UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 File No. 333-137202

Pre-Effective Amendment No.	□
Post-Effective Amendment No. 18	☑

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 File No. 811-08301

Amendment No. 212 ☑

(Check appropriate box or boxes.)

Nationwide VLI Separate Account-4

(Exact Name of Registrant)

Nationwide Life Insurance Company

(Name of Depositor)

One Nationwide Plaza, Columbus, Ohio 43215

(Address of Depositor's Principal Executive Offices) (Zip Code)

(614) 249-7111

Depositor's Telephone Number, including Area Code

Robert W. Horner III, Vice President Corporate Governance and Secretary,
One Nationwide Plaza, Columbus, Ohio 43215

(Name and Address of Agent for Service)

May 1, 2015

Approximate Date of Proposed Public Offering

It is proposed that this filing will become effective (check appropriate box)

□	immediately upon filing pursuant to paragraph (b)
☑	on May 1, 2015 pursuant to paragraph (b)
□	60 days after filing pursuant to paragraph (a)(1)
□	on (date) pursuant to paragraph (a)(1)

If appropriate, check the following box:

□ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

Next Generation Corporate Variable Universal Life®

Corporate Flexible Premium Variable Universal Life Insurance Policies

Issued by

Nationwide Life Insurance Company

through its

Nationwide VLI Separate Account-4

The date of this prospectus is May 1, 2015.

Variable life insurance is complex. This prospectus is designed to provide prospective policy owners with information about the policy that will assist them when making a decision whether or not to purchase the policy. Nationwide encourages prospective policy owners to take time to understand the policy and its potential benefits and risks. In consultation with their financial advisor, prospective policy owners should use this prospectus in conjunction with the policy and composite illustration to compare the benefits and risks of this policy against those of other life insurance policies.

The policy owner should read this entire prospectus, and the policy, and consult with a trusted financial advisor. To obtain additional information, including free copies of prospectuses for the mutual funds or a copy of the Statement of Additional Information, or to make service transaction requests, please contact Nationwide using any of the methods described in the "Contacting the Service Center" section of this prospectus.

Telephone:	1-877-351-8808 (TDD: 1-800-238-3035)
Facsimile:	1-855-677-2357
Internet:	www.nationwide.com
U.S. Mail:	Nationwide Life Insurance Company Nationwide Business Solutions Group One Nationwide Plaza, 1-11-401 Columbus, OH 43215-2220

These securities have not been approved or disapproved by the SEC nor has the SEC passed upon the accuracy or adequacy of the prospectus. Any representation to the contrary is a criminal offense.

This prospectus is not an offering in any jurisdiction where such offering may not lawfully be made. Not all Riders, terms, conditions, benefits, programs, features and investment options are available or approved for use in every state. Please contact the Service Center to review a copy of the policy and any Riders or endorsements. This prospectus contains all material rights and features of the policy, including any material variations in the policy, such as availability of certain riders.

The policy is NOT: insured by the Federal Deposit Insurance Corporation; a bank deposit; available in every state; or insured or endorsed by a bank or any federal government agency.

The policy may decrease in value to the point of being valueless because of poor Investment Experience.

The purpose of this policy is to provide life insurance protection for the beneficiary named by the policy owner. If the purchaser's primary need is not life insurance protection, then purchasing this policy may not be in the best interest of the purchaser. Nationwide makes no claim that the policy is in any way similar or comparable to a systematic investment plan of a mutual fund.

If this policy is being purchased to replace existing life insurance, the purchaser should carefully consider the benefits, features, and costs of this policy versus those of the policy being replaced.

The policy includes an Enhancement Benefit which is a partial return of charges upon certain surrenders. Policies without such a benefit may have lower overall charges when compared to the policies described in this

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prospectus. The value of this benefit may be more than off-set by the higher overall charges associated with having such a benefit.

Nationwide offers a variety of variable universal life policies. Despite offering substantially similar features and investment options, certain policies may have lower overall charges than others including the policy described herein. These differences in charges may be attributable to differences in sales and related expenses incurred in one distribution channel versus another.

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Table of Contents

	Page
In Summary: Policy Benefits	5
In Summary: Policy Risks	7
In Summary: Fee Tables	8
Policy Investment Options	14
Fixed Account	14
Variable Investment Options	15
Valuation of Accumulation Units	16
How Sub-Account Investment Experience is Determined	17
Transfers Among and Between the Policy Investment Options	17
Sub-Account Transfers	17
Fixed Account Transfers	19
Contacting the Service Center	19
The Policy	20
General Information	20
Use of the Policy	21
Policy Owner and Beneficiaries	21
Purchasing a Policy	22
Right to Cancel (Examination Right)	23
Allocation of Net Premium During Free Look Period	23
Premium Payments	23
Cash Value	24
Enhancement Benefit	25
Changing the Amount of Base Policy Insurance Coverage	25
To Irrevocably Transfer Cash Value Or Exchange The Policy	26
Terminating the Policy	26
Assigning the Policy	26
Reports and Illustrations	26
Standard Policy Charges	27
Premium Load	28
Base Policy Cost of Insurance	29
Base Policy Specified Amount Charge	30
Sub-Account Asset Charge	31
Administrative Charge	32
Illustration Charge	32
Mutual Fund Operating Expenses	32
A Note on Charges	32
Information on Underlying Mutual Fund Payments	33
Policy Riders and Rider Charges	34
Change of Insured Rider	34
Supplemental Insurance Rider	35
Policy Owner Services	38
Nationwide Guided Portfolio Strategies	38
Policy Loans	39
Loan Amount	39
Collateral and the Policy Loan Account	39
Interest Charged	39
When Interest is Charged and Credited	40
Repayment	40
Lapse	40
Grace Period	41
Reinstatement	41
Surrenders	41
Full Surrender	41
Partial Surrender	41
The Death Benefit	42
Calculation of the Death Benefit	42
Death Benefit Options	42

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Table of Contents (continued)

	Page
Changes in the Death Benefit Option	43
The Minimum Required Death Benefit	43
Maximum Death Benefit	44
Incontestability	44
Suicide	45
Policy Maturity	45
Extending Coverage Beyond the Maturity Date	45
Payment of Policy Proceeds	46
Treatment of Unclaimed Property	46
Taxes	46
Nationwide Life Insurance Company	52
Nationwide VLI Separate Account-4	52
Organization, Registration, and Operation	52
Addition, Deletion, or Substitution of Mutual Funds	53
Voting Rights	54
Material Conflicts	54
Legal Proceedings	54
Nationwide Life Insurance Company	54
Nationwide Investment Services Corporation	55
Financial Statements	55
Appendix A: Sub-Account Information	56
Appendix B: Definitions	68
Appendix C: Blending Examples of Policy Charges	70

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In Summary: Policy Benefits

Death Benefit

The primary benefit of the policy is life insurance coverage. While the policy is In Force, the Death Benefit will be paid to the beneficiary when the Insured dies. The purpose of the policy is to provide corporate entities a vehicle for informally financing certain employee benefit plans (such as executive deferred compensation plans), not to provide individuals with a Death Benefit. To fulfill this purpose, the policy owner designates the beneficiary, not the Insured. The policy owner can elect one of three available Death Benefit options.

Death Benefit Options

Note: The Death Benefit will be the greater of the amount produced by the death benefit option in effect on the date of the Insured's death or the Minimum Required Death Benefit, see The Minimum Required Death Benefit.

Death Benefit Option 1: The Death Benefit will be the Total Specified Amount as of the Insured's date of death.

Death Benefit Option 2: The Death Benefit will be the Total Specified Amount plus the Cash Value as of the Insured's date of death.

Death Benefit Option 3: The Death Benefit will be the Total Specified Amount plus the accumulated premium account (which consists of all Premium payments plus interest), less any partial surrenders, as of the Insured's date of death.

Benefit Payout

Policy Proceeds will be paid out in a lump sum.

Coverage Flexibility

Subject to conditions, the policy owner may choose to:

• change the death benefit option;

• increase or decrease the Base Policy Specified Amount and/or Rider Specified Amount;

• change beneficiaries; and

• change ownership of the policy.

Access to Cash Value

Subject to conditions, the policy owner may:

• take a policy loan, see Policy Loans.

• take a partial surrender, see Partial Surrender.

• surrender the policy for its Cash Surrender Value at any time while the policy is In Force, see Full Surrender.

Premium Flexibility

The policy owner will select a Premium payment plan for the policy at the time of application. Within limits, the policy owner may vary the frequency and amount of Premium payments, see Premium Payments and Unfavorable Investment Experience.

Investment Options

Net Premium may be allocated among fixed and/or variable investment options available in the policy.

The policy currently offers a fixed investment option which will earn interest daily, see Fixed Account.

The variable investment options offered under the policy correspond to mutual funds designed to be the underlying investment options of variable insurance products. Nationwide VLI Separate Account-4 contains one Sub-Account for each of the underlying mutual funds offered in the policy.

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Transfer Requests

Policy owners may request to transfer allocations between available investment options of the policy (i.e., the Fixed Account and Sub-Accounts). Requests to transfer allocations between policy investment options will be processed in the Valuation Period they are received at the Service Center as long as the request is in good order. Requests that are not in good order may be delayed or returned, see Contacting the Service Center. Transfer requests may be subject to policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Sub-Account Investment Experience, see Transfers Among and Between Policy Investment Options.

Taxes

Earnings on the policy are generally not taxable to the policy owner, unless withdrawn from the policy. This is known as tax deferral. In addition, beneficiaries generally will not have to include Death Benefit Proceeds as taxable income, see Taxes.

Assignment

Policy owners may assign the policy as collateral for a loan or another obligation while the policy is In Force, see Assigning the Policy.

Examination Right

For a limited time, the policy owner may cancel the policy and receive a refund, see Right to Cancel (Examination Right).

Riders

The policy owner may purchase one or more of the Riders listed below, subject to availability in the state where the policy is issued. There may be additional charges assessed for elected Riders and Rider charges may vary based upon the individual characteristics of the Insured. Operation and benefits of the Riders described in this prospectus may vary by the state where the policy is issued.

• Change of Insured Rider (no charge)

• Supplemental Insurance Rider

Choice of Charge Structure

The policy provides for different charge structures, or "policy components," that permit policy purchasers to determine how to apportion policy expenses (including distribution expenses) over the life of the policy. Each of the policy components applicable to the Base Policy Specified Amount and Rider Specified Amount apportions charges in a different manner between monthly charges, premium loads and deferred premium loads. At the time of application, the policy owner selects a policy component configuration. Some of the charges associated with the policy are lower under the policy components applied to Rider Specified Amount when compared to the corresponding policy component applied to Base Policy Specified Amount, see Supplemental Insurance Rider. In addition, compensation paid to broker-dealer firms will vary based upon the configuration of policy components chosen andcertain policy components can produce lower compensation for the broker-dealer firm than others. Policy components available under the policy include:

• Policy Component A has a Premium Load that declines each year over the first five policy years and a Deferred Premium Load that is based on Premium paid in the first policy year and is charged in policy years two through five.

• Policy Component B has a Premium Load that declines over the first five policy years. No Deferred Premium Load applies under this policy component.

• Policy Component C has a current Premium Load that is lower than the Premium Load on Policy Components A and B, and declines over a shorter, four year, period. No Deferred Premium Load applies.

• Policy Component D has no Premium Load or Deferred Premium Load, and higher aggregate current monthly charges when compared to Policy Components A, B and C.

Each policy component is described in greater detail in Standard Policy Charges and in Appendix C: Blending Examples of Policy Charges. The policy owner should read these sections carefully before choosing policy components. Changes to policy components after the policy is issued are only permitted upon approval by Nationwide. Illustrations of policy component configurations are available upon request through a registered representative or by request to the Service Center.

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The policy owner should obtain illustrations demonstrating the differences among various policy component configurations and combinations of coverage under the base policy and the Supplemental Insurance Rider before investing. Policy component configurations should be chosen carefully; policy component configurations impact the charges assessed under the policy and the total compensation paid to the broker dealer firm.

In Summary: Policy Risks

State Variations

Due to variations in state law, many features of the policy described in this prospectus may be different or may not be available at all depending on the state in which the policy is issued.

Possible variations include, but are not limited to, Rider terms and availability, availability of certain investment options, free look rights, policy exchange rights, policy Lapse and/or reinstatement requirements, and the duration of suicide and incontestability periods. Variations due to state law are subject to change without notice at any time. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, the policy owner can contact the Service Center, see Contacting the Service Center.

Risk of Increase in Current Fees and Charges

Nationwide may change policy and/or Rider charges and rates under the policy at any time. Changes in policy and/or Rider charges and rates will vary based upon changes in Nationwide's future expectations related to items such as company investment earnings, mortality experience, persistency experience, expenses, including reinsurance expenses, and taxes. Nationwide will provide advance notice of any increase in policy and/or Rider charges.

If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Policy and Rider charges will not exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables and Standard Policy Charges.

Improper Use

Variable universal life insurance is not suitable as an investment vehicle for short-term savings. It is designed for long-term financial planning. The policy owner will incur fees at the time of purchase that may more than offset any favorable Investment Experience. If it is expected that access to the policy's Cash Value will be needed in the near future, the policy should not be purchased.

Unfavorable Investment Experience

The Sub-Accounts may generate unfavorable Investment Experience. Poor Investment Experience and the deduction of policy and Sub-Account charges may lower the policy's Cash Value potentially resulting in a Lapse of insurance coverage.

Note: The policy owner selects the Premium amount and frequency shown in the policy illustration to show Nationwide how much Premium the policy owner intends to pay and when. Illustrated Premium and hypothetical rates of return are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because the policy is a variable universal life insurance policy with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, additional Premium may be required to meet a policy owner's goals and/or to prevent the policy from Lapsing. Generally, variable universal life insurance is considered a long-term investment. Policy owners should weigh the investment risk and costs associated with the policy against their objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.

Adverse Tax Consequences

Existing federal tax laws that benefit this policy may change at any time. These changes could alter the favorable federal income tax treatment the policy enjoys, such as the deferral of taxation on the gains in the policy's Cash Value and the exclusion of the Death Benefit Proceeds from the taxable income of the policy's beneficiary. Partial and full surrenders from the policy may be subject to taxes. The income tax treatment of the surrender of Cash Value is different in the event the policy is treated as a modified endowment contract under the Code. Generally, tax treatment of modified endowment contracts is less favorable when compared to a life insurance policy that is not a modified endowment contract. For

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example, distributions and loans from modified endowment contracts may currently be taxed as ordinary income and not a return of investment, see Taxes.

Fixed Account Transfer Restrictions and Limitations

In addition to the Sub-Accounts available under the policy, Net Premium can be allocated to the Fixed Account. Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account subject to transfer restrictions, without penalty or adjustment. These transfers will be in dollars and Nationwide may limit the frequency and dollar amount of transfers involving the Fixed Account. See Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.

Sub-Account Limitations

Frequent trading among the Sub-Accounts may dilute the value of Accumulation Units, cause the Sub-Account to incur higher transaction costs, and interfere with the Sub-Accounts' ability to pursue their stated investment objectives. This could result in less favorable Investment Experience and a lower Cash Value. Nationwide has instituted procedures to minimize disruptive transfers. While Nationwide expects these procedures to reduce the adverse effect of disruptive transfers, it cannot ensure that it has eliminated these risks.

Sub-Account Investment Risk

A comprehensive discussion of the risks of each underlying mutual fund may be found in the mutual fund's prospectus. Read each mutual fund's prospectus before investing. Free copies of each mutual fund's prospectus may be obtained by contacting the Service Center.

Risk of Policy Lapse

Cash Value can be reduced by Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Whenever Cash Value is insufficient to cover the policy's charges, the policy is at risk of Lapse; the policy could terminate without value and insurance coverage would cease.

Policy Component Allocations

There is an increased risk of Lapse in instances where there is too great an allocation to policy components A, B, or C, in conjunction with little or no renewal Premiums paid.

Limitation of Access To Cash Value

A policy owner can access Cash Value through loans and partial surrenders, subject to limitations. Limitations include the amount and frequency of the loan or partial surrender, see Policy Loans and Surrenders. Once a loan or surrender is taken, Cash Value will be reduced by the amount of the policy loan and/or the partial surrender and any associated charges.

In Summary: Fee Tables

The following tables describe the fees and expenses assessed under the policy. The rates in these tables may be rounded up to the nearest one-hundredth decimal. These tables should be read in conjunction with the corresponding section of this prospectus that describes the fee or expense in more detail. All charges deducted from the policy's Cash Value are taken proportionally from the Sub-Accounts and the Fixed Account except where noted. Fees may vary by policy component.

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The first table describes the fees and expenses that a policy owner will pay at the time the policy owner buys the policy, surrenders the policy, or transfers Cash Value between investment options.

Transaction Fees
Charge	When Charge is Deducted	Amount Deducted By Policy Component (A, B, C, and D)
Premium Load1	Upon making a Premium payment	A	B	C	D
Target Premium
Maximum		10%	10%	10%	10%
Current		10%	10%	8%	0%
Excess Premium
Maximum		10%	10%	10%	10%
Current		2%	2%	2%	0%
Illustration Charge2	Upon requesting an illustration
Maximum		$25 (flat fee applies regardless of policy component configurations)
Current		$0 (flat fee applies regardless of policy component configurations)

1	The Premium Load will vary according to the amount of annual Target Premium and Excess Premium and the blending of the policy component configuration selected.
	The maximum premium load applied to all policy components as a percentage of each Premium (whether Target Premium or Excess Premium) declines on the following schedule:

Policy Year	1	2 through 5	6 and thereafter
Premium Load	10%	8%	5%

Each policy component has a different declining premium load assessed on each Premium payment in accordance with the table listed below. The ultimate Premium Load paid depends on the policy component configuration and whether Premium paid is Target Premium or Excess Premium.

Premium Loads on Target Premium

Policy Year	Policy Component A	Policy Component B	Policy Component C	Policy Component D
1	10%	10%	8%	0%
2	8%	8%	6%	0%
3	6%	6%	4%	0%
4	4%	4%	2%	0%
5	2%	2%	2%	0%
6 and thereafter	2%	2%	2%	0%

Premium in excess of Target Premium is assessed a different Premium Load in accordance with the table below.

Premium Loads on Excess Premium

Policy Year	Policy Component A	Policy Component B	Policy Component C	Policy Component D
1	2%	2%	2%	0%
2 – 5	2%	2%	2%	0%
6 and thereafter	2%	2%	2%	0%

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Target Premium is 100% of the maximum annual Premium allowed under the Code assuming that: (i) the policy is not a modified endowment contract; (ii) the policy's death benefit is equal to the Base Policy Specified Amount; (iii) the policy owner is paying seven level, annual Premiums; (iv) there are no premiums resulting from a Section 1035 exchange; and (v) there are no adjustments due to a state imposed requirement or to substandard underwriting ratings.

² The policy owner will be expected to pay the Illustration Charge at the time of the request. This charge will not be deducted from Cash Value.

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The next table describes the fees and expenses that a policy owner will pay periodically while the policy is In Force, not including mutual fund operating expenses.

Periodic Charges
Charge	When Charge is Deducted	Amount Deducted From Cash Value (deductions are separated by Policy Component A, B, C, and D where applicable)
Deferred Premium Load1	On the anniversary of the Policy Date in policy years two through five	A	B	C	D
Target Premium
Maximum		2%	2%	2%	2%
Current		2%	0%	0%	0%
Excess Premium
Maximum		2%	2%	2%	2%
Current		0.5%	0%	0%	0%
Base Policy Cost of Insurance Charge2†	Monthly	A	B	C	D
Maximum		$83.33 per $1,000 of Net Amount At Risk	$83.33 per $1,000 of Net Amount At Risk	$83.33 per $1,000 of Net Amount At Risk	$83.33 per $1,000 of Net Amount At Risk
Minimum		$0.03 per $1,000 of Net Amount At Risk	$0.03 per $1,000 of Net Amount At Risk	$0.03 per $1,000 of Net Amount At Risk	$0.03 per $1,000 of Net Amount At Risk
Representative: an individual issue age 40, non-tobacco, in the 10th policy year, Death Benefit Option 1, issued on a short-form, non-medical basis. Representative Cost by Policy Component Net Amount At Risk3		$0.24	$0.21	$0.22	$0.24

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Periodic Charges
Charge	When Charge is Deducted	Amount Deducted From Cash Value (deductions are separated by Policy Component A, B, C, and D where applicable)
Supplemental Insurance Rider Cost of Insurance Charge4†	Monthly	A	B	C	D
Maximum		$83.33 per $1,000 of Rider Net Amount at Risk	$83.33 per $1,000 of Rider Net Amount at Risk	$83.33 per $1,000 of Rider Net Amount at Risk	$83.33 per $1,000 of Rider Net Amount at Risk
Minimum		$0.02 per $1,000 of Rider Net Amount at Risk	$0.02 per $1,000 of Rider Net Amount at Risk	$0.02 per $1,000 of Rider Net Amount at Risk	$0.02 per $1,000 of Rider Net Amount at Risk
Representative: an individual issue age 40, non-tobacco, in the 10th policy year, issued on a short-form, non-medical basis. Representative Cost by Policy Component Net Amount at Risk5		$0.16	$0.15	$0.15	$0.10
Flat Extra Charge6	Monthly	Maximum $2.08 per $1,000 of Net Amount at Risk for each Flat Extra assessed
Base Policy Sub-Account Asset Charge7	Monthly, based on an annual rate	A	B	C	D
Maximum		1.25%	1.25%	1.25%	1.25%
Current		0.30%	0.25%	0.25%	0.60%
Supplemental Insurance Rider Sub-Account Asset Charge8	Monthly, based on an annual rate	A	B	C	D
Maximum		1.25%	1.25%	1.25%	1.25%
Current		0.20%	0.16%	0.16%	0.30%
Base Policy Specified Amount Charge9	Monthly
Maximum		$0.40 per $1,000 of Base Policy Specified Amount
Current		$0.08 per $1,000 of Base Policy Specified Amount
Supplemental Insurance Rider Specified Amount Charge10	Monthly
Maximum		$0.40 per $1,000 of Rider Specified Amount
Current		$0.02 per $1,000 of Rider Specified Amount

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Periodic Charges
Charge	When Charge is Deducted	Amount Deducted From Cash Value (deductions are separated by Policy Component A, B, C, and D where applicable)
Administrative Charge	Monthly
Maximum		$10 per policy
Current		$5 per policy
Policy Loan Interest Charge11	Annually, or on an increase or repayment of the loan
Maximum		3.50% of Indebtedness
Current		2.80% of Indebtedness

^† This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.

¹ The Deferred Premium Load (maximum and current) will vary according to the amount of aggregate Premium paid in policy year one, the amount of term insurance coverage purchased via the Supplemental Insurance Rider, and the policy component configurations selected. Each policy component has a different deferred premium load assessed on each Premium payment in accordance with the following tables. The ultimate Deferred Premium Load will depend on the policy component configuration and whether Premium paid is Target Premium or Excess Premium.

Deferred Premium Loads on Target Premium

Policy Year	Policy Component A	Policy Component B	Policy Component C	Policy Component D
1	0%	0%	0%	0%
2-5	2%	0%	0%	0%
6 and thereafter	0%	0%	0%	0%

Deferred Premium Loads on Excess Premium

Policy Year	Policy Component A	Policy Component B	Policy Component C	Policy Component D
1	0%	0%	0%	0%
2-5	0.5%	0%	0%	0%
6 and thereafter	0%	0%	0%	0%

2	The Cost of Insurance Charge varies according to the Insured's age, sex (if not unisex classified), tobacco use, Substandard Ratings, underwriting class, the number of years from the Policy Date, the Base Policy Specified Amount, whether coverage has been elected under the Supplemental Insurance Rider, and the elected policy component configurations. The Cost of Insurance maximum charge calculation does not include substandard rated policies. For substandard rated policies, the maximum charge is $125.00 per $1,000 of Net Amount at Risk.
3	The representative for the Base Policy Cost of Insurance Charge shown is for policies with applications dated on or after September 30, 2008. The representative for policies with applications dated prior to September 30, 2008, is as follows: Policy Component A is $0.33; Policy Component B is $0.31; Policy Component C is $0.32; and Policy Component D is $0.30.
4	The Supplemental Insurance Rider Cost of Insurance maximum charge calculation does not include substandard rated policies. For substandard rated policies, the maximum charge is $125.00 per $1,000 of Net Amount at Risk.
5	The representative for the Supplemental Insurance Rider Cost of Insurance Charge shown is for policies with applications dated on or after September 30, 2008. The representative for policies with applications dated prior to September 30, 2008, is as follows: Policy Component A is $0.20; Policy Component B is $0.24; Policy Component C is $0.24; and Policy Component D is $0.15.
6	The Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating. Under no circumstance will the assessment of a Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum Cost of Insurance Charge, see Cost of Insurance.
7	The Sub-Account Asset Charge is based on assets allocated to the Sub-Accounts and is deducted only from the Sub-Account

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	allocations. The maximum guaranteed annual rate for this charge is 1.25%, but ultimate charges assessed may be higher or lower because the charge is taken monthly rather than annually. Values in the table are listed at the annual rate. Maximum guaranteed annual and monthly rates are shown on the Policy Data Pages. See Sub-Account Asset Charges for a detailed table of annual rate charges.
8	The Supplemental Insurance Rider Sub-Account Asset Charge varies according to the ratio of the Cash Value to the maximum annual Premium allowed under the Code assuming that: (i) the policy is not a modified endowment contract; (ii) the policy's death benefit is equal to the Total Specified Amount; and (iii) seven level, annual Premiums are paid; (iv) there are no premiums resulting from a Section 1035 exchange; and (v) there are no adjustments due to a state imposed requirement or to substandard underwriting ratings. The Supplemental Insurance Rider Sub-Account Asset Charge is deducted only from the Sub-Account allocations. The current charges shown here are the highest amounts currently charged, see Supplemental Insurance Rider.
9	The current Base Policy Specified Amount Charge shown is for policies with applications dated on or after September 30, 2008. For policies with applications dated prior to September 30, 2008, the current charge is $0.30 per $1,000 of Base Policy Specified Amount.
	For all policies, in policy years 21 and later, the Base Policy Specified Amount Charge per $1,000 is reduced to $0.01 per $1,000 of Base Policy Specified Amount. For policies with applications dated prior to September 30, 2008, with a Total Specified Amount in excess of $50,000, the current charge applied to amounts attributable to Base Policy Specified Amount per $1,000 for such excess amounts is $0.09 for policy years one through 20 and $0.01 for policy years 21 and later.
10	The current Supplemental Insurance Rider Specified Amount Charge shown is for policies with applications dated on or after September 30, 2008. For policies with applications dated prior to September 30, 2008, the current charge is $0.05 per $1,000 of Rider Specified Amount.
	For all policies, policy years 21 and later, the Supplemental Insurance Rider Specified Amount Charge per $1,000 is reduced to $0.01 per $1,000 of Rider Specified Amount. For policies with applications dated prior to September 30, 2008, with a Total Specified Amount in excess of $50,000, the current charge applied per $1,000 for such excess amounts is $0.01 for all policy years.
11	The Policy Loan Interest Charge is described in more detail in Policy Loans.

The next table shows the minimum and maximum total operating expenses, as of December 31, 2014, charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. More detail concerning each mutual fund's fees and expenses is contained in the mutual fund's prospectus.

Total Annual Mutual Fund Operating Expenses
	Minimum	Maximum
Total Annual Mutual Fund Operating Expenses (expenses that are deducted from the mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses)	0.27%	1.68%

Policy Investment Options

Policy owners designate how Net Premium payments are allocated among the Sub-Accounts and/or the Fixed Account. Allocation instructions must be in whole percentages and the sum of the allocations must equal 100%.

Fixed Account

Nationwide's obligations under the Fixed Account are backed by assets of its general account. The general account contains all of Nationwide's assets other than those in this and other Nationwide separate accounts and is used to support Nationwide's annuity and insurance obligations.

Subject to applicable law, Nationwide has sole discretion over the investment of assets of the general account and policy owners do not share in the investment experience of, or have any preferential claim on, those assets. Nationwide bears the full investment risk for all amounts allocated to the Fixed Account.

Because of exemptive and exclusionary provisions, interests in the Fixed Account have not been and will not be registered under the Securities Act of 1933 and the general account has not been registered as an investment company under the Investment Company Act of 1940. Accordingly, neither the general account nor any interests therein are subject to the provisions of these acts. Nationwide has been advised that the staff of the SEC has not reviewed the disclosure in this prospectus relating to the Fixed Account. Disclosure regarding the Fixed Account, however, is subject to certain generally-applicable provisions of the federal securities laws relating to accuracy and completeness of statements made in prospectuses.

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Minimum Guaranteed Interest Rate

Nationwide guarantees that Cash Value allocated to the Fixed Account will accrue interest daily at an effective annual rate that Nationwide determines without regard to the actual investment experience of the general account. Interest crediting rates are set at the beginning of each calendar month but are subject to change at any time. Nationwide will credit any interest in excess of the guaranteed interest crediting rate at its sole discretion. Nationwide may not credit any interest in excess of the guaranteed interest crediting rate and different rates may apply to different Premium allocations or exchanges.

Currently, the Fixed Account is the only fixed investment option available under the policy. In the future, Nationwide may offer one or more additional fixed accounts with characteristics that differ from those of the current option, but is under no obligation to do so. The effective annual rate Nationwide declares for the Fixed Account will never be less than 2%.

Interest Crediting Risks and Lapse

The policy owner assumes the risk that the actual credited interest rate may not exceed the guaranteed interest crediting rate. Premiums applied to the policy at different times may receive different interest crediting rates. The interest crediting rate may also vary for new Premium versus Sub-Account transfers. Interest credited to the Fixed Account may be insufficient to pay the policy's charges. Additional Premium payments may be required over the life of the policy to prevent it from Lapsing.

Nationwide Claims-Paying Ability

Guaranteed benefits or interest crediting associated with the Fixed Account is a general account obligation of Nationwide. Therefore, any guaranteed benefit, interest crediting, and the policy owner's right to receive payment, is subject to Nationwide's claims-paying ability and may be subordinate to other claims on the general account in the event Nationwide becomes insolvent.

Restrictions on Transfers to and from the Fixed Account

Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account, see Fixed Account Transfers for details about restrictions that apply to transfers to and from the Fixed Account.

Variable Investment Options

The variable investment options available under the policy are Sub-Accounts that correspond to mutual funds that are registered with the SEC. The mutual funds' registration with the SEC does not involve the SEC's supervision of the management or investment practices or policies of the mutual funds. The mutual funds are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies.

Each Sub-Account's assets are held separately from the assets of the other Sub-Accounts. The result is that each Sub-Account operates independently of the other Sub-Accounts so the income or losses of one Sub-Account will not affect the Investment Experience of any other Sub-Account.

Underlying mutual funds in the separate account are NOT publicly traded mutual funds. They are only 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.

The investment advisors of the underlying mutual funds may manage publicly traded mutual funds with similar names and investment objectives. However, the underlying mutual funds are NOT directly related to any publicly traded mutual fund. Policy owners should not compare the performance of a publicly traded fund with the performance of underlying mutual funds participating in the separate account. The performance of the underlying mutual funds could differ substantially from that of any publicly traded funds.

The particular underlying mutual funds available under the policy may change from time to time. Specifically, underlying mutual funds or underlying mutual fund share classes that are currently available may be removed or closed off to future investment. New underlying mutual funds or new share classes of currently available underlying mutual funds may be added. In the case of new share class additions, future allocations may be limited to the new share classes. The policy owner will receive notice of any such changes that effect the policy. Not all underlying mutual funds may be available in every state.

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Some underlying mutual funds may assess short-term trading fees. The separate account will collect the short-term trading fee at the time of the transfer by reducing the amount transferred. All short-term trading fees collected are remitted to the underlying mutual fund, see Short-Term Trading Fees and Appendix A: Sub-Account Information.

In the future, additional underlying mutual funds managed by certain financial institutions, brokerage firms, or their affiliates may be added to the separate account. These additional underlying mutual funds may be offered exclusively to purchasing customers of the particular financial institution or brokerage firm, or through other exclusive distribution arrangements.

The Sub-Accounts available through this policy invest in underlying mutual funds of the companies listed below. For a complete list of the available Sub-Accounts, see Appendix A: Sub-Account Information. For more information on the underlying mutual funds, refer to the prospectus for the mutual fund. To obtain free copies of prospectuses for the underlying mutual funds, policy owners can contact Nationwide using any of the methods described in Contacting the Service Center.

• AllianceBernstein Variable Products Series Fund, Inc.

• American Century Variable Portfolios II, Inc.

• American Century Variable Portfolios, Inc.

• American Funds Insurance Series®

• BlackRock Variable Series Funds, Inc.

• Davis Variable Account Fund, Inc.

• Delaware VIP Trust

• Deutsche Variable Series II

• Dreyfus

• Dreyfus Investment Portfolios

• Dreyfus Variable Investment Fund

• Eaton Vance Variable Trust

• Federated Insurance Series

• Fidelity Variable Insurance Products Fund

• Franklin Templeton Variable Insurance Products Trust

• Goldman Sachs Variable Insurance Trust

• Invesco

• Ivy Funds Variable Insurance Portfolios

• Janus Aspen Series

• JPMorgan Insurance Trust

• Lazard Retirement Series, Inc.

• Legg Mason Partners Variable Equity Trust

• Lincoln Variable Insurance Products Trust

• Lord Abbett Series Fund, Inc.

• MFS® Variable Insurance Trust

• MFS® Variable Insurance Trust II

• Nationwide Variable Insurance Trust

• Neuberger Berman Advisers Management Trust

• Oppenheimer Variable Account Funds

• PIMCO Variable Insurance Trust

• Pioneer Variable Contracts Trust

• Putnam Variable Trust

• Royce Capital Fund

• T. Rowe Price Equity Series, Inc.

• T. Rowe Price Fixed Income Series, Inc.

• The Universal Institutional Funds, Inc.

• Van Eck VIP Trust

• Wells Fargo Advantage Variable Trust

Valuation of Accumulation Units

Nationwide accounts for the value of a policy owner's interest in the Sub-Accounts by using Accumulation Units. The value of each Accumulation Unit varies daily based on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide uses each underlying mutual fund's Net Asset Value (NAV) to calculate the daily Accumulation Unit value for the corresponding Sub-Account. Note, however, that the Accumulation Unit value will not equal the underlying mutual fund's NAV. This daily Accumulation Unit valuation process is referred to as "pricing" the Accumulation Units, see How Sub-Account Investment Experience is Determined.

Accumulation Units are priced as of the New York Stock Exchange's (NYSE) close of business, normally 4:00 p.m. EST, on each day that it is open. Nationwide will price Accumulation Units on each day that the NYSE is open for business. Any transactions received after the close of the NYSE will be priced as of the next Valuation Period. Nationwide will not price Accumulation Units on these recognized holidays:

• New Year's Day

• Martin Luther King, Jr. Day

• Presidents' Day

• Good Friday

• Memorial Day

• Independence Day

• Labor Day

• Thanksgiving

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• Christmas

In addition, Nationwide will not price Accumulation Units if:

(1)	trading on the NYSE is restricted;
(2)	an emergency exists making disposal or valuation of securities held in the separate account impracticable; or
(3)	the SEC, by order, permits a suspension or postponement for the protection of security holders.

SEC rules and regulations govern when the conditions described in items (1) and (2) exist.

How Sub-Account Investment Experience is Determined

Sub-Account allocations are accounted for in Accumulation Units. A policy owner's interest in the Sub-Accounts is represented by the number of Accumulation Units owned by the policy owner. The number of Accumulation Units associated with a given Sub-Account allocation is determined by dividing the dollar amount allocated to the Sub-Account by the Accumulation Unit value for the Sub-Account. The number of Sub-Account Accumulation Units owned by a policy owner will not change except when Accumulation Units are redeemed to process a requested surrender, transfer, loan, or to take policy charges, or when additional Accumulation Units are purchased with Premium and loan repayments.

Initially, Nationwide sets the Accumulation Unit value at $10 for each Sub-Account. Thereafter, the daily value of Accumulation Units in a Sub-Account will vary depending on the Investment Experience of the underlying mutual fund in which the Sub-Account invests. Nationwide accounts for these performance fluctuations by using a "net investment factor," as described below, in the daily Sub-Account valuation calculations. Changes in the net investment factor may not be directly proportional to changes in the NAV of the mutual fund shares.

Nationwide determines the net investment factor for each Sub-Account on each Valuation Period by dividing (a) by (b), where:

(a) is the sum of:

• the NAV per share of the mutual fund held in the Sub-Account as of the end of the current Valuation Period; and

• the per share amount of any dividend or income distributions made by the mutual fund held in the Sub-Account (if the date of the dividend or income distribution occurs during the current Valuation Period); plus or minus

• a per share charge or credit for any taxes reserved for as a result of the Sub-Account's investment operations if changes to the law result in a modification to the tax treatment of the separate account; and

(b) is the NAV per share of the mutual fund held in the Sub-Account determined as of the end of the immediately preceding Valuation Period.

Nationwide determines the Sub-Account's Accumulation Unit value at the end of each Valuation Period. The Accumulation Unit value for any Valuation Period is determined by multiplying the Accumulation Unit value as of the prior Valuation Period by the net investment factor for the Sub-Account for the current Valuation Period.

Transfers Among and Between the Policy Investment Options

Sub-Account Transfers

Policy owners may request transfers to or from the Sub-Accounts once per Valuation Period, subject to the terms and conditions described in this prospectus and the prospectuses of the underlying mutual funds. Transfers will be implemented by redeeming Accumulation Units from the Sub-Account(s) indicated by the policy owner and using the redemption proceeds to purchase Accumulation Units in another Sub-Account(s) as directed by the policy owner. The net result is that the policy owner's Cash Value will not change (except due to standard market fluctuations), but the number and allocation of Accumulation Units within the policy will change.

Neither the policies nor the mutual funds are designed to support active trading strategies that require frequent movement between or among Sub-Accounts (sometimes referred to as "market-timing" or "short-term trading"). A policy owner who intends to use an active trading strategy should consult his/her registered representative and request information on other Nationwide policies that offer mutual funds that are designed specifically to support active trading strategies.

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Nationwide discourages (and will take action to deter) short-term trading in this policy because the frequent movement between or among Sub-Accounts may negatively impact other investors in the policy. Short-term trading can result in:

• the dilution of the value of the investors' interests in the mutual fund;

• mutual fund managers taking actions that negatively impact performance (i.e., keeping a larger portion of the mutual fund assets in cash or liquidating investments prematurely in order to support redemption requests); and/or

• increased administrative costs due to frequent purchases and redemptions.

To protect investors in this policy from the negative impact of these practices, Nationwide has implemented, or reserves the right to implement, several processes and/or restrictions aimed at eliminating the negative impact of active trading strategies. Nationwide cannot guarantee that attempts to deter active trading strategies will be successful.

If Nationwide is unable to deter active trading strategies, the performance of the Sub-Accounts that are actively traded may be adversely impacted. Policy owners remaining in the affected Sub-Account will bear any resulting increased costs.

