NATIONWIDE

VLI SEPARATE

ACCOUNT-4

Annual Report

to

Contract Owners

December 31, 2008

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2008

Assets:
Investments at fair value:
AIM VIF - Basic Value Fund - Series I (AVBVI)
863,098 shares (cost $7,997,255)	$	3,538,703
AIM VIF - Capital Appreciation Fund - Series I (AVCA)
42,727 shares (cost $1,054,112)		721,656
AIM VIF - Capital Development Fund - Series I (AVCDI)
826,509 shares (cost $12,969,903)		6,554,217
AIM VIF - International Growth Fund - Series I (AVIE)
1,155,588 shares (cost $34,555,721)		22,522,415
AllianceBernstein VPS - Growth and Income Portfolio - Class A (ALVGIA)
765,413 shares (cost $17,676,644)		10,026,917
AllianceBernstein VPS - International Value Portfolio - Class A (ALVIVA)
2,364,922 shares (cost $46,757,859)		26,132,387
AllianceBernstein VPS - Small-Mid Cap Value Portfolio - Class A (ALVSVA)
434,642 shares (cost $6,814,480)		4,311,646
American Century VP - Income & Growth Fund - Class I (ACVIG)
3,098,080 shares (cost $21,861,166)		14,932,744
American Century VP - Inflation Protection Fund - Class II (ACVIP2)
1,804,707 shares (cost $19,025,429)		17,866,601
American Century VP - International Fund - Class I (ACVI)
4,051,488 shares (cost $31,861,368)		24,065,838
American Century VP - International Fund - Class III (ACVI3)
1,096,205 shares (cost $10,088,665)		6,511,457
American Century VP - Mid Cap Value Fund - Class I (ACVMV1)
182,662 shares (cost $2,288,931)		1,786,437
American Century VP - Ultra(R) Fund - Class I (ACVU1)
413,302 shares (cost $4,158,480)		2,504,612
American Century VP - Value Fund - Class I (ACVV)
9,622,678 shares (cost $70,660,052)		45,034,134
American Century VP - Vista(SM) Fund - Class I (ACVVS1)
300,380 shares (cost $5,532,271)		3,235,091
American Funds IS - Asset Allocation Fund - Class 2 (AMVAA2)
65,816 shares (cost $1,037,734)		795,060
American Funds IS - Bond Fund - Class 2 (AMVBD2)
60,462 shares (cost $596,356)		566,531
American Funds IS - Global Small Capitalization Fund - Class 2 (AMVGS2)
22,538 shares (cost $466,407)		248,589
American Funds IS - Growth Fund - Class 2 (AMVGR2)
25,478 shares (cost $1,316,221)		847,651
BlackRock Large Cap Core V.I. Fund - Class II (MLVLC2)
52,098 shares (cost $1,286,866)		906,497
Calvert Variable Series Inc. - Social Equity Portfolio (CVSSE)
8,780 shares (cost $162,513)		113,701
Credit Suisse Trust - Global Small Cap Portfolio (WVCP)
39,745 shares (cost $488,590)		292,524
Credit Suisse Trust - International Focus Portfolio (WIEP)
123,730 shares (cost $1,186,980)		1,134,601

(Continued)

2

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Credit Suisse Trust - Large Cap Value Portfolio (WGIP)
128,060 shares (cost $1,632,980)	$	968,130
Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)
54,216 shares (cost $620,974)		447,828
Dreyfus IP - Mid Cap Stock Portfolio - Initial Class (DVMCS)
72,673 shares (cost $985,338)		570,484
Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DVSCS)
1,946,846 shares (cost $30,748,199)		20,169,324
Dreyfus Stock Index Fund, Inc. - Initial Class (DSIF)
10,482,642 shares (cost $324,855,168)		240,891,119
Dreyfus VIF - Appreciation Portfolio - Initial Class (DCAP)
704,059 shares (cost $26,601,209)		20,333,227
Dreyfus VIF - Developing Leaders Portfolio - Initial Class (DSC)
27,811 shares (cost $898,126)		528,679
Dreyfus VIF - International Value Portfolio - Initial Class (DVIV)
2,265,851 shares (cost $33,518,077)		19,916,834
DWS Variable Series II - Dreman High Return Equity VIP - Class B (SVSHEB)
89,460 shares (cost $929,392)		556,444
DWS Variable Series II - Dreman Small Mid Cap Value VIP - Class B (SVSSVB)
535,027 shares (cost $5,929,385)		4,237,413
Federated IS - American Leaders Fund II - Primary Class (FALF)
22,448 shares (cost $367,622)		182,724
Federated IS - Capital Appreciation Fund II - Primary Class (FVCA2P)
86,063 shares (cost $549,800)		438,923
Federated IS - Market Opportunity Fund II - Service Class (FVMOS)
77,687 shares (cost $793,662)		776,874
Federated IS - Quality Bond Fund II - Primary Class (FQB)
2,922,067 shares (cost $32,568,031)		29,220,671
Fidelity(R) VIP - Equity-Income Portfolio - Service Class (FEIS)
4,370,478 shares (cost $103,317,334)		57,428,076
Fidelity(R) VIP - Freedom 2015 Portfolio - Service Class (FF15S)
107,586 shares (cost $1,155,999)		881,130
Fidelity(R) VIP - Freedom 2025 Portfolio - Service Class (FF25S)
32,230 shares (cost $345,876)		241,401
Fidelity(R) VIP - Growth Portfolio - Service Class (FGS)
2,591,958 shares (cost $83,431,209)		60,833,253
Fidelity(R) VIP - High Income Portfolio - Service Class (FHIS)
3,582,920 shares (cost $21,341,765)		14,116,704
Fidelity(R) VIP - High Income Portfolio - Service Class R (FHISR)
435,122 shares (cost $2,342,622)		1,710,031
Fidelity(R) VIP - Overseas Portfolio - Service Class (FOS)
2,263,567 shares (cost $45,344,382)		27,434,437
Fidelity(R) VIP - Overseas Portfolio - Service Class R (FOSR)
879,228 shares (cost $18,496,631)		10,638,662
Fidelity(R) VIP II - Contrafund(R) Portfolio - Service Class (FCS)
9,002,898 shares (cost $243,932,828)		138,014,425
Fidelity(R) VIP II - Index 500 Portfolio - Initial Class (FIP)
35,450 shares (cost $4,931,749)		3,516,317

(Continued)

3

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Fidelity(R) VIP II - Investment Grade Bond Portfolio - Service Class (FIGBS)
1,221,821 shares (cost $14,985,618)	$	14,356,394
Fidelity(R) VIP III - Growth Opportunities Portfolio - Service Class (FGOS)
575,893 shares (cost $9,604,777)		5,741,650
Fidelity(R) VIP III - Mid Cap Portfolio - Service Class (FMCS)
1,529,205 shares (cost $45,454,557)		28,030,327
Fidelity(R) VIP III - Value Strategies Portfolio - Service Class (FVSS)
544,905 shares (cost $5,913,578)		2,680,935
Fidelity(R) VIP IV - Energy Portfolio - Service Class 2 (FNRS2)
685,874 shares (cost $15,377,666)		7,818,961
Fidelity(R) VIP IV - Freedom Fund 2010 Portfolio - Service Class (FF10S)
158,619 shares (cost $1,802,981)		1,305,435
Fidelity(R) VIP IV - Freedom Fund 2020 Portfolio - Service Class (FF20S)
487,791 shares (cost $5,459,763)		3,755,991
Fidelity(R) VIP IV - Freedom Fund 2030 Portfolio - Service Class (FF30S)
268,035 shares (cost $3,090,168)		1,908,411
Franklin Templeton VIP - Developing Markets Securities Fund - Class 3 (FTVDM3)
458,304 shares (cost $6,093,793)		2,758,988
Franklin Templeton VIP - Foreign Securities Fund - Class 1 (TIF)
133,101 shares (cost $2,038,529)		1,457,456
Franklin Templeton VIP - Foreign Securities Fund - Class 2 (TIF2)
929,617 shares (cost $16,955,814)		10,002,675
Franklin Templeton VIP - Foreign Securities Fund - Class 3 (TIF3)
443,181 shares (cost $7,618,129)		4,742,036
Franklin Templeton VIP - Founding Funds Allocation Fund - Class 2 (FTVFA2)
20,693 shares (cost $158,353)		116,090
Franklin Templeton VIP - Global Income Securities Fund - Class 2 (FTVGI2)
59,886 shares (cost $1,028,297)		1,024,052
Franklin Templeton VIP - Global Income Securities Fund - Class 3 (FTVGI3)
377,217 shares (cost $6,474,735)		6,446,639
Franklin Templeton VIP - Income Securities Fund - Class 2 (FTVIS2)
304,396 shares (cost $5,215,898)		3,451,856
Franklin Templeton VIP - Mutual Discovery Securities Fund - Class 2 (FTVMD2)
4,298 shares (cost $86,051)		68,129
Franklin Templeton VIP - Rising Dividends Securities Fund - Class 1 (FTVRDI)
670,665 shares (cost $12,585,624)		9,362,477
Franklin Templeton VIP - Small Cap Value Securities Fund - Class 1 (FTVSVI)
726,658 shares (cost $12,783,247)		7,797,038
Franklin Templeton VIP - Small Cap Value Securities Fund - Class 2 (FTVSV2)
311,542 shares (cost $5,090,679)		3,286,767
Goldman Sachs VIT - Mid Cap Value Fund (GVMCE)
4,383,088 shares (cost $63,537,107)		37,957,538
Ivy Fund VIP, Inc. - Asset Strategy (WRASP)
47,126 shares (cost $479,871)		389,961
Ivy Fund VIP, Inc. - Growth (WRGP)
83,966 shares (cost $807,797)		634,189
Ivy Fund VIP, Inc. - Real Estate Securities (WRRESP)
59,341 shares (cost $347,765)		255,402

(Continued)

4

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Ivy Fund VIP, Inc. - Science and Technology (WRSTP)
58,184 shares (cost $852,801)	$	664,753
Janus Aspen Series - Balanced Portfolio - Service Class (JABS)
262,930 shares (cost $7,621,817)		6,244,587
Janus Aspen Series - Forty Portfolio - Service Class (JACAS)
1,766,155 shares (cost $54,454,697)		40,127,041
Janus Aspen Series - Global Technology Portfolio - Service Class (JAGTS)
2,797,737 shares (cost $11,087,706)		8,113,438
Janus Aspen Series - INTECH Risk Managed Core Portfolio - Service Class (JARLCS)
51,009 shares (cost $635,469)		403,989
Janus Aspen Series - International Growth Portfolio - Service Class (JAIGS)
1,620,666 shares (cost $65,164,075)		42,153,521
Janus Aspen Series - International Growth Portfolio - Service II Class (JAIGS2)
460,792 shares (cost $24,201,085)		12,049,717
JPMorgan Insurance Trust - Diversified Mid Cap Growth Portfolio 1 (OGGO)
291,847 shares (cost $2,845,880)		2,746,285
JPMorgan Insurance Trust - Diversified Mid Cap Value Portfolio 1 (OGMVP)
30,137 shares (cost $320,305)		134,712
Legg Mason Partners VET - Small Cap Growth Portfolio - Class I (SBVSG)
12,309 shares (cost $151,394)		106,472
Lehman Brothers AMT - Short Duration Bond Portfolio - I Class (AMTB)
380,243 shares (cost $4,829,797)		4,072,402
Lincoln VIP - Baron Growth Opportunities Funds - Service Class (BNCAI)
438,796 shares (cost $12,494,820)		7,597,747
Lord Abbett Series Fund, Inc. - Mid Cap Value Portfolio - Class VC (LOVMCV)
98,188 shares (cost $1,497,969)		1,031,959
MFS(R) VIT - Investors Growth Stock Series - Initial Class (MIGIC)
371,608 shares (cost $3,654,144)		2,638,415
MFS(R) VIT - Research International Series - Service Class (MVRISC)
27,570 shares (cost $277,356)		243,447
MFS(R) VIT - Value Series - Initial Class (MVFIC)
555,865 shares (cost $7,821,257)		5,425,246
MFS(R) VIT - Value Series - Service Class (MVFSC)
210,951 shares (cost $2,276,275)		2,039,895
Nationwide VIT - American Funds Asset Allocation Fund - Class II (GVAAA2)
238,977 shares (cost $4,460,685)		3,109,092
Nationwide VIT - American Funds Bond Fund - Class II (GVABD2)
260,213 shares (cost $2,892,538)		2,479,825
Nationwide VIT - American Funds Global Growth Fund - Class II (GVAGG2)
264,260 shares (cost $6,362,563)		3,948,050
Nationwide VIT - American Funds Growth Fund - Class II (GVAGR2)
140,322 shares (cost $9,039,750)		5,184,900
Nationwide VIT - American Funds Growth-Income Fund - Class II (GVAGI2)
54,382 shares (cost $2,151,892)		1,427,521
Nationwide VIT - Cardinal Aggressive Fund - Class I (NVCRA1)
42,880 shares (cost $386,304)		281,719
Nationwide VIT - Cardinal Balanced Fund - Class I (NVCRB1)
64,159 shares (cost $543,920)		520,971

(Continued)

5

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Nationwide VIT - Cardinal Capital Appreciation Fund - Class I (NVCCA1)
69,427 shares (cost $642,201)	$	515,839
Nationwide VIT - Cardinal Conservative Fund - Class I (NVCCN1)
32,922 shares (cost $315,554)		300,250
Nationwide VIT - Cardinal Moderate Fund - Class I (NVCMD1)
81,552 shares (cost $719,036)		634,474
Nationwide VIT - Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
217,925 shares (cost $1,883,898)		1,542,905
Nationwide VIT - Cardinal Moderately Conservative Fund - Class I (NVCMC1)
33,452 shares (cost $279,541)		283,335
Nationwide VIT - Core Bond Fund - Class I (NVCBD1)
21,735 shares (cost $207,873)		210,617
Nationwide VIT - Federated High Income Bond Fund - Class I (HIBF)
3,054,589 shares (cost $22,471,778)		15,242,398
Nationwide VIT - Federated High Income Bond Fund - Class III (HIBF3)
1,229,392 shares (cost $8,310,345)		6,122,371
Nationwide VIT - Gartmore Emerging Markets Fund - Class I (GEM)
2,624,166 shares (cost $41,146,475)		18,500,372
Nationwide VIT - Gartmore Emerging Markets Fund - Class III (GEM3)
1,291,257 shares (cost $20,735,981)		9,077,538
Nationwide VIT - Gartmore Global Utilities Fund - Class I (GVGU1)
401,129 shares (cost $4,893,707)		3,120,786
Nationwide VIT - Gartmore International Equity Fund - Class I (GIG)
963,799 shares (cost $10,867,581)		6,023,746
Nationwide VIT - Gartmore International Equity Fund - Class III (GIG3)
21,861 shares (cost $212,711)		136,851
Nationwide VIT - Gartmore International Equity Fund - Class VI (NVIE6)
5,923 shares (cost $67,900)		37,020
Nationwide VIT - Gartmore Worldwide Leaders Fund - Class I (GEF)
403,572 shares (cost $5,552,351)		3,333,502
Nationwide VIT - Global Financial Services Fund - Class I (GVGF1)
314,746 shares (cost $3,177,924)		1,803,495
Nationwide VIT - Government Bond Fund - Class I (GBF)
10,777,564 shares (cost $125,259,192)		129,438,538
Nationwide VIT - Growth Fund - Class I (CAF)
1,276,896 shares (cost $12,313,451)		11,313,300
Nationwide VIT - Health Sciences Fund - Class I (GVGH1)
320,568 shares (cost $3,390,609)		2,590,186
Nationwide VIT - Health Sciences Fund - Class III (GVGHS)
300,940 shares (cost $3,185,092)		2,437,614
Nationwide VIT - International Index Fund - Class II (GVIX2)
101,346 shares (cost $1,007,911)		655,710
Nationwide VIT - International Index Fund - Class VI (GVIX6)
76,048 shares (cost $832,893)		491,270
Nationwide VIT - Investor Destinations Aggressive Fund - Class II (GVIDA)
3,171,571 shares (cost $37,715,587)		21,852,122
Nationwide VIT - Investor Destinations Conservative Fund - Class II (GVIDC)
2,722,205 shares (cost $27,508,341)		25,234,842

(Continued)

6

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Nationwide VIT - Investor Destinations Moderate Fund - Class II (GVIDM)
6,734,484 shares (cost $76,296,186)	$	56,973,735
Nationwide VIT - Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
7,612,966 shares (cost $89,588,888)		60,599,207
Nationwide VIT - Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
1,938,550 shares (cost $21,355,471)		17,156,166
Nationwide VIT - J.P. Morgan Balanced Fund - Class I (BF)
1,503,773 shares (cost $14,853,780)		10,526,410
Nationwide VIT - Lehman Brothers Core Plus Bond Fund - Class I (NVLCP1)
13,778 shares (cost $130,657)		134,746
Nationwide VIT - Mid Cap Growth Fund - Class I (SGRF)
453,276 shares (cost $12,158,033)		7,945,921
Nationwide VIT - Mid Cap Index Fund - Class I (MCIF)
3,607,294 shares (cost $63,935,398)		40,582,060
Nationwide VIT - Money Market Fund - Class I (SAM)
133,849,215 shares (cost $133,849,215)		133,849,215
Nationwide VIT - Money Market Fund - Class V (SAM5)
372,633,028 shares (cost $372,633,028)		372,633,028
Nationwide VIT - Multi-Manager International Growth Fund - Class III (NVMIG3)
1,063 shares (cost $9,750)		6,815
Nationwide VIT - Multi-Manager International Value Fund - Class I (GVDIVI)
127,754 shares (cost $1,921,271)		987,538
Nationwide VIT - Multi-Manager International Value Fund - Class III (GVDIV3)
640,757 shares (cost $10,262,795)		4,933,829
Nationwide VIT - Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2,283 shares (cost $22,612)		15,389
Nationwide VIT - Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
36,277 shares (cost $250,143)		240,157
Nationwide VIT - Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
456 shares (cost $4,428)		3,010
Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)
343 shares (cost $2,346)		2,427
Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
781 shares (cost $5,683)		5,523
Nationwide VIT - Multi-Manager Small Cap Growth Fund - Class I (SCGF)
1,080,724 shares (cost $16,386,281)		10,428,987
Nationwide VIT - Multi-Manager Small Cap Value Fund - Class I (SCVF)
5,007,132 shares (cost $58,232,745)		33,147,216
Nationwide VIT - Multi-Manager Small Company Fund - Class I (SCF)
5,168,689 shares (cost $107,263,640)		55,615,091
Nationwide VIT - Nationwide Fund - Class I (TRF)
38,393,308 shares (cost $397,182,878)		250,324,371
Nationwide VIT - Nationwide Leaders Fund - Class I (GVUS1)
153,069 shares (cost $2,036,785)		990,355
Nationwide VIT - Neuberger Berman Multi-Cap Opportunities Fund - Class I (NVNMO1)
170 shares (cost $1,111)		943
Nationwide VIT - Neuberger Berman Socially Responsible Fund - Class I (NVNSR1)
4,834 shares (cost $44,027)		31,133

(Continued)

7

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Nationwide VIT - Short Term Bond Fund - Class II (NVSTB2)
98,303 shares (cost $961,415)	$	960,419
Nationwide VIT - Technology and Communications Fund - Class I (GGTC)
1,266,862 shares (cost $5,327,210)		2,825,102
Nationwide VIT - Technology and Communications Fund - Class III (GGTC3)
667,969 shares (cost $2,789,214)		1,502,930
Nationwide VIT - U.S. Growth Leaders Fund - Class I (GVUG1)
655,907 shares (cost $6,943,162)		3,909,207
Nationwide VIT - Van Kampen Comstock Value Fund - Class I (EIF)
1,148,061 shares (cost $13,241,331)		8,024,948
Nationwide VIT - Van Kampen Multi-Sector Bond Fund - Class I (MSBF)
1,515,329 shares (cost $14,291,797)		11,092,209
Nationwide VIT - Van Kampen Real Estate Fund - Class I (NVRE1)
19,769 shares (cost $151,337)		112,879
Neuberger Berman AMT - Guardian Portfolio - Class I (AMGP)
564,694 shares (cost $9,519,670)		7,030,444
Neuberger Berman AMT - International Portfolio - Class S (AMINS)
272,863 shares (cost $3,809,296)		1,989,172
Neuberger Berman AMT - Mid Cap Growth Portfolio - I Class (AMCG)
1,625,534 shares (cost $28,377,738)		26,236,126
Neuberger Berman AMT - Partners Portfolio - Class I (AMTP)
1,153,996 shares (cost $19,392,871)		8,204,912
Neuberger Berman AMT - Regency Portfolio - Class I (AMRI)
234,668 shares (cost $2,863,603)		2,018,146
Neuberger Berman AMT - Regency Portfolio - Class S (AMRS)
76,033 shares (cost $1,262,599)		701,020
Neuberger Berman AMT - Small Cap Growth Portfolio - Class S (AMFAS)
139,086 shares (cost $1,947,063)		1,161,372
Neuberger Berman AMT - Socially Responsive Portfolio - Class I (AMSRS)
267,801 shares (cost $4,198,300)		2,514,650
Oppenheimer VAF - Capital Appreciation Fund - Non-Service Class (OVGR)
2,702,727 shares (cost $98,166,596)		69,379,008
Oppenheimer VAF - Global Securities Fund - Class 3 (OVGS3)
572,747 shares (cost $19,127,681)		11,649,665
Oppenheimer VAF - Global Securities Fund - Non-Service Class (OVGS)
1,913,256 shares (cost $61,505,360)		38,666,903
Oppenheimer VAF - High Income Fund - Class 3 (OVHI3)
308,430 shares (cost $1,504,108)		484,234
Oppenheimer VAF - High Income Fund - Non-Service Class (OVHI)
271,888 shares (cost $2,245,463)		429,583
Oppenheimer VAF - Main Street Small Cap Fund(R) - Non-Service Class (OVSC)
288,637 shares (cost $5,158,367)		3,073,980
Oppenheimer VAF - Main Street(R) - Non-Service Class (OVGI)
1,596,926 shares (cost $32,881,346)		23,251,243
Oppenheimer VAF - Mid Cap Fund - Non-Service Class (OVAG)
699,059 shares (cost $29,647,825)		19,252,088
Oppenheimer VAF - Strategic Bond Fund - Non-Service Class (OVSB)
216,703 shares (cost $1,105,570)		972,996

(Continued)

8

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

PIMCO VIT - All Asset Portfolio - Administrative Class (PMVAAA)
64,836 shares (cost $607,773)	$	596,491
PIMCO VIT - Low Duration Portfolio - Administrative Class (PMVLDA)
3,801,385 shares (cost $38,296,349)		36,797,406
PIMCO VIT - Real Return Portfolio - Administrative Class (PMVRRA)
5,317,624 shares (cost $65,292,343)		59,876,450
PIMCO VIT - Total Return Portfolio - Administrative Class (PMVTRA)
16,513,898 shares (cost $169,146,426)		170,258,284
Pioneer VCT - Pioneer Emerging Markets Portfolio - Class I (PIVEMI)
9,238 shares (cost $163,630)		146,324
Pioneer VCT - Pioneer High Yield Portfolio - Class I (PIHYB1)
1,912,223 shares (cost $18,678,368)		12,352,962
Putnam VT - Growth and Income Fund - Class IB (PVGIB)
53,978 shares (cost $1,148,475)		619,131
Putnam VT - International Equity Fund - Class IB (PVTIGB)
143,181 shares (cost $2,484,094)		1,272,879
Putnam VT - OTC & Emerging Growth Fund - Class IB (PVOEGB)
7,862 shares (cost $42,195)		34,907
Putnam VT - Small Cap Value Fund - Class IB (PVTSCB)
41 shares (cost $537)		352
Putnam VT - Voyager Fund - Class IB (PVTVB)
25,286 shares (cost $580,422)		505,208
Royce Capital Fund - Micro Cap Portfolio (ROCMC)
4,371,834 shares (cost $49,908,729)		26,362,162
Royce Capital Fund - Small Cap Portfolio (ROCSC)
13,739 shares (cost $115,366)		88,202
T. Rowe Price Blue Chip Growth Portfolio - II (TRBCG2)
355,895 shares (cost $3,573,948)		2,384,493
T. Rowe Price Equity Income Portfolio - II (TREI2)
4,110,835 shares (cost $89,074,854)		58,826,043
T. Rowe Price Health Sciences Portfolio - II (TRHS2)
132,288 shares (cost $1,646,849)		1,269,970
T. Rowe Price Limited Term Bond Portfolio - Class II (TRLT2)
413,660 shares (cost $2,033,171)		1,997,980
T. Rowe Price Mid Cap Growth Portfolio - II (TRMCG2)
1,116,284 shares (cost $25,534,992)		15,281,923
T. Rowe Price New America Growth Portfolio (TRNAG1)
609,377 shares (cost $10,640,719)		7,775,646
T. Rowe Price Personal Strategy Balanced Portfolio (TRPSB1)
33,277 shares (cost $535,614)		422,620
The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)
449,741 shares (cost $10,550,533)		8,931,849
The Universal IF, Inc. - Capital Growth Portfolio - Class I (MSVEG)
19,688 shares (cost $309,424)		200,619
Van Eck Worldwide Insurance Trust - Emerging Markets Fund - Initial Class (VWEM)
1,482,460 shares (cost $25,481,736)		8,716,867
Van Eck Worldwide Insurance Trust - Hard Assets Fund - Initial Class (VWHA)
943,174 shares (cost $32,673,172)		17,684,517

(Continued)

9

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, Continued

Van Kampen UIF - Core Plus Fixed Income Portfolio - Class I (MSVFI)
291,905 shares (cost $3,257,323)	$	2,892,782
Van Kampen UIF - Emerging Markets Debt Portfolio - Class I (MSEM)
1,570,027 shares (cost $12,599,987)		10,158,077
Van Kampen UIF - Global Real Estate Portfolio - Class II (VKVGR2)
88,891 shares (cost $582,579)		485,342
Van Kampen UIF - Mid Cap Growth Portfolio- Class I (MSVMG)
1,225,298 shares (cost $13,237,840)		7,118,980
Van Kampen UIF - U.S. Real Estate Portfolio - Class I (MSVRE)
4,482,977 shares (cost $78,189,492)		36,805,243
Vanguard(R) VIF - Balanced Portfolio (VVB)
62,212 shares (cost $1,059,223)		923,847
Vanguard(R) VIF - Diversified Value Portfolio (VVDV)
105,755 shares (cost $1,399,691)		1,012,073
Vanguard(R) VIF - International Portfolio (VVI)
182,316 shares (cost $3,384,849)		2,151,331
Vanguard(R) VIF - Mid Cap Index Portfolio (VVMCI)
210,778 shares (cost $2,842,254)		1,943,375
Vanguard(R) VIF - Short-Term Investment-Grade Portfolio (VVSTC)
234,568 shares (cost $2,407,750)		2,333,953
Wells Fargo AVT - Discovery Fund(SM) (SVDF)
85,706 shares (cost $1,154,844)		959,056
Wells Fargo AVT - Opportunity Fund(SM) (SVOF)
1,364,172 shares (cost $27,460,394)		13,859,985
Wells Fargo AVT - Small Cap Growth Fund (WFVSCG)
176,402 shares (cost $1,063,477)		733,831
Total Investments		3,234,054,969
Total Assets		3,234,054,969
Accounts Payable		151,674
	$	3,233,903,295
Contract Owners’ Equity:
Accumulation units		3,233,903,295
Total Contract Owners’ Equity (note 8)	$	3,233,903,295

See accompanying notes to financial statements.

10

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS

Year Ended December 31, 2008

Investment Activity:	Total			AVBVI		AVCA		AVCDI		AVIE		ALVGIA		ALVIVA		ALVSVA
Reinvested dividends	$	84,561,489		50,966		-		-		170,333		298,859		369,479		34,876
Asset charges (note 3)		(5,372,650	)	(3,623	)	-		(19,941	)	(81,806	)	(26,017	)	(88,055	)	(2,790	)
Net investment income (loss)		79,188,839		47,343		-		(19,941	)	88,527		272,842		281,424		32,086
Proceeds from mutual fund shares sold		1,252,327,024		2,123,209		641,748		5,751,822		13,735,628		7,030,639		9,551,917		1,997,782
Cost of mutual fund shares sold		(1,316,768,075	)	(2,430,442	)	(666,700	)	(6,689,880	)	(12,916,765	)	(7,972,517	)	(15,643,843	)	(2,230,882	)
Realized gain (loss) on investments		(64,441,051	)	(307,233	)	(24,952	)	(938,058	)	818,863		(941,878	)	(6,091,926	)	(233,100	)
Change in unrealized gain (loss) on investments		(1,787,300,699	)	(4,575,481	)	(635,043	)	(6,874,273	)	(16,773,325	)	(9,189,587	)	(21,079,201	)	(2,153,893	)
Net gain (loss) on investments		(1,851,741,750	)	(4,882,714	)	(659,995	)	(7,812,331	)	(15,954,462	)	(10,131,465	)	(27,171,127	)	(2,386,993	)
Reinvested capital gains		265,246,757		1,102,495		-		1,332,482		411,886		2,544,323		2,037,831		495,807
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,507,306,154	)	(3,732,876	)	(659,995	)	(6,499,790	)	(15,454,049	)	(7,314,300	)	(24,851,872	)	(1,859,100	)
Investment Activity:	ACVIG			ACVIP2		ACVI		ACVI3		ACVMV1		ACVU1		ACVV		ACVVS1
Reinvested dividends	$	421,839		666,076		296,050		81,052		1,765		-		1,388,632		-
Asset charges (note 3)		(8,087	)	-		(38,569	)	-		(45	)	(1,778	)	(42,920	)	(2,028	)
Net investment income (loss)		413,752		666,076		257,481		81,052		1,720		(1,778	)	1,345,712		(2,028	)
Proceeds from mutual fund shares sold		3,678,658		4,262,450		9,538,921		1,418,080		1,190,999		2,533,026		12,526,304		2,296,273
Cost of mutual fund shares sold		(3,355,917	)	(4,227,394	)	(7,069,639	)	(1,340,876	)	(1,405,957	)	(2,724,021	)	(17,223,703	)	(2,732,014	)
Realized gain (loss) on investments		322,741		35,056		2,469,282		77,204		(214,958	)	(190,995	)	(4,697,399	)	(435,741	)
Change in unrealized gain (loss) on investments		(11,498,018	)	(1,411,755	)	(25,813,579	)	(6,681,859	)	(282,036	)	(2,431,983	)	(21,487,997	)	(2,649,965	)
Net gain (loss) on investments		(11,175,277	)	(1,376,699	)	(23,344,297	)	(6,604,655	)	(496,994	)	(2,622,978	)	(26,185,396	)	(3,085,706	)
Reinvested capital gains		2,527,186		-		3,477,537		952,078		-		624,097		7,372,247		198,639
Net increase (decrease) in contract owners’ equity resulting from operations	$	(8,234,339	)	(710,623	)	(19,609,279	)	(5,571,525	)	(495,274	)	(2,000,659	)	(17,467,437	)	(2,889,095	)

(Continued)

11

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	AMVAA2			AMVBD2		AMVGS2		AMVGR2		MLVLC2		CVSSE		WVCP		WIEP
Reinvested dividends	$	23,805		33,917		-		10,153		12,428		-		8,260		32,251
Asset charges (note 3)		(1,081	)	(1,003	)	(549	)	(1,791	)	(5,885	)	(306	)	(120	)	(335	)
Net investment income (loss)		22,724		32,914		(549	)	8,362		6,543		(306	)	8,140		31,916
Proceeds from mutual fund shares sold		58,963		699,165		54,249		322,369		2,728,044		84,075		93,811		375,938
Cost of mutual fund shares sold		(70,863	)	(775,995	)	(125,591	)	(511,952	)	(3,735,529	)	(106,111	)	(78,252	)	(272,919	)
Realized gain (loss) on investments		(11,900	)	(76,830	)	(71,342	)	(189,583	)	(1,007,485	)	(22,036	)	15,559		103,019
Change in unrealized gain (loss) on investments		(242,674	)	(29,824	)	(217,818	)	(468,570	)	11,025		(50,892	)	(292,705	)	(1,064,586	)
Net gain (loss) on investments		(254,574	)	(106,654	)	(289,160	)	(658,153	)	(996,460	)	(72,928	)	(277,146	)	(961,567	)
Reinvested capital gains		29,648		1,410		50,646		120,744		26,100		1,159		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(202,202	)	(72,330	)	(239,063	)	(529,047	)	(963,817	)	(72,075	)	(269,006	)	(929,651	)
Investment Activity:	WGIP			DAVVL		DVMCS		DVSCS		DSIF		DCAP		DSC		DVIV
Reinvested dividends	$	39,352		6,613		7,725		192,899		6,803,934		600,953		4,928		673,870
Asset charges (note 3)		(117	)	(667	)	(1,524	)	(35,982	)	(484,074	)	(26,597	)	-		(63,931	)
Net investment income (loss)		39,235		5,946		6,201		156,917		6,319,860		574,356		4,928		609,939
Proceeds from mutual fund shares sold		402,338		57,272		651,813		5,472,882		66,494,072		9,861,527		145,388		10,736,573
Cost of mutual fund shares sold		(472,280	)	(71,611	)	(905,471	)	(6,798,667	)	(50,675,273	)	(8,318,387	)	(226,270	)	(15,438,156	)
Realized gain (loss) on investments		(69,942	)	(14,339	)	(253,658	)	(1,325,785	)	15,818,799		1,543,140		(80,882	)	(4,701,583	)
Change in unrealized gain (loss) on investments		(661,518	)	(173,146	)	(322,041	)	(10,876,821	)	(163,666,840	)	(13,273,742	)	(205,053	)	(13,304,437	)
Net gain (loss) on investments		(731,460	)	(187,485	)	(575,699	)	(12,202,606	)	(147,848,041	)	(11,730,602	)	(285,935	)	(18,006,020	)
Reinvested capital gains		125,539		10,250		125,095		3,338,301		-		2,238,570		29,526		5,147,830
Net increase (decrease) in contract owners’ equity resulting from operations	$	(566,686	)	(171,289	)	(444,403	)	(8,707,388	)	(141,528,181	)	(8,917,676	)	(251,481	)	(12,248,251	)

(Continued)

12

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	SVSHEB			SVSSVB		FALF		FVCA2P		FVMOS		FQB		FEIS		FF15S
Reinvested dividends	$	16,459		26,279		4,437		1,756		6,586		2,072,489		2,044,682		29,361
Asset charges (note 3)		(1,773	)	(5,643	)	-		-		-		(32,913	)	(79,536	)	(1,599	)
Net investment income (loss)		14,686		20,636		4,437		1,756		6,586		2,039,576		1,965,146		27,762
Proceeds from mutual fund shares sold		297,279		1,398,593		27,198		50,330		1,232,147		14,442,755		12,801,471		63,750
Cost of mutual fund shares sold		(522,699	)	(2,557,142	)	(53,688	)	(48,330	)	(1,316,173	)	(15,037,887	)	(14,141,107	)	(82,001	)
Realized gain (loss) on investments		(225,420	)	(1,158,549	)	(26,490	)	2,000		(84,026	)	(595,132	)	(1,339,636	)	(18,251	)
Change in unrealized gain (loss) on investments		(340,683	)	(1,691,972	)	(140,537	)	(185,047	)	(16,844	)	(3,824,604	)	(45,577,309	)	(274,869	)
Net gain (loss) on investments		(566,103	)	(2,850,521	)	(167,027	)	(183,047	)	(100,870	)	(4,419,736	)	(46,916,945	)	(293,120	)
Reinvested capital gains		119,020		843,807		68,651		10,715		-		-		90,581		28,462
Net increase (decrease) in contract owners’ equity resulting from operations	$	(432,397	)	(1,986,078	)	(93,939	)	(170,576	)	(94,284	)	(2,380,160	)	(44,861,218	)	(236,896	)
Investment Activity:	FF25S			FGS		FHIS		FHISR		FOS		FOSR		FCS		FIP
Reinvested dividends	$	7,855		687,038		1,582,966		181,702		1,033,784		398,857		1,791,086		105,047
Asset charges (note 3)		(514	)	(73,168	)	(15,952	)	-		(69,758	)	-		(224,073	)	(7,729	)
Net investment income (loss)		7,341		613,870		1,567,014		181,702		964,026		398,857		1,567,013		97,318
Proceeds from mutual fund shares sold		34,570		14,216,563		8,173,775		2,117,019		10,382,076		2,668,174		41,477,947		1,123,166
Cost of mutual fund shares sold		(41,824	)	(9,034,720	)	(9,837,209	)	(2,505,519	)	(8,484,624	)	(2,752,614	)	(44,479,965	)	(1,562,813	)
Realized gain (loss) on investments		(7,254	)	5,181,843		(1,663,434	)	(388,500	)	1,897,452		(84,440	)	(3,002,018	)	(439,647	)
Change in unrealized gain (loss) on investments		(104,475	)	(59,635,200	)	(5,012,716	)	(443,840	)	(30,619,099	)	(10,589,282	)	(106,447,811	)	(1,415,432	)
Net gain (loss) on investments		(111,729	)	(54,453,357	)	(6,676,150	)	(832,340	)	(28,721,647	)	(10,673,722	)	(109,449,829	)	(1,855,079	)
Reinvested capital gains		10,967		-		-		-		5,319,862		1,841,509		5,516,799		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(93,421	)	(53,839,487	)	(5,109,136	)	(650,638	)	(22,437,759	)	(8,433,356	)	(102,366,017	)	(1,757,761	)

(Continued)

13

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	FIGBS			FGIS		FGOS		FMCS		FVSS		FNRS2		FF10S		FF20S
Reinvested dividends	$	581,911		-		34,931		135,488		30,534		-		44,313		122,183
Asset charges (note 3)		(4,409	)	(24	)	(2,242	)	(28,237	)	(1,477	)	-		(32	)	(1,344	)
Net investment income (loss)		577,502		(24	)	32,689		107,251		29,057		-		44,281		120,839
Proceeds from mutual fund shares sold		6,299,495		29,761		2,409,501		7,959,679		4,475,834		5,587,817		506,983		628,627
Cost of mutual fund shares sold		(6,523,551	)	(37,510	)	(1,780,588	)	(10,280,653	)	(6,507,802	)	(5,332,558	)	(560,415	)	(787,719	)
Realized gain (loss) on investments		(224,056	)	(7,749	)	628,913		(2,320,974	)	(2,031,968	)	255,259		(53,432	)	(159,092	)
Change in unrealized gain (loss) on investments		(878,509	)	-		(8,114,515	)	(20,681,917	)	(2,944,133	)	(9,827,149	)	(505,036	)	(1,785,136	)
Net gain (loss) on investments		(1,102,565	)	(7,749	)	(7,485,602	)	(23,002,891	)	(4,976,101	)	(9,571,890	)	(558,468	)	(1,944,228	)
Reinvested capital gains		11,500		-		-		5,673,851		1,635,580		470,633		66,308		210,061
Net increase (decrease) in contract owners’ equity resulting from operations	$	(513,563	)	(7,773	)	(7,452,913	)	(17,221,789	)	(3,311,464	)	(9,101,257	)	(447,879	)	(1,613,328	)
Investment Activity:	FF30S			FTVDM3		TIF		TIF2		TIF3		FTVFA2		FTVGI2		FTVGI3
Reinvested dividends	$	56,786		151,739		66,199		352,279		164,729		3,349		22,119		233,513
Asset charges (note 3)		(434	)	-		-		(32,056	)	-		-		(1,521	)	-
Net investment income (loss)		56,352		151,739		66,199		320,223		164,729		3,349		20,598		233,513
Proceeds from mutual fund shares sold		260,505		2,221,775		564,393		8,363,774		719,685		3,823		85,960		3,853,157
Cost of mutual fund shares sold		(286,958	)	(2,491,106	)	(595,891	)	(8,337,514	)	(791,389	)	(5,507	)	(85,961	)	(3,674,502	)
Realized gain (loss) on investments		(26,453	)	(269,331	)	(31,498	)	26,260		(71,704	)	(1,684	)	(1	)	178,655
Change in unrealized gain (loss) on investments		(1,220,170	)	(4,596,789	)	(1,488,551	)	(9,427,721	)	(3,947,571	)	(42,263	)	(4,244	)	(225,501	)
Net gain (loss) on investments		(1,246,623	)	(4,866,120	)	(1,520,049	)	(9,401,461	)	(4,019,275	)	(43,947	)	(4,245	)	(46,846	)
Reinvested capital gains		163,010		1,100,871		239,532		1,441,783		635,903		3,322		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,027,261	)	(3,613,510	)	(1,214,318	)	(7,639,455	)	(3,218,643	)	(37,276	)	16,353		186,667

(Continued)

14

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	FTVIS2			FTVMD2		FTVRDI		FTVSVI		FTVSV2		GVMCE		WRASP		WRGP
Reinvested dividends	$	247,666		1,509		246,107		147,861		50,555		576,098		2,042		-
Asset charges (note 3)		-		(129	)	-		-		(10,943	)	(150,174	)	(268	)	(626	)
Net investment income (loss)		247,666		1,380		246,107		147,861		39,612		425,924		1,774		(626	)
Proceeds from mutual fund shares sold		1,054,036		58,040		2,626,930		1,469,391		2,049,257		29,163,045		49,684		105,629
Cost of mutual fund shares sold		(1,253,633	)	(61,470	)	(2,587,822	)	(1,629,788	)	(2,632,193	)	(39,644,058	)	(64,514	)	(141,724	)
Realized gain (loss) on investments		(199,597	)	(3,430	)	39,108		(160,397	)	(582,936	)	(10,481,013	)	(14,830	)	(36,095	)
Change in unrealized gain (loss) on investments		(1,655,102	)	(17,922	)	(3,991,162	)	(4,661,084	)	(1,378,961	)	(14,754,743	)	(89,911	)	(167,825	)
Net gain (loss) on investments		(1,854,699	)	(21,352	)	(3,952,054	)	(4,821,481	)	(1,961,897	)	(25,235,756	)	(104,741	)	(203,920	)
Reinvested capital gains		103,703		2,827		91,080		799,863		350,132		103,156		33,568		8,776
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,503,330	)	(17,145	)	(3,614,867	)	(3,873,757	)	(1,572,153	)	(24,706,676	)	(69,399	)	(195,770	)
Investment Activity:	WRRESP			WRSTP		JABS		JACAS		JAGTS		JARLCS		JAIGS		JAIGS2
Reinvested dividends	$	2,202		-		200,123		6,439		10,979		3,703		1,535,851		553,994
Asset charges (note 3)		(365	)	(837	)	(16,440	)	(62,761	)	(4,442	)	-		(66,852	)	-
Net investment income (loss)		1,837		(837	)	183,683		(56,322	)	6,537		3,703		1,468,999		553,994
Proceeds from mutual fund shares sold		283,122		129,758		6,552,958		11,063,376		2,983,813		68,430		12,616,149		4,638,721
Cost of mutual fund shares sold		(364,263	)	(175,861	)	(6,864,878	)	(6,694,776	)	(2,446,697	)	(83,365	)	(6,931,744	)	(4,243,688	)
Realized gain (loss) on investments		(81,141	)	(46,103	)	(311,920	)	4,368,600		537,116		(14,935	)	5,684,405		395,033
Change in unrealized gain (loss) on investments		(66,352	)	(187,296	)	(1,914,827	)	(37,016,154	)	(7,484,264	)	(242,489	)	(56,149,301	)	(17,126,656	)
Net gain (loss) on investments		(147,493	)	(233,399	)	(2,226,747	)	(32,647,554	)	(6,947,148	)	(257,424	)	(50,464,896	)	(16,731,623	)
Reinvested capital gains		6,363		24,938		603,351		-		-		31,638		8,232,296		2,970,977
Net increase (decrease) in contract owners’ equity resulting from operations	$	(139,293	)	(209,298	)	(1,439,713	)	(32,703,876	)	(6,940,611	)	(222,083	)	(40,763,601	)	(13,206,652	)

(Continued)

15

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	OGGO			OGMVP		SBVSG		AMTB		BNCAI		LOVMCV		MIGIC		MVRISC
Reinvested dividends	$	-		2,729		-		226,384		-		19,059		22,201		40
Asset charges (note 3)		(12,040	)	(279	)	(165	)	-		(31,367	)	(3,304	)	-		(186	)
Net investment income (loss)		(12,040	)	2,450		(165	)	226,384		(31,367	)	15,755		22,201		(146	)
Proceeds from mutual fund shares sold		7,689,759		2,085		31,039		4,713,101		6,326,805		1,143,381		1,254,416		16,031
Cost of mutual fund shares sold		(10,656,545	)	(5,715	)	(41,930	)	(4,915,401	)	(7,404,515	)	(1,862,247	)	(1,111,574	)	(19,770	)
Realized gain (loss) on investments		(2,966,786	)	(3,630	)	(10,891	)	(202,300	)	(1,077,710	)	(718,866	)	142,842		(3,739	)
Change in unrealized gain (loss) on investments		(148,137	)	(115,404	)	(44,922	)	(861,945	)	(4,879,350	)	(98,152	)	(1,810,696	)	(34,172	)
Net gain (loss) on investments		(3,114,923	)	(119,034	)	(55,813	)	(1,064,245	)	(5,957,060	)	(817,018	)	(1,667,854	)	(37,911	)
Reinvested capital gains		853,551		41,787		724		-		623,887		63,687		181,434		333
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,273,412	)	(74,797	)	(55,254	)	(837,861	)	(5,364,540	)	(737,576	)	(1,464,219	)	(37,724	)
Investment Activity:	MVFIC			MVFSC		GVAAA2		GVABD2		GVAGG2		GVAGR2		GVAGI2		NVCRA1
Reinvested dividends	$	77,102		14,343		95,090		145,928		146,319		148,113		39,487		8,583
Asset charges (note 3)		-		(1,702	)	-		-		-		-		-		-
Net investment income (loss)		77,102		12,641		95,090		145,928		146,319		148,113		39,487		8,583
Proceeds from mutual fund shares sold		1,478,163		1,824,746		474,782		1,091,926		982,502		1,055,418		185,613		429,632
Cost of mutual fund shares sold		(1,501,795	)	(1,987,443	)	(535,319	)	(1,208,502	)	(1,037,681	)	(1,203,605	)	(263,205	)	(578,809	)
Realized gain (loss) on investments		(23,632	)	(162,697	)	(60,537	)	(116,576	)	(55,179	)	(148,187	)	(77,592	)	(149,177	)
Change in unrealized gain (loss) on investments		(2,829,368	)	(236,380	)	(1,338,937	)	(324,421	)	(2,766,102	)	(4,212,956	)	(689,449	)	(104,586	)
Net gain (loss) on investments		(2,853,000	)	(399,077	)	(1,399,474	)	(440,997	)	(2,821,281	)	(4,361,143	)	(767,041	)	(253,763	)
Reinvested capital gains		260,163		58,650		44,225		2,005		177,920		425,788		529		6,286
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,515,735	)	(327,786	)	(1,260,159	)	(293,064	)	(2,497,042	)	(3,787,242	)	(727,025	)	(238,894	)

(Continued)

16

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	NVCRB1			NVCCA1		NVCCN1		NVCMD1		NVCMA1		NVCMC1		NVCBD1		HIBF
Reinvested dividends	$	4,809		5,387		3,653		7,925		16,044		2,407		3,407		1,781,742
Asset charges (note 3)		-		-		-		-		-		-		-		(38,756	)
Net investment income (loss)		4,809		5,387		3,653		7,925		16,044		2,407		3,407		1,742,986
Proceeds from mutual fund shares sold		98,157		25,115		320,495		199,765		787,928		6,930		85,388		8,940,341
Cost of mutual fund shares sold		(105,102	)	(36,970	)	(347,213	)	(237,787	)	(851,140	)	(8,488	)	(87,140	)	(10,464,224	)
Realized gain (loss) on investments		(6,945	)	(11,855	)	(26,718	)	(38,022	)	(63,212	)	(1,558	)	(1,752	)	(1,523,883	)
Change in unrealized gain (loss) on investments		(22,948	)	(126,362	)	(15,304	)	(84,562	)	(340,993	)	3,794		2,744		(6,224,368	)
Net gain (loss) on investments		(29,893	)	(138,217	)	(42,022	)	(122,584	)	(404,205	)	2,236		992		(7,748,251	)
Reinvested capital gains		2,502		4,934		516		4,218		17,352		840		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(22,582	)	(127,896	)	(37,853	)	(110,441	)	(370,809	)	5,483		4,399		(6,005,265	)
Investment Activity:	HIBF3			GEM		GEM3		GVGU1		GIG		GIG3		NVIE6		GEF
Reinvested dividends	$	681,184		437,397		199,623		136,936		129,015		1,697		566		39,968
Asset charges (note 3)		-		(80,061	)	-		(2,413	)	(3,606	)	-		-		(1,618	)
Net investment income (loss)		681,184		357,336		199,623		134,523		125,409		1,697		566		38,350
Proceeds from mutual fund shares sold		12,583,196		14,571,327		5,543,474		2,411,837		3,948,957		131,711		8,699		1,771,927
Cost of mutual fund shares sold		(13,755,302	)	(14,822,992	)	(4,672,107	)	(2,883,507	)	(3,597,602	)	(157,634	)	(12,003	)	(1,361,781	)
Realized gain (loss) on investments		(1,172,106	)	(251,665	)	871,367		(471,670	)	351,355		(25,923	)	(3,304	)	410,146
Change in unrealized gain (loss) on investments		(1,576,546	)	(36,615,968	)	(17,624,735	)	(1,543,783	)	(6,955,844	)	(75,860	)	(30,880	)	(4,484,104	)
Net gain (loss) on investments		(2,748,652	)	(36,867,633	)	(16,753,368	)	(2,015,453	)	(6,604,489	)	(101,783	)	(34,184	)	(4,073,958	)
Reinvested capital gains		-		8,032,732		3,501,526		56,626		1,330,793		24,894		7,996		1,004,518
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,067,468	)	(28,477,565	)	(13,052,219	)	(1,824,304	)	(5,148,287	)	(75,192	)	(25,622	)	(3,031,090	)

(Continued)

17

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	GVGF1			GBF		CAF		GVGH1		GVGHS		GVIX2		GVIX6		GVIDA
Reinvested dividends	$	60,465		5,066,706		43,924		7,343		7,181		23,164		13,096		621,298
Asset charges (note 3)		(2,670	)	(175,359	)	(2,913	)	(2,702	)	-		(4,236	)	-		(21,679	)
Net investment income (loss)		57,795		4,891,347		41,011		4,641		7,181		18,928		13,096		599,619
Proceeds from mutual fund shares sold		2,590,532		28,485,627		1,425,803		2,485,133		1,278,938		1,815,752		153,616		5,508,095
Cost of mutual fund shares sold		(4,062,230	)	(28,876,510	)	(1,298,868	)	(2,515,600	)	(1,412,493	)	(2,019,748	)	(187,903	)	(6,205,966	)
Realized gain (loss) on investments		(1,471,698	)	(390,883	)	126,935		(30,467	)	(133,555	)	(203,996	)	(34,287	)	(697,871	)
Change in unrealized gain (loss) on investments		(463,964	)	4,017,269		(7,585,727	)	(1,118,755	)	(952,956	)	(339,766	)	(362,215	)	(18,129,999	)
Net gain (loss) on investments		(1,935,662	)	3,626,386		(7,458,792	)	(1,149,222	)	(1,086,511	)	(543,762	)	(396,502	)	(18,827,870	)
Reinvested capital gains		-		-		-		230,802		250,351		1,405		1,033		5,187,862
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,877,867	)	8,517,733		(7,417,781	)	(913,779	)	(828,979	)	(523,429	)	(382,373	)	(13,040,389	)
Investment Activity:	GVIDC			GVIDM		GVDMA		GVDMC		BF		NVLCP1		SGRF		MCIF
Reinvested dividends	$	693,394		1,890,203		1,918,405		848,012		391,166		1,613		-		770,003
Asset charges (note 3)		(25,099	)	(36,809	)	(18,868	)	(55,474	)	(8,114	)	-		(2,953	)	(75,755	)
Net investment income (loss)		668,295		1,853,394		1,899,537		792,538		383,052		1,613		(2,953	)	694,248
Proceeds from mutual fund shares sold		3,931,283		10,746,587		6,938,024		22,388,424		3,881,577		9,872		4,068,791		25,469,346
Cost of mutual fund shares sold		(4,110,671	)	(10,648,060	)	(7,543,344	)	(23,531,877	)	(3,943,475	)	(10,106	)	(3,655,350	)	(25,325,548	)
Realized gain (loss) on investments		(179,388	)	98,527		(605,320	)	(1,143,453	)	(61,898	)	(234	)	413,441		143,798
Change in unrealized gain (loss) on investments		(2,270,607	)	(24,869,374	)	(37,181,566	)	(4,816,383	)	(6,090,269	)	4,089		(7,610,626	)	(29,419,372	)
Net gain (loss) on investments		(2,449,995	)	(24,770,847	)	(37,786,886	)	(5,959,836	)	(6,152,167	)	3,855		(7,197,185	)	(29,275,574	)
Reinvested capital gains		451,853		5,784,847		8,097,876		959,038		1,615,670		-		-		3,794,309
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,329,847	)	(17,132,606	)	(27,789,473	)	(4,208,260	)	(4,153,445	)	5,468		(7,200,138	)	(24,787,017	)

(Continued)

18

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	SAM			SAM5		NVMIG3		GVDIVI		GVDIV3		NVMLG1		NVMLV1		NVMMG1
Reinvested dividends	$	2,598,471		7,615,469		7		28,833		128,039		51		1,065		-
Asset charges (note 3)		(23,868	)	(795,715	)	-		-		-		-		-		(58	)
Net investment income (loss)		2,574,603		6,819,754		7		28,833		128,039		51		1,065		(58	)
Proceeds from mutual fund shares sold		62,912,956		165,973,848		17,999		298,737		1,396,339		43,910		27,534		803,992
Cost of mutual fund shares sold		(62,912,956	)	(165,973,848	)	(21,453	)	(375,287	)	(1,553,990	)	(46,438	)	(30,188	)	(836,116	)
Realized gain (loss) on investments		-		-		(3,454	)	(76,550	)	(157,651	)	(2,528	)	(2,654	)	(32,124	)
Change in unrealized gain (loss) on investments		-		-		(2,935	)	(1,132,458	)	(5,223,038	)	(7,223	)	(9,985	)	(1,417	)
Net gain (loss) on investments		-		-		(6,389	)	(1,209,008	)	(5,380,689	)	(9,751	)	(12,639	)	(33,541	)
Reinvested capital gains		-		-		-		240,731		1,087,474		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,574,603		6,819,754		(6,382	)	(939,444	)	(4,165,176	)	(9,700	)	(11,574	)	(33,599	)
Investment Activity:	NVMMV1			NVMMV2		SCGF		SCVF		SCF		TRF		GVUS1		NVNMO1
Reinvested dividends	$	11		49		-		521,776		656,000		5,123,727		13,588		-
Asset charges (note 3)		-		-		(13,425	)	(33,271	)	(101,823	)	(320,134	)	(756	)	-
Net investment income (loss)		11		49		(13,425	)	488,505		554,177		4,803,593		12,832		-
Proceeds from mutual fund shares sold		-		7,506		8,012,779		18,012,635		17,364,869		6,801,082		786,745		8,827
Cost of mutual fund shares sold		-		(8,362	)	(9,152,986	)	(24,637,495	)	(22,791,825	)	(5,444,189	)	(1,035,845	)	(16,565	)
Realized gain (loss) on investments		-		(856	)	(1,140,207	)	(6,624,860	)	(5,426,956	)	1,356,893		(249,100	)	(7,738	)
Change in unrealized gain (loss) on investments		81		(160	)	(9,003,247	)	(10,935,610	)	(45,734,209	)	(245,372,431	)	(895,663	)	(168	)
Net gain (loss) on investments		81		(1,016	)	(10,143,454	)	(17,560,470	)	(51,161,165	)	(244,015,538	)	(1,144,763	)	(7,906	)
Reinvested capital gains		-		-		-		-		15,926,545		59,388,629		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	92		(967	)	(10,156,879	)	(17,071,965	)	(34,680,443	)	(179,823,316	)	(1,131,931	)	(7,906	)

(Continued)

19

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	NVNSR1			NVSTB2		GGTC		GGTC3		GVUG1		EIF		MSBF		NVRE1
Reinvested dividends	$	108		10,320		-		-		-		231,545		1,073,514		2,895
Asset charges (note 3)		-		-		(8,064	)	-		(4,341	)	(1,690	)	(16,925	)	-
Net investment income (loss)		108		10,320		(8,064	)	-		(4,341	)	229,855		1,056,589		2,895
Proceeds from mutual fund shares sold		545		350,690		2,463,480		1,821,062		2,751,698		2,437,631		14,402,289		46,686
Cost of mutual fund shares sold		(757	)	(349,584	)	(2,605,054	)	(2,070,267	)	(3,070,492	)	(2,627,023	)	(15,857,328	)	(54,179	)
Realized gain (loss) on investments		(212	)	1,106		(141,574	)	(249,205	)	(318,794	)	(189,392	)	(1,455,039	)	(7,493	)
Change in unrealized gain (loss) on investments		(12,894	)	(996	)	(3,735,503	)	(1,724,987	)	(3,986,197	)	(5,113,403	)	(3,180,202	)	(38,458	)
Net gain (loss) on investments		(13,106	)	110		(3,877,077	)	(1,974,192	)	(4,304,991	)	(5,302,795	)	(4,635,241	)	(45,951	)
Reinvested capital gains		-		-		730,340		343,893		1,191,538		166,922		358,044		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(12,998	)	10,430		(3,154,801	)	(1,630,299	)	(3,117,794	)	(4,906,018	)	(3,220,608	)	(43,056	)
Investment Activity:	AMGP			AMINS		AMCG		AMTP		AMRI		AMRS		AMFAS		AMSRS
Reinvested dividends	$	56,434		-		-		76,567		41,011		9,627		-		78,334
Asset charges (note 3)		(4,111	)	-		(20,752	)	(3,212	)	(3,888	)	-		(1,252	)	-
Net investment income (loss)		52,323		-		(20,752	)	73,355		37,123		9,627		(1,252	)	78,334
Proceeds from mutual fund shares sold		2,362,138		847,786		5,381,832		4,938,376		1,244,035		346,791		565,510		990,130
Cost of mutual fund shares sold		(1,755,033	)	(979,578	)	(2,948,540	)	(5,359,731	)	(1,749,287	)	(368,140	)	(655,849	)	(891,227	)
Realized gain (loss) on investments		607,105		(131,792	)	2,433,292		(421,355	)	(505,252	)	(21,349	)	(90,339	)	98,903
Change in unrealized gain (loss) on investments		(5,426,146	)	(1,655,919	)	(23,546,784	)	(11,677,741	)	(828,907	)	(533,333	)	(721,945	)	(2,095,483	)
Net gain (loss) on investments		(4,819,041	)	(1,787,711	)	(21,113,492	)	(12,099,096	)	(1,334,159	)	(554,682	)	(812,284	)	(1,996,580	)
Reinvested capital gains		386,741		(47	)	-		2,415,975		7,577		2,094		57,762		267,832
Net increase (decrease) in contract owners’ equity resulting from operations	$	(4,379,977	)	(1,787,758	)	(21,134,244	)	(9,609,766	)	(1,289,459	)	(542,961	)	(755,774	)	(1,650,414	)

(Continued)

20

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	OVGR			OVGS3		OVGS		OVHI3		OVHI		OVSC		OVGI		OVAG
Reinvested dividends	$	150,815		261,264		960,485		58,804		149,441		23,275		515,060		-
Asset charges (note 3)		(142,502	)	-		(114,927	)	-		-		-		(10,427	)	(23,328	)
Net investment income (loss)		8,313		261,264		845,558		58,804		149,441		23,275		504,633		(23,328	)
Proceeds from mutual fund shares sold		23,244,831		3,088,177		19,065,143		923,712		584,089		843,513		6,872,040		8,359,352
Cost of mutual fund shares sold		(18,676,358	)	(3,377,472	)	(20,030,296	)	(1,082,969	)	(750,280	)	(940,763	)	(5,733,890	)	(6,631,499	)
Realized gain (loss) on investments		4,568,473		(289,295	)	(965,153	)	(159,257	)	(166,191	)	(97,250	)	1,138,150		1,727,853
Change in unrealized gain (loss) on investments		(62,205,433	)	(9,114,516	)	(34,242,609	)	(1,000,576	)	(1,660,237	)	(2,212,248	)	(19,355,708	)	(21,121,810	)
Net gain (loss) on investments		(57,636,960	)	(9,403,811	)	(35,207,762	)	(1,159,833	)	(1,826,428	)	(2,309,498	)	(18,217,558	)	(19,393,957	)
Reinvested capital gains		-		1,150,196		4,220,261		-		-		258,437		2,237,977		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(57,628,647	)	(7,992,351	)	(30,141,943	)	(1,101,029	)	(1,676,987	)	(2,027,786	)	(15,474,948	)	(19,417,285	)
Investment Activity:	OVSB			PMVAAA		PMVLDA		PMVRRA		PMVTRA		PIVEMI		PIHYB1		PVGIB
Reinvested dividends	$	38,483		78,920		1,831,667		2,236,199		7,625,148		287		1,229,301		16,107
Asset charges (note 3)		(1,935	)	(4,278	)	(103,356	)	(176,882	)	(406,887	)	(139	)	(31,360	)	-
Net investment income (loss)		36,548		74,642		1,728,311		2,059,317		7,218,261		148		1,197,941		16,107
Proceeds from mutual fund shares sold		669,672		2,092,201		24,210,437		26,113,918		51,800,891		54,769		5,037,115		272,113
Cost of mutual fund shares sold		(791,626	)	(2,655,303	)	(24,629,634	)	(28,137,307	)	(51,445,899	)	(111,263	)	(6,001,042	)	(380,387	)
Realized gain (loss) on investments		(121,954	)	(563,102	)	(419,197	)	(2,023,389	)	354,992		(56,494	)	(963,927	)	(108,274	)
Change in unrealized gain (loss) on investments		(132,574	)	11,957		(2,328,192	)	(5,605,641	)	(3,481,322	)	(17,307	)	(6,240,402	)	(415,966	)
Net gain (loss) on investments		(254,528	)	(551,145	)	(2,747,389	)	(7,629,030	)	(3,126,330	)	(73,801	)	(7,204,329	)	(524,240	)
Reinvested capital gains		8,893		1,935		711,450		93,651		3,186,763		11,846		144,329		138,494
Net increase (decrease) in contract owners’ equity resulting from operations	$	(209,087	)	(474,568	)	(307,628	)	(5,476,062	)	7,278,694		(61,807	)	(5,862,059	)	(369,639	)

(Continued)

21

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	PVTIGB			PVOEGB		PVTSCB		PVTVB		ROCMC		ROCSC		TRBCG2		TREI2
Reinvested dividends	$	47,275		-		-		-		1,049,742		716		3,503		1,722,330
Asset charges (note 3)		-		(101	)	-		-		(102,016	)	(280	)	(457	)	(182,864	)
Net investment income (loss)		47,275		(101	)	-		-		947,726		436		3,046		1,539,466
Proceeds from mutual fund shares sold		1,172,175		62,553		28		60,561		20,739,625		154,112		780,476		31,839,298
Cost of mutual fund shares sold		(1,449,780	)	(80,519	)	(33	)	(62,519	)	(25,677,152	)	(182,026	)	(839,978	)	(38,011,870	)
Realized gain (loss) on investments		(277,605	)	(17,966	)	(5	)	(1,958	)	(4,937,527	)	(27,914	)	(59,502	)	(6,172,572	)
Change in unrealized gain (loss) on investments		(1,264,839	)	(7,288	)	(185	)	(127,926	)	(22,022,108	)	(27,164	)	(1,474,808	)	(31,210,378	)
Net gain (loss) on investments		(1,542,444	)	(25,254	)	(190	)	(129,884	)	(26,959,635	)	(55,078	)	(1,534,310	)	(37,382,950	)
Reinvested capital gains		363,224		-		-		-		4,399,048		9,209		-		2,480,253
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,131,945	)	(25,355	)	(190	)	(129,884	)	(21,612,861	)	(45,433	)	(1,531,264	)	(33,363,231	)
Investment Activity:	TRHS2			TRLT2		TRMCG2		TRNAG1		TRPSB1		DSRG		MSVEG		VWEM
Reinvested dividends	$	-		59,606		-		-		12,111		93,309		3		-
Asset charges (note 3)		(2,656	)	-		(51,496	)	(35,943	)	(721	)	(1,777	)	(184	)	(14,781	)
Net investment income (loss)		(2,656	)	59,606		(51,496	)	(35,943	)	11,390		91,532		(181	)	(14,781	)
Proceeds from mutual fund shares sold		523,375		411,147		9,843,314		11,076,399		736,824		1,554,436		25,502		8,406,612
Cost of mutual fund shares sold		(668,211	)	(408,449	)	(12,322,541	)	(12,452,617	)	(803,024	)	(1,592,279	)	(38,861	)	(12,933,133	)
Realized gain (loss) on investments		(144,836	)	2,698		(2,479,227	)	(1,376,218	)	(66,200	)	(37,843	)	(13,359	)	(4,526,521	)
Change in unrealized gain (loss) on investments		(376,879	)	(49,239	)	(9,104,416	)	(3,452,913	)	(106,121	)	(4,914,476	)	(108,805	)	(23,938,240	)
Net gain (loss) on investments		(521,715	)	(46,541	)	(11,583,643	)	(4,829,131	)	(172,321	)	(4,952,319	)	(122,164	)	(28,464,761	)
Reinvested capital gains		15,673		-		1,211,901		491,458		2,733		-		-		10,596,053
Net increase (decrease) in contract owners’ equity resulting from operations	$	(508,698	)	13,065		(10,423,238	)	(4,373,616	)	(158,198	)	(4,860,787	)	(122,345	)	(17,883,489	)

(Continued)

22

Nationwide VLI Separate Account-4

STATEMENTS OF OPERATIONS, Continued

Year Ended December 31, 2008

Investment Activity:	VWHA			MSVFI		MSEM		VKVGR2		MSVMG		MSVRE		VVB		VVDV
Reinvested dividends	$	89,221		154,326		834,643		17,295		72,673		1,998,389		-		-
Asset charges (note 3)		(35,003	)	-		(14,749	)	(1,091	)	(16,053	)	(66,442	)	(1,229	)	(1,565	)
Net investment income (loss)		54,218		154,326		819,894		16,204		56,620		1,931,947		(1,229	)	(1,565	)
Proceeds from mutual fund shares sold		18,699,377		1,160,138		5,223,033		1,274,603		2,514,261		23,264,504		320,787		238,552
Cost of mutual fund shares sold		(19,321,613	)	(1,267,808	)	(6,065,028	)	(1,520,005	)	(3,496,056	)	(32,063,956	)	(430,161	)	(327,651	)
Realized gain (loss) on investments		(622,236	)	(107,670	)	(841,995	)	(245,402	)	(981,795	)	(8,799,452	)	(109,374	)	(89,099	)
Change in unrealized gain (loss) on investments		(21,816,757	)	(413,202	)	(2,401,089	)	(97,237	)	(7,029,521	)	(37,903,882	)	(135,377	)	(387,618	)
Net gain (loss) on investments		(22,438,993	)	(520,872	)	(3,243,084	)	(342,639	)	(8,011,316	)	(46,703,334	)	(244,751	)	(476,717	)
Reinvested capital gains		4,885,678		-		481,742		40,355		2,360,835		21,917,133		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(17,499,097	)	(366,546	)	(1,941,448	)	(286,080	)	(5,593,861	)	(22,854,254	)	(245,980	)	(478,282	)
Investment Activity:	VVI			VVMCI		VVSTC		SVDF		SVOF		WFVSCG
Reinvested dividends	$	-		-		-		-		403,938		-
Asset charges (note 3)		(3,937	)	(3,403	)	(2,912	)	(266	)	(15,916	)	(1,482	)
Net investment income (loss)		(3,937	)	(3,403	)	(2,912	)	(266	)	388,022		(1,482	)
Proceeds from mutual fund shares sold		825,547		689,283		937,864		299,128		5,333,523		289,675
Cost of mutual fund shares sold		(1,358,259	)	(1,049,903	)	(989,942	)	(329,441	)	(6,288,524	)	(526,049	)
Realized gain (loss) on investments		(532,712	)	(360,620	)	(52,078	)	(30,313	)	(955,001	)	(236,374	)
Change in unrealized gain (loss) on investments		(1,233,518	)	(898,879	)	(73,797	)	(195,789	)	(13,787,129	)	(329,646	)
Net gain (loss) on investments		(1,766,230	)	(1,259,499	)	(125,875	)	(226,102	)	(14,742,130	)	(566,020	)
Reinvested capital gains		-		-		-		-		4,767,838		195,059
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,770,167	)	(1,262,902	)	(128,787	)	(226,368	)	(9,586,270	)	(372,443	)

See accompanying notes to financial statements.

