. The return and principal value of an investment in any of the portfolios will fluctuate so that the value, when redeemed, may be worth more or less than its original cost. Except where noted, investment results include all charges and expenses for the base contract, including a contingent deferred surrender charge (which declines from a maximum of 7%) including any additional charges for riders.

Variable Insurance products are not bank deposits, and are not insured by the FDIC, NCUA, or other regulatory agencies. They are not obligations of or guaranteed by the financial institution or other affiliated entities, and are not a condition of a loan. These products are subject to market risks and may lose value, including loss of principal.

Fees and charges would have reduced the performance shown.

Withdrawals prior to age 59 1/2 may be subject to a 10% federal tax penalty.

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

The Midland National MNL Vector Annuity products and riders are issued on forms: AS117A, AC117A, AS118A, AC118A, AR113A, AR143A, AR144A, AR145A, AR146A, AR147A or state variations. This contract, its riders and features may not be available in all states. This material is authorized for distribution to prospective investors only when preceded or accompanied by the current prospectus. Variable annuity products such as the MNL Vector Variable Annuity have limitations. Not all investments or advisors or Separate Account portfolios are available in every state. For costs and complete details of coverage, contact the marketing department.

The MNL Vector Variable Annuity is a service mark of Midland National and registration has been requested.

VARIABLE ANNUITIES ARE SUITABLE FOR LONG TERM INVESTING, SUCH AS RETIREMENT PLANNING, AND ARE SUBJECT TO MARKET RISK.

FOR REGISTERED REPRESENTATIVE USE ONLY. NOT INTENDED FOR CONSUMER SOLICITATION PURPOSES.

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