Short-term Trading Fees

Currently, the available underlying mutual funds available under the policy do not assess short-term trading fees. However, Nationwide may add new underlying mutual funds, or new share classes of currently available underlying mutual funds, that assess short-term trading fees. In the case of new share class additions, subsequent allocations may be limited to that new share class. Short-term trading fees are a charge assessed by an underlying mutual fund when the policy owner transfers out of a Sub-Account before the end of a stated period. These fees will only apply to Sub-Accounts corresponding to underlying mutual funds that impose such a charge. The underlying mutual fund intends short-term trading fees to compensate the fund and its shareholders for the negative impact on fund performance that may result from disruptive trading practices, including frequent trading and short-term trading (market timing) strategies. The fees are not intended to adversely impact policy owners not engaged in such strategies. The separate account will collect the short-term trading fees at the time of the transfer by reducing the policy owner's Sub-Account value. Nationwide will remit all such fees to the underlying mutual fund.

U.S. Mail Restrictions

Nationwide monitors transfer activity in order to identify policy owners that might be engaged in harmful trading practices. If Nationwide determines a policy owner is engaged in harmful trading, it may revoke a policy owner's privilege to make trades by means other than written communication ("U.S. mail restriction").

If the U.S. mail restriction is imposed, then all trade requests must be submitted via U.S. mail for a 12 month period per client request. The U.S. mail restriction may be applied if two or more "transfer events" are submitted in a 30 day period. Transfer events are calculated at the end of each Valuation Period by grouping together all transfer requests for that Valuation Period. This grouping is counted as a "transfer event," regardless of the number of Sub-Accounts involved.

For policies owned by a corporation or another entity, Nationwide's procedures include the review of aggregate entity-level transfers, not individual transfer instructions. It is Nationwide's intention to protect the interests of all policy owners; it is possible, however, for some harmful trading to go on undetected. For example, in some instances, an entity may make transfers based on the instruction of multiple parties such as employees, partners, or other affiliated persons based on those persons participation in entity sponsored programs. Nationwide does not systematically monitor the transfer instructions of these individual persons. Aggregate trades among the Sub-Accounts are monitored for frequency, pattern, and size.

Other Restrictions

Nationwide reserves the right to refuse or limit transfer requests, or take any other action it deems necessary, in order to protect policy owners and beneficiaries from the negative investment results that may result from short-term trading or other harmful investment practices employed by some policy owners (or third parties acting on their behalf). In particular, trading strategies designed to avoid or take advantage of Nationwide's monitoring procedures (and other measures aimed at curbing harmful trading practices) that are nevertheless determined by Nationwide to constitute harmful trading practices, may be restricted.

Any restrictions that Nationwide implements will be applied consistently and uniformly. The policy owner will be notified if a transfer request is rejected. If a short-term trading fee is assessed, the policy owner will receive a confirmation notice.

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Underlying Mutual Fund Restrictions and Prohibitions

Pursuant to regulations adopted by the SEC, Nationwide is required to enter into written agreements with the underlying mutual funds which allow the underlying mutual funds to:

(1)	request the taxpayer identification number, international taxpayer identification number, or other government issued identifier of any policy owner;
(2)	request the amounts and dates of any purchase, redemption, transfer, or exchange request ("transaction information"); and
(3)	instruct Nationwide to restrict or prohibit further purchases or exchanges by policy owners that violate policies established by the underlying mutual fund (whose policies may be more restrictive than Nationwide's policies).

Nationwide is required to provide such transaction information to the underlying mutual funds upon their request. In addition, Nationwide is required to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund upon instruction from the underlying mutual fund. Nationwide and any affected policy owner may not have advance notice of such instructions from an underlying mutual fund to restrict or prohibit further purchases or requests to exchange into an underlying mutual fund. If an underlying mutual fund refuses to accept a purchase or request to exchange into the underlying mutual fund, Nationwide will keep any affected policy owner in their current underlying mutual fund allocation.

Fixed Account Transfers

Nationwide reserves the right to refuse any transfer to the Fixed Account that would cause the policy's Fixed Account value to exceed 25% of the policy's Cash Value.

On transfers from the Fixed Account, Nationwide may limit: (1) the amount that can be transferred from the Fixed Account to the Sub-Account(s) to the greater of: (a) 15% of that portion of the Cash Value attributable to the Fixed Account as of the end of the previous policy year; or (b) 120% of the amount transferred from the Fixed Account during the previous policy year; and (2) the number of transfers to one during any 90 day period.

On a current basis transfers from the Fixed Account are limited during a policy year to the greater of: (a) 20% of that portion of the Cash Value attributable to the Fixed Account at the end of the prior policy year, and (b) 120% of the amount transferred from the Fixed Account during the preceding policy year.

Contacting the Service Center

All inquiries, paperwork, information requests, service requests, and transaction requests should be made to the Service Center:

• by telephone at 1-877-351-8808 (TDD: 1-800-238-3035)

• by mail to Nationwide Life Insurance Company, Nationwide Business Solutions Group, One Nationwide Plaza (1-11-401), Columbus, Ohio 43215-2220

• by fax at 1-855-677-2357

• by Internet at www.nationwide.com.

Nationwide reserves the right to restrict or remove the ability to submit service requests via Internet, phone, or fax upon written notice.

Not all methods of communication are available for all types of requests. To determine which methods are permitted for a particular request, refer to the specific transaction provision in this prospectus, or call the Service Center. Requests submitted by means other than described in this prospectus could be returned or delayed.

Service and transaction requests will generally be processed in the Valuation Period they are received at the Service Center as long as the request is in good order, see Valuation of Accumulation Units. Good order generally means that all necessary information to process the request is complete and in a form acceptable to Nationwide. If a request is not in good order, Nationwide will take reasonable actions to obtain the information necessary to process the request. Requests that are not in good order may be delayed or returned. Nationwide reserves the right to process any transaction request sent to a location other than the Service Center in the Valuation Period it is received at the Service Center.

Nationwide may be required to provide information about a specific policy to government regulators. If mandated under applicable law, Nationwide may be required to reject a Premium payment and to refuse to process transaction requests for transfers, surrenders, loans, and/or Death Benefit Proceeds until instructed otherwise by the appropriate regulator.

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Nationwide will use reasonable procedures to confirm that instructions are genuine and Nationwide will not be liable for following instructions that it reasonably determined to be genuine. Nationwide may record telephone requests. Telephone and computer systems may not always be available. Any telephone system or computer can experience outages or slowdowns for a variety of reasons. The outages or slowdowns could prevent or delay processing. Although Nationwide has taken precautions to support heavy use, it is still possible to incur an outage or delay. To avoid technical difficulties, submit transaction requests by mail.

The Policy

General Information

The policy is a legal contract. It will comprise and be evidenced by: a written contract; any Riders; any endorsements; the Policy Data Pages; and the application, including any supplemental application. The benefits described in the policy and this prospectus, including any optional Riders or modifications in coverage, may be subject to Nationwide's underwriting and approval. In addition to the terms and conditions of the policy, policy owner rights are governed by this prospectus and protected by federal securities laws and regulations. Nationwide will consider the statements made in the application as representations, and will rely on them as being true and complete. However, Nationwide will not void the policy or deny a claim unless a statement is a material misrepresentation. If a policy owner makes an error or misstatement on the application, Nationwide will adjust the Death Benefit and Cash Value accordingly.

Due to state law variations, the terms, benefits, programs and Riders described in this prospectus may vary or may not be available depending on the state in which the policy is issued. Possible state law variations include, but are not limited to, Rider terms, availability of certain investment options, free look rights, policy exchange rights, policy Lapse and/or reinstatement requirements, and suicide, and incontestability durations. This prospectus describes all the material features of the policy. State variations are subject to change without notice at any time. To review a copy of the policy and any Riders or endorsements for the state in which the policy will be issued, contact the Service Center.

Under limited circumstances and at the request of the policy owner, Nationwide may backdate the policy by assigning a Policy Date earlier than the date the application is signed. Backdating may result in lower cost of insurance rates; however, policy charges will be deducted from the policy's Cash Value for each accrued month that the policy was backdated.

Any modification or waiver of Nationwide's rights or requirements under the policy must be in writing and signed by Nationwide's president or corporate secretary. No agent may bind Nationwide by making any promise not contained in the policy.

Nationwide may modify the policy, its operations, or the separate account's operations to meet the requirements of any law or regulation issued by a government agency to which the policy, Nationwide, or the separate account is subject. Nationwide may modify the policy to assure that it continues to qualify as a life insurance policy under federal tax laws. Nationwide will notify policy owners of all modifications and will make appropriate endorsements to the policy.

The policy is nonparticipating, meaning that Nationwide will not be contributing any operating profits or surplus earnings toward the policy Proceeds.

To the extent permitted by law, policy benefits are not subject to any legal process on the part of a third-party for the payment of any claim, and no right or benefit will be subject to the claims of creditors (except as may be provided by assignment).

It is important to remember that the portion of any amounts allocated to Nationwide's general account and any guaranteed benefits Nationwide may provide under the policy exceeding the value of amounts held in the separate account are subject to Nationwide's claims paying ability.

Any money Nationwide pays, or that is paid to Nationwide, must be in the currency of the United States of America.

In order to comply with the USA Patriot Act and rules promulgated thereunder, Nationwide has implemented procedures designed to prevent policies described in this prospectus from being used to facilitate money laundering or the financing of terrorist activities.

Nationwide's businesses are highly dependent upon its computer systems and those of its business partners. This makes Nationwide potentially susceptible to operational and information security risks resulting from a cyber-attack. These risks include direct risks, such as theft, misuse, corruption and destruction of data maintained by Nationwide, and indirect risks, such as denial of service attacks on service provider websites and other operational disruptions that impede Nationwide's

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ability to electronically interact with service providers. Cyber-attacks affecting Nationwide, the underlying mutual funds, intermediaries, and other service providers may adversely affect Nationwide and Policy Values. In connection with any such cyber-attacks, Nationwide and/or its service providers and intermediaries may be subject to regulatory fines and financial losses and/or reputational damage. Cyber security risks may also impact the issuers of securities in which the underlying mutual funds invest, which may cause the underlying mutual funds to lose value. Although Nationwide undertakes substantial efforts to protect its computer systems from cyber-attacks, including internal processes and technological defenses that are preventative or detective, and other controls designed to provide multiple layers of security assurance, there can be no guarantee that Nationwide, its service providers, or the underlying mutual funds will avoid losses affecting the policy due to cyber-attacks or information security breaches in the future.

In the event that Policy Values are adversely affected as a result of the failure of Nationwide's cyber-security controls, Nationwide will take reasonable steps to restore Policy Values to the levels that they would have been had the cyber-attack not occurred. Nationwide will not, however, be responsible for any adverse impact to Policy Values that result from the policy owner or its designee's negligent acts or failure to use reasonably appropriate safeguards to protect against cyber-attacks.

Use of the Policy

The policy provides policy owners, such as individuals or corporations, life insurance on an Insured upon whose life the policy owner has an insurable interest. This policy may be used in connection with various types of executive and employee benefit plans. When purchased in connection with such benefit plans, the policy may qualify for non-medical underwriting, see Cost of Insurance Charge.

The policies are based upon actuarial tables that may distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The policies generally provide different benefits to men and women of the same age. Accordingly, employers and employee organizations should consider, in consultation with legal counsel, the impact of sex-distinct underwriting on any employment related insurance or benefit program before purchasing the policy.

Policy Owner and Beneficiaries

Policy Owner

The policy belongs to the policy owner named in the application or as a result of a valid assignment. The purchaser and initial policy owner must be: (i) a corporation; or (ii) a legal entity established by a corporation. The Insured is the person named in the application. The policy owner must have an insurable interest in the Insured up to the full amount of coverage. Otherwise, this policy will not qualify as life insurance under applicable state and federal tax law. Policy owners should consult with a qualified advisor when determining the amount of coverage and before taking any action to increase the amount of coverage to ensure that the policy owner maintains a sufficient insurable interest.

Policy Owner Rights

The policy owner may exercise all policy rights in accordance with policy terms while the policy is In Force, subject to Nationwide's approval. These rights include, but are not limited to, the following:

• changing the policy owner, contingent owner, and beneficiary;

• assigning, exchanging, and/or converting the policy;

• requesting transfers, policy loans, and partial surrenders or a complete surrender; and

• changing insurance coverage such as death benefit option changes, adding or removing Riders, and/or increasing or decreasing the Total Specified Amount.

These rights are explained in greater detail throughout this prospectus.

Subject to Nationwide's approval, the policy owner may name a different policy owner or contingent owner while the policy is In Force by submitting a written request to the Service Center. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide. There may be adverse tax consequences to changing parties of the policy. Nationwide will review the available Enhancement Benefit and may revise it in the event a new policy owner is named.

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Beneficiaries

The principal right of a beneficiary is to receive the Death Benefit Proceeds if the Insured dies while the policy is In Force. While the policy is In Force, a policy owner may name more than one beneficiary, designate primary and contingent beneficiaries, change or add beneficiaries, and/or direct Nationwide to distribute the Proceeds other than as described below.

If a primary beneficiary dies before the Insured, Nationwide will pay the Death Benefit Proceeds to the surviving primary beneficiaries. Unless specified otherwise by the policy owner, Nationwide will pay multiple primary beneficiaries in equal shares. A contingent beneficiary will become the primary beneficiary if all primary beneficiaries die before the Insured and before any Proceeds become payable. A policy owner may name more than one contingent beneficiary. Unless specified otherwise by the policy owner, Nationwide will also pay multiple contingent beneficiaries in equal shares. If no beneficiary or contingent beneficiary is alive or in existence upon the Insured's death, the Death Benefit Proceeds will be payable to the policy owner.

Requests to change or add beneficiaries must be submitted in writing to the Service Center. Nationwide may require that the policy owner send the policy for endorsement before the change is recorded. Any such change request will become effective as of the date signed, however, it will not affect any payment made or action taken before the change is received and recorded by Nationwide.

Purchasing a Policy

The policy is available for Insureds between the age of 18 and 79. To purchase the policy, prospective purchasers must submit a completed application and the required initial Premium payment.

Nationwide must receive evidence of insurability that satisfies its underwriting standards (this may require a medical examination) before it will issue a policy. Nationwide can provide prospective purchasers with the details of its underwriting standards upon request. Nationwide reserves the right to reject any application for any reason permitted by law. Additionally, Nationwide reserves the right to modify its underwriting standards on a prospective basis for newly issued policies at any time.

The minimum initial Base Policy Specified Amount in most states is $50,000. Nationwide reserves the right to modify the minimum Base Policy Specified Amount on a prospective basis for newly issued policies at any time.

Underwriting may occur at a corporate level to determine whether or not the risks and expenses associated with the insurance applied for is appropriate for Nationwide to assume in placing the policy. Nationwide may refuse to issue any additional policies to a policy owner who has previously been issued policies by Nationwide that have aggregate scheduled annual Premium that exceeds $15 million.

Initial Premium Payment

The required initial Premium payment amount is stated on the Policy Data Pages and will depend on the following factors: the initial Base Policy Specified Amount, death benefit option elected, any Riders elected, and the policy component elected, the Insured's age, health, and activities. Initial Premium may be paid to the Service Center or to an authorized Nationwide representative. The initial Premium payment will not be applied to the policy until the underwriting process is complete, see Unfavorable Investment Experience.

Insurance Coverage Effective Date

Unless the policy is issued pursuant to an exchange under Section 1035 of the Code, issuance of full insurance coverage occurs on the latest of:

• the date Nationwide certifies that the complete application materials have been submitted and the underwriting conditions have been satisfied;

• the Policy Date; or

• the date the initial Premium is received at the Service Center.

If the policy is issued as a result of an exchange under Section 1035 of the Code, issuance of full insurance coverage occurs on the later of:

• the date the insurance carrier of the exchanged policy authorizes payment of such policy's proceeds to Nationwide; or

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• the date Nationwide certifies that the complete application materials have been submitted and the underwriting conditions have been satisfied, provided there is sufficient Premium to pay policy charges for at least three months.

Nationwide has the right to reject any application for insurance. If an application is rejected, the Premium will be returned to the policy owner within two business days of the date the decision to reject an application is made.

With respect to policy reinstatement, the effective date of coverage will be the monthly anniversary of the Policy Date on or next following the date Nationwide approves the reinstatement.

With respect to Base Policy Specified Amount or Rider Specified Amount increases, an approved increase will have an effective date of the monthly anniversary of the Policy Date on or next following the date Nationwide approves the supplemental application unless the policy owner requests and Nationwide approves a different date. With respect to any decrease in coverage, the effective date of coverage will be the monthly anniversary of the Policy Date that falls on or next following the date Nationwide receives the request.

Insurance coverage will end upon the Insured's death, the policy owner terminates coverage in writing, Nationwide pays the Maturity Proceeds, the Grace Period ends, or the policy is surrendered in full.

Right to Cancel (Examination Right)

Under state law a policy owner may, for a limited time, cancel the policy and receive a refund (commonly referred to as the "free look" period). The length of the free look period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum "free look" period is 10 days.

In order to cancel the policy during the free look period, a policy owner must submit a written cancellation request and return the policy either to the sales representative or to the Service Center. Nationwide will honor free look cancellation requests received by the last day of the free look period (if returned by US mail, the request must be post-marked by the last day of the free look period).

Free look cancellation requests received after the close of business on the date the free look period expires will not be canceled free of charge. If the policy is canceled, Nationwide will treat the policy as if it was never issued.

Within seven days of a free look cancellation request, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value or, in certain states, the greater of the initial Premium payment or the policy's Cash Value.

Allocation of Net Premium During Free Look Period

Where state law requires the return of initial Premium for free look cancellations, Nationwide will allocate initial Net Premium to the Fixed Account as instructed. Nationwide will allocate initial Net Premium allocated to the Sub-Accounts to the available money market Sub-Account until the free look period expires. At the expiration of the free look period, Nationwide will transfer the amount held in the money market Sub-Account to the requested Sub-Accounts based on the allocation instructions in effect at the time of the transfer.

Where state law requires the return of Cash Value, Nationwide will allocate all of the initial Net Premium to the designated Sub-Accounts and Fixed Account based upon the allocation instructions in effect at the time, on the next Valuation Period.

Premium Payments

This policy does not require a payment of a scheduled Premium amount to keep it In Force. It will remain In Force as long as the conditions that cause a policy to Lapse do not exist, see Lapse and Unfavorable Investment Experience. Premium payment reminder notices will be sent according to the Premium payment schedule selected by the policy owner. Additional Premium payments must be submitted to the Service Center. Each Premium payment must be at least $25. Upon request, Nationwide will furnish Premium payment receipts. Policy owners may make additional Premium payments at any time while the policy is In Force and prior to the Maturity Date, subject to the following:

• Nationwide may require satisfactory evidence of insurability before accepting any additional Premium payment that results in an increase in the policy's Net Amount At Risk.

• Nationwide will refund Premium payments that exceed the applicable premium limit established by the Code to qualify the policy as a contract for life insurance.

• Nationwide will monitor Premiums paid and will notify policy owners when the policy is in jeopardy of becoming a modified endowment contract, see Taxes.

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• Nationwide may require that policy Indebtedness be repaid before accepting any additional Premium payments.

Subsequent Premium payments will be allocated according to the allocation instructions in effect at the time the Premium is received.

Cash Value

The Cash Value of the policy is not guaranteed. The Cash Value will vary depending on how Net Premium is allocated. Amounts allocated to the Fixed Account and Policy Loan Account vary based on the daily crediting of interest to those accounts. Amounts allocated to the Sub-Accounts vary daily based on Investment Experience. The Cash Value will also vary because the policy's periodic charges are deducted from it. If the policy's Cash Value is part of the Death Benefit option elected, then the Death Benefit will fluctuate.

Cash Value is calculated by adding the following values:

(1)	Accumulation Unit values resulting from the Net Premium allocated to the Fixed Account;
(2)	amounts held in the Policy Loan Account; and
(3)	Accumulation Unit values resulting from Net Premium allocated to the Sub-Accounts.

In the event the policy is surrendered, the value of the Policy Loan Account on the date of surrender will be subtracted from the Proceeds.

The value of the assets in the Sub-Accounts are determined at the end of each Valuation Period. Cash Value is determined at least monthly. To determine the number of Accumulation Units credited to each Sub-Account, the net amount allocated to the Sub-Account is divided by the Accumulation Unit value for the Sub-Account (using the next Valuation Period following when the Premium was received).

If part or all of the policy is surrendered, a number of Accumulation Units will be deducted from the Sub-Accounts and, if necessary, an amount from the Fixed Account that corresponds to the surrendered amount. The policy's Cash Value will be reduced by the surrendered amount.

Similarly, when certain charges or deductions are assessed, a number of Accumulation Units from the Sub-Accounts and an amount from the Fixed Account that corresponds with the charge or deduction will be deducted from the Cash Value. Deductions are made in the same proportion that interests in the Sub-Accounts and the Fixed Account bear to the policy's Cash Value.

The Cash Value in the Fixed Account and the Policy Loan Account are credited with interest daily at the guaranteed minimum annual effective rate stated on the Policy Data Page. Upon request, Nationwide will provide current applicable rates for each account.

On any date during the policy year, the Cash Value equals the Cash Value on the preceding Valuation Period, plus any Net Premium applied since the previous Valuation Period, minus any monthly deductions for policy charges, plus or minus any Investment Experience, and minus any partial surrenders.

The Cash Value will be impacted by the monthly deductions. For each month, beginning on the Policy Date, the monthly deductions shall be calculated as:

(1)	Sub-Account Asset Charge; plus
(2)	Administrative Charge; plus
(3)	Base Policy Specified Amount Charge; plus
(4)	Deferred Premium Load (only applied during years two through five to the monthly deduction associated with the Policy Anniversary in those years); plus
(5)	the monthly cost of any additional benefits provided by any Riders; plus
(6)	Base Policy Cost of Insurance.

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Enhancement Benefit

An Enhancement Benefit is included in the policy and is added to the Cash Value when there is a complete surrender of the policy but is not applied to Section 1035 exchanges, policy loans, and partial surrenders. The Enhancement Benefit is essentially a partial return of policy charges assessed. In most instances, the Enhancement Benefit will not exceed the sum of all charges assessed on the policy.

The purpose of the Enhancement Benefit is to allow the policy during earlier years to more closely track the corporate liability it is intended to off-set. This is accomplished by lowering the cost associated with a surrender in early policy years.

The minimum Enhancement Benefit available in policy year one equals 0.10% of Premium in policy year one. The Enhancement Benefit will vary based on the following:

• sex (if not unisex classified) of the Insured;

• the elapsed time since the Policy Date;

• Investment Experience;

• the charges assessed to the policy;

• the policy component configurations; and

• the pattern of renewal Premium payments.

The Enhancement Benefit may increase or decrease by policy year, but it is designed to decline to zero at the end of its scheduled duration, which is 10 years. If the Supplemental Insurance Rider is in effect, the Enhancement Benefit is reduced. The Supplemental Insurance Rider reduces the Enhancement Benefit because the lower charges associated with the Rider result in less of an enhancement required to off-set early policy year costs associated with surrender.

The Enhancement Benefit is paid from Nationwide's general account at the time the policy is completely surrendered. Nationwide may postpone payment of the Enhancement Benefit for up to six months from the date of surrender.

Changing the Amount of Base Policy Insurance Coverage

The policy owner may request to change the Base Policy Specified Amount. To change the Base Policy Specified Amount, the policy owner must submit a written request to the Service Center. Changes to the Base Policy Specified Amount will become effective on the next monthly policy anniversary after Nationwide approves the request unless the policy owner requests and Nationwide approves a different date. However, no change will take effect unless the Cash Surrender Value would be sufficient to keep the policy In Force for at least three months. Nationwide may limit the number of Base Policy Specified Amount changes to one increase and one decrease each policy year. Changes to the Base Policy Specified Amount will typically alter the Death Benefit.

Increases

To increase the Base Policy Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be between age of 18 and 79 at the time of the request. Any request to increase the Base Policy Specified Amount must be at least $10,000 and the Base Policy Specified Amount after the increase may not exceed the Maximum Death Benefit. Requests to increase the Base Policy Specified Amount will be applied in the proportion the increase bears to Total Specified Amount. This means if a policy has the Supplemental Insurance Rider, all increases will be done proportionally between the policy's Base Policy Specified Amount and Rider Specified Amount. The policy owner cannot elect how to allocate increases in Total Specified Amount after the Policy Date. Increases to the Base Policy Specified Amount will be allocated among policy components in the same manner as the original policy or the most recent increase, unless an alternative allocation is specifically requested and approved by Nationwide. An increase in the Base Policy Specified Amount may cause an increase in the Net Amount At Risk. Because the Cost of Insurance Charge is based on the Net Amount At Risk, and because there will be a separate cost of insurance rate for the increase, this will usually cause the policy's Cost of Insurance Charge to increase. An increase in the Base Policy Specified Amount may require the policy owner to make larger or additional Premium payments in order to avoid Lapsing the policy.

Decreases

The policy owner may request to decrease the Base Policy Specified Amount any time after the first policy year. Requests to decrease the Base Policy Specified Amount will be applied to the most recent Base Policy Specified Amount increase and applied backwards ending with the original Base Policy Specified Amount. Decreases to the Base Policy Specified Amount will be applied in the same allocation of policy components that exists in the insurance being decreased, unless an alternative allocation is specifically requested and approved by Nationwide. Decreases to the Base Policy Specified

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Amount may decrease policy charges calculated per $1,000 of Base Policy Specified Amount or Net Amount At Risk (including any Rider charges), depending on the death benefit option elected and the amount of the Cash Value. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Total Specified Amount shown on the Policy Data Page. Nationwide will also deny any request that would disqualify the policy as a contract for life insurance.

To Irrevocably Transfer Cash Value Or Exchange The Policy

During the first 24 months of coverage, or longer if required by state law, the policy owner has a right to irrevocably elect to transfer 100% of the policy's Cash Value to the Fixed Account, irrespective of transfer restrictions. After this election, the policy will no longer participate in the Investment Experience of the Sub-Accounts. The policy's Cash Value will be credited with the Fixed Account's interest rate. To invoke this right, the policy must be In Force and not in the Grace Period, and the policy owner must submit a written request to the Service Center on approved forms.

After the first 24 months of coverage, the policy owner may make a request to exchange the policy for a different policy subject to evidence that the Insured meets current underwriting standards of insurability. The new policy may be one of Nationwide's available flexible premium adjustable life insurance policies that does not have a greater Death Benefit than this policy immediately prior to the exchange date. This policy will terminate when the new policy takes effect. The exchange may have tax consequences, see Exchanging The Policy For Another Life Insurance Policy.

Terminating the Policy

There are several ways that the policy can terminate. All coverage under the policy will terminate when any one of the following events occur:

• the policy owner requests in writing to the Service Center to terminate coverage;

• the Insured dies;

• the policy is In Force on the Maturity Date and the policy owner does not elect to extend coverage beyond the Maturity Date;

• the policy Lapses; or

• the policy is surrendered for its Cash Surrender Value.

Terminating the policy may result in adverse tax consequences.

Assigning the Policy

The policy owner may assign any or all rights under the policy while it is In Force, subject to Nationwide's approval. The beneficiary's interest will be subject to the person or entity to which the policy owner assigned rights. Assignments must be in writing on a form satisfactory to Nationwide. Assignments will become effective on the date signed, unless otherwise specified by the policy owner, and are subject to any payments or actions taken by Nationwide before it is received and recorded at the Service Center. Nationwide is not responsible for the sufficiency or validity of any assignment. Assignments will be subject to any Indebtedness, policy liens, garnishments, court orders, and any previous assignments. If the assignment qualifies as an exchange under Section 1035 of the Code, no Enhancement Benefit will be paid.

Reports and Illustrations

The policy owner will receive transaction confirmations and an annual report that shows:

• the Total Specified Amount;

• the current Cash Value;

• Premiums paid;

• the Cash Surrender Value;

• all charges since the last report; and

• Indebtedness.

Nationwide will send these reports to the address provided on the application unless directed otherwise. At any time after the first policy year, the policy owner may ask for an illustration of future benefits and values under the policy. There may be a fee assessed for illustrations.

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Standard Policy Charges

Deductions for charges are taken from Premium payments and/or the Cash Value, as applicable, to compensate Nationwide for the services and benefits provided, the costs and expenses incurred, and the risks assumed. Certain expenses may be recovered utilizing more than one charge. Nationwide may generate a profit from any of the charges assessed under the policy.

Monthly charges are deducted from Cash Value beginning on the Policy Date. Charges are taken proportionally from the Sub-Accounts and the Fixed Account. Charges taken against allocations to the Sub-Accounts are assessed by redeeming Accumulation Units. The number of Accumulation Units redeemed is determined by dividing the dollar amount of the charge by the Accumulation Unit value for the Sub-Account. Nationwide does not deduct policy charges or Rider charges from the Cash Value attributable to the policy loan account. Interest charged and interest credited against policy loans may result in net charges. For a complete description of how interest is credited and charged, see Policy Loans.

Policy and Rider charges reflect costs and risks associated with issuing the policy and Rider(s). Certain charges will vary based upon the individual characteristics of the Insured. The Insured is assigned to an underwriting class based upon his/her age, sex (if not unisex classified), smoker status, type of evidence of insurability, and insurability status. In evaluating and underwriting a corporate or legal entity purchasing the policy, and setting cost of insurance charges, Nationwide may take into account several factors, including the purpose for which the policy is being purchased, the anticipated amount and timing of Premium payments, and the expected asset persistency. The policy owner can request an illustration of specific costs and/or see the Policy's Data Pages for information about specific charges of their policy.

Nationwide may change policy and/or Rider charges and rates under the policy at any time. Changes in policy and/or Rider charges and rates will vary by changes in future expectations for factors including, but not limited to, our investment earnings, mortality experience, persistency experience, expenses, including reinsurance expenses, and taxes. Changes to policy and/or Rider charges and rates will be on a uniform basis for Insured's of the same Issue Age, sex, rate class, rate type, any Substandard Rating, Total Specified Amount and Base Policy Specified Amount whose policies have been In Force for the same length of time. If a change in the charges or rates causes an increase to the policy and/or Rider charges, the policy's Cash Value could decrease. If a change in the charges or rates causes a decrease to the policy and/or Rider charges, the policy's Cash Value could increase. Any changes will be determined in accordance with state law. Policy and Rider charges will never exceed the maximum charges shown in the fee tables, see In Summary: Fee Tables.

Policy Components

There are several charge structures, or "policy components," under the policy which can be selected and blended, i.e., the policy owner may elect to apply 100% of the Total Specified Amount to a single policy component, or apply portions (totaling 100%) of the Total Specified Amount to one or more policy components.

The policy components permit policy purchasers to determine how to allocate policy charges (including charges for distribution expenses) over the life of the policy. Certain policy components rely on premium loads to cover expenses, while others prefer to rely on periodic charges that spread expenses over the years. Different policy components consist of different patterns of current policy charges.

• Policy Component A calls for the greatest apportionment of charges on the front-end. This policy component includes a Premium Load that declines over the first five policy years, as well as a Deferred Premium Load that is assessed in policy years two through five and is based on Premium paid in the first policy year. The aggregate current monthly charges (i.e., the cost of insurance charge, the specified amount charge, and the sub-account asset charge) under this policy component are lower than those for Policy Components B and C during the first four policy years, and lower than those for Policy Component D in all policy years.

• Policy Component B includes a Premium Load that declines over the first five policy years, but does not include a Deferred Premium Load. The aggregate current monthly charges are lower than those for Policy Component A after the first four policy years, lower than those for Policy Component C after the first 10 policy years, and lower than those for Policy Component D in all policy years.

• Policy Component C apportions charges on the front-end to a lesser extent than under either Policy Component A or B: the Premium Load is at a lower, declining rate and for a shorter duration (i.e., for four rather than five years). The aggregate current monthly charges are higher than those for Policy Component B during the first 10 policy years, and similar thereafter. The aggregate current monthly charges are higher than those for Policy Component A during the first four policy years, and similar thereafter. The aggregate current monthly charges are lower than those for Policy Component D in all years.

• Policy Component D has no Premium Load—either front-end or deferred. The aggregate current monthly charges under this policy component are always higher than those under Policy Components A, B, and C.

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The charges assessed under the policy will depend upon the policy component configurations selected and whether coverage under the Supplemental Insurance Rider is elected. Generally, if coverage under the Supplemental Insurance Rider is elected and the Base Policy Specified Amount is concurrently offset by the same amount, some of the charges associated with the policy will be lower because the charges under the rider are generally lower than those available under a base policy (i.e., a policy without any riders), see Policy Riders and Rider Charges. Depending on the actual amount and timing of Premium payments and Investment Experience, at any point in time, the Cash Value and Death Benefit associated with one policy component may turn out to be less favorable than they would have been if another component had been selected. While Nationwide reserves the right to change the pattern of charges under a policy component at any time, the levels of charges associated with each policy component will never exceed the maximum charges in the Periodic Charges table, see In Summary: Fee Tables.

When an application to purchase the policy is submitted, the policy owner selects a policy component configuration to apply to the Base Policy Specified Amount. For example, the policy owner might elect to apply 25% of Base Policy Specified Amount to each policy component, or 50% to Policy Component B and 50% to Policy Component D. This selection of policy component configurations determines how the current policy charges are weighted in order to calculate the amount of each charge assessed. In other words, the charge assessed is a proportional blending of the charges associated with each of the policy components that apply to the Total Specified Amount. If the policy owner elected to apply 25% of the Base Policy Specified Amount to each policy component, then 25% of the Premium Load for each policy component would be added to determine the amount of Premium Load; the same procedure would be followed to determine the Deferred Premium Load or the monthly policy charges under that policy component configuration. Appendix C: Blending Examples of Policy Charges contains examples showing how the amount and timing of charges under the policy vary under the different policy components, and how those charges are "blended.

Nationwide may reject applications with certain policy component configurations based on: (1) the amount of overall expenses under the policy and the timing of the allocation of those expenses over the life of the policy; (2) the anticipated amount and timing of Premium payments; and (3) the expected asset persistency based on the purpose for which the corporation/entity is purchasing the policy. Any rejection of an application with certain policy component configurations is based on whether Nationwide can assume expenses and risks based on its assessment of the corporate purchaser and the preceding factors. Nationwide's underwriting policies are available upon request. Once the policy has been issued, changes to the policy component configurations are permitted only with Nationwide's prior approval. Policy component configuration choices are documented in the Policy Data Pages.

The policy is complex. The amount of charges assessed under the policy will depend upon the policy component configuration(s) applied, and whether the Supplemental Insurance Rider is elected. The policy owner should request and review illustrations demonstrating the results of various policy component allocation configurations and the benefits/detriments of electing available Riders. By comparing and discussing the various scenarios with a registered representative, the policy owner can identify the policy component configuration(s) that is/are consistent with their objectives.

Premium Load

A Premium Load is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and premium taxes, and certain actual expenses--including acquisition costs. The Premium Load also provides revenue to compensate Nationwide for assuming risks associated with the policy, and revenue that may be a profit. The Premium Load applicable to the policy depends on the policy component configurations selected, the number of years since the Policy Date, the amount of annual Premium, and the amount of term insurance coverage purchased via the Supplemental Insurance Rider.

Each Premium payment is divided into contributions towards Target Premium and Excess Premium. Target Premium is an annual premium based on the Base Policy Specified Amount (i.e., the policy without any Riders) and the Insured's age and underwriting class. A portion of each Premium payment is considered a contribution towards Target Premium until the total of such contributions in a policy year equals the Target Premium. The portion considered a contribution towards Target Premium is equal to the Premium payment multiplied by the ratio of the Base Policy Specified Amount to the Total Specified Amount. The portion of each premium payment that exceeds the Target Premium is Excess Premium. The chart below shows the current Premium Loads on Target Premium and Excess Premium that are assessed under each policy component. See Appendix C to this prospectus provides examples of how Premium Loads are assessed.

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Premium Loads on Target and Excess Premium

Policy Year	1		2		3		4		5 and thereafter
	Target Premium	Excess Premium	Target Premium	Excess Premium	Target Premium	Excess Premium	Target Premium	Excess Premium	Target Premium	Excess Premium
Policy Component A	10%	2%	8%	2%	6%	2%	4%	2%	2%	2%
Policy Component B	10%	2%	8%	2%	6%	2%	4%	2%	2%	2%
Policy Component C	8%	2%	6%	2%	4%	2%	2%	2%	2%	2%
Policy Component D	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%

The Premium Load that is charged is determined by multiplying the Premium payment by the weighted average (i.e., a proportional blending)of the Premium Loads for each policy component based on the policy component configuration(s) that the policy owner has selected.

Each increase in the Base Policy Specified Amount is treated as new coverage, with the Premium Load attributable to the increase determined as if it is part of a newly issued policy.

Deferred Premium Load

A Deferred Premium Load is deducted from the Cash Value to partially compensate Nationwide for sales expenses and premium taxes. This charge also may provide revenue to compensate Nationwide for assuming risks associated with the policy, and revenue that may be a profit. The Deferred Premium Load applicable to the policy depends on the aggregate Premium payments made to the policy in the first policy year, the policy component configuration(s), and the amount of term insurance coverage purchased via the Supplemental Insurance Rider. Currently, Nationwide deducts the Deferred Premium Load only under Policy Component A, on the anniversary of the Policy Date in policy years two through five, and the charge is taken proportionally from the Sub-Account and Fixed Account allocations. This charge is in addition to the Premium Load assessed in those years, and is assessed regardless of whether any Premium is paid in those years.

The amount of Deferred Premium Load paid depends on the classification of the Premium payment(s) as contributing towards Target Premium or Excess Premium, and the policy component configuration(s). The chart below shows the current Deferred Premium Loads on Target Premium and Excess Premium that are assessed under each policy component.

Deferred Premium Loads on Target and Excess Premium

Policy Year	1		2-5		6 and thereafter
	Target Premium	Excess Premium	Target Premium	Excess Premium	Target Premium	Excess Premium
Policy Component A	0%	0%	2%	0.5%	0%	0%
Policy Component B	0%	0%	0%	0%	0%	0%
Policy Component C	0%	0%	0%	0%	0%	0%
Policy Component D	0%	0%	0%	0%	0%	0%

The Deferred Premium Load is determined by multiplying the Premium payment by the weighted average (i.e., a proportional blending) of the Deferred Premium Loads for each policy component, based on the policy component configuration(s) selected. The Deferred Premium Load currently is (and is guaranteed never to exceed) 2% of aggregate Premium payments made in policy year one.

Base Policy Cost of Insurance

A Base Policy Cost of Insurance is deducted proportionally from Sub-Account and Fixed Account allocations on the Policy Date and on each monthly anniversary of the Policy Date. The charge is intended to cover Nationwide's expenses associated with providing expected mortality benefits and assuming certain risks associated with the policy, and to cover other expenses, including acquisition costs, and state and federal taxes. Nationwide may also profit from this charge.

The Cost of Insurance Charge is the product of the Net Amount At Risk and the cost of insurance rate. The cost of insurance rate will vary by the selected policy component, the Insured's age, sex (if not unisex classified), tobacco use, underwriting classification, any Substandard Ratings, how long the policy has been In Force, and the Base Policy

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Specified Amount. The cost of insurance rate is based on Nationwide's expectations as to future mortality and expense experience, investment earnings, persistency, and taxes. The Base Policy Cost of Insurance Charge is determined by multiplying the Base Policy Net Amount At Risk by the weighted average (i.e., a proportional blending) of the cost of insurance rates for each policy component based on the policy component configuration(s) selected.