23

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2008 and 2007

	Total					AVBVI				AVCA				AVCDI
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	79,188,839		85,461,783		47,343		43,908		-		-		(19,941	)	(26,701	)
Realized gain (loss) on investments		(64,441,051	)	207,586,387		(307,233	)	348,417		(24,952	)	74,023		(938,058	)	1,048,026
Change in unrealized gain (loss) on investments		(1,787,300,699	)	(135,244,323	)	(4,575,481	)	(710,460	)	(635,043	)	106,701		(6,874,273	)	(966,703	)
Reinvested capital gains		265,246,757		219,084,030		1,102,495		470,561		-		-		1,332,482		1,262,845
Net increase (decrease) in contract owners’ equity resulting from operations		(1,507,306,154	)	376,887,877		(3,732,876	)	152,426		(659,995	)	180,724		(6,499,790	)	1,317,467
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		354,312,622		417,190,529		678,683		1,197,541		193,096		250,700		754,828		1,151,457
Transfers between funds		-		-		(904,300	)	(748,208	)	(389,819	)	(121,938	)	(2,885,546	)	1,923,219
Surrenders (note 6)		(249,501,663	)	(256,215,304	)	(213,281	)	(641,252	)	(55,110	)	(18,388	)	(228,022	)	(719,451	)
Death benefits (note 4)		(9,350,811	)	(11,792,491	)	(1,384	)	(26,674	)	-		(154	)	(11,234	)	(31,305	)
Net policy repayments (loans) (note 5)		(32,613,869	)	(29,372,844	)	(12,791	)	(34,194	)	(5,773	)	(14,072	)	(27,582	)	(31,954	)
Deductions for surrender charges (note 2d)		(5,918,247	)	(6,501,412	)	(31,670	)	(29,400	)	(11,388	)	(6,471	)	(13,506	)	(15,744	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(126,435,392	)	(128,028,675	)	(285,368	)	(356,962	)	(78,422	)	(87,879	)	(310,462	)	(437,771	)
Asset charges (note 3):
FPVUL & VEL contracts		(5,877,081	)	(6,839,415	)	(17,045	)	(22,990	)	(4,498	)	(5,437	)	(11,480	)	(15,294	)
MSP contracts		(304,548	)	(318,936	)	(345	)	(395	)	(182	)	(195	)	(323	)	(359	)
SL contracts or LSFP contracts		(1,120,126	)	(1,297,927	)	(2,028	)	(2,809	)	(1,818	)	(2,236	)	(1,096	)	(1,105	)
Adjustments to maintain reserves		(110,891	)	(24,315	)	531		34		(199	)	6		(2,240	)	916
Net equity transactions		(76,920,006	)	(23,200,790	)	(788,998	)	(665,309	)	(354,113	)	(6,064	)	(2,736,663	)	1,822,608
Net change in contract owners’ equity		(1,584,226,160	)	353,687,087		(4,521,874	)	(512,883	)	(1,014,108	)	174,660		(9,236,453	)	3,140,075
Contract owners’ equity beginning of period		4,818,129,455		4,464,442,368		8,061,764		8,574,647		1,735,690		1,561,030		15,790,110		12,650,035
Contract owners’ equity end of period	$	3,233,903,295		4,818,129,455		3,539,890		8,061,764		721,582		1,735,690		6,553,657		15,790,110
CHANGES IN UNITS:
Beginning units		307,056,666		307,762,808		455,382		491,676		101,352		102,104		733,388		650,168
Units purchased		69,158,972		70,093,417		61,865		94,233		16,781		17,135		116,206		183,074
Units redeemed		(69,176,952	)	(70,799,559	)	(102,881	)	(130,527	)	(44,864	)	(17,887	)	(274,173	)	(99,854	)
Ending units		307,038,686		307,056,666		414,366		455,382		73,269		101,352		575,421		733,388

(Continued)

24

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	AVIE					ALVGIA				ALVIVA				ALVSVA
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	88,527		61,812		272,842		251,947		281,424		211,324		32,086		45,628
Realized gain (loss) on investments		818,863		1,596,611		(941,878	)	591,281		(6,091,926	)	677,301		(233,100	)	202,495
Change in unrealized gain (loss) on investments		(16,773,325	)	1,281,739		(9,189,587	)	(848,511	)	(21,079,201	)	(1,000,621	)	(2,153,893	)	(661,993	)
Reinvested capital gains		411,886		-		2,544,323		1,017,690		2,037,831		932,439		495,807		346,724
Net increase (decrease) in contract owners’ equity resulting from operations		(15,454,049	)	2,940,162		(7,314,300	)	1,012,407		(24,851,872	)	820,443		(1,859,100	)	(67,146	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,504,764		2,910,438		993,170		1,244,527		2,954,187		572,520		660,079		352,912
Transfers between funds		2,442,403		11,396,412		(980,081	)	863,443		16,470,977		19,294,463		414,837		2,409,121
Surrenders (note 6)		(1,640,799	)	(335,911	)	(3,492,018	)	(1,212,807	)	(415,232	)	(7,839	)	(378,852	)	(217,939	)
Death benefits (note 4)		(15,227	)	(21,095	)	(42,645	)	(14,872	)	(23,915	)	(56,986	)	(2,356	)	(5,672	)
Net policy repayments (loans) (note 5)		(674,107	)	(242,049	)	(190,144	)	(118,508	)	(16,455	)	(35,361	)	14,542		(7,831	)
Deductions for surrender charges (note 2d)		-		-		(10,141	)	(9,122	)	-		-		(10,346	)	(15,937	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(527,462	)	(427,246	)	(273,538	)	(358,485	)	(546,479	)	(308,813	)	(166,604	)	(161,134	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-		(11,522	)	(14,823	)	-		-		(11,978	)	(15,421	)
MSP contracts		-		-		(85	)	(121	)	-		-		(273	)	(331	)
SL contracts or LSFP contracts		-		-		(1,611	)	(1,930	)	-		-		(1,991	)	(2,042	)
Adjustments to maintain reserves		(3,999	)	886		(954	)	596		(1,802	)	1,897		(402	)	(11	)
Net equity transactions		2,085,573		13,281,435		(4,009,569	)	377,898		18,421,281		19,459,881		516,656		2,335,715
Net change in contract owners’ equity		(13,368,476	)	16,221,597		(11,323,869	)	1,390,305		(6,430,591	)	20,280,324		(1,342,444	)	2,268,569
Contract owners’ equity beginning of period		35,890,353		19,668,756		21,350,544		19,960,239		32,562,696		12,282,372		5,653,964		3,385,395
Contract owners’ equity end of period	$	22,521,877		35,890,353		10,026,675		21,350,544		26,132,105		32,562,696		4,311,520		5,653,964
CHANGES IN UNITS:
Beginning units		1,750,012		1,098,252		1,127,146		1,107,894		2,725,346		1,085,100		276,826		168,136
Units purchased		716,633		850,615		124,500		472,578		2,478,645		1,879,153		98,801		129,927
Units redeemed		(621,795	)	(198,855	)	(359,790	)	(453,326	)	(520,868	)	(238,907	)	(47,459	)	(21,237	)
Ending units		1,844,850		1,750,012		891,856		1,127,146		4,683,123		2,725,346		328,168		276,826

(Continued)

25

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	ACVIG					ACVIP2				ACVI				ACVI3
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	413,752		511,828		666,076		296,823		257,481		284,353		81,052		61,541
Realized gain (loss) on investments		322,741		2,565,198		35,056		(46,841	)	2,469,282		5,761,892		77,204		148,430
Change in unrealized gain (loss) on investments		(11,498,018	)	(3,011,606	)	(1,411,755	)	393,108		(25,813,579	)	1,798,877		(6,681,859	)	1,432,507
Reinvested capital gains		2,527,186		-		-		-		3,477,537		-		952,078		-
Net increase (decrease) in contract owners’ equity resulting from operations		(8,234,339	)	65,420		(710,623	)	643,090		(19,609,279	)	7,845,122		(5,571,525	)	1,642,478
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,416,534		1,912,420		1,932,422		586,693		618,884		1,129,512		1,731,418		2,004,931
Transfers between funds		(1,104,166	)	(2,582,550	)	10,918,151		70,579		(1,613,073	)	(3,168,405	)	(418,966	)	1,486,520
Surrenders (note 6)		(1,530,492	)	(1,531,841	)	(438,886	)	(286,864	)	(2,316,247	)	(4,446,804	)	(700,271	)	(454,710	)
Death benefits (note 4)		(190,033	)	(37,993	)	(388	)	(27,458	)	(95,546	)	(45,503	)	(64,410	)	(5,183	)
Net policy repayments (loans) (note 5)		(43,973	)	(177,542	)	(202,460	)	(59,228	)	(255,864	)	(344,380	)	85,585		13,108
Deductions for surrender charges (note 2d)		(66,767	)	(76,984	)	(26,158	)	(30,809	)	(34,952	)	(54,603	)	(30,035	)	(33,510	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(968,369	)	(1,114,346	)	(413,495	)	(268,880	)	(1,288,114	)	(1,414,634	)	(577,322	)	(521,041	)
Asset charges (note 3):
FPVUL & VEL contracts		(59,962	)	(80,140	)	(25,806	)	(22,072	)	(50,189	)	(67,758	)	(37,215	)	(37,100	)
MSP contracts		(2,178	)	(3,709	)	(966	)	(538	)	(2,236	)	(2,679	)	(455	)	(267	)
SL contracts or LSFP contracts		(11,070	)	(14,574	)	(23,222	)	(4,114	)	(9,635	)	(12,923	)	(5,044	)	(4,937	)
Adjustments to maintain reserves		(502	)	161		338		(693	)	1,053		399		(305	)	73
Net equity transactions		(2,560,978	)	(3,707,098	)	11,719,530		(43,383	)	(5,045,919	)	(8,427,778	)	(17,020	)	(2,447,883	)
Net change in contract owners’ equity		(10,795,317	)	(3,641,678	)	11,008,907		599,707		(24,655,198	)	(582,656	)	(5,588,545	)	4,090,361
Contract owners’ equity beginning of period		25,727,927		29,369,605		6,857,769		6,258,062		48,720,936		49,303,592		12,099,920		8,009,559
Contract owners’ equity end of period	$	14,932,610		25,727,927		17,866,676		6,857,769		24,065,738		48,720,936		6,511,375		12,099,920
CHANGES IN UNITS:
Beginning units		1,557,702		1,778,146		555,690		555,240		2,830,064		3,354,086		702,238		548,782
Units purchased		122,432		200,389		1,008,618		145,441		161,571		289,620		141,038		224,236
Units redeemed		(302,138	)	(420,833	)	(93,187	)	(144,991	)	(428,191	)	(813,642	)	(158,394	)	(70,780	)
Ending units		1,377,996		1,557,702		1,471,121		555,690		2,563,444		2,830,064		684,882		702,238

(Continued)

26

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	ACVMV1					ACVU1				ACVV				ACVVS1
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	1,720		17,552		(1,778	)	(2,826	)	1,345,712		1,146,462		(2,028	)	(1,573	)
Realized gain (loss) on investments		(214,958	)	84,641		(190,995	)	101,810		(4,697,399	)	1,847,610		(435,741	)	149,244
Change in unrealized gain (loss) on investments		(282,036	)	(281,936	)	(2,431,983	)	772,249		(21,487,997	)	(12,797,015	)	(2,649,965	)	352,778
Reinvested capital gains		-		36,360		624,097		-		7,372,247		6,248,743		198,639		-
Net increase (decrease) in contract owners’ equity resulting from operations		(495,274	)	(143,383	)	(2,000,659	)	871,233		(17,467,437	)	(3,554,200	)	(2,889,095	)	500,449
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		324,352		245,102		448,760		733,652		4,823,008		6,271,631		516,181		285,433
Transfers between funds		(6,246	)	1,178,146		(1,306,825	)	911,467		(3,231,628	)	(1,015,182	)	747,552		4,544,583
Surrenders (note 6)		(194,757	)	(43,795	)	(145,283	)	(401,827	)	(4,571,675	)	(4,735,105	)	(399,396	)	(122,930	)
Death benefits (note 4)		-		(1,833	)	(7,417	)	(97,580	)	(147,725	)	(157,391	)	(745	)	-
Net policy repayments (loans) (note 5)		(9,526	)	(36,091	)	(31,965	)	17,070		(235,198	)	(746,037	)	(19,896	)	(25,416	)
Deductions for surrender charges (note 2d)		(6,118	)	(2,369	)	(10,461	)	(23,662	)	(151,004	)	(126,136	)	(6,505	)	(1,382	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(109,028	)	(106,743	)	(194,006	)	(205,932	)	(2,224,770	)	(2,586,369	)	(168,664	)	(55,422	)
Asset charges (note 3):
FPVUL & VEL contracts		(6,661	)	(8,168	)	(9,889	)	(11,192	)	(140,594	)	(186,534	)	(10,567	)	(4,984	)
MSP contracts		(415	)	(402	)	(266	)	(237	)	(4,101	)	(5,553	)	(234	)	(82	)
SL contracts or LSFP contracts		(1,109	)	(1,231	)	(1,283	)	(1,442	)	(22,819	)	(34,123	)	(1,613	)	(571	)
Adjustments to maintain reserves		(271	)	28		6,318		(9,407	)	1,214		177		(251	)	66
Net equity transactions		(9,779	)	1,222,644		(1,252,317	)	910,910		(5,905,292	)	(3,320,623	)	655,862		4,619,295
Net change in contract owners’ equity		(505,053	)	1,079,261		(3,252,976	)	1,782,143		(23,372,729	)	(6,874,823	)	(2,233,233	)	5,119,744
Contract owners’ equity beginning of period		2,291,374		1,212,113		5,760,420		3,978,277		68,406,819		75,281,642		5,468,209		348,465
Contract owners’ equity end of period	$	1,786,321		2,291,374		2,507,444		5,760,420		45,034,090		68,406,819		3,234,976		5,468,209
CHANGES IN UNITS:
Beginning units		172,200		88,992		435,218		363,362		3,401,962		3,537,736		313,570		27,968
Units purchased		47,130		98,031		45,560		150,554		463,575		545,786		156,951		293,455
Units redeemed		(41,742	)	(14,823	)	(157,513	)	(78,698	)	(799,961	)	(681,560	)	(108,826	)	(7,853	)
Ending units		177,588		172,200		323,265		435,218		3,065,576		3,401,962		361,695		313,570

(Continued)

27

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	AMVAA2				AMVBD2			AMVGS2			AMVGR2
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	22,724		-	32,914		-	(549	)	-	8,362		-
Realized gain (loss) on investments		(11,900	)	-	(76,830	)	-	(71,342	)	-	(189,583	)	-
Change in unrealized gain (loss) on investments		(242,674	)	-	(29,824	)	-	(217,818	)	-	(468,570	)	-
Reinvested capital gains		29,648		-	1,410		-	50,646		-	120,744		-
Net increase (decrease) in contract owners’ equity resulting from operations		(202,202	)	-	(72,330	)	-	(239,063	)	-	(529,047	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		40,861		-	10,249		-	9,318		-	(742	)	-
Transfers between funds		984,907		-	634,364		-	480,877		-	1,386,022		-
Surrenders (note 6)		(7,923	)	-	-		-	-		-	-		-
Death benefits (note 4)		-		-	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		-		-	-		-	-		-	-		-
Deductions for surrender charges (note 2d)		-		-	-		-	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(20,574	)	-	(5,739	)	-	(2,542	)	-	(8,558	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-	-		-	-		-	-		-
MSP contracts		-		-	-		-	-		-	-		-
SL contracts or LSFP contracts		-		-	-		-	-		-	-		-
Adjustments to maintain reserves		(20	)	-	(27	)	-	(11	)	-	(35	)	-
Net equity transactions		997,251		-	638,847		-	487,642		-	1,376,687		-
Net change in contract owners’ equity		795,049		-	566,517		-	248,579		-	847,640		-
Contract owners’ equity beginning of period		-		-	-		-	-		-	-		-
Contract owners’ equity end of period	$	795,049		-	566,517		-	248,579		-	847,640		-
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	-		-
Units purchased		120,686		-	62,941		-	49,656		-	151,812		-
Units redeemed		(3,845	)	-	(605	)	-	(325	)	-	(1,061	)	-
Ending units		116,841		-	62,336		-	49,331		-	150,751		-

(Continued)

28

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	MLVIX2				MLVLC2				CVSSE				WVCP
	2008		2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	-	(1,459	)	6,543		25,787		(306	)	(281	)	8,140		(211	)
Realized gain (loss) on investments		-	(46,062	)	(1,007,485	)	11,008		(22,036	)	14,192		15,559		84,356
Change in unrealized gain (loss) on investments		-	180,030		11,025		(384,037	)	(50,892	)	(10,352	)	(292,705	)	(105,235	)
Reinvested capital gains		-	-		26,100		515,034		1,159		6,543		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		-	132,509		(963,817	)	167,792		(72,075	)	10,102		(269,006	)	(21,090	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		-	83,852		125,565		47,721		6,049		14,065		32,466		51,793
Transfers between funds		-	(1,595,988	)	(1,831,055	)	1,589,664		57,071		54,446		(51,855	)	(92,106	)
Surrenders (note 6)		-	(18,921	)	(5,793	)	(14,083	)	(10,675	)	(73,635	)	(21,312	)	(83,913	)
Death benefits (note 4)		-	(10,826	)	-		(5,537	)	(19	)	(81	)	(1,092	)	-
Net policy repayments (loans) (note 5)		-	-		(120,170	)	-		-		-		(405	)	(6,212	)
Deductions for surrender charges (note 2d)		-	-		-		-		-		-		(373	)	(938	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		-	(11,115	)	(34,365	)	(21,324	)	(1,253	)	(1,312	)	(21,975	)	(27,327	)
Asset charges (note 3):
FPVUL & VEL contracts		-	-		-		-		-		-		(1,809	)	(2,735	)
MSP contracts		-	-		-		-		-		-		(11	)	(16	)
SL contracts or LSFP contracts		-	-		-		-		-		-		(34	)	(233	)
Adjustments to maintain reserves		-	(44,731	)	(163	)	7		(47	)	(3	)	(115	)	27
Net equity transactions		-	(1,597,729	)	(1,865,981	)	1,596,448		51,126		(6,520	)	(66,515	)	(161,660	)
Net change in contract owners’ equity		-	(1,465,220	)	(2,829,798	)	1,764,240		(20,949	)	3,582		(335,521	)	(182,750	)
Contract owners’ equity beginning of period		-	1,465,220		3,736,270		1,972,030		134,636		131,054		627,990		810,740
Contract owners’ equity end of period	$	-	-		906,472		3,736,270		113,687		134,636		292,469		627,990
CHANGES IN UNITS:
Beginning units		-	100,516		261,702		149,024		7,972		8,540		44,824		56,062
Units purchased		-	8,535		27,156		126,531		3,624		4,618		3,054		3,480
Units redeemed		-	(109,051	)	(184,910	)	(13,853	)	(1,093	)	(5,186	)	(8,759	)	(14,718	)
Ending units		-	-		103,948		261,702		10,503		7,972		39,119		44,824

(Continued)

29

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	WIEP					WGIP				DAVVL			DVMCS
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	31,916		24,452		39,235		23,333		5,946		-	6,201		2,294
Realized gain (loss) on investments		103,019		99,635		(69,942	)	118,314		(14,339	)	-	(253,658	)	(41,974	)
Change in unrealized gain (loss) on investments		(1,064,586	)	219,876		(661,518	)	(439,671	)	(173,146	)	-	(322,041	)	(74,440	)
Reinvested capital gains		-		-		125,539		348,824		10,250		-	125,095		132,936
Net increase (decrease) in contract owners’ equity resulting from operations		(929,651	)	343,963		(566,686	)	50,800		(171,289	)	-	(444,403	)	18,816
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		93,414		81,341		89,615		128,063		78,937		-	45,518		111,885
Transfers between funds		(139,771	)	100,028		(29,496	)	(47,961	)	559,615		-	(328,793	)	403,087
Surrenders (note 6)		(94,130	)	(123,744	)	(72,339	)	(135,042	)	-		-	(10,341	)	(282,055	)
Death benefits (note 4)		(33,988	)	(8,395	)	(22,535	)	(72,029	)	-		-	(6,063	)	(214	)
Net policy repayments (loans) (note 5)		(6,551	)	(9,044	)	(30,028	)	(21,503	)	(9,443	)	-	(9,720	)	-
Deductions for surrender charges (note 2d)		(212	)	(855	)	(696	)	(5,349	)	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(73,440	)	(76,002	)	(55,773	)	(61,573	)	(9,996	)	-	(12,866	)	(12,776	)
Asset charges (note 3):
FPVUL & VEL contracts		(5,754	)	(7,110	)	(3,899	)	(5,446	)	-		-	-		-
MSP contracts		(542	)	(655	)	(131	)	(245	)	-		-	-		-
SL contracts or LSFP contracts		(1,646	)	(2,077	)	(1,343	)	(1,931	)	-		-	-		-
Adjustments to maintain reserves		(302	)	59		(115	)	(36	)	20		-	(107	)	(5	)
Net equity transactions		(262,922	)	(46,454	)	(126,740	)	(223,051	)	619,133		-	(322,372	)	219,922
Net change in contract owners’ equity		(1,192,573	)	297,509		(693,426	)	(172,251	)	447,844		-	(766,775	)	238,738
Contract owners’ equity beginning of period		2,326,924		2,029,415		1,661,505		1,833,756		-		-	1,337,267		1,098,529
Contract owners’ equity end of period	$	1,134,351		2,326,924		968,079		1,661,505		447,844		-	570,492		1,337,267
CHANGES IN UNITS:
Beginning units		127,440		129,014		90,762		102,220		-		-	75,190		62,728
Units purchased		5,441		12,795		18,196		8,719		79,367		-	11,865		37,635
Units redeemed		(27,446	)	(14,369	)	(25,404	)	(20,177	)	(2,586	)	-	(33,220	)	(25,173	)
Ending units		105,435		127,440		83,554		90,762		76,781		-	53,835		75,190

(Continued)

30

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	DVSCS					DSIF				DCAP				DSC
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	156,917		56,147		6,319,860		6,206,965		574,356		516,003		4,928		5,945
Realized gain (loss) on investments		(1,325,785	)	1,430,465		15,818,799		25,261,854		1,543,140		2,000,102		(80,882	)	(8,908	)
Change in unrealized gain (loss) on investments		(10,876,821	)	(2,636,043	)	(163,666,840	)	(11,213,766	)	(13,273,742	)	(36,012	)	(205,053	)	(186,955	)
Reinvested capital gains		3,338,301		1,029,058		-		-		2,238,570		-		29,526		103,932
Net increase (decrease) in contract owners’ equity resulting from operations		(8,707,388	)	(120,373	)	(141,528,181	)	20,255,053		(8,917,676	)	2,480,093		(251,481	)	(85,986	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,708,490		2,283,100		19,761,732		24,508,912		2,992,016		3,353,471		117,657		87,987
Transfers between funds		3,465,034		1,678,848		12,743,215		1,308,614		(6,507,327	)	(1,547,247	)	50,080		(97,980	)
Surrenders (note 6)		(813,933	)	(2,061,319	)	(22,570,115	)	(29,844,299	)	(1,322,133	)	(2,082,693	)	(65,557	)	(22,898	)
Death benefits (note 4)		(18,274	)	(4,170	)	(676,774	)	(769,297	)	(129,710	)	(79,654	)	-		-
Net policy repayments (loans) (note 5)		(48,295	)	(174,364	)	(1,079,838	)	(3,201,321	)	(31,928	)	(140,908	)	57,724		(12,090	)
Deductions for surrender charges (note 2d)		(48,324	)	(38,645	)	(450,561	)	(501,356	)	(52,971	)	(80,259	)	(5,085	)	(2,621	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(635,055	)	(655,341	)	(10,510,403	)	(11,291,321	)	(1,092,938	)	(1,198,375	)	(29,350	)	(36,440	)
Asset charges (note 3):
FPVUL & VEL contracts		(27,993	)	(34,319	)	(441,190	)	(547,091	)	(62,716	)	(76,825	)	(2,165	)	(2,983	)
MSP contracts		(428	)	(509	)	(15,136	)	(19,329	)	(1,343	)	(1,628	)	-		-
SL contracts or LSFP contracts		(6,019	)	(12,395	)	(131,293	)	(191,574	)	(10,042	)	(11,144	)	(225	)	(287	)
Adjustments to maintain reserves		11,814		(76	)	910		6,952		(978	)	(14	)	(185	)	21
Net equity transactions		3,587,017		980,809		(3,369,453	)	(20,541,110	)	(6,220,070	)	(1,865,277	)	122,894		(87,291	)
Net change in contract owners’ equity		(5,120,371	)	860,436		(144,897,634	)	(286,057	)	(15,137,746	)	614,816		(128,587	)	(173,277	)
Contract owners’ equity beginning of period		25,289,490		24,429,054		385,793,636		386,079,693		35,470,838		34,856,022		657,205		830,482
Contract owners’ equity end of period	$	20,169,119		25,289,490		240,896,002		385,793,636		20,333,092		35,470,838		528,618		657,205
CHANGES IN UNITS:
Beginning units		1,623,344		1,557,038		27,146,494		28,048,062		2,352,372		2,409,358		46,856		52,662
Units purchased		487,411		602,368		5,271,091		4,719,678		282,871		607,099		18,551		5,842
Units redeemed		(233,100	)	(536,062	)	(4,936,614	)	(5,621,246	)	(787,860	)	(664,085	)	(5,017	)	(11,648	)
Ending units		1,877,655		1,623,344		27,480,971		27,146,494		1,847,383		2,352,372		60,390		46,856

(Continued)

31

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	DVIV					SVSHEB				SVSSVB			FALF
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	609,939		507,706		14,686		4,245		20,636		-	4,437		4,935
Realized gain (loss) on investments		(4,701,583	)	2,076,858		(225,420	)	3,825		(1,158,549	)	-	(26,490	)	5,747
Change in unrealized gain (loss) on investments		(13,304,437	)	(5,890,842	)	(340,683	)	(35,281	)	(1,691,972	)	-	(140,537	)	(77,319	)
Reinvested capital gains		5,147,830		4,852,609		119,020		4,673		843,807		-	68,651		36,771
Net increase (decrease) in contract owners’ equity resulting from operations		(12,248,251	)	1,546,331		(432,397	)	(22,538	)	(1,986,078	)	-	(93,939	)	(29,866	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,726,807		3,426,310		38,562		49,254		2,522		-	23,058		28,866
Transfers between funds		(4,503,936	)	(7,669,883	)	222,436		559,320		6,624,162		-	(11,035	)	(55,029	)
Surrenders (note 6)		(330,732	)	(1,507,377	)	(105	)	-		(235,438	)	-	(11,851	)	(2,842	)
Death benefits (note 4)		(26,287	)	(99,136	)	-		(1,116	)	-		-	-		-
Net policy repayments (loans) (note 5)		(309,795	)	(2,323	)	-		-		-		-	4,050		(1,178	)
Deductions for surrender charges (note 2d)		-		-		-		-		-		-	(737	)	(792	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(326,358	)	(419,219	)	(15,906	)	(11,816	)	(167,687	)	-	(11,184	)	(14,388	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-		-		-		-		-	(958	)	(1,294	)
MSP contracts		-		-		-		-		-		-	-		-
SL contracts or LSFP contracts		-		-		-		-		-		-	(173	)	(218	)
Adjustments to maintain reserves		(1,657	)	114		(163	)	16		(90	)	-	(116	)	4
Net equity transactions		(3,771,958	)	(6,271,514	)	244,824		595,658		6,223,469		-	(8,946	)	(46,871	)
Net change in contract owners’ equity		(16,020,209	)	(4,725,183	)	(187,573	)	573,120		4,237,391		-	(102,885	)	(76,737	)
Contract owners’ equity beginning of period		35,936,944		40,662,127		744,005		170,885		-		-	285,577		362,314
Contract owners’ equity end of period	$	19,916,735		35,936,944		556,432		744,005		4,237,391		-	182,692		285,577
CHANGES IN UNITS:
Beginning units		1,649,104		1,939,658		67,742		15,180		-		-	18,632		21,354
Units purchased		186,855		269,097		28,497		53,687		753,052		-	1,861		1,768
Units redeemed		(375,036	)	(559,651	)	(1,882	)	(1,125	)	(80,292	)	-	(2,490	)	(4,490	)
Ending units		1,460,923		1,649,104		94,357		67,742		672,760		-	18,003		18,632

(Continued)

32

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FVCA2P					FVMOS				FQB				FEIS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	1,756		3,604		6,586		483		2,039,576		2,953,403		1,965,146		1,815,435
Realized gain (loss) on investments		2,000		33,440		(84,026	)	(129	)	(595,132	)	(1,214,559	)	(1,339,636	)	6,804,728
Change in unrealized gain (loss) on investments		(185,047	)	9,103		(16,844	)	(1,040	)	(3,824,604	)	608,709		(45,577,309	)	(15,905,975	)
Reinvested capital gains		10,715		-		-		-		-		-		90,581		9,084,163
Net increase (decrease) in contract owners’ equity resulting from operations		(170,576	)	46,147		(94,284	)	(686	)	(2,380,160	)	2,347,553		(44,861,218	)	1,798,351
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		58,118		60,780		61,741		4,266		2,289,439		3,486,840		6,381,226		9,436,395
Transfers between funds		95,605		29,775		881,580		3,199		(7,238,739	)	(3,943,312	)	(4,012,784	)	(4,324,122	)
Surrenders (note 6)		(23,553	)	(13,727	)	(71,987	)	-		(4,274,629	)	(8,246,164	)	(4,511,875	)	(7,905,307	)
Death benefits (note 4)		-		(13,721	)	-		-		(214,209	)	(41,641	)	(231,324	)	(304,543	)
Net policy repayments (loans) (note 5)		(13,483	)	(4,101	)	(17,796	)	-		(33,306	)	(299,044	)	116,709		(773,918	)
Deductions for surrender charges (note 2d)		(487	)	(2,438	)	(1,339	)	-		(65,824	)	(110,230	)	(145,202	)	(146,063	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(18,910	)	(14,174	)	(24,923	)	(1,614	)	(1,380,424	)	(1,647,824	)	(3,408,744	)	(3,867,630	)
Asset charges (note 3):
FPVUL & VEL contracts		(1,528	)	(1,541	)	(2,111	)	(168	)	(75,175	)	(77,644	)	(190,746	)	(251,651	)
MSP contracts		(35	)	-		(36	)	-		(3,442	)	(3,713	)	(7,457	)	(9,992	)
SL contracts or LSFP contracts		(420	)	(437	)	(17	)	-		(13,206	)	(26,222	)	(36,863	)	(45,843	)
Adjustments to maintain reserves		(111	)	(3	)	(201	)	3		(1,454	)	15		(2,214	)	42
Net equity transactions		95,196		40,413		824,911		5,686		(11,010,969	)	(10,908,939	)	(6,049,274	)	(8,192,633	)
Net change in contract owners’ equity		(75,380	)	86,560		730,627		5,000		(13,391,129	)	(8,561,386	)	(50,910,492	)	(6,394,282	)
Contract owners’ equity beginning of period		514,262		427,702		46,207		41,207		42,611,572		51,172,958		108,338,859		114,733,141
Contract owners’ equity end of period	$	438,882		514,262		776,834		46,207		29,220,443		42,611,572		57,428,367		108,338,859
CHANGES IN UNITS:
Beginning units		30,528		27,898		4,512		3,964		2,769,010		3,505,854		6,259,548		6,732,512
Units purchased		10,291		5,907		80,667		723		180,046		355,799		725,390		1,067,632
Units redeemed		(3,934	)	(3,277	)	(8,663	)	(175	)	(899,857	)	(1,092,643	)	(1,187,056	)	(1,540,596	)
Ending units		36,885		30,528		76,516		4,512		2,049,199		2,769,010		5,797,882		6,259,548

(Continued)

33

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FF15S				FF25S			FGS				FHIS
	2008			2007	2008		2007	2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	27,762		-	7,341		-	613,870		569,631		1,567,014		2,059,223
Realized gain (loss) on investments		(18,251	)	-	(7,254	)	-	5,181,843		5,603,662		(1,663,434	)	(189,067	)
Change in unrealized gain (loss) on investments		(274,869	)	-	(104,475	)	-	(59,635,200	)	18,441,027		(5,012,716	)	(1,231,809	)
Reinvested capital gains		28,462		-	10,967		-	-		97,886		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(236,896	)	-	(93,421	)	-	(53,839,487	)	24,712,206		(5,109,136	)	638,347
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		51,117		-	6,501		-	7,046,371		8,468,007		1,027,626		923,789
Transfers between funds		1,074,503		-	330,456		-	(136,368	)	121,521		(4,639,572	)	2,505,872
Surrenders (note 6)		-		-	-		-	(5,407,244	)	(8,666,206	)	(1,029,366	)	(1,812,283	)
Death benefits (note 4)		-		-	-		-	(215,391	)	(256,936	)	(158,716	)	(59,045	)
Net policy repayments (loans) (note 5)		-		-	-		-	(987,857	)	(925,611	)	(191,243	)	(168,450	)
Deductions for surrender charges (note 2d)		-		-	-		-	(163,052	)	(219,666	)	(12,074	)	(34,988	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(7,580	)	-	(2,128	)	-	(4,490,214	)	(4,546,257	)	(826,341	)	(850,419	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-	-		-	(224,291	)	(265,028	)	(29,429	)	(41,429	)
MSP contracts		-		-	-		-	(6,818	)	(8,414	)	(1,554	)	(1,984	)
SL contracts or LSFP contracts		-		-	-		-	(29,683	)	(34,104	)	(4,833	)	(6,809	)
Adjustments to maintain reserves		(27	)	-	(20	)	-	(1,061	)	105		909		5
Net equity transactions		1,118,013		-	334,809		-	(4,615,608	)	(6,332,589	)	(5,864,593	)	454,259
Net change in contract owners’ equity		881,117		-	241,388		-	(58,455,095	)	18,379,617		(10,973,729	)	1,092,606
Contract owners’ equity beginning of period		-		-	-		-	119,288,714		100,909,097		25,091,685		23,999,079
Contract owners’ equity end of period	$	881,117		-	241,388		-	60,833,619		119,288,714		14,117,956		25,091,685
CHANGES IN UNITS:
Beginning units		-		-	-		-	7,780,228		8,389,342		2,023,784		2,029,708
Units purchased		123,230		-	36,206		-	1,467,717		1,052,833		71,249		437,840
Units redeemed		(4,478	)	-	(490	)	-	(1,547,544	)	(1,661,947	)	(557,022	)	(443,764	)
Ending units		118,752		-	35,716		-	7,700,401		7,780,228		1,538,011		2,023,784

(Continued)

34

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FHISR					FOS				FOSR				FCS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	181,702		190,145		964,026		1,538,186		398,857		538,729		1,567,013		1,651,948
Realized gain (loss) on investments		(388,500	)	(11,525	)	1,897,452		3,463,896		(84,440	)	738,640		(3,002,018	)	10,847,502
Change in unrealized gain (loss) on investments		(443,840	)	(188,751	)	(30,619,099	)	(432,859	)	(10,589,282	)	309,061		(106,447,811	)	(35,362,204	)
Reinvested capital gains		-		-		5,319,862		3,263,967		1,841,509		1,044,686		5,516,799		57,020,823
Net increase (decrease) in contract owners’ equity resulting from operations		(650,638	)	(10,131	)	(22,437,759	)	7,833,190		(8,433,356	)	2,631,116		(102,366,017	)	34,158,069
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		633,647		506,305		1,220,793		1,393,703		2,343,181		2,730,506		13,173,081		15,364,595
Transfers between funds		(263,516	)	1,866,571		(2,974,098	)	3,832,575		(336,009	)	859,448		8,374,973		12,122,488
Surrenders (note 6)		(217,629	)	(91,357	)	(1,837,054	)	(3,929,899	)	(734,218	)	(1,032,737	)	(10,812,520	)	(10,820,047	)
Death benefits (note 4)		(11,673	)	(60	)	(43,879	)	(116,465	)	(10,456	)	(58,006	)	(639,622	)	(388,082	)
Net policy repayments (loans) (note 5)		71,429		66,310		(201,285	)	(209,007	)	(9,704	)	(71,019	)	(546,140	)	(2,377,897	)
Deductions for surrender charges (note 2d)		(5,323	)	(1,366	)	(31,395	)	(43,263	)	(42,099	)	(57,649	)	(272,763	)	(261,504	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(126,364	)	(43,218	)	(1,085,797	)	(1,145,573	)	(753,965	)	(789,336	)	(6,160,319	)	(6,306,046	)
Asset charges (note 3):
FPVUL & VEL contracts		(7,521	)	(3,211	)	(40,454	)	(54,563	)	(53,803	)	(59,242	)	(341,997	)	(407,397	)
MSP contracts		(63	)	(39	)	(1,046	)	(1,869	)	(710	)	(749	)	(11,685	)	(12,811	)
SL contracts or LSFP contracts		(1,520	)	(717	)	(11,790	)	(18,308	)	(9,676	)	(9,858	)	(60,093	)	(71,024	)
Adjustments to maintain reserves		(109	)	177		(1,827	)	851		(297	)	46		(7,996	)	2,206
Net equity transactions		71,358		2,299,395		(5,007,832	)	(291,819	)	392,244		1,511,404		2,694,919		6,844,480
Net change in contract owners’ equity		(579,280	)	2,289,264		(27,445,591	)	7,541,371		(8,041,112	)	4,142,520		(99,671,098	)	41,002,549
Contract owners’ equity beginning of period		2,289,264		-		54,879,554		47,338,183		18,679,648		14,537,128		237,684,427		196,681,878
Contract owners’ equity end of period	$	1,709,984		2,289,264		27,433,963		54,879,554		10,638,536		18,679,648		138,013,329		237,684,427
CHANGES IN UNITS:
Beginning units		231,578		-		3,039,326		2,993,058		1,080,792		985,990		10,608,174		10,119,864
Units purchased		77,010		243,213		323,334		881,861		204,196		243,519		2,481,947		2,134,906
Units redeemed		(78,017	)	(11,635	)	(638,112	)	(835,593	)	(188,214	)	(148,717	)	(2,076,347	)	(1,646,596	)
Ending units		230,571		231,578		2,724,548		3,039,326		1,096,774		1,080,792		11,013,774		10,608,174

(Continued)

35

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FIP				FIGBS				FGIS			FGOS
	2008			2007	2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	97,318		-	577,502		472,089		(24	)	-	32,689		(2,839	)
Realized gain (loss) on investments		(439,647	)	-	(224,056	)	(159,012	)	(7,749	)	-	628,913		1,376,636
Change in unrealized gain (loss) on investments		(1,415,432	)	-	(878,509	)	191,770		-		-	(8,114,515	)	1,321,560
Reinvested capital gains		-		-	11,500		-		-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,757,761	)	-	(513,563	)	504,847		(7,773	)	-	(7,452,913	)	2,695,357
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		(11,553	)	-	1,077,108		1,397,081		(1,085	)	-	792,028		1,022,660
Transfers between funds		5,323,184		-	876,503		2,828,218		8,964		-	(290,519	)	(881,067	)
Surrenders (note 6)		-		-	(846,344	)	(486,145	)	-		-	(905,202	)	(916,941	)
Death benefits (note 4)		-		-	(13,793	)	(11,839	)	-		-	(16,992	)	(44,567	)
Net policy repayments (loans) (note 5)		-		-	(100,225	)	(212,271	)	-		-	149,683		(117,826	)
Deductions for surrender charges (note 2d)		-		-	(42,234	)	(26,502	)	-		-	(26,134	)	(40,849	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(37,441	)	-	(556,665	)	(424,645	)	(108	)	-	(578,450	)	(645,559	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-	(36,049	)	(29,342	)	-		-	(34,630	)	(45,857	)
MSP contracts		-		-	(2,793	)	(2,328	)	-		-	(1,373	)	(1,877	)
SL contracts or LSFP contracts		-		-	(12,012	)	(10,192	)	-		-	(7,293	)	(9,373	)
Adjustments to maintain reserves		(132	)	-	(387	)	48		2		-	(129	)	(40	)
Net equity transactions		5,274,058		-	343,109		3,022,082		7,773		-	(919,011	)	(1,681,296	)
Net change in contract owners’ equity		3,516,297		-	(170,454	)	3,526,929		-		-	(8,371,924	)	1,014,061
Contract owners’ equity beginning of period		-		-	14,526,686		10,999,757		-		-	14,113,560		13,099,499
Contract owners’ equity end of period	$	3,516,297		-	14,356,232		14,526,686		-		-	5,741,636		14,113,560
CHANGES IN UNITS:
Beginning units		-		-	1,230,686		970,196		-		-	1,026,154		1,160,140
Units purchased		555,792		-	249,793		472,236		12		-	105,532		165,625
Units redeemed		(4,481	)	-	(222,625	)	(211,746	)	(12	)	-	(203,006	)	(299,611	)
Ending units		551,311		-	1,257,854		1,230,686		-		-	928,680		1,026,154

(Continued)

36

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FMCS					FVSS				FNRS2				FF10S
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	107,251		243,277		29,057		78,528		-		12,190		44,281		37,076
Realized gain (loss) on investments		(2,320,974	)	745,569		(2,031,968	)	47,654		255,259		96,216		(53,432	)	35,962
Change in unrealized gain (loss) on investments		(20,681,917	)	1,091,975		(2,944,133	)	(544,851	)	(9,827,149	)	3,011,353		(505,036	)	(16,903	)
Reinvested capital gains		5,673,851		3,082,876		1,635,580		911,629		470,633		563,500		66,308		35,183
Net increase (decrease) in contract owners’ equity resulting from operations		(17,221,789	)	5,163,697		(3,311,464	)	492,960		(9,101,257	)	3,683,259		(447,879	)	91,318
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,941,912		3,383,726		503,372		622,938		1,058,931		1,284,348		43,955		45,536
Transfers between funds		4,315,996		6,786,942		(2,915,680	)	922,325		3,529,605		2,883,022		298,272		1,016,747
Surrenders (note 6)		(1,267,097	)	(1,073,399	)	(366,990	)	(400,485	)	(2,227,420	)	(507,955	)	(54,598	)	(69,321	)
Death benefits (note 4)		(16,839	)	(228,522	)	(3,790	)	(3,257	)	(9,548	)	(114,902	)	(33,852	)	(143,179	)
Net policy repayments (loans) (note 5)		(594,321	)	(309,506	)	(223,440	)	(74,159	)	1,031,690		(217,115	)	(2,234	)	20
Deductions for surrender charges (note 2d)		(76,297	)	(65,796	)	(21,043	)	(25,264	)	(46,203	)	(16,741	)	(996	)	(810	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,371,833	)	(1,314,125	)	(211,568	)	(322,891	)	(616,991	)	(404,623	)	(62,548	)	(38,423	)
Asset charges (note 3):
FPVUL & VEL contracts		(80,400	)	(90,744	)	(14,825	)	(25,512	)	(43,503	)	(32,035	)	(5,557	)	(3,412	)
MSP contracts		(2,958	)	(2,757	)	(248	)	(371	)	(2,895	)	(1,698	)	(664	)	(582	)
SL contracts or LSFP contracts		(18,178	)	(18,372	)	(1,011	)	(1,051	)	(8,529	)	(5,935	)	(130	)	(66	)
Adjustments to maintain reserves		(1,358	)	(10	)	(275	)	(31	)	(456	)	169		(84	)	8
Net equity transactions		3,828,627		7,067,437		(3,255,498	)	692,242		2,664,681		2,866,535		181,564		806,518
Net change in contract owners’ equity		(13,393,162	)	12,231,134		(6,566,962	)	1,185,202		(6,436,576	)	6,549,794		(266,315	)	897,836
Contract owners’ equity beginning of period		41,423,216		29,192,082		9,247,832		8,062,630		14,255,413		7,705,619		1,571,711		673,875
Contract owners’ equity end of period	$	28,030,054		41,423,216		2,680,870		9,247,832		7,818,837		14,255,413		1,305,396		1,571,711
CHANGES IN UNITS:
Beginning units		1,538,812		1,250,190		544,410		500,988		621,068		488,940		121,944		56,804
Units purchased		429,420		428,117		79,391		92,710		222,629		193,864		24,022		85,446
Units redeemed		(242,504	)	(139,495	)	(299,905	)	(49,288	)	(96,610	)	(61,736	)	(10,774	)	(20,306	)
Ending units		1,725,728		1,538,812		323,896		544,410		747,087		621,068		135,192		121,944

(Continued)

37

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FF20S					FF30S				FTVDM3				TIF
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	120,839		61,125		56,352		38,873		151,739		134,911		66,199		69,784
Realized gain (loss) on investments		(159,092	)	51,780		(26,453	)	33,257		(269,331	)	437,427		(31,498	)	334,410
Change in unrealized gain (loss) on investments		(1,785,136	)	(8,653	)	(1,220,170	)	(2,052	)	(4,596,789	)	427,527		(1,488,551	)	(64,148	)
Reinvested capital gains		210,061		84,690		163,010		65,958		1,100,871		445,938		239,532		144,496
Net increase (decrease) in contract owners’ equity resulting from operations		(1,613,328	)	188,942		(1,027,261	)	136,036		(3,613,510	)	1,445,803		(1,214,318	)	484,542
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		778,261		456,951		381,816		380,310		417,586		436,065		-		(17	)
Transfers between funds		2,166,797		1,313,283		873,657		904,966		(1,200,348	)	1,457,224		(351,962	)	(571,939	)
Surrenders (note 6)		(443,408	)	(10,812	)	(59,154	)	(41,147	)	(243,005	)	(364,302	)	(79,037	)	(205,918	)
Death benefits (note 4)		-		(145,369	)	-		(162	)	-		-		-		(16,922	)
Net policy repayments (loans) (note 5)		(7,371	)	(5,729	)	(33,677	)	(17,613	)	(29,337	)	(92,473	)	(41,203	)	(35,558	)
Deductions for surrender charges (note 2d)		(5,843	)	(2,669	)	(7,172	)	(4,763	)	(13,881	)	(16,266	)	(5,221	)	(13,907	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(151,659	)	(91,873	)	(152,296	)	(108,147	)	(232,057	)	(236,537	)	(76,321	)	(93,251	)
Asset charges (note 3):
FPVUL & VEL contracts		(7,390	)	(5,159	)	(8,423	)	(5,809	)	(17,056	)	(18,724	)	(7,701	)	(10,207	)
MSP contracts		(3,799	)	(2,732	)	(1,456	)	(1,555	)	(854	)	(1,062	)	(462	)	(574	)
SL contracts or LSFP contracts		(3,981	)	(2,253	)	(751	)	(607	)	(4,523	)	(4,564	)	(1,821	)	(2,232	)
Adjustments to maintain reserves		(174	)	33		1,699		60		(359	)	49		(348	)	59
Net equity transactions		2,321,433		1,503,671		994,243		1,105,534		(1,323,834	)	1,159,410		(564,076	)	(950,466	)
Net change in contract owners’ equity		708,105		1,692,613		(33,018	)	1,241,570		(4,937,344	)	2,605,213		(1,778,394	)	(465,924	)
Contract owners’ equity beginning of period		3,047,817		1,355,204		1,943,254		701,684		7,696,212		5,090,999		3,235,725		3,701,649
Contract owners’ equity end of period	$	3,755,922		3,047,817		1,910,236		1,943,254		2,758,868		7,696,212		1,457,331		3,235,725
CHANGES IN UNITS:
Beginning units		222,540		109,012		136,304		54,734		364,400		310,222		131,776		174,552
Units purchased		227,186		133,511		106,946		92,704		39,126		97,891		-		2
Units redeemed		(41,340	)	(19,983	)	(26,583	)	(11,134	)	(127,529	)	(43,713	)	(32,471	)	(42,778	)
Ending units		408,386		222,540		216,667		136,304		275,997		364,400		99,305		131,776

(Continued)

38

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	TIF2					TIF3				FTVFA2			FTVGI2
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	320,223		291,105		164,729		141,669		3,349		-	20,598		-
Realized gain (loss) on investments		26,260		1,756,067		(71,704	)	272,831		(1,684	)	-	(1	)	-
Change in unrealized gain (loss) on investments		(9,427,721	)	(279,035	)	(3,947,571	)	238,423		(42,263	)	-	(4,244	)	-
Reinvested capital gains		1,441,783		785,608		635,903		307,222		3,322		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(7,639,455	)	2,553,745		(3,218,643	)	960,145		(37,276	)	-	16,353		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		848,633		1,138,365		719,233		1,044,736		5,786		-	553,199		-
Transfers between funds		(2,730,461	)	2,848,026		454,678		17,194		151,723		-	466,055		-
Surrenders (note 6)		(2,772,588	)	(2,722,193	)	(197,681	)	(190,511	)	-		-	(252	)	-
Death benefits (note 4)		(37,130	)	(171	)	(608	)	-		-		-	-		-
Net policy repayments (loans) (note 5)		(6,035	)	(104,369	)	(16,792	)	(55,581	)	(778	)	-	214		-
Deductions for surrender charges (note 2d)		-		-		(18,517	)	(12,135	)	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(155,830	)	(288,174	)	(273,111	)	(242,517	)	(3,084	)	-	(11,492	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-		(18,536	)	(18,765	)	(265	)	-	-		-
MSP contracts		-		-		(614	)	(481	)	(16	)	-	-		-
SL contracts or LSFP contracts		-		-		(5,795	)	(5,881	)	-		-	-		-
Adjustments to maintain reserves		(3,716	)	538		(295	)	28		(7	)	-	(44	)	-
Net equity transactions		(4,857,127	)	872,022		641,962		536,087		153,359		-	1,007,680		-
Net change in contract owners’ equity		(12,496,582	)	3,425,767		(2,576,681	)	1,496,232		116,083		-	1,024,033		-
Contract owners’ equity beginning of period		22,498,939		19,073,172		7,318,617		5,822,385		-		-	-		-
Contract owners’ equity end of period	$	10,002,357		22,498,939		4,741,936		7,318,617		116,083		-	1,024,033		-
CHANGES IN UNITS:
Beginning units		991,386		972,254		462,356		424,646		-		-	-		-
Units purchased		90,226		621,052		86,001		95,614		18,023		-	96,058		-
Units redeemed		(341,152	)	(601,920	)	(45,787	)	(57,904	)	(583	)	-	(1,133	)	-
Ending units		740,460		991,386		502,570		462,356		17,440		-	94,925		-

(Continued)

39

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FTVGI3					FTVIS2				FTVMD2			FTVRDI
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	233,513		59,433		247,666		127,625		1,380		-	246,107		401,727
Realized gain (loss) on investments		178,655		40,603		(199,597	)	43,240		(3,430	)	-	39,108		595,926
Change in unrealized gain (loss) on investments		(225,501	)	120,126		(1,655,102	)	(153,756	)	(17,922	)	-	(3,991,162	)	(1,588,215	)
Reinvested capital gains		-		-		103,703		23,668		2,827		-	91,080		227,655
Net increase (decrease) in contract owners’ equity resulting from operations		186,667		220,162		(1,503,330	)	40,777		(17,145	)	-	(3,614,867	)	(362,907	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		486,537		218,342		340,125		481,609		(45	)	-	1,080,065		1,682,953
Transfers between funds		2,901,911		1,751,529		110,349		3,212,051		85,962		-	(1,454,085	)	(654,804	)
Surrenders (note 6)		(241,708	)	(16,918	)	(124,660	)	(29,418	)	-		-	(608,305	)	(532,665	)
Death benefits (note 4)		(6,220	)	-		(9,041	)	-		-		-	(48,605	)	(31,330	)
Net policy repayments (loans) (note 5)		(73,593	)	(141,288	)	16,642		(27,299	)	-		-	(83,502	)	(179,926	)
Deductions for surrender charges (note 2d)		(6,389	)	(629	)	(2,074	)	(1,090	)	-		-	(86,276	)	(67,503	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(257,301	)	(91,814	)	(201,583	)	(138,913	)	(641	)	-	(583,283	)	(698,883	)
Asset charges (note 3):
FPVUL & VEL contracts		(16,181	)	(7,058	)	(10,220	)	(8,409	)	-		-	(43,888	)	(57,222	)
MSP contracts		(600	)	(309	)	(1,946	)	(1,191	)	-		-	(1,255	)	(1,612	)
SL contracts or LSFP contracts		(3,196	)	(1,098	)	(5,748	)	(3,854	)	-		-	(6,266	)	(7,727	)
Adjustments to maintain reserves		(253	)	55		(684	)	266		(14	)	-	(271	)	(16	)
Net equity transactions		2,783,007		1,710,812		111,160		3,483,751		85,262		-	(1,835,671	)	(548,735	)
Net change in contract owners’ equity		2,969,674		1,930,974		(1,392,170	)	3,524,528		68,117		-	(5,450,538	)	(911,642	)
Contract owners’ equity beginning of period		3,476,832		1,545,858		4,843,453		1,318,925		-		-	14,812,894		15,724,536
Contract owners’ equity end of period	$	6,446,506		3,476,832		3,451,283		4,843,453		68,117		-	9,362,356		14,812,894
CHANGES IN UNITS:
Beginning units		280,836		138,640		416,188		117,590		-		-	910,630		943,340
Units purchased		255,186		165,117		55,768		318,316		9,583		-	86,336		101,264
Units redeemed		(45,744	)	(22,921	)	(50,370	)	(19,718	)	(75	)	-	(209,160	)	(133,974	)
Ending units		490,278		280,836		421,586		416,188		9,508		-	787,806		910,630

(Continued)

40

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	FTVSVI					FTVSV2				GVMCE				WRASP
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	147,861		106,122		39,612		15,663		425,924		417,161		1,774		-
Realized gain (loss) on investments		(160,397	)	320,677		(582,936	)	115,629		(10,481,013	)	1,808,000		(14,830	)	-
Change in unrealized gain (loss) on investments		(4,661,084	)	(1,564,171	)	(1,378,961	)	(654,836	)	(14,754,743	)	(11,651,421	)	(89,911	)	-
Reinvested capital gains		799,863		811,996		350,132		288,566		103,156		11,581,061		33,568		-
Net increase (decrease) in contract owners’ equity resulting from operations		(3,873,757	)	(325,376	)	(1,572,153	)	(234,978	)	(24,706,676	)	2,154,801		(69,399	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,041,503		1,344,014		254,804		590,192		2,501,850		6,980,186		25,757		-
Transfers between funds		244,305		1,120,441		(317,724	)	1,205,853		(14,131,346	)	2,766,842		441,048		-
Surrenders (note 6)		(293,697	)	(476,936	)	(87,532	)	(682	)	(2,264,344	)	(2,517,435	)	(133	)	-
Death benefits (note 4)		(63,349	)	(1,669	)	-		(7,582	)	(98,115	)	(94,325	)	-		-
Net policy repayments (loans) (note 5)		(56,607	)	(40,823	)	-		-		(533,852	)	(140,364	)	(2,079	)	-
Deductions for surrender charges (note 2d)		(34,396	)	(39,850	)	-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(430,515	)	(483,810	)	(70,001	)	(58,388	)	(807,319	)	(900,790	)	(5,092	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(32,483	)	(38,132	)	-		-		-		-		-		-
MSP contracts		(1,242	)	(1,196	)	-		-		-		-		-		-
SL contracts or LSFP contracts		(8,155	)	(8,544	)	-		-		-		-		-		-
Adjustments to maintain reserves		(363	)	(16	)	356		16		296		577		(149	)	-
Net equity transactions		365,001		1,373,478		(220,097	)	1,729,409		(15,332,830	)	6,094,691		459,352		-
Net change in contract owners’ equity		(3,508,756	)	1,048,102		(1,792,250	)	1,494,431		(40,039,506	)	8,249,492		389,953		-
Contract owners’ equity beginning of period		11,305,644		10,257,542		5,078,964		3,584,533		77,997,154		69,747,662		-		-
Contract owners’ equity end of period	$	7,796,888		11,305,644		3,286,714		5,078,964		37,957,648		77,997,154		389,953		-
CHANGES IN UNITS:
Beginning units		545,164		484,062		393,948		270,758		3,657,366		3,369,886		-		-
Units purchased		73,627		108,171		106,273		144,327		400,664		976,050		47,251		-
Units redeemed		(58,734	)	(47,069	)	(119,084	)	(21,137	)	(1,225,064	)	(688,570	)	(735	)	-
Ending units		560,057		545,164		381,137		393,948		2,832,966		3,657,366		46,516		-

(Continued)

41

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	WRGP					WRRESP				WRSTP				JABS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(626	)	(108	)	1,837		753		(837	)	(1	)	183,683		172,447
Realized gain (loss) on investments		(36,095	)	6,486		(81,141	)	1,347		(46,103	)	1		(311,920	)	385,511
Change in unrealized gain (loss) on investments		(167,825	)	(6,613	)	(66,352	)	(30,222	)	(187,296	)	(752	)	(1,914,827	)	149,402
Reinvested capital gains		8,776		5,561		6,363		6,902		24,938		833		603,351		-
Net increase (decrease) in contract owners’ equity resulting from operations		(195,770	)	5,326		(139,293	)	(21,220	)	(209,298	)	81		(1,439,713	)	707,360
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		5,435		446		7,209		8,026		72,014		-		693,224		663,113
Transfers between funds		587,958		213,856		249,341		119,692		806,472		4,475		(999,771	)	2,280,431
Surrenders (note 6)		(196	)	(97	)	(8,175	)	-		(53	)	-		(1,000,338	)	(669,412	)
Death benefits (note 4)		-		-		-		(13	)	-		-		(18,617	)	(19,138	)
Net policy repayments (loans) (note 5)		-		-		-		-		(527	)	-		47,892		(7,435	)
Deductions for surrender charges (note 2d)		-		-		-		-		-		-		(15,890	)	(4,994	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(5,434	)	(579	)	(4,992	)	(1,748	)	(8,362	)	-		(177,585	)	(156,437	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-		-		-		-		-		(5,573	)	(5,278	)
MSP contracts		-		-		-		-		-		-		(17	)	-
SL contracts or LSFP contracts		-		-		-		-		-		-		(1,899	)	(1,189	)
Adjustments to maintain reserves		5,695		(5,512	)	(152	)	(13	)	(79	)	8		(503	)	1,218
Net equity transactions		593,458		208,114		243,231		125,944		869,465		4,483		(1,479,077	)	2,080,879
Net change in contract owners’ equity		397,688		213,440		103,938		104,724		660,167		4,564		(2,918,790	)	2,788,239
Contract owners’ equity beginning of period		236,483		23,043		151,438		46,714		4,564		-		9,163,028		6,374,789
Contract owners’ equity end of period	$	634,171		236,483		255,376		151,438		664,731		4,564		6,244,238		9,163,028
CHANGES IN UNITS:
Beginning units		15,662		1,882		12,120		3,140		448		-		571,358		437,726
Units purchased		49,475		15,885		22,910		9,507		99,627		448		184,145		266,386
Units redeemed		(489	)	(2,105	)	(3,101	)	(527	)	(1,145	)	-		(291,760	)	(132,754	)
Ending units		64,648		15,662		31,929		12,120		98,930		448		463,743		571,358

(Continued)

42

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	JACAS					JAGTS				JARLCS				JAIGS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(56,322	)	48,697		6,537		47,169		3,703		2,302		1,468,999		221,436
Realized gain (loss) on investments		4,368,600		3,858,538		537,116		2,241,803		(14,935	)	(6,446	)	5,684,405		8,720,014
Change in unrealized gain (loss) on investments		(37,016,154	)	12,121,690		(7,484,264	)	748,048		(242,489	)	33,823		(56,149,301	)	6,681,827
Reinvested capital gains		-		-		-		-		31,638		3,990		8,232,296		-
Net increase (decrease) in contract owners’ equity resulting from operations		(32,703,876	)	16,028,925		(6,940,611	)	3,037,020		(222,083	)	33,669		(40,763,601	)	15,623,277
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,889,289		3,904,384		1,209,005		1,444,016		25,019		43,891		1,672,411		1,817,999
Transfers between funds		7,464,889		7,945,412		(1,097,436	)	(2,466,495	)	136,801		(84,139	)	14,281,939		(305,785	)
Surrenders (note 6)		(2,661,445	)	(3,604,125	)	(573,286	)	(1,199,719	)	(22,488	)	(1,583	)	(2,829,197	)	(2,821,312	)
Death benefits (note 4)		(117,974	)	(68,772	)	(26,452	)	(11,091	)	-		-		(115,692	)	(117,426	)
Net policy repayments (loans) (note 5)		(256,623	)	(289,899	)	(275,180	)	(117,589	)	(1,095	)	(3,835	)	(544,504	)	(830,463	)
Deductions for surrender charges (note 2d)		(100,155	)	(102,529	)	(23,265	)	(47,628	)	(2,850	)	(214	)	(62,246	)	(102,258	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(2,071,717	)	(1,670,311	)	(603,740	)	(638,647	)	(15,790	)	(13,564	)	(1,618,549	)	(1,717,077	)
Asset charges (note 3):
FPVUL & VEL contracts		(118,875	)	(113,167	)	(37,035	)	(45,238	)	(1,414	)	(1,453	)	(94,060	)	(124,611	)
MSP contracts		(2,644	)	(2,586	)	(715	)	(859	)	(293	)	(387	)	(3,114	)	(3,786	)
SL contracts or LSFP contracts		(18,885	)	(15,304	)	(5,854	)	(8,218	)	(212	)	(153	)	(15,065	)	(18,807	)
Adjustments to maintain reserves		2,783		207		(163	)	82		(185	)	54		5,005		201
Net equity transactions		6,008,643		5,983,309		(1,434,121	)	(3,091,386	)	117,493		(61,383	)	10,676,928		(4,223,325	)
Net change in contract owners’ equity		(26,695,233	)	22,012,234		(8,374,732	)	(54,366	)	(104,590	)	(27,714	)	(30,086,673	)	11,399,952
Contract owners’ equity beginning of period		66,826,811		44,814,577		16,488,137		16,542,503		508,513		536,227		72,247,184		60,847,232
Contract owners’ equity end of period	$	40,131,578		66,826,811		8,113,405		16,488,137		403,923		508,513		42,160,511		72,247,184
CHANGES IN UNITS:
Beginning units		5,227,208		4,785,398		3,145,552		3,845,242		26,988		30,204		3,915,734		4,214,566
Units purchased		1,023,547		1,272,407		335,026		435,598		10,038		2,653		1,582,325		404,502
Units redeemed		(603,966	)	(830,597	)	(715,663	)	(1,135,288	)	(3,404	)	(5,869	)	(691,730	)	(703,334	)
Ending units		5,646,789		5,227,208		2,764,915		3,145,552		33,622		26,988		4,806,329		3,915,734

(Continued)

43

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	JAIGS2					OGGO				OGMVP				SBVSG
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	553,994		86,238		(12,040	)	(13,419	)	2,450		4,475		(165	)	-
Realized gain (loss) on investments		395,033		371,799		(2,966,786	)	124,431		(3,630	)	(32,851	)	(10,891	)	-
Change in unrealized gain (loss) on investments		(17,126,656	)	3,732,278		(148,137	)	(248,142	)	(115,404	)	(84,540	)	(44,922	)	-
Reinvested capital gains		2,970,977		-		853,551		863,461		41,787		116,564		724		-
Net increase (decrease) in contract owners’ equity resulting from operations		(13,206,652	)	4,190,315		(2,273,412	)	726,331		(74,797	)	3,648		(55,254	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,035,699		3,350,991		103,324		562,550		(7	)	6		628		-
Transfers between funds		86,450		9,877,759		(1,562,266	)	1,743,291		67		(28,514	)	162,834		-
Surrenders (note 6)		(1,331,076	)	(557,665	)	(73,614	)	(162,901	)	-		(68,885	)	-		-
Death benefits (note 4)		(61,395	)	(82,333	)	(23,060	)	(2,971	)	(127	)	(596	)	-		-
Net policy repayments (loans) (note 5)		4,009		(103,681	)	(104,328	)	-		-		-		-		-
Deductions for surrender charges (note 2d)		(45,204	)	(19,680	)	-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(973,497	)	(745,604	)	(83,433	)	(81,081	)	(1,727	)	(2,161	)	(1,728	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(64,270	)	(54,491	)	-		-		-		-		-		-
MSP contracts		(1,741	)	(1,035	)	-		-		-		-		-		-
SL contracts or LSFP contracts		(14,059	)	(11,759	)	-		-		-		-		-		-
Adjustments to maintain reserves		(906	)	519		2,687		47		(28	)	(75	)	(16	)	-
Net equity transactions		634,010		11,653,021		(1,740,690	)	2,058,935		(1,822	)	(100,225	)	161,718		-
Net change in contract owners’ equity		(12,572,642	)	15,843,336		(4,014,102	)	2,785,266		(76,619	)	(96,577	)	106,464		-
Contract owners’ equity beginning of period		24,621,598		8,778,262		6,760,355		3,975,089		211,316		307,893		-		-
Contract owners’ equity end of period	$	12,048,956		24,621,598		2,746,253		6,760,355		134,697		211,316		106,464		-
CHANGES IN UNITS:
Beginning units		1,653,148		754,850		327,330		225,124		10,832		15,930		-		-
Units purchased		331,920		1,014,616		76,989		124,457		1		-		18,423		-
Units redeemed		(292,298	)	(116,318	)	(167,017	)	(22,251	)	(114	)	(5,098	)	(226	)	-
Ending units		1,692,770		1,653,148		237,302		327,330		10,719		10,832		18,197		-

(Continued)

44

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	AMTB					BNCAI				LOVMCV				MIGIC
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	226,384		235,067		(31,367	)	(37,013	)	15,755		4,797		22,201		15,269
Realized gain (loss) on investments		(202,300	)	16,528		(1,077,710	)	460,109		(718,866	)	49,953		142,842		243,719
Change in unrealized gain (loss) on investments		(861,945	)	149,231		(4,879,350	)	(1,486,508	)	(98,152	)	(364,934	)	(1,810,696	)	229,819
Reinvested capital gains		-		-		623,887		1,458,483		63,687		253,561		181,434		-
Net increase (decrease) in contract owners’ equity resulting from operations		(837,861	)	400,826		(5,364,540	)	395,071		(737,576	)	(56,623	)	(1,464,219	)	488,807
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		425,247		555,419		630,425		1,060,728		146,016		51,577		439,224		524,096
Transfers between funds		(2,716,615	)	(1,436,045	)	(3,146,668	)	2,145,519		(219,861	)	1,562,245		(479,285	)	(230,707	)
Surrenders (note 6)		(994,617	)	(308,534	)	(85,809	)	(405,413	)	(19,539	)	(314,757	)	(168,808	)	(307,318	)
Death benefits (note 4)		(946	)	(21,919	)	(17,260	)	(11,654	)	-		(620	)	-		(42,448	)
Net policy repayments (loans) (note 5)		(58,672	)	(20,588	)	(48,609	)	(60,228	)	-		-		(16,203	)	(24,261	)
Deductions for surrender charges (note 2d)		(20,517	)	(24,858	)	-		-		-		-		(25,849	)	(31,561	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(245,227	)	(287,735	)	(218,704	)	(205,960	)	(26,092	)	(20,662	)	(217,020	)	(250,135	)
Asset charges (note 3):
FPVUL & VEL contracts		(19,149	)	(24,496	)	-		-		-		-		(15,544	)	(19,201	)
MSP contracts		(1,153	)	(1,221	)	-		-		-		-		(177	)	(230	)
SL contracts or LSFP contracts		(2,542	)	(2,835	)	-		-		-		-		(922	)	(842	)
Adjustments to maintain reserves		(191	)	13		(819	)	(8	)	179		(27	)	(201	)	(18	)
Net equity transactions		(3,634,382	)	(1,572,798	)	(2,887,444	)	2,522,984		(119,297	)	1,277,756		(484,785	)	(382,625	)
Net change in contract owners’ equity		(4,472,243	)	(1,171,972	)	(8,251,984	)	2,918,055		(856,873	)	1,221,133		(1,949,004	)	106,182
Contract owners’ equity beginning of period		8,544,559		9,716,531		15,849,750		12,931,695		1,888,877		667,744		4,587,340		4,481,158
Contract owners’ equity end of period	$	4,072,316		8,544,559		7,597,766		15,849,750		1,032,004		1,888,877		2,638,336		4,587,340
CHANGES IN UNITS:
Beginning units		757,962		903,048		819,894		690,768		149,088		52,940		289,412		314,824
Units purchased		44,660		64,515		120,270		243,845		25,994		125,650		34,762		36,248
Units redeemed		(385,345	)	(209,601	)	(292,702	)	(114,719	)	(40,504	)	(29,502	)	(60,501	)	(61,660	)
Ending units		417,277		757,962		647,462		819,894		134,578		149,088		263,673		289,412

(Continued)

45

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	MVRISC					MVFIC				MVFSC			GVAAA2
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	(146	)	(8	)	77,102		49,384		12,641		-	95,090		68,968
Realized gain (loss) on investments		(3,739	)	98		(23,632	)	219,343		(162,697	)	-	(60,537	)	140,127
Change in unrealized gain (loss) on investments		(34,172	)	264		(2,829,368	)	14,453		(236,380	)	-	(1,338,937	)	(63,468	)
Reinvested capital gains		333		-		260,163		84,573		58,650		-	44,225		1,640
Net increase (decrease) in contract owners’ equity resulting from operations		(37,724	)	354		(2,515,735	)	367,753		(327,786	)	-	(1,260,159	)	147,267
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		61,855		2		689,723		600,850		210,588		-	427,926		260,108
Transfers between funds		211,054		9,266		1,208,415		2,607,442		2,179,192		-	442,407		1,898,840
Surrenders (note 6)		-		-		(516,130	)	(72,432	)	(779	)	-	(30,944	)	(17,869	)
Death benefits (note 4)		-		-		(13,567	)	-		-		-	(1,471	)	(23,466	)
Net policy repayments (loans) (note 5)		-		-		21,875		(9,423	)	-		-	(17,227	)	(35,332	)
Deductions for surrender charges (note 2d)		-		-		(14,309	)	(5,972	)	-		-	(2,456	)	(1,187	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,229	)	(130	)	(312,111	)	(240,520	)	(21,193	)	-	(241,638	)	(155,589	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-		(19,144	)	(18,671	)	-		-	(11,821	)	(10,425	)
MSP contracts		-		-		(446	)	(471	)	-		-	(4,167	)	(1,849	)
SL contracts or LSFP contracts		-		-		(5,238	)	(3,274	)	-		-	(2,579	)	(1,867	)
Adjustments to maintain reserves		(16	)	7		(364	)	37		(139	)	-	(334	)	56
Net equity transactions		271,664		9,145		1,038,704		2,857,567		2,367,669		-	557,696		1,911,419
Net change in contract owners’ equity		233,940		9,499		(1,477,031	)	3,225,320		2,039,883		-	(702,463	)	2,058,686
Contract owners’ equity beginning of period		9,499		-		6,902,137		3,676,817		-		-	3,811,401		1,752,715
Contract owners’ equity end of period	$	243,439		9,499		5,425,106		6,902,137		2,039,883		-	3,108,938		3,811,401
CHANGES IN UNITS:
Beginning units		900		-		348,380		200,260		-		-	340,142		166,024
Units purchased		39,606		912		115,578		168,836		313,653		-	95,603		199,129
Units redeemed		(272	)	(12	)	(57,794	)	(20,716	)	(4,288	)	-	(40,655	)	(25,011	)
Ending units		40,234		900		406,164		348,380		309,365		-	395,090		340,142

(Continued)

46

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVABD2					GVAGG2				GVAGR2				GVAGI2
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	145,928		142,989		146,319		111,882		148,113		34,454		39,487		11,382
Realized gain (loss) on investments		(116,576	)	2,005		(55,179	)	88,366		(148,187	)	63,442		(77,592	)	(293	)
Change in unrealized gain (loss) on investments		(324,421	)	(97,260	)	(2,766,102	)	251,313		(4,212,956	)	288,185		(689,449	)	(34,922	)
Reinvested capital gains		2,005		-		177,920		-		425,788		1,318		529		-
Net increase (decrease) in contract owners’ equity resulting from operations		(293,064	)	47,734		(2,497,042	)	451,561		(3,787,242	)	387,399		(727,025	)	(23,833	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		170,409		125,279		462,002		442,191		673,379		407,940		115,482		11,442
Transfers between funds		683,675		1,769,831		1,024,717		3,470,401		2,070,284		4,978,069		1,223,549		964,877
Surrenders (note 6)		(337,813	)	(170,306	)	(294,613	)	(177,182	)	(471,019	)	(201,950	)	(17,353	)	-
Death benefits (note 4)		(1,457	)	(18,196	)	(43,825	)	(19,979	)	-		-		(714	)	-
Net policy repayments (loans) (note 5)		(24,892	)	14,767		(34,640	)	(23,139	)	(53,226	)	(23,829	)	(33,442	)	(1,959	)
Deductions for surrender charges (note 2d)		(12,238	)	(19,403	)	(7,365	)	(20,052	)	(12,627	)	(15,982	)	(1,922	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(115,271	)	(66,515	)	(235,827	)	(148,100	)	(291,463	)	(173,789	)	(62,322	)	(11,966	)
Asset charges (note 3):
FPVUL & VEL contracts		(7,895	)	(4,823	)	(16,120	)	(11,465	)	(21,059	)	(14,337	)	(4,699	)	(847	)
MSP contracts		(988	)	(519	)	(993	)	(852	)	(1,050	)	(497	)	(677	)	(199	)
SL contracts or LSFP contracts		(1,949	)	(655	)	(4,233	)	(2,637	)	(6,612	)	(4,026	)	(744	)	(126	)
Adjustments to maintain reserves		(192	)	54		(374	)	142		(387	)	89		(136	)	87
Net equity transactions		351,389		1,629,513		848,729		3,509,328		1,886,220		4,951,688		1,217,022		961,308
Net change in contract owners’ equity		58,325		1,677,247		(1,648,313	)	3,960,889		(1,901,022	)	5,339,087		489,997		937,475
Contract owners’ equity beginning of period		2,421,417		744,170		5,596,159		1,635,270		7,085,762		1,746,675		937,475		-
Contract owners’ equity end of period	$	2,479,742		2,421,417		3,947,846		5,596,159		5,184,740		7,085,762		1,427,472		937,475
CHANGES IN UNITS:
Beginning units		223,108		70,612		451,322		150,826		610,966		168,526		94,768		-
Units purchased		84,892		177,509		129,180		337,040		280,096		481,897		158,192		96,264
Units redeemed		(54,492	)	(25,013	)	(61,647	)	(36,544	)	(89,716	)	(39,457	)	(19,978	)	(1,496	)
Ending units		253,508		223,108		518,855		451,322		801,346		610,966		232,982		94,768

(Continued)

47

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	NVCRA1				NVCRB1			NVCCA1			NVCCN1
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	8,583		-	4,809		-	5,387		-	3,653		-
Realized gain (loss) on investments		(149,177	)	-	(6,945	)	-	(11,855	)	-	(26,718	)	-
Change in unrealized gain (loss) on investments		(104,586	)	-	(22,948	)	-	(126,362	)	-	(15,304	)	-
Reinvested capital gains		6,286		-	2,502		-	4,934		-	516		-
Net increase (decrease) in contract owners’ equity resulting from operations		(238,894	)	-	(22,582	)	-	(127,896	)	-	(37,853	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		15,734		-	11,963		-	33,781		-	10,172		-
Transfers between funds		525,197		-	553,058		-	629,911		-	314,970		-
Surrenders (note 6)		-		-	(5,957	)	-	(5,398	)	-	-		-
Death benefits (note 4)		-		-	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		(6,995	)	-	(7,500	)	-	979		-	23,093		-
Deductions for surrender charges (note 2d)		-		-	-		-	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(12,287	)	-	(7,426	)	-	(14,737	)	-	(9,396	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(693	)	-	(394	)	-	(705	)	-	(731	)	-
MSP contracts		(4	)	-	(136	)	-	-		-	-		-
SL contracts or LSFP contracts		(338	)	-	(52	)	-	(98	)	-	-		-
Adjustments to maintain reserves		(31	)	-	(29	)	-	(22	)	-	(21	)	-
Net equity transactions		520,583		-	543,527		-	643,711		-	338,087		-
Net change in contract owners’ equity		281,689		-	520,945		-	515,815		-	300,234		-
Contract owners’ equity beginning of period		-		-	-		-	-		-	-		-
Contract owners’ equity end of period	$	281,689		-	520,945		-	515,815		-	300,234		-
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	-		-
Units purchased		46,904		-	67,066		-	73,124		-	33,956		-
Units redeemed		(3,000	)	-	(1,965	)	-	(2,110	)	-	(1,118	)	-
Ending units		43,904		-	65,101		-	71,014		-	32,838		-

(Continued)

48

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	NVCMD1				NVCMA1			NVCMC1			NVCBD1
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	7,925		-	16,044		-	2,407		-	3,407		-
Realized gain (loss) on investments		(38,022	)	-	(63,212	)	-	(1,558	)	-	(1,752	)	-
Change in unrealized gain (loss) on investments		(84,562	)	-	(340,993	)	-	3,794		-	2,744		-
Reinvested capital gains		4,218		-	17,352		-	840		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(110,441	)	-	(370,809	)	-	5,483		-	4,399		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		188,465		-	49,267		-	4,548		-	1,178		-
Transfers between funds		700,762		-	1,894,471		-	284,050		-	208,321		-
Surrenders (note 6)		(134,828	)	-	-		-	-		-	-		-
Death benefits (note 4)		-		-	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		100		-	(2,370	)	-	(3,747	)	-	(570	)	-
Deductions for surrender charges (note 2d)		-		-	-		-	(4,593	)	-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(8,638	)	-	(24,253	)	-	(2,141	)	-	(2,552	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(826	)	-	(2,393	)	-	(140	)	-	(148	)	-
MSP contracts		(68	)	-	(861	)	-	(140	)	-	-		-
SL contracts or LSFP contracts		(52	)	-	(144	)	-	(8	)	-	(11	)	-
Adjustments to maintain reserves		(35	)	-	(33	)	-	(4	)	-	(18	)	-
Net equity transactions		744,880		-	1,913,684		-	277,825		-	206,200		-
Net change in contract owners’ equity		634,439		-	1,542,875		-	283,308		-	210,599		-
Contract owners’ equity beginning of period		-		-	-		-	-		-	-		-
Contract owners’ equity end of period	$	634,439		-	1,542,875		-	283,308		-	210,599		-
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	-		-
Units purchased		84,626		-	227,730		-	35,201		-	21,515		-
Units redeemed		(1,442	)	-	(4,025	)	-	(1,377	)	-	(339	)	-
Ending units		83,184		-	223,705		-	33,824		-	21,176		-

(Continued)

49

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	HIBF					HIBF3				GEM				GEM3
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	1,742,986		1,847,429		681,184		959,716		357,336		191,515		199,623		127,640
Realized gain (loss) on investments		(1,523,883	)	(275,677	)	(1,172,106	)	(20,268	)	(251,665	)	3,567,602		871,367		1,070,771
Change in unrealized gain (loss) on investments		(6,224,368	)	(819,124	)	(1,576,546	)	(686,065	)	(36,615,968	)	6,433,912		(17,624,735	)	3,392,089
Reinvested capital gains		-		-		-		-		8,032,732		3,989,041		3,501,526		1,739,899
Net increase (decrease) in contract owners’ equity resulting from operations		(6,005,265	)	752,628		(2,067,468	)	253,383		(28,477,565	)	14,182,070		(13,052,219	)	6,330,399
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,542,758		1,570,797		843,452		3,084,891		1,399,023		2,731,542		1,603,349		1,646,140
Transfers between funds		(2,315,421	)	(1,813,513	)	(7,516,602	)	4,741,260		(3,786,944	)	7,859,137		(2,562,510	)	5,271,428
Surrenders (note 6)		(605,538	)	(1,508,223	)	(458,680	)	(198,254	)	(2,068,596	)	(1,492,202	)	(869,785	)	(455,074	)
Death benefits (note 4)		(103,419	)	(97,975	)	(10,342	)	(2,985	)	(79,242	)	(14,459	)	(21,966	)	(1,443	)
Net policy repayments (loans) (note 5)		(80,984	)	(400,247	)	(50,003	)	235,147		(187,449	)	(154,392	)	(83,652	)	(225,024	)
Deductions for surrender charges (note 2d)		(13,132	)	(18,575	)	(15,507	)	(19,203	)	(20,263	)	(15,806	)	(45,052	)	(23,711	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(442,939	)	(468,260	)	(407,747	)	(395,169	)	(636,295	)	(594,619	)	(713,914	)	(612,973	)
Asset charges (note 3):
FPVUL & VEL contracts		(18,152	)	(23,264	)	(27,425	)	(23,359	)	(17,800	)	(23,926	)	(48,926	)	(48,062	)
MSP contracts		(1,111	)	(1,340	)	(416	)	(455	)	(995	)	(1,170	)	(2,123	)	(1,368	)
SL contracts or LSFP contracts		(2,817	)	(19,928	)	(4,334	)	(18,059	)	(1,582	)	(2,738	)	(10,895	)	(8,946	)
Adjustments to maintain reserves		(1,005	)	5		(212	)	24		15,550		926		(471	)	125
Net equity transactions		(2,041,760	)	(2,780,523	)	(7,647,816	)	7,403,838		(5,384,593	)	8,292,292		(2,755,945	)	5,541,092
Net change in contract owners’ equity		(8,047,025	)	(2,027,895	)	(9,715,284	)	7,657,221		(33,862,158	)	22,474,362		(15,808,164	)	11,871,491
Contract owners’ equity beginning of period		23,289,264		25,317,159		15,837,576		8,180,355		52,361,635		29,887,273		24,885,515		13,014,024
Contract owners’ equity end of period	$	15,242,239		23,289,264		6,122,292		15,837,576		18,499,477		52,361,635		9,077,351		24,885,515
CHANGES IN UNITS:
Beginning units		1,391,470		1,555,242		1,316,814		701,700		1,441,496		1,195,438		938,196		714,108
Units purchased		413,149		228,236		132,968		692,490		165,155		515,106		120,082		282,228
Units redeemed		(537,987	)	(392,008	)	(741,826	)	(77,376	)	(397,511	)	(269,048	)	(246,776	)	(58,140	)
Ending units		1,266,632		1,391,470		707,956		1,316,814		1,209,140		1,441,496		811,502		938,196

(Continued)

50

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVGU1					GIG				GIG3			NVIE6
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	134,523		124,359		125,409		35,653		1,697		-	566		-
Realized gain (loss) on investments		(471,670	)	265,669		351,355		1,390,839		(25,923	)	-	(3,304	)	-
Change in unrealized gain (loss) on investments		(1,543,783	)	(654,732	)	(6,955,844	)	(15,627	)	(75,860	)	-	(30,880	)	-
Reinvested capital gains		56,626		1,129,147		1,330,793		800,247		24,894		-	7,996		-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,824,304	)	864,443		(5,148,287	)	2,211,112		(75,192	)	-	(25,622	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		281,860		361,010		591,618		355,820		44,198		-	24		-
Transfers between funds		(1,063,064	)	1,088,154		(1,235,463	)	4,001,925		214,521		-	63,441		-
Surrenders (note 6)		(245,241	)	(279,979	)	(422,321	)	(3,252,295	)	(44,286	)	-	(80	)	-
Death benefits (note 4)		(2,180	)	(1,120	)	(43,904	)	(9,980	)	-		-	-		-
Net policy repayments (loans) (note 5)		(23,769	)	(68,907	)	(50,011	)	(85,756	)	-		-	-		-
Deductions for surrender charges (note 2d)		(9,136	)	(4,429	)	(7,581	)	(50,862	)	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(140,191	)	(141,759	)	(217,650	)	(223,485	)	(2,037	)	-	(639	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(9,331	)	(11,401	)	(16,478	)	(19,502	)	(146	)	-	(10	)	-
MSP contracts		(613	)	(600	)	(428	)	(508	)	(1	)	-	-		-
SL contracts or LSFP contracts		(968	)	(1,639	)	(5,545	)	(5,117	)	(205	)	-	(94	)	-
Adjustments to maintain reserves		(321	)	37		(233	)	71		(17	)	-	(12	)	-
Net equity transactions		(1,212,954	)	939,367		(1,407,996	)	710,310		212,027		-	62,630		-
Net change in contract owners’ equity		(3,037,258	)	1,803,810		(6,556,283	)	2,921,422		136,835		-	37,008		-
Contract owners’ equity beginning of period		6,157,955		4,354,145		12,580,078		9,658,656		-		-	-		-
Contract owners’ equity end of period	$	3,120,697		6,157,955		6,023,795		12,580,078		136,835		-	37,008		-
CHANGES IN UNITS:
Beginning units		250,190		212,848		738,650		720,712		-		-	-		-
Units purchased		20,578		83,272		113,143		287,828		25,218		-	6,830		-
Units redeemed		(81,415	)	(45,930	)	(194,909	)	(269,890	)	(415	)	-	(111	)	-
Ending units		189,353		250,190		656,884		738,650		24,803		-	6,719		-

(Continued)

51

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GEF					GVGF1				GBF				CAF
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	38,350		25,298		57,795		161,510		4,891,347		4,274,399		41,011		29,429
Realized gain (loss) on investments		410,146		429,789		(1,471,698	)	49,785		(390,883	)	(1,401,642	)	126,935		530,463
Change in unrealized gain (loss) on investments		(4,484,104	)	692,082		(463,964	)	(968,313	)	4,017,269		3,759,402		(7,585,727	)	2,553,716
Reinvested capital gains		1,004,518		-		-		695,341		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(3,031,090	)	1,147,169		(1,877,867	)	(61,677	)	8,517,733		6,632,159		(7,417,781	)	3,113,608
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		279,793		398,968		142,360		205,922		7,697,431		8,287,508		1,714,602		1,964,117
Transfers between funds		(1,083,159	)	1,254,688		(830,954	)	96,155		24,527,320		900,184		(261,433	)	543,825
Surrenders (note 6)		(222,560	)	(455,894	)	(117,660	)	(311,443	)	(8,332,389	)	(9,036,984	)	(902,395	)	(1,211,517	)
Death benefits (note 4)		(27,808	)	(8,994	)	(26,781	)	(9,970	)	(295,169	)	(88,161	)	(39,801	)	(53,928	)
Net policy repayments (loans) (note 5)		(33,823	)	(59,790	)	(2,571	)	1,478		(865,916	)	(263,254	)	(156,340	)	(244,672	)
Deductions for surrender charges (note 2d)		(8,857	)	(12,965	)	(8,479	)	(6,675	)	(112,385	)	(193,504	)	(24,712	)	(51,255	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(239,569	)	(263,167	)	(113,837	)	(147,497	)	(3,220,456	)	(2,712,671	)	(1,111,786	)	(1,160,744	)
Asset charges (note 3):
FPVUL & VEL contracts		(15,963	)	(20,402	)	(4,681	)	(6,986	)	(126,343	)	(119,155	)	(62,541	)	(75,831	)
MSP contracts		(488	)	(515	)	-		(1	)	(10,744	)	(11,699	)	(1,813	)	(2,163	)
SL contracts or LSFP contracts		(1,874	)	(2,448	)	(1,186	)	(1,553	)	(54,621	)	(35,026	)	(6,353	)	(8,014	)
Adjustments to maintain reserves		(286	)	8		(129	)	(64	)	19,268		154		(338	)	193
Net equity transactions		(1,354,594	)	829,489		(963,918	)	(180,634	)	19,225,996		(3,272,608	)	(852,910	)	(299,990	)
Net change in contract owners’ equity		(4,385,684	)	1,976,658		(2,841,785	)	(242,311	)	27,743,729		3,359,551		(8,270,691	)	2,813,618
Contract owners’ equity beginning of period		7,719,100		5,742,442		4,645,360		4,887,671		101,701,255		98,341,704		19,583,880		16,770,262
Contract owners’ equity end of period	$	3,333,416		7,719,100		1,803,575		4,645,360		129,444,984		101,701,255		11,313,189		19,583,880
CHANGES IN UNITS:
Beginning units		374,384		327,572		237,888		247,374		6,570,388		6,787,556		2,036,724		2,041,710
Units purchased		18,123		84,749		25,052		41,154		2,122,142		939,393		255,721		409,216
Units redeemed		(107,369	)	(37,937	)	(90,985	)	(50,640	)	(910,652	)	(1,156,561	)	(372,676	)	(414,202	)
Ending units		285,138		374,384		171,955		237,888		7,781,878		6,570,388		1,919,769		2,036,724

(Continued)

52

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVGH1					GVGHS				GVIX2				GVIX6
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	4,641		(1,920	)	7,181		2,051		18,928		20,166		13,096		8,079
Realized gain (loss) on investments		(30,467	)	31,789		(133,555	)	86,218		(203,996	)	(887	)	(34,287	)	14,607
Change in unrealized gain (loss) on investments		(1,118,755	)	339,170		(952,956	)	196,615		(339,766	)	(12,435	)	(362,215	)	4,283
Reinvested capital gains		230,802		71,596		250,351		55,688		1,405		4,192		1,033		1,322
Net increase (decrease) in contract owners’ equity resulting from operations		(913,779	)	440,635		(828,979	)	340,572		(523,429	)	11,036		(382,373	)	28,291
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		35,192		189,628		330,123		431,108		103,003		51,510		94,436		83,018
Transfers between funds		(1,029,342	)	732,613		610,583		(240,373	)	(55,449	)	2,181,326		211,758		358,286
Surrenders (note 6)		(72,454	)	(97,194	)	(289,350	)	(158,260	)	(1,061,320	)	-		(11,568	)	(14,557	)
Death benefits (note 4)		(5,587	)	(1,058	)	-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(25,011	)	(14,439	)	111,163		48,471		-		-		(17,200	)	(5,875	)
Deductions for surrender charges (note 2d)		(3,649	)	(6,511	)	(6,977	)	(11,534	)	-		-		(53	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(74,760	)	(81,639	)	(111,452	)	(112,012	)	(29,625	)	(21,286	)	(42,428	)	(28,927	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,036	)	(5,409	)	(8,538	)	(9,993	)	-		-		(1,453	)	(1,249	)
MSP contracts		(187	)	(211	)	(65	)	(21	)	-		-		(389	)	(273	)
SL contracts or LSFP contracts		(1,039	)	(1,209	)	(1,426	)	(1,446	)	-		-		(724	)	(551	)
Adjustments to maintain reserves		(1,418	)	47		(193	)	3		(75	)	5		(152	)	25
Net equity transactions		(1,182,291	)	714,617		633,868		(54,057	)	(1,043,466	)	2,211,555		232,227		389,897
Net change in contract owners’ equity		(2,096,070	)	1,155,252		(195,111	)	286,515		(1,566,895	)	2,222,591		(150,146	)	418,188
Contract owners’ equity beginning of period		4,686,151		3,530,899		2,632,640		2,346,125		2,222,591		-		641,359		223,171
Contract owners’ equity end of period	$	2,590,081		4,686,151		2,437,529		2,632,640		655,696		2,222,591		491,213		641,359
CHANGES IN UNITS:
Beginning units		304,564		259,242		210,752		212,658		219,734		-		53,368		20,334
Units purchased		57,269		91,165		80,217		42,190		29,148		221,814		34,188		36,532
Units redeemed		(136,833	)	(45,843	)	(29,986	)	(44,096	)	(134,493	)	(2,080	)	(15,711	)	(3,498	)
Ending units		225,000		304,564		260,983		210,752		114,389		219,734		71,845		53,368

(Continued)

53

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVIDA					GVIDC				GVIDM				GVDMA
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	599,619		583,599		668,295		473,445		1,853,394		1,770,158		1,899,537		1,778,175
Realized gain (loss) on investments		(697,871	)	975,330		(179,388	)	18,973		98,527		1,399,355		(605,320	)	1,445,009
Change in unrealized gain (loss) on investments		(18,129,999	)	(1,210,646	)	(2,270,607	)	(111,573	)	(24,869,374	)	(729,998	)	(37,181,566	)	(491,544	)
Reinvested capital gains		5,187,862		960,583		451,853		324,884		5,784,847		1,019,405		8,097,876		1,501,624
Net increase (decrease) in contract owners’ equity resulting from operations		(13,040,389	)	1,308,866		(1,329,847	)	705,729		(17,132,606	)	3,458,920		(27,789,473	)	4,233,264
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		4,061,628		4,274,226		845,699		762,710		7,885,090		8,403,771		11,441,272		11,762,349
Transfers between funds		(935,195	)	7,452,537		12,150,512		1,114,999		2,033,029		6,307,955		166,766		10,270,896
Surrenders (note 6)		(1,269,009	)	(925,022	)	(317,058	)	(239,255	)	(4,171,435	)	(2,212,436	)	(2,748,548	)	(3,380,536	)
Death benefits (note 4)		(14,150	)	(56,081	)	(10,704	)	(84,565	)	(176,294	)	(669,579	)	(18,757	)	(73,357	)
Net policy repayments (loans) (note 5)		(252,946	)	(327,955	)	(50,732	)	(93,495	)	(767,488	)	(278,141	)	(800,048	)	(644,778	)
Deductions for surrender charges (note 2d)		(190,612	)	(103,250	)	(18,675	)	(22,485	)	(388,688	)	(207,181	)	(322,644	)	(311,493	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,503,074	)	(1,456,936	)	(642,562	)	(562,244	)	(3,420,054	)	(3,255,275	)	(4,201,771	)	(4,002,541	)
Asset charges (note 3):
FPVUL & VEL contracts		(79,423	)	(86,816	)	(23,066	)	(20,865	)	(176,935	)	(189,776	)	(262,265	)	(280,192	)
MSP contracts		(6,184	)	(5,860	)	(7,647	)	(7,024	)	(36,103	)	(27,626	)	(19,906	)	(19,829	)
SL contracts or LSFP contracts		(5,776	)	(5,416	)	(5,054	)	(4,601	)	(25,901	)	(24,957	)	(36,153	)	(30,748	)
Adjustments to maintain reserves		(818	)	422		(639	)	(4	)	(561	)	(45	)	(441	)	58
Net equity transactions		(195,559	)	8,759,849		11,920,074		843,171		754,660		7,846,710		3,197,505		13,289,829
Net change in contract owners’ equity		(13,235,948	)	10,068,715		10,590,227		1,548,900		(16,377,946	)	11,305,630		(24,591,968	)	17,523,093
Contract owners’ equity beginning of period		35,087,720		25,019,005		14,644,494		13,095,594		73,351,574		62,045,944		85,190,990		67,667,897
Contract owners’ equity end of period	$	21,851,772		35,087,720		25,234,721		14,644,494		56,973,628		73,351,574		60,599,022		85,190,990
CHANGES IN UNITS:
Beginning units		2,105,240		1,589,760		1,124,346		1,057,738		4,941,260		4,414,294		5,315,958		4,480,646
Units purchased		406,529		783,514		1,089,358		179,883		1,134,396		1,225,151		1,145,968		1,508,816
Units redeemed		(435,041	)	(268,034	)	(137,169	)	(113,275	)	(1,077,828	)	(698,185	)	(950,346	)	(673,504	)
Ending units		2,076,728		2,105,240		2,076,535		1,124,346		4,997,828		4,941,260		5,511,580		5,315,958

(Continued)

54

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVDMC					BF				NVLCP1			SGRF
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	792,538		924,969		383,052		372,176		1,613		-	(2,953	)	(4,547	)
Realized gain (loss) on investments		(1,143,453	)	335,326		(61,898	)	772,749		(234	)	-	413,441		1,051,935
Change in unrealized gain (loss) on investments		(4,816,383	)	(460,314	)	(6,090,269	)	(829,543	)	4,089		-	(7,610,626	)	474,143
Reinvested capital gains		959,038		847,408		1,615,670		472,649		-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(4,208,260	)	1,647,389		(4,153,445	)	788,031		5,468		-	(7,200,138	)	1,521,531
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		4,900,897		6,780,776		1,052,975		1,134,991		230		-	1,115,813		1,924,858
Transfers between funds		(17,121,796	)	2,924,146		(1,782,086	)	(327,203	)	130,414		-	(1,251,125	)	(1,256,086	)
Surrenders (note 6)		(603,425	)	(609,466	)	(1,076,197	)	(595,074	)	-		-	(1,098,547	)	(916,472	)
Death benefits (note 4)		(13,524	)	(143,638	)	(205,108	)	(67,754	)	-		-	(72,248	)	(74,747	)
Net policy repayments (loans) (note 5)		(215,508	)	(21,165	)	(19,186	)	(140,471	)	-		-	(269,843	)	(137,133	)
Deductions for surrender charges (note 2d)		(25,774	)	(53,616	)	(16,932	)	(23,557	)	-		-	(35,685	)	(49,116	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,049,986	)	(973,179	)	(669,162	)	(678,947	)	(1,297	)	-	(724,726	)	(838,691	)
Asset charges (note 3):
FPVUL & VEL contracts		(43,260	)	(43,994	)	(35,434	)	(40,923	)	(70	)	-	(41,647	)	(54,459	)
MSP contracts		(17,084	)	(13,646	)	(1,427	)	(2,172	)	-		-	(1,178	)	(1,650	)
SL contracts or LSFP contracts		(9,954	)	(7,473	)	(8,243	)	(11,404	)	-		-	(6,027	)	(8,354	)
Adjustments to maintain reserves		(959	)	61		535		60		(12	)	-	(361	)	(2	)
Net equity transactions		(14,200,373	)	7,838,806		(2,760,265	)	(752,454	)	129,265		-	(2,385,574	)	(1,411,852	)
Net change in contract owners’ equity		(18,408,633	)	9,486,195		(6,913,710	)	35,577		134,733		-	(9,585,712	)	109,679
Contract owners’ equity beginning of period		35,564,678		26,078,483		17,440,940		17,405,363		-		-	17,531,524		17,421,845
Contract owners’ equity end of period	$	17,156,045		35,564,678		10,527,230		17,440,940		134,733		-	7,945,812		17,531,524
CHANGES IN UNITS:
Beginning units		2,554,760		1,976,998		1,263,008		1,315,664		-		-	1,115,074		1,217,840
Units purchased		620,805		769,370		100,580		162,528		13,689		-	130,643		123,380
Units redeemed		(1,738,297	)	(191,608	)	(345,069	)	(215,184	)	(144	)	-	(315,662	)	(226,146	)
Ending units		1,437,268		2,554,760		1,018,519		1,263,008		13,545		-	930,055		1,115,074

(Continued)

55

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	MCIF					SAM				SAM5				NVMIG3
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	694,248		991,682		2,574,603		5,446,932		6,819,754		15,711,908		7		-
Realized gain (loss) on investments		143,798		7,103,961		-		-		-		-		(3,454	)	-
Change in unrealized gain (loss) on investments		(29,419,372	)	(4,305,215	)	-		-		-		-		(2,935	)	-
Reinvested capital gains		3,794,309		2,350,170		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(24,787,017	)	6,140,598		2,574,603		5,446,932		6,819,754		15,711,908		(6,382	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		4,733,840		6,557,070		29,939,833		42,302,829		77,654,445		68,812,070		10,640		-
Transfers between funds		(6,359,556	)	(6,293,593	)	19,728,779		(16,434,437	)	(14,992,644	)	(45,150,872	)	3,578		-
Surrenders (note 6)		(6,808,352	)	(7,584,629	)	(28,701,969	)	(14,968,887	)	(25,597,209	)	(18,917,961	)	-		-
Death benefits (note 4)		(101,899	)	(191,521	)	(783,164	)	(393,264	)	(351,728	)	(450,281	)	-		-
Net policy repayments (loans) (note 5)		(276,542	)	(1,428,199	)	(2,357,126	)	(549,287	)	(11,219,758	)	(849,515	)	(209	)	-
Deductions for surrender charges (note 2d)		(90,842	)	(92,784	)	(707,143	)	(850,636	)	-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,757,256	)	(2,047,553	)	(7,543,989	)	(7,268,391	)	(5,616,989	)	(4,767,447	)	(780	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(96,141	)	(117,548	)	(399,813	)	(380,951	)	-		-		(12	)	-
MSP contracts		(1,958	)	(2,326	)	(31,654	)	(30,308	)	-		-		(4	)	-
SL contracts or LSFP contracts		(20,299	)	(30,345	)	(105,490	)	(99,650	)	-		-		(14	)	-
Adjustments to maintain reserves		2,900		31		(887	)	(519	)	(12,128	)	(415	)	(20	)	-
Net equity transactions		(10,776,105	)	(11,231,397	)	9,037,377		1,326,499		19,863,989		(1,324,421	)	13,179		-
Net change in contract owners’ equity		(35,563,122	)	(5,090,799	)	11,611,980		6,773,431		26,683,743		14,387,487		6,797		-
Contract owners’ equity beginning of period		76,147,306		81,238,105		122,237,011		115,463,580		345,949,863		331,562,376		-		-
Contract owners’ equity end of period	$	40,584,184		76,147,306		133,848,991		122,237,011		372,633,606		345,949,863		6,797		-
CHANGES IN UNITS:
Beginning units		3,397,782		3,900,284		8,863,336		8,783,438		30,492,136		30,574,890		-		-
Units purchased		483,944		708,130		4,725,029		3,749,887		10,305,999		9,127,693		2,222		-
Units redeemed		(1,044,511	)	(1,210,632	)	(4,100,944	)	(3,669,989	)	(8,580,286	)	(9,210,447	)	(1,115	)	-
Ending units		2,837,215		3,397,782		9,487,421		8,863,336		32,217,849		30,492,136		1,107		-

(Continued)

56

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GVDIVI					GVDIV3				NVMLG1			NVMLV1
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	28,833		53,925		128,039		209,918		51		-	1,065		-
Realized gain (loss) on investments		(76,550	)	180,626		(157,651	)	320,183		(2,528	)	-	(2,654	)	-
Change in unrealized gain (loss) on investments		(1,132,458	)	(315,435	)	(5,223,038	)	(931,852	)	(7,223	)	-	(9,985	)	-
Reinvested capital gains		240,731		181,307		1,087,474		679,607		-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(939,444	)	100,423		(4,165,176	)	277,856		(9,700	)	-	(11,574	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		216		-		780,491		1,270,903		19,876		-	12,274		-
Transfers between funds		(111,859	)	(793,279	)	(399,069	)	977,584		6,749		-	241,887		-
Surrenders (note 6)		(89,054	)	(61,854	)	(461,394	)	(407,921	)	-		-	-		-
Death benefits (note 4)		-		-		-		(29,396	)	-		-	-		-
Net policy repayments (loans) (note 5)		(18,779	)	(19,962	)	(66,631	)	(104,054	)	(709	)	-	(484	)	-
Deductions for surrender charges (note 2d)		(6,815	)	(6,409	)	(22,189	)	(37,936	)	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(65,626	)	(92,945	)	(329,351	)	(379,667	)	(790	)	-	(1,816	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(5,356	)	(8,659	)	(24,696	)	(32,244	)	(31	)	-	(43	)	-
MSP contracts		(221	)	(425	)	(308	)	(432	)	-		-	-		-
SL contracts or LSFP contracts		(993	)	(1,457	)	(4,175	)	(4,686	)	(8	)	-	(82	)	-
Adjustments to maintain reserves		(221	)	(53	)	(228	)	24		(4	)	-	(17	)	-
Net equity transactions		(298,708	)	(985,043	)	(527,550	)	1,252,175		25,083		-	251,719		-
Net change in contract owners’ equity		(1,238,152	)	(884,620	)	(4,692,726	)	1,530,031		15,383		-	240,145		-
Contract owners’ equity beginning of period		2,225,629		3,110,249		9,626,479		8,096,448		-		-	-		-
Contract owners’ equity end of period	$	987,477		2,225,629		4,933,753		9,626,479		15,383		-	240,145		-
CHANGES IN UNITS:
Beginning units		93,770		134,862		665,320		575,980		-		-	-		-
Units purchased		-		-		91,296		169,451		4,652		-	39,465		-
Units redeemed		(16,274	)	(41,092	)	(121,243	)	(80,111	)	(2,235	)	-	(1,689	)	-
Ending units		77,496		93,770		635,373		665,320		2,417		-	37,776		-

(Continued)

57

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	NVMMG1				NVMMV1			NVMMV2			SCGF
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	(58	)	-	11		-	49		-	(13,425	)	(21,368	)
Realized gain (loss) on investments		(32,124	)	-	-		-	(856	)	-	(1,140,207	)	1,331,533
Change in unrealized gain (loss) on investments		(1,417	)	-	81		-	(160	)	-	(9,003,247	)	891,419
Reinvested capital gains		-		-	-		-	-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(33,599	)	-	92		-	(967	)	-	(10,156,879	)	2,201,584
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		63,943		-	1,219		-	3,440		-	1,553,738		2,183,394
Transfers between funds		711		-	1,115		-	3,967		-	(2,396,104	)	(1,419,241	)
Surrenders (note 6)		(27,035	)	-	-		-	(743	)	-	(658,214	)	(1,741,558	)
Death benefits (note 4)		-		-	-		-	-		-	(30,157	)	(44,026	)
Net policy repayments (loans) (note 5)		-		-	-		-	-		-	(170,596	)	(239,725	)
Deductions for surrender charges (note 2d)		-		-	-		-	-		-	(46,082	)	(42,924	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(982	)	-	-		-	(168	)	-	(634,278	)	(761,772	)
Asset charges (note 3):
FPVUL & VEL contracts		(20	)	-	-		-	(6	)	-	(36,367	)	(49,431	)
MSP contracts		-		-	-		-	-		-	(859	)	(1,244	)
SL contracts or LSFP contracts		(8	)	-	-		-	(3	)	-	(3,848	)	(7,117	)
Adjustments to maintain reserves		(8	)	-	(5	)	-	(12	)	-	(86	)	(11	)
Net equity transactions		36,601		-	2,329		-	6,475		-	(2,422,853	)	(2,123,655	)
Net change in contract owners’ equity		3,002		-	2,421		-	5,508		-	(12,579,732	)	77,929
Contract owners’ equity beginning of period		-		-	-		-	-		-	23,009,414		22,931,485
Contract owners’ equity end of period	$	3,002		-	2,421		-	5,508		-	10,429,682		23,009,414
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	1,216,658		1,330,056
Units purchased		1,035		-	359		-	1,159		-	131,847		259,030
Units redeemed		(557	)	-	(1	)	-	(344	)	-	(319,439	)	(372,428	)
Ending units		478		-	358		-	815		-	1,029,066		1,216,658

(Continued)

58

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	SCVF					SCF				TRF				GVUS1
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	488,505		783,828		554,177		(52,776	)	4,803,593		5,037,157		12,832		21,624
Realized gain (loss) on investments		(6,624,860	)	3,271,928		(5,426,956	)	1,774,957		1,356,893		36,597,476		(249,100	)	4,045
Change in unrealized gain (loss) on investments		(10,935,610	)	(18,612,733	)	(45,734,209	)	(13,324,530	)	(245,372,431	)	(23,147,644	)	(895,663	)	(179,532	)
Reinvested capital gains		-		9,528,527		15,926,545		13,780,217		59,388,629		26,261,593		-		322,938
Net increase (decrease) in contract owners’ equity resulting from operations		(17,071,965	)	(5,028,450	)	(34,680,443	)	2,177,868		(179,823,316	)	44,748,582		(1,131,931	)	169,075
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,305,026		5,598,766		5,521,541		7,676,882		4,070,480		5,052,311		57,554		101,207
Transfers between funds		(12,110,612	)	(8,336,203	)	(5,569,853	)	(3,150,515	)	(743,427	)	(130,747,319	)	(221,220	)	764,473
Surrenders (note 6)		(2,993,883	)	(4,285,947	)	(4,451,955	)	(5,980,795	)	(2,688,496	)	(2,255,466	)	(147,365	)	(37,183	)
Death benefits (note 4)		(164,811	)	(195,551	)	(163,695	)	(299,943	)	(778,607	)	(2,784,096	)	(165	)	(691	)
Net policy repayments (loans) (note 5)		(304,393	)	(779,559	)	(686,477	)	(329,828	)	(345,571	)	(567,731	)	12,696		(22,926	)
Deductions for surrender charges (note 2d)		(106,801	)	(126,970	)	(92,000	)	(134,196	)	(102,267	)	(140,442	)	(3,198	)	(805	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,847,814	)	(2,391,630	)	(2,417,473	)	(2,748,147	)	(4,997,680	)	(5,870,177	)	(43,175	)	(42,996	)
Asset charges (note 3):
FPVUL & VEL contracts		(117,889	)	(159,916	)	(124,091	)	(159,675	)	(165,533	)	(206,960	)	(3,105	)	(3,484	)
MSP contracts		(3,811	)	(5,301	)	(3,723	)	(5,500	)	(11,079	)	(14,530	)	-		(6	)
SL contracts or LSFP contracts		(14,864	)	(24,160	)	(20,380	)	(26,356	)	(13,636	)	(17,649	)	(779	)	(1,081	)
Adjustments to maintain reserves		1,021		211		7,177		(1,294	)	(4,482	)	411		(167	)	(20	)
Net equity transactions		(14,358,831	)	(10,706,260	)	(8,000,929	)	(5,159,367	)	(5,780,298	)	(137,551,648	)	(348,924	)	756,488
Net change in contract owners’ equity		(31,430,796	)	(15,734,710	)	(42,681,372	)	(2,981,499	)	(185,603,614	)	(92,803,066	)	(1,480,855	)	925,563
Contract owners’ equity beginning of period		64,578,678		80,313,388		98,301,764		101,283,263		435,927,433		528,730,499		2,471,158		1,545,595
Contract owners’ equity end of period	$	33,147,882		64,578,678		55,620,392		98,301,764		250,323,819		435,927,433		990,303		2,471,158
CHANGES IN UNITS:
Beginning units		2,607,354		3,035,848		4,590,160		4,807,692		31,215,436		41,070,072		137,750		95,970
Units purchased		169,366		348,871		617,632		775,425		357,645		361,685		17,190		53,784
Units redeemed		(809,590	)	(777,365	)	(995,226	)	(992,957	)	(834,600	)	(10,216,321	)	(44,701	)	(12,004	)
Ending units		1,967,130		2,607,354		4,212,566		4,590,160		30,738,481		31,215,436		110,239		137,750

(Continued)

59

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	NVNMO1				NVNSR1			NVSTB2			GGTC
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	-		-	108		-	10,320		-	(8,064	)	(8,401	)
Realized gain (loss) on investments		(7,738	)	-	(212	)	-	1,106		-	(141,574	)	450,153
Change in unrealized gain (loss) on investments		(168	)	-	(12,894	)	-	(996	)	-	(3,735,503	)	432,229
Reinvested capital gains		-		-	-		-	-		-	730,340		-
Net increase (decrease) in contract owners’ equity resulting from operations		(7,906	)	-	(12,998	)	-	10,430		-	(3,154,801	)	873,981
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		140		-	2,268		-	1,296		-	131,001		213,992
Transfers between funds		8,983		-	42,336		-	1,073,433		-	(748,104	)	407,614
Surrenders (note 6)		-		-	-		-	(114,817	)	-	(95,819	)	(71,579	)
Death benefits (note 4)		-		-	-		-	-		-	(16,970	)	(16,271	)
Net policy repayments (loans) (note 5)		-		-	-		-	-		-	(33,638	)	(32,280	)
Deductions for surrender charges (note 2d)		-		-	-		-	(1,963	)	-	(8,081	)	(7,102	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(251	)	-	(449	)	-	(7,470	)	-	(113,020	)	(130,148	)
Asset charges (note 3):
FPVUL & VEL contracts		(23	)	-	(23	)	-	(383	)	-	(4,485	)	(6,818	)
MSP contracts		-		-	-		-	-		-	(44	)	(307	)
SL contracts or LSFP contracts		-		-	(1	)	-	(107	)	-	(450	)	(725	)
Adjustments to maintain reserves		(10	)	-	(12	)	-	3,267		-	403		(64	)
Net equity transactions		8,839		-	44,119		-	953,256		-	(889,207	)	356,311
Net change in contract owners’ equity		933		-	31,121		-	963,686		-	(4,044,008	)	1,230,292
Contract owners’ equity beginning of period		-		-	-		-	-		-	6,869,152		5,638,860
Contract owners’ equity end of period	$	933		-	31,121		-	963,686		-	2,825,144		6,869,152
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	1,638,454		1,613,876
Units purchased		216		-	5,105		-	108,708		-	258,620		482,115
Units redeemed		(36	)	-	(68	)	-	(11,790	)	-	(585,541	)	(457,537	)
Ending units		180		-	5,037		-	96,918		-	1,311,533		1,638,454

(Continued)