There will be a separate cost of insurance rate for the initial Base Policy Specified Amount and any Base Policy Specified Amount increase. The cost of insurance rate(s) will never be greater than what is shown on the Policy Data Pages.

Flat Extras and Substandard Ratings

Nationwide may inquire about the occupation and activities of the Insured through the underwriting process. If the activities or occupation of the Insured cause an increased health or accident risk, it may result in the Insured receiving a Substandard Rating. If this is the case, Nationwide may add an additional component to the Cost of Insurance Charge called a "Flat Extra Charge." The Flat Extra Charge accounts for the increased risk of providing life insurance when one or more of these factors apply to the Insured. The Flat Extra Charge is a component of the total Cost of Insurance Charge, so if applied it will be deducted from Cash Value on the Policy Date and the monthly anniversary of the Policy Date. The monthly Flat Extra Charge is between $0.00 and $2.08 per $1,000 of the Net Amount At Risk. If a Flat Extra Charge is applied, it is shown in the Policy Data Pages. In no event will the Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum charge shown in In Summary: Fee Tables.

Nationwide will uniformly apply a change in any cost of insurance rate for Insureds of the same age, sex, underwriting class, Substandard Ratings, and Base Policy Specified Amount, if the policies have been In Force for the same length of time. If a change in the cost of insurance rates causes an increase to a policy's Cost of Insurance Charge, the policy's Cash Value could decrease. If a change in the cost of insurance rates causes a decrease to the policy's Cost of Insurance Charge, the policy's Cash Value could increase.

Nationwide may underwrite the policy on a non-medical basis that may result in a higher Cost of Insurance Charge. Non medical underwriting means that a physical examination to obtain medical information on the proposed Insured is not required to issue the policy. The higher Cost of Insurance Charge would compensate Nationwide for assuming additional mortality risk as a result of issuing without the information that results from medical underwriting. The result is that healthy individuals will subsidize less healthy individuals because there is no medical underwriting, which typically results in lower cost of insurance rates being applied to fully underwritten policies. A medically underwritten policy for a healthy insured would likely have lower cost of insurance rates.

Base Policy Specified Amount Charge

A monthly Base Policy Specified Amount Charge is deducted from the policy's Cash Value to compensate Nationwide for sales, underwriting, distribution, and issuance of the policy. The applicable charge amount depends on the Total Specified Amount and is the same for all base policy component configurations. The Base Policy Specified Amount Charge will be deducted proportionally from Sub-Account and Fixed Account allocations. For all policies, the maximum guaranteed Base Specified Amount Charge is $0.40 per $1,000 of Base Policy Specified Amount. For policies with applications dated prior to September 30, 2008, the charge associated with the first $50,000 of Total Specified Amount is determined separately from the charge associated with the Total Specified Amount in excess of $50,000.

The tables below show the current Base Policy Specified Amount Charges.

Base Policy Specified Amount Charges

For Applications Dated On or After September 30, 2008

Policy Year	Total Specified Amount
1 through 20	$0.08 per $1,000
21 and thereafter	$0.01 per $1,000

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Base Policy Specified Amount Charges

For Applications Dated Prior to September 30, 2008¹

	Total Specified Amount
Policy Year	Up to $50,000	Over $50,000
1 through 20	$0.30 per $1,000	$0.09 per $1,000
21 and thereafter	$0.01 per $1,000	$0.01 per $1,000

¹ The total charges applied to Base Policy Specified Amount are determined by adding the amount of the charges of the first $50,000 of Total Specified Amount attributable to Base Policy Specified Amount to the amount of charges attributable to Base Policy Specified Amount on Total Specified Amount in excess of $50,000. Base Policy Specified Amount will equal Total Specified Amount, unless any Rider Specified Amount is elected.

A distinct Rider Specified Amount charge applies to the Supplemental Insurance Rider. If the Rider is elected, the Total Specified Amount charges will depend upon the allocation of Total Specified Amount between the base policy and the Supplemental Insurance Rider. To determine Total Specified Amount charges, add the amount of the Base Policy Specified Amount charge to the Rider Specified Amount charge. Total charges are a weighted average of the amount of Base Policy Specified Amount and Rider Specified Amount. The end result is a charge blending, see Supplemental Insurance Rider.

Sub-Account Asset Charge

A Sub-Account Asset Charge is deducted from the policy's Cash Value allocated to the Sub-Accounts on each monthly anniversary of the Policy Date to cover certain actual expenses, including acquisitions costs and premium taxes. This charge also provides revenues for assuming certain risks associated with the policy, and revenues that may be profit. The Sub-Account Asset Charge depends on the policy component configuration(s), the amount of Cash Value, and whether there is any Supplemental Insurance Rider Specified Amount. This charge is determined for the base policy by multiplying the Cash Value allocated to the Sub-Accounts by the weighted average (i.e., a proportional blending) of the Sub-Account Asset factors for each policy component, based on the policy component configuration(s) selected. Different Sub-Account Asset factors apply to the Supplemental Insurance Rider, see Supplemental Insurance Rider.

The Sub-Account Asset Charge depends on the policy component configuration(s) selected. The table below shows the current Sub-Account Asset Factors (presented as an annual rate) for policy components for the Base Policy Specified Amount.

Current Base Policy Sub-Account Asset Factor Charges (shown as an annual rate)¹

Ratio of Cash Value to 7-Pay Premium2 (on a monthly anniversary)	Policy Component A	Policy Component B	Policy Component C	Policy Component D
Under 125%	0.30%	0.25%	0.25%	0.60%
125% - 249%	0.26%	0.23%	0.23%	0.55%
250% - 374%	0.22%	0.20%	0.20%	0.50%
375% - 499%	0.19%	0.18%	0.18%	0.46%
500% - 649%	0.17%	0.16%	0.16%	0.42%
650% - 799%	0.15%	0.14%	0.14%	0.38%
800% - 999%	0.13%	0.13%	0.13%	0.35%
1000% - 1299%	0.11%	0.11%	0.11%	0.33%
1300% - 1599%	0.10%	0.10%	0.10%	0.31%
1600% - 1999%	0.09%	0.09%	0.09%	0.29%
2000% - 2499%	0.08%	0.08%	0.08%	0.27%
2500% & over	0.06%	0.06%	0.06%	0.25%

1	To calculate the monthly deduction based on the annual rates listed above, use the following formula: Monthly Rate = (1+ Annual Rate) (Number of days in the Month / Number of days in the year) – 1
2	The 7-Pay Premium is established as of the Policy Date and will not change.

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The maximum Base Policy Sub-Account Asset Factor Charge for each of the policy components is 1.25% (annual rate), the greatest current charge assessed by component is listed below.

Policy Component A	Policy Component B	Policy Component C	Policy Component D
0.30%	0.25%	0.25%	0.60%

The Sub-Account Asset Charge is determined by proportionally blending the sub-account asset factors for the policy components selected to a single factor that is then applied to the policy's Cash Value. The guaranteed maximum annual and monthly charges are shown on the Policy Data Pages.

Administrative Charge

An administrative charge is deducted proportionally from the policy's Sub-Account and Fixed Account allocations on the Policy Date and each monthly anniversary of the Policy Date. The charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping. The charge is currently $5 per month per policy. The maximum guaranteed charge is $10 per month per policy.

Illustration Charge

Illustration Charges are not deducted from Premium payments or Cash Value; rather they are paid at the time of an illustration request. Nationwide currently waives the Illustration Charge. The charge is intended to compensate Nationwide for the administrative costs of generating illustrations. Nationwide may elect in the future to assess an Illustration Charge. It will not exceed $25 per illustration requested.

Mutual Fund Operating Expenses

In addition to the policy charges, there are also charges associated with the mutual funds in which the Sub-Accounts invest. Policy owners do not pay these charges directly, but these charges do affect the value of the assets allocated to the Sub-Accounts because these charges are reflected in the underlying mutual fund prices that Nationwide subsequently uses to value Sub-Account units. The underlying mutual funds' prospectuses contain additional information about these charges. Policy owners may contact the Service Center to receive, free of charge, copies of the prospectuses for any of the underlying mutual funds available under the policy.

A Note on Charges

During a policy's early years, the expenses Nationwide incurs in distributing and establishing the policy exceed the deductions. Nevertheless, Nationwide expects to make a profit over time because variable life insurance is intended to be a long-term financial investment. Accordingly, Nationwide has designed the policy with features and investment options that it believes support and encourage long-term ownership.

Nationwide makes many assumptions and accounts for many economic and financial factors when establishing the policy's fees and charges. The following is a discussion of some of the factors that are relevant to the policy's pricing structure.

Distribution, Promotional, and Sales Expenses

Distribution, promotional, and sales expenses include amounts paid to broker-dealer firms as commissions, expense allowances, and marketing allowances. Nationwide refers to these expenses collectively as "total compensation."

Nationwide has the ability to customize the total compensation package of its broker-dealer firms. Nationwide may vary the form of compensation paid or the amounts paid as commission, expense allowance, or marketing allowance; however, the total production based compensation will not exceed the maximum of 45% of first year premiums and 15% of renewal premium after the first year. Commission may also be paid as an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.85% of the non-loaned cash value per year.

Marketing allowance is based on a firm's ability and demonstrated willingness to promote and market Nationwide's products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide's products.

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The actual amount and/or forms of total compensation paid depend on factors such as the level of premiums Nationwide receives from respective broker-dealer firms and the scope of services the firms provide. Some broker-dealer firms may not receive maximum total compensation.

Individual registered representatives typically receive a portion of the commissions/total compensation paid, depending on their arrangement with their broker-dealer firm. Policy owners should consult the registered representative or Nationwide Business Solutions Group to know the exact compensation arrangement associated with this policy.

Information on Underlying Mutual Fund Payments

Nationwide's Relationship with the Underlying Mutual Funds

The underlying mutual funds incur expenses each time they sell, administer, or redeem their shares. The separate account aggregates policy owner purchase, redemption, and transfer requests and submits net or aggregated purchase/redemption requests to each underlying mutual fund daily. The separate account (not the policy owners) is the underlying mutual fund shareholder. When the separate account aggregates transactions, the underlying mutual fund does not incur the expense of processing individual transactions it would normally incur if it sold its shares directly to the public. Nationwide incurs these expenses instead.

Nationwide also incurs the distribution costs of selling the policy (as discussed above), which benefit the underlying mutual funds by providing policy owners with Sub-Account options that correspond to the underlying mutual funds.

An investment advisor or subadvisor of an underlying mutual fund or its affiliates may provide Nationwide or its affiliates with wholesaling services that assist in the distribution of the policy and may pay Nationwide or its affiliates to participate in educational and/or marketing activities. These activities may provide the advisor or subadvisor (or their affiliates) with increased exposure to persons involved in the distribution of the policy.

Types of Payments Nationwide Receives

In light of the above, the underlying mutual funds or their affiliates make certain payments to Nationwide or its affiliates (the "payments"). The amount of these payments is typically based on a percentage of assets invested in the underlying mutual funds attributable to the policies and other variable policies Nationwide and its affiliates issue, but in some cases may involve a flat fee. These payments are made for various purposes, including payments for the services provided and expenses incurred by the Nationwide companies in promoting, marketing and administering the policies and underlying funds. Nationwide may realize a profit on the payments received.

Nationwide or its affiliates receive the following types of payments:

• Underlying mutual fund 12b-1 fees, which are deducted from underlying mutual fund assets;

• Sub-transfer agent fees or fees pursuant to administrative service plans adopted by the underlying mutual fund, which may be deducted from underlying mutual fund assets; and

• Payments by an underlying mutual fund's advisor or subadvisor (or its affiliates). Such payments may be derived, in whole or in part, from the advisory fee, which is deducted from underlying mutual fund assets and is reflected in mutual fund charges.

Furthermore, Nationwide benefits from assets invested in affiliated underlying mutual funds (i.e., Nationwide Variable Insurance Trust) because these affiliates receive compensation from the underlying mutual funds for investment advisory, administrative, transfer agency, distribution, and/or other services. Overall, Nationwide may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.

Nationwide took into consideration the anticipated payments from the underlying mutual funds when it determined the charges imposed under the policies (apart from fees and expenses imposed by the underlying mutual funds). Without these payments, Nationwide would have imposed higher charges under the policy.

Amount of Payments Nationwide Received

For the year ended December 31, 2014, the underlying mutual fund payments Nationwide and its affiliates received from the underlying mutual funds did not exceed 0.75% (as a percentage of the average daily net assets invested in the underlying mutual funds) offered through this policy or other variable policies that Nationwide and its affiliates issued. Payments from investment advisors or subadvisors to participate in educational and/or marketing activities have not been taken into account in this percentage.

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Most underlying mutual funds or their affiliates have agreed to make payments to Nationwide or its affiliates, although the applicable percentages may vary from underlying mutual fund to underlying mutual fund and some may not make any payments at all. Because the amount of the actual payments Nationwide or its affiliates receive depends on the assets of the underlying mutual funds attributable to the policy, Nationwide and its affiliates may receive higher payments from underlying mutual funds with lower percentages (but greater assets) than from underlying mutual funds that have higher percentages (but fewer assets).

For policies owned by an employer sponsored retirement plan, upon a plan trustee's request, Nationwide will provide a best estimate of plan-specific, aggregate data regarding the amount of underlying mutual fund payments Nationwide received in connection with the plan's investments either for the previous calendar year or plan year, if the plan year is not the same as a calendar year.

Identification of Underlying Mutual Funds

Nationwide may consider several criteria when identifying the underlying mutual funds, including some or all of the following: investment objectives, investment process, investment performance, risk characteristics, investment capabilities, experience and resources, investment consistency, and fund expenses. Nationwide also considers whether the underlying mutual fund's advisor or subadvisor is an affiliate or whether the underlying mutual fund, its advisor, its subadvisor(s), or an affiliate will make payments to Nationwide or its affiliates.

There may be underlying mutual funds with lower fees, as well as other variable policies that offer underlying mutual funds with lower fees. Policy owners should consider all of the fees and charges of the policy in relation to its features. Higher policy and underlying mutual fund fees and charges have a direct effect on the policy's investment performance.

Policy Riders and Rider Charges

Policy owners may purchase one or more of the policy's Riders. There may be additional charges assessed for elected Riders, see In Summary: Fee Tables. The availability, operation, and benefits of the Riders may vary by the state where the policy is issued.

Rider charges are assessed starting on the Policy Date and each monthly anniversary of the Policy Date by taking deductions from the Cash Value. If a Rider is elected after the Policy Date, Rider charges will begin to be deducted on the first monthly anniversary after Nationwide approves the request unless the policy owner requests and Nationwide approves a different date.

Rider charges compensate Nationwide for the services and benefits provided, the costs and expenses incurred, and the risks assumed by Nationwide associated with offering the Riders. Nationwide may generate a profit from any of the Rider charges.

The maximum and minimum/current Rider charges are stated in the Fee Tables, see In Summary: Fee Tables.

Note: The charge and/or benefits received under certain Riders may be treated as a distribution from the policy for income tax purposes, see Periodic Withdrawals, Non-Periodic Withdrawals in Taxes, and Policy Loans.

Change of Insured Rider

This Rider is automatically issued with the policy with no associated charge. The benefit associated with the Change of Insured Rider is that the policy owner may designate a new Insured at any time after the Policy Date, subject to insurability and the conditions below. If this Rider is invoked, the policy charges after the change will be based on the underwriting classification and characteristics of the new Insured.

The amount of insurance coverage after the change date will be the Total Specified Amount shown on the application to change the Insured provided that (1) the policy continues to qualify as life insurance under the Code, and (2) such Total Specified Amount equals or exceeds the minimum Total Specified Amount shown on the Policy Data Pages. Coverage of the new Insured will become effective on the change date. Coverage of the previous Insured will terminate on the day before the change date. The change date is the first monthly anniversary on or next following the date the change of Insured conditions are met. The Policy Date will not change.

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Change of Insured conditions:

1.	At the time of the change, the new Insured must have the same business relationship to the policy owner as did the previous Insured.
2.	The new Insured may be required to submit satisfactory evidence of insurability.
3.	The new Insured must satisfy Nationwide's underwriting requirements.
4.	The policy must be In Force and not be in a Grace Period at the time of the change.
5.	The new Insured must have been at least age 18 on the Policy Date.
6.	The policy owner must make written application to change the Insured to the Service Center.

Federal income tax consequences may result from a change in insured. For federal income tax purposes the substitution of a new insured is treated as an exchange of the policy for another life insurance policy. Because the new insured is not the same as the insured that was substituted, the tax free treatment for policy exchanges under Code Section 1035 may not be available because the requirement that the insured under the policy relate to the same individual would not be met; consequently, the excess Cash Surrender Value over the investment in the policy would be taxable as ordinary income. The foregoing is not comprehensive and cannot replace personalized advice provided by a competent tax professional. The policy owner should seek competent tax advice regarding the tax treatment of the policy when contemplating a change of insured.

Change of Insured Rider Charge

There is no charge associated with the Change of Insured Rider.

Supplemental Insurance Rider

General Information on the Benefits and Operation of the Supplemental Insurance Rider

This Rider will modify the amount of insurance coverage (Death Benefit) under the base policy. The benefit associated with the Supplemental Insurance Rider is term life insurance on the Insured that is: (1) in addition to the Base Policy Specified Amount; (2) payable to the beneficiary upon the Insured's death; and (3) annually renewable until the Insured reaches Attained Age 100. The charges for the Rider are calculated in the same manner as those applicable to the base policy, although different rates may apply under the various policy components available with the Supplemental Insurance Rider. Currently, if coverage under this Rider is purchased and the Base Policy Specified Amount is concurrently reduced by an off-setting amount, some of the charges associated with the base policy will be reduced. Charges under the policy components available with the Rider may be lower than the corresponding charges under the policy components available for a base policy. Rider policy component charges are lower in most cases because the Rider provides term insurance coverage. The greater the allocation is to Rider policy components, the lower the overall charges will be under the policy. Appendix C: Blending Examples of Policy Charges provides examples showing how charges are "blended" when the Supplemental Insurance Rider is elected and/or Total Specified Amount is applied to one or more policy components.

Note:

• certain benefits that are normally available under the policy may be reduced or eliminated when this Rider is in effect;

• adding this Rider results in a lower Enhancement Benefit;

• in some years and/or at some ages, the cost of insurance charge for the Rider is more expensive than the cost of insurance for the base policy;

• the Maturity Date may not be extended with respect to the Rider Specified Amount;

• the Rider's death benefit terminates if the Insured is living on the Maturity Date; and

• the compensation rates payable to the selling broker-dealer are lower on this Rider than those on the base policy.

The policy owner may purchase this Rider at the time of application or, subject to Nationwide's approval, at a later time provided that the policy is In Force and the Rider is purchased before the Insured reaches Attained Age 100. If purchased at the time of application, the effective date of the Rider is the same as the effective date of insurance coverage, see Insurance Coverage Effective Date. If purchased subsequently, the effective date will be the monthly anniversary of the Policy Date on or next following the date Nationwide approves the request for coverage unless the policy owner specifies and Nationwide approves, a different date. The Rider Specified Amount may be combined with the Base Policy Specified Amount to satisfy the minimum Total Specified Amount shown on the Policy Data Page. However, while the Rider is in

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effect, the Base Policy Specified Amount must be at least 10% of the minimum Total Specified Amount. The policy owner may request to either increase or decrease the Total Specified Amount, subject to certain restrictions.

Rider Specified Amount Increases and Reductions Due to Partial Surrender

All increases and decreases of Rider Specified Amount, including decreases due to partial surrender or forced partial surrender, are done proportionally between the amounts allocated to Base Policy Specified Amount and Rider Specified Amount.

Charges Associated with the Supplemental Insurance Rider

The Supplemental Insurance Rider charges listed below are different from the charges under the base policy. These charges will be applied to coverage under the Supplemental Insurance Rider and are in addition to the charges paid on coverage under the base policy.

• Sub-Account Asset Charge;

• Supplemental Insurance Rider Specified Amount Charge;

• Supplemental Insurance Rider Cost of Insurance Charge; and

• Supplemental Insurance Rider Sub-Account Asset Charge.

The table below shows the current factors used to determine the Sub-Account Asset Charges applicable to the Rider Specified Amount.

Current Supplemental Insurance Rider Sub-Account Asset Factor Charges (shown as an annual rate) ¹

Ratio of Cash Value to 7-Pay Premium2 (on a monthly anniversary)	Policy Component A	Policy Component B	Policy Component C	Policy Component D
Under 125%	0.20%	0.16%	0.16%	0.30%
125% - 249%	0.18%	0.15%	0.15%	0.27%
250% - 374%	0.16%	0.14%	0.14%	0.24%
375% - 499%	0.14%	0.13%	0.13%	0.22%
500% - 649%	0.12%	0.12%	0.12%	0.20%
650% - 799%	0.11%	0.11%	0.11%	0.18%
800% - 999%	0.10%	0.10%	0.10%	0.16%
1000% - 1299%	0.09%	0.09%	0.09%	0.14%
1300% - 1599%	0.08%	0.08%	0.08%	0.13%
1600% - 1999%	0.07%	0.07%	0.07%	0.12%
2000% - 2499%	0.06%	0.06%	0.06%	0.11%
2500% & over	0.05%	0.05%	0.05%	0.10%

1	To calculate the monthly deduction based on the annual rates listed above, use the following formula: Monthly Rate = (1+ Annual Rate) (Number of days in the Month / Number of days in the year) -1
2	The 7-Pay Premium is established as of the Policy Date and will not change.

The maximum Supplemental Insurance Rider Sub-Account Asset Factor Charge for each of the policy components is 1.25% (annual rate), the greatest current charge assessed by policy component is listed below.

Policy Component A	Policy Component B	Policy Component C	Policy Component D
0.20%	0.16%	0.16%	0.30%

The Sub-Account Asset Charge is determined by multiplying Cash Value by the weighted average (i.e., a blend that uses the relative proportions of the Base Policy Specified Amount and Rider Specified Amounts) of the Sub-Account Asset Factors for the base policy and the Supplemental Insurance Rider, where each Factor is based on the policy component configuration(s) selected. Currently, the Sub-Account Asset Charge is no more than (and is guaranteed never to exceed) 0.10357% on a monthly basis (and ranges between 0.05% and 1.25% on an annual basis), of the net assets allocated to the Sub-Accounts. The guaranteed maximum annual and monthly charges applicable to a policy are shown on the Policy Data Pages.

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Rider Specified Amount Charge

If the Supplemental Insurance Rider is purchased, a monthly Rider Specified Amount Charge is deducted from the policy's Cash Value to compensate Nationwide for sales, underwriting, distribution, and issuance of the Rider. The charge applicable to the policy depends on the Total Specified Amount and the allocation between Base Policy Specified Amount and Rider Specified Amount. The Rider Specified Amount Charge is the same for all policy component configurations.

The Rider Specified Amount Charge will be deducted proportionally from Sub-Account allocations and the Fixed Account.

The tables below show the current Rider Specified Amount Charges.

Rider Specified Amount Charges

For Applications Dated On Or After September 30, 2008

Policy Year	Total Specified Amount
1 through 20	$0.02 per $1,000
21 and thereafter	$0.01 per $1,000

Rider Specified Amount Charges

For Applications Dated Prior to September 30, 2008¹

	Total Specified Amount
Policy Year	Up to $50,000	Over $50,000
1 through 20	$0.05 per $1,000	$0.01 per $1,000
21 and thereafter	$0.01 per $1,000	$0.01 per $1,000

¹ The charge associated with the first $50,000 of Total Specified Amount is determined separately from the charge associated with the Total Specified Amount in excess of $50,000. Each of these charges is determined using a weighted average (i.e., a blend that uses the relative proportions of the Base Policy Specified Amount and Rider Specified Amount) of the base and Rider charges.

The maximum guaranteed Supplemental Insurance Rider Specified Amount Charge is $0.40 per $1,000 of Rider Specified Amount.

To determine Total Specified Amount charges, add the amount of the Base Policy Specified Amount charge to the Rider Specified Amount charge. Total charges are a weighted average of the amount of Base Policy Specified Amount and Rider Specified Amount elected. The end result is charge blending, see Appendix C: Blending Examples of Policy Charges.

Rider Cost of Insurance Charge

If the Supplemental Insurance Rider is elected, a monthly Supplemental Insurance Rider Cost of Insurance Charge is deducted to compensate Nationwide for providing term life insurance on the Insured. This charge is determined by multiplying the Rider's cost of insurance rate by the Rider's death benefit (described below). The supplemental insurance cost of insurance rate is based on Nationwide's expectations as to future experience for factors such as mortality, persistency, expenses, and taxes. The supplemental insurance cost of insurance rate will vary by the Insured's Issue Age, sex (if not unisex classified), tobacco use, Substandard Ratings, underwriting class, the number of years from the Policy Date, and the policy component configurations selected. The same policy component configuration(s) selected for the base policy will apply for the Rider unless the policy owner requests, and Nationwide approves, a different configuration.

The Supplemental Insurance Rider Cost of Insurance Charge will be deducted proportionally from Sub-Account allocations and the Fixed Account. Because the Rider charge is deducted from Cash Value, purchase of this Rider could reduce the amount of the Death Benefit when the Death Benefit depends on Cash Value.

Death Benefit Calculations with the Supplemental Insurance Rider

The death benefit option chosen for the base policy will also be the death benefit option for the Rider. The current death benefit option in effect is shown on the Policy Data Page. The Death Benefit is calculated as the greater of: (1) the Total Specified Amount; or (2) the Minimum Required Death Benefit (which will differ depending on whether the guideline premium/cash value corridor test or the cash value accumulation test is used).

After the Death Benefit is calculated, it is allocated between the elected amounts of base policy and this Rider.

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1. Base Policy Death Benefit – The amount of the Death Benefit allocated to the base policy is calculated using the formula below.

Base Policy
Death Benefit = CV + (Total NAAR) x (Base Policy Specified Amount)
(Total Specified Amount)

Where:

CV	=	the Cash Value of the policy
Total NAAR	=	the total Net Amount At Risk which is the Death Benefit minus the Cash Value

The formula above determines the portion of the Death Benefit applied to base by determining the ratio Base Policy Specified Amount bears to Total Specified Amount.

2.	Supplemental Insurance Rider Death Benefit – The amount of the Death Benefit allocated to the Supplemental Insurance Rider is calculated by taking the Death Benefit and subtracting the Base Policy Death Benefit (as calculated in item 1 above).
	In most instances, charges end up being lower if the policy owner elects as much coverage as possible under the Rider.
	Total Specified Amount remains the same unless a an increase or decrease is requested. All increases or decreases are done proportionally based on the established allocation between Rider Specified Amount and Base Policy Specified Amount.
	If the Cash Value increases, the portion of the Death Benefit attributable to this Rider may, at times, be less than the Rider Specified Amount. If the Cash Value decreases, the portion of the Death Benefit attributable to the base policy may, at times, be less than the Base Policy Specified Amount.

Terminating the Rider

This Rider may be terminated by submitting a written request to the Service Center. Nationwide may require that the policy be submitted for endorsement. Terminating this Rider will likely result in increased policy charges because of the difference in the pattern of policy charges under the corresponding policy components for the base policy and this Rider. If the Rider is terminated, the calculation of the Death Benefit will apply exclusively to the base policy. Termination may require that the amount of Death Benefit coverage provided by the base policy be increased to maintain the qualification of the policy as a contract of life insurance under the Code.

Nationwide may deny a request to terminate this Rider that would disqualify the policy as a contract of life insurance under the Code. If the policy is not issued as a modified endowment contract, terminating this rider may result in the policy becoming a modified endowment contract, see Taxes.

This Rider also terminates upon the earliest of the following dates:

• the date the base policy is surrendered or terminated;

• the date the base policy Lapses;

• the Insured's death; or

• the date the Insured reaches Attained Age 100.

There is no Cash Value attributable to this Rider. Therefore, there is no Cash Surrender Value attributable to this Rider available to upon termination of this Rider.

In most instances, terminating the Rider will not be to the policy owner's advantage. A decision to terminate this Rider should be discussed with a registered representative or a qualified financial advisor.

Policy Owner Services

Nationwide® Guided Portfolio Strategies

The Nationwide Guided Portfolio Strategies (GPS) are static allocation strategies comprised of two or more underlying mutual funds that together provide a unique allocation mix not available as a single underlying mutual fund. Policy owners that elect a GPS directly own Sub-Account units of the underlying mutual funds that comprise the particular portfolio

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elected. In other words, a GPS is not a portfolio of underlying mutual funds with one Accumulation Unit value, but rather, direct investment in certain Sub-Accounts based upon a preset allocation. There is no additional charge associated with choosing a GPS.

GPS portfolios are available under the policy at the time of application and can be added after the Policy Date by contacting the Service Center. The policy owner may elect only one GPS portfolio and the total allocation to that portfolio must equal 100%.

A GPS is a static portfolio strategy. In other words, the allocations or "split" between the underlying Sub-Accounts is not monitored or adjusted to reflect changing market conditions. As such, Nationwide will not automatically rebalance Cash Value allocated to a GPS portfolio to ensure that the assets remain allocated to the underlying Sub-Accounts in the same proportion that they were allocated at the time of election. Further, Nationwide will not automatically rebalance, or otherwise modify the policy owner's allocations to the underlying Sub-Accounts to reflect changes in the GPS portfolio split or changes in available Sub-Accounts subsequent to the policy owner's original GPS election.

Nationwide is not providing investment advice by providing GPS. The policy owner may elect to transfer out among the Sub-Accounts at any time subject to the terms of this prospectus. For additional information about the Sub-Accounts that comprise a GPS, see Appendix A: Sub-Account Information.

Policy Loans

After the expiration of the free look period and while the policy is In Force, a policy owner may take a policy loan. A policy loan will be effective as of the date Nationwide receives the policy owner's written request at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms.

Taking a policy loan may increase the risk of Lapse and may result in adverse tax consequences. Unpaid loan interest charges accrue daily at a compounded annual interest rate and can cause the policy's Indebtedness to grow significantly. The policy owner should request an illustration demonstrating the impact of a policy loan on the policy's Cash Value, Cash Surrender Value, and Death Benefit Proceeds.

Loan Amount

The minimum loan amount is $500. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value. Any applicable Enhancement Benefit is not available to be taken as a policy loan. Nationwide pays the policy loan to the policy owner with assets from its general account. Nationwide then uses the policy's Cash Value as collateral for the loan as described below.

Collateral and the Policy Loan Account

As collateral for the policy loan, Nationwide deducts an amount equal to the policy loan from the policy's Cash Value. Collateral amounts are transferred from the Cash Value to the policy loan account (which is part of Nationwide's general account). Because the policy loan account does not participate in the Investment Experience of the Sub-Accounts, policy loans can permanently affect the Death Benefit Proceeds and the Cash Value of the policy, even if repaid. The policy loan account may be subject to Nationwide's creditors in the event of insolvency.

Amounts transferred from the policy's Cash Value equal to the policy loan account are deducted from the Sub-Accounts in the same proportion as the Sub-Account allocations, unless the policy owner has instructed otherwise. Nationwide will only transfer amounts from the Fixed Account if the loan amount exceeds 90% of the Cash Value allocated to the Sub-Accounts.

The policy owner will earn interest on the collateral held in the policy loan account. Interest will accrue daily at no less than the guaranteed minimum rate stated on the Policy Data Pages. The interest earned on the policy loan account may be different than the rate earned on Cash Value allocated to the Fixed Account.

Interest Charged

Nationwide charges interest against policy Indebtedness. Indebtedness is the total amount of all outstanding policy loans, including principal and compounded interest due. The interest rate charged on Indebtedness depends in part on the policy components selected. The maximum interest rate Nationwide may charge against Indebtedness is 3.50% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. The current

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effective annual interest rate charged on Indebtedness is 2.80% for policy years one through 15, 2.55% for policy years 16 through 30, and 2.10% thereafter. Policy loan interest charges may provide revenue for risk charges and profit.

If policy loan interest is not paid when due, policy Indebtedness will continue to compound at the interest rate in effect, see When Interest is Charged and Credited below. If not paid when due, Nationwide will deduct an amount equal to the unpaid interest from the policy's Cash Value and add it to the policy loan account causing the original policy loan amount (now, "Indebtedness") to increase by the amount of the unpaid interest charged. Amounts deducted from the policy's Cash Value as unpaid interest charges will be deducted from the Sub-Accounts and the Fixed Account in the same manner as a new loan.

Note: Over time, unpaid loan interest charges can cause the policy's Indebtedness to be significant. In some cases, policy Indebtedness may be significant enough to cause the policy to Lapse. In general, it is advantageous to repay Indebtedness and at a minimum, the interest charged on Indebtedness, at least annually.

Indebtedness is considered a part of the policy's Cash Value, therefore, upon a full surrender, Lapse, or maturity, the amount received in the original loan request(s), plus unpaid loan interest charged is considered "received" under the Code and may result in adverse tax consequences, see Surrendering the Policy; Maturity in Taxes.

When Interest is Charged and Credited

Interest charged against Indebtedness accrues daily. Interest earned on collateral also accrues daily. Nationwide will deduct interest charged on Indebtedness from the policy's Cash Value, and credit interest earned on collateral to the Cash Value:

• Annually, at the end of a policy year;

• At the time a new loan is requested;

• When a loan repayment is made;

• Upon the Insured's death;

• Upon policy Lapse and/or;

• Upon a full surrender of the policy.

In most cases, the interest earned on collateral and credited to the Cash Value will be less and in some cases, significantly less, than the interest charged against the Cash Value.

Repayment

The policy owner may repay all or part of policy Indebtedness at any time while the policy is In Force. The minimum loan repayment amount, if any, is stated in the policy. The policy owner should contact the Service Center to obtain loan pay-off amounts.

Note: Interest earned on collateral is not deducted from Indebtedness to calculate loan pay off amounts. If a loan repayment is made, the policy owner's Cash Value is credited with interest earned on collateral and the amount of the loan repayment is deducted from the policy's Indebtedness.

Nationwide will treat any payments made as Premium payments, unless the policy owner specifies that the payment should be applied against the policy's Indebtedness. It may be beneficial for the policy owner to repay Indebtedness before making additional Premium payments because Premium Load charges are deducted from Premium payments but not from loan repayments.

If the policy owner makes a loan repayment, it will be applied to the Sub-Accounts and the Fixed Account in accordance with the allocation instructions in effect at the time the payment is received, unless the policy owner indicates otherwise.

Repaying Indebtedness will cause the Death Benefit and net Cash Surrender Value to increase accordingly.

Lapse

The policy is at risk of Lapsing when the Cash Surrender Value is insufficient to cover the policy's monthly deductions, see Unfavorable Investment Experience. Before any policy Lapse, there is a Grace Period during which the policy owner can take action to prevent the Lapse. Subject to certain conditions, the policy owner may reinstate a policy that has Lapsed.

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Grace Period

If the Cash Surrender Value on any monthly anniversary date is not sufficient to cover the current monthly deductions, then a Grace Period will begin. At the beginning of a Grace Period, the policy owner will receive a notice from Nationwide that will indicate the amount of Premium that must be paid to avoid Lapsing the policy. This amount is equal to at least four times the current monthly deductions. If not paid within 61 days, the policy and all Riders will Lapse.

The Grace Period will not alter the operation of the policy or the payment of Proceeds.

Reinstatement

The policy owner may reinstate a Lapsed policy by:

• submitting a written request to reinstate the policy to the Service Center any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date;

• providing satisfactory evidence of insurability that Nationwide may require;

• paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement;

• paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and

• repaying or reinstating any Indebtedness that existed at the end of the Grace Period.

The policy owner may also reinstate coverage under certain Riders subject to satisfactory evidence of insurability.

The effective date of a reinstated policy, including any reinstated Riders, will be the monthly anniversary of the Policy Date on or next following the date Nationwide approves the application for reinstatement.

If the policy is reinstated, the Cash Value on the date of reinstatement will be set equal to the Cash Value at the end of the most recent Grace Period. Nationwide will add any Premiums or loan repayments that were made to reinstate the policy to the Cash Value.

The Sub-Account allocations that were in effect at the start of the Grace Period will be reinstated, unless the policy owner indicates otherwise.

Surrenders

Full Surrender

The policy may be surrendered for the Cash Surrender Value at any time while it is In Force. A surrender will be effective as of the date Nationwide receives the policy owner's written surrender request at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Nationwide may also require the policy owner to return the policy. Nationwide may postpone payment of that portion of the Cash Surrender Value attributable to the Fixed Account for up to six months. No Enhancement Benefit will be paid if a policy is surrendered pursuant to Section 1035 of the Code.

Partial Surrender

The policy owner may request, in writing to the Service Center, a partial surrender of the policy's Cash Surrender Value at any time after the policy has been In Force for one year. Nationwide may require that the policy owner send the policy to it for endorsement.

Nationwide reserves the right to limit the number of partial surrenders to one per policy year. The minimum amount of any partial surrender request is $500; the maximum amount of a partial surrender is the Cash Value less the greater of $500 or the amount equal to three months of policy charges. Any applicable Enhancement Benefit is not available to be taken as a partial surrender. A partial surrender cannot cause the Total Specified Amount to be reduced below the minimum Total Specified Amount indicated on the Policy Data Page, and after any partial surrender, the policy must continue to qualify as life insurance under Section 7702 of the Code. Partial surrenders may be subject to income tax penalties. They could also cause your policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy. Nationwide reserves the right to postpone payment of that portion of the partial surrender attributable to the Fixed Account for up to six months.

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If the policy owner requests a partial surrender, Nationwide will surrender Accumulation Units from the Sub-Accounts proportionally based on the current assets allocated to each Sub-Account to equal the amount of the partial surrender. If there are insufficient Accumulation Units available, Nationwide will surrender amounts from the Fixed Account.

Reduction of the Total Specified Amount due to a Partial Surrender

When a partial surrender is taken, the Total Specified Amount is reduced to prevent an increase in the Net Amount At Risk, unless the partial surrender is a preferred partial surrender. Preferred partial surrenders and how they are applied to a reduction in Total Specified Amount are described in more detail below. Reduction of Total Specified Amount is proportional between elected Base Policy Specified Amount and Rider Specified Amount.

The policy's charges going forward will be based on the new Total Specified Amount. Any reduction of the Total Specified Amount will be made in the following order: against the most recent increase in the Total Specified Amount, then against the next most recent increases in the Total Specified Amount in succession, and finally, against the initial Total Specified Amount.

Nationwide will not reduce the Total Specified Amount on any portion of the total partial surrender that is a preferred partial surrender. For preferred partial surrenders, the Total Specified Amount is reduced by an amount that is no more than the difference between the total partial surrender and any portion that is a preferred partial surrender. A preferred partial surrender is a partial surrender that:

• occurs before the 15th anniversary of the Policy Date; and

• when added to any prior preferred policy surrenders taken in same policy year, does not exceed 10% of the Cash Surrender Value as of the beginning of that policy year.

Normally, Nationwide will pay the surrender amount within 30 days after receiving the policy owner's written request to the Service Center. Nationwide reserves the right to delay payment of the Cash Surrender Value arising from the Fixed Account for six months. Generally, if the policy has a Cash Surrender Value in excess of the Premiums paid, the excess upon surrender will be included as income for federal income tax purposes.