60

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	GGTC3					GVUG1				EIF				MSBF
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	-		-		(4,341	)	(4,713	)	229,855		252,458		1,056,589		894,111
Realized gain (loss) on investments		(249,205	)	106,294		(318,794	)	(7,974	)	(189,392	)	386,501		(1,455,039	)	(46,529	)
Change in unrealized gain (loss) on investments		(1,724,987	)	306,317		(3,986,197	)	1,327,479		(5,113,403	)	(1,615,122	)	(3,180,202	)	145,385
Reinvested capital gains		343,893		-		1,191,538		-		166,922		666,775		358,044		1,101
Net increase (decrease) in contract owners’ equity resulting from operations		(1,630,299	)	412,611		(3,117,794	)	1,314,792		(4,906,018	)	(309,388	)	(3,220,608	)	994,068
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		381,098		505,615		377,441		365,176		995,272		1,390,523		1,625,205		1,688,306
Transfers between funds		(1,027,268	)	1,536,945		(1,455,147	)	966,508		(1,095,713	)	1,111,088		(8,948,419	)	6,600,687
Surrenders (note 6)		(183,023	)	(56,211	)	(276,736	)	(249,522	)	(343,352	)	(767,489	)	(2,198,324	)	(2,352,346	)
Death benefits (note 4)		(3,895	)	(6,894	)	(4,272	)	(6,430	)	(48,102	)	(46,361	)	(15,711	)	(94,429	)
Net policy repayments (loans) (note 5)		6,564		(21,315	)	(26,965	)	(81,603	)	(85,839	)	(124,679	)	22,327		(124,144	)
Deductions for surrender charges (note 2d)		(11,101	)	(4,930	)	(8,842	)	(5,615	)	(35,973	)	(62,327	)	(43,255	)	(28,156	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(122,865	)	(113,213	)	(201,354	)	(192,936	)	(549,379	)	(612,654	)	(615,128	)	(647,554	)
Asset charges (note 3):
FPVUL & VEL contracts		(7,878	)	(8,187	)	(11,618	)	(12,654	)	(38,735	)	(49,353	)	(32,283	)	(34,649	)
MSP contracts		(266	)	(137	)	(488	)	(497	)	(1,487	)	(1,861	)	(1,774	)	(3,112	)
SL contracts or LSFP contracts		(1,680	)	(1,660	)	(1,500	)	(1,995	)	(6,031	)	(7,158	)	(6,937	)	(6,896	)
Adjustments to maintain reserves		(244	)	70		(495	)	84		(284	)	(31	)	(633	)	104
Net equity transactions		(970,558	)	1,830,083		(1,609,976	)	780,515		(1,209,623	)	829,698		(10,214,932	)	4,997,811
Net change in contract owners’ equity		(2,600,857	)	2,242,694		(4,727,770	)	2,095,307		(6,115,641	)	520,310		(13,435,540	)	5,991,879
Contract owners’ equity beginning of period		4,103,710		1,861,016		8,636,840		6,541,533		14,140,535		13,620,225		24,527,533		18,535,654
Contract owners’ equity end of period	$	1,502,853		4,103,710		3,909,070		8,636,840		8,024,894		14,140,535		11,091,993		24,527,533
CHANGES IN UNITS:
Beginning units		249,550		136,014		450,804		417,938		983,392		917,588		1,551,246		1,218,460
Units purchased		35,785		132,102		26,945		102,600		114,968		197,638		132,794		582,515
Units redeemed		(107,582	)	(18,566	)	(129,999	)	(69,734	)	(211,658	)	(131,834	)	(854,061	)	(249,729	)
Ending units		177,753		249,550		347,750		450,804		886,702		983,392		829,979		1,551,246

(Continued)

61

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	NVRE1				AMGP				AMINS				AMCG
	2008			2007	2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	2,895		-	52,323		28,394		-		69,179		(20,752	)	(24,011	)
Realized gain (loss) on investments		(7,493	)	-	607,105		1,423,112		(131,792	)	144,850		2,433,292		2,826,675
Change in unrealized gain (loss) on investments		(38,458	)	-	(5,426,146	)	(490,657	)	(1,655,919	)	(380,354	)	(23,546,784	)	6,405,275
Reinvested capital gains		-		-	386,741		-		(47	)	245,830		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(43,056	)	-	(4,379,977	)	960,849		(1,787,758	)	79,505		(21,134,244	)	9,207,939
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		8,943		-	533,544		865,049		240,129		358,782		2,145,143		2,615,746
Transfers between funds		149,247		-	(828,918	)	(1,518,839	)	(330,601	)	1,976,152		702,907		215,894
Surrenders (note 6)		-		-	(580,792	)	(831,265	)	(109,755	)	(68,663	)	(2,500,205	)	(2,411,434	)
Death benefits (note 4)		-		-	(1,810	)	(14,398	)	-		-		(94,449	)	(45,413	)
Net policy repayments (loans) (note 5)		(16	)	-	(11,762	)	(98,543	)	(76,321	)	(48,573	)	(149,167	)	(321,555	)
Deductions for surrender charges (note 2d)		-		-	(16,272	)	(33,345	)	(3,815	)	(4,016	)	(78,775	)	(91,950	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(2,038	)	-	(425,209	)	(456,772	)	(128,360	)	(125,872	)	(1,780,702	)	(1,819,681	)
Asset charges (note 3):
FPVUL & VEL contracts		(119	)	-	(28,304	)	(34,369	)	(9,210	)	(10,837	)	(91,519	)	(114,501	)
MSP contracts		(23	)	-	(677	)	(863	)	(622	)	(830	)	(1,799	)	(2,117	)
SL contracts or LSFP contracts		(54	)	-	(2,722	)	(3,821	)	(2,035	)	(1,919	)	(14,571	)	(17,643	)
Adjustments to maintain reserves		(21	)	-	(406	)	8		(18	)	(92	)	(905	)	126
Net equity transactions		155,919		-	(1,363,328	)	(2,127,158	)	(420,608	)	2,074,132		(1,864,042	)	(1,992,528	)
Net change in contract owners’ equity		112,863		-	(5,743,305	)	(1,166,309	)	(2,208,366	)	2,153,637		(22,998,286	)	7,215,411
Contract owners’ equity beginning of period		-		-	12,773,599		13,939,908		4,197,313		2,043,676		49,234,222		42,018,811
Contract owners’ equity end of period	$	112,863		-	7,030,294		12,773,599		1,988,947		4,197,313		26,235,936		49,234,222
CHANGES IN UNITS:
Beginning units		-		-	633,674		760,688		280,340		140,884		2,319,260		2,370,878
Units purchased		20,331		-	59,167		64,818		33,317		162,648		273,625		314,230
Units redeemed		(344	)	-	(141,071	)	(191,832	)	(65,648	)	(23,192	)	(385,761	)	(365,848	)
Ending units		19,987		-	551,770		633,674		248,009		280,340		2,207,124		2,319,260

(Continued)

62

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	AMTP					AMRI				AMRS				AMFAS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	73,355		124,790		37,123		745		9,627		5,364		(1,252	)	(1,623	)
Realized gain (loss) on investments		(421,355	)	780,824		(505,252	)	33,868		(21,349	)	17,720		(90,339	)	81,135
Change in unrealized gain (loss) on investments		(11,677,741	)	(1,165,305	)	(828,907	)	(28,828	)	(533,333	)	(44,082	)	(721,945	)	(109,895	)
Reinvested capital gains		2,415,975		2,014,528		7,577		20,694		2,094		34,794		57,762		14,207
Net increase (decrease) in contract owners’ equity resulting from operations		(9,609,766	)	1,754,837		(1,289,459	)	26,479		(542,961	)	13,796		(755,774	)	(16,176	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		837,423		1,083,019		56,676		30,871		138,819		166,291		101,816		146,992
Transfers between funds		(1,868,595	)	87,747		2,466,371		425,549		(65,723	)	354,850		(109,239	)	476,028
Surrenders (note 6)		(1,781,243	)	(1,152,951	)	(35,429	)	(24,648	)	(24,804	)	(43,073	)	(31,777	)	(84,650	)
Death benefits (note 4)		(8,738	)	(46,278	)	-		(1,656	)	(11,532	)	-		(1,645	)	(485	)
Net policy repayments (loans) (note 5)		(12,816	)	(215,608	)	(21	)	(2,814	)	1,302		(1,403	)	(3,328	)	(10,951	)
Deductions for surrender charges (note 2d)		(42,668	)	(18,508	)	-		-		(2,907	)	(605	)	(3,025	)	(1,540	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(665,429	)	(721,945	)	(30,345	)	(24,688	)	(41,760	)	(36,655	)	(42,162	)	(42,991	)
Asset charges (note 3):
FPVUL & VEL contracts		(42,886	)	(54,526	)	-		-		(3,872	)	(4,106	)	(2,992	)	(3,587	)
MSP contracts		(1,254	)	(1,624	)	-		-		(94	)	(120	)	(1	)	(9	)
SL contracts or LSFP contracts		(7,616	)	(13,264	)	-		-		(531	)	(575	)	(488	)	(519	)
Adjustments to maintain reserves		(450	)	180		134		(21	)	(180	)	50		(233	)	(20	)
Net equity transactions		(3,594,272	)	(1,053,757	)	2,457,386		402,593		(11,282	)	434,654		(93,074	)	478,268
Net change in contract owners’ equity		(13,204,038	)	701,080		1,167,927		429,072		(554,243	)	448,450		(848,848	)	462,092
Contract owners’ equity beginning of period		21,408,794		20,707,714		850,249		421,177		1,255,217		806,767		2,010,133		1,548,041
Contract owners’ equity end of period	$	8,204,756		21,408,794		2,018,176		850,249		700,974		1,255,217		1,161,285		2,010,133
CHANGES IN UNITS:
Beginning units		1,122,738		1,186,366		80,562		41,094		94,148		62,360		131,640		101,912
Units purchased		82,274		127,991		315,418		54,649		16,313		36,883		20,799		49,468
Units redeemed		(304,393	)	(191,619	)	(42,809	)	(15,181	)	(13,193	)	(5,095	)	(26,750	)	(19,740	)
Ending units		900,619		1,122,738		353,171		80,562		97,268		94,148		125,689		131,640

(Continued)

63

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	AMSRS					OVGR				OVGS3				OVGS
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	78,334		3,373		8,313		101,507		261,264		244,490		845,558		846,098
Realized gain (loss) on investments		98,903		95,838		4,568,473		6,719,902		(289,295	)	407,900		(965,153	)	3,526,168
Change in unrealized gain (loss) on investments		(2,095,483	)	105,082		(62,205,433	)	9,684,670		(9,114,516	)	(391,749	)	(34,242,609	)	(3,673,827	)
Reinvested capital gains		267,832		12,686		-		-		1,150,196		890,130		4,220,261		3,596,308
Net increase (decrease) in contract owners’ equity resulting from operations		(1,650,414	)	216,979		(57,628,647	)	16,506,079		(7,992,351	)	1,150,771		(30,141,943	)	4,294,747
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		309,947		505,485		7,344,776		8,908,934		2,684,561		3,872,113		2,401,717		3,797,108
Transfers between funds		(435,771	)	1,576,590		(310,762	)	(4,903,637	)	(2,059,065	)	695,556		(5,865,197	)	276,478
Surrenders (note 6)		(85,548	)	(161,532	)	(7,454,657	)	(5,455,212	)	(829,253	)	(628,603	)	(1,776,719	)	(2,108,991	)
Death benefits (note 4)		(1,658	)	-		(191,646	)	(201,427	)	(20,918	)	(16,782	)	(148,172	)	(16,525	)
Net policy repayments (loans) (note 5)		(81,048	)	(22,401	)	(1,111,356	)	(969,994	)	3,287		(248,139	)	(262,820	)	(412,767	)
Deductions for surrender charges (note 2d)		(7,506	)	(11,783	)	(162,619	)	(181,339	)	(55,150	)	(52,984	)	(35,786	)	(59,987	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(174,838	)	(158,957	)	(3,654,611	)	(3,830,226	)	(817,887	)	(841,921	)	(1,332,970	)	(1,494,333	)
Asset charges (note 3):
FPVUL & VEL contracts		(11,164	)	(11,046	)	(167,420	)	(208,136	)	(56,150	)	(64,092	)	(50,045	)	(72,352	)
MSP contracts		(1,448	)	(1,270	)	(4,585	)	(6,183	)	(1,449	)	(1,529	)	(1,529	)	(2,218	)
SL contracts or LSFP contracts		(2,360	)	(2,779	)	(22,589	)	(28,295	)	(10,451	)	(11,539	)	(9,177	)	(12,664	)
Adjustments to maintain reserves		(334	)	15		5,396		842		(351	)	687		468		155
Net equity transactions		(491,728	)	1,712,322		(5,730,073	)	(6,874,673	)	(1,162,826	)	2,702,767		(7,080,230	)	(106,097	)
Net change in contract owners’ equity		(2,142,142	)	1,929,301		(63,358,720	)	9,631,406		(9,155,177	)	3,853,538		(37,222,173	)	4,188,650
Contract owners’ equity beginning of period		4,656,655		2,727,354		132,737,253		123,105,847		20,804,678		16,951,140		75,892,307		71,703,657
Contract owners’ equity end of period	$	2,514,513		4,656,655		69,378,533		132,737,253		11,649,501		20,804,678		38,670,134		75,892,307
CHANGES IN UNITS:
Beginning units		254,068		160,134		9,062,720		9,247,300		1,378,496		1,194,348		4,806,202		4,816,044
Units purchased		26,402		115,981		1,590,721		1,701,790		252,195		334,319		500,377		730,054
Units redeemed		(53,924	)	(22,047	)	(1,766,530	)	(1,886,370	)	(340,055	)	(150,171	)	(1,211,508	)	(739,896	)
Ending units		226,546		254,068		8,886,911		9,062,720		1,290,636		1,378,496		4,095,071		4,806,202

(Continued)

64

Nationwide VLI Separate Account-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	OVHI3					OVHI				OVSC				OVGI
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	58,804		-		149,441		314,323		23,275		15,649		504,633		435,438
Realized gain (loss) on investments		(159,257	)	(6,634	)	(166,191	)	86,244		(97,250	)	167,507		1,138,150		2,488,360
Change in unrealized gain (loss) on investments		(1,000,576	)	(19,298	)	(1,660,237	)	(343,433	)	(2,212,248	)	(459,107	)	(19,355,708	)	(967,352	)
Reinvested capital gains		-		-		-		-		258,437		166,883		2,237,977		-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,101,029	)	(25,932	)	(1,676,987	)	57,134		(2,027,786	)	(109,068	)	(15,474,948	)	1,956,446
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		419,209		709,190		(387	)	1,082,944		450,600		780,405		3,363,400		3,690,819
Transfers between funds		341,131		250,372		(379,904	)	(2,419,418	)	(264,671	)	755,331		(4,055,339	)	(780,458	)
Surrenders (note 6)		(49,336	)	(25,203	)	(66,422	)	(159,395	)	(307,661	)	(104,836	)	(1,730,646	)	(2,533,652	)
Death benefits (note 4)		(226	)	-		(373	)	-		(2,511	)	(12,370	)	(343,056	)	(199,548	)
Net policy repayments (loans) (note 5)		10,055		54,725		(26,706	)	(39,080	)	(1,699	)	(89,390	)	(378,172	)	(281,305	)
Deductions for surrender charges (note 2d)		(3,652	)	(734	)	(5,718	)	(16,904	)	(14,692	)	(11,852	)	(92,080	)	(123,182	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(64,943	)	(21,896	)	(94,620	)	(222,796	)	(213,561	)	(225,202	)	(1,757,515	)	(1,995,539	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,006	)	(1,313	)	(7,083	)	(13,593	)	(15,918	)	(18,899	)	(109,256	)	(140,142	)
MSP contracts		(160	)	(4	)	(240	)	(343	)	(199	)	(265	)	(4,122	)	(5,805	)
SL contracts or LSFP contracts		(1,233	)	(787	)	(907	)	(1,520	)	(2,812	)	(3,019	)	(13,912	)	(17,229	)
Adjustments to maintain reserves		(99	)	92		(245	)	38		(374	)	(18	)	159		35
Net equity transactions		646,740		964,442		(582,605	)	(1,790,066	)	(373,498	)	1,069,885		(5,120,539	)	(2,386,005	)
Net change in contract owners’ equity		(454,289	)	938,510		(2,259,592	)	(1,732,932	)	(2,401,284	)	960,817		(20,595,487	)	(429,559	)
Contract owners’ equity beginning of period		938,510		-		2,689,101		4,422,033		5,475,151		4,514,334		43,847,202		44,276,761
Contract owners’ equity end of period	$	484,221		938,510		429,509		2,689,101		3,073,867		5,475,151		23,251,715		43,847,202
CHANGES IN UNITS:
Beginning units		97,144		-		197,334		324,172		264,706		215,614		3,011,778		3,166,310
Units purchased		162,432		108,703		5		84,130		33,710		74,470		310,596		439,351
Units redeemed		(22,141	)	(11,559	)	(49,562	)	(210,968	)	(59,382	)	(25,378	)	(745,600	)	(593,883	)
Ending units		237,435		97,144		147,777		197,334		239,034		264,706		2,576,774		3,011,778

(Continued)

65

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	OVHI3					OVHI				OVSC				OVGI
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	58,804		-		149,441		314,323		23,275		15,649		504,633		435,438
Realized gain (loss) on investments		(159,257	)	(6,634	)	(166,191	)	86,244		(97,250	)	167,507		1,138,150		2,488,360
Change in unrealized gain (loss) on investments		(1,000,576	)	(19,298	)	(1,660,237	)	(343,433	)	(2,212,248	)	(459,107	)	(19,355,708	)	(967,352	)
Reinvested capital gains		-		-		-		-		258,437		166,883		2,237,977		-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,101,029	)	(25,932	)	(1,676,987	)	57,134		(2,027,786	)	(109,068	)	(15,474,948	)	1,956,446
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		419,209		709,190		(387	)	1,082,944		450,600		780,405		3,363,400		3,690,819
Transfers between funds		341,131		250,372		(379,904	)	(2,419,418	)	(264,671	)	755,331		(4,055,339	)	(780,458	)
Surrenders (note 6)		(49,336	)	(25,203	)	(66,422	)	(159,395	)	(307,661	)	(104,836	)	(1,730,646	)	(2,533,652	)
Death benefits (note 4)		(226	)	-		(373	)	-		(2,511	)	(12,370	)	(343,056	)	(199,548	)
Net policy repayments (loans) (note 5)		10,055		54,725		(26,706	)	(39,080	)	(1,699	)	(89,390	)	(378,172	)	(281,305	)
Deductions for surrender charges (note 2d)		(3,652	)	(734	)	(5,718	)	(16,904	)	(14,692	)	(11,852	)	(92,080	)	(123,182	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(64,943	)	(21,896	)	(94,620	)	(222,796	)	(213,561	)	(225,202	)	(1,757,515	)	(1,995,539	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,006	)	(1,313	)	(7,083	)	(13,593	)	(15,918	)	(18,899	)	(109,256	)	(140,142	)
MSP contracts		(160	)	(4	)	(240	)	(343	)	(199	)	(265	)	(4,122	)	(5,805	)
SL contracts or LSFP contracts		(1,233	)	(787	)	(907	)	(1,520	)	(2,812	)	(3,019	)	(13,912	)	(17,229	)
Adjustments to maintain reserves		(99	)	92		(245	)	38		(374	)	(18	)	159		35
Net equity transactions		646,740		964,442		(582,605	)	(1,790,066	)	(373,498	)	1,069,885		(5,120,539	)	(2,386,005	)
Net change in contract owners’ equity		(454,289	)	938,510		(2,259,592	)	(1,732,932	)	(2,401,284	)	960,817		(20,595,487	)	(429,559	)
Contract owners’ equity beginning of period		938,510		-		2,689,101		4,422,033		5,475,151		4,514,334		43,847,202		44,276,761
Contract owners’ equity end of period	$	484,221		938,510		429,509		2,689,101		3,073,867		5,475,151		23,251,715		43,847,202
CHANGES IN UNITS:
Beginning units		97,144		-		197,334		324,172		264,706		215,614		3,011,778		3,166,310
Units purchased		162,432		108,703		5		84,130		33,710		74,470		310,596		439,351
Units redeemed		(22,141	)	(11,559	)	(49,562	)	(210,968	)	(59,382	)	(25,378	)	(745,600	)	(593,883	)
Ending units		237,435		97,144		147,777		197,334		239,034		264,706		2,576,774		3,011,778

(Continued)

66

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	OVAG					OVSB			PMVAAA				PMVLDA
	2008			2007		2008		2007	2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(23,328	)	(37,301	)	36,548		-	74,642		128,819		1,728,311		1,913,743
Realized gain (loss) on investments		1,727,853		2,820,783		(121,954	)	-	(563,102	)	8,648		(419,197	)	(167,628	)
Change in unrealized gain (loss) on investments		(21,121,810	)	141,986		(132,574	)	-	11,957		(16,995	)	(2,328,192	)	1,198,669
Reinvested capital gains		-		-		8,893		-	1,935		-		711,450		-
Net increase (decrease) in contract owners’ equity resulting from operations		(19,417,285	)	2,925,468		(209,087	)	-	(474,568	)	120,472		(307,628	)	2,944,784
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,038,005		3,427,890		(623	)	-	70,000		144,724		1,692,096		3,597,316
Transfers between funds		(5,705,434	)	(1,452,282	)	1,191,878		-	(972,523	)	482,973		(9,059,553	)	2,555,949
Surrenders (note 6)		(2,170,737	)	(4,254,620	)	-		-	(22,724	)	(232,208	)	(1,479,864	)	(986,777	)
Death benefits (note 4)		(102,026	)	(139,588	)	-		-	(204	)	(1,178	)	(49,806	)	(60,757	)
Net policy repayments (loans) (note 5)		(106,937	)	(378,872	)	-		-	(3,240	)	-		(1,047,811	)	(42,960	)
Deductions for surrender charges (note 2d)		(77,260	)	(111,321	)	-		-	-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,671,852	)	(1,992,158	)	(9,149	)	-	(29,399	)	(22,357	)	(633,058	)	(827,477	)
Asset charges (note 3):
FPVUL & VEL contracts		(91,808	)	(121,672	)	-		-	-		-		-		-
MSP contracts		(1,693	)	(2,609	)	-		-	-		-		-		-
SL contracts or LSFP contracts		(9,105	)	(12,439	)	-		-	-		-		-		-
Adjustments to maintain reserves		581		29		(30	)	-	(400	)	20		(12,472	)	4,838
Net equity transactions		(6,898,266	)	(5,037,642	)	1,182,076		-	(958,490	)	371,974		(10,590,468	)	4,240,132
Net change in contract owners’ equity		(26,315,551	)	(2,112,174	)	972,989		-	(1,433,058	)	492,446		(10,898,096	)	7,184,916
Contract owners’ equity beginning of period		45,568,660		47,680,834		-		-	2,029,293		1,536,847		47,677,006		40,492,090
Contract owners’ equity end of period	$	19,253,109		45,568,660		972,989		-	596,235		2,029,293		36,778,910		47,677,006
CHANGES IN UNITS:
Beginning units		3,363,248		3,773,684		-		-	151,384		123,954		4,028,120		3,670,596
Units purchased		291,129		348,013		115,419		-	11,263		48,196		233,784		1,479,479
Units redeemed		(915,230	)	(758,449	)	(958	)	-	(109,756	)	(20,766	)	(1,133,925	)	(1,121,955	)
Ending units		2,739,147		3,363,248		114,461		-	52,891		151,384		3,127,979		4,028,120

(Continued)

67

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	PMVRRA					PMVTRA				PIVEMI			PIHYB1
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	2,059,317		1,999,912		7,218,261		6,022,108		148		-	1,197,941		756,130
Realized gain (loss) on investments		(2,023,389	)	(620,299	)	354,992		(1,269,327	)	(56,494	)	-	(963,927	)	(27,374	)
Change in unrealized gain (loss) on investments		(5,605,641	)	3,064,499		(3,481,322	)	6,741,192		(17,307	)	-	(6,240,402	)	11,391
Reinvested capital gains		93,651		120,384		3,186,763		-		11,846		-	144,329		13,618
Net increase (decrease) in contract owners’ equity resulting from operations		(5,476,062	)	4,564,496		7,278,694		11,493,973		(61,807	)	-	(5,862,059	)	753,765
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,887,102		2,971,467		8,598,401		10,036,226		74,918		-	343,967		1,169,898
Transfers between funds		11,568,776		5,652,439		7,194,947		19,558,903		136,504		-	1,587,756		1,707,078
Surrenders (note 6)		(2,661,467	)	(1,694,488	)	(7,588,144	)	(4,425,966	)	-		-	(400,493	)	(183,443	)
Death benefits (note 4)		(104,005	)	(28,740	)	(105,782	)	(156,187	)	-		-	(21,596	)	(9,978	)
Net policy repayments (loans) (note 5)		(166,404	)	(372,736	)	(98,628	)	(1,354,201	)	-		-	(24,303	)	(11,848	)
Deductions for surrender charges (note 2d)		-		-		-		-		-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(835,606	)	(533,350	)	(2,703,684	)	(1,723,540	)	(3,279	)	-	(191,582	)	(175,606	)
Asset charges (note 3):
FPVUL & VEL contracts		-		-		-		-		-		-	-		-
MSP contracts		-		-		-		-		-		-	-		-
SL contracts or LSFP contracts		-		-		-		-		-		-	-		-
Adjustments to maintain reserves		1,190		5,410		(77,076	)	3,500		(15	)	-	805		(2,920	)
Net equity transactions		11,689,586		6,000,002		5,220,034		21,938,735		208,128		-	1,294,554		2,493,181
Net change in contract owners’ equity		6,213,524		10,564,498		12,498,728		33,432,708		146,321		-	(4,567,505	)	3,246,946
Contract owners’ equity beginning of period		53,660,681		43,096,183		157,654,475		124,221,767		-		-	16,922,106		13,675,160
Contract owners’ equity end of period	$	59,874,205		53,660,681		170,153,203		157,654,475		146,321		-	12,354,601		16,922,106
CHANGES IN UNITS:
Beginning units		3,896,610		3,453,452		12,123,210		10,375,034		-		-	982,886		840,566
Units purchased		1,726,978		843,355		3,703,813		3,930,079		34,037		-	310,809		298,319
Units redeemed		(941,502	)	(400,197	)	(3,318,405	)	(2,181,903	)	(491	)	-	(181,591	)	(155,999	)
Ending units		4,682,086		3,896,610		12,508,618		12,123,210		33,546		-	1,112,104		982,886

(Continued)

68

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	PVGIB					PVTIGB				PVOEGB			PVTSCB
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	16,107		17,993		47,275		71,341		(101	)	-	-		-
Realized gain (loss) on investments		(108,274	)	53,316		(277,605	)	601,287		(17,966	)	-	(5	)	-
Change in unrealized gain (loss) on investments		(415,966	)	(329,857	)	(1,264,839	)	(765,324	)	(7,288	)	-	(185	)	-
Reinvested capital gains		138,494		206,758		363,224		308,832		-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(369,639	)	(51,790	)	(1,131,945	)	216,136		(25,355	)	-	(190	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		152,107		144,799		826,228		276,917		8		-	978		-
Transfers between funds		(96,968	)	(280,484	)	(427,634	)	654,875		60,750		-	(307	)	-
Surrenders (note 6)		(27,526	)	(11,050	)	(955,027	)	(2,705,953	)	-		-	-		-
Death benefits (note 4)		-		-		(963	)	-		-		-	-		-
Net policy repayments (loans) (note 5)		(2,247	)	(17,511	)	(2,074	)	(71,912	)	-		-	-		-
Deductions for surrender charges (note 2d)		(6,914	)	(3,348	)	(6,331	)	(42,978	)	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(57,215	)	(77,473	)	(85,874	)	(107,212	)	(496	)	-	(128	)	-
Asset charges (note 3):
FPVUL & VEL contracts		(3,453	)	(5,034	)	(6,457	)	(8,968	)	-		-	-		-
MSP contracts		(29	)	(40	)	(208	)	(287	)	-		-	-		-
SL contracts or LSFP contracts		(282	)	(349	)	(710	)	(914	)	-		-	-		-
Adjustments to maintain reserves		(161	)	(20	)	(231	)	37		(7	)	-	(3	)	-
Net equity transactions		(42,688	)	(250,509	)	(659,281	)	(2,006,396	)	60,255		-	540		-
Net change in contract owners’ equity		(412,327	)	(302,299	)	(1,791,226	)	(1,790,260	)	34,900		-	350		-
Contract owners’ equity beginning of period		1,031,415		1,333,714		3,064,041		4,854,301		-		-	-		-
Contract owners’ equity end of period	$	619,088		1,031,415		1,272,815		3,064,041		34,900		-	350		-
CHANGES IN UNITS:
Beginning units		65,188		79,204		132,680		227,790		-		-	-		-
Units purchased		9,737		9,142		8,842		37,262		6,441		-	126		-
Units redeemed		(11,099	)	(23,158	)	(43,188	)	(132,372	)	(61	)	-	(61	)	-
Ending units		63,826		65,188		98,334		132,680		6,380		-	65		-

(Continued)

69

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	PVTVB					ROCMC				ROCSC			TRBCG2
	2008			2007		2008		2007		2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	-		-		947,726		666,825		436		-	3,046		2,508
Realized gain (loss) on investments		(1,958	)	12,981		(4,937,527	)	2,843,088		(27,914	)	-	(59,502	)	49,202
Change in unrealized gain (loss) on investments		(127,926	)	10,030		(22,022,108	)	(6,178,520	)	(27,164	)	-	(1,474,808	)	200,505
Reinvested capital gains		-		-		4,399,048		4,638,864		9,209		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(129,884	)	23,011		(21,612,861	)	1,970,257		(45,433	)	-	(1,531,264	)	252,215
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		59,978		93,868		2,812,562		3,535,598		(438	)	-	299,965		428,338
Transfers between funds		186,570		(29,054	)	(4,277,856	)	4,897,994		135,434		-	1,147,780		969,998
Surrenders (note 6)		(6,633	)	(11,432	)	(4,724,452	)	(3,340,590	)	-		-	(344,940	)	(28,609	)
Death benefits (note 4)		-		-		(71,800	)	(67,890	)	-		-	(1,351	)	-
Net policy repayments (loans) (note 5)		(6,164	)	(1,374	)	(73,410	)	(324,950	)	-		-	(12,096	)	(3,256	)
Deductions for surrender charges (note 2d)		(2,842	)	(4,601	)	-		-		-		-	(5,842	)	(1,412	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(29,124	)	(32,129	)	(630,156	)	(726,471	)	(1,358	)	-	(119,958	)	(94,502	)
Asset charges (note 3):
FPVUL & VEL contracts		(1,707	)	(2,070	)	-		-		-		-	(7,845	)	(6,487	)
MSP contracts		(6	)	(8	)	-		-		-		-	(532	)	(686	)
SL contracts or LSFP contracts		(327	)	(169	)	-		-		-		-	(1,777	)	(1,061	)
Adjustments to maintain reserves		(108	)	1		(3,199	)	1,829		(13	)	-	(220	)	55
Net equity transactions		199,637		13,032		(6,968,311	)	3,975,520		133,625		-	953,184		1,262,379
Net change in contract owners’ equity		69,753		36,043		(28,581,172	)	5,945,777		88,192		-	(578,080	)	1,514,593
Contract owners’ equity beginning of period		435,405		399,362		54,942,627		48,996,850		-		-	2,962,485		1,447,892
Contract owners’ equity end of period	$	505,158		435,405		26,361,455		54,942,627		88,192		-	2,384,405		2,962,485
CHANGES IN UNITS:
Beginning units		29,740		28,784		2,306,592		2,136,548		-		-	212,892		117,044
Units purchased		32,166		6,820		315,681		780,947		12,179		-	128,729		107,456
Units redeemed		(7,110	)	(5,864	)	(667,300	)	(610,903	)	(141	)	-	(42,652	)	(11,608	)
Ending units		54,796		29,740		1,954,973		2,306,592		12,038		-	298,969		212,892

(Continued)

70

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	TREI2					TRHS2			TRLT2				TRMCG2
	2008			2007		2008		2007	2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	1,539,466		1,217,141		(2,656	)	-	59,606		31,808		(51,496	)	(61,195	)
Realized gain (loss) on investments		(6,172,572	)	2,442,812		(144,836	)	-	2,698		505		(2,479,227	)	795,326
Change in unrealized gain (loss) on investments		(31,210,378	)	(7,086,343	)	(376,879	)	-	(49,239	)	9,510		(9,104,416	)	(119,402	)
Reinvested capital gains		2,480,253		5,888,178		15,673		-	-		-		1,211,901		2,917,556
Net increase (decrease) in contract owners’ equity resulting from operations		(33,363,231	)	2,461,788		(508,698	)	-	13,065		41,823		(10,423,238	)	3,532,285
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		4,232,449		6,699,108		5,594		-	112,013		39,059		925,312		1,551,393
Transfers between funds		(6,218,723	)	5,950,710		1,786,033		-	919,477		477,727		(1,414,889	)	1,142,298
Surrenders (note 6)		(2,795,104	)	(4,533,132	)	-		-	(11,282	)	(706	)	(361,231	)	(1,247,446	)
Death benefits (note 4)		(167,243	)	(348,000	)	-		-	(777	)	-		(35,088	)	(7,610	)
Net policy repayments (loans) (note 5)		(658,239	)	(390,286	)	-		-	(48,259	)	939		(566,879	)	-
Deductions for surrender charges (note 2d)		(7,186	)	(11,317	)	-		-	(255	)	(93	)	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,347,179	)	(1,463,229	)	(12,928	)	-	(60,809	)	(19,732	)	(273,589	)	(255,221	)
Asset charges (note 3):
FPVUL & VEL contracts		(14,872	)	(13,769	)	-		-	(3,616	)	(1,583	)	-		-
MSP contracts		(983	)	(1,406	)	-		-	(651	)	(90	)	-		-
SL contracts or LSFP contracts		(2,366	)	(3,475	)	-		-	(1,485	)	(585	)	-		-
Adjustments to maintain reserves		(70,718	)	(31	)	(44	)	-	(177	)	97		(241	)	480
Net equity transactions		(7,050,164	)	5,885,173		1,778,655		-	904,179		495,032		(1,726,605	)	1,183,894
Net change in contract owners’ equity		(40,413,395	)	8,346,961		1,269,957		-	917,244		536,855		(12,149,843	)	4,716,179
Contract owners’ equity beginning of period		99,173,060		90,826,099		-		-	1,080,464		543,609		27,431,571		22,715,392
Contract owners’ equity end of period	$	58,759,665		99,173,060		1,269,957		-	1,997,708		1,080,464		15,281,728		27,431,571
CHANGES IN UNITS:
Beginning units		5,451,242		5,136,926		-		-	97,460		51,598		1,163,522		1,128,870
Units purchased		626,301		1,435,442		180,138		-	92,195		48,184		106,871		379,140
Units redeemed		(1,000,636	)	(1,121,126	)	(1,513	)	-	(11,780	)	(2,322	)	(189,114	)	(344,488	)
Ending units		5,076,907		5,451,242		178,625		-	177,875		97,460		1,081,279		1,163,522

(Continued)

71

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	TRNAG1					TRPSB1				DSRG				MSVEG
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(35,943	)	(40,234	)	11,390		611		91,532		79,177		(181	)	-
Realized gain (loss) on investments		(1,376,218	)	358,825		(66,200	)	(153	)	(37,843	)	388,700		(13,359	)	-
Change in unrealized gain (loss) on investments		(3,452,913	)	(144,425	)	(106,121	)	(6,873	)	(4,914,476	)	673,725		(108,805	)	-
Reinvested capital gains		491,458		1,393,989		2,733		5,564		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(4,373,616	)	1,568,155		(158,198	)	(851	)	(4,860,787	)	1,141,602		(122,345	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,106,652		1,422,255		73,353		(1	)	1,404,443		1,669,314		28,868		-
Transfers between funds		(2,709,368	)	597,210		606,784		68,501		(436,901	)	(919,841	)	295,330		-
Surrenders (note 6)		(347,867	)	(312,800	)	(144,521	)	-		(928,362	)	(1,145,171	)	-		-
Death benefits (note 4)		(645	)	(2,395	)	-		-		(30,015	)	(70,515	)	-		-
Net policy repayments (loans) (note 5)		(121,973	)	-		-		-		(117,066	)	(145,670	)	-		-
Deductions for surrender charges (note 2d)		-		-		-		-		(34,630	)	(42,105	)	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(190,490	)	(181,347	)	(20,264	)	(1,837	)	(907,724	)	(948,726	)	(1,231	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-		-		-		(50,478	)	(61,327	)	-		-
MSP contracts		-		-		-		-		(1,555	)	(2,201	)	-		-
SL contracts or LSFP contracts		-		-		-		-		(3,926	)	(4,892	)	-		-
Adjustments to maintain reserves		12,991		217		(2,376	)	28		(349	)	127		(7	)	-
Net equity transactions		(2,250,700	)	1,523,140		512,976		66,691		(1,106,563	)	(1,671,007	)	322,960		-
Net change in contract owners’ equity		(6,624,316	)	3,091,295		354,778		65,840		(5,967,350	)	(529,405	)	200,615		-
Contract owners’ equity beginning of period		14,399,860		11,308,565		65,840		-		14,899,134		15,428,539		-		-
Contract owners’ equity end of period	$	7,775,544		14,399,860		420,618		65,840		8,931,784		14,899,134		200,615		-
CHANGES IN UNITS:
Beginning units		1,054,646		939,794		6,060		-		1,157,932		1,291,626		-		-
Units purchased		215,604		255,291		66,190		6,231		139,091		170,624		39,612		-
Units redeemed		(345,001	)	(140,439	)	(16,946	)	(171	)	(237,384	)	(304,318	)	(204	)	-
Ending units		925,249		1,054,646		55,304		6,060		1,059,639		1,157,932		39,408		-

(Continued)

72

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	VWEM					VWHA				MSVFI				MSEM
	2008			2007		2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(14,781	)	80,751		54,218		3,145		154,326		101,028		819,894		780,351
Realized gain (loss) on investments		(4,526,521	)	2,424,018		(622,236	)	2,746,926		(107,670	)	(4,898	)	(841,995	)	(156,036	)
Change in unrealized gain (loss) on investments		(23,938,240	)	850,067		(21,816,757	)	3,778,614		(413,202	)	49,582		(2,401,089	)	(291,052	)
Reinvested capital gains		10,596,053		3,792,797		4,885,678		2,778,314		-		-		481,742		339,236
Net increase (decrease) in contract owners’ equity resulting from operations		(17,883,489	)	7,147,633		(17,499,097	)	9,306,999		(366,546	)	145,712		(1,941,448	)	672,499
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,007,668		2,180,732		1,902,431		1,842,459		305,945		331,884		613,187		899,552
Transfers between funds		(4,372,528	)	5,342,557		2,478,714		5,003,434		(24,028	)	935,694		324,466		506,893
Surrenders (note 6)		(768,579	)	(2,715,913	)	(2,488,620	)	(2,075,418	)	(244,066	)	(20,459	)	(461,545	)	(459,758	)
Death benefits (note 4)		(92,205	)	(17,254	)	(38,385	)	(63,440	)	(1,494	)	(12,161	)	(68,046	)	(6,488	)
Net policy repayments (loans) (note 5)		(447,465	)	(225,567	)	(214,120	)	(142,453	)	(21,270	)	(10,954	)	(145,616	)	(89,124	)
Deductions for surrender charges (note 2d)		(18,433	)	(67,425	)	(21,877	)	(15,474	)	(8,979	)	(3,439	)	(22,328	)	(8,810	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(598,991	)	(680,487	)	(749,021	)	(581,186	)	(162,370	)	(127,517	)	(340,928	)	(319,737	)
Asset charges (note 3):
FPVUL & VEL contracts		(41,362	)	(56,895	)	(42,083	)	(39,632	)	(10,290	)	(8,674	)	(20,654	)	(22,360	)
MSP contracts		(669	)	(933	)	(1,151	)	(1,097	)	(760	)	(818	)	(784	)	(909	)
SL contracts or LSFP contracts		(4,921	)	(6,996	)	(7,456	)	(6,656	)	(3,085	)	(2,520	)	(3,204	)	(3,833	)
Adjustments to maintain reserves		7,501		52		4,091		(1,244	)	(189	)	8		(1,977	)	82
Net equity transactions		(4,329,984	)	3,751,872		822,523		3,919,293		(170,586	)	1,081,045		(127,429	)	495,507
Net change in contract owners’ equity		(22,213,473	)	10,899,505		(16,676,574	)	13,226,292		(537,132	)	1,226,757		(2,068,877	)	1,168,006
Contract owners’ equity beginning of period		30,937,883		20,038,378		34,366,407		21,140,115		3,429,821		2,203,064		12,225,490		11,057,484
Contract owners’ equity end of period	$	8,724,410		30,937,883		17,689,833		34,366,407		2,892,689		3,429,821		10,156,613		12,225,490
CHANGES IN UNITS:
Beginning units		783,472		722,392		774,780		720,990		281,694		190,806		520,660		514,122
Units purchased		90,758		201,896		138,968		188,799		29,162		110,813		71,545		117,121
Units redeemed		(255,281	)	(140,816	)	(172,593	)	(135,009	)	(46,278	)	(19,925	)	(76,225	)	(110,583	)
Ending units		618,949		783,472		741,155		774,780		264,578		281,694		515,980		520,660

(Continued)

73

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	VKVGR2				MSVMG				MSVRE				VVB
	2008			2007	2008		2007		2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	16,204		-	56,620		(10,665	)	1,931,947		891,057		(1,229	)	-
Realized gain (loss) on investments		(245,402	)	-	(981,795	)	123,206		(8,799,452	)	13,619,379		(109,374	)	-
Change in unrealized gain (loss) on investments		(97,237	)	-	(7,029,521	)	902,460		(37,903,882	)	(37,103,354	)	(135,377	)	-
Reinvested capital gains		40,355		-	2,360,835		356,505		21,917,133		7,855,595		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(286,080	)	-	(5,593,861	)	1,371,506		(22,854,254	)	(14,737,323	)	(245,980	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		72,581		-	389,908		514,478		4,104,448		7,996,860		(4,174	)	-
Transfers between funds		784,940		-	3,845,128		2,083,000		(8,546,259	)	(14,575,193	)	1,179,310		-
Surrenders (note 6)		(72,650	)	-	(434,570	)	(397,963	)	(3,097,720	)	(5,715,823	)	-		-
Death benefits (note 4)		-		-	(7,483	)	(17,838	)	(128,638	)	(94,246	)	-		-
Net policy repayments (loans) (note 5)		-		-	(25,264	)	(118,658	)	(140,232	)	(871,143	)	-		-
Deductions for surrender charges (note 2d)		-		-	(8,625	)	(6,663	)	(102,435	)	(138,585	)	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(13,354	)	-	(225,557	)	(179,405	)	(1,952,954	)	(2,680,819	)	(5,305	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-	(9,007	)	(11,015	)	(105,281	)	(160,011	)	-		-
MSP contracts		-		-	(127	)	(154	)	(4,536	)	(7,515	)	-		-
SL contracts or LSFP contracts		-		-	(1,208	)	(1,350	)	(16,171	)	(22,906	)	-		-
Adjustments to maintain reserves		(115	)	-	(307	)	15		11,950		(1,594	)	(18	)	-
Net equity transactions		771,402		-	3,522,888		1,864,446		(9,977,828	)	(16,270,975	)	1,169,813		-
Net change in contract owners’ equity		485,322		-	(2,070,973	)	3,235,952		(32,832,082	)	(31,008,298	)	923,833		-
Contract owners’ equity beginning of period		-		-	9,189,887		5,953,935		69,636,509		100,644,807		-		-
Contract owners’ equity end of period	$	485,322		-	7,118,914		9,189,887		36,804,427		69,636,509		923,833		-
CHANGES IN UNITS:
Beginning units		-		-	809,774		641,876		2,337,392		2,819,290		-		-
Units purchased		114,455		-	520,416		242,918		288,801		452,612		119,655		-
Units redeemed		(15,144	)	-	(146,650	)	(75,020	)	(632,056	)	(934,510	)	(615	)	-
Ending units		99,311		-	1,183,540		809,774		1,994,137		2,337,392		119,040		-

(Continued)

74

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	VVDV				VVI			VVMCI			VVSTC
	2008			2007	2008		2007	2008		2007	2008		2007
Investment activity:
Net investment income (loss)	$	(1,565	)	-	(3,937	)	-	(3,403	)	-	(2,912	)	-
Realized gain (loss) on investments		(89,099	)	-	(532,712	)	-	(360,620	)	-	(52,078	)	-
Change in unrealized gain (loss) on investments		(387,618	)	-	(1,233,518	)	-	(898,879	)	-	(73,797	)	-
Reinvested capital gains		-		-	-		-	-		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(478,282	)	-	(1,770,167	)	-	(1,262,902	)	-	(128,787	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		(4,204	)	-	(23,058	)	-	(10,909	)	-	1,416		-
Transfers between funds		1,501,460		-	3,961,815		-	3,232,018		-	2,474,769		-
Surrenders (note 6)		-		-	-		-	-		-	-		-
Death benefits (note 4)		-		-	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		-		-	-		-	-		-	-		-
Deductions for surrender charges (note 2d)		-		-	-		-	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(6,894	)	-	(17,240	)	-	(14,818	)	-	(13,426	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-	-		-	-		-	-		-
MSP contracts		-		-	-		-	-		-	-		-
SL contracts or LSFP contracts		-		-	-		-	-		-	-		-
Adjustments to maintain reserves		(19	)	-	(36	)	-	(28	)	-	(6	)	-
Net equity transactions		1,490,343		-	3,921,481		-	3,206,263		-	2,462,753		-
Net change in contract owners’ equity		1,012,061		-	2,151,314		-	1,943,361		-	2,333,966		-
Contract owners’ equity beginning of period		-		-	-		-	-		-	-		-
Contract owners’ equity end of period	$	1,012,061		-	2,151,314		-	1,943,361		-	2,333,966		-
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	-		-
Units purchased		157,366		-	391,257		-	331,699		-	244,739		-
Units redeemed		(887	)	-	(2,367	)	-	(1,884	)	-	(1,375	)	-
Ending units		156,479		-	388,890		-	329,815		-	243,364		-

(Continued)

75

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2008 and 2007

	SVDF				SVOF				WFVSCG
	2008			2007	2008		2007		2008		2007
Investment activity:
Net investment income (loss)	$	(266	)	-	388,022		152,034		(1,482	)	-
Realized gain (loss) on investments		(30,313	)	-	(955,001	)	1,395,702		(236,374	)	-
Change in unrealized gain (loss) on investments		(195,789	)	-	(13,787,129	)	(3,753,806	)	(329,646	)	-
Reinvested capital gains		-		-	4,767,838		4,072,320		195,059		-
Net increase (decrease) in contract owners’ equity resulting from operations		(226,368	)	-	(9,586,270	)	1,866,250		(372,443	)	-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		615,569		-	1,218,192		1,651,619		28,552		-
Transfers between funds		581,802		-	(2,983,915	)	(2,371,425	)	1,088,648		-
Surrenders (note 6)		-		-	(873,707	)	(1,259,320	)	-		-
Death benefits (note 4)		-		-	(22,889	)	(11,325	)	-		-
Net policy repayments (loans) (note 5)		-		-	(48,236	)	(454,366	)	-		-
Deductions for surrender charges (note 2d)		-		-	(56,570	)	(42,949	)	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(11,578	)	-	(745,101	)	(824,682	)	(11,689	)	-
Asset charges (note 3):
FPVUL & VEL contracts		-		-	(45,030	)	(55,843	)	-		-
MSP contracts		-		-	(1,029	)	(1,246	)	-		-
SL contracts or LSFP contracts		-		-	(8,489	)	(12,989	)	-		-
Adjustments to maintain reserves		(385	)	-	(450	)	2,073		751		-
Net equity transactions		1,185,408		-	(3,567,224	)	(3,380,453	)	1,106,262		-
Net change in contract owners’ equity		959,040		-	(13,153,494	)	(1,514,203	)	733,819		-
Contract owners’ equity beginning of period		-		-	27,013,467		28,527,670		-		-
Contract owners’ equity end of period	$	959,040		-	13,859,973		27,013,467		733,819		-
CHANGES IN UNITS:
Beginning units		-		-	1,866,960		2,101,264		-		-
Units purchased		177,334		-	108,819		206,219		138,794		-
Units redeemed		(1,974	)	-	(375,291	)	(440,523	)	(8,207	)	-
Ending units		175,360		-	1,600,488		1,866,960		130,587		-

See accompanying notes to financial statements.

76

NATIONWIDE VLI SEPARATE ACCOUNT-4

NOTES TO FINANCIAL STATEMENTS

December 31, 2008 and 2007

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-4 (the Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on December 3, 1997. The Account is registered as a unit investment trust under the Investment Company Act of 1940. The Company offers Flexible Premium, Modified Single Premium, Variable Executive Life and Survivorship Life Variable Life Insurance Policies through the Account. The primary distribution for contracts is through wholesalers and brokers.

(b) The Contracts

Only contracts with a front-end sales charge and certain other fees are offered for purchase. See note 2 for a discussion of policy charges and note 3 for asset charges.

With certain exceptions, contract owners may invest in the following:

Portfolios of the AIM Variable Insurance Funds (AIM VIF);

AIM VIF - Basic Value Fund - Series I (AVBVI)

AIM VIF - Capital Appreciation Fund - Series I (AVCA)

AIM VIF - Capital Development Fund - Series I (AVCDI)

AIM VIF - International Growth Fund - Series I (AVIE)

AIM VIF - Mid Cap Core Equity Fund - Series I (AVMCCI)*

AllianceBernstein Growth and Income Fund - Class A (ALGIA)*

Portfolios of the AllianceBernstein Variable Products Series Fund, Inc. (AllianceBernstein VPS);

AllianceBernstein VPS - Growth and Income Portfolio - Class A (ALVGIA)

AllianceBernstein VPS - Growth and Income Portfolio - Class B (ALVGIB)*

AllianceBernstein VPS - International Value Portfolio - Class A (ALVIVA)

AllianceBernstein VPS - International Value Portfolio - Class B (ALVIVB)*

AllianceBernstein VPS - Small-Mid Cap Value Portfolio - Class A (ALVSVA)

AllianceBernstein VPS - Small-Mid Cap Value Portfolio - Class B (ALVSVB)*

Portfolios of the American Century Variable Portfolios, Inc. (American Century VP);

American Century VP - Income & Growth Fund - Class I (ACVIG)

American Century VP - Inflation Protection Fund - Class II (ACVIP2)

American Century VP - International Fund - Class I (ACVI)

American Century VP - International Fund - Class III (ACVI3)

American Century VP - Mid Cap Value Fund - Class I (ACVMV1)

American Century VP - Mid Cap Value Fund - Class II (ACVMV2)*

American Century VP - Ultra(R) Fund - Class I (ACVU1)

American Century VP - Value Fund - Class I (ACVV)

American Century VP - Value Fund - Class II (ACVV2)*

American Century VP - Vista(SM) Fund - Class I (ACVVS1)

American Century VP - Vista(SM) Fund - Class II (ACVVS2)*

Portfolios of the American Funds Insurance Series(R) (American Funds IS);

American Funds IS - Asset Allocation Fund - Class 2 (AMVAA2)

American Funds IS - Bond Fund - Class 2 (AMVBD2)

American Funds IS - Global Small Capitalization Fund - Class 2 (AMVGS2)

American Funds IS - Growth Fund - Class 2 (AMVGR2)

BlackRock International Index V.I. Fund - Class II (MLVIX2)*

BlackRock Large Cap Core V.I. Fund - Class II (MLVLC2)

Calvert Variable Series Inc. - Social Equity Portfolio (CVSSE)

Portfolios of the Credit Suisse Trust;

Credit Suisse Trust - Global Small Cap Portfolio (WVCP)

Credit Suisse Trust - International Focus Portfolio (WIEP)

Credit Suisse Trust - Large Cap Value Portfolio (WGIP)

Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)

Portfolios of the Dreyfus Investment Portfolios (Dreyfus IP);

Dreyfus IP - European Equity Portfolio (DVEE)*

Dreyfus IP - Mid Cap Stock Portfolio - Initial Class (DVMCS)

Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DVSCS)

Dreyfus Mid Cap Index Fund, Inc. (DMCIX)*

Dreyfus Stock Index Fund, Inc. - Initial Class (DSIF)

(Continued)

77

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

Dreyfus Stock Index Fund, Inc. - Service Class (DSIFS)*

Portfolios of the Dreyfus Variable Investment Fund (Dreyfus VIF);

Dreyfus VIF - Appreciation Portfolio - Initial Class (DCAP)

Dreyfus VIF - Appreciation Portfolio - Service Class (DCAPS)*

Dreyfus VIF - Developing Leaders Portfolio - Initial Class (DSC)

Dreyfus VIF - International Value Portfolio - Initial Class (DVIV)

DWS Investments VIT Funds - DWS Small Cap Index VIP - Class A (BISCI)*

Portfolios of the DWS Variable Series II Funds;

DWS Variable Series II - Dreman High Return Equity VIP - Class B (SVSHEB)

DWS Variable Series II - Dreman Small Mid Cap Value VIP - Class B (SVSSVB)

Portfolios of the Federated Insurance Series (Federated IS);

Federated IS - American Leaders Fund II - Primary Class (FALF)

Federated IS - Capital Appreciation Fund II - Primary Class (FVCA2P)

Federated IS - Market Opportunity Fund II - Service Class (FVMOS)

Federated IS - Quality Bond Fund II - Primary Class (FQB)

Federated IS - Quality Bond Fund II - Service Class (FQBS)*

Portfolios of the Fidelity(R) Variable Insurance Products Fund (Fidelity(R) VIP);

Fidelity(R) VIP - Equity-Income Portfolio - Service Class (FEIS)

Fidelity(R) VIP - Equity-Income Portfolio - Service Class 2 (FEI2)*

Fidelity(R) VIP - Freedom 2015 Portfolio - Service Class (FF15S)

Fidelity(R) VIP - Freedom 2025 Portfolio - Service Class (FF25S)

Fidelity(R) VIP - Growth Portfolio - Service Class (FGS)

Fidelity(R) VIP - Growth Portfolio - Service Class 2 (FG2)*

Fidelity(R) VIP - High Income Portfolio - Service Class (FHIS)

Fidelity(R) VIP - High Income Portfolio - Service Class R (FHISR)

Fidelity(R) VIP - Overseas Portfolio - Service Class (FOS)

Fidelity(R) VIP - Overseas Portfolio - Service Class R (FOSR)

Portfolios of the Fidelity(R) Variable Insurance Products Fund II (Fidelity(R) VIP II);

Fidelity(R) VIP II - Contrafund(R) Portfolio - Service Class (FCS)

Fidelity(R) VIP II - Index 500 Portfolio - Initial Class (FIP)

Fidelity(R) VIP II - Investment Grade Bond Portfolio - Service Class (FIGBS)

Fidelity(R) VIP II - Investment Grade Bond Portfolio - Service Class 2 (FIGBP2)*

Portfolios of the Fidelity(R) Variable Insurance Products Fund III (Fidelity(R) VIP III);

Fidelity(R) VIP III - Growth & Income Portfolio - Service Class (FGIS)*

Fidelity(R) VIP III - Growth Opportunities Portfolio - Service Class (FGOS)

Fidelity(R) VIP III - Mid Cap Portfolio - Service Class (FMCS)

Fidelity(R) VIP III - Mid Cap Portfolio - Service Class 2 (FMC2)*

Fidelity(R) VIP III - Value Strategies Portfolio - Service Class (FVSS)

Portfolios of the Fidelity(R) Variable Insurance Products Fund IV (Fidelity(R) VIP IV);

Fidelity(R) VIP IV - Energy Portfolio - Service Class 2 (FNRS2)

Fidelity(R) VIP IV - Freedom Fund 2010 Portfolio - Service Class (FF10S)

Fidelity(R) VIP IV - Freedom Fund 2020 Portfolio - Service Class (FF20S)

Fidelity(R) VIP IV - Freedom Fund 2020 Portfolio - Service Class 2 (FF20S2)*

Fidelity(R) VIP IV - Freedom Fund 2030 Portfolio - Service Class (FF30S)

Fidelity(R) VIP IV - Freedom Fund 2030 Portfolio - Service Class 2 (FF30S2)*

Portfolios of the Franklin Templeton Variable Insurance Products Trust (Franklin Templeton VIP);

Franklin Templeton VIP - Developing Markets Securities Fund - Class 3 (FTVDM3)

Franklin Templeton VIP - Foreign Securities Fund - Class 1 (TIF)

Franklin Templeton VIP - Foreign Securities Fund - Class 2 (TIF2)

Franklin Templeton VIP - Foreign Securities Fund - Class 3 (TIF3)

Franklin Templeton VIP - Founding Funds Allocation Fund - Class 2 (FTVFA2)

Franklin Templeton VIP - Global Income Securities Fund - Class 2 (FTVGI2)

Franklin Templeton VIP - Global Income Securities Fund - Class 3 (FTVGI3)

Franklin Templeton VIP - Income Securities Fund - Class 2 (FTVIS2)

Franklin Templeton VIP - Mutual Discovery Securities Fund - Class 2 (FTVMD2)

Franklin Templeton VIP - Rising Dividends Securities Fund - Class 1 (FTVRDI)

Franklin Templeton VIP - Small Cap Value Securities Fund - Class 1 (FTVSVI)

Franklin Templeton VIP - Small Cap Value Securities Fund - Class 2 (FTVSV2)

Goldman Sachs Mid Cap Value Fund - Class A (GSMCE)*

Portfolios of the Goldman Sachs Variable Insurance Trust (Goldman Sachs VIT);

Goldman Sachs VIT - Mid Cap Value Fund (GVMCE)

Portfolios of the Ivy Fund Variable Insurance Portfolio, Inc. (Ivy Fund VIP,Inc.) ( formerly W&R Target Funds, Inc.);

Ivy Fund VIP, Inc. - Asset Strategy (WRASP)

(Continued)

78

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

Ivy Fund VIP, Inc. - Growth (WRGP)

Ivy Fund VIP, Inc. - Real Estate Securities (WRRESP)

Ivy Fund VIP, Inc. - Science and Technology (WRSTP)

Portfolios of the Janus Aspen Series;

Janus Aspen Series - Balanced Portfolio - Service Class (JABS)

Janus Aspen Series - Forty Portfolio - Service Class (JACAS)

Janus Aspen Series - Global Technology Portfolio - Service Class (JAGTS)

Janus Aspen Series - INTECH Risk Managed Core Portfolio - Service Class (JARLCS)

Janus Aspen Series - International Growth Portfolio - Service Class (JAIGS)

Janus Aspen Series - International Growth Portfolio - Service II Class (JAIGS2)

Portfolios of the JPMorgan Insurance Trust;

JPMorgan Insurance Trust - Balanced Portfolio 1 (OGAA)*

JPMorgan Insurance Trust - Core Bond Portfolio 1 (OGBDP)*

JPMorgan Insurance Trust - Diversified Equity Portfolio 1 (OGDEP)*

JPMorgan Insurance Trust - Diversified Mid Cap Growth Portfolio 1 (OGGO)

JPMorgan Insurance Trust - Diversified Mid Cap Value Portfolio 1 (OGMVP)

JPMorgan Insurance Trust - Equity-Index Portfolio 1 (OGEI)*

JPMorgan Insurance Trust - Government Bond Portfolio 1 (OGGB)*

JPMorgan Insurance Trust - Intrepid Growth Portfolio - Class 1 (OGLG) (formerly Large Cap Growth Portfolio -Class 1)*

JPMorgan Insurance Trust - Intrepid Mid Cap Portfolio 1 (OGDMP)*

Portfolios of the Legg Mason Partners Variable Equity Trust (Legg Mason Partners VET);

Legg Mason Partners VET - Small Cap Growth Portfolio - Class I (SBVSG)

Portfolios of the Lehman Brothers Advisers Management Trust (Lehman Brothers AMT);

Lehman Brothers AMT - Short Duration Bond Portfolio - I Class (AMTB)

Portfolios of the Lincoln Variable Insurance Products Trust (Lincoln VIP);

Lincoln VIP - Baron Growth Opportunities Funds - Service Class (BNCAI)

Lord Abbett Series Fund, Inc. - Mid Cap Value Portfolio - Class VC (LOVMCV)

M Fund, Inc. - Brandes International Equity Fund (MFBIE)*

M Fund, Inc. - Business Opportunity Value Fund (MFBOV)*

M Fund, Inc. - Frontier Capital Appreciation Fund (MFFCA)*

M Fund, Inc. - Turner Core Growth Fund (MFTCG)*

Portfolios of the MFS(R) Variable Insurance Trust (MFS(R) VIT);

MFS(R) VIT - Investors Growth Stock Series - Initial Class (MIGIC)

MFS(R) VIT - Research International Series - Service Class (MVRISC)

MFS(R) VIT - Value Series - Initial Class (MVFIC)

MFS(R) VIT - Value Series - Service Class (MVFSC)

Nationwide GVIT Strategic Value Fund - Class I (SVF)*

Portfolios of the Nationwide Variable Insurance Trust (Nationwide VIT);

Nationwide VIT - American Funds Asset Allocation Fund - Class II (GVAAA2)

Nationwide VIT - American Funds Bond Fund - Class II (GVABD2)

Nationwide VIT - American Funds Global Growth Fund - Class II (GVAGG2)

Nationwide VIT - American Funds Growth Fund - Class II (GVAGR2)

Nationwide VIT - American Funds Growth-Income Fund - Class II (GVAGI2)

Nationwide VIT - Cardinal Aggressive Fund - Class I (NVCRA1)

Nationwide VIT - Cardinal Balanced Fund - Class I (NVCRB1)

Nationwide VIT - Cardinal Capital Appreciation Fund - Class I (NVCCA1)

Nationwide VIT - Cardinal Conservative Fund - Class I (NVCCN1)

Nationwide VIT - Cardinal Moderate Fund - Class I (NVCMD1)

Nationwide VIT - Cardinal Moderately Aggressive Fund - Class I (NVCMA1)