The Death Benefit

Calculation of the Death Benefit

The Death Benefit will be calculated when Nationwide has received (at the Service Center) all information required to process the claim for Death Benefit Proceeds, including, but not limited to, proof that the Insured has died and any other information Nationwide may reasonably require. The Death Benefit may be subject to an adjustment if an error or misstatement was made upon application, or if the Insured dies by suicide.

While the policy is In Force, the Death Benefit will never be less than the Base Policy Specified Amount. The Death Benefit will depend on the death benefit option elected, certain Riders, and the tax test elected as discussed in greater detail below. The Death Benefit may vary with the Cash Value of the policy, which is affected by Investment Experience, Indebtedness, and any due and unpaid monthly deductions that accrued during a Grace Period.

Death Benefit Options

Policy owners have a choice of one of three available death benefit options under the policy. If a death benefit option is not selected, Nationwide will issue the policy with Death Benefit Option 1. Not all death benefit options are available in all states.

Death Benefit Option 1. The Death Benefit will be the greater of:

• the Total Specified Amount as of the date of the Insured's death, or

• the applicable percentage defined in Section 7702 of the Code of the Enhanced Cash Value as of the date of the Insured's death.

Death Benefit Option 2. The Death Benefit will be the greater of:

• the Total Specified Amount plus the Enhanced Cash Value as of the date of the Insured's death, or

• the applicable percentage defined in Section 7702 of the Code of the Enhanced Cash Value as of the date of the Insured's death.

Death Benefit Option 3. The Death Benefit will be the greater of:

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• (a) plus (b), where:

(a)	=	the Total Specified Amount as of the date of the Insured's death; and
(b)	=	the greater of 0 or the lesser of (i) and (ii), where
		(i)	=	the Death Benefit Option 3 maximum increase shown on the Policy Data Page; and
		(ii)	=	the accumulated premium amount. The accumulated premium amount equals all Premium payments as of the date of the Insured's death accumulated at the Death Benefit Option 3 interest rate shown on the Policy Data Page, less the total of all partial surrenders taken from the policy as of the date of the Insured's death accumulated at the Death Benefit Option 3 interest rate shown on the Policy Data Page; or

• the applicable percentage defined in Section 7702 of the Code of the Enhanced Cash Value as of the date of the Insured's death.

Changes in the Death Benefit Option

After the first policy year, a policy owner may elect to change the death benefit option from either Death Benefit Option 1 to Death Benefit Option 2, or from Death Benefit Option 2 to Death Benefit Option 1. A policy owner may not change to Death Benefit Option 3. However, a policy owner may change from Death Benefit Option 3 to Death Benefit Option 1 or Death Benefit Option 2. Nationwide will permit only one change of death benefit option per policy year. The effective date of a change will be the monthly anniversary of the Policy Date following the date Nationwide approves the change.

For any change in the death benefit option to become effective, the Cash Surrender Value after the change must be sufficient to keep the policy In Force for at least three months.

Upon effecting a death benefit option change, the Total Specified Amount may be changed (either increased or decreased) so that the Net Amount At Risk is the same before the change and after the change on the date of the change. Because the policy's Net Amount At Risk remains the same before and after the change, changing the death benefit option and preserving the Net Amount At Risk by itself does not alter the policy charges. The policy charges going forward will be based on the adjusted Total Specified Amount. Depending on changes in factors such as fluctuations in the policy's Cash Value, these charges may increase or decrease after the death benefit option change.

The policy owner should request an illustration demonstrating the impact of a change in the policy's death benefit option.

Nationwide will refuse a death benefit option change that would reduce the Total Specified Amount to a level where the Premium already paid would exceed any premium limitations under the Code.

Where the policy owner has selected the guideline premium/cash value corridor test, a change in death benefit option will not be permitted if it results in the total Premium paid exceeding any premium limitations under Section 7702 of the Code.

The Minimum Required Death Benefit

The policy has a Minimum Required Death Benefit. The Minimum Required Death Benefit is the lowest Death Benefit that will qualify the policy as life insurance under Section 7702 of the Code.

The tax tests for life insurance generally require that the policy have a significant element of life insurance and not be primarily an investment vehicle. At the time we issue the policy, the policy owner irrevocably elects one of the following tests to qualify the policy as life insurance under Section 7702 of the Code:

• the cash value accumulation test; or

• the guideline premium/cash value corridor test.

The cash value accumulation test will always result in a Death Benefit that is lower in the early years and higher in the later years when compared to the guideline premium/cash value corridor test. The guideline premium/cash value corridor test tends to produce a more favorable return if the policy owner is paying three or fewer Premiums. If the Policy Owner pays Premium in excess of the 7 pay Premium in a given year, then it could cause the policy to become a modified endowment contract. If the policy owner does not elect a test, the cash value accumulation test will be applied.

The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage described in the federal tax regulations. The percentages depend upon the Insured's age, sex (if not unisex classified) and underwriting classification. Under the cash value accumulation test, there is no limit to the amount that may be paid in Premiums as long as there is sufficient Death Benefit in relation to the Cash Value at all times.

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The guideline premium/cash value corridor test determines the Minimum Required Death Benefit by comparing the Death Benefit to an applicable percentage of the Cash Value. These percentages are set out in the Code, but the percentage varies only by the Attained Age of the Insured.

Regardless of which test the policy owner elects, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance for federal tax purposes. As a result, the Death Benefit payable under the Policy should be excludable from gross income of the beneficiary for federal income tax purposes. Nationwide may refuse additional Premium payments or return Premium payments to the policy owner so that the policy continues to meet the Code's definition of life insurance.

Maximum Death Benefit

Nationwide may limit the Death Benefit to the maximum shown on the Policy Data Page. The maximum Death Benefit represents the highest amount Nationwide will pay under the policy. Nationwide limits the Death Benefit in situations where it is unable or unwilling to accept any additional liability for providing insurance coverage under the policy. Currently, for Death Benefit Options 1 and 2, the Maximum Death Benefit is equal to the sum of the Cash Value and the lesser of (i) 200% of the Total Specified Amount on the Policy Date and (ii) $8,000,000. For Death Benefit Option 3, the maximum Death Benefit is equal to the lesser of (i) 200% of the Total Specified Amount on the Policy Date plus the lesser of (a) the Death Benefit Option 3 maximum increase and (b) the accumulated premium account; and (ii) the sum of the Cash Value and $8,000,000.00.

For each Valuation Period and upon the death of the Insured, Nationwide will determine whether the policy's Cash Value would cause the Death Benefit to be greater than the Maximum Death Benefit.  If the Death Benefit would exceed the Maximum Death Benefit, a partial surrender will be processed from the policy to lower the Cash Value. The partial surrender will be for an amount necessary to lower the Cash Value to a level that would result in the Death Benefit not exceeding the sum of the Cash Value and the lesser of (i) 180% of the Total Specified Amount on the Policy Date and (ii) $7,200,000.00.  The partial surrender will subsequently reduce the Cash Value and Total Specified Amount. If the Supplemental Insurance Rider was elected, the Rider Specified Amount and the Base Policy Specified Amount will be proportionally reduced. A partial surrender of this nature will ultimately reduce total policy charges because of the decreased Total Specified Amount (decreased coverage results in lower charges).

If the policy owner elected Death Benefit Option 3 and the accumulated premium account is greater than the Cash Value, Nationwide may reduce the amount previously credited to the accumulated premium account to an amount equal to 90% of the Cash Value immediately before the reduction. For example, if the Cash Value is $100 and the accumulated premium account is $102, Nationwide would reduce the accumulated premium account by $12 to $90 (i.e., 90% of the Cash Value). The accumulated premium account will not become less than zero because of the reduction. Nationwide will notify the policy owner in writing of any reduction in the accumulated premium account within 30 days of the reduction.

The partial surrender will be deducted proportionally from the Sub-Account allocations and the Fixed Account. No Partial Surrender Fee will be assessed on the partial surrender. The partial surrender will be paid to the policy owner via check and will be accompanied by a transaction confirmation statement within 30 days of such occurrence. Partial surrenders may result in adverse tax consequences. Taxes arising from the partial surrender, if any, are the sole responsibility of the policy owner. The policy owner is encouraged to consult a tax advisor regarding tax implications of receiving a pre-death distribution prior to the purchase of this policy.

The Maximum Death Benefit may, under certain circumstances, curtail the flexibility that the policy affords the policy owner. For example, the policy's Cash Value may increase at a rate that outpaces the ratio of Cash Value to life insurance permitted under the Code. In some instances, this situation may be addressed by increasing the Total Specified Amount of insurance so that the policy's ratio of Cash Value to life insurance is readjusted to comply with the Code definition. If, however, an increase in the Total Specified Amount would cause the Death Benefit to exceed the Maximum Death Benefit, then this method of achieving compliance with the Code definition of life insurance may not be available.

Nationwide may increase the policy's Maximum Death Benefit if doing so would not be unfairly discriminatory or prohibited by state law. If the policy's Maximum Death Benefit is increased, Nationwide will reissue the Policy Data Page with the revised Maximum Death Benefit.

Incontestability

Nationwide will not contest payment of the Death Benefit based on the initial Total Specified Amount after the policy has been In Force during the Insured's lifetime for two years from the Policy Date, and, in some states, within two years from a reinstatement date. For any change in Total Specified Amount requiring evidence of insurability, Nationwide will not

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contest payment of the Death Benefit based on such increase after it has been In Force during the Insured's lifetime for two years from its effective date, and, in some states, within two years from a subsequent reinstatement date. The incontestability period in some states may be less than two years.

Nationwide will not contest a policy after a change in the Insured pursuant to the Change of Insured Rider after it has been In Force during the new Insured's lifetime for two years from the Change Date, and in some states, within two years from a reinstatement date.

The incontestability period in some states may be less than two years.

Suicide

If the Insured dies by suicide within two years from the Policy Date, and, in some states, within two years of a reinstatement date, Nationwide will pay no more than the sum of the Premiums paid, less any Indebtedness, and less any partial surrenders. Similarly, if the Insured dies by suicide within two years from the date an application for an increase in the Total Specified Amount was accepted by Nationwide, and, in some states, within two years from a subsequent reinstatement date, Nationwide will pay no more than the Death Benefit Proceeds associated with insurance that has been In Force for at least two years from the Policy Date, plus the Cost of Insurance Charges associated with any increase in Total Specified Amount that has been In Force for a shorter period. The suicide period in some states may be less than two years.

If the Insured's policy had a Supplemental Insurance Rider, Nationwide will return the charges deducted for the Rider but not pay the Rider Death Benefit.

If the Insured dies by suicide, while sane or insane, within two years from the effective date of a change of Insured (pursuant to the terms of the Change of Insured Rider, if elected and invoked), Nationwide will pay no more than the Cash Value as of the Change Date, plus any Premium paid since such date, less any Indebtedness, and less any partial surrenders.

If the policy was issued pursuant to an exchange under Section 1035 of the Code, and the Insured dies by suicide within two years of the Policy Date, Nationwide will pay a Death Benefit equal to the lesser of: (a) the amount of insurance under the exchanged policy as of the Policy Date; or (b) the Total Specified Amount of this policy. This provision only applies if the exchanged policy was originally issued more than two years prior to the Policy Date of this policy. This provision only applies if the policy owner is also the beneficiary and if the exchanged policy was originally issued more than two years prior to the Policy Date of this policy.

If the policy owner and beneficiary are not the same, the amount of insurance received will be the amount of insurance under the exchanged (predecessor) policy as of the Policy Date.

Policy Maturity

If the policy is In Force on the Maturity Date, coverage will automatically be extended until the Insured's date of death, unless otherwise elected by the policy owner, see Extending Coverage Beyond the Maturity Date.

If the policy owner elects not to extend coverage beyond the Maturity Date, Nationwide will pay the Proceeds generally within seven days after the written request for payment is received at the Service Center. Nationwide may postpone payment of the Proceeds on the days that it is unable to price Accumulation Units, see Valuation of Accumulation Units. The Proceeds will equal the policy's Cash Value minus any Indebtedness. The policy is terminated once the Proceeds are paid.

The primary purpose of Maturity Date coverage extension is to continue the life insurance coverage, and avoid current income taxes on any earnings in excess of the cost basis if the maturity Proceeds are taken, see Taxes, Surrendering the Policy; Maturity.

Assuming no Indebtedness exists on the Maturity Date and that no partial surrenders or loans are taken after the Maturity Date, the Proceeds after the Maturity Date will equal or exceed the Proceeds on the Maturity Date. However, because the loan interest rate charged may be greater than loan interest credited, if Indebtedness on or after the Maturity Date exists, Proceeds after the Maturity Date may be less than the Proceeds on the Maturity Date.

Extending Coverage Beyond the Maturity Date

After the Maturity Date, the policy will operate the same as it did prior to the Maturity Date except as follows:

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• the Total Specified Amount will be changed to the Cash Value on the Maturity Date and increases or decreases to the Total Specified Amount will not be permitted;

• Death Benefit Option 2 and Death Benefit Option 3 will be changed to Death Benefit Option 1 where the Total Specified Amount equals the Cash Value;

• 100% of the policy's Cash Value will be permanently transferred to the Fixed Account;

• no additional Premium payments will be permitted;

• no additional monthly periodic policy charges will be deducted;

• loans, loan repayments and partial surrenders will continue to be permitted;

• loan interest will continue to be charged on Indebtedness; and

• the extension of coverage beyond the Maturity Date will not occur when the policy would fail the definition of life insurance under the Code.

This policy may not qualify as life insurance under federal tax law after the Maturity Date. Extending coverage beyond the Maturity Date may not provide more favorable tax treatment than otherwise applicable to the maturity Proceeds. If the policy owner does not elect to receive the maturity Proceeds on the Maturity Date, coverage will automatically be extended. The policy owner should consult with a qualified tax advisor before coverage is extended beyond the Maturity Date. Note: if the Supplemental Insurance Rider is in effect, the Maturity Date coverage with respect to the Rider Specified Amount will not be extended.

Payment of Policy Proceeds

Normally, Nationwide will make a lump sum payment of policy Proceeds within seven days of the date a written request is received at the Service Center. Nationwide will postpone payment of Proceeds on days that it is unable to price Accumulation Units. Nationwide may delay payment of Proceeds allocated to the Fixed Account as permitted by state law, see Valuation of Accumulation Units. The policy owner or the beneficiary may also elect to leave the Proceeds on deposit in an interest-bearing checking account.

Treatment of Unclaimed Property

Every state has unclaimed property laws which generally declare life insurance policies to be abandoned after a period of inactivity of three to five years from the policy Maturity Date or the date Nationwide becomes informed that a Death Benefit is due and payable. For example, if the payment of a Death Benefit has been triggered, but, if after a thorough search, Nationwide is still unable to locate the beneficiary of the Death Benefit, or the beneficiary does not come forward to claim the Death Benefit in a timely manner, Nationwide will escheat the Death Benefit to the abandoned property division or unclaimed property office of the state in which the beneficiary or the policy owner last resided, as shown on Nationwide's books and records, or to Ohio, Nationwide's state of domicile. If a claim is subsequently made, the state is obligated to pay any such amount (without interest) to the designated recipient upon presentation of proper documentation.

To prevent escheatment, it is important to update beneficiary designations - including complete names, complete addresses, phone numbers, and social security numbers - as they change. Such updates should be sent to the Service Center.

Taxes

The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and the tax treatment of the policy will depend on the policy owner's particular circumstances. The policy owner should seek competent tax advice regarding the tax treatment of the policy given their situation. The following discussion provides a general overview of the Code's provisions relating to certain common life insurance policy transactions. Some of the items discussed below may not be applicable to the life insurance policy described herein. It is not and cannot be comprehensive, and it cannot replace personalized advice provided by a competent tax professional.

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Types of Taxes

Federal Income Tax

Generally, the United States assesses a tax on income, which is broadly defined to include all items of income from whatever source, unless specifically excluded. Certain expenditures can reduce income for tax purposes and correspondingly the amount of tax payable. These expenditures are called deductions. While there are many more income tax concepts under the Code, the concepts of "income" and "deduction" are the most fundamental to the federal income tax treatment that pertains to this policy.

State and Local Taxes

State and local estate, inheritance, income and other tax consequences of ownership or receipt of policy proceeds depend on the circumstances of each policy owner or beneficiary. While these taxes may or may not be substantial in every policy owner's case, state by state differences of these taxes preclude a useful description of them in this prospectus.

Buying the Policy

Federal Income Tax

Generally, the Code treats life insurance premiums as a nondeductible expense for income tax purposes.

Investment Gain in the Policy

The income tax treatment of changes in the policy's cash value depends on whether the policy is "life insurance" under the Code. If the policy meets the definition of life insurance, then the increase in the policy's cash value is not included in the policy owner's taxable income for federal income tax purposes unless it is distributed to the policy owner before the death of the insured.

To qualify as life insurance, the policy must meet certain tests set out in Section 7702 of the Code. Nationwide will monitor the policy's compliance with Code Section 7702, and take whatever steps are necessary to stay in compliance.

Diversification

In addition to meeting the tests required under Section 7702, Section 817(h) of the Code requires that the investments of the separate account be adequately diversified. Regulations under Code Section 817(h) provide that a variable life policy that fails to satisfy the diversification standards will not be treated as life insurance unless such failure was inadvertent, is corrected, and the policy owner or the issuer pays an amount to the IRS. If the failure to diversify is not corrected, the income and gain in the policy would be treated as taxable ordinary income for federal income tax purposes.

Nationwide will also monitor compliance with Code Section 817(h) and the regulations applicable to Section 817(h) and, to the extent necessary, take appropriate action to remain in compliance.

Representatives of the IRS have informally suggested, from time to time, that the number of underlying investment options available or the number of transfer opportunities available under a variable insurance product may be relevant in determining whether the product qualifies for the desired tax treatment. In 2003, the IRS issued formal guidance, in Revenue Ruling 2003-91, that indicates that if the number of underlying investment options available in a variable insurance product does not exceed 20, the number of underlying investment options alone would not cause the policy to not qualify for the desired tax treatment. The IRS has also indicated that exceeding 20 underlying investment options may be considered a factor, along with other factors including the number of transfer opportunities available under the policy, when determining whether the policy qualifies for the desired tax treatment. The revenue ruling did not indicate the number of underlying investment options, if any, that would cause the policy to not provide the desired tax treatment. Should the U.S. Secretary of the Treasury issue additional rules or regulations limiting: the number of underlying investment options, transfers between underlying investment options, exchanges of underlying investment options or changes in the investment objectives of underlying investment options such that the policy would no longer qualify as life insurance under Section 7702 of the Code, Nationwide will take whatever steps are available to remain in compliance.

Based on the above, the policy should be treated as life insurance for federal income tax purposes.

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Periodic Withdrawals, Non-Periodic Withdrawals and Loans

The tax treatment described in this section applies to withdrawals and loans, premiums Nationwide accepts but then returns to meet the Code's definition of life insurance, and amounts used to pay the premium on any rider to the policy.

The income tax treatment of distributions of cash from the policy depends on whether the policy is also a "modified endowment contract" under the Code. Generally, the income tax consequences of owning a life insurance policy that is not a modified endowment contract are more advantageous than the tax consequences of owning a life insurance policy that is a modified endowment contract.

The policies offered by this prospectus may or may not be issued as modified endowment contracts. If a policy is issued as a modified endowment contract, it will always be a modified endowment contract; a policy that is not issued as a modified endowment contract can become a modified endowment contract due to subsequent transactions with respect to the policy, such as payment of additional premiums. If the policy is not issued as a modified endowment contract, Nationwide will monitor it and advise the policy owner if the payment of a premium, or other transaction, may cause the policy to become a modified endowment contract. It is only with the policy owner's written authorization that Nationwide will permit the policy to become a modified endowment policy. Otherwise, Nationwide will reject the requested action or refund any Premium paid in excess of the modified endowment limits.

Depending on the policy owner's circumstances, the use of the cash value of the policy to pay for the cost of any rider added to the base policy, could be treated as a distribution, and would be subject to the rules described below. Policy owners should seek competent tax advice regarding the tax treatment of the addition of any rider to the policy, based on the policy owner's individual facts and circumstances.

In general, interest the policy owner pays on a loan from a policy will not be deductible. Also, if a loan from a policy that is not a MEC is outstanding when the policy is canceled or lapses, the amount of the outstanding indebtedness will be added to the amount distributed and will be taxed accordingly. Before taking out a policy loan, the policy owner should consult a tax advisor as to the tax consequences.

When the Policy is Life Insurance that is a Modified Endowment Contract

Section 7702A of the Code defines modified endowment contracts as those life insurance policies issued or materially changed on or after June 21, 1988 on which the total premiums paid during the first 7 years exceed the amount that would have been paid if the policy provided for paid up benefits after 7 level annual premiums. Under certain conditions, a policy may become a modified endowment contract, or may become subject to a new 7 year testing period as a result of a "material change" or a "reduction in benefits" as defined by Section 7702A(c) of the Code.

All modified endowment contracts issued to the same owner by the same company during a single calendar year are required to be aggregated and treated as a single policy for purposes of determining the amount that is includible in income when a distribution occurs.

The Code provides special rules for the taxation of surrenders, partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are taxable to the extent that at the time of the transaction the cash value of the policy exceeds the 'investment in the contract' (generally, the net Premiums paid for the policy). In addition, a 10% tax penalty generally applies to the taxable portion of such distributions unless the policy owner is over age 59½ or disabled, or the distribution is part of a series of substantially equal periodic payments as defined in the Code.

When the Policy is Life Insurance that is NOT a Modified Endowment Contract

If the policy is not issued as a modified endowment contract, Nationwide will monitor premiums paid and will notify the policy owner when the policy is in jeopardy of becoming a modified endowment contract.

Distributions from life insurance policies that are not modified endowment contracts generally are treated as being first from the investment in the contract, and then from the income in the policy. Because premium payments are generally nondeductible, distributions not in excess of investment in the contract are generally not includible in income; instead, they reduce the owner's investment in the contract.

However, if a policy is not a modified endowment contract, a cash distribution during the first 15 years after a policy is issued that causes a reduction in death benefits may still be fully or partially taxable to the policy owner pursuant to Section 7702(f)(7) of the Code. The policy owner should carefully consider this potential tax ramification and seek further information before requesting any changes in the terms of the policy.

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In addition, a loan from a life insurance policy that is not a modified endowment contract is not taxable when made, although it can be treated as a distribution if it is forgiven during the owner's lifetime. Distributions from policies that are not modified endowment contracts are not subject to the 10% early distribution penalty tax.

Surrendering the Policy; Maturity

A full surrender, cancellation of the policy by lapse, or the maturity of the policy on its maturity date may have adverse income tax consequences. If the amount received (or are deemed received upon maturity) plus total policy indebtedness exceeds the investment in the contract, then the excess generally will be treated as taxable ordinary income, regardless of whether or not the policy is a modified endowment contract. In certain circumstances, for example when the policy indebtedness is very large, the amount of tax could exceed the amount distributed to the policy owner at surrender.

The purpose of the maturity date extension feature is to permit the policy to continue to be treated as life insurance for tax purposes. Although Nationwide believes that the extension provision will cause the policy to continue to be treated as life insurance after the initially scheduled maturity date, that result is not certain due to a lack of specificity in the guidance on the issue. The policy owner should consult with a qualified tax advisor regarding the possible adverse tax consequences that could result from an extension of the scheduled maturity date.

Sale of a Life Insurance Policy

If a life insurance policy is sold for a gain, all or a portion of the gain will be treated as ordinary income. In Revenue Ruling 2009-13, the IRS concluded that the amount of gain realized from the sale of a life insurance policy is equal to the amount received (which can include relief from, or assumption of debt) over the owner's basis in the policy. The portion of the gain that is equal to the excess of the cash surrender value over the investment in the contract would be treated as ordinary income; any additional gain would be short or long-term capital gain, depending on the holding period. The ruling also concluded that the amount of gain resulting from the sale of a life insurance policy is equal to the excess of the amount received over the owner's basis in the policy (the investment in the contract reduced by the cost of insurance previously paid out of the cash value). Consequently, a sale may result in more gain than a surrender for the same amount.

Exchanging the Policy for Another Life Insurance Policy

Generally, policy owners will be taxed on amounts received in excess of premium payments when the policy is surrendered in full. If, however, the policy is exchanged for another life insurance policy, modified endowment contract, or annuity contract, the transaction will not be taxed on the excess amount if the exchange meets the requirements of Code Section 1035. To meet Section 1035 requirements, the insured named in the policy must be the insured for the new policy. Generally, the new policy or contract will be treated as having the same issue date and tax basis as the old policy or contract.

If the policy or contract is subject to a policy indebtedness that is discharged as part of the exchange transaction, the discharge of the indebtedness may be taxable. Policy owners should consult with their personal tax or legal advisors in structuring any policy exchange transaction.

Taxation of Death Benefits

Federal Income Tax

The death benefit is generally excludable from the beneficiary's gross income under Section 101 of the Code. However, if the policy had been transferred to a new policy owner for valuable consideration (e.g., through a sale of the policy), a portion of the death benefit may be includible in the beneficiary's gross income when it is paid.

The payout option selected by the policy's beneficiary may affect how the payments received by the beneficiary are taxed. Under the various payout options, the amount payable to the beneficiary may include earnings on the death benefit, which will be taxable as ordinary income. For example, if the beneficiary elects to receive interest only, then the entire amount of the interest payment will be taxable to the beneficiary; if a periodic payment (whether for a fixed period or for life) is selected, then a portion of each payment will be taxable interest income, and a portion will be treated as the nontaxable payment of the death benefit. The policy's beneficiaries should consult with their tax advisors to determine the tax consequences of electing a payout option, based on their individual circumstances.

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Special federal income tax considerations for life insurance policies owned by employers

Sections 101(j) and 6039I of the Code provide special rules regarding the tax treatment of death benefits that are payable under life insurance policies owned by the employer of the insured. These provisions are generally effective for life insurance policies issued after August 17, 2006. If a life insurance policy was issued on or before August 17, 2006, but materially modified after that date, it will be treated as having been issued after that date for purposes of Section 101(j). Policies issued after August 17, 2006 pursuant to a Section 1035 exchange generally are excluded from the operation of these provisions, provided that the policy received in the exchange does not have a material increase in death benefit or other material change with respect to the old policy.

Section 101(j) provides the general rule that, with respect to an employer-owned life insurance policy, the amount of death benefit payable directly or indirectly to the employer that may be excluded from income cannot exceed the sum of premiums and other payments paid by the policy owner for the policy. Consequently, under this general rule, the entire death benefit, less the cost to the policy owner, will be taxable. Although Section 101(j) is not clear, if lifetime distributions from the policy are made as a nontaxable return of premium, it appears that the reduction would apply for Section 101(j) purposes and reduce the amount of premiums for this purpose.

There are two exceptions to this general rule of taxability, provided that statutory notice, consent, and information requirements are satisfied. First, if proper notice and consent are given and received, and if the insured was an employee at any time during the 12-month period before the insured's death, then Section 101(j) would not apply.

Second, if proper notice and consent are given and received and, at the time that the policy is issued, the insured is either a director, a "highly compensated employee" (within the meaning of Section 414(q) of the Code without regard to paragraph (1)(B)(ii) thereof), or a "highly compensated individual" (within the meaning of Section 105(h)(5), except "35%" is substituted for "25%" in paragraph (C) thereof), then Section 101(j) would not apply.

Code Section 6039I requires any policy owner of an employer-owned policy to file an annual return showing (a) the number of employees of the policy owner, (b) the number of such employees insured under employee-owned policies at the end of the year, (c) the total amount of insurance in force with respect to those policies at the end of the year, (d) the name, address, taxpayer identification number and type of business of the policy owner, and (e) that the policy owner has a valid consent for each insured (or, if all consents are not obtained, the number of insured employees for whom such consent was not obtained). Proper recordkeeping is also required by this section.

It is the employer's responsibility to (a) provide the proper notice to each insured, (b) obtain the proper consent from each insured, (c) inform each insured in writing that the employer-owner will be the beneficiary of any proceeds payable upon the death of the insured, and (d) file the annual return required by Section 6039I. If the employer-owner fails to provide the necessary notice and information, or fails to obtain the necessary consent, the death benefit will be taxable when received. If the employer-owner fails to file a properly completed return under Section 6039I, a penalty may apply.

Special Considerations for Corporations

Section 264 of the Code imposes a number of limitations on the interest and other business deductions that may otherwise be available to businesses that own life insurance policies. In addition, the premium paid by a business for a life insurance policy is not deductible as a business expense or otherwise if the business is directly or indirectly a beneficiary of the policy.

For purposes of the alternative minimum tax ("AMT") that may be imposed on corporations, the death benefit from a life insurance policy, even though excluded from gross income for normal tax purposes, is included in "adjusted current earnings" for AMT purposes. In addition, although increases to the cash surrender value of a life insurance policy are generally excluded from gross income for normal income tax purposes, such increases are included in adjusted current earnings for income tax purposes.

Due to the complexity of these rules, and because they are affected by the policy owner's facts and circumstances, the policy owner should consult with legal and tax counsel and other competent advisors regarding these matters.

Federal appellate and trial courts have examined the economic substance of transactions involving life insurance policies owned by corporations. These cases involved relatively large loans against the policy's cash value as well as tax deductions for the interest paid on the policy loans by the corporate policy owner to the insurance company. Under the particular factual circumstances in these cases, the courts determined that the corporate policy owners should not have taken tax deductions for the interest paid. Accordingly, the court determined that the corporations should have paid taxes on the amounts deducted. Corporations should consider, in consultation with tax advisors familiar with these matters, the impact of these decisions on the corporation's intended use of the policy.

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Business Uses of the Policy

The life insurance policy may be used in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, retiree medical benefit plans, and others. The tax consequences of these plans may vary depending on the particular facts and circumstances of each individual arrangement. Therefore, if the policy owner is contemplating using the policy in any arrangement the value of which depends in part on its tax consequences, the policy owner should be sure to consult a tax advisor as to tax attributes of the arrangement.

Non-Resident Aliens and Other Persons Who are Not Citizens of the United States

Special income tax laws and rules apply to non-resident aliens of the United States including certain withholding requirements with respect to pre-death distributions from the policy. In addition, foreign law may impose additional taxes on the policy, the death benefit, or other distributions and/or ownership of the policy.

In addition, special gift, estate and GSTT laws and rules may apply to non-resident aliens, and to transfers to persons who are not citizens of the United States, including limitations on the marital deduction if the surviving or donee spouse is not a citizen of the United States.

If the policy owner is a non-resident alien, or a resident alien, or if any of the policy's beneficiaries (including the policy owner's spouse) are not citizens of the United States, the policy owner should confer with a competent tax advisor with respect to the tax treatment of this policy.

If the policy owner, the insured, the beneficiary, or other person receiving any benefit or interest in or from the policy, are not both a resident and citizen of the United States, there may be a tax imposed by a foreign country that is in addition to any tax imposed by the United States. The foreign law (including regulations, rulings, treaties with the United States, and case law) may change and impose additional or increased taxes on the policy, payment of the death benefit, or other distributions and/or ownership of the policy.

Withholding and Tax Reporting

Distribution of taxable income from a life insurance policy, including a life insurance policy that is a modified endowment contract, is subject to federal income tax withholding. Generally, the recipient may elect not to have the withholding taken from the distribution. Nationwide will withhold income tax unless the policy owner advises Nationwide, in writing, of their request not to withhold. If the policy owner requests that taxes not be withheld, or if the taxes withheld are insufficient, the policy owner may be liable for payment of an estimated tax.

A policy owner is not permitted to waive withholding if the payee does not provide Nationwide with a taxpayer identification number; or if Nationwide receives notice from the Internal Revenue Service that the taxpayer identification number furnished by the payee is incorrect. In that instance, a distribution will be subject to withholding rates established by Section 3405 of the Code and will be applied against the amount of income that is distributed.

However, interest earned on a death benefit may be subject to mandatory back-up withholding. Mandatory backup withholding means that Nationwide is required to withhold taxes on income earned at the rate established by Section 3406 of the Code. Mandatory backup withholding may arise if Nationwide has not been provided a taxpayer identification number, or if the IRS notifies Nationwide that back-up withholding is required.

In certain employer-sponsored life insurance arrangements, participants may be required to report for income tax purposes, one or more of the following:

• the value each year of the life insurance protection provided;

• an amount equal to any employer-paid Premiums;

• some or all of the amount by which the current value exceeds the employer's interest in the policy; and/or

• interest that is deemed to have been forgiven on a loan that Nationwide deems to have been made by the employer.

Participants in an employer-sponsored plan relating to this policy should consult with the sponsor or the administrator of the plan, and/or with their personal tax or legal advisor to determine the tax consequences, if any, of their employer-sponsored life insurance arrangements.

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Taxes and the Value of the Policy

For federal income tax purposes, a separate account is not a separate entity from the company. Thus, the tax status of the separate account is not distinct from our status as a life insurance company. Investment income and realized capital gains on the assets of the separate account are reinvested and taken into account in determining the value of Accumulation Units. As a result, such investment income and realized capital gains are automatically applied to increase reserves under the policies.

At present, Nationwide does not expect to incur any federal income tax liability that would be chargeable to the Accumulation Units. Based upon these expectations, no charge is being made against the policy's Accumulation Units for federal income taxes. If, however, Nationwide determines that taxes may be incurred, Nationwide reserves the right to assess a charge for these taxes.

Nationwide may also incur state and local taxes (in addition to those described in the discussion of the Premium Taxes) in several states. At present, these taxes are not significant. If they increase, however, charges for such taxes may be made that would decrease the value of the policy's Accumulation Units.

Tax Changes

The foregoing is a general discussion of various tax matters pertaining to life insurance policies. It is based on our understanding of federal tax laws as currently interpreted by the IRS, is general and is not intended as tax advice. The policy owner should consult their independent legal, tax and/or financial advisor.

The Code has been subjected to numerous amendments and changes, and it is reasonable to believe that it will continue to be revised. The United States Congress has, in the past, considered numerous legislative proposals that, if enacted, could change the tax treatment of life insurance policies. For example the "FY 2013, Budget of the United States Government" includes a proposal which, if enacted, would affect the treatment of corporate owned life insurance policies by limiting the availability of certain interest deductions for companies that purchase those policies. No proposed statutory language has been released yet, so the specifics of the proposal cannot be addressed herein. Such a proposal, if enacted, could have an adverse tax impact on the ownership of life insurance by or for the benefit of business entities. It is reasonable to believe that such proposals, and future proposals, may be enacted into law. The U.S. Treasury Department may amend existing regulations, issue new regulations, or adopt new interpretations of existing law that may differ from its current positions on these matters. In addition, current state law (which is not discussed herein) and future amendments to state law may affect the tax consequences of the policy.

Any or all of the foregoing may change from time to time without any notice, and the tax consequences arising out of a policy may be changed retroactively. There is no way of predicting if, when, or to what extent any such change may take place. Nationwide make no representation as to the likelihood of the continuation of these current laws, interpretations, and policies.

Nationwide Life Insurance Company

Nationwide, the depositor, is a stock life insurance company organized under Ohio law in March 1929, with its home office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide is a provider of life insurance, annuities, and retirement products. It is admitted to do business in all states, the District of Columbia, and Puerto Rico.

Nationwide is a member of the Nationwide group of companies. Nationwide Mutual Insurance Company and Nationwide Mutual Fire Insurance Company (the "Companies") are the ultimate controlling persons of the Nationwide group of companies. The Companies were organized under Ohio law in December 1925 and 1933 respectively. The Companies engage in a general insurance and reinsurance business, except life insurance.

Nationwide VLI Separate Account-4

Organization, Registration, and Operation

Nationwide VLI Separate Account-4 is a separate account established under Ohio law. Nationwide owns the assets in this account and is obligated to pay all benefits under the policies. Nationwide may use the separate account to support other variable life insurance policies that it issues. The separate account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 ("1940 Act") and qualifies as a "separate account" within the meaning of federal securities laws. For purposes of federal securities laws, the separate account is, and will remain, fully funded at all

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times. This registration does not involve the SEC's supervision of the separate account's management or investment practices or policies.

The separate account is divided into Sub-Accounts that invest in shares of the underlying mutual funds. Nationwide buys and sells the mutual fund shares at their respective NAV. Any dividends and distributions from a mutual fund are reinvested at NAV in shares of that mutual fund.

Income, gains, and losses, whether or not realized, from the assets in the separate account will be credited to, or charged against, the separate account without regard to Nationwide's other income, gains, or losses. Income, gains, and losses credited to, or charged against, a Sub-Account reflect the Sub-Account's own Investment Experience and not the investment experience of Nationwide's other assets. The separate account's assets are held separately from Nationwide's other assets and are not part of Nationwide's general account. Nationwide may not use the separate account's assets to pay any of its liabilities other than those arising from the policies. Nationwide will hold assets in the separate account equal to its liabilities. The separate account may include other Sub-Accounts that are not available under the policies, and are not discussed in this prospectus.

Nationwide does not guarantee any money placed in this separate account. The value of each Sub-Account will increase or decrease, depending on the Investment Experience of the corresponding mutual fund. A policy owner could lose some or all of their money.

Addition, Deletion, or Substitution of Mutual Funds

Where permitted by applicable law, Nationwide reserves the right to:

• remove, close, combine, or add Sub-Accounts and make new Sub-Accounts available;

• substitute shares of another mutual fund, which may have different fees and expenses, for shares of an existing mutual fund;

• transfer assets supporting the policies from one Sub-Account to another, or from one separate account to another;

• combine the separate account with other separate accounts, and/or create new separate accounts;

• deregister the separate account under the 1940 Act, or operate the separate account or any Sub-Account as a management investment company under the 1940 Act or as any other form permitted by law; and

• modify the policy provisions to reflect changes in the Sub-Accounts and the separate account to comply with applicable law.

Nationwide reserves the right to make other structural and operational changes affecting this separate account.

Nationwide will provide notice of any of the changes above. Also, to the extent required by law, Nationwide will obtain the required orders, approvals, and/or regulatory clearance from the appropriate government agencies (such as the various insurance regulators or the SEC). Also, to the extent required by state law, Nationwide will accept an irrevocable election from the policy owner to transfer 100% of the policy's Cash Value to the Fixed Account if received within 60 days after the date the policy owner received notification of a material change in the investment policy of the separate account.

Substitution of Securities

Nationwide may substitute, eliminate, or combine shares of another underlying mutual fund for shares already purchased or to be purchased in the future if either of the following occurs:

(1)	shares of a current underlying mutual fund are no longer available for investment; or
(2)	further investment in an underlying mutual fund is inappropriate.

No substitution of shares may take place without the prior approval of the SEC. All affected policy owners will be notified in the event there is a substitution, elimination, or combination of shares.

The substitute mutual fund may have different fees and expenses. Substitution may be made with respect to existing investments or the investment of future Premium, or both. Nationwide may close Sub-Accounts to allocations of Premiums or policy value, or both, at any time in its sole discretion. The mutual funds, which sell their shares to the Sub-Accounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Sub-Accounts.

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Deregistration of the Separate Account

Nationwide may deregister Nationwide VLI Separate Account-4 under the 1940 Act in the event the separate account meets an exemption from registration under the 1940 Act, if there are no shareholders in the separate account or for any other purpose approved by the SEC.

All policy owners will be notified in the event Nationwide deregisters Nationwide VLI Separate Account-4.

Voting Rights

Although the separate account owns the mutual fund shares, policy owners are the beneficial owner of those shares. When a matter involving a mutual fund is subject to shareholder vote, unless there is a change in existing law, Nationwide will vote the separate account's shares only as instructed by policy owners.

When a shareholder vote occurs, a policy owner will have the right to instruct Nationwide how to vote. The weight of each vote is based on the number of mutual fund shares that corresponds to the amount of Cash Value a policy has allocated to that mutual fund's Sub-Account (as of a date set by the mutual fund). Nationwide will vote shares for which no instructions are received in the same proportion as those that are received. What this means is that when only a small number of policy owners vote, each vote has a greater impact on, and may control the outcome of the vote.

Material Conflicts

The underlying mutual funds may be offered through separate accounts of other insurance companies, as well as through other separate accounts of Nationwide. Nationwide does not anticipate any disadvantages to this. However, it is possible that a conflict may arise between the interests of the variable account and one or more of the other separate accounts in which these underlying mutual funds participate.

Material conflicts may occur due to a change in law affecting the operations of variable life insurance policies and variable annuity contracts, or differences in the voting instructions of the policy owners and those of other companies. If a material conflict occurs, Nationwide will take whatever steps are necessary to protect policy owners and variable annuity payees, including withdrawal of the variable account from participation in the underlying mutual fund(s) involved in the conflict.

Legal Proceedings

Nationwide Life Insurance Company

Nationwide Financial Services, Inc. (NFS, or collectively with its subsidiaries, "the Company") was formed in November 1996. NFS is the holding company for Nationwide Life Insurance Company (NLIC), Nationwide Life and Annuity Insurance Company (NLAIC) and other companies that comprise the life insurance and retirement savings operations of the Nationwide group of companies (Nationwide). This group includes Nationwide Financial Network (NFN), an affiliated distribution network that markets directly to its customer base. NFS is incorporated in Delaware and maintains its principal executive offices in Columbus, Ohio.

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. The Company's legal and regulatory matters include proceedings specific to the Company and other proceedings generally applicable to business practices in the industries in which the Company operates. These matters are subject to many uncertainties, and given their complexity and scope, their outcomes cannot be predicted. Regulatory proceedings could also affect the outcome of one or more of the Company's litigation matters. Furthermore, it is often not possible to determine the ultimate outcomes of the pending regulatory investigations and legal proceedings or to provide reasonable ranges of potential losses with any degree of certainty. Some matters, including certain of those referred to below, are in very preliminary stages, and the Company does not have sufficient information to make an assessment of the plaintiffs' claims for liability or damages. In some of the cases seeking to be certified as class actions, the court has not yet decided whether a class will be certified or (in the event of certification) the size of the class and class period. In many of the cases, the plaintiffs are seeking undefined amounts of damages or other relief, including punitive damages and equitable remedies, which are difficult to quantify and cannot be defined based on the information currently available. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory matters is not likely to have a material adverse effect on the Company's condensed consolidated financial position. Nonetheless, given the large or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that such outcomes could materially affect the Company's condensed consolidated financial position or results of operations in a particular quarter or annual period.

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The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Federal Reserve Bank and state insurance authorities. Such regulatory entities may, in the normal course, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. The financial services industry has been the subject of increasing scrutiny in connection with a broad spectrum of regulatory issues; with respect to all such scrutiny directed at the Company and/or its affiliates, the Company is cooperating with regulators. The Company will cooperate with Nationwide Mutual Insurance Company (NMIC) insofar as any inquiry, examination or investigation encompasses NMIC's operations.

On August 15, 2001, NFS and NLIC were named in a lawsuit filed in the United States District Court for the District of Connecticut entitled Lou Haddock, as trustee of the Flyte Tool & Die, Incorporated Deferred Compensation Plan, et al v. Nationwide Financial Services, Inc. and Nationwide Life Insurance Company. On November 18, 2009, the plaintiffs filed a sixth amended complaint amending the list of named plaintiffs and claiming to represent a class of qualified retirement plan trustees under the Employee Retirement Income Security Act of 1974 (ERISA) that purchased variable annuities from NLIC. The plaintiffs allege that they invested ERISA plan assets in their variable annuity contracts and that NLIC and NFS breached ERISA fiduciary duties by allegedly accepting service payments from certain mutual funds. The complaint seeks damages in an amount equivalent to some or all of the payments allegedly received by NFS and NLIC, other unspecified relief for restitution, declaratory and injunctive relief, and attorneys fees. On November 6, 2009, the Court granted the plaintiffs motion for class certification. On October 21, 2010, the District Court dismissed NFS from the lawsuit. On February 6, 2012, the Second Circuit Court of Appeals vacated the November 6, 2009 order granting class certification and remanded the case back to the District Court for further consideration. On September 6, 2013, the District Court granted the plaintiffs motion for class certification. On December 11, 2014, the plaintiffs filed a 7th Amended Complaint adding another sub class of defendants that held trust platform products. On December 11, 2014, plaintiff filed a motion for preliminary approval of settlement. On January 5, 2015, the Court signed the Order Preliminarily Approving Settlement and Approving Form and Manner of Notice. On March 31, 2015, the Court held a Fairness Hearing and proposed a few changes to the Final Order that Nationwide has taken under consideration. NFS has made adequate provision for all probable and reasonably estimable losses associated with this settlement.

Nationwide Investment Services Corporation

The general distributor, NISC, is not engaged in any litigation of any material nature.

Financial Statements

The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-4 and the consolidated financial statements of Nationwide Life Insurance Company and subsidiaries (the Company). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the consolidated financial statements of the Company only as bearing on Nationwide's ability to meet the obligations under the policy. Policy owners should not consider the consolidated financial statements of the Company as affecting the investment performance of the assets of the separate account.

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Appendix A: Sub-Account Information

Below is a list of the available Sub-Accounts and information about the corresponding underlying mutual funds in which they invest. The underlying mutual funds in which the Sub-Accounts invest are designed primarily as investments for variable annuity contracts and variable life insurance policies issued by insurance companies. There is no guarantee that the investment objectives will be met.

Please refer to the prospectus for each underlying mutual fund for more detailed information.

Designations Key:
STTF:	The underlying mutual fund corresponding to this Sub-Account assesses (or reserves the right to assess) a short-term trading fee, see Short-Term Trading Fees.
FF:	The underlying mutual fund corresponding to this Sub-Account primarily invests in other mutual funds. Therefore, a proportionate share of the fees and expenses of any acquired funds are indirectly borne by investors. As a result, investors in this Sub-Account may incur higher charges than if the assets were invested in an underlying mutual fund that does not invest in other mutual funds. Refer to the prospectus for this underlying mutual fund for more information.

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (formerly, AllianceBernstein Variable Products Series Fund, Inc. - AllianceBernstein Growth and Income Portfolio: Class A)

Investment Advisor:	AllianceBernstein L.P.
Investment Objective:	Long-term growth of capital.

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (formerly, AllianceBernstein Variable Products Series Fund, Inc. - AllianceBernstein VPS International Value Portfolio: Class A)

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	AllianceBernstein L.P.
Investment Objective:	Long-term growth of capital.

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (formerly, AllianceBernstein Variable Products Series Fund, Inc. - AllianceBernstein Small/Mid Cap Value Portfolio: Class A)

Investment Advisor:	AllianceBernstein L.P.
Investment Objective:	Long-term growth of capital.

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	The fund pursues long-term total return using a strategy that seeks to protect against U.S. inflation.

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I

This Sub-Account is only available in policies issued before April 25, 2014

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Capital growth.

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Long-term capital growth with income as a secondary objective.

American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Long-term capital growth with income as a secondary objective.

American Funds Insurance Series® - Asset Allocation Fund: Class 2

Investment Advisor:	Capital Research and Management Company
Investment Objective:	Seeks high total return (including income and capital gains) consistent with the preservation of capital over the long term.

American Funds Insurance Series® - Bond Fund: Class 2

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Capital Research and Management Company
Investment Objective:	Seeks to provide as high a level of current income as is consistent with the preservation of capital.

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American Funds Insurance Series® - Global Small Capitalization Fund: Class 2

Investment Advisor:	Capital Research and Management Company
Investment Objective:	Seeks long-term growth of capital through investments in smaller companies in the U.S. and around the world.

American Funds Insurance Series® - Growth Fund: Class 2

Investment Advisor:	Capital Research and Management Company
Investment Objective:	Seeks to provide you with growth of capital.

American Funds Insurance Series® - International Fund: Class 2

Investment Advisor:	Capital Research and Management Company
Investment Objective:	Seeks to provide you with long-term growth of capital.

BlackRock Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund: Class I

Investment Advisor:	BlackRock Advisors, LLC
Sub-advisor:	BlackRock Financial Management, Inc.
Investment Objective:	The Fund seeks to maximize total return, consistent with income generation and prudent investment management.

BlackRock Variable Series Funds, Inc. - BlackRock Large Cap Core V.I. Fund: Class II

Investment Advisor:	BlackRock Advisors, LLC
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The investment objective of the Fund is to seek high total investment return (i.e. the combination of capital appreciation (from increases or decreases in the market value) and current income (from interest or dividends).

Davis Variable Account Fund, Inc. - Davis Value Portfolio

Investment Advisor:	Davis Selected Advisors, L.P.
Sub-advisor:	Davis Selected Advisors - NY, Inc.
Investment Objective:	Long-term growth of capital.

Delaware VIP Trust - Delaware VIP Emerging Markets Series: Service Class

Investment Advisor:	Delaware Management Company, Inc.
Investment Objective:	The Series seeks long-term capital appreciation.

Delaware VIP Trust - Delaware VIP Small Cap Value Series: Service Class

Investment Advisor:	Delaware Management Company, Inc.
Investment Objective:	The fund seeks capital appreciation.

Deutsche Variable Series II - Deutsche Large Cap Value VIP: Class B

This Sub-Account is only available in policies issued before December 31, 2010

Investment Advisor:	Deutsche Investment Management Americas Inc.
Investment Objective:	High rate of total return.

Deutsche Variable Series II - Deutsche Small Mid Cap Value VIP: Class B

This Sub-Account is only available in policies issued before December 31, 2013

Investment Advisor:	Deutsche Investment Management Americas Inc.
Investment Objective:	Long-term capital appreciation.

Dreyfus Investment Portfolios - Mid Cap Stock Portfolio: Initial Shares

Investment Advisor:	The Dreyfus Corporation
Investment Objective:	The fund seeks investment results that are greater than the total return performance of publicly traded common stocks of medium-size domestic companies in the aggregate, as represented by the Standard & Poor's MidCap 400® Index (S&P 400 Index).

Dreyfus Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares

Investment Advisor:	The Dreyfus Corporation
Investment Objective:	To match performance of the S&P SmallCap 600 Index®.

Dreyfus Stock Index Fund, Inc.: Initial Shares

Investment Advisor:	The Dreyfus Corporation
Investment Objective:	To match performance of the S&P 500.

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Dreyfus Variable Investment Fund - Appreciation Portfolio: Initial Shares

Investment Advisor:	The Dreyfus Corporation
Sub-advisor:	Fayez Sarofim & Co.
Investment Objective:	The fund seeks long-term capital growth consistent with the preservation of capital. Its secondary goal is current income.

Dreyfus Variable Investment Fund - International Value Portfolio: Initial Shares

Investment Advisor:	The Dreyfus Corporation
Investment Objective:	Long-term capital growth.

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund

Investment Advisor:	Eaton Vance Management
Investment Objective:	The fund seeks to provide a high level of current income.

Federated Insurance Series - Federated Quality Bond Fund II: Primary Shares

Investment Advisor:	Federated Investment Management Company
Investment Objective:	Current income.

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class

Investment Advisor:	Strategic Advisers Inc. Boston MA
Sub-advisor:	FMR Co., Inc., Fidelity Research & Analysis Company
Investment Objective:	Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class

Investment Advisor:	Strategic Advisers Inc. Boston MA
Sub-advisor:	FMR Co., Inc., Fidelity Research & Analysis Company
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class

Investment Advisor:	Strategic Advisers Inc. Boston MA
Sub-advisor:	FMR Co., Inc., Fidelity Research & Analysis Company
Investment Objective:	Seeks high total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class

Investment Advisor:	Strategic Advisers Inc. Boston MA
Sub-advisor:	FMR Co., Inc., Fidelity Research & Analysis Company
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class

Investment Advisor:	Strategic Advisers Inc. Boston MA
Sub-advisor:	FMR Co., Inc., Fidelity Research & Analysis Company
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - VIP Contrafund® Portfolio: Service Class

This Sub-Account is only available in policies issued before December 31, 2009

Investment Advisor:	Fidelity Management & Research Company
Sub-advisor:	FMR Co., Inc., Fidelity Investments Money Management, Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Research & Analysis Company, Fidelity Investments Japan Limited, Fidelity International Investment Advisors, Fidelity International Investment Advisors (U.K.) Limited
Investment Objective:	Long-term capital appreciation.

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Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company
Sub-advisor:	FMR Co., Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Research & Analysis Company, Fidelity Investments Japan Limited, Fidelity International Investment Advisors, Fidelity International Investment Advisors (U.K.) Limited
Investment Objective:	Reasonable income.

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company
Sub-advisor:	FMR Co., Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Research & Analysis Company, Fidelity International Investment Advisors, Fidelity International Investment Advisors (U.K.) Limited, Fidelity Investments Japan Limited
Investment Objective:	Capital appreciation.

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company
Sub-advisor:	Fidelity Investments Money Management, Inc., Fidelity Research & Analysis Company, Fidelity International Investment Advisors, Fidelity International Investment Advisors (U.K.) Limited
Investment Objective:	High level of current income.

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company
Sub-advisor:	FMR Co., Inc., Fidelity Management & Research (U.K.) Inc., Fidelity Research & Analysis Company, Fidelity Investments Japan Limited, Fidelity International Investment Advisors, Fidelity International Investment Advisors (U.K.) Limited
Investment Objective:	Long-term growth of capital.

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2

Investment Advisor:	Franklin Mutual Advisers, LLC
Investment Objective:	Capital appreciation.

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2

Investment Advisor:	Franklin Advisory Services, LLC
Investment Objective:	Long-term total return.

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2

Investment Advisor:	Templeton Investment Counsel, LLC
Investment Objective:	Long-term capital growth.

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	High current income, consistent with preservation of capital. Capital appreciation is a secondary consideration.

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2

This Portfolio is no longer available to accept transfers or new premium payments effective May 1, 2014

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	High current income, consistent with preservation of capital, with capital appreciation as a secondary consideration.

Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares

Investment Advisor:	Goldman Sachs Asset Management, L.P.
Investment Objective:	Long-term growth of capital.

Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares

Investment Advisor:	Goldman Sachs Asset Management, L.P.
Investment Objective:	Seeks long-term growth of capital.

Invesco - Invesco V.I. Growth and Income Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	To seek long-term growth of capital and income.

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Invesco - Invesco V.I. High Yield Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Total return, comprised of current income and capital appreciation.

Invesco - Invesco V.I. International Growth Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Long-term growth of capital.

Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares

This Sub-Account is only available in policies issued before December 31, 2015

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Long-term growth of capital.

Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares

This Sub-Account is only available in policies issued before December 31, 2011

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Capital growth.

Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Long-term growth of capital.

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares

This Sub-Account is only available in policies issued before December 31, 2008

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Long-term growth of capital.

Ivy Funds Variable Insurance Portfolios - Asset Strategy

Investment Advisor:	Waddell & Reed Investment Management Company
Investment Objective:	To seek to provide total return.

Ivy Funds Variable Insurance Portfolios - Growth

Investment Advisor:	Waddell & Reed Investment Management Company
Investment Objective:	To seek to provide growth of capital.

Ivy Funds Variable Insurance Portfolios - High Income

Investment Advisor:	Waddell & Reed Investment Management Company
Investment Objective:	To seek to provide total return through a combination of high current income and capital appreciation.

Ivy Funds Variable Insurance Portfolios - Mid Cap Growth

Investment Advisor:	Waddell & Reed Investment Management Company
Investment Objective:	To seek to provide growth of capital.

Ivy Funds Variable Insurance Portfolios - Real Estate Securities

Investment Advisor:	Waddell & Reed Investment Management Company
Sub-advisor:	Advantus Capital Management, Inc.
Investment Objective:	To seek to provide total return through capital appreciation and current income.

Ivy Funds Variable Insurance Portfolios - Science and Technology

Investment Advisor:	Waddell & Reed Investment Management Company
Investment Objective:	To seek to provide growth of capital.

Janus Aspen Series - Balanced Portfolio: Service Shares

Investment Advisor:	Janus Capital Management LLC
Investment Objective:	Long-term capital growth, consistent with preservation of capital and balanced by current income.

Janus Aspen Series - Flexible Bond Portfolio: Service Shares

Investment Advisor:	Janus Capital Management LLC
Investment Objective:	Maximum total return, consistent with preservation of capital.

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Janus Aspen Series - Forty Portfolio: Service Shares

This Sub-Account is only available in policies issued before December 31, 2014

Investment Advisor:	Janus Capital Management LLC
Investment Objective:	Long-term growth of capital.

Janus Aspen Series - Global Technology Portfolio: Service Shares

Investment Advisor:	Janus Capital Management LLC
Investment Objective:	Long-term growth of capital.

Janus Aspen Series - Overseas Portfolio: Service Shares

Investment Advisor:	Janus Capital Management LLC
Investment Objective:	Long-term growth of capital.

Janus Aspen Series - Perkins Mid Cap Value Portfolio: Service Shares

Investment Advisor:	Janus Capital Management LLC
Sub-advisor:	Perkins Investment Management LLC ("Perkins")
Investment Objective:	Capital appreciation.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1

Investment Advisor:	J.P. Morgan Investment Management Inc.
Investment Objective:	Capital appreciation with the secondary goal of achieving current income by investing primarily in equity securities.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio: Class 1

Investment Advisor:	J.P. Morgan Investment Management Inc.
Investment Objective:	The Portfolio seeks capital growth over the long term.

Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares

Investment Advisor:	Lazard Asset Management LLC
Investment Objective:	Long-term capital appreciation.

Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I

Investment Advisor:	Legg Mason Partners Fund Advisor, LLC
Sub-advisor:	ClearBridge Investments, LLC
Investment Objective:	The fund seeks long-term growth of capital.

Lincoln Variable Insurance Products Trust - LVIP Baron Growth Opportunities Fund: Service Class

This Sub-Account is only available in policies issued before December 31, 2011

Investment Advisor:	Lincoln Investment Advisors Corporation (LIA)
Sub-advisor:	BAMCO, Inc.
Investment Objective:	Capital appreciation.

Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC

Investment Advisor:	Lord, Abbett & Co. LLC
Investment Objective:	To seek high current income and the opportunity for capital appreciation to produce a high total return.

Lord Abbett Series Fund, Inc. - Mid-Cap Stock Portfolio: Class VC

This Sub-Account is only available in policies issued before December 31, 2010

Investment Advisor:	Lord, Abbett & Co. LLC
Investment Objective:	Capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the market place.

MFS® Variable Insurance Trust - MFS New Discovery Series: Service Class

Investment Advisor:	Massachusetts Financial Services Company
Investment Objective:	To seek capital appreciation.

MFS® Variable Insurance Trust - MFS Value Series: Service Class

Investment Advisor:	Massachusetts Financial Services Company
Investment Objective:	To seek capital appreciation.

MFS® Variable Insurance Trust II - MFS Blended Research® Core Equity Portfolio: Service Class

Investment Advisor:	Massachusetts Financial Services Company
Investment Objective:	To seek capital appreciation.

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MFS® Variable Insurance Trust II - MFS International Value Portfolio: Service Class

Investment Advisor:	Massachusetts Financial Services Company
Investment Objective:	The fund's investment objective is to seek capital appreciation. MFS normally invests the fund's assets primarily in foreign equity securities, including emerging market equity securities.

MFS® Variable Insurance Trust II - MFS Research International Portfolio: Service Class

Investment Advisor:	Massachusetts Financial Services Company
Investment Objective:	To seek capital appreciation.

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Federated Investment Management Company
Investment Objective:	The Fund seeks to provide high current income.

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the Barclays U.S. Aggregate Bond Index ("Aggregate Bond Index") as closely as possible before the deduction of Fund expenses.

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Aggressive Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Aggressive Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Cardinal Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Balanced Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Fund seeks a high level of total return through investment in both equity and fixed income securities.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Capital Appreciation Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Fund seeks growth of capital, but also seeks income consistent with a less aggressive level of risk as compared to other Cardinal Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Conservative Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Cardinal Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderate Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Cardinal Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Aggressive Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Cardinal Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Conservative Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The fund seeks a high level of total return consistent with a moderately conservative level of risk.

Designation: FF

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Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	The Boston Company Asset Management, LLC
Investment Objective:	The Fund seeks long-term capital growth by investing primarily in equity securities of companies located in emerging market countries.

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The fund seeks as high level of income as is consistent with the preserving of capital.

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Lazard Asset Management LLC
Investment Objective:	The Fund seeks long-term capital growth by investing primarily in equity securities of companies in Europe, Australasia, the Far East and other regions, including developing countries.

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index ("MSCI EAFE® Index") as closely as possible before the deduction of Fund expenses.

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2014

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the Morgan Stanley Capital International Europe, Australasia and Far East Index ("MSCI EAFE® Index") as closely as possible before the deduction of Fund expenses.

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The NVIT Investor Destinations Aggressive Fund seeks maximum growth of capital consistent with a more aggressive level of risk as compared to other Investor Destinations Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The NVIT Investor Destinations Conservative Fund seeks a high level of total return consistent with a conservative level of risk as compared to other Investor Destinations Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The NVIT Investor Destinations Moderate Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Investor Destinations Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The NVIT Investor Destinations Moderately Aggressive Fund seeks growth of capital, but also seeks income consistent with a moderately aggressive level of risk as compared to other Investor Destinations Funds.

Designation: FF

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Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Investment Objective:	The NVIT Investor Destinations Moderately Conservative Fund seeks a high level of total return consistent with a moderately conservative level of risk.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks capital appreciation.

Nationwide Variable Insurance Trust - NVIT Money Market Fund: Class V

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Federated Investment Management Company
Investment Objective:	The Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity.

Nationwide Variable Insurance Trust - NVIT Multi Sector Bond Fund: Class I

This Sub-Account is only available in policies issued before December 31, 2014

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Logan Circle Partners, L.P.
Investment Objective:	The Fund seeks to provide above average total return over a market cycle of three to five years.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Massachusetts Financial Services Company; Pyramis Global Advisors LLC; and Winslow Capital Management, LLC
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Massachusetts Financial Services Company; Wellington Management Company, LLP; The Boston Company Asset Management, LLC
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Neuberger Berman Management LLC; Wells Capital Management, Inc.
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	American Century Investment Management, Inc.; Thompson, Siegel & Walmsley LLC; WEDGE Capital Management L.L.P.
Investment Objective:	The fund seeks long-term capital appreciation.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	OppenheimerFunds, Inc.; Wellington Management Company, LLP
Investment Objective:	The Fund seeks capital growth.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Epoch Investment Partners, Inc.; JPMorgan Investment Management Inc.
Investment Objective:	The Fund seeks capital appreciation.

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Morgan Stanley Investment Management Inc; Neuberger Berman Management LLC.; OppenheimerFunds, Inc.; Putnam Investment Management, LLC
Investment Objective:	The Fund seeks capital appreciation.

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Nationwide Variable Insurance Trust - NVIT Nationwide Fund: Class I

This Sub-Account is only available in policies issued before December 31, 2014

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	HighMark Capital Management, Inc.
Investment Objective:	The Fund seeks total return through a flexible combination of capital appreciation and current income.

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Brookfield Investment Management, Inc.
Investment Objective:	The Fund seeks current income and long-term capital appreciation.

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks to provide a high level of current income while preserving capital and minimizing fluctuations in share value.

Neuberger Berman Advisers Management Trust - AMT Large Cap Value Portfolio: I Class Shares

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Neuberger Berman Management LLC
Sub-advisor:	Neuberger Berman, LLC
Investment Objective:	Capital growth.

Neuberger Berman Advisers Management Trust - AMT Mid Cap Intrinsic Value Portfolio: I Class Shares

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Neuberger Berman Management LLC
Sub-advisor:	Neuberger Berman, LLC
Investment Objective:	Growth of capital.

Oppenheimer Variable Account Funds - Oppenheimer Capital Appreciation Fund/VA: Non-Service Shares

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	OFI Global Asset Management, Inc.
Sub-advisor:	OppenheimerFunds, Inc.
Investment Objective:	The investment seeks capital appreciation.

Oppenheimer Variable Account Funds - Oppenheimer Global Fund/VA: Non-Service Shares

Investment Advisor:	OFI Global Asset Management, Inc.
Sub-advisor:	OppenheimerFunds, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Oppenheimer Variable Account Funds - Oppenheimer International Growth Fund/VA: Non-Service Shares

Investment Advisor:	OFI Global Asset Management, Inc.
Sub-advisor:	OppenheimerFunds, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Oppenheimer Variable Account Funds - Oppenheimer Main Street Fund®/VA: Non-Service Shares

Investment Advisor:	OFI Global Asset Management, Inc.
Sub-advisor:	OppenheimerFunds, Inc.
Investment Objective:	The Fund seeks capital appreciation.

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Sub-advisor:	Research Affiliates
Investment Objective:	Seeks maximum real return consistent with preservation of capital and prudent investment management. The portfolio seeks to achieve its investment objective by investing under normal circumstances substantially all of its assets in Institutional Class Shares of the Underlying PIMCO Funds

Designation: FF

PIMCO Variable Insurance Trust - Foreign Bond Portfolio (Unhedged): Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Investment Objective:	The Portfolio seeks maximum total return consistent with preservation of capital and prudent investment management.

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PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Investment Objective:	The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Investment Objective:	The Portfolio seeks maximum total return, consistent with preservation of capital and prudent investment management.

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Investment Objective:	The Portfolio seeks maximum real return consistent with preservation of capital and prudent investment management.

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class

Investment Advisor:	Pacific Investment Management Company LLC
Investment Objective:	The Portfolio seeks maximum total return consistent with preservation of capital and prudent investment management.

Pioneer Variable Contracts Trust - Pioneer Emerging Markets VCT Portfolio: Class I

This Sub-Account is only available in policies issued before December 31, 2012

Investment Advisor:	Pioneer Investment Management, Inc.
Investment Objective:	Long-term growth of capital.

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I

Investment Advisor:	Pioneer Investment Management, Inc.
Investment Objective:	Maximize total return through a combination of income and capital appreciation.

Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB

Investment Advisor:	Putnam Investment Management, LLC
Sub-advisor:	Putnam Investments Limited
Investment Objective:	Capital appreciation.

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class

Investment Advisor:	Royce & Associates, LLC
Investment Objective:	Long-term capital growth.

Designation: FF

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	The fund seeks to provide long-term capital growth. Income is a secondary objective.

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	Substantial dividend income as well as long-term growth of capital through investments in the common stocks of established companies.

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	Long-term growth of capital primarily in the common stocks of growth companies.

T. Rowe Price Equity Series, Inc. - T. Rowe Price Personal Strategy Balanced Portfolio

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	Seeks capital appreciation and income from stocks and bonds.

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	Seeks a high level of current income consistent with moderate fluctuations in principal value.

The Universal Institutional Funds, Inc. - Emerging Markets Debt Portfolio: Class I

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	High total return by investing primarily in fixed income securities of government and government-related issuers and, to a lesser extent, of corporate issuers in emerging market countries.

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The Universal Institutional Funds, Inc. - Global Real Estate Portfolio: Class II

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	The Portfolio seeks to provide current income and capital appreciation.

The Universal Institutional Funds, Inc. - Growth Portfolio: Class I

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	Long-term capital appreciation by investing primarily in growth-oriented equity securities of large capitalization companies.

The Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio: Class I

This Sub-Account is only available in policies issued before March 31, 2011

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	Long-term capital growth by investing primarily in common stocks and other equity securities.

Van Eck VIP Trust - Van Eck VIP Global Hard Assets Fund: Initial Class

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Long-term capital appreciation by investing primarily in hard asset securities. Income is a secondary consideration.

Wells Fargo Advantage Variable Trust - Wells Fargo Advantage VT Discovery Fund: Class 2

Investment Advisor:	Wells Fargo Funds Management, LLC
Sub-advisor:	Wells Capital Management Inc.
Investment Objective:	Seeks long-term capital appreciation.

Wells Fargo Advantage Variable Trust - Wells Fargo Advantage VT Small Cap Growth Fund: Class 2

Investment Advisor:	Wells Fargo Funds Management, LLC
Sub-advisor:	Wells Capital Management Inc.
Investment Objective:	Seeks long-term capital appreciation.

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Appendix B: Definitions

Accumulation Unit – The measure of an investment in, or share of, a Sub-Account. Accumulation Unit values are initially set at $10 for each Sub-Account.

Attained Age – A person's Issue Age plus the number of full years since the Policy Date.

Base Policy Specified Amount – The amount of insurance coverage selected under the base policy, excluding any Rider Specified Amount.

Cash Surrender Value – The amount payable to the policy owner upon a full surrender of the policy. This amount is equal to the Enhanced Cash Value, minus Indebtedness and outstanding policy charges.

Cash Value – The total of amounts allocated to the Sub-Accounts, the policy loan account, and the Fixed Account.

Code – The Internal Revenue Code of 1986, as amended.

Death Benefit – The amount paid upon the Insured's death, before the deduction of any Indebtedness or due and unpaid policy charges.

Enhanced Cash Value – The sum of the policy's Cash Value plus the Enhancement Benefit, if applicable.

Enhancement Benefit – An additional amount added to the policy's Cash Surrender Value upon a full surrender of the policy during the first six policy years, provided the qualifying conditions have been satisfied.

Excess Premium – Any Premium applied to the policy that is not considered Target Premium.

Fixed Account – An investment option that is funded by Nationwide's general account.

Grace Period – A 61-day period after which the Policy will Lapse if sufficient payments are not made to prevent Lapse.

In Force – Any time during which benefits are payable under the policy and any elected Rider(s).

Indebtedness – The total amount of all outstanding policy loans, including principal and interest due.

Insured – The person whose life is insured under the policy, and whose death triggers payment of the Death Benefit.

Investment Experience – The market performance of a mutual fund/Sub-Account.

Issue Age – A person's age based on their last birthday on or before the Policy Date.

Lapse – The policy terminates without value.

Maturity Date – The policy anniversary on which the Insured reaches 100.

Minimum Required Death Benefit – The lowest Death Benefit that will qualify the policy as life insurance under the Code.

Nationwide – Nationwide Life Insurance Company, us, we, or our.

Net Amount At Risk – The policy's base Death Benefit minus the policy's Cash Value.

Net Asset Value (NAV) – The price of each share of a mutual fund in which a Sub-Account invests. NAV is calculated by subtracting the mutual fund's liabilities from its total assets, and dividing that figure by the number of shares outstanding. Nationwide uses NAV to calculate the value of Accumulation Units. NAV does not reflect deductions made for charges taken from the Sub-Accounts.

Net Premium – Premium after transaction charges, but before any allocation to an investment option.

Policy Data Page(s) – The Policy Data Page(s) contains more detailed information about the policy, some of which is unique to the policy owner, the beneficiary, and the Insured.

Policy Date – The date the policy takes effect as shown on the Policy Data Page. Policy years, months, and anniversaries are measured from this date.

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Policy Loan Account – An account used as collateral for policy loans. Amounts in this account will accrue and be credited daily interest at a rate not less than the stated interest crediting rate shown on the Policy Data Pages.

Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.

Policy Proceeds or Proceeds – The amount payable upon termination of the policy. Policy Proceeds may constitute the Death Benefit, the Maturity Proceeds, or the Cash Surrender Value upon a full surrender of the policy.

Premium – Amount(s) paid to purchase and maintain the policy.

Rider – An optional benefit purchased under the policy. Rider availability and Rider terms may vary depending on the state in which the policy was issued.

Rider Specified Amount – The portion of the Total Specified Amount attributable to the Supplemental Insurance Rider.

SEC – The Securities and Exchange Commission.

Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the policy. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility, see Contacting the Service Center.

Seven-Pay Premium (7-Pay Premium) – 100% of the unadjusted maximum annual premium allowed under the Code assuming that: (i) the policy is not a modified endowment contract; (ii) the policy's Death Benefit is equal to the Total Specified Amount, and (iii) seven level, annual premiums are paid; (iv) there are no premiums resulting from a Section 1035 exchange; and (v) there are no adjustments due to a state imposed requirement or underwriting Substandard Ratings.

Sub-Account(s) – The mechanism used to account for allocations of Net Premium and Cash Value among the policy's variable investment options.

Substandard Rating – An underwriting classification based on medical and/or non-medical factors used to determine what to charge for life insurance based on characteristics of the Insured beyond traditional factors for standard risks, which include age, sex, and smoking habits of the Insured. Substandard Ratings are shown in the Policy Data Pages as rate class multiples (medical factors) and/or monthly flat extras (medical and/or non-medical factors). The higher the rate class multiple or monthly flat extra, the greater the risk assessed and the higher the cost of coverage.

Target Premium – The maximum amount of Premium the policy owner may pay to purchase Base Policy Specified Amount under Section 7702A of the Code and still have the policy treated as a life insurance contract for federal tax purposes. This is the maximum Premium that the policy owner may pay based on the "7-Pay method", which determines the limits on Premium payments in each of the first seven policy years. The actual amount is based on numerous factors which include the Issue Age of the Insured, Substandard Ratings (if any), and an adjustment for any Premium exchanged into the policy under Section 1035 of the Code.

Total Specified Amount – The sum of the Base Policy Specified Amount and the Rider Specified Amount, if applicable.

Valuation Period – The period during which Nationwide determines the change in the value of the Sub-Accounts. One Valuation Period ends and another begins with the close of trading on the NYSE.