Nationwide VIT - Cardinal Moderately Conservative Fund - Class I (NVCMC1)

Nationwide VIT - Core Bond Fund - Class I (NVCBD1)

Nationwide VIT - Federated High Income Bond Fund - Class I (HIBF)

Nationwide VIT - Federated High Income Bond Fund - Class III (HIBF3)

Nationwide VIT - Gartmore Emerging Markets Fund - Class I (GEM)

Nationwide VIT - Gartmore Emerging Markets Fund - Class III (GEM3)

Nationwide VIT - Gartmore Global Utilities Fund - Class I (GVGU1)

Nationwide VIT - Gartmore International Equity Fund - Class I (GIG) (formerly Gartmore International Growth Fund - Class I)

Nationwide VIT - Gartmore International Equity Fund - Class III (GIG3) (formerly Gartmore International Growth Fund - Class III)

Nationwide VIT - Gartmore International Equity Fund - Class VI (NVIE6)

Nationwide VIT - Gartmore Worldwide Leaders Fund - Class I (GEF)

Nationwide VIT - Global Financial Services Fund - Class I (GVGF1)

Nationwide VIT - Government Bond Fund - Class I (GBF)

(Continued)

79

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

Nationwide VIT - Growth Fund - Class I (CAF)

Nationwide VIT - Health Sciences Fund - Class I (GVGH1) (formerly Global Health Sciences Fund - Class I)

Nationwide VIT - Health Sciences Fund - Class III (GVGHS) (formerly Global Health Sciences Fund - Class III)

Nationwide VIT - International Index Fund - Class II (GVIX2)

Nationwide VIT - International Index Fund - Class VI (GVIX6)

Nationwide VIT - Investor Destinations Aggressive Fund - Class II (GVIDA)

Nationwide VIT - Investor Destinations Conservative Fund - Class II (GVIDC)

Nationwide VIT - Investor Destinations Moderate Fund - Class II (GVIDM)

Nationwide VIT - Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)

Nationwide VIT - Investor Destinations Moderately Conservative Fund - Class II (GVDMC)

Nationwide VIT - J.P. Morgan Balanced Fund - Class I (BF)

Nationwide VIT - Lehman Brothers Core Plus Bond Fund - Class I (NVLCP1)

Nationwide VIT - Mid Cap Growth Fund - Class I (SGRF)

Nationwide VIT - Mid Cap Index Fund - Class I (MCIF)

Nationwide VIT - Mid Cap Index Fund - Class II (MCIF2)*

Nationwide VIT - Money Market Fund - Class I (SAM)

Nationwide VIT - Money Market Fund - Class V (SAM5)

Nationwide VIT - Multi-Manager International Growth Fund - Class III (NVMIG3)

Nationwide VIT - Multi-Manager International Value Fund - Class I (GVDIVI) (formerly International Value Fund - Class I)

Nationwide VIT - Multi-Manager International Value Fund - Class III (GVDIV3) (formerly International Value Fund - Class III)

Nationwide VIT - Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)

Nationwide VIT - Multi-Manager Large Cap Value Fund - Class I (NVMLV1)

Nationwide VIT - Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)

Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)

Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)

Nationwide VIT - Multi-Manager Small Cap Growth Fund - Class I (SCGF)

Nationwide VIT - Multi-Manager Small Cap Value Fund - Class I (SCVF)

Nationwide VIT - Multi-Manager Small Company Fund - Class I (SCF)

Nationwide VIT - Nationwide Fund - Class I (TRF)

Nationwide VIT - Nationwide Leaders Fund - Class I (GVUS1)

Nationwide VIT - Neuberger Berman Multi-Cap Opportunities Fund - Class I (NVNMO1)

Nationwide VIT - Neuberger Berman Socially Responsible Fund - Class I (NVNSR1)

Nationwide VIT - Neuberger Berman Socially Responsible Fund - Class II (NVNSR2)*

Nationwide VIT - Short Term Bond Fund - Class I (NVSTB1)*

Nationwide VIT - Short Term Bond Fund - Class II (NVSTB2)

Nationwide VIT - Technology and Communications Fund - Class I (GGTC) (formerly Global Technology and Communications Fund - Class I)

Nationwide VIT - Technology and Communications Fund - Class III (GGTC3) (formerly Global Technology and Communications Fund - Class III)

Nationwide VIT - U.S. Growth Leaders Fund - Class I (GVUG1)

Nationwide VIT - Van Kampen Comstock Value Fund - Class I (EIF)

Nationwide VIT - Van Kampen Multi-Sector Bond Fund - Class I (MSBF)

Nationwide VIT - Van Kampen Real Estate Fund - Class I (NVRE1)

Portfolios of the Neuberger Berman Advisers Management Trust (Neuberger Berman AMT);

Neuberger Berman AMT - Guardian Portfolio - Class I (AMGP)

Neuberger Berman AMT - International Portfolio - Class S (AMINS)

Neuberger Berman AMT - Mid Cap Growth Portfolio - I Class (AMCG)

Neuberger Berman AMT - Partners Portfolio - Class I (AMTP)

Neuberger Berman AMT - Regency Portfolio - Class I (AMRI)

Neuberger Berman AMT - Regency Portfolio - Class S (AMRS)

Neuberger Berman AMT - Small Cap Growth Portfolio - Class S (AMFAS) (formerly Fasciano Portfolio – Class S)

Neuberger Berman AMT - Socially Responsive Portfolio - Class I (AMSRS)

Portfolios of the Oppenheimer Variable Account Funds (Oppenheimer VAF);

Oppenheimer VAF - Capital Appreciation Fund - Non-Service Class (OVGR)

Oppenheimer VAF - Capital Appreciation Fund - Service Class (OVCAFS)*

Oppenheimer VAF - Global Securities Fund - Class 3 (OVGS3)

Oppenheimer VAF - Global Securities Fund - Non-Service Class (OVGS)

Oppenheimer VAF - Global Securities Fund - Service Class (OVGSS)*

Oppenheimer VAF - High Income Fund - Class 3 (OVHI3)

Oppenheimer VAF - High Income Fund - Non-Service Class (OVHI)

Oppenheimer VAF - Main Street Small Cap Fund(R) - Non-Service Class (OVSC)

Oppenheimer VAF - Main Street(R) - Non-Service Class (OVGI)

Oppenheimer VAF - Mid Cap Fund - Non-Service Class (OVAG)

(Continued)

80

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

Oppenheimer VAF - Strategic Bond Fund - Non-Service Class (OVSB)

PIMCO Total Return Fund - Administrative Class (PMTRAD)*

Portfolios of the PIMCO Variable Insurance Trust (PIMCO VIT);

PIMCO VIT - All Asset Portfolio - Administrative Class (PMVAAA)

PIMCO VIT - Foreign Bond Portfolio (unhedged) - Administrative Class (PMVFBA)*

PIMCO VIT - Low Duration Portfolio - Administrative Class (PMVLDA)

PIMCO VIT - Real Return Portfolio - Administrative Class (PMVRRA)

PIMCO VIT - Total Return Portfolio - Administrative Class (PMVTRA)

Portfolios of the Pioneer Variable Contracts Trust (Pioneer VCT);

Pioneer VCT - Pioneer Emerging Markets Portfolio - Class I (PIVEMI)

Pioneer VCT - Pioneer High Yield Portfolio - Class I (PIHYB1)

Portfolios of the Putnam Variable Trust (Putnam VT);

Putnam VT - Growth and Income Fund - Class IB (PVGIB)

Putnam VT - International Equity Fund - Class IB (PVTIGB)

Putnam VT - OTC & Emerging Growth Fund - Class IB (PVOEGB)

Putnam VT - Small Cap Value Fund - Class IB (PVTSCB)

Putnam VT - Vista Fund - Class IB (PVVIB)*

Putnam VT - Voyager Fund - Class IB (PVTVB)

Royce Capital Fund - Micro Cap Portfolio (ROCMC)

Royce Capital Fund - Small Cap Portfolio (ROCSC)

Portfolios of T. Rowe Price;

T. Rowe Price Blue Chip Growth Portfolio - II (TRBCG2)

T. Rowe Price Equity Income Portfolio - II (TREI2)

T. Rowe Price Health Sciences Portfolio - II (TRHS2)

T. Rowe Price Limited Term Bond Portfolio - Class II (TRLT2)

T. Rowe Price Mid Cap Growth Portfolio - II (TRMCG2)

T. Rowe Price New America Growth Portfolio (TRNAG1)

T. Rowe Price Personal Strategy Balanced Portfolio (TRPSB1)

The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)

Portfolios of The Universal Institutional Funds, Inc.(The Universal IF, Inc.);

The Universal IF, Inc. - Capital Growth Portfolio - Class I (MSVEG) (formerly Van Kampen UIF - Equity Growth Portfolio - Class I)

Turner GVIT Growth Focus Fund - Class I (TGF)*

Portfolios of the Van Eck Worldwide Insurance Trust;

Van Eck Worldwide Insurance Trust - Emerging Markets Fund - Initial Class (VWEM)

Van Eck Worldwide Insurance Trust - Hard Assets Fund - Initial Class (VWHA)

Portfolios of the Van Kampen Life Investment Trust (Van Kampen LIT);

Van Kampen LIT - Capital Growth Portfolio - Class II (ACEG2) (formerly Strategic Growth Portfolio - Class II)*

Portfolios of the Van Kampen - The Universal Institutional Funds, Inc. (Van Kampen UIF);

Van Kampen UIF - Core Plus Fixed Income Portfolio - Class I (MSVFI)

Van Kampen UIF - Emerging Markets Debt Portfolio - Class I (MSEM)

Van Kampen UIF - Emerging Markets Debt Portfolio - Class II (MSEMB)*

Van Kampen UIF - Global Real Estate Portfolio - Class II (VKVGR2)

Van Kampen UIF - Mid Cap Growth Portfolio - Class II (MSVMG2)*

Van Kampen UIF - Mid Cap Growth Portfolio- Class I (MSVMG)

Van Kampen UIF - U.S. Mid Cap Value Portfolio - Class I (MSVMV)*

Van Kampen UIF - U.S. Real Estate Portfolio - Class I (MSVRE)

Portfolios of the Vanguard(R) Variable Insurance Funds (Vanguard(R) VIF);

Vanguard(R) VIF - Balanced Portfolio (VVB)

Vanguard(R) VIF - Diversified Value Portfolio (VVDV)

Vanguard(R) VIF - International Portfolio (VVI)

Vanguard(R) VIF - Mid Cap Index Portfolio (VVMCI)

Vanguard(R) VIF - Short-Term Investment-Grade Portfolio (VVSTC)

Portfolios of the Wells Fargo Advantage Variable Trust Funds(SM) (Wells Fargo AVT);

Wells Fargo AVT - Discovery Fund(SM) (SVDF)

Wells Fargo AVT - Opportunity Fund(SM) (SVOF)

Wells Fargo AVT - Small Cap Growth Fund (WFVSCG)

* At December 31, 2008, contract owners were not invested in this fund.

The contract owners’ equity is affected by the investment results of each fund, equity transactions by contract owners and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company. A contract owner may choose from among a number of different underlying mutual fund options.

(Continued)

81

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners’ Equity if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued on the closing net asset value per share at December 31, 2008 of such funds, which value their investment securities at fair value. The cost of investments sold is determined on a first in – first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Account form a part of, and are taxed with, operations of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code. The Company does not provide for income taxes within the Account. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.

(e) Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) Recently Issued Accounting Standard

In September 2006, the FASB issued SFAS 157, Fair Value Measurements (SFAS 157). SFAS 157 provides enhanced guidance for using fair value to measure assets and liabilities and requires new disclosures about fair value measurements. SFAS 157 also provides guidance regarding the extent to which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. For assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to initial recognition, the reporting entity shall disclose information that enables financial statement users to assess the inputs used to develop those measurements. SFAS 157 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years, with early adoption permitted. The Company will adopt SFAS 157 effective January 1, 2008. SFAS 157 is not expected to have a material impact on the Company’s financial position or results of operations upon adoption.

(2) Policy Charges

(a) Deductions from Premium

For individual flexible premium and survivorship contracts, the Company deducts a minimum of 0.5% to a maximum of 7.5% of all premiums received to cover premium tax and sales expense. The Company may, at its sole discretion, reduce the sales loading portion of the premium load.

There are no deductions from premium on modified single premium contracts.

For the Corporate Series, the Company deducts a front-end sales load of 9.0% (5.5% starting in the seventh policy year) from each premium payment received. The Company may reduce this charge where the size or nature of the group results in savings in sales, underwriting, or administrative costs. Variations due to differences in costs are determined in a manner not unfairly discriminatory to policy owners.

(Continued)

82

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

For Future Corporate Flexible Premium Variable Universal Life this charge is guaranteed not to exceed 12% (5.5% starting in the sixth policy year) from each premium payment received.

For Next Generation Corporate Owned Flexible Premium Variable Universal Life this charge is guaranteed not to exceed 10% from each premium payment received.

For the periods ended December 31, 2007 and 2006, total front-end sales charge deductions were $18,211,128 and $22,337,781, respectively and were recognized as a reduction of purchase payments on the Statement of Changes in Contract Owners’ Equity.

(b) Cost of Insurance

A cost of insurance charge is assessed monthly against each contract by liquidating units. The amount of the charge varies widely and is based upon age, sex, rate class and net amount at risk (death benefit less total contract value).

(c) Administrative Charges

For flexible premium survivorship, the Company currently deducts a minimum monthly administration charge of $5 per policy month to a maximum of $10 per policy month to recover policy maintenance, accounting, record keeping and other administrative expenses. These charges are assessed monthly against each contract by liquidating units.

For modified single premium contracts, for all states other than New York, the Company currently deducts a minimum monthly administration charge of $10 per policy per month. The actual charge is determined by multiplying 0.30% on an annualized basis by the policy’s cash value. This charge may be reduced to 0.15% on an annualized basis for policy years 11 and later. In New York, this charge is assessed in all policy years, with a maximum charge of $7.50 per month. These charges are assessed monthly against each contract by liquidating units.

For ProtectionSM flexible premium contracts, the Company deducts a policy expense per $1,000 of Specified Amount charge for the first two policy years. This charge varies with the age of the insured and will not exceed $0.30 per $1,000 of Specified Amount. For last survivor contracts, the Company deducts a per $1,000 of Specified Amount charge for the first 3 policy years. This charge varies with the age of the insured and will not exceed $0.40 per $1,000 of Specified Amount. These charges are assessed monthly against each contract by liquidating units.

For the Corporate Series, the Company deducts a monthly administrative expense charge to recover policy maintenance, accounting, record keeping and other administrative expenses. These charges are assessed against each contract by liquidating units. Currently, this charge is $5 per month in all policy years (guaranteed not to exceed $10 per month).

(d) Surrender Charges

Policy surrenders result in a redemption of the contract value from the Account and payment of the surrender proceeds to the contract owner or designee. The surrender proceeds consist of the contract value, less any outstanding policy loans, and less a surrender charge, if applicable. The amount of the charge is based upon a specified percentage of the initial surrender charge which varies by issue age, sex and rate class. For individual flexible premium, flexible premium survivorship and modified single premium and corporate contracts, the charge is 100% of the initial surrender charge in the first year, and declines a Specified Amount each year to 0% of the initial surrender charge in the ninth year or later. The Company may waive the surrender charge for certain contracts in which the sales expenses normally associated with the distribution of a contract are not incurred. The charges are assessed against each contract by liquidating units.

Corporate contracts do not currently assess surrender charges.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk.

(a) Modified Single Premium Contracts (MSP)

For modified single premium contracts, the Company deducts a charge equal to an annualized rate of 0.70% of the cash surrender value of the sub-accounts. This charge is assessed monthly against each contract by liquidating units.

(Continued)

83

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

(b) Flexible Premium and Variable Executive Life Contracts (FPVUL and VEL)

For Choice LifeSM contracts, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account, $0.25 per $1,000 on $25,001 up to $250,000 of cash surrender value attributable to the variable account and $0.08 per $1,000 over $250,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each contract by liquidating units. For Choice Life ProtectionSM contracts and Best of America^® ProtectionSM contracts, the Company deducts $0.66 per $1,000 of cash surrender value attributable to the variable account during the first through fifteenth years from the Policy Date. Thereafter, this charge is $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each contract by liquidating units.

(c) Survivorship Life Contracts (SL)

For Choice Survivorship and Last Survivor contracts, during the first ten policy years, the Company deducts a charge of $0.46 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.46 per $1,000 on $25,001 up to $99,999 of cash surrender value attributable to the variable account; and $0.46 per $1,000 on $100,000 or more of cash surrender value attributable to the variable account. After ten years from the Policy Date, the Company deducts $0.46 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.29 per $1,000 on $25,001 up to $99,999 of cash surrender value attributable to the variable account; and $0.17 per $1,000 on $100,000 or more of cash surrender value attributable to the variable account. This charge is assessed monthly against each contract by liquidating units.

For ChoiceLifeSM Survivorship II and Next GenerationSM Survivorship Life contracts, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account; $0.25 per $1,000 on $25,001 up to $250,000 of cash surrender value attributable to the variable account; and $0.08 per $1,000 over $250,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.50 per $1,000 on the first $25,000 of cash surrender value attributable to the variable account and $0.08 per $1,000 over $25,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each contract by liquidating units.

For ProtectionSM Survivorship and ChoiceLife ProtectionSM Survivorship Life contracts, during the first fifteen policy years, the Company deducts a charge of $0.66 per $1,000 of cash surrender value attributable to the variable account. After fifteen years from the Policy Date, the Company deducts $0.25 per $1,000 of cash surrender value attributable to the variable account. This charge is assessed monthly against each contract by liquidating units.

(d) Corporate Contracts

For Future Corporate Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.90% of the daily net assets of the Account for the first five policy years. For policy years six and later this charge is guaranteed not to exceed 5.5%. Currently, this rate is 0.25% during the first through fourth policy years, 0.20% during the fifth through fifteenth policy years, and 0.10% thereafter. This charge is assessed monthly against each contract by liquidating units.

For Next Generation Corporate Owned Flexible Premium Variable Universal Life, the Company deducts a charge guaranteed not to exceed an annualized rate of 1.25% of the daily net assets of the Account. Currently, this rate will not exceed 0.60%. This charge is assessed monthly against each contract by liquidating units.

The Company may reduce or eliminate certain charges where the size or nature of the group results in savings in sales, underwriting, administrative or other costs to the Company. These charges may be reduced in certain group sponsored arrangements or special exchange programs made available by the Company.

(4) Death Benefits

Death benefit proceeds result in a redemption of the contract value from the Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. For last survivor flexible premium contracts, the proceeds are payable on the death of the last surviving insured. In the event that the guaranteed death benefit exceeds the contract value on the date of death, the excess is paid by the Company’s general account.

(5) Policy Loans (Net of Repayments)

Contract provisions allow contract owners to borrow 90% of a policy’s variable cash surrender value plus 100% of a policy’s fixed cash surrender value less applicable value of surrender charge. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary. At the time the loan is granted, the amount of the loan is transferred from the Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general

(Continued)

84

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Interest credited is paid by the Company’s general account to the Account. Loan repayments result in a transfer of collateral including interest credited back to the Account.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company. Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Account are included in purchase payments received from contact owners, as applicable, on the accompanying Statements of Change in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the contract owner, also result in transfers between the Account and the fixed account of the Company, but are included in Net Policy (Loans) Repayments. The fixed account assets are not reflected in the accompanying financial statements. For the periods ended December 31, 2007 and 2006, total transfers into the Account from the fixed account were $37,793,952 and $26,820,115, respectively, and total transfers from the Account to the fixed account were $78,945,707 and $52,254,217, respectively.

7) Fair Value Measurement

SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with SFAS 157, the Account categorized its financial instruments into a three level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Company categorizes financial assets recorded at fair value as follows:

• Level 1 – Unadjusted quoted prices accessible in active markets for identical assets at the measurement date. The assets utilizing Level 1 valuations represent investments in publicly-traded registered mutual funds with quoted market prices.

• Level 2 – Unadjusted quoted prices for similar assets in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. The assets utilizing Level 2 valuations represent investments in privately-traded registered mutual funds only offered through insurance products.

• Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The Account invests only in funds with fair value measurements in the first two levels of the fair value hierarchy.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2008:

	Level 1	Level 2		Level 3	Total
Separate Account Investments	0	$	3,234,054,969	0	$	3,234,054,969

Accounts Payable of $151,674 are measured at settlement value which approximates the fair value due to the short-term nature of such liabilities.

The Account did not have any assets or liabilities reported at fair value on a nonrecurring basis required to be disclosed under SFAS 157.

(Continued)

85

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values and contract owners’ equity outstanding for variable annuity contracts as of the end of the periods indicated, and the contract expense rate, investment income ratio and total return for each of the periods in the five year period ended December 31, 2008.

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
AIM VIF - Basic Value Fund - Series I (AVBVI)
2008	0.00	%	322,494	$	8.572219	$	2,764,489	0.87	%	-51.77	%
2008	0.10	%	14,438		8.518126		122,985	0.87	%	-51.82	%
2008	0.25	%	65,576		8.437654		553,308	0.87	%	-51.89	%
2008	0.40	%	11,858		8.357923		99,108	0.87	%	-51.96	%
2007	0.00	%	315,430		17.772480		5,605,973	0.59	%	1.54	%
2007	0.10	%	14,780		17.678080		261,282	0.59	%	1.44	%
2007	0.20	%	34,052		17.584241		598,779	0.59	%	1.34	%
2007	0.25	%	74,740		17.537474		1,310,751	0.59	%	1.29	%
2007	0.40	%	16,380		17.397964		284,979	0.59	%	1.14	%
2006	0.00	%	334,122		17.502242		5,847,884	0.42	%	13.20	%
2006	0.10	%	1,258		17.426798		21,923	0.42	%	13.09	%
2006	0.20	%	55,730		17.351728		967,012	0.42	%	12.98	%
2006	0.25	%	70,154		17.314284		1,214,666	0.42	%	12.92	%
2006	0.40	%	30,412		17.202471		523,162	0.42	%	12.75	%
2005	0.00	%	300,432		15.460790		4,644,916	0.09	%	5.74	%
2005	0.10	%	174		15.409499		2,681	0.09	%	5.63	%
2005	0.20	%	46,214		15.358428		709,774	0.09	%	5.53	%
2005	0.25	%	54,050		15.332927		828,745	0.09	%	5.47	%
2005	0.40	%	44,502		15.256716		678,954	0.09	%	5.32	%
2004	0.00	%	218,854		14.622048		3,200,094	0.00	%	11.07	%
2004	0.10	%	27,138		14.588087		395,892	0.00	%	10.96	%
2004	0.20	%	23,358		14.554224		339,958	0.00	%	10.85	%
2004	0.25	%	98,126		14.537319		1,426,489	0.00	%	10.79	%
2004	0.40	%	73,606		14.486704		1,066,308	0.00	%	10.63	%
AIM VIF - Capital Appreciation Fund - Series I (AVCA)
2008	0.00	%	73,269		9.848393		721,582	0.00	%	-42.49	%
2007	0.00	%	101,352		17.125365		1,735,690	0.00	%	12.01	%
2006	0.00	%	102,104		15.288632		1,561,030	0.06	%	6.30	%
2005	0.00	%	85,976		14.382523		1,236,552	0.08	%	8.84	%
2004	0.00	%	57,596		13.214909		761,126	0.00	%	6.63	%
AIM VIF - Capital Development Fund - Series I (AVCDI)
2008	0.00	%	186,381		11.515462		2,146,263	0.00	%	-47.03	%
2008	0.10	%	18,486		11.442826		211,532	0.00	%	-47.08	%
2008	0.20	%	60,947		11.370648		693,007	0.00	%	-47.13	%
2008	0.25	%	249,314		11.334726		2,825,906	0.00	%	-47.16	%
2008	0.40	%	60,293		11.227657		676,949	0.00	%	-47.24	%
2007	0.00	%	192,610		21.737696		4,186,898	0.00	%	10.84	%
2007	0.10	%	113,300		21.622263		2,449,802	0.00	%	10.73	%
2007	0.20	%	105,866		21.507445		2,276,907	0.00	%	10.62	%
2007	0.25	%	191,752		21.450254		4,113,129	0.00	%	10.57	%
2007	0.40	%	129,860		21.279639		2,763,374	0.00	%	10.40	%
2006	0.00	%	180,668		19.610981		3,543,077	0.00	%	16.52	%
2006	0.10	%	100,288		19.526450		1,958,269	0.00	%	16.40	%
2006	0.20	%	73,000		19.442307		1,419,288	0.00	%	16.29	%
2006	0.25	%	158,748		19.400361		3,079,769	0.00	%	16.23	%
2006	0.40	%	137,464		19.275099		2,649,632	0.00	%	16.06	%
2005	0.00	%	164,886		16.830569		2,775,125	0.00	%	9.60	%
2005	0.10	%	29,388		16.774744		492,976	0.00	%	9.50	%
2005	0.20	%	21,682		16.719125		362,504	0.00	%	9.39	%
2005	0.25	%	93,372		16.691371		1,558,507	0.00	%	9.33	%
2005	0.40	%	247,510		16.608430		4,110,753	0.00	%	9.17	%
2004	0.00	%	122,266		15.355666		1,877,476	0.00	%	15.50	%
2004	0.10	%	12,220		15.320003		187,210	0.00	%	15.38	%
2004	0.20	%	996		15.284432		15,223	0.00	%	15.27	%
2004	0.25	%	27,246		15.266666		415,956	0.00	%	15.21	%
2004	0.40	%	59,864		15.213529		910,743	0.00	%	15.04	%

(Continued)

86

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
AIM VIF - International Growth Fund - Series I (AVIE)
2008	0.00	%	5,516	$	12.348500	$	68,114	0.54	%	-40.38	%
2008	0.10	%	207,823		12.291069		2,554,367	0.54	%	-40.44	%
2008	0.20	%	118,867		12.233919		1,454,209	0.54	%	-40.50	%
2008	0.25	%	1,309,467		12.205427		15,982,604	0.54	%	-40.53	%
2008	0.40	%	203,177		12.120383		2,462,583	0.54	%	-40.62	%
2007	0.10	%	183,632		20.636261		3,789,478	0.53	%	14.60	%
2007	0.20	%	187,080		20.560904		3,846,534	0.53	%	14.49	%
2007	0.25	%	903,590		20.523294		18,544,643	0.53	%	14.43	%
2007	0.40	%	475,710		20.410961		9,709,698	0.53	%	14.26	%
2006	0.20	%	189,366		17.958795		3,400,785	0.97	%	27.98	%
2006	0.25	%	447,740		17.934952		8,030,195	0.97	%	27.91	%
2006	0.40	%	461,146		17.863705		8,237,776	0.97	%	27.72	%
2005	0.20	%	451,992		14.032735		6,342,684	1.14	%	17.69	%
2005	0.25	%	202,258		14.021093		2,835,878	1.14	%	17.63	%
2005	0.40	%	457,728		13.986284		6,401,914	1.14	%	17.46	%
2004	0.20	%	126,346		11.923183		1,506,446	1.36	%	19.23	%	5/3/2004
2004	0.25	%	26,402		11.919243		314,692	1.36	%	19.19	%	5/3/2004
2004	0.40	%	152,296		11.907437		1,813,455	1.36	%	19.07	%	5/3/2004
AllianceBernstein VPS - Growth and Income Portfolio - Class A (ALVGIA)
2008	0.00	%	227,556		11.368917		2,587,065	2.03	%	-40.60	%
2008	0.10	%	84,717		11.297207		957,065	2.03	%	-40.66	%
2008	0.25	%	548,481		11.190516		6,137,785	2.03	%	-40.75	%
2008	0.40	%	31,102		11.084829		344,760	2.03	%	-40.84	%
2007	0.00	%	232,948		19.140759		4,458,802	1.44	%	5.12	%
2007	0.10	%	63,136		19.039121		1,202,054	1.44	%	5.01	%
2007	0.20	%	47,418		18.938067		898,005	1.44	%	4.91	%
2007	0.25	%	720,052		18.887703		13,600,128	1.44	%	4.85	%
2007	0.40	%	63,592		18.737498		1,191,555	1.44	%	4.70	%
2006	0.00	%	241,896		18.208779		4,404,631	1.37	%	17.29	%
2006	0.10	%	3,554		18.130310		64,435	1.37	%	17.17	%
2006	0.20	%	44,760		18.052215		808,017	1.37	%	17.05	%
2006	0.25	%	422,112		18.013258		7,603,612	1.37	%	16.99	%
2006	0.40	%	395,572		17.896979		7,079,544	1.37	%	16.82	%
2005	0.00	%	247,326		15.525074		3,839,754	1.48	%	4.87	%
2005	0.10	%	84,426		15.473584		1,306,373	1.48	%	4.76	%
2005	0.20	%	37,842		15.422290		583,610	1.48	%	4.66	%
2005	0.25	%	369,126		15.396687		5,683,317	1.48	%	4.61	%
2005	0.40	%	386,306		15.320186		5,918,280	1.48	%	4.45	%
2004	0.00	%	243,956		14.804614		3,611,674	0.92	%	11.46	%
2004	0.10	%	13,180		14.770235		194,672	0.92	%	11.35	%
2004	0.20	%	28,554		14.735953		420,770	0.92	%	11.24	%
2004	0.25	%	426,728		14.718823		6,280,934	0.92	%	11.18	%
2004	0.40	%	309,918		14.667608		4,545,756	0.92	%	11.02	%

(Continued)

87

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
AllianceBernstein VPS - International Value Portfolio - Class A (ALVIVA)
2008	0.00	%	84,052	$	5.619859	$	472,360	1.09	%	-53.18	%
2008	0.20	%	981,200		5.589904		5,484,814	1.09	%	-53.28	%
2008	0.25	%	2,650,624		5.582435		14,796,936	1.09	%	-53.30	%
2008	0.40	%	967,247		5.560105		5,377,995	1.09	%	-53.37	%
2007	0.20	%	656,858		11.964050		7,858,682	1.13	%	5.63	%
2007	0.25	%	1,304,024		11.954073		15,588,398	1.13	%	5.57	%
2007	0.40	%	764,464		11.924192		9,115,616	1.13	%	5.42	%
2006	0.20	%	287,868		11.326575		3,260,558	0.57	%	13.27	%	5/1/2006
2006	0.25	%	343,264		11.322832		3,886,721	0.57	%	13.23	%	5/1/2006
2006	0.40	%	453,968		11.311574		5,135,093	0.57	%	13.12	%	5/1/2006
AllianceBernstein VPS - Small-Mid Cap Value Portfolio - Class A (ALVSVA)
2008	0.00	%	231,734		13.192861		3,057,234	0.72	%	-35.58	%
2008	0.25	%	95,945		13.007237		1,247,979	0.72	%	-35.74	%
2008	0.40	%	489		12.897108		6,307	0.72	%	-35.83	%
2007	0.00	%	214,120		20.478040		4,384,758	0.89	%	1.70	%
2007	0.25	%	62,706		20.240586		1,269,206	0.89	%	1.45	%
2006	0.00	%	168,136		20.134859		3,385,395	0.45	%	14.42	%
2005	0.00	%	198,030		17.597332		3,484,800	0.74	%	6.91	%
2004	0.00	%	181,154		16.459431		2,981,692	0.13	%	19.30	%
American Century VP - Income & Growth Fund - Class I (ACVIG)
2008	0.00	%	1,027,223		11.575621		11,890,744	2.04	%	-34.59	%
2008	0.10	%	110,562		8.825580		975,774	2.04	%	-34.65	%
2008	0.20	%	111,787		8.619752		963,576	2.04	%	-34.72	%
2008	0.25	%	128,424		8.584965		1,102,516	2.04	%	-34.75	%
2007	0.00	%	1,143,260		17.695903		20,231,018	1.91	%	-0.07	%
2007	0.10	%	113,024		13.505398		1,526,434	1.91	%	-0.17	%
2007	0.20	%	101,346		13.203656		1,338,138	1.91	%	-0.27	%
2007	0.25	%	200,072		13.156950		2,632,337	1.91	%	-0.32	%
2006	0.00	%	1,305,236		17.707797		23,112,854	1.85	%	17.09	%
2006	0.10	%	23,772		13.528072		321,589	1.85	%	16.97	%
2006	0.20	%	163,996		13.239121		2,171,163	1.85	%	16.85	%
2006	0.25	%	284,862		13.198939		3,759,876	1.85	%	16.80	%
2006	0.40	%	280		14.724248		4,123	1.85	%	16.62	%
2005	0.00	%	1,496,010		15.123633		22,625,106	1.94	%	4.63	%
2005	0.10	%	27,068		11.565387		313,052	1.94	%	4.53	%
2005	0.20	%	123,222		11.329648		1,396,062	1.94	%	4.42	%
2005	0.25	%	284,088		11.300886		3,210,446	1.94	%	4.37	%
2005	0.40	%	1,326		12.625722		16,742	1.94	%	4.21	%
2004	0.00	%	1,546,166		14.454301		22,348,749	1.37	%	12.99	%
2004	0.10	%	39,010		11.064552		431,628	1.37	%	12.88	%
2004	0.20	%	141,218		10.849845		1,532,193	1.37	%	12.77	%
2004	0.25	%	368,640		10.827688		3,991,519	1.37	%	12.71	%
2004	0.40	%	177,026		12.115153		2,144,697	1.37	%	12.54	%

(Continued)

88

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
American Century VP - Inflation Protection Fund - Class II (ACVIP2)
2008	0.00	%	1,471,121	$	12.144940	$	17,866,676	4.70	%	-1.59	%
2007	0.00	%	555,690		12.340997		6,857,769	4.55	%	9.49	%
2006	0.00	%	555,240		11.270913		6,258,062	3.48	%	1.59	%
2005	0.00	%	535,932		11.094803		5,946,060	4.48	%	1.56	%
2004	0.00	%	457,932		10.924094		5,002,492	3.35	%	5.81	%
American Century VP - International Fund - Class I (ACVI)
2008	0.00	%	712,789		12.061113		8,597,029	0.81	%	-44.82	%
2008	0.10	%	585,318		9.812726		5,743,565	0.81	%	-44.88	%
2008	0.20	%	669,811		7.700423		5,157,828	0.81	%	-44.93	%
2008	0.25	%	595,526		7.669381		4,567,316	0.81	%	-44.96	%
2007	0.00	%	846,898		21.858923		18,512,278	0.70	%	18.06	%
2007	0.10	%	655,660		17.801907		11,671,998	0.70	%	17.94	%
2007	0.20	%	563,546		13.983846		7,880,540	0.70	%	17.82	%
2007	0.25	%	760,806		13.934456		10,601,418	0.70	%	17.76	%
2007	0.40	%	3,154		17.343787		54,702	0.70	%	17.58	%
2006	0.00	%	1,069,366		18.515660		19,800,017	1.58	%	25.03	%
2006	0.10	%	620,316		15.094317		9,363,246	1.58	%	24.90	%
2006	0.20	%	530,226		11.868885		6,293,191	1.58	%	24.78	%
2006	0.25	%	987,980		11.832909		11,690,677	1.58	%	24.71	%
2006	0.40	%	146,198		14.750278		2,156,461	1.58	%	24.53	%
2005	0.00	%	1,314,688		14.809535		19,469,918	1.25	%	13.25	%
2005	0.10	%	645,460		12.085047		7,800,414	1.25	%	13.14	%
2005	0.20	%	640,818		9.512128		6,095,543	1.25	%	13.03	%
2005	0.25	%	882,458		9.488028		8,372,786	1.25	%	12.97	%
2005	0.40	%	243,536		11.844974		2,884,678	1.25	%	12.80	%
2004	0.00	%	1,713,168		13.076396		22,402,063	0.56	%	14.92	%
2004	0.10	%	881,348		10.681395		9,414,026	0.56	%	14.81	%
2004	0.20	%	434,052		8.415693		3,652,848	0.56	%	14.69	%
2004	0.25	%	923,768		8.398563		7,758,324	0.56	%	14.64	%
2004	0.40	%	1,074,540		10.500552		11,283,263	0.56	%	14.47	%
American Century VP - International Fund - Class III (ACVI3)
2008	0.00	%	684,882		9.507294		6,511,375	0.80	%	-44.82	%
2007	0.00	%	702,238		17.230511		12,099,920	0.60	%	18.06	%
2006	0.00	%	548,782		14.595156		8,009,559	1.38	%	25.03	%
2005	0.00	%	366,150		11.673757		4,274,346	0.00	%	16.74	%	5/2/2005
American Century VP - Mid Cap Value Fund - Class I (ACVMV1)
2008	0.00	%	162,562		10.066767		1,636,474	0.10	%	-24.35	%
2008	0.25	%	14,371		9.974909		143,349	0.10	%	-24.54	%
2008	0.40	%	655		9.920204		6,498	0.10	%	-24.65	%
2007	0.00	%	172,152		13.306496		2,290,740	0.74	%	-2.31	%
2007	0.25	%	48		13.218157		634	0.74	%	-2.55	%
2006	0.00	%	88,992		13.620466		1,212,113	0.96	%	20.30	%
2005	0.00	%	57,178		11.322176		647,379	1.24	%	13.22	%	5/2/2005

(Continued)

89

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
American Century VP - Ultra(R) Fund - Class I (ACVU1)
2008	0.00	%	241,214	$	7.776182	$	1,875,724	0.00	%	-41.48	%
2008	0.10	%	55,133		7.724476		425,874	0.00	%	-41.54	%
2008	0.25	%	26,763		7.647567		204,672	0.00	%	-41.63	%
2008	0.40	%	155		7.571430		1,174	0.00	%	-41.71	%
2007	0.00	%	263,464		13.288079		3,500,930	0.00	%	21.02	%
2007	0.10	%	72,634		13.212973		959,711	0.00	%	20.89	%
2007	0.20	%	61,870		13.138291		812,866	0.00	%	20.77	%
2007	0.25	%	27,300		13.101110		357,660	0.00	%	20.71	%
2007	0.40	%	9,950		12.990210		129,253	0.00	%	20.53	%
2006	0.00	%	257,010		10.980437		2,822,082	0.00	%	-3.28	%
2006	0.10	%	28,308		10.929351		309,388	0.00	%	-3.37	%
2006	0.20	%	38,106		10.878509		414,536	0.00	%	-3.47	%
2006	0.25	%	24,306		10.853176		263,797	0.00	%	-3.52	%
2006	0.40	%	15,632		10.777532		168,474	0.00	%	-3.66	%
2005	0.00	%	263,874		11.352287		2,995,573	0.00	%	2.17	%
2005	0.10	%	28,300		11.310747		320,094	0.00	%	2.06	%
2005	0.20	%	34,792		11.269368		392,084	0.00	%	1.96	%
2005	0.25	%	252,658		11.248731		2,842,082	0.00	%	1.91	%
2005	0.40	%	28,284		11.187064		316,415	0.00	%	1.76	%
2004	0.00	%	229,742		11.111676		2,552,819	0.00	%	10.68	%
2004	0.10	%	9,976		11.082064		110,555	0.00	%	10.56	%
2004	0.20	%	7,212		11.052535		79,711	0.00	%	10.45	%
2004	0.25	%	212,496		11.037791		2,345,486	0.00	%	10.40	%
2004	0.40	%	102,910		10.993709		1,131,363	0.00	%	10.23	%
American Century VP - Value Fund - Class I (ACVV)
2008	0.00	%	1,960,285		15.448478		30,283,420	2.41	%	-26.78	%
2008	0.10	%	148,861		15.154320		2,255,887	2.41	%	-26.85	%
2008	0.20	%	126,637		13.087397		1,657,349	2.41	%	-26.92	%
2008	0.25	%	740,756		13.034585		9,655,447	2.41	%	-26.96	%
2008	0.40	%	89,037		13.275233		1,181,987	2.41	%	-27.07	%
2007	0.00	%	2,211,696		21.097489		46,661,232	1.58	%	-5.14	%
2007	0.10	%	146,596		20.716530		3,036,960	1.58	%	-5.23	%
2007	0.20	%	200,240		17.908888		3,586,076	1.58	%	-5.33	%
2007	0.25	%	644,276		17.845573		11,497,474	1.58	%	-5.38	%
2007	0.40	%	199,154		18.202380		3,625,077	1.58	%	-5.52	%
2006	0.00	%	2,442,604		22.240206		54,324,016	1.41	%	18.65	%
2006	0.10	%	62,962		21.860590		1,376,386	1.41	%	18.53	%
2006	0.20	%	228,952		18.916906		4,331,063	1.41	%	18.42	%
2006	0.25	%	552,364		18.859509		10,417,314	1.41	%	18.36	%
2006	0.40	%	250,854		19.265641		4,832,863	1.41	%	18.18	%
2005	0.00	%	2,800,196		18.743947		52,486,725	0.83	%	5.03	%
2005	0.10	%	71,456		18.442377		1,317,818	0.83	%	4.93	%
2005	0.20	%	421,892		15.974895		6,739,680	0.83	%	4.82	%
2005	0.25	%	496,994		15.934364		7,919,283	0.83	%	4.77	%
2005	0.40	%	371,836		16.301854		6,061,616	0.83	%	4.62	%
2004	0.00	%	2,668,438		17.845717		47,620,189	0.97	%	14.33	%
2004	0.10	%	59,642		17.576102		1,048,274	0.97	%	14.22	%
2004	0.20	%	321,958		15.239704		4,906,545	0.97	%	14.10	%
2004	0.25	%	351,012		15.208626		5,338,410	0.97	%	14.05	%
2004	0.40	%	572,678		15.582659		8,923,846	0.97	%	13.88	%

(Continued)

90

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
American Century VP - Vista(SM) Fund - Class I (ACVVS1)
2008	0.00	%	193,947	$	8.973691	$	1,740,420	0.00	%	-48.62	%
2008	0.10	%	71,127		8.940846		635,936	0.00	%	-48.67	%
2008	0.25	%	86,096		8.891784		765,547	0.00	%	-48.75	%
2008	0.40	%	10,525		8.843015		93,073	0.00	%	-48.83	%
2007	0.00	%	227,012		17.466180		3,965,032	0.00	%	39.77	%
2007	0.10	%	29,042		17.419741		505,904	0.00	%	39.63	%
2007	0.25	%	48,218		17.350253		836,594	0.00	%	39.42	%
2007	0.40	%	9,298		17.281076		160,679	0.00	%	39.21	%
2006	0.00	%	13,662		12.496264		170,724	0.00	%	9.01	%
2006	0.25	%	4,932		12.444525		61,376	0.00	%	8.74	%
2006	0.40	%	9,374		12.413582		116,365	0.00	%	8.57	%
2005	0.00	%	7,434		11.463606		85,220	0.00	%	14.64	%	5/2/2005
2005	0.25	%	248		11.444645		2,838	0.00	%	14.45	%	5/2/2005
2005	0.40	%	596		11.433293		6,814	0.00	%	14.33	%	5/2/2005
American Funds IS - Asset Allocation Fund - Class 2 (AMVAA2)
2008	0.00	%	25,201		6.821773		171,916	4.65	%	-29.51	%
2008	0.25	%	88,189		6.800279		599,710	4.65	%	-29.69	%
2008	0.40	%	3,451		6.787413		23,423	4.65	%	-29.79	%
American Funds IS - Bond Fund - Class 2 (AMVBD2)
2008	0.00	%	702		9.111914		6,397	5.81	%	-9.35	%
2008	0.20	%	49,461		9.088973		449,550	5.81	%	-9.53	%
2008	0.25	%	12,173		9.083242		110,570	5.81	%	-9.57	%
American Funds IS - Global Small Capitalization Fund - Class 2 (AMVGS2)
2008	0.20	%	45,204		5.039200		227,792	0.00	%	-49.61	%	1/16/2008
2008	0.25	%	4,127		5.036777		20,787	0.00	%	-49.63	%	1/16/2008
American Funds IS - Growth Fund - Class 2 (AMVGR2)
2008	0.20	%	138,139		5.623019		776,758	0.96	%	-43.77	%	1/2/2008
2008	0.25	%	12,612		5.620215		70,882	0.96	%	-43.80	%	1/2/2008
BlackRock International Index V.I. Fund - Class II (MLVIX2)
2006	0.25	%	82,570		14.583459		1,204,156	5.83	%	25.37	%
2006	0.40	%	17,946		14.547195		261,064	5.83	%	25.18	%
2005	0.25	%	732		11.632654		8,515	1.76	%	16.33	%	5/2/2005
2005	0.40	%	220		11.621096		2,557	1.76	%	16.21	%	5/2/2005
BlackRock Large Cap Core V.I. Fund - Class II (MLVLC2)
2008	0.00	%	2,673		8.791079		23,499	0.50	%	-38.83	%
2008	0.10	%	27,826		8.758902		243,725	0.50	%	-38.89	%
2008	0.25	%	61,843		8.710851		538,705	0.50	%	-38.99	%
2008	0.40	%	11,606		8.663056		100,543	0.50	%	-39.08	%
2007	0.10	%	16,026		14.333835		229,714	1.23	%	8.02	%
2007	0.25	%	230,248		14.276667		3,287,174	1.23	%	7.86	%
2007	0.40	%	15,428		14.219711		219,382	1.23	%	7.69	%
2006	0.25	%	131,296		13.236885		1,737,950	0.79	%	14.33	%
2006	0.40	%	17,728		13.203975		234,080	0.79	%	14.16	%
2005	0.25	%	101,208		11.577932		1,171,779	0.74	%	15.78	%	5/2/2005
2005	0.40	%	73,626		11.566434		851,590	0.74	%	15.66	%	5/2/2005
Calvert Variable Series Inc. - Social Equity Portfolio (CVSSE)
2008	0.10	%	4,626		10.881799		50,339	0.00	%	-35.86	%
2008	0.25	%	5,877		10.779017		63,348	0.00	%	-35.95	%
2007	0.10	%	3,460		16.964928		58,699	0.00	%	9.88	%
2007	0.25	%	4,512		16.829986		75,937	0.00	%	9.71	%
2006	0.10	%	1,026		15.439612		15,841	0.00	%	9.95	%
2006	0.25	%	7,002		15.339931		107,410	0.00	%	9.78	%
2006	0.40	%	512		15.240875		7,803	0.00	%	9.62	%
2005	0.10	%	1,026		14.042800		14,408	0.06	%	4.44	%
2005	0.25	%	1,152		13.973029		16,097	0.06	%	4.28	%
2005	0.40	%	428		13.903575		5,951	0.06	%	4.13	%
2004	0.10	%	1,026		13.445930		13,796	0.08	%	7.05	%
2004	0.25	%	826		13.399142		11,068	0.08	%	6.89	%
2004	0.40	%	6,064		13.352495		80,970	0.08	%	6.73	%

(Continued)

91

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Credit Suisse Trust - Global Small Cap Portfolio (WVCP)
2008	0.00	%	33,935	$	7.770427	$	263,689	1.69	%	-46.75	%
2008	0.25	%	5,184		5.551756		28,780	1.69	%	-46.89	%
2007	0.00	%	38,516		14.592824		562,057	0.00	%	-3.96	%
2007	0.25	%	6,308		10.452361		65,933	0.00	%	-4.20	%
2006	0.00	%	46,476		15.193949		706,154	0.00	%	13.20	%
2006	0.25	%	9,586		10.910325		104,586	0.00	%	12.92	%
2005	0.00	%	48,980		13.421675		657,394	0.00	%	16.14	%
2005	0.25	%	15,838		9.661761		153,023	0.00	%	15.85	%
2004	0.00	%	54,638		11.556117		631,403	0.00	%	17.99	%
2004	0.20	%	7,744		8.356633		64,714	0.00	%	17.75	%
2004	0.25	%	25,520		8.339563		212,826	0.00	%	17.69	%
Credit Suisse Trust - International Focus Portfolio (WIEP)
2008	0.00	%	96,326		10.909328		1,050,852	1.75	%	-41.03	%
2008	0.25	%	9,109		9.166659		83,499	1.75	%	-41.18	%
2007	0.00	%	116,860		18.501094		2,162,038	1.09	%	16.60	%
2007	0.25	%	10,580		15.584704		164,886	1.09	%	16.30	%
2006	0.00	%	121,824		15.867715		1,933,069	1.01	%	18.65	%
2006	0.25	%	7,190		13.400060		96,346	1.01	%	18.36	%
2005	0.00	%	132,046		13.373190		1,765,876	0.88	%	17.44	%
2005	0.25	%	7,410		11.321642		83,893	0.88	%	17.15	%
2004	0.00	%	141,708		11.387391		1,613,684	0.99	%	14.74	%
2004	0.20	%	10,148		9.684322		98,276	0.99	%	14.51	%
2004	0.25	%	13,758		9.664537		132,965	0.99	%	14.46	%
Credit Suisse Trust - Large Cap Value Portfolio (WGIP)
2008	0.00	%	72,061		11.767861		848,004	3.07	%	-36.19	%
2008	0.10	%	11,493		10.447694		120,075	3.07	%	-36.25	%
2007	0.00	%	87,284		18.440646		1,609,573	1.30	%	1.79	%
2007	0.25	%	3,478		14.931536		51,932	1.30	%	1.53	%
2006	0.00	%	96,894		18.117019		1,755,430	0.89	%	19.35	%
2006	0.25	%	5,326		14.706419		78,326	0.89	%	19.05	%
2005	0.00	%	117,378		15.179777		1,781,772	0.73	%	8.14	%
2005	0.25	%	2,276		12.352874		28,115	0.73	%	7.87	%
2004	0.00	%	114,260		14.036771		1,603,841	0.58	%	11.34	%
2004	0.20	%	35,398		11.474634		406,179	0.58	%	11.12	%
2004	0.25	%	16,952		11.451229		194,121	0.58	%	11.07	%
Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)
2008	0.25	%	76,781		5.832746		447,844	1.92	%	-40.47	%
Dreyfus IP - Mid Cap Stock Portfolio - Initial Class (DVMCS)
2008	0.10	%	33,401		10.637241		355,294	0.85	%	-40.48	%
2008	0.25	%	19,324		10.536775		203,613	0.85	%	-40.57	%
2008	0.40	%	1,110		10.437244		11,585	0.85	%	-40.66	%
2007	0.10	%	27,786		17.871247		496,570	0.45	%	1.40	%
2007	0.20	%	14,222		17.776343		252,815	0.45	%	1.29	%
2007	0.25	%	30,302		17.729117		537,228	0.45	%	1.24	%
2007	0.40	%	2,880		17.588091		50,654	0.45	%	1.09	%
2006	0.10	%	2,040		17.625316		35,956	0.37	%	7.64	%
2006	0.20	%	15,656		17.549344		274,753	0.37	%	7.53	%
2006	0.25	%	38,318		17.511529		671,007	0.37	%	7.48	%
2006	0.40	%	6,714		17.398454		116,813	0.37	%	7.32	%
2005	0.10	%	2,806		16.374088		45,946	0.02	%	9.06	%
2005	0.20	%	13,484		16.319776		220,056	0.02	%	8.95	%
2005	0.25	%	20,998		16.292721		342,115	0.02	%	8.90	%
2005	0.40	%	9,248		16.211755		149,926	0.02	%	8.74	%
2004	0.10	%	2,784		15.013547		41,798	0.43	%	14.36	%
2004	0.20	%	20,268		14.978665		303,588	0.43	%	14.25	%
2004	0.25	%	41,246		14.961281		617,093	0.43	%	14.19	%
2004	0.40	%	25,166		14.909204		375,205	0.43	%	14.02	%

(Continued)

92

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Dreyfus IP - Small Cap Stock Index Portfolio - Service Class (DVSCS)
2008	0.00	%	615,900	$	10.853308	$	6,684,552	0.81	%	-30.91	%
2008	0.10	%	244,811		10.781160		2,639,347	0.81	%	-30.98	%
2008	0.20	%	202,504		10.709488		2,168,714	0.81	%	-31.05	%
2008	0.25	%	657,368		10.673834		7,016,637	0.81	%	-31.09	%
2008	0.40	%	157,072		10.567565		1,659,869	0.81	%	-31.19	%
2007	0.00	%	618,466		15.709599		9,715,853	0.38	%	-0.65	%
2007	0.10	%	227,178		15.620822		3,548,707	0.38	%	-0.75	%
2007	0.20	%	151,814		15.532546		2,358,058	0.38	%	-0.85	%
2007	0.25	%	418,268		15.488598		6,478,385	0.38	%	-0.90	%
2007	0.40	%	207,618		15.357469		3,188,487	0.38	%	-1.05	%
2006	0.00	%	707,480		15.813075		11,187,434	0.38	%	14.41	%
2006	0.10	%	28,070		15.739536		441,809	0.38	%	14.30	%
2006	0.20	%	155,436		15.666332		2,435,112	0.38	%	14.18	%
2006	0.25	%	247,338		15.629868		3,865,860	0.38	%	14.13	%
2006	0.40	%	418,714		15.520951		6,498,839	0.38	%	13.96	%
2005	0.00	%	581,680		13.821296		8,039,571	0.00	%	7.23	%
2005	0.10	%	37,378		13.770744		514,723	0.00	%	7.13	%
2005	0.20	%	219,726		13.720362		3,014,720	0.00	%	7.02	%
2005	0.25	%	162,720		13.695264		2,228,493	0.00	%	6.97	%
2005	0.40	%	434,388		13.620186		5,916,445	0.00	%	6.81	%
2004	0.00	%	589,810		12.889095		7,602,117	0.57	%	21.88	%
2004	0.10	%	219,642		12.854754		2,823,444	0.57	%	21.76	%
2004	0.20	%	330,608		12.820499		4,238,560	0.57	%	21.64	%
2004	0.25	%	376,014		12.803427		4,814,268	0.57	%	21.58	%
2004	0.40	%	164,998		12.752292		2,104,103	0.57	%	21.40	%
Dreyfus Stock Index Fund, Inc. - Initial Class (DSIF)
2008	0.00	%	8,607,774		10.866779		93,538,778	2.11	%	-37.14	%
2008	0.10	%	798,401		7.959597		6,354,950	2.11	%	-37.20	%
2008	0.20	%	3,600,239		7.659842		27,577,262	2.11	%	-37.27	%
2008	0.25	%	12,257,626		7.628923		93,512,485	2.11	%	-37.30	%
2008	0.40	%	2,216,931		8.982024		19,912,527	2.11	%	-37.39	%
2007	0.00	%	9,395,826		17.287487		162,430,220	1.72	%	5.26	%
2007	0.10	%	715,466		12.675284		9,068,735	1.72	%	5.15	%
2007	0.20	%	3,344,206		12.210172		40,833,330	1.72	%	5.04	%
2007	0.25	%	10,532,952		12.166992		128,154,343	1.72	%	4.99	%
2007	0.40	%	3,158,044		14.346541		45,307,008	1.72	%	4.83	%
2006	0.00	%	10,489,244		16.424348		172,278,994	1.64	%	15.50	%
2006	0.10	%	363,900		12.054530		4,386,643	1.64	%	15.38	%
2006	0.20	%	3,580,384		11.623891		41,617,993	1.64	%	15.27	%
2006	0.25	%	8,834,012		11.588607		102,373,893	1.64	%	15.21	%
2006	0.40	%	4,780,522		13.685152		65,422,170	1.64	%	15.04	%
2005	0.00	%	12,914,370		14.220511		183,648,941	1.63	%	4.69	%
2005	0.10	%	426,152		10.447448		4,452,201	1.63	%	4.59	%
2005	0.20	%	6,634,008		10.084272		66,899,141	1.63	%	4.48	%
2005	0.25	%	8,079,650		10.058674		81,270,565	1.63	%	4.43	%
2005	0.40	%	3,928,314		11.896207		46,732,037	1.63	%	4.27	%
2004	0.00	%	13,432,296		13.583304		182,454,960	1.82	%	10.64	%
2004	0.10	%	1,151,618		9.989249		11,503,799	1.82	%	10.53	%
2004	0.20	%	4,920,402		9.651621		47,489,855	1.82	%	10.42	%
2004	0.25	%	5,809,448		9.631920		55,956,138	1.82	%	10.36	%
2004	0.40	%	6,072,526		11.408542		69,278,668	1.82	%	10.20	%

(Continued)

93

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Dreyfus VIF - Appreciation Portfolio - Initial Class (DCAP)
2008	0.00	%	1,041,473	$	12.719805	$	13,247,333	2.12	%	-29.55	%
2008	0.10	%	92,545		9.316859		862,229	2.12	%	-29.62	%
2008	0.20	%	101,573		8.679771		881,630	2.12	%	-29.69	%
2008	0.25	%	580,600		8.644744		5,019,138	2.12	%	-29.73	%
2008	0.40	%	31,192		10.347582		322,762	2.12	%	-29.83	%
2007	0.00	%	1,088,634		18.055279		19,655,591	1.56	%	7.13	%
2007	0.10	%	108,528		13.238181		1,436,713	1.56	%	7.02	%
2007	0.20	%	141,606		12.345312		1,748,170	1.56	%	6.92	%
2007	0.25	%	947,616		12.301651		11,657,241	1.56	%	6.86	%
2007	0.40	%	65,988		14.746966		973,123	1.56	%	6.70	%
2006	0.00	%	1,210,752		16.853206		20,405,053	1.53	%	16.48	%
2006	0.10	%	41,554		12.369250		513,992	1.53	%	16.36	%
2006	0.20	%	139,136		11.546593		1,606,547	1.53	%	16.24	%
2006	0.25	%	752,594		11.511538		8,663,514	1.53	%	16.19	%
2006	0.40	%	265,322		13.820624		3,666,916	1.53	%	16.01	%
2005	0.00	%	1,326,026		14.469157		19,186,478	0.02	%	4.38	%
2005	0.10	%	49,014		10.630084		521,023	0.02	%	4.27	%
2005	0.20	%	66,566		9.932997		661,200	0.02	%	4.17	%
2005	0.25	%	561,480		9.907772		5,563,016	0.02	%	4.12	%
2005	0.40	%	471,228		11.912967		5,613,724	0.02	%	3.96	%
2004	0.00	%	1,281,098		13.862320		17,758,990	1.67	%	5.05	%
2004	0.10	%	44,950		10.194416		458,239	1.67	%	4.94	%
2004	0.20	%	290,942		9.535398		2,774,248	1.67	%	4.84	%
2004	0.25	%	555,430		9.515935		5,285,436	1.67	%	4.78	%
2004	0.40	%	504,718		11.458946		5,783,536	1.67	%	4.63	%
Dreyfus VIF - Developing Leaders Portfolio - Initial Class (DSC)
2008	0.00	%	60,390		8.753397		528,618	0.83	%	-37.59	%
2007	0.00	%	46,856		14.026060		657,205	0.76	%	-11.06	%
2006	0.00	%	52,662		15.770049		830,482	0.40	%	3.77	%
2005	0.00	%	58,416		15.197076		887,752	0.00	%	5.80	%
2004	0.00	%	63,226		14.363942		908,175	0.28	%	11.34	%
Dreyfus VIF - International Value Portfolio - Initial Class (DVIV)
2008	0.10	%	93,781		13.747265		1,289,232	2.45	%	-37.38	%
2008	0.20	%	485,843		13.660576		6,636,895	2.45	%	-37.45	%
2008	0.25	%	800,273		13.617429		10,897,661	2.45	%	-37.48	%
2008	0.40	%	81,026		13.488849		1,092,947	2.45	%	-37.57	%
2007	0.10	%	105,712		21.954680		2,320,873	1.57	%	4.05	%
2007	0.20	%	553,448		21.838102		12,086,254	1.57	%	3.94	%
2007	0.25	%	809,738		21.780049		17,636,133	1.57	%	3.89	%
2007	0.40	%	180,206		21.606848		3,893,684	1.57	%	3.74	%
2006	0.10	%	70,076		21.100318		1,478,626	1.25	%	22.47	%
2006	0.20	%	644,284		21.009394		13,536,016	1.25	%	22.35	%
2006	0.25	%	931,538		20.964071		19,528,829	1.25	%	22.29	%
2006	0.40	%	293,760		20.828757		6,118,656	1.25	%	22.11	%
2005	0.10	%	71,656		17.228282		1,234,510	0.00	%	11.78	%
2005	0.20	%	679,392		17.171154		11,665,945	0.00	%	11.67	%
2005	0.25	%	640,638		17.142660		10,982,239	0.00	%	11.61	%
2005	0.40	%	369,294		17.057481		6,299,225	0.00	%	11.44	%
2004	0.10	%	69,786		15.412931		1,075,607	1.23	%	19.90	%
2004	0.20	%	1,014,594		15.377151		15,601,565	1.23	%	19.78	%
2004	0.25	%	481,030		15.359280		7,388,274	1.23	%	19.72	%
2004	0.40	%	507,212		15.305834		7,763,303	1.23	%	19.54	%

(Continued)