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Appendix C: Blending Examples of Policy Charges

For Policies With Applications Dated On Or After September 30, 2008

Guaranteed Issue Policy With Total Specified Amount of $150,000
(Assuming No Premiums From Section 1035 Exchange)

Example #1 - Total Specified Amount Equals Base Policy Specified Amount

Premium Load

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	10.00%	0.00%	5.00% (1)
Yr 2	8.00%	0.00%	4.00%
Yr 3	6.00%	0.00%	3.00%
Yr 4	4.00%	0.00%	2.00%
Yr 5+	2.00%	0.00%	1.00%

Deferred Premium Load

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	0.00%	0.00%	0.00%
Yr 2-5	0.00%	0.00%	0.00%

Monthly Charges

Annualized Variable Sub-Account Asset Charge

Ratio of Cash Value to 7-Pay Premium (on a monthly anniversary)	Component B	Component D	Blended 50% Component B and 50% Component D
Under 125%	0.25%	0.60%	0.43% (2)
125%-249%	0.23%	0.55%	0.39%
250%-374%	0.20%	0.50%	0.35%
375%-499%	0.18%	0.46%	0.32%
500%-649%	0.16%	0.42%	0.29%

Base Policy Specified Amount Charge

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	$12.00 (3)	$12.00	$12.00
Yr 2	$ 12.00	$12.00	$12.00
Yr 3	$ 12.00	$12.00	$12.00
Yr 4	$ 12.00	$12.00	$12.00
Yr 5	$ 12.00	$12.00	$12.00

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Cost of Insurance Per $1,000 for Issue Age 45

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	0.082	0.160	0.121
Yr 2	0.101	0.174	0.138
Yr 3	0.120	0.190	0.155
Yr 4	0.140	0.207	0.174
Yr 5	0.163	0.225	0.194

(1)	Blended 5.00% = [50% x (Component B @ 10.00%)] plus [50% x (Component D @ 0%)]
(2)	Blended 0.43% = [50% x (Component B @ 0.25%)] plus [50% x (Component D @ 0.60%)]
(3)	$12.00 Total Specified Amount Charge = [(Total Specified Amount) ($0.08)/1,000]

Guaranteed Issue Policy With Total Specified Amount of $150,000
(Assuming No Premiums From Section 1035 Exchange)

Example #2 – Base Policy Specified Amount and Rider Specified Amount Equals 80% and 20%
of Total Specified Amount, Respectively

Premium Load

	Component B		Component D		Blended 50% Component B and 50% Component D
Policy Year	Target	Excess	Target	Excess	Target	Excess
Yr 1	10.00%	2.00%	0.00%	0.00%	5.00% (4)	1.00%
Yr 2	8.00%	2.00%	0.00%	0.00%	4.00%	1.00%
Yr 3	6.00%	2.00%	0.00%	0.00%	3.00%	1.00%
Yr 4	4.00%	2.00%	0.00%	0.00%	2.00%	1.00%
Yr 5+	2.00%	2.00%	0.00%	0.00%	1.00%	1.00%

Deferred Premium Load

	Component B		Component D		Blended 50% Component B and 50% Component D
Policy Year	Target	Excess	Target	Excess	Target	Excess
Yr 1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Yr 2-5	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Monthly Charges

Annualized Variable Sub-Account Asset Charge

Ratio of Cash Value to 7-Pay Premium (on a monthly anniversary)	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Under 125%	0.25%	0.16%	0.23% (5)	0.60%	0.30%	0.54%	0.43%	0.23%		0.39% (6)
125%-249%	0.23%	0.15%	0.21%	0.55%	0.27%	0.49%	0.39%	0.21%		0.35%
250%-374%	0.20%	0.14%	0.19%	0.50%	0.24%	0.45%	0.35%	0.19%		0.32%
375%-499%	0.18%	0.13%	0.17%	0.46%	0.22%	0.41%	0.32%	0.18%		0.29%
500%-649%	0.16%	0.12%	0.15%	0.42%	0.20%	0.38%	0.29%	0.16%		0.26%

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Total Specified Amount Charge

Policy Year	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Yr 1	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20
Yr 2	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20
Yr 3	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20
Yr 4	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20
Yr 5	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20	$12.00	$3.00	$10.20

Cost of Insurance Per $1,000 for Issue Age 45

Policy Year	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Yr 1	0.082	0.059	0.077	0.160	0.072	0.142	0.121	0.066	0.110
Yr 2	0.101	0.068	0.094	0.174	0.078	0.155	0.138	0.073	0.125
Yr 3	0.120	0.079	0.112	0.190	0.086	0.169	0.155	0.083	0.141
Yr 4	0.139	0.092	0.130	0.207	0.093	0.184	0.173	0.093	0.157
Yr 5	0.163	0.107	0.152	0.225	0.102	0.200	0.194	0.105	0.176

(4)	5.00% Blended Premium Load on Target Premium = [50% x (Component B @ 10.00%)] plus [50% x (Component D @ 0%)]
(5)	0.23% Variable Sub-Account Asset Charge for Component B = [80% x (Base Policy @ 0.25%)] plus [20% x (Supplemental Insurance Rider @ 0.16%)]
(6)	0.39% Blended Variable Sub-Account Asset Charge = [50% x (Component B @ 0.23%)] plus [50% x (Component D @ 0.54%)]

For Policies With Applications Dated Prior To September 30, 2008

Guaranteed Issue Policy With Total Specified Amount of $150,000
(Assuming No Premiums From Section 1035 Exchange)

Example #1 - Total Specified Amount Equals Base Policy Specified Amount

Premium Load

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	10.00%	0.00%	5.00% (1)
Yr 2	8.00%	0.00%	4.00%
Yr 3	6.00%	0.00%	3.00%
Yr 4	4.00%	0.00%	2.00%
Yr 5+	2.00%	0.00%	1.00%

Deferred Premium Load

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	0.00%	0.00%	0.00%
Yr 2-5	0.00%	0.00%	0.00%

72

Monthly Charges

Annualized Variable Sub-Account Asset Charge

Ratio of Cash Value to 7-Pay Premium (on a monthly anniversary)	Component B	Component D	Blended 50% Component B and 50% Component D
Under 125%	0.25%	0.60%	0.43% (2)
125%-249%	0.23%	0.55%	0.39%
250%-374%	0.20%	0.50%	0.35%
375%-499%	0.18%	0.46%	0.32%
500%-649%	0.18%	0.46%	0.32%

Base Policy Specified Amount Charge

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	$16.00 (3)	$16.00	$16.00
Yr 2	$ 16.00	$16.00	$16.00
Yr 3	$ 16.00	$16.00	$16.00
Yr 4	$ 16.00	$16.00	$16.00
Yr 5	$ 16.00	$16.00	$16.00

Cost of Insurance Per $1,000 for Issue Age 45

Policy Year	Component B	Component D	Blended 50% Component B and 50% Component D
Yr 1	0.973	2.505	1.739
Yr 2	1.305	2.734	2.019
Yr 3	1.721	2.994	2.358
Yr 4	2.128	3.420	2.774
Yr 5	2.539	3.652	3.096

(1)	Blended 5.00% = [50% x (Component B @ 10.00%)] plus [50% x (Component D @ 0%)]
(2)	Blended 0.43% = [50% x (Component B @ 0.25%)] plus [50% x (Component D @ 0.60%)]
(3)	$16.00 Total Specified Amount Charge = [(the first $50,000 of Total Specified Amount) x (.0003) plus (the Total Specified Amount in excess of $50,000 of $100,000) x (.00001)]

Guaranteed Issue Policy With Total Specified Amount of $150,000
(Assuming No Premiums From Section 1035 Exchange)

Example #2 – Base Policy Specified Amount and Rider Specified Amount Equals 80% and 20%
of Total Specified Amount, Respectively

Premium Load

	Component B		Component D		Blended 50% Comp B and 50% Comp D
Policy Year	Target	Excess	Target	Excess	Target	Excess
Yr 1	10.00%	2.00%	0.00%	0.00%	5.00% (4)	1.00%
Yr 2	8.00%	2.00%	0.00%	0.00%	4.00%	1.00%
Yr 3	6.00%	2.00%	0.00%	0.00%	3.00%	1.00%
Yr 4	4.00%	2.00%	0.00%	0.00%	2.00%	1.00%
Yr 5+	2.00%	2.00%	0.00%	0.00%	1.00%	1.00%

73

Deferred Premium Load

	Component B		Component D		Blended 50% Comp B and 50% Comp D
Policy Year	Target	Excess	Target	Excess	Target	Excess
Yr 1	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Yr 2-5	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Monthly Charges

Annualized Variable Sub-Account Asset Charge

Ratio of Cash Value to 7-Pay Premium (on a monthly anniversary)	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Under 125%	0.25%	0.16%	0.23% (5)	0.60%	0.30%	0.54%	0.43%	0.23%		0.39% (6)
125%-249%	0.23%	0.15%	0.21%	0.55%	0.27%	0.49%	0.39%	0.21%		0.35%
250%-374%	0.20%	0.14%	0.19%	0.50%	0.24%	0.45%	0.35%	0.19%		0.32%
375%-499%	0.18%	0.13%	0.17%	0.46%	0.22%	0.41%	0.32%	0.18%		0.29%
500%-649%	0.18%	0.13%	0.17%	0.46%	0.22%	0.41%	0.32%	0.18%		0.29%

Total Specified Amount Charge

Policy Year	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Yr 1	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50
Yr 2	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50
Yr 3	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50
Yr 4	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50
Yr 5	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50	$16.00	$3.50	$13.50

Cost of Insurance Per $1,000 for Issue Age 45

Policy Year	Base	Rider	80/20 Blend Component B	Base	Rider	80/20 Blend Component D	Base	Rider	80/20 Blend
Yr 1	0.973	1.248	n/a	2.505	0.703	n/a	1.739	0.976	n/a
Yr 2	1.305	1.409	n/a	2.734	0.820	n/a	2.019	1.115	n/a
Yr 3	1.721	1.621	n/a	2.994	1.218	n/a	2.358	1.420	n/a
Yr 4	2.128	1.792	n/a	3.420	1.659	n/a	2.774	1.725	n/a
Yr 5	2.539	2.100	n/a	3.652	2.268	n/a	3.096	2.184	n/a

(4)	5.00% Blended Premium Load on Target Premium =[50% x (Component B @ 10.00%)] plus [50% x (Component D @ 0%)]
(5)	0.23% Variable Sub-Account Asset Charge for Component B =[80% x (Base Policy @ 0.25%)] plus [20% x (Supplemental Insurance Rider @ 0.16%)]
(6)	0.39% Blended Variable Sub-Account Asset Charge =[50% x (Component B @ 0.23%)] plus [50% x (Component D @ 0.54%)]

74

Outside back cover page

To learn more about the policy, the policy owner should read the Statement of Additional Information (the "SAI") dated the same date as this prospectus. For a free copy of the SAI, to receive personalized illustrations of Death Benefits, Net Cash Surrender Values, and Policy Account Values, and to request other information about the policy contact the Service Center:

• by telephone at 1-877-351-8808 (TDD: 1-800-238-3035)

• by mail to Nationwide Life Insurance Company
Nationwide Business Solutions Group
One Nationwide Plaza, 1-11-401
Columbus, OH 43215-2220

The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SEC maintains an Internet website (http://www.sec.gov) that contains the SAI and other information about Nationwide Life Insurance Company and the policy. Information about Nationwide Life Insurance Company and the policy (including the SAI) may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC, or may be obtained, upon payment of a duplicating fee, by writing the Public Reference Section of the SEC, 100 F Street NE, Washington, DC 20549. Additional information on the operation of the Public Reference Room may be obtained by calling the SEC at (202) 551-8090.

Investment Company Act of 1940 Registration File No. 811-08301

Securities Act of 1933 Registration File No. 333-137202

Nationwide VLI Separate Account-4

(Registrant)

Nationwide Life Insurance Company

(Depositor)

Service Center

Nationwide Business Solutions Group
One Nationwide Plaza, 1-11-401
Columbus, OH 43215-2220
1-877-351-8808

TDD: 1-800-238-3035

Facsimile: 1-855-677-2357

STATEMENT OF ADDITIONAL INFORMATION

Corporate Flexible Premium Variable Universal Life Insurance Policies

This Statement of Additional Information ("SAI'') contains additional information regarding Corporate Flexible Premium Variable Universal Life Insurance Policies offered by Nationwide Life Insurance Company ("Nationwide"). This SAI is not a prospectus and should be read together with the policy prospectus dated May 1, 2015 and the prospectuses for the mutual funds. The prospectus is incorporated by reference in this SAI. Copies may be obtained FREE OF CHARGE by writing or calling the Service Center. Capitalized terms in this SAI correspond to terms defined in the prospectus.

The date of this Statement of Additional Information is May 1, 2015.

TABLE OF CONTENTS

	Page
General Information and History	2
Nationwide VLI Separate Account-4	2
Nationwide Investment Services Corporation (NISC)	2
Services	2
Underwriting Procedure	3
Net Amount at Risk	4
Illustrations	4
Advertising	4
Tax Definition of Life Insurance	5

General Information and History

Nationwide VLI Separate Account-4 (the "Variable Account") is a separate investment account of Nationwide Life Insurance Company ("Nationwide"). Nationwide is a stock life insurance company organized the laws of the State of Ohio in March 1929 with its Home Office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide provides life insurance, annuities and retirement products. Nationwide is admitted to do business in all states, the District of Columbia and Puerto Rico. Nationwide is a member of the Nationwide group of companies and all of its common stock is owned by Nationwide Financial Services, Inc. ("NFS"), a holding company. Nationwide Corporation owns all of NFS's common stock and is a holding company, as well. All of Nationwide Corporation's common stock is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), the ultimate controlling persons of the Nationwide group of companies. The Nationwide group of companies is one of America's largest insurance and financial services family of companies, with combined assets of over $195 billion as of December 31, 2014.

Nationwide VLI Separate Account-4

Nationwide VLI Separate Account-4 is a separate account that invests in mutual funds offered and sold to insurance companies and certain retirement plans. Nationwide established the Variable Account on December 3, 1987 pursuant to Ohio law. Although the Variable Account is registered with the SEC as a unit investment trust pursuant to the Investment Company Act of 1940, the SEC does not supervise the management of Nationwide or the management of the Variable Account. Nationwide serves as the custodian of the assets of the Variable Account.

Nationwide Investment Services Corporation (NISC)

The policies are distributed by NISC, located at One Nationwide Plaza, Columbus, Ohio 43215, a wholly owned subsidiary of Nationwide. For policies issued in Michigan, all references to NISC will mean Nationwide Investment Svcs. Corporation. NISC was organized as an Oklahoma corporation in 1981.

The policies will be sold on a continuous basis by licensed insurance agents in those states where the policies may lawfully be sold. Agents are registered representatives of broker dealers registered under the Securities Exchange Act of 1934 who are member firms of the Financial Industry Regulatory Authority (FINRA).

Nationwide paid no underwriting commissions to NISC for each of the separate account's last three fiscal years.

Services

Nationwide has responsibility for administration of the policies and the Variable Account. Nationwide also maintains the records of the name, address, taxpayer identification number, and other pertinent information for each policy owner and the number and type of policy issued to each policy owner and records with respect to the policy value of each policy.

Nationwide maintains a record of all purchases and redemption of shares of the mutual funds. Nationwide or its affiliates may have entered into agreements with either the investment advisor or distributor for the mutual funds. The agreements relate to administrative services Nationwide or its affiliates furnish. Some of the services provided include distribution of underlying fund prospectuses, semi-annual and annual fund reports, proxy materials and fund communications, as well as maintaining the websites and voice response systems necessary for policy owners to execute trades in the funds. Nationwide also acts as a limited agent for the fund for purposes of accepting the trades. For these services the funds agree to pay an annual fee based on the average aggregate net assets of the Variable Account (and other separate accounts of Nationwide or life insurance company subsidiaries of Nationwide) invested in the particular fund.

These anticipated fee payments were taken into consideration when determining the expenses necessary to support the policies. Without these payments, policy charges would be higher. Only the funds that agree to pay a fee to Nationwide will be offered in the policy. Generally, Nationwide expects to receive somewhere between 0.10% to 0.45% (an annualized rate of the daily net assets of the Variable Account) from the funds offered in the policies. What is actually received depends upon many factors, including but not limited to the type of fund (i.e., money market funds generally pay less revenue than other fund types) and the actual services rendered to the fund company.

Distribution, Promotional, and Sales Expenses

In addition to or partially in lieu of commission, Nationwide may pay the selling firms a marketing allowance, which is based on the firm's ability and demonstrated willingness to promote and market Nationwide's products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may

2

contribute to the promotion and marketing of Nationwide's products. Nationwide makes certain assumptions about the amount of marketing allowance it will pay and takes these assumptions into consideration when it determines the charges that will be assessed under the policies. Nationwide assumed 0.40% of the Commissionable Target Premium and 0.01333% of cash value beginning in the second policy year for marketing allowance when determining the charges for the contracts. The actual amount of the marketing allowance may be higher or lower than this assumption. If the actual amount of marketing allowance paid is more than what was assumed, Nationwide will fund the difference. If the actual amount of marketing allowance paid is less than what was assumed, Nationwide may use the excess to pay other sales expenses, non-sales expenses, and/or profit. For more information about marketing allowance or how a particular selling firm uses marketing allowances, consult with your registered representative.

Commissionable Target Premium (CTP) is an amount used in the calculation of the Premium Load and total compensation Nationwide pays. CTP is actuarially derived based on the Base Policy Specified Amount, the Insured's characteristics and the death benefit option of the policy.

Independent Registered Public Accounting Firm

The financial statements of Nationwide VLI Separate Account-4 and the consolidated financial statements and schedules of Nationwide Life Insurance Company and subsidiaries for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. KPMG LLP is located at 191 West Nationwide Blvd., Suite 500, Columbus, Ohio 43215.

Underwriting Procedure

Nationwide underwrites the policies issued through Nationwide VLI Separate Account-4. The policy's cost of insurance depends upon the Insured's issue age, underwriting class, length of time the policy has been In Force, and policy components selected. The rates will vary depending upon tobacco use and other risk factors. Monthly cost of insurance rates will not exceed those guaranteed in the policy.

For policies with applications dated before September 30, 2008, guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider under policies issued on a non-medical basis are based on (i) the 1980 Commissioners' Standard Ordinary 80% Male Mortality Table, (ii) Age Last Birthday, and (iii) tobacco distinct status. Guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider under policies issued on a medical basis are based on (i) either (a) the 1980 Commissioners' Standard Ordinary 100% Male Mortality Table or (b) the 1980 Commissioners' Standard Ordinary 100% Female Mortality Table, (ii) Age Last Birthday, and (iii) tobacco distinct status. Guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider on substandard risks will equal the guaranteed cost of insurance rates for standard risks times a percentage greater than 100%.

For policies with applications dated on or after September 30, 2008, guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider under policies issued on a non-medical basis are based on (i) the 2001 Commissioners' Standard Ordinary 80% Male Mortality Table, (ii) Age Last Birthday, and (iii) tobacco distinct status. Guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider under policies issued on a medical basis are based on (i) either (a) the 2001 Commissioners' Standard Ordinary 100% Male Mortality Table or (b) the 2001 Commissioners' Standard Ordinary 100% Female Mortality Table, (ii) Age Last Birthday, and (iii) tobacco distinct status. Guaranteed cost of insurance rates for base coverage and coverage pursuant to the Supplemental Insurance Rider on substandard risks will equal the guaranteed cost of insurance rates for standard risks times a percentage greater than 100%.

The underwriting class of an Insured may affect the cost of insurance rate. There are three underwriting classes into which Insureds are placed, depending on the Insureds' mortality characteristics: Guaranteed Issue, Simplified Issue, and Regular Issue. Within each of these mortality risk classes, there are three sub-classifications based on other risk factors of the case and the associated employee benefit plan. The most favorable is Class A, followed by Class B, and then Class C.

In an otherwise identical policy, an Insured in the Regular Issue underwriting class will have a lower cost of insurance than an Insured in a rate class with higher mortality risks.

The rating class is determined using questionnaires, medical records, and physical exams, depending on the amount of insurance and the attributes of the Insured. On groups, Nationwide may underwrite using short-form questionnaires or abbreviated medical evaluations.

3

Net Amount at Risk

The policy's cost of insurance is also dependent on the policy's Net Amount At Risk. The Net Amount at Risk is allocated between coverage provided by the base policy and coverage provided by the Supplemental Insurance Rider. The Net Amount At Risk for the base policy is the base policy Death Benefit minus the policy's Cash Value. The Net Amount At Risk for the Supplemental Insurance Rider is the Rider Death Benefit (as described in the "Supplemental Insurance Rider" sub-section of the "Policy and Rider Charges" section of the prospectus).

Illustrations

Before purchase of the policy and upon request thereafter, Nationwide will provide illustrations of future benefits under the policy based upon the proposed Insured's age and premium class, the Death Benefit option elected, Specified Amount, planned periodic Premiums, policy components selected, and Riders requested. An illustration will also demonstrate how the current charges associated with your policy may be reduced if the Supplemental Insurance Rider is elected.

Note: The policy owner, selects the Premium amount and frequency shown in the product illustration to show Nationwide how much Premium the policy owner intends to pay and when. Illustrated Premium and hypothetical rates of return are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because this is a variable insurance product with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, you may be required to pay additional Premium in order to meet your goals and/or to prevent the policy from Lapsing. Generally, variable life insurance is considered a long-term investment. Please weigh the investment risk and costs associated with this product against your objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.

Advertising

Rating Agencies

Independent financial rating services, including Moody's, Standard & Poor's and A.M. Best Company rank and rate Nationwide. The purpose of these ratings is to reflect the financial strength or claims-paying ability of Nationwide. The ratings are not intended to reflect the Investment Experience or financial strength of the Variable Account. Nationwide may advertise these ratings from time to time. In addition, Nationwide may include in certain advertisements, endorsements in the form of a list of organizations, individuals or other parties which recommend Nationwide or the policies. Furthermore, Nationwide may occasionally include in advertisements comparisons of currently taxable and tax deferred investment programs, based on selected tax brackets, or discussions of alternative investment vehicles and general economic conditions.

Money Market Yields

Nationwide may advertise the "yield" and "effective yield" for the money market Sub-Account. Yield and effective yield are annualized, which means that it is assumed that the underlying mutual fund generates the same level of net income throughout a year.

Yield is a measure of the net dividend and interest income earned over a specific seven-day period (which period will be stated in the advertisement) expressed as a percentage of the offering price of the underlying mutual fund's units. The effective yield is calculated similarly, but reflects assumed compounding, calculated under rules prescribed by the SEC. Thus, effective yield will be slightly higher than yield, due to the compounding.

Historical Performance of the Sub-Accounts

Nationwide will advertise historical performance of the Sub-Accounts in accordance with SEC prescribed calculations. Performance information is annualized. However, if a Sub-Account has been available in the Variable Account for less than one year, the performance information for that Sub-Account is not annualized. Performance information is based on historical earnings and is not intended to predict or project future results.

Additional Materials

Nationwide may provide information on various topics to owners and prospective purchasers in advertising, sales literature, or other materials.

4

Tax Definition of Life Insurance

Section 7702(b)(1) of the Internal Revenue Code provides that if one of two alternate tests is met, a policy will be treated as life insurance for federal tax purposes. The two tests are referred to as the Guideline Premium/Cash Value Corridor Test and the Cash Value Accumulation Test. Both tests are available to flexible premium policies such as this one.

The tables that follow show, numerically, the requirements for each test.

Guideline Premium/Cash Value Corridor Test

Table of Applicable Percentages of Cash Value

Attained Age of Insured	Percentage of Cash Value
0-40	250%
41	243%
42	236%
43	229%
44	222%
45	215%
46	209%
47	203%
48	197%
49	191%
50	185%
51	178%
52	171%
53	164%
54	157%
55	150%
56	146%
57	142%
58	138%
59	134%
60	130%

Attained Age of Insured	Percentage of Cash Value
61	128%
62	126%
63	124%
64	122%
65	120%
66	119%
67	118%
68	117%
69	116%
70	115%
71	113%
72	111%
73	109%
74	107%
75	105%
76	105%
77	105%
78	105%
79	105%
80	105%
81	105%

Attained Age of Insured	Percentage of Cash Value
82	105%
83	105%
84	105%
85	105%
86	105%
87	105%
88	105%
89	105%
90	105%
91	104%
92	103%
93	102%
94	101%
95	101%
96	101%
97	101%
98	101%
99	101%
100	100%

5

Cash Value Accumulation Test

The Cash Value Accumulation Test requires the Death Benefit to exceed an applicable percentage of the cash value. These applicable percentages are calculated by determining net single premiums, as defined in Code Section 7702(b), for each policy year given a set of actuarial assumptions. The relevant material assumptions include an interest rate of 4% and 1980 CSO guaranteed mortality as prescribed in Revenue Code Section 7702 for the Cash Value Accumulation Test. The resulting net single premiums are then inverted (i.e., multiplied by 1/net single premium) to give the applicable cash value percentages. These premiums vary with the ages, sexes, and risk classifications of the Insureds.

The table below provides an example for policies with applications dated before September 30, 2008 of applicable percentages for the Cash Value Accumulation Test. This example is for a male non-tobacco age 40.

Policy Year	Percentage of Cash Value
1	365%
2	353%
3	341%
4	330%
5	320%
6	309%
7	300%
8	290%
9	281%
10	272%
11	264%
12	256%
13	248%
14	240%
15	233%

Policy Year	Percentage of Cash Value
16	226%
17	220%
18	213%
19	207%
20	202%
21	196%
22	191%
23	186%
24	181%
25	176%
26	172%
27	167%
28	163%
29	160%
30	156%

Policy Year	Percentage of Cash Value
31	153%
32	149%
33	146%
34	143%
35	140%
36	138%
37	135%
38	133%
39	131%
40	129%
41	127%
42	125%
43	123%
44	122%
45	120%

The table below provides an example for policies with applications dated on or after September 30, 2008 of the applicable percentages for the Cash Value Accumulation Test. This example is for a male non-tobacco age 40.

Policy Year	Percentage of Cash Value
1	413%
2	399%
3	385%
4	372%
5	360%
6	348%
7	336%
8	325%
9	314%
10	304%
11	294%
12	285%
13	276%
14	267%
15	259%

Policy Year	Percentage of Cash Value
16	251%
17	243%
18	236%
19	229%
20	222%
21	215%
22	209%
23	203%
24	198%
25	193%
26	187%
27	183%
28	178%
29	174%
30	169%

Policy Year	Percentage of Cash Value
31	165%
32	161%
33	158%
34	154%
35	151%
36	147%
37	146%
38	144%
39	143%
40	141%
41	140%
42	139%
43	138%
44	135%
45	132%

6

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and Subsidiaries 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, 2014, and the related statements of operations for the period then ended, the statements of changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended. 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 audit 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, 2014, by correspondence with the transfer agents of the underlying mutual funds or by other appropriate auditing procedures. 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, 2014, the results of their operations for the period then ended, the changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

March 13, 2015

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Assets:
Investments at fair value:
VPS Dynamic Asset Allocation Portfolio - Class A (ALVDAA)
	3,901 shares (cost $44,841)	$            45,802
VP Inflation Protection Fund - Class I (ACVIP1)
	81,288 shares (cost $861,443)	847,830
Asset Allocation Fund - Class 2 (AMVAA2)
	143,388 shares (cost $2,970,353)	3,163,139
Bond Fund - Class 2 (AMVBD2)
	6,485,040 shares (cost $71,976,762)	71,011,185
Global Small Capitalization Fund - Class 2 (AMVGS2)
	97,940 shares (cost $2,329,453)	2,511,190
Growth Fund - Class 2 (AMVGR2)
	310,939 shares (cost $19,379,185)	24,825,392
International Fund - Class 2 (AMVI2)
	230,579 shares (cost $4,533,194)	4,678,457
Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund- Class I (BRVHYI)
	66,829 shares (cost $508,555)	497,207
Large Cap Core V.I. Fund - Class II (MLVLC2)
	86,742 shares (cost $2,567,281)	2,885,891
Global Allocation V.I. Fund - Class II (MLVGA2)
	682,268 shares (cost $11,222,163)	11,039,090
VP S&P 500 Index Portfolio (CVSPIP)
	3,997 shares (cost $475,560)	451,937
Value Portfolio (DAVVL)
	255,179 shares (cost $3,114,762)	2,888,625
VIP Emerging Markets Series: Service Class (DWVEMS)
	58,983 shares (cost $1,246,754)	1,148,983
VIP Small Cap Value Series: Service Class (DWVSVS)
	368,933 shares (cost $14,223,806)	14,786,816
Stock Index Fund, Inc. - Initial Shares (DSIF)
	9,534,092 shares (cost $290,022,524)	428,938,790
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
	284,881 shares (cost $7,922,676)	13,095,979
Floating-Rate Income Fund (ETVFR)
	7,290,469 shares (cost $68,536,554)	66,999,408
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
	645,786 shares (cost $12,352,874)	11,985,783
Goldman Sachs Global Markets Navigator Fund - Service Shares (GVGMNS)
	3,146 shares (cost $36,959)	37,183
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)
	856,988 shares (cost $3,825,761)	4,953,393
Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
	32,264 shares (cost $408,075)	396,849
Mid Cap Value Portfolio: Class 1 (JPMMV1)
	937,765 shares (cost $9,289,523)	10,699,901
Balanced Portfolio: Service Shares (JABS)
	763,241 shares (cost $22,906,229)	25,164,070
Flexible Bond Portfolio: Service Shares (JAFBS)
	338,958 shares (cost $4,443,664)	4,399,671
Forty Portfolio: Service Shares (JACAS)
	1,139,013 shares (cost $42,131,109)	44,660,688
Global Technology Portfolio: Service Shares (JAGTS)
	1,793,223 shares (cost $11,239,724)	15,349,987

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Overseas Portfolio: Service Shares (JAIGS)
	927,306 shares (cost $35,602,184)	$	29,256,512
Perkins Mid Cap Value Portfolio: Service Shares (JAMVS)
	106,167 shares (cost $1,941,561)		1,952,409
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
	1,349,536 shares (cost $28,930,402)		26,936,729
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)
	42,325 shares (cost $864,764)		1,101,295
Investors Growth Stock Series - Initial Class (MIGIC)
	216,410 shares (cost $2,453,312)		3,471,211
Variable Insurance Trust - MFS New Discovery Series - Intital Class (MNDIC)
	32,737 shares (cost $616,576)		534,270
New Discovery Series - Service Class (MNDSC)
	71,588 shares (cost $1,281,384)		1,095,292
Research International Series - Service Class (MVRISC)
	215,570 shares (cost $2,583,600)		2,832,586
Value Series - Initial Class (MVFIC)
	492,423 shares (cost $7,226,299)		10,015,888
Value Series - Service Class (MVFSC)
	1,385,506 shares (cost $22,410,922)		27,779,399
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
	2,827,689 shares (cost $50,926,478)		60,625,657
Core Plus Fixed Income Portfolio - Class I (MSVFI)
	160,860 shares (cost $1,648,079)		1,717,988
Emerging Markets Debt Portfolio - Class I (MSEM)
	4,801,141 shares (cost $40,557,953)		38,169,069
Global Real Estate Portfolio - Class II (VKVGR2)
	453,849 shares (cost $4,394,733)		4,797,181
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)
	1,042,212 shares (cost $12,388,470)		13,267,353
Universal Institutional Funds, Inc. - Growth Portfolio - Class I (MSVEG)
	41,676 shares (cost $1,115,280)		1,280,700
U.S. Real Estate Portfolio - Class I (MSVRE)
	1,014,621 shares (cost $15,718,087)		20,424,323
NVIT International Index Fund Class I (NVIX)
	1,268,369 shares (cost $12,578,655)		11,440,688
NVIT Bond Index Fund Class I (NVBX)
	5,421,330 shares (cost $58,585,773)		57,954,016
NVIT Cardinal Managed Growth Class I (NCPG)
	4,169 shares (cost $44,607)		43,315
NVIT Investor Destinations Managed Growth and Income Class I (IDPGI)
	1 shares (cost $6)		6
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
	2,135,875 shares (cost $32,120,015)		40,923,357
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)
	324,101 shares (cost $6,228,072)		8,070,117
American Funds NVIT Bond Fund - Class II (GVABD2)
	134,021 shares (cost $1,519,462)		1,545,266
American Funds NVIT Global Growth Fund - Class II (GVAGG2)
	212,285 shares (cost $5,205,759)		6,534,147
American Funds NVIT Growth Fund - Class II (GVAGR2)
	115,334 shares (cost $6,522,694)		9,693,862
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)
	56,498 shares (cost $2,196,355)		3,335,092
Federated NVIT High Income Bond Fund - Class I (HIBF)
	3,201,300 shares (cost $22,372,267)		21,288,648

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

NVIT Emerging Markets Fund - Class I (GEM)
	1,283,074 shares (cost $14,583,256)	$	14,126,639
NVIT International Equity Fund - Class I (GIG)
	1,528,763 shares (cost $15,806,575)		15,746,263
Variable Insurance Trust: NVIT International Equity Fund - Class VI (NVIE6)
	24,228 shares (cost $197,976)		247,609
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
	1,654,567 shares (cost $14,293,091)		16,793,857
Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)
	21,115 shares (cost $321,305)		348,822
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
	381,853 shares (cost $3,973,481)		4,162,192
NVIT Cardinal Balanced Fund - Class I (NVCRB1)
	14,552,259 shares (cost $150,166,427)		172,735,316
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)
	592,278 shares (cost $6,776,264)		7,154,713
NVIT Cardinal Conservative Fund - Class I (NVCCN1)
	516,472 shares (cost $5,651,008)		5,500,422
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
	617,195 shares (cost $6,808,382)		7,424,850
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
	640,501 shares (cost $6,658,786)		7,122,374
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
	334,858 shares (cost $3,821,183)		3,837,473
NVIT Core Bond Fund - Class I (NVCBD1)
	90,726 shares (cost $1,014,252)		990,728
NVIT Core Plus Bond Fund - Class I (NVLCP1)
	214,595 shares (cost $2,443,646)		2,457,109
NVIT Nationwide Fund - Class I (TRF)
	7,755,341 shares (cost $72,327,921)		113,383,078
NVIT Government Bond Fund - Class I (GBF)
	5,757,068 shares (cost $66,765,731)		63,730,747
American Century NVIT Growth Fund - Class I (CAF)
	762,652 shares (cost $9,906,786)		17,014,777
NVIT International Index Fund - Class II (GVIX2)
	381,146 shares (cost $3,735,537)		3,430,313
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
	1,894,606 shares (cost $18,308,347)		24,497,251
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)
	127,179 shares (cost $1,802,468)		1,967,458
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)
	37,369 shares (cost $646,268)		665,922
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
	1,052,253 shares (cost $11,052,087)		10,974,997
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
	5,240,469 shares (cost $51,357,275)		70,012,660
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
	6,235,469 shares (cost $66,369,575)		86,485,955
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
	1,405,438 shares (cost $14,615,677)		16,724,712
NVIT Mid Cap Index Fund - Class I (MCIF)
	3,216,653 shares (cost $61,902,202)		80,705,832
NVIT Money Market Fund - Class I (SAM)
	56,186,717 shares (cost $56,186,717)		56,186,717
NVIT Money Market Fund - Class V (SAM5)
	166,552,616 shares (cost $166,552,616)		166,552,616

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)
1,449,629 shares (cost $17,455,800)	$	16,076,385
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)
530,250 shares (cost $5,936,463)		5,344,921
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
888,122 shares (cost $9,024,144)		11,927,482
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
664,343 shares (cost $6,435,235)		7,832,602
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2,759,777 shares (cost $25,888,131)		34,718,000
NVIT Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)
77,558 shares (cost $948,041)		915,964
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
1,283,746 shares (cost $13,031,808)		15,199,550
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
714,193 shares (cost $11,642,962)		14,983,777
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
2,497,680 shares (cost $26,920,153)		39,613,202
NVIT Multi-Manager Small Company Fund - Class I (SCF)
1,956,691 shares (cost $35,054,749)		45,884,409
NVIT Multi-Sector Bond Fund - Class I (MSBF)
1,266,674 shares (cost $11,447,427)		11,552,064
NVIT Short Term Bond Fund - Class I (NVSTB1)
2,433,580 shares (cost $25,639,257)		25,333,568
NVIT Short Term Bond Fund - Class II (NVSTB2)
182,679 shares (cost $1,916,310)		1,894,377
NVIT Large Cap Growth Fund - Class I (NVOLG1)
5,824,110 shares (cost $93,858,901)		132,440,271
Templeton NVIT International Value Fund - Class III (NVTIV3)
37,280 shares (cost $478,883)		452,207
Invesco NVIT Comstock Value Fund - Class I (EIF)
744,627 shares (cost $8,156,563)		12,375,705
NVIT Real Estate Fund - Class I (NVRE1)
4,633,982 shares (cost $39,046,196)		39,249,828
Loring Ward NVIT Capital Appreciation Fund - Class P (NVLCAP)
2,221 shares (cost $26,545)		25,809
Loring Ward NVIT Moderate Fund - Class P (NVLMP)
192 shares (cost $2,212)		2,189
NVIT Small Cap Index Fund Class II (NVSIX2)
17,533 shares (cost $244,562)		243,005
NVIT S&P 500 Index Fund Class I (GVEX1)
113,876 shares (cost $1,564,962)		1,629,560
TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3 (NOTMG3)
9 shares (cost $106)		106
VPS Growth and Income Portfolio - Class A (ALVGIA)
776,035 shares (cost $19,049,549)		23,312,077
VPS International Value Portfolio - Class A (ALVIVA)
627,515 shares (cost $8,482,167)		8,490,275
VPS Small/Mid Cap Value Portfolio - Class A (ALVSVA)
911,781 shares (cost $18,445,698)		20,013,603
VP Capital Appreciation Fund - Class I (ACVCA)
102,209 shares (cost $1,458,612)		1,606,730
VP Income & Growth Fund - Class I (ACVIG)
2,307,688 shares (cost $15,779,121)		23,330,726
VP Inflation Protection Fund - Class II (ACVIP2)
1,203,805 shares (cost $13,818,643)		12,507,537

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

VP International Fund - Class I (ACVI)
	185,272 shares (cost $1,660,492)	$	1,849,010
VP Mid Cap Value Fund - Class I (ACVMV1)
	674,372 shares (cost $11,158,656)		13,379,537
VP Ultra(R) Fund - Class I (ACVU1)
	99,119 shares (cost $1,181,522)		1,598,789
VP Value Fund - Class I (ACVV)
	2,726,490 shares (cost $21,859,913)		25,656,269
MidCap Stock Portfolio - Initial Shares (DVMCS)
	149,182 shares (cost $2,825,108)		3,435,651
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
	5,106,472 shares (cost $75,690,358)		93,959,083
Appreciation Portfolio - Initial Shares (DCAP)
	564,295 shares (cost $22,950,617)		27,938,261
Opportunistic Small Cap Portfolio: Initial Shares (DSC)
	22,342 shares (cost $823,956)		1,067,514
International Value Portfolio - Initial Shares (DVIV)
	522,431 shares (cost $5,453,697)		5,511,650
Variable Series II - DWS Small Mid Cap Value VIP - Class B (SVSSVB)
	40,155 shares (cost $655,526)		713,554
Variable Series II - DWS Large Cap Value VIP - Class B (SVSLVB)
	8,943 shares (cost $118,293)		155,608
Managed Tail Risk Fund II: Primary Shares (FVCA2P)
	142,754 shares (cost $845,220)		792,283
Quality Bond Fund II - Primary Shares (FQB)
	2,450,734 shares (cost $27,687,530)		27,987,381
VIP Contrafund(R) Portfolio - Service Class (FCS)
	1,615,880 shares (cost $44,592,293)		60,159,209
VIP Energy Portfolio - Service Class 2 (FNRS2)
	393,971 shares (cost $8,519,800)		8,025,179
VIP Equity-Income Portfolio - Service Class (FEIS)
	2,610,999 shares (cost $49,126,020)		63,133,958
VIP Freedom Fund 2010 Portfolio - Service Class (FF10S)
	201,920 shares (cost $2,288,763)		2,509,862
VIP Freedom Fund 2020 Portfolio - Service Class (FF20S)
	1,761,012 shares (cost $20,983,891)		22,435,298
VIP Freedom Fund 2030 Portfolio - Service Class (FF30S)
	768,479 shares (cost $9,013,066)		9,982,543
VIP Freedom Income Fund Portfolio - Service Class (FFINS)
	94,226 shares (cost $1,010,445)		1,039,315
VIP Growth Opportunities Portfolio - Service Class (FGOS)
	90,197 shares (cost $2,138,604)		3,017,989
VIP Growth Portfolio - Service Class (FGS)
	1,404,012 shares (cost $54,225,583)		88,902,055
VIP High Income Portfolio - Service Class (FHIS)
	2,282,639 shares (cost $13,030,096)		12,531,687
VIP High Income Portfolio - Service Class R (FHISR)
	739,036 shares (cost $4,187,300)		4,035,139
VIP Index 500 Portfolio - Initial Class (FIP)
	167,178 shares (cost $24,624,581)		34,793,004
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
	12,002,276 shares (cost $154,512,409)		151,948,813
VIP Mid Cap Portfolio - Service Class (FMCS)
	1,342,573 shares (cost $43,618,703)		50,265,918
VIP Overseas Portfolio - Service Class (FOS)
	516,756 shares (cost $8,731,080)		9,627,164

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

VIP Overseas Portfolio - Service Class R (FOSR)
	603,802 shares (cost $9,337,597)	$	11,224,675
VIP Value Strategies Portfolio - Service Class (FVSS)
	368,026 shares (cost $3,910,966)		5,579,275
VIP Fidelity VIP Freedom Fund 2005 Portfolio - Service Class (FF05S)
	7,879 shares (cost $91,900)		91,633
VIP Fidelity VIP Freedom Fund 2015 Portfolio - Service Class (FF15S)
	727,007 shares (cost $9,052,192)		9,131,209
VIP Fidelity VIP Freedom Fund 2025 Portfolio - Service Class (FF25S)
	831,899 shares (cost $10,334,243)		10,931,158
VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class (FF40S)
	302,939 shares (cost $5,152,639)		5,646,788
Franklin Income Securities Fund - Class 2 (FTVIS2)
	419,414 shares (cost $6,582,235)		6,710,624
Rising Dividends Securities Fund - Class 1 (FTVRDI)
	578,870 shares (cost $13,270,952)		17,151,914
Small Cap Value Securities Fund - Class 1 (FTVSVI)
	468,817 shares (cost $7,097,642)		10,693,717
Small Cap Value Securities Fund - Class 2 (FTVSV2)
	506,357 shares (cost $10,359,817)		11,301,889
Mutual Global Discovery Securities Fund - Class 2 (FTVMD2)
	21,004 shares (cost $479,881)		464,395
Templeton Developing Markets Securities Fund - Class 2 (FTVDM2)
	346,835 shares (cost $3,435,453)		3,190,880
Templeton Foreign Securities Fund - Class 1 (TIF)
	80,102 shares (cost $1,190,329)		1,228,769
Templeton Foreign Securities Fund - Class 2 (TIF2)
	1,661,585 shares (cost $26,366,025)		25,006,854
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)
	745,200 shares (cost $13,936,492)		13,406,145
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)
	99,874 shares (cost $743,422)		741,068
Mid Cap Value- Institutional Shares (GVMCE)
	3,643,039 shares (cost $56,469,158)		63,498,167
Goldman Sachs Structured Small Cap Equity Fund (GVCSE)
	2,906 shares (cost $43,887)		39,720
VIT Growth Opportunities Fund - Service Shares (GVGOPS)
	164,443 shares (cost $1,434,203)		1,264,569
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
	403,548 shares (cost $9,120,736)		9,039,481
Baron Growth Opportunities Fund Service Class (BNCAI)
	219,440 shares (cost $9,180,422)		10,321,128
Short Duration Bond Portfolio - I Class Shares (AMTB)
	352,019 shares (cost $3,906,313)		3,752,523
Guardian Portfolio - I Class Shares (AMGP)
	44,602 shares (cost $1,043,308)		1,074,471
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
	117,253 shares (cost $3,159,078)		2,872,704
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
	71,632 shares (cost $1,020,843)		1,174,049
Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class I (AMRI)
	302,080 shares (cost $4,211,126)		5,398,173
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
	93,979 shares (cost $1,628,854)		1,685,051
Socially Responsive Portfolio - I Class Shares (AMSRS)
	105,375 shares (cost $1,566,864)		2,516,357

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
	244,973 shares (cost $11,307,463)	$	15,891,428
Global Securities Fund/VA - Non-Service Shares (OVGS)
	1,934,228 shares (cost $63,292,279)		76,402,019
International Growth Fund/VA - Non-Service Shares (OVIG)
	1,346,398 shares (cost $3,376,765)		3,110,180
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
	953,498 shares (cost $20,558,442)		32,047,055
Main Street Small- & Mid-Cap Fund(R)/VA - Non-Service Shares (OVSC)
	271,123 shares (cost $6,138,238)		7,201,018
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
	338,159 shares (cost $15,583,920)		26,653,659
Global Strategic Income Fund/VA: Non-service Shares (OVSB)
	4,015,260 shares (cost $21,738,298)		21,280,876
All Asset Portfolio - Administrative Class (PMVAAA)
	2,641,890 shares (cost $29,538,279)		27,369,980
CommodityRealReturn(R) Strategy Portfolio - Administrative Class (PMVRSA)
	7,641 shares (cost $43,454)		37,137
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)
	130,655 shares (cost $1,435,556)		1,375,793
Long-Term U.S. Government Portfolio - Administrative Class (PMVLGA)
	210,504 shares (cost $2,288,755)		2,536,568
Low Duration Portfolio - Administrative Class (PMVLDA)
	6,104,920 shares (cost $65,097,823)		64,590,053
Real Return Portfolio - Administrative Class (PMVRRA)
	7,495,095 shares (cost $104,091,409)		96,012,168
Total Return Portfolio - Administrative Class (PMVTRA)
	15,083,410 shares (cost $171,565,696)		168,934,192
Pioneer Emerging Markets VCT Portfolio - Class I Shares (PIVEMI)
	37,990 shares (cost $938,163)		824,014
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
	566,880 shares (cost $5,930,259)		5,470,388
VT Growth & Income Fund: Class IB (PVGIB)
	41,448 shares (cost $852,587)		1,082,633
VT International Equity Fund: Class IB (PVTIGB)
	84,234 shares (cost $977,844)		1,111,887
VT Small Cap Value Fund: Class IB (PVTSCB)
	44,566 shares (cost $781,693)		736,676
VT Voyager Fund: Class IB (PVTVB)
	29,036 shares (cost $1,210,837)		1,598,166
VI Growth and Income Fund - Series I Shares (ACGI)
	210,528 shares (cost $4,901,599)		5,294,786
VI American Franchise Fund - Series I Shares (ACEG)
	20,205 shares (cost $826,729)		1,108,829
VI Value Opportunities Fund - Series I Shares (AVBVI)
	55,316 shares (cost $411,244)		544,306
VI High Yield Fund - Series I Shares (AVHY1)
	2,802,313 shares (cost $15,843,346)		15,496,788
VI International Growth Fund - Series I Shares (AVIE)
	1,682,119 shares (cost $51,993,240)		58,655,475
VI Mid Cap Core Equity Fund: Series I Shares (AVMCCI)
	31,469 shares (cost $461,668)		442,459
Micro-Cap Portfolio - Investment Class (ROCMC)
	992,014 shares (cost $11,371,930)		11,279,201
Variable Fund - Multi-Hedge Strategies (RVARS)
	33,172 shares (cost $757,204)		789,837

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Equity Income Portfolio - II (TREI2)
	2,469,604 shares (cost $58,172,626)	$	73,939,933
Health Sciences Portfolio - II (TRHS2)
	858,930 shares (cost $23,921,942)		31,136,213
Limited-Term Bond Portfolio (TRLT1)
	3,509,529 shares (cost $17,218,875)		17,126,501
Mid-Cap Growth Portfolio - II (TRMCG2)
	1,269,532 shares (cost $30,896,788)		34,378,929
New America Growth Portfolio (TRNAG1)
	1,731,507 shares (cost $43,461,267)		43,114,533
Personal Strategy Balanced Portfolio (TRPSB1)
	200,062 shares (cost $4,265,871)		4,113,275
Blue Chip Growth Portfolio (TRBCGP)
	1,335,732 shares (cost $25,909,155)		27,676,372
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
	1,081,757 shares (cost $13,901,585)		14,008,756
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
	1,223,499 shares (cost $36,834,946)		31,040,162
Variable Insurance Fund - Balanced Portfolio (VVB)
	296,725 shares (cost $6,165,223)		7,118,427
Variable Insurance Fund - Diversified Value Portfolio (VVDV)
	879,369 shares (cost $12,418,385)		16,400,239
Variable Insurance Fund - International Portfolio (VVI)
	208,293 shares (cost $3,867,698)		4,297,090
Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)
	731,509 shares (cost $12,349,623)		16,451,636
Variable Insurance Fund - REIT Index Portfolio (VVREI)
	682,648 shares (cost $8,300,309)		9,673,127
Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)
	475,789 shares (cost $5,095,311)		5,057,637
Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)
	171,957 shares (cost $4,009,965)		4,151,044
Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)
	1,322,956 shares (cost $15,943,720)		15,968,084
Variable Insurance Portfolios - Asset Strategy (WRASP)
	1,368,772 shares (cost $14,864,493)		14,876,220
Variable Insurance Portfolios - Growth (WRGP)
	282,915 shares (cost $3,283,619)		3,418,436
Variable Insurance Portfolios - High Income (WRHIP)
	11,380,581 shares (cost $45,899,629)		43,822,064
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)
	448,363 shares (cost $4,710,639)		4,862,276
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
	834,758 shares (cost $7,116,825)		8,001,318
Variable Insurance Portfolios - Science and Technology (WRSTP)
	680,375 shares (cost $16,369,127)		17,025,165
Advantage VT Discovery Fund (SVDF)
	497,109 shares (cost $13,397,839)		15,266,229
Advantage VT Opportunity Fund - Class 2 (SVOF)
	319,626 shares (cost $6,988,887)		9,224,417
Advantage VT Small Cap Growth Fund - Class 2 (WFVSCG)
	640,360 shares (cost $5,913,940)		6,377,982
Total Investments		$	4,739,479,698
Other Accounts Receivable			780,840
Accounts Receivable-Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)			480
Accounts Receivable-NVIT Money Market Fund - Class I (SAM)			161,421

(Continued)

NW VLI SEPARATE ACCT-4

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Accounts Payable-VP International Fund - Class I (ACVI)	$	(10,769	)
Accounts Payable-VP Inflation Protection Fund - Class I (ACVIP1)		(1,920	)
Accounts Payable-Mid-Cap Growth Portfolio - I Class Shares (AMCG)		(1,013	)
Accounts Payable-Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund- Class I (BRVHYI)		(2,338	)
Accounts Payable-Socially Responsible Growth Fund Inc - Initial Shares (DSRG)		(12,038	)
Accounts Payable-VIP Contrafund(R) Portfolio - Service Class (FCS)		(175,202	)
Accounts Payable-VIP Growth Opportunities Portfolio - Service Class (FGOS)		(119,239	)
Accounts Payable-VIP Growth Portfolio - Service Class (FGS)		(113,318	)
Accounts Payable-NVIT Investor Destinations Managed Growth and Income Class I (IDPGI)		(4	)
Accounts Payable-TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3 (NOTMG3)		(4	)
Accounts Payable-Loring Ward NVIT Moderate Fund - Class P (NVLMP)		(5	)
Accounts Payable-Templeton NVIT International Value Fund - Class III (NVTIV3)		(298	)
Accounts Payable-Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)		(77,210	)
Accounts Payable-Capital Appreciation Fund/VA - Non-Service Shares (OVGR)		(26,905	)
	$	4,739,882,176
Contract Owners’ Equity:
Accumulation units		4,739,882,176
Total Contract Owners’ Equity (note 8)	$	4,739,882,176

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	Total			ALVDAA			ACVIP1			AMVAA2			AMVBD2			AMVGS2			AMVGR2			AMVI2
Reinvested dividends	$	75,131,782			293			8,824			49,374			1,142,364			3,153			197,469			62,626
Asset charges (note 3)		(5,955,966	)		-			(1,450	)		(7,656	)		(15,418	)		(5,583	)		(55,744	)		(9,290	)
Net investment income (loss)		69,175,816			293			7,374			41,718			1,126,946			(2,430	)		141,725			53,336
Realized gain (loss) on investments		164,268,990			11,869			(2,979	)		408,358			116			266,876			941,972			193,992
Change in unrealized gain (loss) on investments		(131,795,881	)		(6,662	)		(4,858	)		(479,810	)		(962,810	)		(220,582	)		(319,946	)		(384,005	)
Net gain (loss) on investments		32,473,109			5,207			(7,837	)		(71,452	)		(962,694	)		46,294			622,026			(190,013	)
Reinvested capital gains		156,000,821			2,030			13,501			217,971			23			12,354			1,199,477			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	257,649,746			7,530			13,038			188,237			164,275			56,218			1,963,228			(136,677	)
Investment Activity:	BRVHYI			MLVLC2			MLVGA2			CVSPIP			DAVVL			DWVEMS			DWVSVS			DSIF
Reinvested dividends	$	6,811			22,261			228,678			7,043			26,913			3,334			37,812			6,888,851
Asset charges (note 3)		(310	)		(5,307	)		-			(130	)		(2,972	)		(2,070	)		(30,501	)		(559,803	)
Net investment income (loss)		6,501			16,954			228,678			6,913			23,941			1,264			7,311			6,329,048
Realized gain (loss) on investments		(1	)		213,602			106,099			174			104,347			3,847			574,571			12,600,863
Change in unrealized gain (loss) on investments		(11,348	)		(252,528	)		(977,571	)		(23,623	)		(537,504	)		(106,929	)		(987,218	)		25,451,260
Net gain (loss) on investments		(11,349	)		(38,926	)		(871,472	)		(23,449	)		(433,157	)		(103,082	)		(412,647	)		38,052,123
Reinvested capital gains		2,610			337,641			846,120			37,320			582,501			3,136			962,455			4,302,749
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,238	)		315,669			203,326			20,784			173,285			(98,682	)		557,119			48,683,920

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	DSRG			ETVFR			FTVGB1			GVGMNS			IVKMG1			IVBRA1			JPMMV1			JABS
Reinvested dividends	$	131,323			1,667,900			444,601			15			-			-			60,088			357,721
Asset charges (note 3)		(1,040	)		(60,837	)		(15,215	)		-			(3,517	)		-			(17,595	)		(41,255	)
Net investment income (loss)		130,283			1,607,063			429,386			15			(3,517	)		-			42,493			316,466
Realized gain (loss) on investments		554,171			14,840			(45,831	)		995			257,214			(77	)		355,721			348,980
Change in unrealized gain (loss) on investments		42,892			(1,575,323	)		(367,092	)		(580	)		98,049			(11,226	)		468,058			566,921
Net gain (loss) on investments		597,063			(1,560,483	)		(412,923	)		415			355,263			(11,303	)		823,779			915,901
Reinvested capital gains		858,879			-			-			344			-			8,315			409,988			581,544
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,586,225			46,580			16,463			774			351,746			(2,988	)		1,276,260			1,813,911
Investment Activity:	JAFBS			JACAS			JAGTS			JAIGS			JAMVS			LZREMS			LOVMCV			MIGIC
Reinvested dividends	$	57,391			13,759			-			2,018,852			68,910			478,475			4,710			18,472
Asset charges (note 3)		(2,599	)		(31,241	)		(5,252	)		(19,365	)		(4,314	)		(57,490	)		(2,755	)		-
Net investment income (loss)		54,792			(17,482	)		(5,252	)		1,999,487			64,596			420,985			1,955			18,472
Realized gain (loss) on investments		3,400			1,940,895			1,271,107			(2,696,527	)		121,721			(411,394	)		223,550			378,879
Change in unrealized gain (loss) on investments		(43,993	)		(12,114,412	)		(850,920	)		(5,919,021	)		(190,410	)		(1,824,609	)		(86,265	)		(216,992	)
Net gain (loss) on investments		(40,593	)		(10,173,517	)		420,187			(8,615,548	)		(68,689	)		(2,236,003	)		137,285			161,887
Reinvested capital gains		-			13,587,607			873,123			2,485,570			162,184			255,607			-			198,422
Net increase (decrease) in contract owners’ equity resulting from operations	$	14,199			3,396,608			1,288,058			(4,130,491	)		158,091			(1,559,411	)		139,240			378,781

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	MNDIC			MNDSC			MVRISC			MVFIC			MVFSC			MVIVSC			MSVFI			MSEM
Reinvested dividends	$	-			-			42,496			156,890			391,063			1,102,023			47,808			2,161,628
Asset charges (note 3)		-			(3,199	)		(8,261	)		-			(61,309	)		(130,399	)		-			(41,700	)
Net investment income (loss)		-			(3,199	)		34,235			156,890			329,754			971,624			47,808			2,119,928
Realized gain (loss) on investments		42,779			237,622			385,806			1,145,109			3,858,805			2,723,214			37,057			2,955
Change in unrealized gain (loss) on investments		(222,400	)		(624,227	)		(651,455	)		(600,505	)		(2,255,213	)		(3,182,137	)		43,893			(1,338,232	)
Net gain (loss) on investments		(179,621	)		(386,605	)		(265,649	)		544,604			1,603,592			(458,923	)		80,950			(1,335,277	)
Reinvested capital gains		122,045			277,161			-			317,434			917,522			-			-			297,415
Net increase (decrease) in contract owners’ equity resulting from operations	$	(57,576	)		(112,643	)		(231,414	)		1,018,928			2,850,868			512,701			128,758			1,082,066
Investment Activity:	VKVGR2			MSVMG			MSVEG			MSVRE			NVIX			NVBX			NCPG			NVAMV1
Reinvested dividends	$	26,581			-			-			255,334			252,553			1,290,753			1,140			806,692
Asset charges (note 3)		(8,747	)		(29,279	)		(3,269	)		(40,975	)		(11,735	)		(25,100	)		-			-
Net investment income (loss)		17,834			(29,279	)		(3,269	)		214,359			240,818			1,265,653			1,140			806,692
Realized gain (loss) on investments		35,599			226,531			170,796			1,092,973			(45,074	)		1,537			(4	)		1,346,695
Change in unrealized gain (loss) on investments		444,934			(1,831,183	)		(183,638	)		3,397,062			(1,137,967	)		(631,757	)		(1,292	)		(1,640,942	)
Net gain (loss) on investments		480,533			(1,604,652	)		(12,842	)		4,490,035			(1,183,041	)		(630,220	)		(1,296	)		(294,247	)
Reinvested capital gains		-			1,857,615			86,300			-			-			-			572			4,487,169
Net increase (decrease) in contract owners’ equity resulting from operations	$	498,367			223,684			70,189			4,704,394			(942,223	)		635,433			416			4,999,614

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	GVAAA2			GVABD2			GVAGG2			GVAGR2			GVAGI2			HIBF			GEM			GIG
Reinvested dividends	$	75,892			18,967			47,202			42,607			25,692			1,254,124			170,610			544,539
Asset charges (note 3)		-			-			-			-			-			(28,383	)		(13,786	)		(13,339	)
Net investment income (loss)		75,892			18,967			47,202			42,607			25,692			1,225,741			156,824			531,200
Realized gain (loss) on investments		649,323			16,804			459,878			842,576			160,206			378,296			(187,711	)		1,308,154
Change in unrealized gain (loss) on investments		(349,691	)		26,171			(370,537	)		(144,348	)		105,627			(1,117,148	)		(492,917	)		(2,029,710	)
Net gain (loss) on investments		299,632			42,975			89,341			698,228			265,833			(738,852	)		(680,628	)		(721,556	)
Reinvested capital gains		12,475			13,492			-			-			29,410			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	387,999			75,434			136,543			740,835			320,935			486,889			(523,804	)		(190,356	)
Investment Activity:	NVIE6			NVNMO1			NVNSR1			NVCRA1			NVCRB1			NVCCA1			NVCCN1			NVCMD1
Reinvested dividends	$	10,101			151,018			3,042			86,589			4,082,608			172,543			121,095			181,709
Asset charges (note 3)		-			-			-			(107	)		(163,306	)		(244	)		(388	)		(43	)
Net investment income (loss)		10,101			151,018			3,042			86,482			3,919,302			172,299			120,707			181,666
Realized gain (loss) on investments		6,374			564,758			206,595			235,539			604,671			452,247			95,343			80,944
Change in unrealized gain (loss) on investments		(18,097	)		(2,305,020	)		(159,138	)		(343,408	)		(1,470,444	)		(517,837	)		(191,744	)		(117,258	)
Net gain (loss) on investments		(11,723	)		(1,740,262	)		47,457			(107,869	)		(865,773	)		(65,590	)		(96,401	)		(36,314	)
Reinvested capital gains		-			2,663,751			-			177,391			4,167,905			208,736			152,576			170,866
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,622	)		1,074,507			50,499			156,004			7,221,434			315,445			176,882			316,218

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	NVCMA1			NVCMC1			NVCBD1			NVLCP1			TRF			GBF			CAF			GVIX2
Reinvested dividends	$	177,055			91,191			27,682			57,910			1,270,489			1,303,192			58,792			193,710
Asset charges (note 3)		(203	)		(1,002	)		-			-			(70,325	)		(94,971	)		(1,994	)		(10,472	)
Net investment income (loss)		176,852			90,189			27,682			57,910			1,200,164			1,208,221			56,798			183,238
Realized gain (loss) on investments		281,263			110,618			(10,997	)		(5,830	)		1,218,553			(2,603,576	)		894,053			1,549,338
Change in unrealized gain (loss) on investments		(745,384	)		(154,284	)		23,730			56,522			10,195,924			4,554,110			848,874			(1,707,618	)
Net gain (loss) on investments		(464,121	)		(43,666	)		12,733			50,692			11,414,477			1,950,534			1,742,927			(158,280	)
Reinvested capital gains		572,239			95,015			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	284,970			141,538			40,415			108,602			12,614,641			3,158,755			1,799,725			24,958
Investment Activity:	GVIDA			NVDBL2			NVDCA2			GVIDC			GVIDM			GVDMA			GVDMC			MCIF
Reinvested dividends	$	408,881			33,429			11,039			203,393			1,194,175			1,444,114			298,239			838,014
Asset charges (note 3)		(10,992	)		-			-			(6,044	)		(22,218	)		(19,082	)		(3,600	)		(97,503	)
Net investment income (loss)		397,889			33,429			11,039			197,349			1,171,957			1,425,032			294,639			740,511
Realized gain (loss) on investments		3,350,387			47,171			18,725			104,948			2,901,232			42,660			593,906			5,556,452
Change in unrealized gain (loss) on investments		(2,469,109	)		(4,838	)		(12,386	)		(234,771	)		(489,962	)		2,507,673			(445,026	)		(3,502,944	)
Net gain (loss) on investments		881,278			42,333			6,339			(129,823	)		2,411,270			2,550,333			148,880			2,053,508
Reinvested capital gains		-			7,644			9,215			335,347			-			-			304,000			4,079,802
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,279,167			83,406			26,593			402,873			3,583,227			3,975,365			747,519			6,873,821

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	SAM			SAM5			NVMIG1			GVDIVI			NVMLG1			NVMLV1			NVMMG1			NVMMV1
Reinvested dividends	$	-			-			179,215			117,613			57,639			98,161			-			12,174
Asset charges (note 3)		(15,321	)		(436,405	)		-			-			(1,575	)		(1,415	)		(198	)		(459	)
Net investment income (loss)		(15,321	)		(436,405	)		179,215			117,613			56,064			96,746			(198	)		11,715
Realized gain (loss) on investments		-			-			(4,042	)		(162,801	)		521,601			317,657			1,924,525			7,215
Change in unrealized gain (loss) on investments		-			-			(1,379,414	)		(471,896	)		(263,944	)		(402,869	)		(4,727,274	)		(45,369	)
Net gain (loss) on investments		-			-			(1,383,456	)		(634,697	)		257,657			(85,212	)		(2,802,749	)		(38,154	)
Reinvested capital gains		-			-			880,947			-			845,125			753,267			4,135,968			77,864
Net increase (decrease) in contract owners’ equity resulting from operations	$	(15,321	)		(436,405	)		(323,294	)		(517,084	)		1,158,846			764,801			1,333,021			51,425
Investment Activity:	NVMMV2			SCGF			SCVF			SCF			MSBF			NVSTB1			NVSTB2			NVOLG1
Reinvested dividends	$	196,599			-			210,486			79,688			359,346			292,055			18,322			946,776
Asset charges (note 3)		-			(5,532	)		(19,386	)		(47,748	)		(3,341	)		(55,704	)		-			-
Net investment income (loss)		196,599			(5,532	)		191,100			31,940			356,005			236,351			18,322			946,776
Realized gain (loss) on investments		663,126			993,741			3,193,137			7,970,575			174,953			(10,197	)		4,357			5,151,205
Change in unrealized gain (loss) on investments		(1,866,716	)		(2,657,653	)		(4,239,147	)		(15,184,198	)		(108,645	)		11,379			(13,312	)		(8,774,176	)
Net gain (loss) on investments		(1,203,590	)		(1,663,912	)		(1,046,010	)		(7,213,623	)		66,308			1,182			(8,955	)		(3,622,971	)
Reinvested capital gains		3,178,359			2,037,109			3,638,018			7,427,497			-			-			-			13,853,078
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,171,368			367,665			2,783,108			245,814			422,313			237,533			9,367			11,176,883

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	NVTIV3			EIF			NVRE1			NVLCAP			NVLMP			NVSIX2			GVEX1			NOTMG3
Reinvested dividends	$	19,386			212,768			1,049,298			454			25			2,062			28,126			1
Asset charges (note 3)		(1,118	)		(1,018	)		(16,738	)		-			-			-			-			-
Net investment income (loss)		18,268			211,750			1,032,560			454			25			2,062			28,126			1
Realized gain (loss) on investments		16,612			339,078			1,270,084			403			1			1,528			51,359			195
Change in unrealized gain (loss) on investments		(101,576	)		511,336			(2,123,562	)		(787	)		(23	)		(6,587	)		37,399			(160	)
Net gain (loss) on investments		(84,964	)		850,414			(853,478	)		(384	)		(22	)		(5,059	)		88,758			35
Reinvested capital gains		21,106			-			8,602,715			802			20			8,393			-			1
Net increase (decrease) in contract owners’ equity resulting from operations	$	(45,590	)		1,062,164			8,781,797			872			23			5,396			116,884			37
Investment Activity:	ALVGIA			ALVIVA			ALVSVA			ACVCA			ACVIG			ACVIP2			ACVI			ACVMV1
Reinvested dividends	$	302,485			329,025			132,425			-			440,286			165,181			61,572			135,153
Asset charges (note 3)		(33,986	)		(15,714	)		(15,143	)		(1,724	)		(9,016	)		-			(6,035	)		(6,902	)
Net investment income (loss)		268,499			313,311			117,282			(1,724	)		431,270			165,181			55,537			128,251
Realized gain (loss) on investments		1,506,475			(68,109	)		914,367			1,732			307,053			(267,212	)		500,852			762,328
Change in unrealized gain (loss) on investments		63,603			(845,738	)		(1,483,561	)		148,118			1,782,768			196,472			(712,911	)		128,910
Net gain (loss) on investments		1,570,078			(913,847	)		(569,194	)		149,850			2,089,821			(70,740	)		(212,059	)		891,238
Reinvested capital gains		-			-			2,184,267			-			-			311,644			-			731,729
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,838,577			(600,536	)		1,732,355			148,126			2,521,091			406,085			(156,522	)		1,751,218

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	ACVU1			ACVV			DVMCS			DVSCS			DCAP			DSC			DVIV			SVSSVB
Reinvested dividends	$	5,276			339,842			21,165			475,016			554,437			-			176,581			8,044
Asset charges (note 3)		(2,195	)		(41,113	)		(4,775	)		(155,161	)		(26,244	)		-			(18,384	)		(1,371	)
Net investment income (loss)		3,081			298,729			16,390			319,855			528,193			-			158,197			6,673
Realized gain (loss) on investments		78,170			2,603,403			81,392			4,404,244			4,403,783			177,342			1,021,463			172,809
Change in unrealized gain (loss) on investments		55,624			(302,187	)		208,273			(4,953,887	)		(3,422,113	)		(154,774	)		(1,585,073	)		(166,400	)
Net gain (loss) on investments		133,794			2,301,216			289,665			(549,643	)		981,670			22,568			(563,610	)		6,409
Reinvested capital gains		-			-			11,487			4,511,317			859,878			-			-			8,555
Net increase (decrease) in contract owners’ equity resulting from operations	$	136,875			2,599,945			317,542			4,281,529			2,369,741			22,568			(405,413	)		21,637
Investment Activity:	SVSLVB			FVCA2P			FQB			FCS			FNRS2			FEIS			FF10S			FF20S
Reinvested dividends	$	2,092			13,782			1,092,004			503,263			62,586			1,719,214			38,444			351,654
Asset charges (note 3)		(352	)		-			(26,206	)		(136,802	)		-			(41,561	)		(704	)		(28,952	)
Net investment income (loss)		1,740			13,782			1,065,798			366,461			62,586			1,677,653			37,740			322,702
Realized gain (loss) on investments		6,054			841			588,287			7,799,788			514,600			(76,600	)		18,067			933,065
Change in unrealized gain (loss) on investments		6,338			(173,158	)		(598,804	)		(2,331,541	)		(1,887,387	)		3,073,824			11,784			(806,719	)
Net gain (loss) on investments		12,392			(172,317	)		(10,517	)		5,468,247			(1,372,787	)		2,997,224			29,851			126,346
Reinvested capital gains		-			150,975			-			1,177,951			104,674			896,837			39,338			356,445
Net increase (decrease) in contract owners’ equity resulting from operations	$	14,132			(7,560	)		1,055,281			7,012,659			(1,205,527	)		5,571,714			106,929			805,493

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	FF30S			FFINS			FGOS			FGS			FHIS			FHISR			FIP			FIGBS
Reinvested dividends	$	144,815			14,891			3,298			81,474			735,139			234,363			552,258			3,242,445
Asset charges (note 3)		(9,139	)		(2,437	)		(3,344	)		(64,229	)		(16,436	)		-			(71,461	)		(110,677	)
Net investment income (loss)		135,676			12,454			(46	)		17,245			718,703			234,363			480,797			3,131,768
Realized gain (loss) on investments		159,089			44,702			91,155			2,544,798			99,956			12,368			2,019,039			(99,725	)
Change in unrealized gain (loss) on investments		(73,921	)		(30,142	)		170,613			6,313,633			(670,174	)		(202,096	)		1,952,240			(373,491	)
Net gain (loss) on investments		85,168			14,560			261,768			8,858,431			(570,218	)		(189,728	)		3,971,279			(473,216	)
Reinvested capital gains		171,942			11,517			2,758			-			-			-			30,656			23,761
Net increase (decrease) in contract owners’ equity resulting from operations	$	392,786			38,531			264,480			8,875,676			148,485			44,635			4,482,732			2,682,313
Investment Activity:	FMCS			FOS			FOSR			FVSS			FF05S			FF15S			FF25S			FF40S
Reinvested dividends	$	79,857			127,928			149,760			51,427			1,380			139,774			182,261			83,760
Asset charges (note 3)		(39,572	)		(11,133	)		-			(1,515	)		(95	)		(18,066	)		(23,186	)		(12,350	)
Net investment income (loss)		40,285			116,795			149,760			49,912			1,285			121,708			159,075			71,410
Realized gain (loss) on investments		3,043,024			524,334			(41,746	)		333,311			28			554,771			409,542			347,708
Change in unrealized gain (loss) on investments		(1,293,403	)		(1,556,691	)		(1,146,051	)		(55,378	)		(140	)		(478,667	)		(296,706	)		(248,729	)
Net gain (loss) on investments		1,749,621			(1,032,357	)		(1,187,797	)		277,933			(112	)		76,104			112,836			98,979
Reinvested capital gains		1,149,842			2,851			3,172			-			461			130,641			193,642			85,456
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,939,748			(912,711	)		(1,034,865	)		327,845			1,634			328,453			465,553			255,845

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	FTVIS2			FTVRDI			FTVSVI			FTVSV2			FTVMD2			FTVDM2			TIF			TIF2
Reinvested dividends	$	333,305			262,919			92,357			69,897			9,877			54,255			29,394			466,460
Asset charges (note 3)		-			-			-			(22,731	)		(1,002	)		-			-			(42,804	)
Net investment income (loss)		333,305			262,919			92,357			47,166			8,875			54,255			29,394			423,656
Realized gain (loss) on investments		387,455			1,134,666			430,393			699,439			6,903			1,240			25,815			594,107
Change in unrealized gain (loss) on investments		(414,549	)		(268,523	)		(1,232,457	)		(1,516,876	)		(27,197	)		(244,573	)		(205,899	)		(4,501,055	)
Net gain (loss) on investments		(27,094	)		866,143			(802,064	)		(817,437	)		(20,294	)		(243,333	)		(180,084	)		(3,906,948	)
Reinvested capital gains		-			325,868			803,503			842,839			30,567			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	306,211			1,454,930			93,796			72,568			19,148			(189,078	)		(150,690	)		(3,483,292	)
Investment Activity:	FTVGI2			FTVFA2			GVMCE			GVCSE			GVGOPS			SBVSG			BNCAI			AMTB
Reinvested dividends	$	782,608			20,231			622,405			297			-			-			18,446			66,390
Asset charges (note 3)		(18,069	)		-			(139,427	)		(32	)		(1,981	)		(16,686	)		(20,415	)		-
Net investment income (loss)		764,539			20,231			482,978			265			(1,981	)		(16,686	)		(1,969	)		66,390
Realized gain (loss) on investments		(1,185,673	)		(11,436	)		6,162,866			(73	)		59,857			534,587			639,012			(29,536	)
Change in unrealized gain (loss) on investments		449,607			7,638			(9,413,680	)		(4,167	)		(211,422	)		(1,036,828	)		(249,467	)		(14,875	)
Net gain (loss) on investments		(736,066	)		(3,798	)		(3,250,814	)		(4,240	)		(151,565	)		(502,241	)		389,545			(44,411	)
Reinvested capital gains		-			617			10,364,851			5,582			239,061			914,902			55,379			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	28,473			17,050			7,597,015			1,607			85,515			395,975			442,955			21,979

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	AMGP			AMCG			AMTP			AMRI			AMFAS			AMSRS			OVGR			OVGS
Reinvested dividends	$	4,978			-			8,581			53,447			-			8,965			75,729			846,565
Asset charges (note 3)		(1,772	)		(5,978	)		(1,028	)		(12,730	)		(1,989	)		-			(36,134	)		(96,750	)
Net investment income (loss)		3,206			(5,978	)		7,553			40,717			(1,989	)		8,965			39,595			749,815
Realized gain (loss) on investments		105,425			249,506			20,837			143,151			615,917			437,717			2,183,808			4,237,273
Change in unrealized gain (loss) on investments		(183,782	)		(1,131,079	)		72,463			330,527			(749,617	)		(212,015	)		(327,253	)		(6,801,382	)
Net gain (loss) on investments		(78,357	)		(881,573	)		93,300			473,678			(133,700	)		225,702			1,856,555			(2,564,109	)
Reinvested capital gains		174,821			1,067,675			-			141,577			147,915			-			412,312			3,453,772
Net increase (decrease) in contract owners’ equity resulting from operations	$	99,670			180,124			100,853			655,972			12,226			234,667			2,308,462			1,639,478
Investment Activity:	OVIG			OVGI			OVSC			OVAG			OVSB			PMVAAA			PMVRSA			PMVFBA
Reinvested dividends	$	31,160			260,958			54,635			-			846,800			1,490,481			53			41,979
Asset charges (note 3)		(5,777	)		(11,181	)		-			(13,281	)		-			(56,764	)		-			(980	)
Net investment income (loss)		25,383			249,777			54,635			(13,281	)		846,800			1,433,717			53			40,999
Realized gain (loss) on investments		3,155			945,920			859,479			1,090,889			(35,539	)		95,831			(3,544	)		(90,952	)
Change in unrealized gain (loss) on investments		(295,421	)		1,356,012			(1,049,947	)		372,504			(420,887	)		(1,463,732	)		(6,317	)		133,478
Net gain (loss) on investments		(292,266	)		2,301,932			(190,468	)		1,463,393			(456,426	)		(1,367,901	)		(9,861	)		42,526
Reinvested capital gains		54,842			630,794			877,758			-			-			-			-			3,808
Net increase (decrease) in contract owners’ equity resulting from operations	$	(212,041	)		3,182,503			741,925			1,450,112			390,374			65,816			(9,808	)		87,333

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	PMVLGA			PMVLDA			PMVRRA			PMVTRA			PIVEMI			PIHYB1			PVGIB			PVTIGB
Reinvested dividends	$	48,661			728,769			1,403,783			6,849,134			7,062			281,464			11,151			10,438
Asset charges (note 3)		(5,277	)		(128,705	)		(205,810	)		(634,290	)		(1,183	)		(10,855	)		-			-
Net investment income (loss)		43,384			600,064			1,197,973			6,214,844			5,879			270,609			11,151			10,438
Realized gain (loss) on investments		(50,276	)		347,712			(375,101	)		(2,453,928	)		41,922			57,018			115,015			46,820
Change in unrealized gain (loss) on investments		457,232			(519,240	)		2,004,889			11,902,154			(157,367	)		(547,339	)		(28,407	)		(136,789	)
Net gain (loss) on investments		406,956			(171,528	)		1,629,788			9,448,226			(115,445	)		(490,321	)		86,608			(89,969	)
Reinvested capital gains		-			-			-			-			5,637			216,569			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	450,340			428,536			2,827,761			15,663,070			(103,929	)		(3,143	)		97,759			(79,531	)
Investment Activity:	PVTSCB			PVTVB			ACGI			ACEG			AVBVI			AVHY1			AVIE			AVMCCI
Reinvested dividends	$	1,381			12,777			90,381			457			7,907			496,660			935,671			570
Asset charges (note 3)		(989	)		-			(11,627	)		-			(719	)		(24,910	)		(128,142	)		(3,008	)
Net investment income (loss)		392			12,777			78,754			457			7,188			471,750			807,529			(2,438	)
Realized gain (loss) on investments		(8,730	)		217,303			520,619			77,339			47,848			302,831			2,262,537			146,761
Change in unrealized gain (loss) on investments		(46,073	)		(113,593	)		(713,774	)		8,013			(20,511	)		(700,699	)		(2,963,874	)		(245,696	)
Net gain (loss) on investments		(54,803	)		103,710			(193,155	)		85,352			27,337			(397,868	)		(701,337	)		(98,935	)
Reinvested capital gains		68,349			32,785			587,759			-			-			-			-			163,516
Net increase (decrease) in contract owners’ equity resulting from operations	$	13,938			149,272			473,358			85,809			34,525			73,882			106,192			62,143

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	ROCMC			RVARS			TREI2			TRHS2			TRLT1			TRMCG2			TRNAG1			TRPSB1
Reinvested dividends	$	-			-			1,089,393			-			206,487			-			-			69,009
Asset charges (note 3)		(33,142	)		-			(160,277	)		(26,405	)		(39,696	)		(69,963	)		(82,845	)		(8,487	)
Net investment income (loss)		(33,142	)		-			929,116			(26,405	)		166,791			(69,963	)		(82,845	)		60,522
Realized gain (loss) on investments		2,086,954			5,608			4,887,583			2,472,225			(23,978	)		510,221			2,964,721			175,013
Change in unrealized gain (loss) on investments		(3,532,392	)		31,979			(1,017,940	)		1,860,254			(84,132	)		(426,557	)		(5,225,005	)		(325,000	)
Net gain (loss) on investments		(1,445,438	)		37,587			3,869,643			4,332,479			(108,110	)		83,664			(2,260,284	)		(149,987	)
Reinvested capital gains		898,163			-			-			2,200,628			-			3,703,344			6,100,244			280,636
Net increase (decrease) in contract owners’ equity resulting from operations	$	(580,417	)		37,587			4,798,759			6,506,702			58,681			3,717,045			3,757,115			191,171
Investment Activity:	TRBCGP			VWEM			VWHA			VVB			VVDV			VVI			VVMCI			VVREI
Reinvested dividends	$	-			73,990			39,161			133,781			359,087			73,626			151,732			251,478
Asset charges (note 3)		(34,148	)		(11,555	)		(55,764	)		(13,077	)		(33,614	)		(10,376	)		(33,607	)		(17,383	)
Net investment income (loss)		(34,148	)		62,435			(16,603	)		120,704			325,473			63,250			118,125			234,095
Realized gain (loss) on investments		799,474			229,245			(2,957,193	)		130,841			597,417			169,458			710,661			211,471
Change in unrealized gain (loss) on investments		613,789			(2,083,461	)		(4,524,491	)		896			(83,044	)		(539,502	)		642,374			1,338,599
Net gain (loss) on investments		1,413,263			(1,854,216	)		(7,481,684	)		131,737			514,373			(370,044	)		1,353,035			1,550,070
Reinvested capital gains		-			1,689,114			-			312,639			631,646			-			600,860			341,411
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,379,115			(102,667	)		(7,498,287	)		565,080			1,471,492			(306,794	)		2,072,020			2,125,576

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	VVSTC			VVSCG			VVHGB			WRASP			WRGP			WRHIP			WRMCG			WRRESP
Reinvested dividends	$	73,371			12,550			213,967			77,906			16,835			2,295,503			-			55,065
Asset charges (note 3)		(10,004	)		(8,766	)		(20,743	)		(6,434	)		(5,896	)		(74,461	)		(4,692	)		(3,989	)
Net investment income (loss)		63,367			3,784			193,224			71,472			10,939			2,221,042			(4,692	)		51,076
Realized gain (loss) on investments		(347	)		54,739			14,190			374,807			126,041			691,815			138,981			89,230
Change in unrealized gain (loss) on investments		(14,394	)		(494,524	)		293,818			(3,378,624	)		(443,216	)		(3,088,798	)		(49,812	)		1,080,802
Net gain (loss) on investments		(14,741	)		(439,785	)		308,008			(3,003,817	)		(317,175	)		(2,396,983	)		89,169			1,170,032
Reinvested capital gains		22,419			565,603			31,188			2,065,017			748,240			346,314			143,929			317,731
Net increase (decrease) in contract owners’ equity resulting from operations	$	71,045			129,602			532,420			(867,328	)		442,004			170,373			228,406			1,538,839
Investment Activity:	WRSTP			SVDF			SVOF			WFVSCG			OVGS3			FTVDM3			TIF3			FTVGI3
Reinvested dividends	$	-			-			5,841			-			-			-			-			-
Asset charges (note 3)		(25,619	)		(18,913	)		(22,569	)		(9,341	)		-			-			-			-
Net investment income (loss)		(25,619	)		(18,913	)		(16,728	)		(9,341	)		-			-			-			-
Realized gain (loss) on investments		2,006,514			996,564			1,171,379			331,507			6,146,666			(178,966	)		1,775,372			(33,906	)
Change in unrealized gain (loss) on investments		(2,971,725	)		(2,879,436	)		(168,935	)		(1,095,771	)		(6,116,637	)		71,446			(1,643,703	)		134,201
Net gain (loss) on investments		(965,211	)		(1,882,872	)		1,002,444			(764,264	)		30,029			(107,520	)		131,669			100,295
Reinvested capital gains		1,491,163			1,921,854			-			582,586			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	500,333			20,069			985,716			(191,019	)		30,029			(107,520	)		131,669			100,295