94

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
DWS Variable Series II - Dreman High Return Equity VIP - Class B (SVSHEB)
2008	0.25	%	88,068	$	5.898673	$	519,484	2.32	%	-46.29	%
2008	0.40	%	6,289		5.875072		36,948	2.32	%	-46.38	%
2007	0.25	%	66,654		10.983369		732,085	0.92	%	-2.43	%
2007	0.40	%	1,088		10.955918		11,920	0.92	%	-2.58	%
2006	0.25	%	15,180		11.257266		170,885	0.00	%	12.57	%	5/1/2006
DWS Variable Series II - Dreman Small Mid Cap Value VIP - Class B (SVSSVB)
2008	0.00	%	1,165		6.308994		7,350	0.57	%	-33.67	%
2008	0.10	%	469,621		6.301021		2,959,092	0.57	%	-33.74	%
2008	0.20	%	180,104		6.293064		1,133,406	0.57	%	-33.81	%
2008	0.25	%	21,870		6.289098		137,543	0.57	%	-33.84	%
Federated IS - American Leaders Fund II - Primary Class (FALF)
2008	0.00	%	18,003		10.147874		182,692	1.86	%	-33.79	%
2007	0.00	%	18,632		15.327257		285,577	1.51	%	-9.66	%
2006	0.00	%	21,354		16.967010		362,314	1.46	%	16.81	%
2005	0.00	%	21,684		14.525597		314,973	1.48	%	5.02	%
2004	0.00	%	22,444		13.830995		310,423	1.17	%	9.78	%
Federated IS - Capital Appreciation Fund II - Primary Class (FVCA2P)
2008	0.00	%	36,885		11.898648		438,882	0.34	%	-29.37	%
2007	0.00	%	30,528		16.845591		514,262	0.72	%	9.88	%
2006	0.00	%	27,898		15.330912		427,702	0.75	%	16.21	%
2005	0.00	%	26,192		13.192087		345,527	1.04	%	1.91	%
2004	0.00	%	28,136		12.944293		364,201	0.42	%	7.39	%
Federated IS - Market Opportunity Fund II - Service Class (FVMOS)
2008	0.00	%	76,516		10.152569		776,834	1.01	%	-0.86	%
2007	0.00	%	4,512		10.240958		46,207	1.07	%	-1.48	%
2006	0.00	%	3,964		10.395256		41,207	0.00	%	3.95	%	5/1/2006
Federated IS - Quality Bond Fund II - Primary Class (FQB)
2008	0.00	%	1,273,310		14.385247		18,316,879	5.71	%	-7.29	%
2008	0.10	%	48,074		14.246920		684,906	5.71	%	-7.38	%
2008	0.25	%	721,614		14.041907		10,132,837	5.71	%	-7.52	%
2008	0.40	%	6,201		13.839860		85,821	5.71	%	-7.66	%
2007	0.00	%	1,451,108		15.516026		22,515,429	5.83	%	5.38	%
2007	0.10	%	412,398		15.382206		6,343,591	5.83	%	5.28	%
2007	0.20	%	110,682		15.249527		1,687,848	5.83	%	5.17	%
2007	0.25	%	776,642		15.183610		11,792,229	5.83	%	5.12	%
2007	0.40	%	18,180		14.987597		272,475	5.83	%	4.96	%
2006	0.00	%	1,685,612		14.723396		24,817,933	5.17	%	4.15	%
2006	0.10	%	380,302		14.611096		5,556,629	5.17	%	4.05	%
2006	0.20	%	197,756		14.499637		2,867,390	5.17	%	3.95	%
2006	0.25	%	1,173,262		14.444216		16,946,850	5.17	%	3.89	%
2006	0.40	%	68,922		14.279265		984,156	5.17	%	3.74	%
2005	0.00	%	2,483,218		14.136175		35,103,204	3.55	%	1.30	%
2005	0.10	%	394,406		14.042347		5,538,386	3.55	%	1.20	%
2005	0.20	%	1,334,518		13.949122		18,615,354	3.55	%	1.10	%
2005	0.25	%	1,963,430		13.902748		27,297,073	3.55	%	1.05	%
2005	0.40	%	592,368		13.764550		8,153,679	3.55	%	0.89	%
2004	0.00	%	2,361,192		13.955112		32,950,699	3.92	%	3.62	%
2004	0.10	%	720,724		13.876320		10,000,997	3.92	%	3.52	%
2004	0.20	%	1,045,524		13.797947		14,426,085	3.92	%	3.41	%
2004	0.25	%	1,438,890		13.758938		19,797,598	3.92	%	3.36	%
2004	0.40	%	1,333,708		13.642560		18,195,191	3.92	%	3.21	%

(Continued)

95

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Fidelity(R) VIP - Equity-Income Portfolio - Service Class (FEIS)
2008	0.00	%	3,254,696	$	10.823135	$	35,226,014	2.35	%	-42.70	%
2008	0.10	%	294,647		9.402510		2,770,421	2.35	%	-42.76	%
2008	0.20	%	412,573		8.650050		3,568,777	2.35	%	-42.82	%
2008	0.25	%	1,761,859		8.615165		15,178,706	2.35	%	-42.85	%
2008	0.40	%	74,107		9.235955		684,449	2.35	%	-42.93	%
2007	0.00	%	3,474,112		18.889723		65,625,013	1.67	%	1.42	%
2007	0.10	%	291,212		16.426769		4,783,672	1.67	%	1.32	%
2007	0.20	%	488,726		15.127358		7,393,133	1.67	%	1.21	%
2007	0.25	%	1,729,636		15.073906		26,072,370	1.67	%	1.16	%
2007	0.40	%	275,862		16.184435		4,464,671	1.67	%	1.01	%
2006	0.00	%	3,666,100		18.625658		68,283,525	3.15	%	20.08	%
2006	0.10	%	114,862		16.213431		1,862,307	3.15	%	19.96	%
2006	0.20	%	524,062		14.945916		7,832,587	3.15	%	19.84	%
2006	0.25	%	1,907,206		14.900594		28,418,502	3.15	%	19.78	%
2006	0.40	%	520,282		16.022504		8,336,220	3.15	%	19.60	%
2005	0.00	%	3,799,536		15.511120		58,935,059	1.56	%	5.76	%
2005	0.10	%	129,586		13.515730		1,751,449	1.56	%	5.65	%
2005	0.20	%	600,930		12.471541		7,494,523	1.56	%	5.55	%
2005	0.25	%	1,459,748		12.439919		18,159,147	1.56	%	5.49	%
2005	0.40	%	722,038		13.396579		9,672,839	1.56	%	5.34	%
2004	0.00	%	3,986,154		14.666699		58,463,721	1.39	%	11.38	%
2004	0.10	%	300,426		12.792683		3,843,255	1.39	%	11.27	%
2004	0.20	%	253,254		11.816128		2,992,482	1.39	%	11.16	%
2004	0.25	%	1,061,120		11.792032		12,512,761	1.39	%	11.10	%
2004	0.40	%	1,784,684		12.717880		22,697,397	1.39	%	10.94	%
Fidelity(R) VIP - Freedom 2015 Portfolio - Service Class (FF15S)
2008	0.25	%	37,047		7.424925		275,071	3.44	%	-25.75	%	5/1/2008
2008	0.40	%	81,705		7.417486		606,046	3.44	%	-25.83	%	5/1/2008
Fidelity(R) VIP - Freedom 2025 Portfolio - Service Class (FF25S)
2008	0.25	%	1,777		6.764989		12,021	3.09	%	-32.35	%	5/1/2008
2008	0.40	%	33,939		6.758199		229,367	3.09	%	-32.42	%	5/1/2008
Fidelity(R) VIP - Growth Portfolio - Service Class (FGS)
2008	0.00	%	3,467,374		10.117480		35,081,087	0.74	%	-47.23	%
2008	0.10	%	986,037		6.576790		6,484,958	0.74	%	-47.29	%
2008	0.20	%	580,783		5.863617		3,405,489	0.74	%	-47.34	%
2008	0.25	%	2,552,430		5.839928		14,906,007	0.74	%	-47.37	%
2008	0.40	%	113,777		8.403086		956,078	0.74	%	-47.44	%
2007	0.00	%	3,775,216		19.173877		72,385,527	0.62	%	26.87	%
2007	0.10	%	1,087,228		12.476360		13,564,648	0.62	%	26.74	%
2007	0.20	%	882,468		11.134607		9,825,934	0.62	%	26.62	%
2007	0.25	%	1,845,202		11.095199		20,472,883	0.62	%	26.55	%
2007	0.40	%	190,114		15.988944		3,039,722	0.62	%	26.36	%
2006	0.00	%	3,992,818		15.113032		60,343,586	0.28	%	6.73	%
2006	0.10	%	963,760		9.843867		9,487,125	0.28	%	6.63	%
2006	0.20	%	1,027,390		8.794051		9,034,920	0.28	%	6.52	%
2006	0.25	%	2,159,692		8.767341		18,934,756	0.28	%	6.47	%
2006	0.40	%	245,682		12.653389		3,108,710	0.28	%	6.31	%
2005	0.00	%	4,330,880		14.159785		61,324,330	0.41	%	5.67	%
2005	0.10	%	1,048,788		9.232178		9,682,598	0.41	%	5.57	%
2005	0.20	%	525,004		8.255819		4,334,338	0.41	%	5.46	%
2005	0.25	%	2,214,058		8.234853		18,232,442	0.41	%	5.41	%
2005	0.40	%	510,730		11.902677		6,079,054	0.41	%	5.25	%
2004	0.00	%	4,602,660		13.399667		61,674,111	0.16	%	3.26	%
2004	0.10	%	1,103,628		8.745297		9,651,555	0.16	%	3.16	%
2004	0.20	%	1,398,590		7.828218		10,948,467	0.16	%	3.06	%
2004	0.25	%	1,835,224		7.812236		14,337,203	0.16	%	3.01	%
2004	0.40	%	1,600,358		11.308717		18,097,996	0.16	%	2.85	%

(Continued)

96

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Fidelity(R) VIP - High Income Portfolio - Service Class (FHIS)
2008	0.00	%	671,992	$	8.893725	$	5,976,512	8.01	%	-25.06	%
2008	0.10	%	637,990		8.775597		5,598,743	8.01	%	-25.14	%
2008	0.20	%	76,481		11.180781		855,117	8.01	%	-25.21	%
2008	0.25	%	151,548		11.135640		1,687,584	8.01	%	-25.25	%
2007	0.00	%	877,636		11.868272		10,416,023	8.58	%	2.66	%
2007	0.10	%	759,028		11.722369		8,897,606	8.58	%	2.55	%
2007	0.20	%	208,598		14.950148		3,118,571	8.58	%	2.45	%
2007	0.25	%	178,522		14.897237		2,659,485	8.58	%	2.40	%
2006	0.00	%	1,194,886		11.561165		13,814,274	7.58	%	11.18	%
2006	0.10	%	628,630		11.430519		7,185,567	7.58	%	11.07	%
2006	0.20	%	10,750		14.592608		156,871	7.58	%	10.96	%
2006	0.25	%	195,198		14.548271		2,839,793	7.58	%	10.90	%
2006	0.40	%	244		10.547905		2,574	7.58	%	10.73	%
2005	0.00	%	1,308,856		10.398866		13,610,618	14.70	%	2.52	%
2005	0.10	%	653,958		10.291612		6,730,282	14.70	%	2.42	%
2005	0.20	%	53,750		13.151735		706,906	14.70	%	2.32	%
2005	0.25	%	195,986		13.118317		2,571,006	14.70	%	2.27	%
2005	0.40	%	2,824		9.525383		26,900	14.70	%	2.11	%
2004	0.00	%	1,366,190		10.142968		13,857,221	8.03	%	9.47	%
2004	0.10	%	668,456		10.048366		6,716,891	8.03	%	9.36	%
2004	0.20	%	373,660		12.853699		4,802,913	8.03	%	9.25	%
2004	0.25	%	593,920		12.827432		7,618,468	8.03	%	9.19	%
2004	0.40	%	217,058		9.328110		2,024,741	8.03	%	9.03	%
Fidelity(R) VIP - High Income Portfolio - Service Class R (FHISR)
2008	0.00	%	230,571		7.416301		1,709,984	7.80	%	-24.98	%
2007	0.00	%	231,578		9.885500		2,289,264	10.69	%	-1.15	%	5/1/2007
Fidelity(R) VIP - Overseas Portfolio - Service Class (FOS)
2008	0.00	%	628,957		12.207782		7,678,170	2.43	%	-43.86	%
2008	0.10	%	283,593		10.386619		2,945,572	2.43	%	-43.92	%
2008	0.20	%	98,672		9.282079		915,881	2.43	%	-43.98	%
2008	0.25	%	1,629,016		9.244601		15,059,603	2.43	%	-44.00	%
2008	0.40	%	84,310		9.900810		834,737	2.43	%	-44.09	%
2007	0.00	%	761,402		21.746938		16,558,162	3.19	%	17.21	%
2007	0.10	%	223,530		18.521287		4,140,063	3.19	%	17.09	%
2007	0.20	%	308,712		16.568287		5,114,829	3.19	%	16.97	%
2007	0.25	%	1,540,530		16.509660		25,433,627	3.19	%	16.91	%
2007	0.40	%	205,152		17.708202		3,632,873	3.19	%	16.74	%
2006	0.00	%	963,186		18.554369		17,871,308	0.84	%	17.95	%
2006	0.10	%	106,768		15.818147		1,688,872	0.84	%	17.83	%
2006	0.20	%	271,410		14.164421		3,844,366	0.84	%	17.71	%
2006	0.25	%	1,070,198		14.121395		15,112,689	0.84	%	17.65	%
2006	0.40	%	581,496		15.169405		8,820,948	0.84	%	17.48	%
2005	0.00	%	1,411,140		15.731142		22,198,844	0.56	%	18.97	%
2005	0.10	%	116,010		13.424644		1,557,393	0.56	%	18.85	%
2005	0.20	%	473,692		12.033136		5,700,000	0.56	%	18.73	%
2005	0.25	%	742,572		12.002567		8,912,770	0.56	%	18.67	%
2005	0.40	%	700,420		12.912620		9,044,257	0.56	%	18.50	%
2004	0.00	%	1,749,970		13.222678		23,139,290	0.98	%	13.49	%
2004	0.10	%	127,656		11.295209		1,441,901	0.98	%	13.37	%
2004	0.20	%	373,770		10.134523		3,787,981	0.98	%	13.26	%
2004	0.25	%	460,116		10.113816		4,653,529	0.98	%	13.20	%
2004	0.40	%	912,684		10.896942		9,945,465	0.98	%	13.03	%

(Continued)

97

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Fidelity(R) VIP - Overseas Portfolio - Service Class R (FOSR)
2008	0.00	%	1,096,774	$	9.699843	$	10,638,536	2.55	%	-43.88	%
2007	0.00	%	1,080,792		17.283296		18,679,648	3.16	%	17.23	%
2006	0.00	%	985,990		14.743687		14,537,128	0.62	%	17.95	%
2005	0.00	%	579,174		12.499996		7,239,673	0.00	%	25.00	%	5/2/2005
Fidelity(R) VIP II - Contrafund(R) Portfolio - Service Class (FCS)
2008	0.00	%	4,190,707		15.548565		65,159,480	0.93	%	-42.61	%
2008	0.10	%	522,978		11.186730		5,850,414	0.93	%	-42.67	%
2008	0.20	%	2,850,610		10.508698		29,956,200	0.93	%	-42.73	%
2008	0.25	%	3,082,104		10.466315		32,258,271	0.93	%	-42.76	%
2008	0.40	%	367,375		13.035628		4,788,964	0.93	%	-42.84	%
2007	0.00	%	4,524,124		27.094222		122,577,620	0.89	%	17.51	%
2007	0.10	%	503,350		19.513053		9,821,895	0.89	%	17.39	%
2007	0.20	%	1,674,382		18.348754		30,722,823	0.89	%	17.27	%
2007	0.25	%	3,212,196		18.283913		58,731,512	0.89	%	17.21	%
2007	0.40	%	694,122		22.806621		15,830,577	0.89	%	17.04	%
2006	0.00	%	4,668,602		23.057410		107,645,870	1.12	%	11.59	%
2006	0.10	%	155,940		16.622464		2,592,107	1.12	%	11.48	%
2006	0.20	%	1,713,066		15.646354		26,803,237	1.12	%	11.37	%
2006	0.25	%	2,614,782		15.598891		40,787,699	1.12	%	11.31	%
2006	0.40	%	967,474		19.486792		18,852,965	1.12	%	11.15	%
2005	0.00	%	4,501,900		20.662750		93,021,634	0.19	%	16.85	%
2005	0.10	%	216,460		14.910969		3,227,628	0.19	%	16.73	%
2005	0.20	%	1,838,026		14.049369		25,823,106	0.19	%	16.61	%
2005	0.25	%	1,766,496		14.013727		24,755,193	0.19	%	16.56	%
2005	0.40	%	1,090,144		17.532748		19,113,220	0.19	%	16.38	%
2004	0.00	%	4,151,040		17.683622		73,405,422	0.24	%	15.34	%
2004	0.10	%	194,978		12.773836		2,490,617	0.24	%	15.22	%
2004	0.20	%	708,896		12.047726		8,540,585	0.24	%	15.11	%
2004	0.25	%	970,084		12.023156		11,663,471	0.24	%	15.05	%
2004	0.40	%	1,506,264		15.064815		22,691,589	0.24	%	14.88	%
Fidelity(R) VIP II - Index 500 Portfolio - Initial Class (FIP)
2008	0.20	%	505,186		6.378330		3,222,243	2.29	%	-36.22	%	1/2/2008
2008	0.25	%	46,125		6.375146		294,054	2.29	%	-36.25	%	1/2/2008

(Continued)

98

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Fidelity(R) VIP II - Investment Grade Bond Portfolio - Service Class (FIGBS)
2008	0.00	%	1,078,108	$	11.430864	$	12,323,706	3.94	%	-3.35	%
2008	0.10	%	75,054		11.366264		853,084	3.94	%	-3.44	%
2008	0.25	%	100,055		11.270047		1,127,625	3.94	%	-3.59	%
2008	0.40	%	4,637		11.174634		51,817	3.94	%	-3.73	%
2007	0.00	%	969,956		11.826500		11,471,185	3.80	%	4.21	%
2007	0.10	%	72,344		11.771423		851,592	3.80	%	4.11	%
2007	0.20	%	81,300		11.716596		952,559	3.80	%	4.00	%
2007	0.25	%	102,048		11.689304		1,192,870	3.80	%	3.95	%
2007	0.40	%	5,038		11.607727		58,480	3.80	%	3.79	%
2006	0.00	%	855,338		11.348586		9,706,877	3.34	%	4.30	%
2006	0.20	%	64,972		11.265752		731,958	3.34	%	4.09	%
2006	0.25	%	49,006		11.245144		551,080	3.34	%	4.04	%
2006	0.40	%	880		11.183530		9,842	3.34	%	3.88	%
2005	0.00	%	649,570		10.880732		7,067,797	2.69	%	2.08	%
2005	0.25	%	33,064		10.808463		357,371	2.69	%	1.83	%
2005	0.40	%	372		10.765329		4,005	2.69	%	1.67	%
2004	0.00	%	352,046		10.659014		3,752,463	1.68	%	4.32	%
Fidelity(R) VIP III - Growth Opportunities Portfolio - Service Class (FGOS)
2008	0.00	%	797,395		6.315602		5,036,029	0.34	%	-55.06	%
2008	0.10	%	79,193		5.090243		403,112	0.34	%	-55.10	%
2008	0.25	%	52,092		5.806945		302,495	0.34	%	-55.17	%
2007	0.00	%	876,024		14.053200		12,310,940	0.00	%	23.04	%
2007	0.10	%	87,966		11.337986		997,357	0.00	%	22.92	%
2007	0.25	%	62,164		12.953846		805,263	0.00	%	22.73	%
2006	0.00	%	1,014,378		11.421365		11,585,581	0.69	%	5.30	%
2006	0.10	%	18,424		9.223917		169,941	0.69	%	5.20	%
2006	0.25	%	127,338		10.554406		1,343,977	0.69	%	5.04	%
2005	0.00	%	1,129,706		10.846338		12,253,173	0.84	%	8.86	%
2005	0.10	%	18,822		8.768269		165,036	0.84	%	8.75	%
2005	0.25	%	326,516		10.048055		3,280,851	0.84	%	8.59	%
2005	0.40	%	608		9.527944		5,793	0.84	%	8.43	%
2004	0.00	%	1,211,402		9.963454		12,069,748	0.48	%	7.06	%
2004	0.10	%	19,294		8.062568		155,559	0.48	%	6.95	%
2004	0.20	%	24,564		9.272138		227,761	0.48	%	6.85	%
2004	0.25	%	451,498		9.253175		4,177,790	0.48	%	6.79	%
2004	0.40	%	20,800		8.787333		182,777	0.48	%	6.63	%
Fidelity(R) VIP III - Mid Cap Portfolio - Service Class (FMCS)
2008	0.00	%	1,053,808		16.339788		17,218,999	0.38	%	-39.51	%
2008	0.10	%	60,956		16.247436		990,379	0.38	%	-39.57	%
2008	0.20	%	40,911		16.155616		660,942	0.38	%	-39.63	%
2008	0.25	%	395,836		16.109892		6,376,875	0.38	%	-39.66	%
2008	0.40	%	174,217		15.973520		2,782,859	0.38	%	-39.75	%
2007	0.00	%	1,090,690		27.011367		29,461,028	0.72	%	15.49	%
2007	0.10	%	41,774		26.885640		1,123,121	0.72	%	15.37	%
2007	0.25	%	354,360		26.698163		9,460,761	0.72	%	15.20	%
2007	0.40	%	51,988		26.511996		1,378,306	0.72	%	15.02	%
2006	0.00	%	1,042,192		23.389128		24,375,962	0.23	%	12.59	%
2006	0.25	%	172,826		23.176101		4,005,433	0.23	%	12.31	%
2006	0.40	%	35,172		23.049221		810,687	0.23	%	12.14	%
2005	0.00	%	868,756		20.773676		18,047,256	0.00	%	18.20	%
2005	0.25	%	159,618		20.635857		3,293,854	0.00	%	17.91	%
2005	0.40	%	3,976		20.553596		81,721	0.00	%	17.73	%
2004	0.00	%	431,128		17.574515		7,576,866	0.00	%	24.77	%

(Continued)

99

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Fidelity(R) VIP III - Value Strategies Portfolio - Service Class (FVSS)
2008	0.00	%	242,212	$	8.298533	$	2,010,004	0.56	%	-51.17	%
2008	0.10	%	51,422		8.243364		423,890	0.56	%	-51.22	%
2008	0.25	%	30,262		8.161269		246,976	0.56	%	-51.30	%
2007	0.00	%	495,906		16.996302		8,428,568	0.83	%	5.60	%
2007	0.10	%	45,242		16.900270		764,602	0.83	%	5.49	%
2007	0.25	%	3,262		16.757189		54,662	0.83	%	5.33	%
2006	0.00	%	494,372		16.095011		7,956,923	0.49	%	16.20	%
2006	0.10	%	4,096		16.020178		65,619	0.49	%	16.08	%
2006	0.25	%	2,506		15.908520		39,867	0.49	%	15.91	%
2006	0.40	%	14		15.797724		221	0.49	%	15.73	%
2005	0.00	%	510,536		13.851491		7,071,685	0.00	%	2.55	%
2005	0.10	%	6,844		13.800839		94,453	0.00	%	2.45	%
2005	0.25	%	884		13.725157		12,133	0.00	%	2.30	%
2005	0.40	%	2,310		13.649958		31,531	0.00	%	2.15	%
2004	0.00	%	337,180		13.506506		4,554,124	0.00	%	13.99	%
2004	0.10	%	9,532		13.470536		128,401	0.00	%	13.87	%
2004	0.20	%	7,530		13.434633		101,163	0.00	%	13.76	%
2004	0.25	%	29,960		13.416717		401,965	0.00	%	13.70	%
2004	0.40	%	64,044		13.363171		855,831	0.00	%	13.53	%
Fidelity(R) VIP IV - Energy Portfolio - Service Class 2 (FNRS2)
2008	0.00	%	747,087		10.465765		7,818,837	0.00	%	-54.40	%
2007	0.00	%	621,068		22.953063		14,255,413	0.12	%	45.64	%
2006	0.00	%	488,940		15.759845		7,705,619	0.75	%	16.62	%
2005	0.00	%	243,526		13.514321		3,291,089	0.64	%	35.14	%	5/2/2005
Fidelity(R) VIP IV - Freedom Fund 2010 Portfolio - Service Class (FF10S)
2008	0.00	%	133,384		9.656832		1,288,067	2.70	%	-25.08	%
2008	0.20	%	1,657		9.586290		15,884	2.70	%	-25.23	%
2008	0.25	%	151		9.568737		1,445	2.70	%	-25.26	%
2007	0.00	%	121,944		12.888793		1,571,711	3.28	%	8.65	%
2006	0.00	%	56,804		11.863160		673,875	2.70	%	9.78	%
2005	0.00	%	15,242		10.806063		164,706	0.47	%	8.06	%	5/2/2005
Fidelity(R) VIP IV - Freedom Fund 2020 Portfolio - Service Class (FF20S)
2008	0.00	%	331,111		9.215628		3,051,396	3.25	%	-32.71	%
2008	0.25	%	55,034		9.131542		502,545	3.25	%	-32.88	%
2008	0.40	%	22,241		9.081452		201,981	3.25	%	-32.98	%
2007	0.00	%	222,540		13.695591		3,047,817	2.67	%	10.17	%
2006	0.00	%	109,012		12.431698		1,355,204	2.11	%	11.81	%
2005	0.00	%	52,700		11.118664		585,954	1.32	%	11.19	%	5/2/2005
Fidelity(R) VIP IV - Freedom Fund 2030 Portfolio - Service Class (FF30S)
2008	0.00	%	189,269		8.828445		1,670,951	2.64	%	-38.08	%
2008	0.20	%	3,626		8.763926		31,778	2.64	%	-38.20	%
2008	0.25	%	14,454		8.747863		126,442	2.64	%	-38.23	%
2008	0.40	%	9,318		8.699870		81,065	2.64	%	-38.32	%
2007	0.00	%	136,304		14.256765		1,943,254	2.62	%	11.21	%
2006	0.00	%	54,734		12.819894		701,684	2.16	%	13.15	%
2005	0.00	%	23,432		11.329788		265,480	1.38	%	13.30	%	5/2/2005

(Continued)

100

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Franklin Templeton VIP - Developing Markets Securities Fund - Class 3 (FTVDM3)
2008	0.00	%	275,997	$	9.996007	$	2,758,868	2.81	%	-52.67	%
2007	0.00	%	364,400		21.120230		7,696,212	2.19	%	28.70	%
2006	0.00	%	310,222		16.410826		5,090,999	1.29	%	28.17	%
2005	0.00	%	159,292		12.804274		2,039,618	0.06	%	28.04	%	5/2/2005
Franklin Templeton VIP - Foreign Securities Fund - Class 1 (TIF)
2008	0.00	%	99,305		14.675305		1,457,331	2.66	%	-40.23	%
2007	0.00	%	131,776		24.554735		3,235,725	2.08	%	15.79	%
2006	0.00	%	174,552		21.206570		3,701,649	1.39	%	21.70	%
2005	0.00	%	228,680		17.425708		3,984,911	1.53	%	10.48	%
2004	0.00	%	261,568		15.773327		4,125,798	1.08	%	18.87	%
Franklin Templeton VIP - Foreign Securities Fund - Class 2 (TIF2)
2008	0.10	%	199,971		13.605462		2,720,698	2.30	%	-40.44	%
2008	0.20	%	41,270		13.519674		557,957	2.30	%	-40.50	%
2008	0.25	%	465,751		13.476974		6,276,914	2.30	%	-40.53	%
2008	0.40	%	33,468		13.349706		446,788	2.30	%	-40.62	%
2007	0.10	%	205,828		22.842250		4,701,575	1.86	%	15.34	%
2007	0.20	%	130,208		22.720977		2,958,453	1.86	%	15.23	%
2007	0.25	%	590,458		22.660573		13,380,117	1.86	%	15.17	%
2007	0.40	%	64,892		22.480343		1,458,794	1.86	%	14.99	%
2006	0.10	%	8,186		19.804108		162,116	1.24	%	21.32	%
2006	0.20	%	109,726		19.718779		2,163,663	1.24	%	21.20	%
2006	0.25	%	359,658		19.676237		7,076,716	1.24	%	21.14	%
2006	0.40	%	494,684		19.549201		9,670,677	1.24	%	20.96	%
2005	0.10	%	25,200		16.323349		411,348	1.12	%	10.06	%
2005	0.20	%	69,050		16.269222		1,123,390	1.12	%	9.95	%
2005	0.25	%	241,412		16.242222		3,921,067	1.12	%	9.89	%
2005	0.40	%	485,970		16.161499		7,854,004	1.12	%	9.73	%
2004	0.10	%	202,324		14.831493		3,000,767	1.11	%	18.41	%
2004	0.20	%	41,174		14.797053		609,254	1.11	%	18.29	%
2004	0.25	%	173,760		14.779865		2,568,149	1.11	%	18.23	%
2004	0.40	%	397,492		14.728417		5,854,428	1.11	%	18.06	%
Franklin Templeton VIP - Foreign Securities Fund - Class 3 (TIF3)
2008	0.00	%	502,570		9.435374		4,741,936	2.55	%	-40.39	%
2007	0.00	%	462,356		15.828965		7,318,617	2.11	%	15.45	%
2006	0.00	%	424,646		13.711150		5,822,385	1.34	%	21.46	%
2005	0.00	%	237,992		11.288544		2,686,583	0.34	%	12.89	%	5/2/2005
Franklin Templeton VIP - Founding Funds Allocation Fund - Class 2 (FTVFA2)
2008	0.00	%	17,440		6.656135		116,083	3.75	%	-33.44	%	5/1/2008
Franklin Templeton VIP - Global Income Securities Fund - Class 2 (FTVGI2)
2008	0.00	%	1,646		10.821275		17,812	2.99	%	6.21	%
2008	0.25	%	93,179		10.787239		1,005,144	2.99	%	5.94	%
2008	0.40	%	100		10.766879		1,077	2.99	%	5.78	%
Franklin Templeton VIP - Global Income Securities Fund - Class 3 (FTVGI3)
2008	0.00	%	490,278		13.148675		6,446,506	4.25	%	6.21	%
2007	0.00	%	280,836		12.380292		3,476,832	2.62	%	11.03	%
2006	0.00	%	138,640		11.150160		1,545,858	2.84	%	12.84	%
2005	0.00	%	53,324		9.881172		526,904	1.81	%	-1.19	%	5/2/2005
Franklin Templeton VIP - Income Securities Fund - Class 2 (FTVIS2)
2008	0.00	%	421,586		8.186428		3,451,283	5.51	%	-29.66	%
2007	0.00	%	416,188		11.637657		4,843,453	3.54	%	3.76	%
2006	0.00	%	117,590		11.216304		1,318,925	0.07	%	12.16	%	5/1/2006
Franklin Templeton VIP - Mutual Discovery Securities Fund - Class 2 (FTVMD2)
2008	0.20	%	8,713		7.164503		62,424	1.90	%	-28.35	%	1/2/2008
2008	0.25	%	795		7.160940		5,693	1.90	%	-28.39	%	1/2/2008

(Continued)

101

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Franklin Templeton VIP - Rising Dividends Securities Fund - Class 1 (FTVRDI)
2008	0.00	%	787,806	$	11.884088	$	9,362,356	2.02	%	-26.94	%
2007	0.00	%	910,630		16.266644		14,812,894	2.49	%	-2.41	%
2006	0.00	%	943,340		16.669002		15,724,536	1.23	%	17.43	%
2005	0.00	%	840,480		14.195085		11,930,685	1.01	%	3.68	%
2004	0.00	%	635,954		13.690957		8,706,819	0.70	%	11.25	%
Franklin Templeton VIP - Small Cap Value Securities Fund - Class 1 (FTVSVI)
2008	0.00	%	560,057		13.921598		7,796,888	1.42	%	-32.87	%
2007	0.00	%	545,164		20.738061		11,305,644	0.89	%	-2.14	%
2006	0.00	%	484,062		21.190555		10,257,542	0.82	%	17.30	%
2005	0.00	%	398,540		18.064784		7,199,539	0.92	%	8.99	%
2004	0.00	%	237,384		16.575156		3,934,677	0.23	%	24.09	%
Franklin Templeton VIP - Small Cap Value Securities Fund - Class 2 (FTVSV2)
2008	0.00	%	13,222		8.697893		115,004	1.16	%	-33.02	%
2008	0.10	%	42,469		8.666053		368,039	1.16	%	-33.08	%
2008	0.20	%	2,572		8.634328		22,207	1.16	%	-33.15	%
2008	0.25	%	297,041		8.618488		2,560,044	1.16	%	-33.18	%
2008	0.40	%	25,833		8.571211		221,420	1.16	%	-33.28	%
2007	0.10	%	14,194		12.950462		183,819	0.63	%	-2.48	%
2007	0.25	%	317,232		12.898779		4,091,905	0.63	%	-2.62	%
2007	0.40	%	62,522		12.847323		803,240	0.63	%	-2.77	%
2006	0.25	%	208,584		13.246445		2,762,996	0.76	%	16.69	%
2006	0.40	%	62,174		13.213518		821,537	0.76	%	16.52	%
2005	0.25	%	11,480		11.351855		130,319	0.00	%	13.52	%	5/2/2005
2005	0.40	%	199,332		11.340582		2,260,541	0.00	%	13.41	%	5/2/2005
Gartmore GVIT - Small Cap Growth Fund: Class I - Initial Funding by the Company (SCGFSD)
2006	0.00	%	807,056		17.366191		14,015,489	0.00	%	3.21	%
2006	0.10	%	82,090		17.233732		1,414,717	0.00	%	3.10	%
2006	0.20	%	159,120		17.102157		2,721,295	0.00	%	3.00	%
2006	0.25	%	174,802		17.036832		2,978,072	0.00	%	2.95	%
2006	0.40	%	106,988		16.842189		1,801,912	0.00	%	2.80	%
2005	0.00	%	925,228		16.826475		15,568,326	0.00	%	8.09	%
2005	0.10	%	123,464		16.714800		2,063,676	0.00	%	7.98	%
2005	0.20	%	196,494		16.603744		3,262,536	0.00	%	7.87	%
2005	0.25	%	186,986		16.548582		3,094,353	0.00	%	7.82	%
2005	0.40	%	123,110		16.384018		2,017,036	0.00	%	7.66	%
2004	0.00	%	936,378		15.567128		14,576,716	0.00	%	13.42	%
2004	0.10	%	70,962		15.479228		1,098,437	0.00	%	13.30	%
2004	0.20	%	269,788		15.391720		4,152,501	0.00	%	13.19	%
2004	0.25	%	283,520		15.348222		4,351,528	0.00	%	13.13	%
2004	0.40	%	302,750		15.218321		4,607,347	0.00	%	12.96	%
Goldman Sachs VIT - Mid Cap Value Fund (GVMCE)
2008	0.10	%	128,526		13.524296		1,738,224	0.95	%	-37.11	%
2008	0.20	%	831,665		13.439050		11,176,788	0.95	%	-37.18	%
2008	0.25	%	1,507,852		13.396598		20,200,087	0.95	%	-37.21	%
2008	0.40	%	364,923		13.270057		4,842,549	0.95	%	-37.30	%
2007	0.10	%	160,214		21.505877		3,445,543	0.81	%	3.10	%
2007	0.20	%	1,061,686		21.391758		22,711,330	0.81	%	3.00	%
2007	0.25	%	1,727,904		21.334874		36,864,614	0.81	%	2.94	%
2007	0.40	%	707,562		21.165166		14,975,667	0.81	%	2.79	%
2006	0.10	%	29,454		20.859259		614,389	0.98	%	16.05	%
2006	0.20	%	1,042,500		20.769434		21,652,135	0.98	%	15.93	%
2006	0.25	%	1,231,810		20.724643		25,528,822	0.98	%	15.87	%
2006	0.40	%	1,066,122		20.590810		21,952,316	0.98	%	15.70	%
2005	0.10	%	75,394		17.974716		1,355,186	0.60	%	12.71	%
2005	0.20	%	1,081,334		17.915150		19,372,261	0.60	%	12.60	%
2005	0.25	%	792,502		17.885426		14,174,236	0.60	%	12.54	%
2005	0.40	%	1,114,814		17.796530		19,839,821	0.60	%	12.38	%
2004	0.10	%	117,114		15.947340		1,867,657	0.74	%	25.76	%
2004	0.20	%	907,474		15.910334		14,438,214	0.74	%	25.63	%
2004	0.25	%	315,450		15.891856		5,013,086	0.74	%	25.57	%
2004	0.40	%	1,046,542		15.836525		16,573,589	0.74	%	25.38	%

(Continued)

102

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Ivy Fund VIP, Inc. - Asset Strategy (WRASP)
2008	0.00	%	9,046	$	8.404777	$	76,030	1.01	%	-25.79	%
2008	0.25	%	36,675		8.378314		307,275	1.01	%	-25.98	%
2008	0.40	%	795		8.362478		6,648	1.01	%	-26.09	%
Ivy Fund VIP, Inc. - Growth (WRGP)
2008	0.10	%	21,448		9.845881		211,174	0.00	%	-36.34	%
2008	0.25	%	42,971		9.791882		420,767	0.00	%	-36.43	%
2008	0.40	%	229		9.738174		2,230	0.00	%	-36.53	%
2007	0.10	%	12,832		15.110144		193,893	0.00	%	22.80	%
2007	0.25	%	2,806		15.049872		43,230	0.00	%	22.61	%
2007	0.40	%	24		14.989837		360	0.00	%	22.43	%
2006	0.40	%	1,882		12.243877		23,043	0.00	%	4.62	%
Ivy Fund VIP, Inc. - Real Estate Securities (WRRESP)
2008	0.00	%	193		8.036688		1,551	0.94	%	-36.03	%
2008	0.10	%	25,624		8.007242		205,178	0.94	%	-36.10	%
2008	0.25	%	5,538		7.963301		44,101	0.94	%	-36.20	%
2008	0.40	%	574		7.919581		4,546	0.94	%	-36.29	%
2007	0.10	%	5,798		12.530753		72,653	1.28	%	-16.15	%
2007	0.25	%	3,926		12.480780		49,000	1.28	%	-16.28	%
2007	0.40	%	2,396		12.430983		29,785	1.28	%	-16.40	%
2006	0.25	%	594		14.907103		8,855	1.58	%	29.76	%
2006	0.40	%	2,546		14.870055		37,859	1.58	%	29.57	%
Ivy Fund VIP, Inc. - Science and Technology (WRSTP)
2008	0.00	%	3,163		6.739848		21,318	0.00	%	-33.89	%
2008	0.25	%	95,158		6.718607		639,329	0.00	%	-34.05	%
2008	0.40	%	609		6.705890		4,084	0.00	%	-34.15	%
2007	0.25	%	448		10.188127		4,564	0.00	%	1.88	%	9/27/2007
Janus Aspen Series - Balanced Portfolio - Service Class (JABS)
2008	0.00	%	103,832		13.616425		1,413,821	2.30	%	-16.06	%
2008	0.10	%	82,014		13.530581		1,109,697	2.30	%	-16.14	%
2008	0.20	%	24,988		13.445294		335,971	2.30	%	-16.23	%
2008	0.25	%	213,858		13.402810		2,866,298	2.30	%	-16.27	%
2008	0.40	%	39,051		13.276251		518,451	2.30	%	-16.39	%
2007	0.00	%	103,442		16.221536		1,677,988	2.47	%	10.29	%
2007	0.10	%	71,356		16.135395		1,151,357	2.47	%	10.18	%
2007	0.20	%	69,250		16.049753		1,111,445	2.47	%	10.07	%
2007	0.25	%	193,582		16.007046		3,098,676	2.47	%	10.01	%
2007	0.40	%	133,728		15.879713		2,123,562	2.47	%	9.84	%
2006	0.00	%	116,884		14.708447		1,719,182	1.99	%	10.41	%
2006	0.10	%	8,030		14.645065		117,600	1.99	%	10.30	%
2006	0.20	%	63,792		14.581974		930,213	1.99	%	10.19	%
2006	0.25	%	83,320		14.550491		1,212,347	1.99	%	10.14	%
2006	0.40	%	165,700		14.456527		2,395,447	1.99	%	9.98	%
2005	0.00	%	93,760		13.321108		1,248,987	2.04	%	7.66	%
2005	0.10	%	10,914		13.276935		144,904	2.04	%	7.55	%
2005	0.20	%	261,918		13.232912		3,465,938	2.04	%	7.45	%
2005	0.25	%	53,532		13.210934		707,208	2.04	%	7.39	%
2005	0.40	%	208,740		13.145265		2,743,943	2.04	%	7.23	%
2004	0.00	%	90,538		12.373264		1,120,251	2.45	%	8.29	%
2004	0.10	%	11,560		12.344530		142,703	2.45	%	8.18	%
2004	0.20	%	229,366		12.315866		2,824,841	2.45	%	8.08	%
2004	0.25	%	53,754		12.301545		661,257	2.45	%	8.02	%
2004	0.40	%	285,628		12.258707		3,501,430	2.45	%	7.86	%

(Continued)

103

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Janus Aspen Series - Forty Portfolio - Service Class (JACAS)
2008	0.00	%	2,977,283	$	7.174977	$	21,361,937	0.01	%	-44.31	%
2008	0.10	%	364,911		7.111160		2,594,941	0.01	%	-44.36	%
2008	0.20	%	358,465		7.047942		2,526,441	0.01	%	-44.42	%
2008	0.25	%	1,873,016		7.016534		13,142,080	0.01	%	-44.45	%
2008	0.40	%	73,114		6.923153		506,179	0.01	%	-44.53	%
2007	0.00	%	2,924,576		12.883520		37,678,833	0.19	%	36.63	%
2007	0.10	%	400,482		12.781740		5,118,857	0.19	%	36.50	%
2007	0.20	%	250,814		12.680828		3,180,529	0.19	%	36.36	%
2007	0.25	%	1,592,000		12.630653		20,108,000	0.19	%	36.29	%
2007	0.40	%	59,336		12.481327		740,592	0.19	%	36.09	%
2006	0.00	%	2,885,418		9.429195		27,207,169	0.14	%	9.12	%
2006	0.10	%	124,964		9.364110		1,170,177	0.14	%	9.01	%
2006	0.20	%	291,224		9.299521		2,708,244	0.14	%	8.90	%
2006	0.25	%	1,255,440		9.267372		11,634,630	0.14	%	8.84	%
2006	0.40	%	228,352		9.171618		2,094,357	0.14	%	8.68	%
2005	0.00	%	3,170,060		8.641403		27,393,766	0.01	%	12.56	%
2005	0.10	%	217,972		8.590325		1,872,450	0.01	%	12.44	%
2005	0.20	%	294,576		8.539588		2,515,558	0.01	%	12.33	%
2005	0.25	%	1,090,640		8.514303		9,286,039	0.01	%	12.28	%
2005	0.40	%	217,772		8.438947		1,837,766	0.01	%	12.11	%
2004	0.00	%	3,379,686		7.677436		25,947,323	0.02	%	17.97	%
2004	0.10	%	112,522		7.639669		859,631	0.02	%	17.85	%
2004	0.20	%	233,906		7.602120		1,778,181	0.02	%	17.73	%
2004	0.25	%	956,584		7.583386		7,254,146	0.02	%	17.67	%
2004	0.40	%	878,196		7.527514		6,610,633	0.02	%	17.50	%
Janus Aspen Series - Global Technology Portfolio - Service Class (JAGTS)
2008	0.00	%	2,144,996		2.944514		6,315,971	0.09	%	-43.97	%
2008	0.10	%	319,290		2.918324		931,792	0.09	%	-44.03	%
2008	0.25	%	300,519		2.879447		865,329	0.09	%	-44.11	%
2008	0.40	%	110		2.841109		313	0.09	%	-44.20	%
2007	0.00	%	2,554,744		5.255324		13,426,007	0.34	%	21.70	%
2007	0.10	%	297,474		5.213806		1,550,972	0.34	%	21.58	%
2007	0.25	%	291,228		5.152101		1,500,436	0.34	%	21.39	%
2007	0.40	%	2,106		5.091162		10,722	0.34	%	21.21	%
2006	0.00	%	2,894,560		4.318333		12,499,674	0.00	%	7.83	%
2006	0.10	%	179,882		4.288525		771,428	0.00	%	7.72	%
2006	0.25	%	770,748		4.244167		3,271,183	0.00	%	7.56	%
2006	0.40	%	52		4.200294		218	0.00	%	7.40	%
2005	0.00	%	3,135,014		4.004823		12,555,176	0.00	%	11.55	%
2005	0.10	%	158,528		3.981148		631,123	0.00	%	11.44	%
2005	0.25	%	229,560		3.945872		905,814	0.00	%	11.27	%
2005	0.40	%	8,530		3.910937		33,360	0.00	%	11.11	%
2004	0.00	%	3,258,384		3.590186		11,698,205	0.00	%	0.57	%
2004	0.10	%	151,606		3.572518		541,615	0.00	%	0.47	%
2004	0.20	%	173,558		3.554928		616,986	0.00	%	0.37	%
2004	0.25	%	204,340		3.546168		724,624	0.00	%	0.32	%
2004	0.40	%	183,526		3.520024		646,016	0.00	%	0.16	%

(Continued)

104

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Janus Aspen Series - INTECH Risk Managed Core Portfolio - Service Class (JARLCS)
2008	0.00	%	33,622	$	12.013653	$	403,923	0.75	%	-36.24	%
2007	0.00	%	26,988		18.842190		508,513	0.49	%	6.13	%
2006	0.00	%	30,204		17.753498		536,227	0.11	%	10.77	%
2005	0.00	%	31,826		16.027544		510,093	1.33	%	10.91	%
2004	0.00	%	23,542		14.450740		340,199	2.52	%	17.46	%
Janus Aspen Series - International Growth Portfolio - Service Class (JAIGS)
2008	0.00	%	1,658,237		8.885289		14,733,915	2.55	%	-52.23	%
2008	0.10	%	391,460		8.806322		3,447,323	2.55	%	-52.28	%
2008	0.20	%	1,506,012		8.728004		13,144,479	2.55	%	-52.32	%
2008	0.25	%	973,967		8.689119		8,462,915	2.55	%	-52.35	%
2008	0.40	%	276,653		8.573479		2,371,879	2.55	%	-52.42	%
2007	0.00	%	2,005,464		18.599320		37,300,267	0.44	%	28.02	%
2007	0.10	%	392,780		18.452535		7,247,787	0.44	%	27.89	%
2007	0.20	%	409,154		18.306795		7,490,298	0.44	%	27.76	%
2007	0.25	%	1,103,674		18.234395		20,124,828	0.44	%	27.70	%
2007	0.40	%	4,662		18.018848		84,004	0.44	%	27.50	%
2006	0.00	%	2,503,690		14.528655		36,375,248	1.89	%	46.63	%
2006	0.10	%	206,152		14.428484		2,974,461	1.89	%	46.48	%
2006	0.20	%	351,364		14.328921		5,034,667	1.89	%	46.34	%
2006	0.25	%	1,109,576		14.279422		15,844,104	1.89	%	46.26	%
2006	0.40	%	43,784		14.131910		618,752	1.89	%	46.05	%
2005	0.00	%	2,831,486		9.908475		28,055,708	1.05	%	31.94	%
2005	0.10	%	177,088		9.849961		1,744,310	1.05	%	31.81	%
2005	0.20	%	349,754		9.791747		3,424,703	1.05	%	31.68	%
2005	0.25	%	882,786		9.762789		8,618,453	1.05	%	31.61	%
2005	0.40	%	156,464		9.676381		1,514,005	1.05	%	31.41	%
2004	0.00	%	3,009,298		7.509901		22,599,530	0.85	%	18.69	%
2004	0.10	%	150,980		7.472984		1,128,271	0.85	%	18.57	%
2004	0.20	%	586,420		7.436235		4,360,757	0.85	%	18.45	%
2004	0.25	%	680,002		7.417926		5,044,205	0.85	%	18.39	%
2004	0.40	%	1,087,636		7.363272		8,008,560	0.85	%	18.21	%
Janus Aspen Series - International Growth Portfolio - Service II Class (JAIGS2)
2008	0.00	%	1,692,770		7.117893		12,048,956	2.73	%	-52.21	%
2007	0.00	%	1,653,148		14.893765		24,621,598	0.49	%	28.07	%
2006	0.00	%	754,850		11.629148		8,778,262	1.78	%	16.29	%	5/1/2006

(Continued)

105

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
JPMorgan Insurance Trust - Diversified Mid Cap Growth Portfolio 1 (OGGO)
2008	0.10	%	24,370	$	11.699757	$	285,123	0.00	%	-43.84	%
2008	0.25	%	150,923		11.589969		1,749,193	0.00	%	-43.93	%
2008	0.40	%	62,009		11.481181		711,937	0.00	%	-44.01	%
2007	0.10	%	50,026		20.833315		1,042,207	0.00	%	17.12	%
2007	0.20	%	71,184		20.723509		1,475,182	0.00	%	17.00	%
2007	0.25	%	100,032		20.668909		2,067,552	0.00	%	16.94	%
2007	0.40	%	106,088		20.505746		2,175,414	0.00	%	16.77	%
2006	0.10	%	35,396		17.787877		629,620	0.00	%	11.28	%
2006	0.20	%	43,296		17.711914		766,855	0.00	%	11.17	%
2006	0.25	%	62,906		17.674125		1,111,809	0.00	%	11.11	%
2006	0.40	%	83,526		17.561058		1,466,805	0.00	%	10.95	%
2005	0.10	%	24,994		15.985073		399,531	0.00	%	10.98	%
2005	0.20	%	23,694		15.932691		377,509	0.00	%	10.87	%
2005	0.25	%	75,420		15.906622		1,199,677	0.00	%	10.82	%
2005	0.40	%	90,134		15.828526		1,426,688	0.00	%	10.65	%
2004	0.10	%	2,456		14.403351		35,375	0.00	%	12.51	%
2004	0.20	%	8,286		14.370472		119,074	0.00	%	12.39	%
2004	0.25	%	82,778		14.354104		1,188,204	0.00	%	12.34	%
2004	0.40	%	99,214		14.304998		1,419,256	0.00	%	12.17	%
JPMorgan Insurance Trust - Diversified Mid Cap Value Portfolio 1 (OGMVP)
2008	0.10	%	4,372		12.612983		55,144	1.51	%	-35.55	%
2008	0.20	%	6,347		12.533943		79,553	1.51	%	-35.61	%
2007	0.10	%	4,412		19.569601		86,341	1.87	%	0.82	%
2007	0.20	%	6,420		19.466479		124,975	1.87	%	0.71	%
2006	0.10	%	5,886		19.411280		114,255	1.18	%	16.60	%
2006	0.20	%	6,476		19.328434		125,171	1.18	%	16.49	%
2006	0.25	%	730		19.287150		14,080	1.18	%	16.43	%
2006	0.40	%	2,838		19.163821		54,387	1.18	%	16.26	%
2005	0.10	%	5,916		16.647145		98,485	0.60	%	9.64	%
2005	0.20	%	22,284		16.592629		369,750	0.60	%	9.54	%
2005	0.25	%	10,644		16.565444		176,323	0.60	%	9.48	%
2005	0.40	%	14,156		16.484146		233,350	0.60	%	9.32	%
2004	0.10	%	5,950		15.182812		90,338	0.58	%	15.28	%
2004	0.20	%	14,900		15.148180		225,708	0.58	%	15.17	%
2004	0.25	%	22,074		15.130897		333,999	0.58	%	15.11	%
2004	0.40	%	35,252		15.079159		531,571	0.58	%	14.94	%
Legg Mason Partners VET - Small Cap Growth Portfolio - Class I (SBVSG)
2008	0.00	%	166		5.869001		974	0.00	%	-40.71	%
2008	0.25	%	18,031		5.850489		105,490	0.00	%	-40.86	%
Lehman Brothers AMT - Short Duration Bond Portfolio - I Class (AMTB)
2008	0.00	%	417,277		9.759262		4,072,316	3.91	%	-13.43	%
2007	0.00	%	757,962		11.273070		8,544,559	2.69	%	4.77	%
2006	0.00	%	903,048		10.759706		9,716,531	3.07	%	4.20	%
2005	0.00	%	748,972		10.325859		7,733,779	3.97	%	1.44	%
2004	0.00	%	335,648		10.178954		3,416,546	4.28	%	0.78	%

(Continued)

106

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Lincoln VIP - Baron Growth Opportunities Funds - Service Class (BNCAI)
2008	0.00	%	8,641	$	11.917785	$	102,982	0.00	%	-39.14	%
2008	0.10	%	62,479		11.842641		739,916	0.00	%	-39.20	%
2008	0.20	%	120,684		11.767949		1,420,203	0.00	%	-39.26	%
2008	0.25	%	360,408		11.730770		4,227,863	0.00	%	-39.29	%
2008	0.40	%	95,250		11.619973		1,106,802	0.00	%	-39.38	%
2007	0.10	%	129,912		19.476896		2,530,283	0.00	%	3.32	%
2007	0.20	%	222,816		19.373459		4,316,717	0.00	%	3.21	%
2007	0.25	%	312,238		19.321952		6,033,048	0.00	%	3.16	%
2007	0.40	%	154,928		19.168269		2,969,702	0.00	%	3.01	%
2006	0.10	%	80,920		18.851618		1,525,473	0.00	%	15.41	%
2006	0.20	%	216,684		18.770366		4,067,238	0.00	%	15.29	%
2006	0.25	%	186,980		18.729880		3,502,113	0.00	%	15.23	%
2006	0.40	%	206,184		18.608964		3,836,871	0.00	%	15.06	%
2005	0.10	%	97,836		16.334885		1,598,140	0.00	%	3.26	%
2005	0.20	%	219,114		16.280709		3,567,331	0.00	%	3.16	%
2005	0.25	%	304,012		16.253697		4,941,319	0.00	%	3.11	%
2005	0.40	%	191,636		16.172933		3,099,316	0.00	%	2.95	%
2004	0.10	%	128,444		15.819001		2,031,856	0.00	%	25.51	%
2004	0.20	%	401,660		15.782247		6,339,097	0.00	%	25.39	%
2004	0.25	%	84,614		15.763932		1,333,849	0.00	%	25.33	%
2004	0.40	%	171,058		15.709055		2,687,160	0.00	%	25.14	%
Lord Abbett Series Fund, Inc. - Mid Cap Value Portfolio - Class VC (LOVMCV)
2008	0.10	%	43,763		7.699923		336,972	1.22	%	-39.42	%
2008	0.25	%	81,281		7.657684		622,424	1.22	%	-39.51	%
2008	0.40	%	9,534		7.615671		72,608	1.22	%	-39.60	%
2007	0.10	%	46,312		12.709507		588,603	0.59	%	0.48	%
2007	0.25	%	87,970		12.658811		1,113,596	0.59	%	0.33	%
2007	0.40	%	14,806		12.608296		186,678	0.59	%	0.18	%
2006	0.25	%	45,876		12.617407		578,836	0.89	%	11.95	%
2006	0.40	%	7,064		12.586028		88,908	0.89	%	11.78	%
2005	0.25	%	19,122		11.270434		215,513	0.52	%	12.70	%	5/2/2005
2005	0.40	%	1,690		11.259238		19,028	0.52	%	12.59	%	5/2/2005
MFS(R) VIT - Investors Growth Stock Series - Initial Class (MIGIC)
2008	0.00	%	263,673		10.006089		2,638,336	0.61	%	-36.87	%
2007	0.00	%	289,412		15.850552		4,587,340	0.33	%	11.36	%
2006	0.00	%	314,824		14.233850		4,481,158	0.00	%	7.58	%
2005	0.00	%	291,396		13.231476		3,855,599	0.34	%	4.49	%
2004	0.00	%	214,290		12.663111		2,713,578	0.00	%	9.18	%
MFS(R) VIT - Research International Series - Service Class (MVRISC)
2008	0.00	%	213		6.081781		1,295	0.06	%	-42.52	%
2008	0.25	%	24,151		6.056428		146,269	0.06	%	-42.67	%
2008	0.40	%	15,870		6.041270		95,875	0.06	%	-42.75	%
2007	0.25	%	128		10.563577		1,352	0.00	%	5.64	%	5/1/2007
2007	0.40	%	772		10.552986		8,147	0.00	%	5.53	%	5/1/2007
MFS(R) VIT - Value Series - Initial Class (MVFIC)
2008	0.00	%	406,164		13.356934		5,425,106	1.20	%	-32.58	%
2007	0.00	%	348,380		19.812092		6,902,137	0.87	%	7.91	%
2006	0.00	%	200,260		18.360218		3,676,817	0.97	%	20.84	%
2005	0.00	%	118,172		15.193770		1,795,478	0.73	%	6.66	%
2004	0.00	%	72,218		14.245099		1,028,753	0.45	%	15.18	%
MFS(R) VIT - Value Series - Service Class (MVFSC)
2008	0.00	%	37,486		6.612135		247,862	1.35	%	-32.74	%
2008	0.25	%	270,891		6.591290		1,785,521	1.35	%	-32.91	%
2008	0.40	%	988		6.578814		6,500	1.35	%	-33.01	%
Nationwide VIT - American Funds Asset Allocation Fund - Class II (GVAAA2)
2008	0.00	%	395,090		7.868935		3,108,938	2.59	%	-29.78	%
2007	0.00	%	340,142		11.205324		3,811,401	2.43	%	6.14	%
2006	0.00	%	166,024		10.556998		1,752,715	3.37	%	5.57	%	5/1/2006
Nationwide VIT - American Funds Bond Fund - Class II (GVABD2)
2008	0.00	%	253,508		9.781713		2,479,742	5.43	%	-9.87	%
2007	0.00	%	223,108		10.853118		2,421,417	8.46	%	2.98	%
2006	0.00	%	70,612		10.538858		744,170	0.90	%	5.39	%	5/1/2006

(Continued)

107

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - American Funds Global Growth Fund - Class II (GVAGG2)
2008	0.00	%	518,855	$	7.608765	$	3,947,846	2.78	%	-38.64	%
2007	0.00	%	451,322		12.399481		5,596,159	2.98	%	14.36	%
2006	0.00	%	150,826		10.842096		1,635,270	0.23	%	8.42	%	5/1/2006
Nationwide VIT - American Funds Growth Fund - Class II (GVAGR2)
2008	0.00	%	801,346		6.470039		5,184,740	2.15	%	-44.21	%
2007	0.00	%	610,966		11.597638		7,085,762	0.75	%	11.90	%
2006	0.00	%	168,526		10.364424		1,746,675	1.12	%	3.64	%	5/1/2006
Nationwide VIT - American Funds Growth-Income Fund - Class II (GVAGI2)
2008	0.00	%	232,982		6.126963		1,427,472	2.61	%	-38.06	%
2007	0.00	%	94,768		9.892316		937,475	2.46	%	-1.08	%	5/1/2007
Nationwide VIT - Cardinal Aggressive Fund - Class I (NVCRA1)
2008	0.00	%	43,904		6.416027		281,689	2.01	%	-35.84	%	5/1/2008
Nationwide VIT - Cardinal Balanced Fund - Class I (NVCRB1)
2008	0.00	%	65,101		8.002099		520,945	2.15	%	-19.98	%	5/1/2008
Nationwide VIT - Cardinal Capital Appreciation Fund - Class I (NVCCA1)
2008	0.00	%	71,014		7.263571		515,815	1.50	%	-27.36	%	5/1/2008
Nationwide VIT - Cardinal Conservative Fund - Class I (NVCCN1)
2008	0.00	%	32,838		9.142885		300,234	1.40	%	-8.57	%	5/1/2008
Nationwide VIT - Cardinal Moderate Fund - Class I (NVCMD1)
2008	0.00	%	83,184		7.626933		634,439	2.04	%	-23.73	%	5/1/2008
Nationwide VIT - Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
2008	0.00	%	223,705		6.896919		1,542,875	1.52	%	-31.03	%	5/1/2008
Nationwide VIT - Cardinal Moderately Conservative Fund - Class I (NVCMC1)
2008	0.00	%	33,824		8.375935		283,308	2.14	%	-16.24	%	5/1/2008
Nationwide VIT - Core Bond Fund - Class I (NVCBD1)
2008	0.00	%	21,176		9.945181		210,599	4.53	%	-0.55	%	5/1/2008
Nationwide VIT - Federated High Income Bond Fund - Class I (HIBF)
2008	0.00	%	312,224		12.195368		3,807,687	9.24	%	-27.99	%
2008	0.10	%	56,513		11.018160		622,669	9.24	%	-28.06	%
2008	0.20	%	70,677		12.343884		872,429	9.24	%	-28.13	%
2008	0.25	%	629,259		12.294086		7,736,164	9.24	%	-28.17	%
2008	0.40	%	197,959		11.130031		2,203,290	9.24	%	-28.28	%
2007	0.00	%	650,262		16.935434		11,012,469	7.29	%	3.13	%
2007	0.10	%	47,480		15.315998		727,204	7.29	%	3.03	%
2007	0.20	%	69,190		17.176023		1,188,409	7.29	%	2.93	%
2007	0.25	%	419,204		17.115297		7,174,801	7.29	%	2.88	%
2007	0.40	%	205,334		15.518038		3,186,381	7.29	%	2.72	%
2006	0.00	%	882,542		16.420739		14,491,992	7.41	%	10.60	%
2006	0.10	%	9,510		14.865456		141,370	7.41	%	10.49	%
2006	0.20	%	61,806		16.687538		1,031,390	7.41	%	10.38	%
2006	0.25	%	370,802		16.636894		6,168,994	7.41	%	10.33	%
2006	0.40	%	230,582		15.107048		3,483,413	7.41	%	10.16	%
2005	0.00	%	1,047,212		14.846585		15,547,522	6.92	%	2.38	%
2005	0.10	%	25,760		13.453811		346,570	6.92	%	2.28	%
2005	0.20	%	75,410		15.117925		1,140,043	6.92	%	2.18	%
2005	0.25	%	204,814		15.079557		3,088,504	6.92	%	2.13	%
2005	0.40	%	224,370		13.713412		3,076,878	6.92	%	1.97	%
2004	0.00	%	1,351,330		14.501407		19,596,186	7.58	%	10.10	%
2004	0.10	%	95,632		13.154128		1,257,956	7.58	%	9.99	%
2004	0.20	%	810,264		14.795923		11,988,604	7.58	%	9.88	%
2004	0.25	%	157,482		14.765731		2,325,337	7.58	%	9.82	%
2004	0.40	%	329,516		13.448117		4,431,370	7.58	%	9.66	%

(Continued)

108

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Federated High Income Bond Fund - Class III (HIBF3)
2008	0.00	%	707,956	$	8.647843	$	6,122,292	8.18	%	-28.10	%
2007	0.00	%	1,316,814		12.027193		15,837,576	7.98	%	3.17	%
2006	0.00	%	701,700		11.657910		8,180,355	7.85	%	10.60	%
2005	0.00	%	429,384		10.540776		4,526,041	6.02	%	5.41	%	5/2/2005
Nationwide VIT - Gartmore Emerging Markets Fund - Class I (GEM)
2008	0.00	%	149,822		15.581599		2,334,466	1.16	%	-57.76	%
2008	0.10	%	140,572		15.453591		2,172,342	1.16	%	-57.80	%
2008	0.20	%	249,942		15.326599		3,830,761	1.16	%	-57.85	%
2008	0.25	%	421,621		15.263531		6,435,425	1.16	%	-57.87	%
2008	0.40	%	247,183		15.075807		3,726,483	1.16	%	-57.93	%
2007	0.00	%	204,784		36.889137		7,554,305	0.71	%	45.58	%
2007	0.10	%	146,372		36.622841		5,360,558	0.71	%	45.43	%
2007	0.20	%	410,876		36.358404		14,938,796	0.71	%	45.29	%
2007	0.25	%	406,344		36.226972		14,720,613	0.71	%	45.21	%
2007	0.40	%	273,120		35.835395		9,787,363	0.71	%	44.99	%
2006	0.00	%	270,924		25.339713		6,865,136	0.71	%	36.72	%
2006	0.10	%	48,516		25.182064		1,221,733	0.71	%	36.58	%
2006	0.20	%	258,760		25.025345		6,475,558	0.71	%	36.45	%
2006	0.25	%	300,448		24.947405		7,495,398	0.71	%	36.38	%
2006	0.40	%	316,790		24.714946		7,829,448	0.71	%	36.17	%
2005	0.00	%	369,062		18.534273		6,840,296	0.60	%	32.64	%
2005	0.10	%	51,076		18.437333		941,705	0.60	%	32.50	%
2005	0.20	%	169,786		18.340864		3,114,022	0.60	%	32.37	%
2005	0.25	%	198,760		18.292860		3,635,889	0.60	%	32.31	%
2005	0.40	%	150,756		18.149525		2,736,150	0.60	%	32.11	%
2004	0.00	%	466,980		13.973799		6,525,485	1.04	%	20.74	%
2004	0.10	%	70,226		13.914559		977,164	1.04	%	20.62	%
2004	0.20	%	16,822		13.855548		233,078	1.04	%	20.50	%
2004	0.25	%	68,036		13.826171		940,677	1.04	%	20.44	%
2004	0.40	%	182,748		13.738334		2,510,653	1.04	%	20.26	%
Nationwide VIT - Gartmore Emerging Markets Fund - Class III (GEM3)
2008	0.00	%	811,502		11.185864		9,077,351	1.15	%	-57.83	%
2007	0.00	%	938,196		26.524857		24,885,515	0.72	%	45.55	%
2006	0.00	%	714,108		18.224168		13,014,024	0.72	%	36.64	%
2005	0.00	%	462,520		13.336908		6,168,587	0.20	%	33.37	%	5/2/2005
Nationwide VIT - Gartmore Global Utilities Fund - Class I (GVGU1)
2008	0.00	%	121,284		16.548066		2,007,016	3.05	%	-32.94	%
2008	0.10	%	36,003		16.438112		591,821	3.05	%	-33.01	%
2008	0.25	%	32,066		16.274553		521,860	3.05	%	-33.11	%
2007	0.00	%	177,796		24.676248		4,387,338	2.57	%	20.43	%
2007	0.10	%	44,916		24.536865		1,102,098	2.57	%	20.31	%
2007	0.25	%	27,478		24.329252		668,519	2.57	%	20.13	%
2006	0.00	%	178,132		20.489395		3,649,817	2.84	%	37.56	%
2006	0.10	%	11,378		20.394132		232,044	2.84	%	37.42	%
2006	0.25	%	20,796		20.252066		421,162	2.84	%	37.22	%
2006	0.40	%	2,542		20.110980		51,122	2.84	%	37.01	%
2005	0.00	%	118,088		14.894755		1,758,892	2.09	%	6.39	%
2005	0.10	%	16,528		14.840284		245,280	2.09	%	6.28	%
2005	0.25	%	15,934		14.758947		235,169	2.09	%	6.12	%
2005	0.40	%	2,742		14.678049		40,247	2.09	%	5.96	%
2004	0.00	%	134,138		14.000446		1,877,992	1.64	%	29.97	%
2004	0.10	%	13,192		13.963148		184,202	1.64	%	29.84	%
2004	0.20	%	21,186		13.925951		295,035	1.64	%	29.71	%
2004	0.25	%	17,668		13.907406		245,716	1.64	%	29.64	%
2004	0.40	%	15,120		13.851870		209,440	1.64	%	29.45	%

(Continued)

109

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Gartmore International Equity Fund - Class I (GIG)
2008	0.00	%	457,734	$	9.211762	$	4,216,537	1.36	%	-46.06	%
2008	0.10	%	91,345		9.136079		834,535	1.36	%	-46.11	%
2008	0.25	%	107,083		9.023725		966,288	1.36	%	-46.19	%
2008	0.40	%	722		8.912712		6,435	1.36	%	-46.27	%
2007	0.00	%	522,056		17.076402		8,914,838	0.38	%	27.15	%
2007	0.10	%	180,062		16.953079		3,052,605	0.38	%	27.02	%
2007	0.25	%	36,532		16.769826		612,635	0.38	%	26.83	%
2006	0.00	%	554,752		13.430598		7,450,651	0.84	%	32.96	%
2006	0.10	%	109,564		13.347009		1,462,352	0.84	%	32.83	%
2006	0.25	%	55,980		13.222655		740,204	0.84	%	32.63	%
2006	0.40	%	416		13.099372		5,449	0.84	%	32.44	%
2005	0.00	%	203,318		10.100861		2,053,687	1.10	%	30.21	%
2005	0.10	%	96,242		10.048006		967,040	1.10	%	30.08	%
2005	0.25	%	54,480		9.969281		543,126	1.10	%	29.89	%
2005	0.40	%	4		9.891115		40	1.10	%	29.69	%
2004	0.00	%	125,904		7.757434		976,692	0.85	%	14.19	%
2004	0.10	%	50,722		7.724537		391,804	0.85	%	14.08	%
2004	0.20	%	12,706		7.691798		97,732	0.85	%	13.97	%
2004	0.25	%	28,960		7.675467		222,282	0.85	%	13.91	%
2004	0.40	%	25,428		7.626680		193,931	0.85	%	13.74	%
Nationwide VIT - Gartmore International Equity Fund - Class III (GIG3)
2008	0.00	%	24,803		5.516874		136,835	1.55	%	-44.83	%	5/1/2008
Nationwide VIT - Gartmore International Equity Fund - Class VI (NVIE6)
2008	0.00	%	6,719		5.508000		37,008	1.45	%	-44.92	%	5/1/2008
Nationwide VIT - Gartmore Worldwide Leaders Fund - Class I (GEF)
2008	0.00	%	216,990		12.271930		2,662,886	0.73	%	-44.34	%
2008	0.10	%	54,435		9.882968		537,979	0.73	%	-44.40	%
2008	0.25	%	13,713		9.666117		132,551	0.73	%	-44.48	%
2007	0.00	%	250,388		22.048358		5,520,644	0.41	%	19.90	%
2007	0.10	%	109,004		17.774048		1,937,442	0.41	%	19.78	%
2007	0.25	%	14,992		17.410223		261,014	0.41	%	19.60	%
2006	0.00	%	249,376		18.389109		4,585,802	0.85	%	25.88	%
2006	0.10	%	64,922		14.839096		963,384	0.85	%	25.76	%
2006	0.25	%	13,250		14.557271		192,884	0.85	%	25.57	%
2006	0.40	%	24		15.509710		372	0.85	%	25.38	%
2005	0.00	%	262,448		14.608344		3,833,931	1.11	%	19.34	%
2005	0.10	%	79,212		11.799959		934,698	1.11	%	19.22	%
2005	0.25	%	12,984		11.593174		150,526	1.11	%	19.04	%
2005	0.40	%	78		12.370181		965	1.11	%	18.86	%
2004	0.00	%	281,954		12.241206		3,451,457	0.00	%	15.67	%
2004	0.10	%	120,048		9.897753		1,188,205	0.00	%	15.55	%
2004	0.20	%	2,874		9.758795		28,047	0.00	%	15.43	%
2004	0.25	%	34,068		9.738860		331,783	0.00	%	15.38	%
2004	0.40	%	1,704		10.407118		17,734	0.00	%	15.20	%

(Continued)

110

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Global Financial Services Fund - Class I (GVGF1)
2008	0.00	%	94,761	$	10.542078	$	998,978	1.83	%	-46.27	%
2008	0.10	%	40,964		10.471992		428,975	1.83	%	-46.33	%
2008	0.25	%	36,230		10.367711		375,622	1.83	%	-46.41	%
2007	0.00	%	93,918		19.621675		1,842,828	3.45	%	-1.05	%
2007	0.10	%	104,978		19.510815		2,048,206	3.45	%	-1.15	%
2007	0.25	%	38,992		19.345657		754,326	3.45	%	-1.30	%
2006	0.00	%	113,986		19.830405		2,260,389	1.89	%	20.32	%
2006	0.10	%	98,040		19.738206		1,935,134	1.89	%	20.20	%
2006	0.25	%	30,252		19.600661		592,959	1.89	%	20.02	%
2006	0.40	%	5,096		19.464132		99,189	1.89	%	19.84	%
2005	0.00	%	105,354		16.481268		1,736,368	2.00	%	11.15	%
2005	0.10	%	69,072		16.420998		1,134,231	2.00	%	11.04	%
2005	0.25	%	24,048		16.330978		392,727	2.00	%	10.87	%
2005	0.40	%	3,938		16.241486		63,959	2.00	%	10.71	%
2004	0.00	%	121,742		14.827817		1,805,168	1.37	%	20.99	%
2004	0.10	%	5,676		14.788326		83,939	1.37	%	20.87	%
2004	0.20	%	7,074		14.748909		104,334	1.37	%	20.75	%
2004	0.25	%	8,572		14.729262		126,259	1.37	%	20.69	%
2004	0.40	%	59,974		14.670465		879,846	1.37	%	20.51	%
Nationwide VIT - Government Bond Fund - Class I (GBF)
2008	0.00	%	2,666,781		18.484063		49,292,948	4.28	%	7.72	%
2008	0.10	%	149,239		17.036588		2,542,523	4.28	%	7.61	%
2008	0.20	%	1,179,027		15.483913		18,255,951	4.28	%	7.50	%
2008	0.25	%	3,301,654		15.421502		50,916,464	4.28	%	7.45	%
2008	0.40	%	485,177		17.389732		8,437,098	4.28	%	7.29	%
2007	0.00	%	2,247,294		17.159530		38,562,509	4.48	%	7.16	%
2007	0.10	%	160,904		15.831585		2,547,365	4.48	%	7.05	%
2007	0.20	%	717,380		14.403124		10,332,513	4.48	%	6.94	%
2007	0.25	%	3,004,026		14.352245		43,114,517	4.48	%	6.89	%
2007	0.40	%	440,784		16.208282		7,144,351	4.48	%	6.73	%
2006	0.00	%	2,428,156		16.013288		38,882,761	3.95	%	3.34	%
2006	0.10	%	78,218		14.788907		1,156,759	3.95	%	3.24	%
2006	0.20	%	826,566		13.468059		11,132,240	3.95	%	3.14	%
2006	0.25	%	3,008,954		13.427221		40,401,890	3.95	%	3.08	%
2006	0.40	%	445,662		15.186518		6,768,054	3.95	%	2.93	%
2005	0.00	%	3,195,842		15.495567		49,521,384	3.71	%	3.26	%
2005	0.10	%	100,704		14.325057		1,442,591	3.71	%	3.16	%
2005	0.20	%	1,941,614		13.058642		25,354,842	3.71	%	3.06	%
2005	0.25	%	3,496,292		13.025536		45,541,077	3.71	%	3.01	%
2005	0.40	%	800,072		14.754249		11,804,462	3.71	%	2.85	%
2004	0.00	%	3,187,198		15.005858		47,826,641	5.38	%	3.26	%
2004	0.10	%	68,418		13.886189		950,065	5.38	%	3.16	%
2004	0.20	%	1,951,516		12.671201		24,728,051	5.38	%	3.06	%
2004	0.25	%	2,572,680		12.645377		32,532,509	5.38	%	3.00	%
2004	0.40	%	2,350,974		14.345081		33,724,912	5.38	%	2.85	%

(Continued)

111

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Growth Fund - Class I (CAF)
2008	0.00	%	1,603,390	$	6.066573	$	9,727,082	0.28	%	-38.71	%
2008	0.10	%	208,878		4.578246		956,295	0.28	%	-38.77	%
2008	0.20	%	99,363		5.860450		582,312	0.28	%	-38.83	%
2008	0.25	%	8,138		5.836782		47,500	0.28	%	-38.86	%
2007	0.00	%	1,726,074		9.897441		17,083,716	0.18	%	19.54	%
2007	0.10	%	226,134		7.476755		1,690,749	0.18	%	19.42	%
2007	0.20	%	76,332		9.580341		731,287	0.18	%	19.30	%
2007	0.25	%	8,184		9.546438		78,128	0.18	%	19.24	%
2006	0.00	%	1,876,832		8.279324		15,538,900	0.05	%	6.17	%
2006	0.10	%	51,726		6.260681		323,840	0.05	%	6.06	%
2006	0.20	%	67,782		8.030198		544,303	0.05	%	5.96	%
2006	0.25	%	45,366		8.005797		363,191	0.05	%	5.90	%
2006	0.40	%	4		6.904680		28	0.05	%	5.75	%
2005	0.00	%	1,986,938		7.798327		15,494,792	0.08	%	6.50	%
2005	0.10	%	59,854		5.902844		353,309	0.08	%	6.39	%
2005	0.20	%	60,144		7.578777		455,818	0.08	%	6.29	%
2005	0.25	%	40,952		7.559516		309,577	0.08	%	6.24	%
2005	0.40	%	3,778		6.529541		24,669	0.08	%	6.08	%
2004	0.00	%	2,009,968		7.322345		14,717,679	0.34	%	8.16	%
2004	0.10	%	47,844		5.548096		265,443	0.34	%	8.05	%
2004	0.20	%	47,838		7.130400		341,104	0.34	%	7.94	%
2004	0.25	%	73,454		7.115834		522,686	0.34	%	7.89	%
2004	0.40	%	16,686		6.155504		102,711	0.34	%	7.72	%
Nationwide VIT - Health Sciences Fund - Class I (GVGH1)
2008	0.00	%	84,235		11.589966		976,281	0.26	%	-25.21	%
2008	0.10	%	81,523		11.512893		938,566	0.26	%	-25.29	%
2008	0.25	%	59,035		11.398285		672,898	0.26	%	-25.40	%
2008	0.40	%	207		11.284830		2,336	0.26	%	-25.51	%
2007	0.00	%	101,446		15.497697		1,572,179	0.07	%	13.16	%
2007	0.10	%	52,696		15.410067		812,049	0.07	%	13.05	%
2007	0.20	%	90,084		15.322977		1,380,355	0.07	%	12.93	%
2007	0.25	%	57,456		15.279611		877,905	0.07	%	12.88	%
2007	0.40	%	2,882		15.150267		43,663	0.07	%	12.71	%
2006	0.00	%	124,614		13.695316		1,706,628	0.00	%	2.71	%
2006	0.10	%	13,596		13.631572		185,335	0.00	%	2.61	%
2006	0.20	%	72,832		13.568156		988,196	0.00	%	2.50	%
2006	0.25	%	29,942		13.536569		405,312	0.00	%	2.45	%
2006	0.40	%	18,258		13.442227		245,428	0.00	%	2.30	%
2005	0.00	%	194,488		13.334230		2,593,348	0.00	%	8.44	%
2005	0.10	%	20,710		13.285419		275,141	0.00	%	8.33	%
2005	0.20	%	62,816		13.236814		831,484	0.00	%	8.22	%
2005	0.25	%	27,596		13.212593		364,615	0.00	%	8.17	%
2005	0.40	%	13,866		13.140144		182,201	0.00	%	8.01	%
2004	0.00	%	256,666		12.296466		3,156,085	0.00	%	7.86	%
2004	0.10	%	49,544		12.263680		607,592	0.00	%	7.75	%
2004	0.20	%	16,466		12.231005		201,396	0.00	%	7.64	%
2004	0.25	%	24,814		12.214711		303,096	0.00	%	7.59	%
2004	0.40	%	57,244		12.165918		696,426	0.00	%	7.43	%
Nationwide VIT - Health Sciences Fund - Class III (GVGHS)
2008	0.00	%	260,983		9.339799		2,437,529	0.29	%	-25.23	%
2007	0.00	%	210,752		12.491648		2,632,640	0.07	%	13.23	%
2006	0.00	%	212,658		11.032385		2,346,125	0.00	%	2.70	%
2005	0.00	%	128,282		10.742057		1,378,013	0.00	%	7.42	%	5/2/2005

(Continued)

112

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - International Index Fund - Class II (GVIX2)
2008	0.00	%	592	$	5.765640	$	3,413	1.66	%	-43.11	%
2008	0.25	%	37,630		5.741605		216,057	1.66	%	-43.25	%
2008	0.40	%	76,167		5.727230		436,226	1.66	%	-43.34	%
2007	0.00	%	93,770		23.734976		2,225,629	2.02	%	2.92	%
2007	0.25	%	164,488		10.117465		1,664,202	1.19	%	1.17	%	5/1/2007
2007	0.40	%	55,246		10.107323		558,389	1.19	%	1.07	%	5/1/2007
2006	0.00	%	134,862		23.062454		3,110,249	2.07	%	22.67	%
2005	0.00	%	175,520		18.800450		3,299,855	1.31	%	12.09	%
2004	0.00	%	281,276		16.772215		4,717,622	1.91	%	20.29	%
Nationwide VIT - International Index Fund - Class VI (GVIX6)
2008	0.00	%	71,845		6.837123		491,213	2.06	%	-43.11	%
2007	0.00	%	53,368		12.017667		641,359	1.67	%	9.50	%
2006	0.00	%	20,334		10.975279		223,171	1.50	%	9.75	%	5/1/2006
Nationwide VIT - Investor Destinations Aggressive Fund - Class II (GVIDA)
2008	0.00	%	1,362,477		10.574854		14,407,995	2.07	%	-36.84	%
2008	0.10	%	206,669		10.501810		2,170,399	2.07	%	-36.91	%
2008	0.20	%	190,819		10.429261		1,990,101	2.07	%	-36.97	%
2008	0.25	%	234,097		10.393146		2,433,004	2.07	%	-37.00	%
2008	0.40	%	82,666		10.285643		850,273	2.07	%	-37.10	%
2007	0.00	%	1,376,510		16.743624		23,047,766	2.03	%	5.96	%
2007	0.10	%	211,970		16.644647		3,528,166	2.03	%	5.85	%
2007	0.20	%	198,282		16.546241		3,280,822	2.03	%	5.75	%
2007	0.25	%	160,792		16.497208		2,652,619	2.03	%	5.69	%
2007	0.40	%	157,686		16.351146		2,578,347	2.03	%	5.53	%
2006	0.00	%	1,105,550		15.802084		17,469,994	2.11	%	16.87	%
2006	0.10	%	23,050		15.724474		362,449	2.11	%	16.75	%
2006	0.20	%	211,872		15.647232		3,315,210	2.11	%	16.64	%
2006	0.25	%	77,654		15.608708		1,212,079	2.11	%	16.58	%
2006	0.40	%	171,634		15.493861		2,659,273	2.11	%	16.40	%
2005	0.00	%	1,044,556		13.521320		14,123,776	2.02	%	7.93	%
2005	0.10	%	24,154		13.468331		325,314	2.02	%	7.82	%
2005	0.20	%	170,910		13.415540		2,292,850	2.02	%	7.72	%
2005	0.25	%	24,354		13.389188		326,080	2.02	%	7.66	%
2005	0.40	%	104,554		13.310555		1,391,672	2.02	%	7.50	%
2004	0.00	%	937,068		12.527746		11,739,350	1.85	%	14.03	%
2004	0.10	%	24,186		12.491088		302,109	1.85	%	13.91	%
2004	0.20	%	7,054		12.454537		87,854	1.85	%	13.80	%
2004	0.25	%	14,712		12.436282		182,963	1.85	%	13.74	%
2004	0.40	%	63,674		12.381734		788,395	1.85	%	13.57	%
Nationwide VIT - Investor Destinations Conservative Fund - Class II (GVIDC)
2008	0.00	%	746,175		12.327359		9,198,367	3.88	%	-6.02	%
2008	0.10	%	36,290		12.242222		444,270	3.88	%	-6.12	%
2008	0.20	%	72,139		12.157648		877,041	3.88	%	-6.21	%
2008	0.25	%	508,679		12.115615		6,162,959	3.88	%	-6.26	%
2008	0.40	%	713,252		11.990270		8,552,084	3.88	%	-6.40	%
2007	0.00	%	621,536		13.117367		8,152,916	3.54	%	5.38	%
2007	0.10	%	35,914		13.039806		468,312	3.54	%	5.28	%
2007	0.20	%	28,608		12.962685		370,836	3.54	%	5.17	%
2007	0.25	%	332,180		12.924331		4,293,204	3.54	%	5.12	%
2007	0.40	%	106,108		12.809833		1,359,226	3.54	%	4.96	%
2006	0.00	%	628,508		12.447546		7,823,382	3.23	%	6.16	%
2006	0.10	%	26,518		12.386397		328,462	3.23	%	6.06	%
2006	0.20	%	22,320		12.325531		275,106	3.23	%	5.95	%
2006	0.25	%	287,996		12.295233		3,540,978	3.23	%	5.90	%
2006	0.40	%	92,396		12.204705		1,127,666	3.23	%	5.74	%
2005	0.00	%	706,430		11.724859		8,282,792	2.49	%	3.31	%
2005	0.10	%	29,088		11.678890		339,716	2.49	%	3.20	%
2005	0.20	%	34,084		11.633095		396,502	2.49	%	3.10	%
2005	0.25	%	4,440		11.610294		51,550	2.49	%	3.05	%
2005	0.40	%	49,050		11.542054		566,138	2.49	%	2.90	%
2004	0.00	%	593,680		11.349571		6,738,013	2.49	%	4.65	%
2004	0.10	%	21,194		11.316349		239,839	2.49	%	4.55	%
2004	0.20	%	2,950		11.283226		33,286	2.49	%	4.44	%
2004	0.25	%	6,398		11.266714		72,084	2.49	%	4.39	%
2004	0.40	%	95,536		11.217265		1,071,653	2.49	%	4.23	%

(Continued)

113

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Investor Destinations Moderate Fund - Class II (GVIDM)
2008	0.00	%	3,933,503	$	11.441586	$	45,005,513	2.82	%	-23.20	%
2008	0.10	%	117,688		11.362546		1,337,235	2.82	%	-23.27	%
2008	0.20	%	205,224		11.284040		2,315,756	2.82	%	-23.35	%
2008	0.25	%	551,789		11.244982		6,204,857	2.82	%	-23.39	%
2008	0.40	%	189,624		11.128694		2,110,267	2.82	%	-23.50	%
2007	0.00	%	3,877,166		14.896957		57,757,975	2.71	%	5.66	%
2007	0.10	%	117,560		14.808865		1,740,930	2.71	%	5.55	%
2007	0.20	%	221,366		14.721295		3,258,794	2.71	%	5.45	%
2007	0.25	%	341,144		14.677673		5,007,200	2.71	%	5.39	%
2007	0.40	%	384,024		14.547724		5,586,675	2.71	%	5.24	%
2006	0.00	%	3,554,252		14.099052		50,111,584	2.47	%	11.35	%
2006	0.10	%	1,864		14.029768		26,151	2.47	%	11.24	%
2006	0.20	%	206,458		13.960840		2,882,327	2.47	%	11.13	%
2006	0.25	%	161,088		13.926464		2,243,386	2.47	%	11.08	%
2006	0.40	%	490,632		13.823999		6,782,496	2.47	%	10.91	%
2005	0.00	%	3,150,642		12.661618		39,892,225	2.39	%	5.34	%
2005	0.10	%	1,874		12.611956		23,635	2.39	%	5.24	%
2005	0.20	%	114,016		12.562517		1,432,328	2.39	%	5.13	%
2005	0.25	%	31,934		12.537840		400,383	2.39	%	5.08	%
2005	0.40	%	390,100		12.464210		4,862,288	2.39	%	4.92	%
2004	0.00	%	2,369,740		12.019313		28,482,647	2.21	%	9.54	%
2004	0.10	%	39,950		11.984122		478,766	2.21	%	9.43	%
2004	0.20	%	28,510		11.949051		340,667	2.21	%	9.32	%
2004	0.25	%	18,974		11.931529		226,389	2.21	%	9.26	%
2004	0.40	%	264,480		11.879208		3,141,813	2.21	%	9.10	%
Nationwide VIT - Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
2008	0.00	%	4,832,634		11.015454		53,233,658	2.49	%	-31.39	%
2008	0.10	%	157,940		10.939329		1,727,758	2.49	%	-31.46	%
2008	0.20	%	45,387		10.863747		493,073	2.49	%	-31.53	%
2008	0.25	%	434,590		10.826159		4,704,940	2.49	%	-31.56	%
2008	0.40	%	41,029		10.714194		439,593	2.49	%	-31.66	%
2007	0.00	%	4,655,618		16.055259		74,747,153	2.31	%	6.15	%
2007	0.10	%	168,006		15.960296		2,681,425	2.31	%	6.04	%
2007	0.20	%	53,480		15.865910		848,509	2.31	%	5.94	%
2007	0.25	%	236,756		15.818947		3,745,231	2.31	%	5.88	%
2007	0.40	%	202,098		15.678888		3,168,672	2.31	%	5.72	%
2006	0.00	%	4,071,170		15.125018		61,576,520	2.25	%	14.54	%
2006	0.10	%	18,108		15.050687		272,538	2.25	%	14.43	%
2006	0.20	%	38,278		14.976735		573,279	2.25	%	14.31	%
2006	0.25	%	84,106		14.939913		1,256,536	2.25	%	14.26	%
2006	0.40	%	268,984		14.829966		3,989,024	2.25	%	14.08	%
2005	0.00	%	3,665,284		13.204972		48,399,973	2.19	%	7.07	%
2005	0.10	%	20,444		13.153196		268,904	2.19	%	6.97	%
2005	0.20	%	22,860		13.101623		299,503	2.19	%	6.86	%
2005	0.25	%	80,236		13.075926		1,049,160	2.19	%	6.81	%
2005	0.40	%	181,156		12.999118		2,354,868	2.19	%	6.65	%
2004	0.00	%	2,664,904		12.332826		32,865,797	2.01	%	12.09	%
2004	0.10	%	14,182		12.296725		174,392	2.01	%	11.98	%
2004	0.20	%	19,906		12.260724		244,062	2.01	%	11.87	%
2004	0.25	%	90,230		12.242773		1,104,665	2.01	%	11.81	%
2004	0.40	%	142,944		12.189084		1,742,356	2.01	%	11.65	%

(Continued)

114

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
2008	0.00	%	1,167,584	$	11.969310	$	13,975,175	2.74	%	-15.04	%
2008	0.10	%	70,328		11.886643		835,964	2.74	%	-15.13	%
2008	0.20	%	21,399		11.804545		252,605	2.74	%	-15.21	%
2008	0.25	%	168,630		11.763719		1,983,716	2.74	%	-15.26	%
2008	0.40	%	9,327		11.642029		108,585	2.74	%	-15.38	%
2007	0.00	%	1,091,298		14.088774		15,375,051	3.18	%	5.86	%
2007	0.10	%	76,886		14.005474		1,076,825	3.18	%	5.75	%
2007	0.20	%	21,560		13.922670		300,173	3.18	%	5.65	%
2007	0.25	%	260,644		13.881453		3,618,117	3.18	%	5.59	%
2007	0.40	%	1,104,372		13.758509		15,194,512	3.18	%	5.43	%
2006	0.00	%	1,022,586		13.308971		13,609,567	2.84	%	8.42	%
2006	0.10	%	8,862		13.243591		117,365	2.84	%	8.31	%
2006	0.20	%	19,512		13.178536		257,140	2.84	%	8.21	%
2006	0.25	%	105,542		13.146115		1,387,467	2.84	%	8.15	%
2006	0.40	%	820,496		13.049356		10,706,944	2.84	%	7.99	%
2005	0.00	%	996,854		12.275099		12,236,482	2.78	%	4.49	%
2005	0.10	%	8,950		12.226987		109,432	2.78	%	4.38	%
2005	0.20	%	18,166		12.179054		221,245	2.78	%	4.28	%
2005	0.25	%	151,626		12.155154		1,843,037	2.78	%	4.23	%
2005	0.40	%	521,412		12.083751		6,300,613	2.78	%	4.07	%
2004	0.00	%	934,806		11.748118		10,982,211	2.38	%	7.16	%
2004	0.10	%	9,038		11.713743		105,869	2.38	%	7.05	%
2004	0.20	%	11,104		11.679461		129,689	2.38	%	6.94	%
2004	0.25	%	21,136		11.662359		246,496	2.38	%	6.89	%
2004	0.40	%	210,474		11.611205		2,443,857	2.38	%	6.73	%
Nationwide VIT - J.P. Morgan Balanced Fund - Class I (BF)
2008	0.00	%	757,878		10.568294		8,009,478	2.70	%	-25.55	%
2008	0.10	%	48,246		9.589808		462,670	2.70	%	-25.62	%
2008	0.20	%	104,098		9.695696		1,009,303	2.70	%	-25.70	%
2008	0.25	%	108,297		9.656587		1,045,779	2.70	%	-25.73	%
2007	0.00	%	856,726		14.194595		12,160,879	2.16	%	4.63	%
2007	0.10	%	83,510		12.893261		1,076,716	2.16	%	4.52	%
2007	0.20	%	140,532		13.048688		1,833,758	2.16	%	4.41	%
2007	0.25	%	182,240		13.002564		2,369,587	2.16	%	4.36	%
2006	0.00	%	919,452		13.567085		12,474,283	2.25	%	12.25	%
2006	0.10	%	64,592		12.335682		796,786	2.25	%	12.14	%
2006	0.20	%	73,958		12.496956		924,250	2.25	%	12.02	%
2006	0.25	%	257,054		12.459031		3,202,644	2.25	%	11.97	%
2006	0.40	%	608		12.170646		7,400	2.25	%	11.80	%
2005	0.00	%	1,170,652		12.086643		14,149,253	1.98	%	2.54	%
2005	0.10	%	81,682		11.000579		898,549	1.98	%	2.44	%
2005	0.20	%	119,512		11.155509		1,333,217	1.98	%	2.34	%
2005	0.25	%	234,374		11.127198		2,607,926	1.98	%	2.29	%
2005	0.40	%	39,454		10.885904		429,492	1.98	%	2.13	%
2004	0.00	%	1,256,734		11.786975		14,813,092	1.94	%	8.49	%
2004	0.10	%	59,166		10.738528		635,356	1.94	%	8.38	%
2004	0.20	%	132,248		10.900634		1,441,587	1.94	%	8.27	%
2004	0.25	%	138,252		10.878396		1,503,960	1.94	%	8.22	%
2004	0.40	%	241,606		10.658428		2,575,140	1.94	%	8.06	%

(Continued)

115

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Lehman Brothers Core Plus Bond Fund - Class I (NVLCP1)
2008	0.00	%	13,545	$	9.947099	$	134,733	3.73	%	-0.53	%	5/1/2008
Nationwide VIT - Mid Cap Growth Fund - Class I (SGRF)
2008	0.00	%	749,875		9.006596		6,753,821	0.00	%	-46.11	%
2008	0.10	%	137,374		6.935563		952,766	0.00	%	-46.17	%
2008	0.25	%	42,806		5.588576		239,225	0.00	%	-46.25	%
2007	0.00	%	898,950		16.713321		15,024,440	0.00	%	9.01	%
2007	0.10	%	104,616		12.883089		1,347,777	0.00	%	8.91	%
2007	0.25	%	111,508		10.396626		1,159,307	0.00	%	8.74	%
2006	0.00	%	961,292		15.331247		14,737,805	0.00	%	9.91	%
2006	0.10	%	101,742		11.829636		1,203,571	0.00	%	9.80	%
2006	0.25	%	154,712		9.560904		1,479,187	0.00	%	9.63	%
2006	0.40	%	94		13.633719		1,282	0.00	%	9.47	%
2005	0.00	%	989,192		13.949172		13,798,409	0.00	%	9.74	%
2005	0.10	%	102,290		10.773967		1,102,069	0.00	%	9.63	%
2005	0.25	%	161,102		8.720733		1,404,928	0.00	%	9.47	%
2005	0.40	%	468		12.454266		5,829	0.00	%	9.30	%
2004	0.00	%	1,022,504		12.710961		12,997,008	0.00	%	15.34	%
2004	0.10	%	102,944		9.827397		1,011,672	0.00	%	15.22	%
2004	0.20	%	763,680		7.982767		6,096,280	0.00	%	15.11	%
2004	0.25	%	989,792		7.966452		7,885,130	0.00	%	15.05	%
2004	0.40	%	114,718		11.394076		1,307,106	0.00	%	14.88	%
Nationwide VIT - Mid Cap Index Fund - Class I (MCIF)
2008	0.00	%	1,183,654		16.928443		20,037,419	1.25	%	-36.46	%
2008	0.10	%	204,375		15.363236		3,139,861	1.25	%	-36.53	%
2008	0.20	%	243,882		11.584754		2,825,313	1.25	%	-36.59	%
2008	0.25	%	970,816		11.537999		11,201,274	1.25	%	-36.62	%
2008	0.40	%	234,488		14.415737		3,380,317	1.25	%	-36.72	%
2007	0.00	%	1,320,468		26.643107		35,181,370	1.35	%	7.56	%
2007	0.10	%	234,870		24.203943		5,684,780	1.35	%	7.45	%
2007	0.20	%	433,092		18.269470		7,912,361	1.35	%	7.34	%
2007	0.25	%	1,035,184		18.204864		18,845,384	1.35	%	7.29	%
2007	0.40	%	374,168		22.779636		8,523,411	1.35	%	7.13	%
2006	0.00	%	1,451,458		24.770554		35,953,419	1.14	%	9.89	%
2006	0.10	%	154,944		22.525451		3,490,183	1.14	%	9.78	%
2006	0.20	%	639,140		17.019619		10,877,919	1.14	%	9.67	%
2006	0.25	%	993,900		16.967969		16,864,464	1.14	%	9.62	%
2006	0.40	%	660,842		21.263963		14,052,120	1.14	%	9.45	%
2005	0.00	%	1,705,870		22.541352		38,452,616	1.04	%	12.10	%
2005	0.10	%	169,140		20.518746		3,470,541	1.04	%	11.99	%
2005	0.20	%	704,782		15.518876		10,937,424	1.04	%	11.87	%
2005	0.25	%	613,462		15.479497		9,496,083	1.04	%	11.82	%
2005	0.40	%	746,512		19.427688		14,503,002	1.04	%	11.65	%
2004	0.00	%	1,662,184		20.108596		33,424,187	0.56	%	15.73	%
2004	0.10	%	193,708		18.322527		3,549,220	0.56	%	15.62	%
2004	0.20	%	458,242		13.871631		6,356,564	0.56	%	15.50	%
2004	0.25	%	317,498		13.843332		4,395,230	0.56	%	15.44	%
2004	0.40	%	1,048,696		17.400194		18,247,514	0.56	%	15.27	%

(Continued)

116

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Money Market Fund - Class I (SAM)
2008	0.00	%	8,735,601	$	14.287212	$	124,807,383	2.03	%	2.05	%
2008	0.20	%	4,546		12.074817		54,892	2.03	%	1.85	%
2008	0.25	%	747,274		12.025998		8,986,716	2.03	%	1.80	%
2007	0.00	%	8,018,358		13.999702		112,254,623	4.65	%	4.79	%
2007	0.20	%	5,226		11.855541		61,957	4.65	%	4.58	%
2007	0.25	%	839,752		11.813525		9,920,431	4.65	%	4.53	%
2006	0.00	%	7,870,664		13.359424		105,147,538	4.43	%	4.53	%
2006	0.20	%	5,784		11.336122		65,568	4.43	%	4.32	%
2006	0.25	%	906,990		11.301640		10,250,474	4.43	%	4.27	%
2005	0.00	%	8,487,334		12.780436		108,471,829	2.61	%	2.67	%
2005	0.20	%	12,740		10.866496		138,439	2.61	%	2.46	%
2005	0.25	%	997,352		10.838856		10,810,155	2.61	%	2.41	%
2005	0.40	%	1,872		12.182168		22,805	2.61	%	2.26	%
2004	0.00	%	9,274,680		12.448310		115,454,092	0.80	%	0.81	%
2004	0.20	%	30,788		10.605257		326,515	0.80	%	0.61	%
2004	0.25	%	877,048		10.583572		9,282,301	0.80	%	0.56	%
2004	0.40	%	165,086		11.913109		1,966,688	0.80	%	0.41	%
Nationwide VIT - Money Market Fund - Class V (SAM5)
2008	0.00	%	208,319		11.724390		2,442,413	2.10	%	2.14	%
2008	0.10	%	6,427,722		11.651947		74,895,476	2.10	%	2.04	%
2008	0.20	%	7,319,234		11.579888		84,755,910	2.10	%	1.94	%
2008	0.25	%	15,618,922		11.543990		180,304,679	2.10	%	1.89	%
2008	0.40	%	2,643,652		11.436879		30,235,128	2.10	%	1.73	%
2007	0.10	%	5,521,946		11.419178		63,056,084	4.74	%	4.76	%
2007	0.20	%	9,193,300		11.359928		104,435,226	4.74	%	4.66	%
2007	0.25	%	12,378,852		11.330392		140,257,246	4.74	%	4.60	%
2007	0.40	%	3,398,038		11.242166		38,201,307	4.74	%	4.44	%
2006	0.10	%	6,733,802		10.900267		73,400,240	4.63	%	4.51	%
2006	0.20	%	8,530,114		10.854633		92,591,257	4.63	%	4.40	%
2006	0.25	%	11,262,860		10.831867		121,997,802	4.63	%	4.35	%
2006	0.40	%	4,048,114		10.763797		43,573,077	4.63	%	4.20	%
2005	0.10	%	537,434		10.429961		5,605,416	2.74	%	2.65	%
2005	0.20	%	7,660,560		10.396676		79,644,360	2.74	%	2.55	%
2005	0.25	%	5,577,142		10.380057		57,891,052	2.74	%	2.49	%
2005	0.40	%	5,136,552		10.330316		53,062,205	2.74	%	2.34	%
2004	0.10	%	13,954,380		10.160839		141,788,209	0.91	%	0.79	%
2004	0.20	%	8,296,360		10.138533		84,112,920	0.91	%	0.69	%
2004	0.25	%	9,126,608		10.127388		92,428,700	0.91	%	0.64	%
2004	0.40	%	7,815,054		10.093995		78,885,116	0.91	%	0.49	%
Nationwide VIT - Multi-Manager International Growth Fund - Class III (NVMIG3)
2008	0.00	%	1,107		6.140389		6,797	0.06	%	-38.60	%	5/1/2008
Nationwide VIT - Multi-Manager International Value Fund - Class I (GVDIVI)
2008	0.00	%	77,496		12.742294		987,477	1.73	%	-46.31	%

(Continued)

117

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Multi-Manager International Value Fund - Class III (GVDIV3)
2008	0.00	%	635,373	$	7.765128	$	4,933,753	1.74	%	-46.33	%
2007	0.00	%	665,320		14.468946		9,626,479	2.15	%	2.93	%
2006	0.00	%	575,980		14.056822		8,096,448	2.01	%	22.75	%
2005	0.00	%	402,348		11.451970		4,607,677	0.95	%	14.52	%	5/2/2005
Nationwide VIT - Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2008	0.00	%	2,417		6.364575		15,383	0.26	%	-36.35	%	5/1/2008
Nationwide VIT - Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
2008	0.00	%	37,776		6.357067		240,145	0.95	%	-36.43	%	5/1/2008
Nationwide VIT - Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2008	0.00	%	478		6.279727		3,002	0.00	%	-37.20	%	5/1/2008
Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)
2008	0.25	%	358		6.761352		2,421	0.46	%	-32.39	%	5/1/2008
Nationwide VIT - Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
2008	0.00	%	815		6.757903		5,508	1.51	%	-32.42	%	5/1/2008
Nationwide VIT - Multi-Manager Small Cap Growth Fund - Class I (SCGF)
2008	0.00	%	659,708		10.212287		6,737,127	0.00	%	-46.42	%
2008	0.10	%	72,753		10.114063		735,828	0.00	%	-46.47	%
2008	0.20	%	18,977		10.016703		190,087	0.00	%	-46.53	%
2008	0.25	%	271,535		9.968426		2,706,777	0.00	%	-46.55	%
2008	0.40	%	6,093		9.824891		59,863	0.00	%	-46.63	%
2007	0.00	%	711,702		19.059414		13,564,623	0.00	%	9.75	%
2007	0.10	%	104,246		18.895046		1,969,733	0.00	%	9.64	%
2007	0.20	%	101,242		18.731944		1,896,459	0.00	%	9.53	%
2007	0.25	%	271,302		18.651020		5,060,059	0.00	%	9.47	%
2007	0.40	%	28,166		18.410147		518,540	0.00	%	9.31	%
Nationwide VIT - Multi-Manager Small Cap Value Fund - Class I (SCVF)
2008	0.00	%	1,246,918		18.091428		22,558,527	1.07	%	-32.15	%
2008	0.10	%	107,445		19.407862		2,085,278	1.07	%	-32.22	%
2008	0.20	%	117,819		13.890932		1,636,616	1.07	%	-32.29	%
2008	0.25	%	482,118		13.834895		6,670,052	1.07	%	-32.32	%
2008	0.40	%	12,830		15.386534		197,409	1.07	%	-32.42	%
2007	0.00	%	1,454,620		26.664377		38,786,536	1.13	%	-6.89	%
2007	0.10	%	262,148		28.633322		7,506,168	1.13	%	-6.99	%
2007	0.20	%	289,534		20.514502		5,939,646	1.13	%	-7.08	%
2007	0.25	%	575,424		20.441984		11,762,808	1.13	%	-7.13	%
2007	0.40	%	25,628		22.768858		583,520	1.13	%	-7.27	%
2006	0.00	%	1,678,046		28.638579		48,056,853	0.43	%	17.29	%
2006	0.10	%	237,134		30.784276		7,299,999	0.43	%	17.18	%
2006	0.20	%	348,296		22.077762		7,689,596	0.43	%	17.06	%
2006	0.25	%	667,586		22.010798		14,694,101	0.43	%	17.00	%
2006	0.40	%	104,786		24.553275		2,572,839	0.43	%	16.83	%
2005	0.00	%	1,914,388		24.416176		46,742,034	0.07	%	3.07	%
2005	0.10	%	250,094		26.271693		6,570,393	0.07	%	2.97	%
2005	0.20	%	458,988		18.860242		8,656,625	0.07	%	2.87	%
2005	0.25	%	848,398		18.812416		15,960,416	0.07	%	2.82	%
2005	0.40	%	395,632		21.016857		8,314,941	0.07	%	2.66	%
2004	0.00	%	2,111,792		23.688343		50,024,853	0.00	%	17.30	%
2004	0.10	%	250,742		25.513967		6,397,423	0.00	%	17.18	%
2004	0.20	%	271,422		18.334546		4,976,399	0.00	%	17.06	%
2004	0.25	%	557,634		18.297168		10,203,123	0.00	%	17.01	%
2004	0.40	%	1,039,852		20.471824		21,287,667	0.00	%	16.83	%

(Continued)

118

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Multi-Manager Small Company Fund - Class I (SCF)
2008	0.00	%	1,461,719	$	16.291230	$	23,813,200	0.83	%	-38.19	%
2008	0.10	%	200,454		16.444339		3,296,334	0.83	%	-38.25	%
2008	0.20	%	968,556		11.042145		10,694,936	0.83	%	-38.31	%
2008	0.25	%	1,443,694		10.997602		15,877,172	0.83	%	-38.34	%
2008	0.40	%	138,143		14.034369		1,938,750	0.83	%	-38.44	%
2007	0.00	%	1,568,836		26.356127		41,348,441	0.09	%	2.13	%
2007	0.10	%	214,492		26.630532		5,712,036	0.09	%	2.03	%
2007	0.20	%	773,666		17.899968		13,848,597	0.09	%	1.93	%
2007	0.25	%	1,805,786		17.836712		32,209,285	0.09	%	1.88	%
2007	0.40	%	227,380		22.796223		5,183,405	0.09	%	1.72	%
2006	0.00	%	1,691,018		25.805828		43,638,120	0.10	%	12.04	%
2006	0.10	%	109,004		26.100738		2,845,085	0.10	%	11.93	%
2006	0.20	%	730,292		17.561515		12,825,034	0.10	%	11.82	%
2006	0.25	%	1,848,548		17.508253		32,364,846	0.10	%	11.76	%
2006	0.40	%	428,830		22.410227		9,610,178	0.10	%	11.59	%
2005	0.00	%	1,752,846		23.033016		40,373,330	0.00	%	12.32	%
2005	0.10	%	123,158		23.319481		2,871,981	0.00	%	12.20	%
2005	0.20	%	1,146,078		15.705843		18,000,121	0.00	%	12.09	%
2005	0.25	%	1,912,752		15.666008		29,965,188	0.00	%	12.04	%
2005	0.40	%	832,540		20.082219		16,719,251	0.00	%	11.87	%
2004	0.00	%	1,765,320		20.507271		36,201,896	0.00	%	19.02	%
2004	0.10	%	254,060		20.783025		5,280,135	0.00	%	18.90	%
2004	0.20	%	346,438		14.011465		4,854,104	0.00	%	18.78	%
2004	0.25	%	766,554		13.982897		10,718,646	0.00	%	18.72	%
2004	0.40	%	1,815,822		17.951460		32,596,656	0.00	%	18.55	%
Nationwide VIT - Nationwide Fund - Class I (TRF)
2008	0.00	%	2,528,801		9.730137		24,605,580	1.41	%	-41.55	%
2008	0.10	%	28,106,065		8.002258		224,911,983	1.41	%	-41.61	%
2008	0.20	%	56,085		7.793622		437,105	1.41	%	-41.67	%
2008	0.25	%	46,732		7.762178		362,742	1.41	%	-41.70	%
2008	0.40	%	798		8.031680		6,409	1.41	%	-41.79	%
2007	0.00	%	2,766,768		16.648158		46,061,591	1.03	%	8.18	%
2007	0.10	%	28,344,872		13.705507		388,480,842	1.03	%	8.07	%
2007	0.20	%	50,032		13.361574		668,506	1.03	%	7.96	%
2007	0.25	%	52,394		13.314351		697,592	1.03	%	7.91	%
2007	0.40	%	1,370		13.797367		18,902	1.03	%	7.75	%
2006	0.00	%	2,948,242		15.389126		45,370,868	1.09	%	13.63	%
2006	0.10	%	37,804,244		12.681766		479,424,576	1.09	%	13.51	%
2006	0.20	%	49,380		12.375964		611,125	1.09	%	13.40	%
2006	0.25	%	236,736		12.338411		2,920,946	1.09	%	13.34	%
2006	0.40	%	31,470		12.805324		402,984	1.09	%	13.18	%
2005	0.00	%	3,161,412		13.543467		42,816,479	1.00	%	7.44	%
2005	0.10	%	38,013,326		11.171952		424,683,053	1.00	%	7.33	%
2005	0.20	%	56,248		10.913424		613,858	1.00	%	7.23	%
2005	0.25	%	230,206		10.885739		2,505,962	1.00	%	7.17	%
2005	0.40	%	28,310		11.314587		320,316	1.00	%	7.01	%
2004	0.00	%	3,312,776		12.605461		41,759,069	1.30	%	9.75	%
2004	0.10	%	19,034,918		10.408568		198,126,238	1.30	%	9.64	%
2004	0.20	%	32,724		10.177848		333,060	1.30	%	9.53	%
2004	0.25	%	200,466		10.157086		2,036,150	1.30	%	9.48	%
2004	0.40	%	119,314		10.573030		1,261,511	1.30	%	9.31	%

(Continued)

119

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT- Nationwide Leaders Fund - Class I (GVUS1)
2008	0.00	%	67,331	$	9.006647	$	606,427	0.76	%	-49.91	%
2008	0.10	%	42,776		8.946759		382,707	0.76	%	-49.96	%
2008	0.25	%	132		8.857680		1,169	0.76	%	-50.03	%
2007	0.00	%	89,306		17.979434		1,605,671	1.24	%	11.56	%
2007	0.10	%	44,572		17.877821		796,850	1.24	%	11.45	%
2007	0.25	%	3,872		17.726502		68,637	1.24	%	11.28	%
2006	0.00	%	85,138		16.116355		1,372,114	0.70	%	16.05	%
2006	0.10	%	8,386		16.041401		134,523	0.70	%	15.93	%
2006	0.25	%	2,392		15.929628		38,104	0.70	%	15.76	%
2006	0.40	%	54		15.818643		854	0.70	%	15.58	%
2005	0.00	%	40,072		13.887943		556,518	1.29	%	10.31	%
2005	0.10	%	13,776		13.837136		190,620	1.29	%	10.20	%
2005	0.25	%	8,298		13.761286		114,191	1.29	%	10.04	%
2005	0.40	%	212		13.685866		2,901	1.29	%	9.87	%
2004	0.00	%	24,720		12.589767		311,219	0.48	%	18.79	%
2004	0.10	%	12,564		12.556222		157,756	0.48	%	18.67	%
2004	0.20	%	3,700		12.522767		46,334	0.48	%	18.56	%
2004	0.25	%	13,762		12.506076		172,109	0.48	%	18.50	%
2004	0.40	%	996		12.456136		12,406	0.48	%	18.32	%
Nationwide VIT - Neuberger Berman Multi-Cap Opportunities Fund - Class I (NVNMO1)
2008	0.00	%	180		5.182412		933	0.00	%	-48.18	%	5/1/2008
Nationwide VIT - Neuberger Berman Socially Responsible Fund - Class I (NVNSR1)
2008	0.00	%	5,037		6.178465		31,121	0.45	%	-38.22	%	5/1/2008
Nationwide VIT - Short Term Bond Fund - Class II (NVSTB2)
2008	0.00	%	96,918		9.943310		963,686	3.46	%	-0.57	%	5/1/2008
Nationwide VIT - Technology and Communications Fund - Class I (GGTC)
2008	0.00	%	286,434		2.181418		624,832	0.00	%	-48.57	%
2008	0.10	%	259,568		2.163493		561,574	0.00	%	-48.62	%
2008	0.20	%	338,127		2.145696		725,518	0.00	%	-48.67	%
2008	0.25	%	424,273		2.136859		906,612	0.00	%	-48.70	%
2008	0.40	%	3,131		2.110566		6,608	0.00	%	-48.78	%
2007	0.00	%	400,856		4.241547		1,700,250	0.00	%	20.09	%
2007	0.10	%	257,506		4.210915		1,084,336	0.00	%	19.97	%
2007	0.20	%	380,790		4.180465		1,591,879	0.00	%	19.85	%
2007	0.25	%	519,226		4.165338		2,162,752	0.00	%	19.79	%
2007	0.40	%	80,076		4.120279		329,935	0.00	%	19.61	%
2006	0.00	%	515,480		3.531877		1,820,612	0.00	%	11.17	%
2006	0.10	%	101,564		3.509892		356,479	0.00	%	11.06	%
2006	0.20	%	311,356		3.488016		1,086,015	0.00	%	10.95	%
2006	0.25	%	446,826		3.477132		1,553,673	0.00	%	10.89	%
2006	0.40	%	238,650		3.444715		822,081	0.00	%	10.73	%
2005	0.00	%	740,614		3.177040		2,352,960	0.00	%	-0.52	%
2005	0.10	%	125,958		3.160408		398,079	0.00	%	-0.62	%
2005	0.20	%	273,712		3.143852		860,510	0.00	%	-0.71	%
2005	0.25	%	262,362		3.135604		822,663	0.00	%	-0.76	%
2005	0.40	%	232,710		3.111019		723,965	0.00	%	-0.91	%
2004	0.00	%	1,025,772		3.193545		3,275,849	0.00	%	4.31	%
2004	0.10	%	675,570		3.180008		2,148,318	0.00	%	4.21	%
2004	0.20	%	448,724		3.166487		1,420,879	0.00	%	4.10	%
2004	0.25	%	674,980		3.159750		2,132,768	0.00	%	4.05	%
2004	0.40	%	481,400		3.139672		1,511,438	0.00	%	3.90	%

(Continued)

120

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Technology and Communications Fund - Class III (GGTC3)
2008	0.00	%	177,753	$	8.454726	$	1,502,853	0.00	%	-48.59	%
2007	0.00	%	249,550		16.444438		4,103,710	0.00	%	20.19	%
2006	0.00	%	136,014		13.682536		1,861,016	0.00	%	11.08	%
2005	0.00	%	89,142		12.317458		1,098,003	0.00	%	23.17	%	5/2/2005
Nationwide VIT - U.S. Growth Leaders Fund - Class I (GVUG1)
2008	0.00	%	204,284		11.293974		2,307,178	0.00	%	-41.29	%
2008	0.10	%	75,068		11.218926		842,182	0.00	%	-41.35	%
2008	0.25	%	68,398		11.107192		759,710	0.00	%	-41.44	%
2007	0.00	%	231,876		19.237188		4,460,642	0.00	%	22.49	%
2007	0.10	%	147,470		19.128541		2,820,886	0.00	%	22.36	%
2007	0.25	%	71,458		18.966559		1,355,312	0.00	%	22.18	%
2006	0.00	%	250,268		15.705651		3,930,622	0.27	%	-0.29	%
2006	0.10	%	74,050		15.632647		1,157,598	0.27	%	-0.39	%
2006	0.25	%	93,502		15.523663		1,451,494	0.27	%	-0.54	%
2006	0.40	%	118		15.415524		1,819	0.27	%	-0.69	%
2005	0.00	%	279,900		15.751023		4,408,711	0.00	%	11.96	%
2005	0.10	%	70,284		15.693455		1,102,999	0.00	%	11.85	%
2005	0.25	%	80,480		15.607398		1,256,083	0.00	%	11.68	%
2005	0.40	%	816		15.521877		12,666	0.00	%	11.52	%
2004	0.00	%	184,294		14.068165		2,592,678	0.00	%	12.41	%
2004	0.10	%	44,170		14.030717		619,737	0.00	%	12.30	%
2004	0.20	%	8,230		13.993330		115,165	0.00	%	12.18	%
2004	0.25	%	50,246		13.974657		702,171	0.00	%	12.13	%
2004	0.40	%	3,866		13.918876		53,810	0.00	%	11.96	%
Nationwide VIT - Van Kampen Comstock Value Fund - Class I (EIF)
2008	0.00	%	790,298		9.218422		7,285,300	2.00	%	-36.99	%
2008	0.10	%	66,339		7.711029		511,542	2.00	%	-37.05	%
2008	0.25	%	30,065		7.585299		228,052	2.00	%	-37.15	%
2007	0.00	%	883,520		14.630092		12,925,979	1.74	%	-2.22	%
2007	0.10	%	50,950		12.250079		624,142	1.74	%	-2.31	%
2007	0.25	%	48,922		12.068473		590,414	1.74	%	-2.46	%
2006	0.00	%	875,334		14.961750		13,096,528	1.73	%	15.91	%
2006	0.10	%	5,264		12.540372		66,013	1.73	%	15.79	%
2006	0.25	%	36,988		12.373114		457,657	1.73	%	15.62	%
2006	0.40	%	2		13.317925		27	1.73	%	15.44	%
2005	0.00	%	825,902		12.908610		10,661,247	1.61	%	4.25	%
2005	0.10	%	5,204		10.830304		56,361	1.61	%	4.14	%
2005	0.25	%	42,010		10.701838		449,584	1.61	%	3.99	%
2005	0.40	%	262		11.536276		3,023	1.61	%	3.83	%
2004	0.00	%	665,190		12.382749		8,236,881	1.39	%	17.50	%
2004	0.10	%	230,518		10.399470		2,397,265	1.39	%	17.38	%
2004	0.20	%	49,480		10.312567		510,266	1.39	%	17.26	%
2004	0.25	%	36,102		10.291496		371,544	1.39	%	17.21	%
2004	0.40	%	28,772		11.110531		319,672	1.39	%	17.03	%

(Continued)

121

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Nationwide VIT - Van Kampen Multi-Sector Bond Fund - Class I (MSBF)
2008	0.00	%	603,494	$	13.614701	$	8,216,390	6.15	%	-17.29	%
2008	0.10	%	55,384		13.167860		729,289	6.15	%	-17.37	%
2008	0.20	%	27,508		12.583839		346,156	6.15	%	-17.46	%
2008	0.25	%	141,197		12.533105		1,769,637	6.15	%	-17.50	%
2008	0.40	%	2,396		12.738274		30,521	6.15	%	-17.62	%
2007	0.00	%	697,366		16.461000		11,479,342	4.18	%	4.62	%
2007	0.10	%	81,530		15.936672		1,299,317	4.18	%	4.52	%
2007	0.20	%	70,520		15.245098		1,075,084	4.18	%	4.41	%
2007	0.25	%	657,186		15.191219		9,983,456	4.18	%	4.36	%
2007	0.40	%	44,644		15.463091		690,334	4.18	%	4.20	%
2006	0.00	%	657,636		15.733416		10,346,861	4.07	%	4.84	%
2006	0.10	%	18,772		15.247568		286,227	4.07	%	4.73	%
2006	0.20	%	57,084		14.600569		833,459	4.07	%	4.63	%
2006	0.25	%	450,402		14.556279		6,556,177	4.07	%	4.58	%
2006	0.40	%	34,566		14.839152		512,930	4.07	%	4.42	%
2005	0.00	%	636,228		15.007380		9,548,115	3.99	%	2.18	%
2005	0.10	%	28,056		14.558458		408,452	3.99	%	2.08	%
2005	0.20	%	114,922		13.954609		1,603,692	3.99	%	1.98	%
2005	0.25	%	483,160		13.919206		6,725,204	3.99	%	1.93	%
2005	0.40	%	89,110		14.210938		1,266,337	3.99	%	1.77	%
2004	0.00	%	588,866		14.687199		8,648,792	4.55	%	6.53	%
2004	0.10	%	6,318		14.262059		90,108	4.55	%	6.43	%
2004	0.20	%	13,584		13.684149		185,885	4.55	%	6.32	%
2004	0.25	%	63,742		13.656231		870,475	4.55	%	6.27	%
2004	0.40	%	307,698		13.963330		4,296,489	4.55	%	6.11	%
Nationwide VIT - Van Kampen Real Estate Fund - Class I (NVRE1)
2008	0.00	%	19,987		5.646840		112,863	4.37	%	-43.53	%	5/1/2008
Neuberger Berman AMT - Guardian Portfolio - Class I (AMGP)
2008	0.00	%	392,065		14.011166		5,493,288	0.54	%	-37.24	%
2008	0.10	%	73,276		10.057230		736,954	0.54	%	-37.31	%
2008	0.25	%	86,429		9.256750		800,052	0.54	%	-37.40	%
2007	0.00	%	434,652		22.326685		9,704,338	0.26	%	7.39	%
2007	0.10	%	100,594		16.042197		1,613,749	0.26	%	7.28	%
2007	0.25	%	98,428		14.787583		1,455,512	0.26	%	7.12	%
2006	0.00	%	477,638		20.790721		9,930,438	0.70	%	13.38	%
2006	0.10	%	88,754		14.953594		1,327,191	0.70	%	13.26	%
2006	0.25	%	194,222		13.804932		2,681,222	0.70	%	13.09	%
2006	0.40	%	74		14.282531		1,057	0.70	%	12.93	%
2005	0.00	%	509,104		18.337744		9,335,819	0.15	%	8.39	%
2005	0.10	%	34,424		13.202464		454,482	0.15	%	8.28	%
2005	0.20	%	234,680		12.237616		2,871,924	0.15	%	8.18	%
2005	0.25	%	75,766		12.206553		924,842	0.15	%	8.12	%
2005	0.40	%	80,808		12.647762		1,022,040	0.15	%	7.96	%
2004	0.00	%	572,382		16.918157		9,683,649	0.12	%	15.81	%
2004	0.10	%	26,978		12.192566		328,931	0.12	%	15.70	%
2004	0.20	%	19,660		11.312789		222,409	0.12	%	15.58	%
2004	0.25	%	91,408		11.289714		1,031,970	0.12	%	15.53	%
2004	0.40	%	290,396		11.715274		3,402,069	0.12	%	15.35	%
Neuberger Berman AMT - International Portfolio - Class S (AMINS)
2008	0.00	%	248,009		8.019658		1,988,947	0.00	%	-46.44	%
2007	0.00	%	280,340		14.972222		4,197,313	1.87	%	3.21	%
2006	0.00	%	140,884		14.506093		2,043,676	0.29	%	23.45	%
2005	0.00	%	53,950		11.750261		633,927	0.26	%	17.50	%	5/2/2005

(Continued)

122

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Neuberger Berman AMT - Mid Cap Growth Portfolio - I Class (AMCG)
2008	0.00	%	1,241,103	$	14.241194	$	17,674,789	0.00	%	-43.37	%
2008	0.10	%	457,960		10.355229		4,742,281	0.00	%	-43.43	%
2008	0.20	%	43,749		7.544382		330,059	0.00	%	-43.48	%
2008	0.25	%	464,312		7.513928		3,488,807	0.00	%	-43.51	%
2007	0.00	%	1,375,816		25.147074		34,597,747	0.00	%	22.53	%
2007	0.10	%	412,472		18.303613		7,549,728	0.00	%	22.40	%
2007	0.20	%	38,324		13.348628		511,573	0.00	%	22.28	%
2007	0.25	%	489,154		13.301400		6,506,433	0.00	%	22.22	%
2007	0.40	%	3,494		19.674042		68,741	0.00	%	22.04	%
2006	0.00	%	1,474,382		20.523539		30,259,536	0.00	%	14.69	%
2006	0.10	%	366,596		14.953339		5,481,834	0.00	%	14.58	%
2006	0.20	%	41,698		10.916267		455,187	0.00	%	14.47	%
2006	0.25	%	391,016		10.883119		4,255,474	0.00	%	14.41	%
2006	0.40	%	97,186		16.121456		1,566,780	0.00	%	14.24	%
2005	0.00	%	1,544,990		17.894121		27,646,238	0.00	%	13.74	%
2005	0.10	%	383,494		13.050574		5,004,817	0.00	%	13.63	%
2005	0.20	%	23,118		9.536717		220,470	0.00	%	13.51	%
2005	0.25	%	365,056		9.512489		3,472,591	0.00	%	13.46	%
2005	0.40	%	127,004		14.112212		1,792,307	0.00	%	13.29	%
2004	0.00	%	1,604,468		15.732356		25,242,062	0.00	%	16.31	%
2004	0.10	%	394,394		11.485392		4,529,770	0.00	%	16.19	%
2004	0.20	%	470,456		8.401327		3,952,455	0.00	%	16.08	%
2004	0.25	%	678,994		8.384158		5,692,793	0.00	%	16.02	%
2004	0.40	%	322,438		12.456893		4,016,576	0.00	%	15.84	%
Neuberger Berman AMT - Partners Portfolio - Class I (AMTP)
2008	0.00	%	772,159		9.206209		7,108,657	0.48	%	-52.39	%
2008	0.10	%	101,292		8.553125		866,363	0.48	%	-52.44	%
2008	0.25	%	26,043		8.479038		220,820	0.48	%	-52.51	%
2008	0.40	%	1,125		7.925107		8,916	0.48	%	-52.58	%
2007	0.00	%	902,352		19.337705		17,449,417	0.62	%	9.34	%
2007	0.10	%	194,378		17.983949		3,495,684	0.62	%	9.23	%
2007	0.25	%	25,412		17.855044		453,732	0.62	%	9.06	%
2007	0.40	%	596		16.713743		9,961	0.62	%	8.90	%
2006	0.00	%	967,144		17.686426		17,105,321	0.68	%	12.24	%
2006	0.10	%	148,132		16.464820		2,438,967	0.68	%	12.13	%
2006	0.25	%	70,676		16.371496		1,157,072	0.68	%	11.96	%
2006	0.40	%	414		15.348160		6,354	0.68	%	11.79	%
2005	0.00	%	1,054,060		15.757590		16,609,445	0.98	%	18.04	%
2005	0.10	%	185,490		14.683836		2,723,705	0.98	%	17.93	%
2005	0.25	%	84,180		14.622460		1,230,919	0.98	%	17.75	%
2005	0.40	%	211,116		13.728969		2,898,405	0.98	%	17.58	%
2004	0.00	%	902,952		13.348803		12,053,328	0.01	%	18.98	%
2004	0.10	%	162,162		12.451586		2,019,174	0.01	%	18.86	%
2004	0.20	%	229,766		12.443485		2,859,090	0.01	%	18.74	%
2004	0.25	%	191,928		12.418080		2,383,377	0.01	%	18.68	%
2004	0.40	%	244,546		11.676716		2,855,494	0.01	%	18.50	%
Neuberger Berman AMT - Regency Portfolio - Class I (AMRI)
2008	0.00	%	23,511		5.750861		135,208	2.92	%	-45.82	%
2008	0.25	%	319,496		5.712555		1,825,138	2.92	%	-45.95	%
2008	0.40	%	10,164		5.689701		57,830	2.92	%	-46.04	%
2007	0.25	%	32,224		10.569832		340,602	0.46	%	3.04	%
2007	0.40	%	48,338		10.543396		509,647	0.46	%	2.89	%
2006	0.25	%	6,524		10.257708		66,921	0.44	%	2.58	%	5/1/2006
2006	0.40	%	34,570		10.247505		354,256	0.44	%	2.48	%	5/1/2006

(Continued)

123

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Neuberger Berman AMT - Regency Portfolio - Class S (AMRS)
2008	0.00	%	97,268	$	7.206627	$	700,974	0.95	%	-45.95	%
2007	0.00	%	94,148		13.332382		1,255,217	0.47	%	3.05	%
2006	0.00	%	62,360		12.937253		806,767	0.48	%	10.94	%
2005	0.00	%	23,100		11.661977		269,392	0.00	%	16.62	%	5/2/2005
Neuberger Berman AMT - Small Cap Growth Portfolio - Class S (AMFAS)
2008	0.00	%	74,557		9.284535		692,227	0.00	%	-39.47	%
2008	0.10	%	20,820		9.225949		192,084	0.00	%	-39.53	%
2008	0.25	%	29,832		9.138805		272,629	0.00	%	-39.62	%
2008	0.40	%	480		9.052482		4,345	0.00	%	-39.72	%
2007	0.00	%	70,284		15.339463		1,078,119	0.00	%	0.52	%
2007	0.10	%	24,496		15.257956		373,759	0.00	%	0.41	%
2007	0.20	%	13,934		15.176941		211,475	0.00	%	0.31	%
2007	0.25	%	20,928		15.136586		316,778	0.00	%	0.26	%
2007	0.40	%	1,998		15.016171		30,002	0.00	%	0.11	%
2006	0.00	%	54,558		15.260818		832,600	0.00	%	5.25	%
2006	0.10	%	9,420		15.195016		143,137	0.00	%	5.15	%
2006	0.20	%	11,666		15.129543		176,501	0.00	%	5.04	%
2006	0.25	%	18,450		15.096902		278,538	0.00	%	4.99	%
2006	0.40	%	7,818		14.999423		117,265	0.00	%	4.83	%
2005	0.00	%	69,514		14.499238		1,007,900	0.00	%	2.90	%
2005	0.10	%	1,074		14.451137		15,521	0.00	%	2.79	%
2005	0.20	%	9,828		14.403227		141,555	0.00	%	2.69	%
2005	0.25	%	15,290		14.379334		219,860	0.00	%	2.64	%
2005	0.40	%	20,788		14.307871		297,432	0.00	%	2.49	%
2004	0.00	%	57,292		14.091031		807,303	0.00	%	11.88	%
2004	0.10	%	51,200		14.058294		719,785	0.00	%	11.76	%
2004	0.20	%	4,062		14.025658		56,972	0.00	%	11.65	%
2004	0.25	%	22,204		14.009370		311,064	0.00	%	11.60	%
2004	0.40	%	44,406		13.960609		619,935	0.00	%	11.43	%
Neuberger Berman AMT - Socially Responsive Portfolio - Class I (AMSRS)
2008	0.00	%	226,546		11.099348		2,514,513	2.16	%	-39.44	%
2007	0.00	%	254,068		18.328379		4,656,655	0.09	%	7.61	%
2006	0.00	%	160,134		17.031699		2,727,354	0.16	%	13.70	%
2005	0.00	%	104,292		14.979202		1,562,211	0.00	%	6.86	%
2004	0.00	%	42,274		14.018027		592,598	0.00	%	13.28	%
Oppenheimer VAF - Capital Appreciation Fund - Non-Service Class (OVGR)
2008	0.00	%	2,357,625		11.071272		26,101,908	0.14	%	-45.52	%
2008	0.10	%	586,696		8.264836		4,848,946	0.14	%	-45.57	%
2008	0.20	%	2,400,370		6.418454		15,406,664	0.14	%	-45.63	%
2008	0.25	%	3,405,107		6.392540		21,767,283	0.14	%	-45.65	%
2008	0.40	%	137,113		9.143789		1,253,732	0.14	%	-45.74	%
2007	0.00	%	2,560,294		20.320760		52,027,120	0.22	%	14.15	%
2007	0.10	%	671,050		15.184919		10,189,840	0.22	%	14.03	%
2007	0.20	%	1,732,160		11.804408		20,447,123	0.22	%	13.92	%
2007	0.25	%	3,734,518		11.762653		43,927,839	0.22	%	13.86	%
2007	0.40	%	364,698		16.850466		6,145,331	0.22	%	13.69	%
2006	0.00	%	2,846,436		17.801944		50,672,094	0.38	%	7.95	%
2006	0.10	%	530,754		13.316078		7,067,562	0.38	%	7.84	%
2006	0.20	%	1,641,104		10.362024		17,005,159	0.38	%	7.73	%
2006	0.25	%	3,188,414		10.330569		32,938,131	0.38	%	7.68	%
2006	0.40	%	1,040,592		14.821276		15,422,901	0.38	%	7.52	%
2005	0.00	%	2,994,184		16.491164		49,377,579	0.91	%	5.10	%
2005	0.10	%	558,612		12.347907		6,897,689	0.91	%	4.99	%
2005	0.20	%	1,970,560		9.618219		18,953,278	0.91	%	4.89	%
2005	0.25	%	3,734,142		9.593805		35,824,630	0.91	%	4.84	%
2005	0.40	%	1,425,776		13.784845		19,654,101	0.91	%	4.68	%
2004	0.00	%	3,086,788		15.691176		48,435,334	0.31	%	6.94	%
2004	0.10	%	876,150		11.760631		10,304,077	0.31	%	6.83	%
2004	0.20	%	1,451,308		9.169906		13,308,358	0.31	%	6.72	%
2004	0.25	%	1,591,142		9.151191		14,560,844	0.31	%	6.67	%
2004	0.40	%	4,419,620		13.168552		58,199,996	0.31	%	6.51	%

(Continued)

124

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Oppenheimer VAF - Global Securities Fund - Class 3 (OVGS3)
2008	0.00	%	1,290,636	$	9.026171	$	11,649,501	1.57	%	-40.19	%
2007	0.00	%	1,378,496		15.092302		20,804,678	1.24	%	6.34	%
2006	0.00	%	1,194,348		14.192798		16,951,140	0.84	%	17.69	%
2005	0.00	%	723,136		12.059670		8,720,782	0.00	%	20.60	%	5/2/2005
Oppenheimer VAF - Global Securities Fund - Non-Service Class (OVGS)
2008	0.00	%	1,018,581		9.585005		9,763,104	1.55	%	-40.19	%
2008	0.10	%	292,991		9.502282		2,784,083	1.55	%	-40.25	%
2008	0.20	%	771,294		9.420249		7,265,782	1.55	%	-40.31	%
2008	0.25	%	1,877,301		9.379518		17,608,179	1.55	%	-40.34	%
2008	0.40	%	134,904		9.258335		1,248,986	1.55	%	-40.43	%
2007	0.00	%	1,244,300		16.025167		19,940,115	1.33	%	6.32	%
2007	0.10	%	319,328		15.902782		5,078,204	1.33	%	6.21	%
2007	0.20	%	664,384		15.781314		10,484,853	1.33	%	6.11	%
2007	0.25	%	1,785,708		15.720950		28,073,026	1.33	%	6.05	%
2007	0.40	%	792,482		15.541185		12,316,109	1.33	%	5.89	%
2006	0.00	%	1,579,632		15.072696		23,809,313	1.07	%	17.69	%
2006	0.10	%	150,202		14.972632		2,248,919	1.07	%	17.57	%
2006	0.20	%	578,604		14.873215		8,605,702	1.07	%	17.46	%
2006	0.25	%	1,608,848		14.823774		23,849,199	1.07	%	17.40	%
2006	0.40	%	898,758		14.676391		13,190,524	1.07	%	17.22	%
2005	0.00	%	2,017,894		12.806945		25,843,057	1.00	%	14.31	%
2005	0.10	%	183,864		12.734604		2,341,435	1.00	%	14.19	%
2005	0.20	%	1,091,788		12.662678		13,824,960	1.00	%	14.08	%
2005	0.25	%	1,169,740		12.626867		14,770,151	1.00	%	14.02	%
2005	0.40	%	810,028		12.520042		10,141,585	1.00	%	13.85	%
2004	0.00	%	2,460,964		11.203969		27,572,564	1.15	%	19.16	%
2004	0.10	%	419,770		11.151785		4,681,185	1.15	%	19.04	%
2004	0.20	%	342,972		11.099865		3,806,943	1.15	%	18.92	%
2004	0.25	%	436,776		11.073978		4,836,848	1.15	%	18.87	%
2004	0.40	%	1,770,284		10.996730		19,467,335	1.15	%	18.69	%
Oppenheimer VAF - High Income Fund - Class 3 (OVHI3)
2008	0.00	%	237,435		2.039384		484,221	5.39	%	-78.89	%
2007	0.00	%	97,144		9.661022		938,510	0.00	%	-3.39	%	5/1/2007
Oppenheimer VAF - High Income Fund - Non-Service Class (OVHI)
2008	0.00	%	147,777		2.906468		429,509	8.17	%	-78.67	%
2007	0.00	%	197,334		13.627157		2,689,101	7.57	%	-0.10	%
2006	0.00	%	324,172		13.641009		4,422,033	6.62	%	9.42	%
2005	0.00	%	304,496		12.466334		3,795,949	6.30	%	2.31	%
2004	0.00	%	260,866		12.184423		3,178,502	4.03	%	8.97	%

(Continued)

125

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Oppenheimer VAF - Main Street Small Cap Fund(R) - Non-Service Class (OVSC)
2008	0.00	%	239,034	$	12.859537	$	3,073,867	0.51	%	-37.83	%
2007	0.00	%	264,706		20.683895		5,475,151	0.29	%	-1.21	%
2006	0.00	%	215,614		20.937110		4,514,334	0.13	%	15.00	%
2005	0.00	%	146,346		18.206560		2,664,457	0.00	%	9.92	%
2004	0.00	%	111,964		16.563464		1,854,512	0.00	%	19.42	%
Oppenheimer VAF - Main Street(R) - Non-Service Class (OVGI)
2008	0.00	%	2,155,808		9.213175		19,861,836	1.52	%	-38.47	%
2008	0.10	%	96,686		8.405452		812,690	1.52	%	-38.53	%
2008	0.20	%	127,115		7.966974		1,012,722	1.52	%	-38.59	%
2008	0.25	%	197,165		7.934811		1,564,467	1.52	%	-38.62	%
2007	0.00	%	2,359,688		14.973285		35,332,281	1.00	%	4.42	%
2007	0.10	%	92,924		13.674278		1,270,669	1.00	%	4.32	%
2007	0.20	%	333,966		12.973942		4,332,856	1.00	%	4.21	%
2007	0.25	%	225,200		12.928044		2,911,396	1.00	%	4.16	%
2006	0.00	%	2,564,464		14.338943		36,771,703	1.10	%	15.02	%
2006	0.10	%	43,364		13.108136		568,421	1.10	%	14.91	%
2006	0.20	%	184,798		12.449315		2,300,609	1.10	%	14.80	%
2006	0.25	%	370,160		12.411511		4,594,245	1.10	%	14.74	%
2006	0.40	%	3,524		11.856561		41,783	1.10	%	14.57	%
2005	0.00	%	2,675,742		12.465965		33,355,706	1.37	%	5.98	%
2005	0.10	%	65,504		11.407291		747,223	1.37	%	5.87	%
2005	0.20	%	185,032		10.844763		2,006,628	1.37	%	5.76	%
2005	0.25	%	381,782		10.817217		4,129,819	1.37	%	5.71	%
2005	0.40	%	5,684		10.349023		58,824	1.37	%	5.55	%
2004	0.00	%	2,802,124		11.763032		32,961,474	0.83	%	9.46	%
2004	0.10	%	62,892		10.774785		677,648	0.83	%	9.35	%
2004	0.20	%	86,940		10.253671		891,454	0.83	%	9.24	%
2004	0.25	%	192,090		10.232719		1,965,603	0.83	%	9.19	%
2004	0.40	%	606,518		9.804476		5,946,591	0.83	%	9.02	%
Oppenheimer VAF - Mid Cap Fund - Non-Service Class (OVAG)
2008	0.00	%	1,511,513		8.562806		12,942,793	0.00	%	-49.07	%
2008	0.10	%	250,167		6.830721		1,708,821	0.00	%	-49.12	%
2008	0.20	%	135,869		4.723995		641,844	0.00	%	-49.17	%
2008	0.25	%	841,598		4.704920		3,959,651	0.00	%	-49.19	%
2007	0.00	%	1,618,182		16.811588		27,204,209	0.00	%	6.33	%
2007	0.10	%	528,414		13.424400		7,093,641	0.00	%	6.23	%
2007	0.20	%	121,920		9.293377		1,133,049	0.00	%	6.12	%
2007	0.25	%	1,094,732		9.260496		10,137,761	0.00	%	6.07	%
2006	0.00	%	1,834,314		15.810416		29,001,267	0.00	%	2.96	%
2006	0.10	%	445,344		12.637642		5,628,098	0.00	%	2.85	%
2006	0.20	%	106,664		8.757520		934,112	0.00	%	2.75	%
2006	0.25	%	1,386,376		8.730923		12,104,342	0.00	%	2.70	%
2006	0.40	%	986		13.200215		13,015	0.00	%	2.55	%
2005	0.00	%	2,021,976		15.356470		31,050,414	0.00	%	12.33	%
2005	0.10	%	448,332		12.287042		5,508,674	0.00	%	12.21	%
2005	0.20	%	454,650		8.523068		3,875,013	0.00	%	12.10	%
2005	0.25	%	1,772,498		8.501413		15,068,738	0.00	%	12.05	%
2005	0.40	%	5,300		12.872483		68,224	0.00	%	11.88	%
2004	0.00	%	2,473,214		13.671269		33,811,974	0.00	%	19.78	%
2004	0.10	%	538,726		10.949589		5,898,828	0.00	%	19.66	%
2004	0.20	%	260,230		7.602891		1,978,500	0.00	%	19.54	%
2004	0.25	%	1,726,784		7.587355		13,101,723	0.00	%	19.48	%
2004	0.40	%	916,804		11.505640		10,548,417	0.00	%	19.30	%

(Continued)

126

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Oppenheimer VAF - Strategic Bond Fund - Non-Service Class (OVSB)
2008	0.20	%	104,885	$	8.500963	$	891,624	3.48	%	-14.99	%	1/2/2008
2008	0.25	%	9,576		8.496736		81,365	3.48	%	-15.03	%	1/2/2008
PIMCO VIT - All Asset Portfolio - Administrative Class (PMVAAA)
2008	0.00	%	1,313		11.379397		14,941	4.28	%	-15.84	%
2008	0.10	%	15,498		11.326491		175,538	4.28	%	-15.93	%
2008	0.25	%	35,350		11.247576		397,602	4.28	%	-16.05	%
2008	0.40	%	730		11.169222		8,154	4.28	%	-16.18	%
2007	0.10	%	15,834		13.472183		213,319	8.25	%	8.22	%
2007	0.25	%	133,088		13.398414		1,783,168	8.25	%	8.06	%
2007	0.40	%	2,462		13.325057		32,806	8.25	%	7.89	%
2006	0.25	%	121,412		12.399544		1,505,453	4.03	%	4.40	%
2006	0.40	%	2,542		12.350260		31,394	4.03	%	4.24	%
2005	0.25	%	287,514		11.877133		3,414,842	4.94	%	5.96	%
2005	0.40	%	58,972		11.847635		698,679	4.94	%	5.81	%
2004	0.25	%	10,938		11.208609		122,600	6.86	%	12.09	%	5/3/2004
2004	0.40	%	13,676		11.197507		153,137	6.86	%	11.98	%	5/3/2004
PIMCO VIT - Low Duration Portfolio - Administrative Class (PMVLDA)
2008	0.00	%	15,497		11.927738		184,844	4.10	%	-0.45	%
2008	0.10	%	85,251		11.852482		1,010,436	4.10	%	-0.55	%
2008	0.20	%	1,648,644		11.777625		19,417,111	4.10	%	-0.65	%
2008	0.25	%	1,211,549		11.740354		14,224,014	4.10	%	-0.70	%
2008	0.40	%	167,038		11.629122		1,942,505	4.10	%	-0.85	%
2007	0.10	%	115,344		11.918100		1,374,681	4.75	%	7.27	%
2007	0.20	%	1,869,506		11.854696		22,162,425	4.75	%	7.16	%
2007	0.25	%	1,853,686		11.823104		21,916,322	4.75	%	7.10	%
2007	0.40	%	189,584		11.728722		2,223,578	4.75	%	6.94	%
2006	0.10	%	24,296		11.110721		269,946	4.19	%	3.86	%
2006	0.20	%	1,775,448		11.062747		19,641,332	4.19	%	3.75	%
2006	0.25	%	875,682		11.038824		9,666,499	4.19	%	3.70	%
2006	0.40	%	995,170		10.967285		10,914,313	4.19	%	3.55	%
2005	0.20	%	1,845,738		10.662435		19,680,061	2.71	%	0.80	%
2005	0.25	%	747,294		10.644694		7,954,716	2.71	%	0.75	%
2005	0.40	%	1,106,776		10.591594		11,722,522	2.71	%	0.60	%
2004	0.10	%	435,394		10.602263		4,616,162	1.29	%	1.74	%
2004	0.20	%	2,001,144		10.577591		21,167,283	1.29	%	1.64	%
2004	0.25	%	554,690		10.565271		5,860,450	1.29	%	1.58	%
2004	0.40	%	1,548,394		10.528355		16,302,042	1.29	%	1.43	%
PIMCO VIT - Real Return Portfolio - Administrative Class (PMVRRA)
2008	0.00	%	1,297		13.006263		16,869	3.55	%	-7.02	%
2008	0.10	%	150,898		12.924061		1,950,215	3.55	%	-7.12	%
2008	0.20	%	817,317		12.842295		10,496,226	3.55	%	-7.21	%
2008	0.25	%	2,758,640		12.801575		35,314,937	3.55	%	-7.26	%
2008	0.40	%	953,934		12.680079		12,095,958	3.55	%	-7.40	%
2007	0.10	%	93,920		13.914414		1,306,842	4.64	%	10.53	%
2007	0.20	%	777,912		13.840237		10,766,486	4.64	%	10.42	%
2007	0.25	%	1,535,174		13.803269		21,190,420	4.64	%	10.37	%
2007	0.40	%	1,489,604		13.692856		20,396,933	4.64	%	10.20	%
2006	0.10	%	50,474		12.588282		635,381	4.26	%	0.64	%
2006	0.20	%	672,656		12.533792		8,430,930	4.26	%	0.54	%
2006	0.25	%	1,287,852		12.506613		16,106,667	4.26	%	0.49	%
2006	0.40	%	1,442,470		12.425357		17,923,205	4.26	%	0.34	%
2005	0.10	%	80,408		12.508033		1,005,746	2.85	%	1.97	%
2005	0.20	%	628,146		12.466336		7,830,679	2.85	%	1.87	%
2005	0.25	%	1,206,896		12.445521		15,020,450	2.85	%	1.82	%
2005	0.40	%	640,224		12.383232		7,928,042	2.85	%	1.67	%
2004	0.10	%	96,300		12.266232		1,181,238	1.03	%	8.78	%
2004	0.20	%	225,144		12.237557		2,755,213	1.03	%	8.67	%
2004	0.25	%	309,916		12.223233		3,788,175	1.03	%	8.62	%
2004	0.40	%	907,634		12.180321		11,055,273	1.03	%	8.45	%

(Continued)

127

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
PIMCO VIT - Total Return Portfolio - Administrative Class (PMVTRA)
2008	0.00	%	72,078	$	13.802824	$	994,880	4.47	%	4.75	%
2008	0.10	%	1,250,843		13.715592		17,156,052	4.47	%	4.64	%
2008	0.20	%	2,728,440		13.628820		37,185,418	4.47	%	4.54	%
2008	0.25	%	7,835,547		13.585613		106,450,709	4.47	%	4.49	%
2008	0.40	%	621,710		13.456667		8,366,144	4.47	%	4.33	%
2007	0.10	%	832,700		13.106902		10,914,117	4.81	%	8.63	%
2007	0.20	%	3,931,096		13.037033		51,249,828	4.81	%	8.52	%
2007	0.25	%	5,454,364		13.002214		70,918,808	4.81	%	8.47	%
2007	0.40	%	1,905,050		12.898203		24,571,722	4.81	%	8.31	%
2006	0.10	%	8,770		12.065231		105,812	4.42	%	3.74	%
2006	0.20	%	3,889,630		12.013005		46,726,145	4.42	%	3.64	%
2006	0.25	%	3,326,500		11.986960		39,874,622	4.42	%	3.59	%
2006	0.40	%	3,150,134		11.909077		37,515,188	4.42	%	3.43	%
2005	0.10	%	30,398		11.629906		353,526	3.47	%	2.32	%
2005	0.20	%	3,110,384		11.591132		36,052,872	3.47	%	2.22	%
2005	0.25	%	2,083,246		11.571785		24,106,875	3.47	%	2.17	%
2005	0.40	%	2,531,932		11.513866		29,152,326	3.47	%	2.02	%
2004	0.10	%	50,172		11.365760		570,243	1.92	%	4.78	%
2004	0.20	%	1,390,690		11.339186		15,769,293	1.92	%	4.67	%
2004	0.25	%	1,511,060		11.325918		17,114,142	1.92	%	4.62	%
2004	0.40	%	3,142,992		11.286156		35,472,298	1.92	%	4.46	%
Pioneer VCT - Pioneer Emerging Markets Portfolio - Class I (PIVEMI)
2008	0.00	%	1,435		4.375030		6,278	0.36	%	-58.20	%
2008	0.25	%	32,111		4.361213		140,043	0.36	%	-58.31	%
Pioneer VCT - Pioneer High Yield Portfolio - Class I (PIHYB1)
2008	0.00	%	433		11.258511		4,875	8.46	%	-35.43	%
2008	0.10	%	110,077		11.187479		1,231,484	8.46	%	-35.49	%
2008	0.20	%	694,575		11.116824		7,721,468	8.46	%	-35.55	%
2008	0.25	%	254,649		11.081635		2,821,927	8.46	%	-35.59	%
2008	0.40	%	52,370		10.976641		574,847	8.46	%	-35.68	%
2007	0.10	%	100,470		17.342224		1,742,373	5.36	%	5.81	%
2007	0.20	%	507,564		17.249965		8,755,461	5.36	%	5.71	%
2007	0.25	%	195,182		17.203983		3,357,908	5.36	%	5.65	%
2007	0.40	%	179,670		17.066645		3,066,364	5.36	%	5.50	%
2006	0.10	%	10,514		16.389248		172,317	5.53	%	8.39	%
2006	0.20	%	467,554		16.318486		7,629,773	5.53	%	8.29	%
2006	0.25	%	82,444		16.283186		1,342,451	5.53	%	8.23	%
2006	0.40	%	280,054		16.177661		4,530,619	5.53	%	8.07	%
2005	0.10	%	11,722		15.120107		177,238	5.49	%	1.84	%
2005	0.20	%	438,236		15.069867		6,604,158	5.49	%	1.74	%
2005	0.25	%	36,528		15.044787		549,556	5.49	%	1.69	%
2005	0.40	%	252,932		14.969736		3,786,325	5.49	%	1.54	%
2004	0.10	%	16,298		14.846381		241,966	5.59	%	7.95	%
2004	0.20	%	41,538		14.811836		615,254	5.59	%	7.85	%
2004	0.25	%	53,634		14.794578		793,492	5.59	%	7.79	%
2004	0.40	%	473,190		14.742883		6,976,185	5.59	%	7.63	%

(Continued)

128

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Putnam VT - Growth and Income Fund - Class IB (PVGIB)
2008	0.00	%	63,826	$	9.699626	$	619,088	2.04	%	-38.70	%
2007	0.00	%	65,188		15.822165		1,031,415	1.43	%	-6.04	%
2006	0.00	%	79,204		16.838971		1,333,714	1.47	%	15.91	%
2005	0.00	%	79,162		14.527575		1,150,032	1.49	%	5.23	%
2004	0.00	%	69,826		13.805820		964,005	1.11	%	11.11	%
Putnam VT - International Equity Fund - Class IB (PVTIGB)
2008	0.00	%	98,334		12.943794		1,272,815	2.18	%	-43.95	%
2007	0.00	%	132,680		23.093467		3,064,041	2.23	%	8.37	%
2006	0.00	%	227,790		21.310423		4,854,301	0.36	%	27.72	%
2005	0.00	%	138,276		16.685441		2,307,196	1.32	%	12.20	%
2004	0.00	%	107,542		14.871493		1,599,310	1.30	%	16.19	%
Putnam VT - OTC & Emerging Growth Fund - Class IB (PVOEGB)
2008	0.20	%	5,847		5.470558		31,986	0.00	%	-45.29	%	1/2/2008
2008	0.25	%	533		5.467827		2,914	0.00	%	-45.32	%	1/2/2008
Putnam VT - Small Cap Value Fund - Class IB (PVTSCB)
2008	0.25	%	65		5.389467		350	0.00	%	-39.51	%
Putnam VT - Voyager Fund - Class IB (PVTVB)
2008	0.00	%	54,796		9.218880		505,158	0.00	%	-37.03	%
2007	0.00	%	29,740		14.640393		435,405	0.00	%	5.52	%
2006	0.00	%	28,784		13.874456		399,362	0.11	%	5.44	%
2005	0.00	%	27,308		13.159164		359,350	0.59	%	5.69	%
2004	0.00	%	26,864		12.450430		334,468	0.20	%	5.03	%
Royce Capital Fund - Micro Cap Portfolio (ROCMC)
2008	0.00	%	3,305		13.694894		45,262	2.44	%	-43.27	%
2008	0.10	%	126,086		13.608530		1,715,845	2.44	%	-43.33	%
2008	0.20	%	526,233		13.522698		7,116,090	2.44	%	-43.38	%
2008	0.25	%	1,056,241		13.479984		14,238,112	2.44	%	-43.41	%
2008	0.40	%	243,108		13.352691		3,246,146	2.44	%	-43.50	%
2007	0.10	%	192,752		24.012175		4,628,395	1.50	%	3.87	%
2007	0.20	%	516,162		23.884685		12,328,367	1.50	%	3.77	%
2007	0.25	%	1,213,818		23.821182		28,914,579	1.50	%	3.72	%
2007	0.40	%	383,860		23.631757		9,071,286	1.50	%	3.56	%
2006	0.10	%	102,390		23.116715		2,366,920	0.17	%	20.95	%
2006	0.20	%	487,556		23.017122		11,222,136	0.17	%	20.83	%
2006	0.25	%	779,248		22.967474		17,897,358	0.17	%	20.77	%
2006	0.40	%	767,354		22.819241		17,510,436	0.17	%	20.59	%
2005	0.10	%	11,746		19.112697		224,498	0.60	%	11.50	%
2005	0.20	%	516,002		19.049333		9,829,494	0.60	%	11.39	%
2005	0.25	%	690,136		19.017724		13,124,816	0.60	%	11.33	%
2005	0.40	%	830,676		18.923254		15,719,093	0.60	%	11.17	%
2004	0.10	%	11,820		17.141696		202,615	0.00	%	13.73	%
2004	0.20	%	251,888		17.101898		4,307,763	0.00	%	13.62	%
2004	0.25	%	271,392		17.082044		4,635,930	0.00	%	13.56	%
2004	0.40	%	1,033,530		17.022607		17,593,375	0.00	%	13.39	%

(Continued)

129

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Royce Capital Fund - Small Cap Portfolio (ROCSC)
2008	0.20	%	11,031	$	7.326443	$	80,818	0.43	%	-26.74	%	1/2/2008
2008	0.25	%	1,007		7.322794		7,374	0.43	%	-26.77	%	1/2/2008
T. Rowe Price Blue Chip Growth Portfolio - II (TRBCG2)
2008	0.00	%	273,286		7.980543		2,180,971	0.11	%	-42.65	%
2008	0.20	%	23,532		7.922205		186,425	0.11	%	-42.76	%
2008	0.25	%	2,151		7.907699		17,009	0.11	%	-42.79	%
2007	0.00	%	212,892		13.915435		2,962,485	0.11	%	12.49	%
2006	0.00	%	117,044		12.370493		1,447,892	0.34	%	9.33	%
2005	0.00	%	33,050		11.314946		373,959	0.16	%	13.15	%	5/2/2005
T. Rowe Price Equity Income Portfolio - II (TREI2)
2008	0.00	%	345,566		11.741384		4,057,423	2.12	%	-36.26	%
2008	0.10	%	166,121		11.667331		1,938,189	2.12	%	-36.33	%
2008	0.20	%	1,762,229		11.593772		20,430,881	2.12	%	-36.39	%
2008	0.25	%	2,240,330		11.557153		25,891,837	2.12	%	-36.42	%
2008	0.40	%	562,661		11.447985		6,441,335	2.12	%	-36.52	%
2007	0.00	%	342,686		18.422059		6,312,982	1.51	%	3.03	%
2007	0.10	%	160,922		18.324230		2,948,772	1.51	%	2.93	%
2007	0.20	%	1,884,266		18.226974		34,344,467	1.51	%	2.82	%
2007	0.25	%	2,229,008		18.178518		40,520,062	1.51	%	2.77	%
2007	0.40	%	834,360		18.033915		15,046,777	1.51	%	2.62	%
2006	0.00	%	232,318		17.880327		4,153,922	1.35	%	18.65	%
2006	0.10	%	17,014		17.803262		302,905	1.35	%	18.53	%
2006	0.20	%	1,955,804		17.726578		34,669,712	1.35	%	18.41	%
2006	0.25	%	1,540,034		17.688346		27,240,654	1.35	%	18.35	%
2006	0.40	%	1,391,756		17.574134		24,458,906	1.35	%	18.18	%
2005	0.00	%	69,938		15.070153		1,053,976	1.39	%	3.69	%
2005	0.10	%	22,826		15.020167		342,850	1.39	%	3.59	%
2005	0.20	%	1,993,558		14.970390		29,844,341	1.39	%	3.49	%
2005	0.25	%	892,058		14.945544		13,332,292	1.39	%	3.44	%
2005	0.40	%	1,649,340		14.871262		24,527,767	1.39	%	3.28	%
2004	0.10	%	11,962		14.499419		173,442	1.46	%	14.50	%
2004	0.20	%	1,400,944		14.465784		20,265,753	1.46	%	14.39	%
2004	0.25	%	366,698		14.448971		5,298,409	1.46	%	14.33	%
2004	0.40	%	1,661,986		14.398668		23,930,385	1.46	%	14.16	%
T. Rowe Price Health Sciences Portfolio - II (TRHS2)
2008	0.20	%	163,681		7.109924		1,163,759	0.00	%	-28.90	%	1/2/2008
2008	0.25	%	14,944		7.106377		106,198	0.00	%	-28.94	%	1/2/2008
T. Rowe Price Limited Term Bond Portfolio - Class II (TRLT2)
2008	0.00	%	177,875		11.230967		1,997,708	3.75	%	1.31	%
2007	0.00	%	97,460		11.086232		1,080,464	4.06	%	5.23	%
2006	0.00	%	51,598		10.535464		543,609	3.73	%	4.03	%
2005	0.00	%	19,896		10.127763		201,502	2.09	%	1.28	%	5/2/2005

(Continued)

130

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
T. Rowe Price Mid Cap Growth Portfolio - II (TRMCG2)
2008	0.10	%	97,962	$	14.242855	$	1,395,259	0.00	%	-40.00	%
2008	0.20	%	302,266		14.153026		4,277,979	0.00	%	-40.06	%
2008	0.25	%	681,051		14.108326		9,608,490	0.00	%	-40.09	%
2007	0.10	%	118,598		23.736199		2,815,066	0.00	%	17.11	%
2007	0.20	%	283,588		23.610164		6,695,559	0.00	%	16.99	%
2007	0.25	%	726,466		23.547392		17,106,380	0.00	%	16.93	%
2007	0.40	%	34,870		23.360091		814,566	0.00	%	16.75	%
2006	0.10	%	23,520		20.268825		476,723	0.00	%	6.28	%
2006	0.20	%	288,630		20.181467		5,824,977	0.00	%	6.17	%
2006	0.25	%	560,134		20.137940		11,279,945	0.00	%	6.12	%
2006	0.40	%	256,586		20.007898		5,133,747	0.00	%	5.96	%
2005	0.10	%	44,810		19.071958		854,614	0.00	%	14.32	%
2005	0.20	%	626,894		19.008705		11,916,443	0.00	%	14.21	%
2005	0.25	%	356,418		18.977178		6,763,808	0.00	%	14.15	%
2005	0.40	%	453,782		18.882872		8,568,707	0.00	%	13.98	%
2004	0.10	%	172,276		16.682608		2,874,013	0.00	%	17.94	%
2004	0.20	%	835,584		16.643864		13,907,346	0.00	%	17.82	%
2004	0.25	%	179,746		16.624542		2,988,195	0.00	%	17.76	%
2004	0.40	%	754,450		16.566668		12,498,723	0.00	%	17.58	%
T. Rowe Price New America Growth Portfolio (TRNAG1)
2008	0.10	%	52,850		8.488305		448,607	0.00	%	-38.30	%
2008	0.20	%	83,615		8.448808		706,447	0.00	%	-38.37	%
2008	0.25	%	307,465		8.429140		2,591,666	0.00	%	-38.40	%
2008	0.40	%	481,319		8.370383		4,028,824	0.00	%	-38.49	%
2007	0.10	%	25,334		13.758234		348,551	0.00	%	13.67	%
2007	0.20	%	299,098		13.707959		4,100,023	0.00	%	13.55	%
2007	0.25	%	194,180		13.682900		2,656,946	0.00	%	13.49	%
2007	0.40	%	536,034		13.607980		7,294,340	0.00	%	13.32	%
2006	0.20	%	301,726		12.072027		3,642,444	0.04	%	7.12	%
2006	0.25	%	86,392		12.056017		1,041,543	0.04	%	7.06	%
2006	0.40	%	551,676		12.008095		6,624,578	0.04	%	6.90	%
2005	0.20	%	690,950		11.269904		7,786,940	0.00	%	4.26	%
2005	0.25	%	2,404		11.260565		27,070	0.00	%	4.21	%
2005	0.40	%	584,706		11.232593		6,567,765	0.00	%	4.06	%
2004	0.20	%	222,430		10.808909		2,404,226	0.00	%	8.09	%	5/3/2004
2004	0.25	%	560		10.805340		6,051	0.00	%	8.05	%	5/3/2004
2004	0.40	%	19,964		10.794628		215,504	0.00	%	7.95	%	5/3/2004
T. Rowe Price Personal Strategy Balanced Portfolio (TRPSB1)
2008	0.00	%	7,764		7.640233		59,319	2.80	%	-29.88	%
2008	0.25	%	47,397		7.599968		360,216	2.80	%	-30.06	%
2008	0.40	%	143		7.575907		1,083	2.80	%	-30.16	%
2007	0.25	%	5,720		10.865761		62,152	1.34	%	7.34	%
2007	0.40	%	340		10.847653		3,688	1.34	%	7.18	%
The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)
2008	0.00	%	903,627		8.816356		7,966,697	0.76	%	-34.42	%
2008	0.10	%	108,438		6.365134		690,222	0.76	%	-34.49	%
2008	0.25	%	47,574		5.777639		274,865	0.76	%	-34.59	%
2007	0.00	%	990,572		13.444500		13,317,745	0.54	%	7.79	%
2007	0.10	%	116,744		9.716245		1,134,313	0.54	%	7.68	%
2007	0.25	%	50,616		8.832711		447,076	0.54	%	7.51	%
2006	0.00	%	1,115,238		12.473391		13,910,800	0.11	%	9.20	%
2006	0.10	%	84,702		9.023502		764,309	0.11	%	9.09	%
2006	0.25	%	91,596		8.215346		752,493	0.11	%	8.93	%
2006	0.40	%	90		10.406467		937	0.11	%	8.77	%
2005	0.00	%	1,203,742		11.422458		13,749,692	0.00	%	3.62	%
2005	0.10	%	90,610		8.271484		749,479	0.00	%	3.51	%
2005	0.25	%	101,932		7.541951		768,766	0.00	%	3.36	%
2005	0.40	%	734		9.567773		7,023	0.00	%	3.20	%
2004	0.00	%	1,320,272		11.023895		14,554,540	0.40	%	6.21	%
2004	0.10	%	88,956		7.990838		710,833	0.40	%	6.10	%
2004	0.20	%	29,340		7.311886		214,531	0.40	%	6.00	%
2004	0.25	%	154,666		7.296964		1,128,592	0.40	%	5.95	%
2004	0.40	%	21,434		9.270823		198,711	0.40	%	5.79	%

(Continued)

131

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
The Universal IF, Inc. - Capital Growth Portfolio - Class I (MSVEG)
2008	0.25	%	39,408	$	5.090726	$	200,615	0.00	%	-49.31	%
Van Eck Worldwide Insurance Trust - Emerging Markets Fund - Initial Class (VWEM)
2008	0.00	%	379,342		12.666688		4,805,007	0.00	%	-64.78	%
2008	0.10	%	96,284		17.162939		1,652,516	0.00	%	-64.81	%
2008	0.20	%	70,043		15.849346		1,110,136	0.00	%	-64.85	%
2008	0.25	%	73,280		15.785351		1,156,751	0.00	%	-64.87	%
2007	0.00	%	517,190		35.963363		18,599,892	0.40	%	37.61	%
2007	0.10	%	94,388		48.778177		4,604,075	0.40	%	37.48	%
2007	0.20	%	66,494		45.090153		2,998,225	0.40	%	37.34	%
2007	0.25	%	105,400		44.930650		4,735,691	0.40	%	37.27	%
2006	0.00	%	565,466		26.133423		14,777,562	0.56	%	39.49	%
2006	0.10	%	43,526		35.481161		1,544,353	0.56	%	39.35	%
2006	0.20	%	46,954		32.831467		1,541,569	0.56	%	39.21	%
2006	0.25	%	66,446		32.731758		2,174,894	0.56	%	39.14	%
2005	0.00	%	573,050		18.734825		10,735,991	0.71	%	32.00	%
2005	0.10	%	38,212		25.461491		972,934	0.71	%	31.86	%
2005	0.20	%	45,066		23.583541		1,062,816	0.71	%	31.73	%
2005	0.25	%	41,596		23.523647		978,490	0.71	%	31.67	%
2005	0.40	%	596		17.488050		10,423	0.71	%	31.47	%
2004	0.00	%	535,204		14.193509		7,596,423	0.53	%	25.89	%
2004	0.10	%	32,436		19.308855		626,302	0.53	%	25.76	%
2004	0.20	%	120,164		17.902527		2,151,239	0.53	%	25.64	%
2004	0.25	%	212,994		17.865954		3,805,341	0.53	%	25.58	%
2004	0.40	%	53,740		13.301843		714,841	0.53	%	25.39	%
Van Eck Worldwide Insurance Trust - Hard Assets Fund - Initial Class (VWHA)
2008	0.00	%	387,879		21.535500		8,353,168	0.27	%	-46.12	%
2008	0.10	%	84,350		29.959857		2,527,114	0.27	%	-46.18	%
2008	0.20	%	129,114		25.496953		3,292,014	0.27	%	-46.23	%
2008	0.25	%	133,086		25.394095		3,379,599	0.27	%	-46.26	%
2008	0.40	%	6,726		20.508184		137,938	0.27	%	-46.34	%
2007	0.00	%	416,768		39.972562		16,659,285	0.11	%	45.36	%
2007	0.10	%	99,614		55.665036		5,545,017	0.11	%	45.21	%
2007	0.20	%	81,432		47.420563		3,861,551	0.11	%	45.06	%
2007	0.25	%	170,146		47.252962		8,039,902	0.11	%	44.99	%
2007	0.40	%	6,820		38.218809		260,652	0.11	%	44.77	%
2006	0.00	%	487,264		27.499610		13,399,570	0.06	%	24.49	%
2006	0.10	%	20,452		38.333948		784,006	0.06	%	24.37	%
2006	0.20	%	59,788		32.689202		1,954,422	0.06	%	24.24	%
2006	0.25	%	153,486		32.590053		5,002,117	0.06	%	24.18	%
2005	0.00	%	509,766		22.089482		11,260,467	0.31	%	51.67	%
2005	0.10	%	26,250		30.823042		809,105	0.31	%	51.52	%
2005	0.20	%	52,740		26.310503		1,387,616	0.31	%	51.37	%
2005	0.25	%	129,856		26.243783		3,407,913	0.31	%	51.29	%
2005	0.40	%	52		21.290146		1,107	0.31	%	51.07	%
2004	0.00	%	392,894		14.564221		5,722,195	0.31	%	24.23	%
2004	0.10	%	7,980		20.342743		162,335	0.31	%	24.10	%
2004	0.20	%	70,582		17.381825		1,226,844	0.31	%	23.98	%
2004	0.25	%	31,156		17.346378		540,444	0.31	%	23.92	%
2004	0.40	%	153,946		14.093195		2,169,591	0.31	%	23.73	%

(Continued)

132

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Van Kampen UIF - Core Plus Fixed Income Portfolio - Class I (MSVFI)
2008	0.00	%	264,578	$	10.933218	$	2,892,689	4.73	%	-10.20	%
2007	0.00	%	281,694		12.175696		3,429,821	3.71	%	5.45	%
2006	0.00	%	190,806		11.546094		2,203,064	4.06	%	3.73	%
2005	0.00	%	126,012		11.130805		1,402,615	3.73	%	4.21	%
2004	0.00	%	50,918		10.680729		543,841	3.92	%	4.37	%
Van Kampen UIF - Emerging Markets Debt Portfolio - Class I (MSEM)
2008	0.00	%	235,478		19.678201		4,633,783	7.06	%	-14.98	%
2008	0.10	%	32,806		25.456014		835,110	7.06	%	-15.06	%
2008	0.20	%	94,088		19.381729		1,823,588	7.06	%	-15.15	%
2008	0.25	%	83,661		19.303549		1,614,954	7.06	%	-15.19	%
2008	0.40	%	69,947		17.858916		1,249,178	7.06	%	-15.32	%
2007	0.00	%	244,604		23.144388		5,661,210	7.13	%	6.53	%
2007	0.10	%	53,870		29.969902		1,614,479	7.13	%	6.42	%
2007	0.20	%	79,524		22.841354		1,816,436	7.13	%	6.32	%
2007	0.25	%	74,644		22.760599		1,698,942	7.13	%	6.26	%
2007	0.40	%	68,018		21.088867		1,434,423	7.13	%	6.10	%
2006	0.00	%	296,826		21.725302		6,448,634	10.28	%	10.81	%
2006	0.10	%	11,152		28.160613		314,047	10.28	%	10.70	%
2006	0.20	%	74,878		21.483999		1,608,679	10.28	%	10.59	%
2006	0.25	%	49,984		21.418803		1,070,597	10.28	%	10.53	%
2006	0.40	%	81,282		19.875581		1,615,527	10.28	%	10.37	%
2005	0.00	%	306,254		19.606425		6,004,546	7.14	%	12.25	%
2005	0.10	%	17,164		25.439451		436,643	7.14	%	12.14	%
2005	0.20	%	227,212		19.427363		4,414,130	7.14	%	12.03	%
2005	0.25	%	48,476		19.378063		939,371	7.14	%	11.97	%
2005	0.40	%	83,166		18.008789		1,497,719	7.14	%	11.80	%
2004	0.00	%	310,368		17.466655		5,421,091	7.52	%	10.06	%
2004	0.10	%	6,174		22.685707		140,062	7.52	%	9.95	%
2004	0.20	%	105,242		17.341685		1,825,074	7.52	%	9.84	%
2004	0.25	%	37,344		17.306300		646,286	7.52	%	9.79	%
2004	0.40	%	122,976		16.107486		1,980,834	7.52	%	9.62	%
Van Kampen UIF - Global Real Estate Portfolio - Class II (VKVGR2)
2008	0.00	%	9,686		4.901259		47,474	4.11	%	-44.34	%
2008	0.25	%	85,328		4.885787		416,894	4.11	%	-44.48	%
2008	0.40	%	4,297		4.876534		20,954	4.11	%	-44.57	%

(Continued)

133

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Van Kampen UIF - Mid Cap Growth Portfolio- Class I (MSVMG)
2008	0.00	%	240,987	$	6.115056	$	1,473,649	0.80	%	-46.77	%
2008	0.10	%	79,376		6.062222		481,195	0.80	%	-46.82	%
2008	0.20	%	24,533		6.009877		147,440	0.80	%	-46.87	%
2008	0.25	%	816,330		5.983894		4,884,832	0.80	%	-46.90	%
2008	0.40	%	22,314		5.906531		131,798	0.80	%	-46.98	%
2007	0.00	%	283,210		11.486951		3,253,219	0.00	%	22.67	%
2007	0.10	%	59,566		11.399129		679,001	0.00	%	22.54	%
2007	0.20	%	20,784		11.312053		235,110	0.00	%	22.42	%
2007	0.25	%	401,714		11.268795		4,526,833	0.00	%	22.36	%
2007	0.40	%	44,500		11.139857		495,724	0.00	%	22.17	%
2006	0.00	%	282,660		9.364438		2,646,952	0.00	%	9.27	%
2006	0.10	%	21,636		9.302196		201,262	0.00	%	9.17	%
2006	0.20	%	26,838		9.240416		247,994	0.00	%	9.06	%
2006	0.25	%	265,862		9.209696		2,448,508	0.00	%	9.00	%
2006	0.40	%	44,880		9.118070		409,219	0.00	%	8.84	%
2005	0.00	%	300,668		8.569610		2,576,607	0.00	%	17.57	%
2005	0.10	%	21,748		8.521148		185,318	0.00	%	17.45	%
2005	0.20	%	20,382		8.473005		172,697	0.00	%	17.33	%
2005	0.25	%	144,664		8.449046		1,222,273	0.00	%	17.28	%
2005	0.40	%	49,068		8.377513		411,068	0.00	%	17.10	%
2004	0.00	%	328,124		7.289089		2,391,725	0.00	%	21.60	%
2004	0.10	%	21,882		7.255105		158,756	0.00	%	21.47	%
2004	0.20	%	98,272		7.221303		709,652	0.00	%	21.35	%
2004	0.25	%	137,920		7.204463		993,640	0.00	%	21.29	%
2004	0.40	%	30,098		7.154160		215,326	0.00	%	21.11	%
Van Kampen UIF - U.S. Real Estate Portfolio - Class I (MSVRE)
2008	0.00	%	1,007,215		18.602467		18,736,684	3.40	%	-37.89	%
2008	0.10	%	141,708		21.872227		3,099,470	3.40	%	-37.96	%
2008	0.20	%	136,212		17.741677		2,416,629	3.40	%	-38.02	%
2008	0.25	%	648,045		17.670052		11,450,989	3.40	%	-38.05	%
2008	0.40	%	60,957		18.056248		1,100,655	3.40	%	-38.14	%
2007	0.00	%	1,115,184		29.952335		33,402,365	1.11	%	-17.07	%
2007	0.10	%	183,278		35.252498		6,461,007	1.11	%	-17.15	%
2007	0.20	%	249,376		28.623844		7,138,100	1.11	%	-17.24	%
2007	0.25	%	617,432		28.522644		17,610,793	1.11	%	-17.28	%
2007	0.40	%	172,122		29.190018		5,024,244	1.11	%	-17.40	%
2006	0.00	%	1,384,756		36.117848		50,014,407	1.07	%	38.04	%
2006	0.10	%	109,384		42.551820		4,654,488	1.07	%	37.91	%
2006	0.20	%	324,820		34.585436		11,234,041	1.07	%	37.77	%
2006	0.25	%	709,670		34.480507		24,469,781	1.07	%	37.70	%
2006	0.40	%	290,660		35.340571		10,272,090	1.07	%	37.50	%
2005	0.00	%	1,409,392		26.163932		36,875,236	1.19	%	17.05	%
2005	0.10	%	125,524		30.855447		3,873,099	1.19	%	16.93	%
2005	0.20	%	250,510		25.103798		6,288,752	1.19	%	16.82	%
2005	0.25	%	546,448		25.040093		13,683,109	1.19	%	16.76	%
2005	0.40	%	377,610		25.703042		9,705,726	1.19	%	16.59	%
2004	0.00	%	1,415,482		22.352530		31,639,604	1.61	%	36.39	%
2004	0.10	%	110,058		26.386900		2,904,089	1.61	%	36.26	%
2004	0.20	%	98,428		21.489618		2,115,180	1.61	%	36.12	%
2004	0.25	%	352,704		21.445777		7,564,011	1.61	%	36.05	%
2004	0.40	%	716,826		22.046498		15,803,503	1.61	%	35.85	%

(Continued)

134

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Vanguard(R) VIF - Balanced Portfolio (VVB)
2008	0.20	%	109,081	$	7.761012	$	846,579	0.00	%	-22.39	%	1/2/2008
2008	0.25	%	9,959		7.757156		77,254	0.00	%	-22.43	%	1/2/2008
Vanguard(R) VIF - Diversified Value Portfolio (VVDV)
2008	0.20	%	143,388		6.467982		927,431	0.00	%	-35.32	%	1/2/2008
2008	0.25	%	13,091		6.464759		84,630	0.00	%	-35.35	%	1/2/2008
Vanguard(R) VIF - International Portfolio (VVI)
2008	0.20	%	356,354		5.532166		1,971,409	0.00	%	-44.68	%	1/2/2008
2008	0.25	%	32,536		5.529407		179,905	0.00	%	-44.71	%	1/2/2008
Vanguard(R) VIF - Mid Cap Index Portfolio (VVMCI)
2008	0.20	%	301,906		5.892524		1,778,988	0.00	%	-41.07	%	1/2/2008
2008	0.25	%	27,909		5.889589		164,373	0.00	%	-41.10	%	1/2/2008
Vanguard(R) VIF - Short-Term Investment-Grade Portfolio (VVSTC)
2008	0.20	%	223,003		9.590829		2,138,784	0.00	%	-4.09	%	1/2/2008
2008	0.25	%	20,361		9.586056		195,182	0.00	%	-4.14	%	1/2/2008
Wells Fargo AVT - Discovery Fund(SM) (SVDF)
2008	0.00	%	97,543		5.474555		534,005	0.00	%	-44.36	%
2008	0.10	%	35,560		5.467646		194,429	0.00	%	-44.41	%
2008	0.25	%	42,095		5.457284		229,724	0.00	%	-44.50	%
2008	0.40	%	162		5.446950		882	0.00	%	-44.58	%
Wells Fargo AVT - Opportunity Fund(SM) (SVOF)
2008	0.00	%	966,983		8.718261		8,430,410	1.86	%	-40.10	%
2008	0.10	%	184,457		8.642979		1,594,258	1.86	%	-40.16	%
2008	0.20	%	117,180		8.568374		1,004,042	1.86	%	-40.22	%
2008	0.25	%	331,868		8.531293		2,831,263	1.86	%	-40.25	%
2007	0.00	%	1,129,684		14.553953		16,441,368	0.61	%	6.63	%
2007	0.10	%	224,604		14.442760		3,243,902	0.61	%	6.53	%
2007	0.20	%	154,478		14.332457		2,214,049	0.61	%	6.42	%
2007	0.25	%	358,194		14.277593		5,114,148	0.61	%	6.37	%
2006	0.00	%	1,303,766		13.648563		17,794,532	0.00	%	12.22	%
2006	0.10	%	143,310		13.557898		1,942,982	0.00	%	12.11	%
2006	0.20	%	199,708		13.467901		2,689,648	0.00	%	12.00	%
2006	0.25	%	454,354		13.423088		6,098,834	0.00	%	11.94	%
2006	0.40	%	126		13.289662		1,674	0.00	%	11.77	%
2005	0.00	%	1,428,994		12.162469		17,380,095	0.00	%	7.88	%
2005	0.10	%	114,460		12.093732		1,384,249	0.00	%	7.78	%
2005	0.20	%	360,812		12.025433		4,338,921	0.00	%	7.67	%
2005	0.25	%	470,806		11.991404		5,645,625	0.00	%	7.62	%
2005	0.40	%	110,270		11.889981		1,311,108	0.00	%	7.45	%
2004	0.00	%	1,509,654		11.273634		17,019,287	0.00	%	18.22	%
2004	0.10	%	184,596		11.221097		2,071,370	0.00	%	18.10	%
2004	0.20	%	266,180		11.168856		2,972,926	0.00	%	17.98	%
2004	0.25	%	469,872		11.142802		5,235,691	0.00	%	17.93	%
2004	0.40	%	898,190		11.065086		9,938,550	0.00	%	17.75	%

(Continued)

135

NATIONWIDE VLI SEPARATE ACCOUNT-4 (NOTES TO FINANCIAL STATEMENTS, Continued)

	Contract Expense Rate*		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Initial Offering Date^
Wells Fargo AVT - Small Cap Growth Fund (WFVSCG)
2008	0.00	%	3,856	$	5.636741	$	21,735	0.00	%	-41.42	%
2008	0.25	%	125,618		5.618956		705,842	0.00	%	-41.57	%
2008	0.40	%	1,113		5.608316		6,242	0.00	%	-41.66	%
2008	Contract owners’ equity					$	3,233,903,295
2007	Contract owners’ equity					$	4,818,129,455
2006	Contract owners’ equity					$	4,464,442,368
2005	Contract owners’ equity					$	3,947,899,004
2004	Contract owners’ equity					$	3,677,896,359

* This represents the annual contract expense rate of the variable account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to contract owner accounts through the redemption of units.

** This represents the dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. The ratios exclude those expenses, such as policy and asset charges, that result in direct reductions to the contractholder accounts either through reductions in the unit values or redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

*** This represents the total return for the period indicated and includes a deduction only for expenses assessed through a reduction in the unit values. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return is not annualized if the underlying mutual fund option is initially offered, funded, or both, during the period presented.

^ This represents the date the underlying mutual fund option was initially added and funded. Total returns presented in years of initial offering represent the return for the period from the initial offering through year end.

136

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-4:

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of Nationwide VLI Separate Account-4 (comprised of the sub-accounts listed in note 1(b) (collectively, “the Accounts”)) as of December 31, 2008, and the related statements of operations and changes in contract owners’ equity, and the financial highlights for each of the periods indicated herein. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2008, by correspondence with the transfer agents of the underlying mutual funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2008, and the results of their operations, changes in contract owners’ equity, and financial highlights for each of the periods indicated herein, in conformity with accounting principles generally accepted in the United States of America.

/s/    KPMG LLP

Columbus, Ohio

March 13, 2009