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:	CVSSE			HIBF3			GEM3			GIG3			GVIX6			NVMIG3			GVDIV3			ACVVS1
Reinvested dividends	$	378			243,100			38,274			86,236			26,047			194,083			128,266			-
Asset charges (note 3)		(173	)		-			-			-			-			-			-			(939	)
Net investment income (loss)		205			243,100			38,274			86,236			26,047			194,083			128,266			(939	)
Realized gain (loss) on investments		13,924			128,895			143,427			820,978			258,867			5,975,888			417,375			208,032
Change in unrealized gain (loss) on investments		(41,847	)		(21,354	)		(469,408	)		(829,620	)		(261,062	)		(5,991,197	)		(581,553	)		(421,378	)
Net gain (loss) on investments		(27,923	)		107,541			(325,981	)		(8,642	)		(2,195	)		(15,309	)		(164,178	)		(213,346	)
Reinvested capital gains		25,252			-			-			-			-			-			-			177,380
Net increase (decrease) in contract owners’ equity resulting from operations	$	(2,466	)		350,641			(287,707	)		77,594			23,852			178,774			(35,912	)		(36,905	)

Investment Activity:	OGGO
Reinvested dividends	$	-
Asset charges (note 3)		(7,440	)
Net investment income (loss)		(7,440	)
Realized gain (loss) on investments		245,602
Change in unrealized gain (loss) on investments		(1,093,736	)
Net gain (loss) on investments		(848,134	)
Reinvested capital gains		1,263,769
Net increase (decrease) in contract owners’ equity resulting from operations	$	408,195

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	Total						ALVDAA						ACVIP1						AMVAA2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	69,175,816			61,115,655			293			596			7,374			1,204			41,718			41,128
Realized gain (loss) on investments		164,268,990			118,719,940			11,869			150			(2,979	)		(623	)		408,358			113,919
Change in unrealized gain (loss) on investments		(131,795,881	)		449,973,712			(6,662	)		7,617			(4,858	)		(8,755	)		(479,810	)		512,408
Reinvested capital gains		156,000,821			62,745,732			2,030			581			13,501			109			217,971			-
Net increase (decrease) in contract owners’ equity resulting from operations		257,649,746			692,555,039			7,530			8,944			13,038			(8,065	)		188,237			667,455
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		236,172,929			259,006,635			5,923			5,298			18,691			21			255,811			699,553
Transfers between funds		-			-			(140,452	)		166,287			422,500			414,959			340,345			223,354
Surrenders (note 6)		(242,494,312	)		(255,195,018	)		-			-			(14	)		(2,059	)		(1,521,482	)		(317,090	)
Death Benefits (note 4)		(23,966,871	)		(17,857,720	)		-			-			-			-			-			-
Net policy repayments (loans) (note 5)		(10,167,050	)		(11,810,948	)		-			-			-			-			(43,870	)		(3,877	)
Deductions for surrender charges (note 2d)		(359,613	)		(913,903	)		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(107,404,127	)		(105,254,809	)		(4,568	)		(2,717	)		(9,411	)		(1,815	)		(61,448	)		(33,190	)
Asset charges (note 3):
FPVUL & VEL contracts		(5,763,905	)		(5,540,769	)		(332	)		(185	)		(14	)		-			(1,122	)		(765	)
MSP contracts		(303,965	)		(288,779	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(711,618	)		(704,778	)		-			-			-			-			-			-
Adjustments to maintain reserves		42,074			151,627			8			(3	)		1,917			2			14			(1	)
Net equity transactions		(154,956,458	)		(138,408,462	)		(139,421	)		168,680			433,669			411,108			(1,031,752	)		567,984
Net change in contract owners’ equity		102,693,288			554,146,577			(131,891	)		177,624			446,707			403,043			(843,515	)		1,235,439
Contract owners’ equity beginning of period		4,637,188,888			4,083,042,311			177,696			72			403,043			-			4,006,660			2,771,221
Contract owners’ equity end of period	$	4,739,882,176			4,637,188,888			45,805			177,696			849,750			403,043			3,163,145			4,006,660
CHANGES IN UNITS:
Beginning units		250,893,361			255,557,179			15,430			7			43,953			-			293,121			250,210
Units purchased		65,435,424			36,012,059			835			15,686			46,488			44,563			44,305			72,151
Units redeemed		(64,866,726	)		(40,704,136	)		(12,457	)		(263	)		(990	)		(418	)		(117,926	)		(29,227	)
Ending units		251,462,059			250,893,361			3,808			15,430			89,451			43,953			219,500			293,121

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	AMVBD2						AMVGS2						AMVGR2						AMVI2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	1,126,946			1,265			(2,430	)		16,904			141,725			152,004			53,336			34,060
Realized gain (loss) on investments		116			2,804			266,876			100,399			941,972			573,259			193,992			108,318
Change in unrealized gain (loss) on investments		(962,810	)		(5,926	)		(220,582	)		383,222			(319,946	)		4,654,794			(384,005	)		398,267
Reinvested capital gains		23			785			12,354			-			1,199,477			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		164,275			(1,072	)		56,218			500,525			1,963,228			5,380,057			(136,677	)		540,645
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,305			7,748			109,646			88,767			585,106			223,734			650,131			359,864
Transfers between funds		70,884,778			(155,633	)		(21,390	)		273,471			(688,929	)		784,028			769,397			847,615
Surrenders (note 6)		(702	)		-			(36,383	)		(50,683	)		(316,220	)		(385,110	)		(30,493	)		(108,000	)
Death Benefits (note 4)		(846	)		(816	)		(5,065	)		(2,882	)		(51,152	)		(49,742	)		(2,344	)		(14,005	)
Net policy repayments (loans) (note 5)		(8,720	)		-			(128	)		-			(40,511	)		(11	)		(161	)		(21,638	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(104,838	)		(8,374	)		(30,518	)		(32,797	)		(287,046	)		(220,368	)		(70,671	)		(42,340	)
Asset charges (note 3):
FPVUL & VEL contracts		(85	)		(236	)		(278	)		(334	)		(10	)		(4	)		(178	)		(138	)
MSP contracts		-			-			-			-			-			-			-			-
SL contracts or LSFP contracts		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		7			7			(5	)		7			(11	)		43			(7	)		7
Net equity transactions		70,772,899			(157,304	)		15,879			275,549			(798,773	)		352,570			1,315,674			1,021,365
Net change in contract owners’ equity		70,937,174			(158,376	)		72,097			776,074			1,164,455			5,732,627			1,178,997			1,562,010
Contract owners’ equity beginning of period		74,024			232,400			2,439,091			1,663,017			23,660,929			17,928,302			3,499,457			1,937,447
Contract owners’ equity end of period	$	71,011,198			74,024			2,511,188			2,439,091			24,825,384			23,660,929			4,678,454			3,499,457
CHANGES IN UNITS:
Beginning units		6,226			19,064			202,172			176,306			1,752,402			1,723,465			312,711			210,084
Units purchased		5,690,932			871			45,182			39,528			75,936			234,057			129,417			122,238
Units redeemed		(10,356	)		(13,709	)		(43,145	)		(18,322	)		(129,923	)		(218,207	)		(11,631	)		(19,717	)
Ending units		5,686,802			6,226			204,209			202,172			1,698,415			1,752,402			430,497			312,711

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	BRVHYI					MLVLC2						MLVGA2						CVSPIP
	2014			2013		2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	6,501			-		16,954			19,835			228,678			106,699			6,913			-
Realized gain (loss) on investments		(1	)		-		213,602			295,813			106,099			212,457			174			-
Change in unrealized gain (loss) on investments		(11,348	)		-		(252,528	)		438,986			(977,571	)		663,957			(23,623	)		-
Reinvested capital gains		2,610			-		337,641			-			846,120			375,334			37,320			-
Net increase (decrease) in contract owners’ equity resulting from operations		(2,238	)		-		315,669			754,634			203,326			1,358,447			20,784			-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		-			-		118,739			219,276			542,862			436,995			-			-
Transfers between funds		501,787			-		(191,876	)		(490,876	)		786,293			482,356			432,164			-
Surrenders (note 6)		-			-		(2,660	)		(132,407	)		(326,661	)		(990,252	)		-			-
Death Benefits (note 4)		-			-		(6,594	)		-			(3,520	)		(83,686	)		-			-
Net policy repayments (loans) (note 5)		-			-		(40,802	)		(4,475	)		(162,898	)		(14,078	)		-			-
Deductions for surrender charges (note 2d)		-			-		-			-			(107	)		(4,109	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		-			-		(42,614	)		(38,187	)		(395,318	)		(383,159	)		(1,022	)		-
Asset charges (note 3):
FPVUL & VEL contracts		-			-		(315	)		(225	)		(30,377	)		(28,702	)		-			-
MSP contracts		-			-		-			-			(904	)		(853	)		-			-
SL contracts or LSFP contracts		-			-		-			-			(5,427	)		(5,248	)		-			-
Adjustments to maintain reserves		(4	)		-		(17	)		(83	)		7			(17	)		7			-
Net equity transactions		501,783			-		(166,139	)		(446,977	)		403,950			(590,753	)		431,149			-
Net change in contract owners’ equity		499,545			-		149,530			307,657			607,276			767,694			451,933			-
Contract owners’ equity beginning of period		-			-		2,736,351			2,428,694			10,431,814			9,664,120			-			-
Contract owners’ equity end of period	$	499,545			-		2,885,881			2,736,351			11,039,090			10,431,814			451,933			-
CHANGES IN UNITS:
Beginning units		-			-		154,703			182,994			640,899			680,130			-			-
Units purchased		51,392			-		15,863			27,105			80,975			67,595			40,998			-
Units redeemed		-			-		(24,996	)		(55,473	)		(56,746	)		(106,825	)		(88	)		-
Ending units		51,392			-		145,570			154,703			665,128			640,899			40,910			-

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	DAVVL						DWVEMS						DWVSVS						DSIF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	23,941			19,178			1,264			(4	)		7,311			27,385			6,329,048			5,432,176
Realized gain (loss) on investments		104,347			164,657			3,847			257			574,571			416,972			12,600,863			805,544
Change in unrealized gain (loss) on investments		(537,504	)		393,976			(106,929	)		9,158			(987,218	)		1,405,694			25,451,260			77,274,259
Reinvested capital gains		582,501			179,246			3,136			-			962,455			429,548			4,302,749			3,349,248
Net increase (decrease) in contract owners’ equity resulting from operations		173,285			757,057			(98,682	)		9,411			557,119			2,279,599			48,683,920			86,861,227
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		237,703			365,752			424,361			24,618			614,538			445,195			15,161,188			16,746,529
Transfers between funds		(62,252	)		(1,076,318	)		434,132			391,187			3,124,620			4,377,861			28,695,837			6,846,391
Surrenders (note 6)		(65,043	)		(95,541	)		-			(441	)		(169,859	)		(56,995	)		(10,898,444	)		(16,569,865	)
Death Benefits (note 4)		-			(11,932	)		-			-			(22,967	)		(21,669	)		(3,263,570	)		(948,006	)
Net policy repayments (loans) (note 5)		(21,076	)		(22,034	)		-			-			(17,113	)		(657	)		535,516			(723,713	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			(6,204	)		(17,927	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(36,194	)		(31,394	)		(31,676	)		(3,922	)		(194,410	)		(121,437	)		(8,662,526	)		(8,017,830	)
Asset charges (note 3):
FPVUL & VEL contracts		(2,584	)		(3,025	)		(3	)		(1	)		(1,024	)		(169	)		(444,718	)		(407,815	)
MSP contracts		-			-			-			-			-			-			(13,309	)		(12,864	)
SL contracts or LSFP contracts		-			-			-			-			-			-			(66,814	)		(59,267	)
Adjustments to maintain reserves		(15	)		13			(13	)		9			(288	)		16			1,824			4,911
Net equity transactions		50,539			(874,479	)		826,801			411,450			3,333,497			4,622,145			21,038,780			(3,159,456	)
Net change in contract owners’ equity		223,824			(117,422	)		728,119			420,861			3,890,616			6,901,744			69,722,700			83,701,771
Contract owners’ equity beginning of period		2,664,799			2,782,221			420,861			-			10,896,188			3,994,444			359,230,963			275,529,192
Contract owners’ equity end of period	$	2,888,623			2,664,799			1,148,980			420,861			14,786,804			10,896,188			428,953,663			359,230,963
CHANGES IN UNITS:
Beginning units		214,206			298,582			37,049			-			804,104			391,672			18,495,758			18,671,915
Units purchased		35,230			34,929			76,259			37,445			315,265			526,933			2,560,916			1,455,191
Units redeemed		(29,968	)		(119,304	)		(2,803	)		(397	)		(83,764	)		(106,323	)		(1,353,424	)		(1,629,337	)
Ending units		219,468			214,206			110,505			37,049			1,035,605			804,104			19,703,250			18,495,758

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	DSRG						ETVFR						FTVGB1					GVGMNS
	2014			2013			2014			2013			2014			2013		2014			2013
Investment activity:
Net investment income (loss)	$	130,283			135,000			1,607,063			808,663			429,386			-		15			18
Realized gain (loss) on investments		554,171			546,427			14,840			62,177			(45,831	)		-		995			110
Change in unrealized gain (loss) on investments		42,892			2,546,040			(1,575,323	)		(201,264	)		(367,092	)		-		(580	)		786
Reinvested capital gains		858,879			-			-			157,038			-			-		344			1,009
Net increase (decrease) in contract owners’ equity resulting from operations		1,586,225			3,227,467			46,580			826,614			16,463			-		774			1,923
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		734,687			806,893			457,558			308,320			806,237			-		1,959			1,273
Transfers between funds		152,139			(149,495	)		41,628,564			9,253,803			11,555,040			-		(5,176	)		39,524
Surrenders (note 6)		(835,854	)		(748,744	)		(159,888	)		(16,689	)		(282,316	)		-		-			-
Death Benefits (note 4)		(38,505	)		(45,948	)		(11,025	)		(988	)		(5,592	)		-		-			-
Net policy repayments (loans) (note 5)		15,302			51,171			(517	)		(23,115	)		781			-		35			(921	)
Deductions for surrender charges (note 2d)		(27	)		(1	)		-			-			-			-		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(678,461	)		(675,967	)		(474,054	)		(202,510	)		(103,776	)		-		(1,970	)		(914	)
Asset charges (note 3):
FPVUL & VEL contracts		(53,563	)		(48,758	)		(320	)		(99	)		(1,014	)		-		(189	)		(80	)
MSP contracts		(1,603	)		(1,370	)		-			-			-			-		-			-
SL contracts or LSFP contracts		(1,912	)		(1,818	)		-			-			-			-		-			-
Adjustments to maintain reserves		1,438			2,629			(73	)		(37	)		(41	)		-		(6	)		(3	)
Net equity transactions		(706,359	)		(811,408	)		41,440,245			9,318,685			11,969,319			-		(5,347	)		38,879
Net change in contract owners’ equity		879,866			2,416,059			41,486,825			10,145,299			11,985,782			-		(4,573	)		40,802
Contract owners’ equity beginning of period		12,228,151			9,812,092			25,512,559			15,367,260			-			-		41,751			949
Contract owners’ equity end of period	$	13,108,017			12,228,151			66,999,384			25,512,559			11,985,782			-		37,178			41,751
CHANGES IN UNITS:
Beginning units		609,225			657,466			2,302,534			1,438,087			-			-		3,565			92
Units purchased		50,005			53,238			3,795,995			886,216			1,259,402			-		173			3,645
Units redeemed		(79,640	)		(101,479	)		(75,928	)		(21,742	)		(81,237	)		-		(684	)		(172	)
Ending units		579,590			609,225			6,022,601			2,302,534			1,178,165			-		3,054			3,565

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	IVKMG1						IVBRA1					JPMMV1						JABS
	2014			2013			2014			2013		2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(3,517	)		12,815			-			-		42,493			30,609			316,466			314,159
Realized gain (loss) on investments		257,214			96,972			(77	)		-		355,721			122,182			348,980			182,155
Change in unrealized gain (loss) on investments		98,049			1,082,813			(11,226	)		-		468,058			859,020			566,921			1,810,550
Reinvested capital gains		-			-			8,315			-		409,988			42,386			581,544			766,071
Net increase (decrease) in contract owners’ equity resulting from operations		351,746			1,192,600			(2,988	)		-		1,276,260			1,054,197			1,813,911			3,072,935
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		145,854			183,463			684			-		675,911			394,715			2,038,225			4,022,552
Transfers between funds		876,549			(18,926	)		400,155			-		2,631,355			3,206,837			1,732,017			301,587
Surrenders (note 6)		(569,942	)		(188,114	)		-			-		(193,230	)		(15,162	)		(471,573	)		(676,165	)
Death Benefits (note 4)		(5,032	)		(30,411	)		-			-		(17,732	)		(279	)		(68,217	)		(365,340	)
Net policy repayments (loans) (note 5)		(33,760	)		(58,188	)		681			-		(19,026	)		(4,971	)		55,340			(146,642	)
Deductions for surrender charges (note 2d)		(1,052	)		(1,200	)		-			-		-			-			-			(170	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(116,698	)		(108,869	)		(1,434	)		-		(118,796	)		(54,729	)		(432,912	)		(386,524	)
Asset charges (note 3):
FPVUL & VEL contracts		(9,551	)		(8,960	)		(249	)		-		(1,104	)		(305	)		(13,864	)		(13,481	)
MSP contracts		(348	)		(298	)		-			-		-			-			(28	)		(35	)
SL contracts or LSFP contracts		(1,736	)		(1,181	)		-			-		-			-			(1,449	)		(1,340	)
Adjustments to maintain reserves		12			48			(1	)		-		(2	)		2			(45	)		(106	)
Net equity transactions		284,296			(232,636	)		399,836			-		2,957,376			3,526,108			2,837,494			2,734,336
Net change in contract owners’ equity		636,042			959,964			396,848			-		4,233,636			4,580,305			4,651,405			5,807,271
Contract owners’ equity beginning of period		4,317,352			3,357,388			-			-		6,466,290			1,885,985			20,512,662			14,705,391
Contract owners’ equity end of period	$	4,953,394			4,317,352			396,848			-		10,699,926			6,466,290			25,164,067			20,512,662
CHANGES IN UNITS:
Beginning units		321,052			341,791			-			-		258,597			99,517			821,725			703,225
Units purchased		86,962			36,853			38,647			-		144,257			162,364			186,612			216,043
Units redeemed		(66,751	)		(57,592	)		(172	)		-		(30,380	)		(3,370	)		(74,586	)		(97,540	)
Ending units		341,263			321,052			38,475			-		372,474			258,597			933,751			821,725

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	JAFBS					JACAS						JAGTS						JAIGS
	2014			2013		2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	54,792			-		(17,482	)		217,830			(5,252	)		(5,753	)		1,999,487			1,180,277
Realized gain (loss) on investments		3,400			-		1,940,895			5,214,102			1,271,107			1,744,544			(2,696,527	)		(66,965	)
Change in unrealized gain (loss) on investments		(43,993	)		-		(12,114,412	)		6,203,993			(850,920	)		2,212,702			(5,919,021	)		4,098,191
Reinvested capital gains		-			-		13,587,607			-			873,123			-			2,485,570			-
Net increase (decrease) in contract owners’ equity resulting from operations		14,199			-		3,396,608			11,635,925			1,288,058			3,951,493			(4,130,491	)		5,211,503
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		16,707			-		1,841,493			3,053,217			566,188			863,085			1,172,636			1,861,885
Transfers between funds		4,560,442			-		(3,563,449	)		(4,530,409	)		249,618			(75,240	)		(4,863,723	)		(3,930,118	)
Surrenders (note 6)		(180,920	)		-		(1,942,928	)		(3,312,953	)		(673,745	)		(1,641,583	)		(2,026,381	)		(4,027,551	)
Death Benefits (note 4)		-			-		(129,029	)		(135,465	)		(16,862	)		(41,887	)		(104,631	)		(123,020	)
Net policy repayments (loans) (note 5)		277			-		(207,808	)		(528,321	)		(4,775	)		132,405			130,476			(261,080	)
Deductions for surrender charges (note 2d)		-			-		(1,480	)		(5,651	)		(268	)		(3,440	)		(2,469	)		(19,960	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(11,035	)		-		(1,320,000	)		(1,371,183	)		(524,785	)		(526,335	)		(1,033,278	)		(1,200,397	)
Asset charges (note 3):
FPVUL & VEL contracts		-			-		(98,382	)		(96,547	)		(42,699	)		(38,559	)		(84,943	)		(91,958	)
MSP contracts		-			-		(2,905	)		(2,565	)		(1,074	)		(892	)		(3,142	)		(3,014	)
SL contracts or LSFP contracts		-			-		(8,418	)		(7,940	)		(3,043	)		(2,764	)		(9,250	)		(10,175	)
Adjustments to maintain reserves		6			-		43			(2,202	)		89			65			20			199
Net equity transactions		4,385,477			-		(5,432,863	)		(6,940,019	)		(451,356	)		(1,335,145	)		(6,824,685	)		(7,805,189	)
Net change in contract owners’ equity		4,399,676			-		(2,036,255	)		4,695,906			836,702			2,616,348			(10,955,176	)		(2,593,686	)
Contract owners’ equity beginning of period		-			-		46,697,005			42,001,099			14,513,340			11,896,992			40,211,611			42,805,297
Contract owners’ equity end of period	$	4,399,676			-		44,660,750			46,697,005			15,350,042			14,513,340			29,256,435			40,211,611
CHANGES IN UNITS:
Beginning units		-			-		2,806,731			3,302,617			1,724,013			1,913,179			2,331,866			2,835,962
Units purchased		450,289			-		278,492			172,583			185,830			201,694			107,366			135,954
Units redeemed		(14,362	)		-		(612,115	)		(676,434	)		(243,623	)		(390,912	)		(511,448	)		(641,843	)
Ending units		435,927			-		2,473,108			2,806,731			1,666,220			1,724,013			1,927,784			2,331,866

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	JAMVS						LZREMS						LOVMCV						MIGIC
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	64,596			14,987			420,985			292,977			1,955			3,068			18,472			22,963
Realized gain (loss) on investments		121,721			200,961			(411,394	)		(465,062	)		223,550			51,099			378,879			173,828
Change in unrealized gain (loss) on investments		(190,410	)		193,295			(1,824,609	)		(292,362	)		(86,265	)		273,931			(216,992	)		632,754
Reinvested capital gains		162,184			32,727			255,607			142,641			-			-			198,422			114,868
Net increase (decrease) in contract owners’ equity resulting from operations		158,091			441,970			(1,559,411	)		(321,806	)		139,240			328,098			378,781			944,413
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		74,515			188,148			1,055,115			1,427,478			8,738			55,364			146,268			171,860
Transfers between funds		(140,927	)		(738,669	)		4,879,606			1,418,887			(101,818	)		51,854			(430,420	)		127,854
Surrenders (note 6)		(12,872	)		(61,098	)		(793,103	)		(778,427	)		(372,497	)		(69,739	)		(168,220	)		(379,936	)
Death Benefits (note 4)		-			(6,193	)		(149,282	)		(91,665	)		(716	)		(537	)		(11,856	)		(22,724	)
Net policy repayments (loans) (note 5)		1,241			(3,740	)		(14,276	)		(48,097	)		(12,633	)		(2,054	)		(40,003	)		(93,056	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			(407	)		(2,036	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(36,245	)		(39,279	)		(302,398	)		(267,251	)		(14,737	)		(13,322	)		(146,128	)		(155,249	)
Asset charges (note 3):
FPVUL & VEL contracts		(172	)		(185	)		(1,941	)		(2,134	)		(33	)		(31	)		(14,794	)		(14,880	)
MSP contracts		-			-			-			-			-			-			(75	)		(66	)
SL contracts or LSFP contracts		-			-			-			-			-			-			(690	)		(799	)
Adjustments to maintain reserves		(4	)		293			59			(376	)		20			(63	)		14			(1	)
Net equity transactions		(114,464	)		(660,723	)		4,673,780			1,658,415			(493,676	)		21,472			(666,311	)		(369,033	)
Net change in contract owners’ equity		43,627			(218,753	)		3,114,369			1,336,609			(354,436	)		349,570			(287,530	)		575,380
Contract owners’ equity beginning of period		1,908,778			2,127,531			23,822,313			22,485,704			1,455,733			1,106,163			3,758,750			3,183,370
Contract owners’ equity end of period	$	1,952,405			1,908,778			26,936,682			23,822,313			1,101,297			1,455,733			3,471,220			3,758,750
CHANGES IN UNITS:
Beginning units		135,589			189,721			2,130,245			1,981,197			84,220			83,197			156,129			172,283
Units purchased		41,292			42,067			587,603			321,811			649			7,769			6,409			11,393
Units redeemed		(48,817	)		(96,435	)		(186,180	)		(170,098	)		(27,595	)		(6,771	)		(33,168	)		(27,547	)
Ending units		128,064			135,589			2,531,668			2,130,245			57,274			84,220			129,370			156,129

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	MNDIC						MNDSC						MVRISC						MVFIC
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	-			-			(3,199	)		(3,253	)		34,235			60,968			156,890			117,226
Realized gain (loss) on investments		42,779			25,650			237,622			15,697			385,806			75,131			1,145,109			860,687
Change in unrealized gain (loss) on investments		(222,400	)		137,455			(624,227	)		420,231			(651,455	)		545,587			(600,505	)		1,914,460
Reinvested capital gains		122,045			4,994			277,161			14,331			-			-			317,434			30,323
Net increase (decrease) in contract owners’ equity resulting from operations		(57,576	)		168,099			(112,643	)		447,006			(231,414	)		681,686			1,018,928			2,922,696
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		31,080			43,092			251,407			121,765			107,797			243,208			392,472			536,026
Transfers between funds		(170,468	)		609,436			(283,240	)		938,884			(800,616	)		90,946			(835,842	)		(33,869	)
Surrenders (note 6)		(34,313	)		(64,897	)		(82,639	)		-			(38,695	)		(82,739	)		(648,349	)		(596,523	)
Death Benefits (note 4)		-			-			-			-			(105,769	)		-			(2,328	)		(17,287	)
Net policy repayments (loans) (note 5)		(5,585	)		(20,205	)		(803,170	)		(5,591	)		(533,375	)		(5	)		(186,313	)		(192,046	)
Deductions for surrender charges (note 2d)		(5	)		-			-			-			-			-			(2,266	)		(9,946	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(24,194	)		(16,694	)		(30,259	)		(16,842	)		(56,609	)		(59,082	)		(306,262	)		(313,173	)
Asset charges (note 3):
FPVUL & VEL contracts		(2,309	)		(1,772	)		(48	)		(24	)		(268	)		(215	)		(25,315	)		(24,736	)
MSP contracts		-			-			-			-			-			-			(1,078	)		(962	)
SL contracts or LSFP contracts		-			-			-			-			-			-			(7,559	)		(6,990	)
Adjustments to maintain reserves		3			2			(20	)		11			(3	)		8			(11	)		(19	)
Net equity transactions		(205,791	)		548,962			(947,969	)		1,038,203			(1,427,538	)		192,121			(1,622,851	)		(659,525	)
Net change in contract owners’ equity		(263,367	)		717,061			(1,060,612	)		1,485,209			(1,658,952	)		873,807			(603,923	)		2,263,171
Contract owners’ equity beginning of period		797,640			80,579			2,155,892			670,683			4,491,538			3,617,731			10,619,793			8,356,622
Contract owners’ equity end of period	$	534,273			797,640			1,095,280			2,155,892			2,832,586			4,491,538			10,015,870			10,619,793
CHANGES IN UNITS:
Beginning units		54,531			7,796			148,553			65,112			423,329			403,657			368,819			394,370
Units purchased		2,855			54,558			35,042			85,199			16,854			38,246			18,337			38,962
Units redeemed		(18,002	)		(7,823	)		(101,853	)		(1,758	)		(152,081	)		(18,657	)		(72,392	)		(64,512	)
Ending units		39,384			54,531			81,742			148,553			288,102			423,329			314,764			368,819

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	MVFSC						MVIVSC						MSVFI						MSEM
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	329,754			203,886			971,624			577,847			47,808			68,349			2,119,928			1,602,858
Realized gain (loss) on investments		3,858,805			2,046,774			2,723,214			2,432,380			37,057			36,049			2,955			191,427
Change in unrealized gain (loss) on investments		(2,255,213	)		5,368,825			(3,182,137	)		8,859,175			43,893			(110,481	)		(1,338,232	)		(6,111,832	)
Reinvested capital gains		917,522			79,614			-			-			-			-			297,415			504,268
Net increase (decrease) in contract owners’ equity resulting from operations		2,850,868			7,699,099			512,701			11,869,402			128,758			(6,083	)		1,082,066			(3,813,279	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,020,968			2,616,004			2,111,605			1,735,546			67,373			86,985			259,749			393,550
Transfers between funds		(4,250,767	)		(1,603,049	)		3,962,787			3,587,206			(70,224	)		(414,866	)		(134,321	)		2,066,712
Surrenders (note 6)		(1,614,621	)		(87,363	)		(1,939,471	)		(429,745	)		(52,618	)		(173,381	)		(505,610	)		(837,617	)
Death Benefits (note 4)		(56,909	)		(197,599	)		(163,188	)		(160,695	)		(7,365	)		(4,550	)		(133,129	)		(171,685	)
Net policy repayments (loans) (note 5)		(33,253	)		(133,118	)		(120,327	)		(57,335	)		(31,014	)		(7,824	)		(36,683	)		(4,577	)
Deductions for surrender charges (note 2d)		-			-			-			-			(47	)		(1,575	)		(877	)		(328	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(439,050	)		(385,026	)		(666,748	)		(561,692	)		(72,251	)		(82,350	)		(476,921	)		(521,816	)
Asset charges (note 3):
FPVUL & VEL contracts		(6,784	)		(5,081	)		(3,551	)		(2,566	)		(6,833	)		(7,273	)		(16,024	)		(18,576	)
MSP contracts		-			-			-			-			(528	)		(518	)		(270	)		(270	)
SL contracts or LSFP contracts		-			-			-			-			(663	)		(861	)		(1,216	)		(1,685	)
Adjustments to maintain reserves		(56	)		(884	)		(103	)		(3,621	)		12			(10	)		4			(53	)
Net equity transactions		(4,380,472	)		203,884			3,181,004			4,107,098			(174,158	)		(606,223	)		(1,045,298	)		903,655
Net change in contract owners’ equity		(1,529,604	)		7,902,983			3,693,705			15,976,500			(45,400	)		(612,306	)		36,768			(2,909,624	)
Contract owners’ equity beginning of period		29,309,020			21,406,037			56,931,951			40,955,451			1,763,427			2,375,733			38,132,292			41,041,916
Contract owners’ equity end of period	$	27,779,416			29,309,020			60,625,656			56,931,951			1,718,027			1,763,427			38,169,060			38,132,292
CHANGES IN UNITS:
Beginning units		2,108,924			2,084,955			2,760,169			2,528,785			119,123			159,977			985,279			977,094
Units purchased		305,222			236,524			388,298			351,001			10,972			8,066			20,572			79,587
Units redeemed		(596,339	)		(211,816	)		(235,927	)		(101,720	)		(22,491	)		(48,919	)		(50,709	)		(70,629	)
Ending units		1,817,807			2,108,924			2,912,540			2,760,169			107,604			119,123			955,142			985,279

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	VKVGR2						MSVMG						MSVEG						MSVRE
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	17,834			81,920			(29,279	)		17,505			(3,269	)		4,851			214,359			205,184
Realized gain (loss) on investments		35,599			285,009			226,531			(104,004	)		170,796			143,734			1,092,973			4,818,466
Change in unrealized gain (loss) on investments		444,934			(316,598	)		(1,831,183	)		3,644,262			(183,638	)		393,090			3,397,062			(4,501,707	)
Reinvested capital gains		-			-			1,857,615			277,194			86,300			74,256			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		498,367			50,331			223,684			3,834,957			70,189			615,931			4,704,394			521,943
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		612,704			626,074			112,088			267,180			171,145			15,365			168,386			258,687
Transfers between funds		1,027,625			4,575			(93,992	)		(1,300,756	)		(470,012	)		(538,659	)		(673,397	)		(6,012,360	)
Surrenders (note 6)		(150,937	)		(33,772	)		(239,676	)		(322,176	)		(6,575	)		(18,430	)		(575,624	)		(1,875,101	)
Death Benefits (note 4)		(8,508	)		(811	)		(31,757	)		(26,108	)		(1,233	)		-			-			(39,675	)
Net policy repayments (loans) (note 5)		(29,999	)		(49,587	)		(31,681	)		(91,612	)		(884	)		(42	)		(386	)		(1,696	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(65,030	)		(53,953	)		(153,248	)		(148,031	)		(48,769	)		(48,002	)		(193,611	)		(273,927	)
Asset charges (note 3):
FPVUL & VEL contracts		(430	)		(468	)		(873	)		(791	)		(156	)		(45	)		-			(12	)
MSP contracts		-			-			-			-			-			-			6			-
SL contracts or LSFP contracts		-			-			-			-			-			-			-			(1	)
Adjustments to maintain reserves		(15	)		347			(6	)		251			(5	)		366			(220	)		(111	)
Net equity transactions		1,385,410			492,405			(439,145	)		(1,622,043	)		(356,489	)		(589,447	)		(1,274,846	)		(7,944,196	)
Net change in contract owners’ equity		1,883,777			542,736			(215,461	)		2,212,914			(286,300	)		26,484			3,429,548			(7,422,253	)
Contract owners’ equity beginning of period		2,913,382			2,370,646			13,482,809			11,269,895			1,566,998			1,540,514			16,994,730			24,416,983
Contract owners’ equity end of period	$	4,797,159			2,913,382			13,267,348			13,482,809			1,280,698			1,566,998			20,424,278			16,994,730
CHANGES IN UNITS:
Beginning units		290,891			242,254			785,039			900,392			93,010			135,128			453,779			660,510
Units purchased		169,420			143,854			61,867			39,289			13,571			21,587			16,169			9,701
Units redeemed		(38,615	)		(95,071	)		(88,063	)		(154,721	)		(35,007	)		(63,826	)		(51,992	)		(204,624	)
Ending units		421,696			290,891			758,843			785,039			71,574			93,010			417,956			453,779

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVIX					NVBX					NCPG					IDPGI
	2014			2013		2014			2013		2014			2013		2014		2013
Investment activity:
Net investment income (loss)	$	240,818			-		1,265,653			-		1,140			-		-		-
Realized gain (loss) on investments		(45,074	)		-		1,537			-		(4	)		-		-		-
Change in unrealized gain (loss) on investments		(1,137,967	)		-		(631,757	)		-		(1,292	)		-		-		-
Reinvested capital gains		-			-		-			-		572			-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		(942,223	)		-		635,433			-		416			-		-		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		571,085			-		619,853			-		3,976			-		-		-
Transfers between funds		12,109,268			-		56,805,606			-		39,526			-		-		-
Surrenders (note 6)		(35,937	)		-		-			-		-			-		-		-
Death Benefits (note 4)		(3,927	)		-		-			-		-			-		-		-
Net policy repayments (loans) (note 5)		(118,826	)		-		-			-		-			-		-		-
Deductions for surrender charges (note 2d)		-			-		-			-		-			-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(135,283	)		-		(106,344	)		-		(557	)		-		-		-
Asset charges (note 3):
FPVUL & VEL contracts		(3,469	)		-		(532	)		-		(45	)		-		-		-
MSP contracts		-			-		-			-		-			-		-		-
SL contracts or LSFP contracts		-			-		-			-		-			-		-		-
Adjustments to maintain reserves		(20	)		-		(8	)		-		3			-		-		-
Net equity transactions		12,382,891			-		57,318,575			-		42,903			-		-		-
Net change in contract owners’ equity		11,440,668			-		57,954,008			-		43,319			-		-		-
Contract owners’ equity beginning of period		-			-		-			-		-			-		-		-
Contract owners’ equity end of period	$	11,440,668			-		57,954,008			-		43,319			-		-		-
CHANGES IN UNITS:
Beginning units		-			-		-			-		-			-		-		-
Units purchased		1,303,181			-		5,656,095			-		4,356			-		-		-
Units redeemed		(58,002	)		-		(10,464	)		-		(60	)		-		-		-
Ending units		1,245,179			-		5,645,631			-		4,296			-		-		-

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVAMV1						GVAAA2						GVABD2						GVAGG2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	806,692			688,922			75,892			89,468			18,967			29,269			47,202			23,328
Realized gain (loss) on investments		1,346,695			870,217			649,323			140,221			16,804			41,213			459,878			228,218
Change in unrealized gain (loss) on investments		(1,640,942	)		7,819,670			(349,691	)		1,191,311			26,171			(117,435	)		(370,537	)		1,271,504
Reinvested capital gains		4,487,169			722,334			12,475			1,663			13,492			487			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		4,999,614			10,101,143			387,999			1,422,663			75,434			(46,466	)		136,543			1,523,050
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,673,164			1,858,590			448,499			414,845			93,187			107,171			322,630			277,555
Transfers between funds		(1,074,824	)		121,615			341,263			604,008			21,249			(126,329	)		(22,224	)		686,979
Surrenders (note 6)		(2,540,570	)		(2,868,802	)		(384,422	)		(417,614	)		(77,170	)		(296,862	)		(319,763	)		(302,786	)
Death Benefits (note 4)		(222,500	)		(281,276	)		(51,129	)		(1,338	)		(995	)		(31,313	)		(6,100	)		(74,845	)
Net policy repayments (loans) (note 5)		(12,393	)		(86,845	)		39,857			(148,657	)		(1,071	)		9,879			(67,103	)		(107,746	)
Deductions for surrender charges (note 2d)		(2,756	)		(11,405	)		(14,206	)		(1,534	)		(1,310	)		(8,845	)		(2,001	)		(2,005	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,491,080	)		(1,503,553	)		(296,083	)		(264,771	)		(93,880	)		(100,109	)		(221,192	)		(216,027	)
Asset charges (note 3):
FPVUL & VEL contracts		(140,361	)		(132,684	)		(24,638	)		(21,483	)		(5,322	)		(5,870	)		(21,009	)		(19,482	)
MSP contracts		(6,351	)		(5,582	)		(5,764	)		(5,012	)		(747	)		(810	)		(1,281	)		(1,185	)
SL contracts or LSFP contracts		(15,990	)		(15,900	)		(7,524	)		(7,402	)		(1,613	)		(1,648	)		(3,144	)		(2,789	)
Adjustments to maintain reserves		11			(5	)		(3	)		16			(4	)		4			(9	)		(1	)
Net equity transactions		(3,833,650	)		(2,925,847	)		45,850			151,058			(67,676	)		(454,732	)		(341,196	)		237,668
Net change in contract owners’ equity		1,165,964			7,175,296			433,849			1,573,721			7,758			(501,198	)		(204,653	)		1,760,718
Contract owners’ equity beginning of period		39,757,407			32,582,111			7,636,273			6,062,552			1,537,507			2,038,705			6,738,800			4,978,082
Contract owners’ equity end of period	$	40,923,371			39,757,407			8,070,122			7,636,273			1,545,265			1,537,507			6,534,147			6,738,800
CHANGES IN UNITS:
Beginning units		1,832,139			1,980,422			487,528			477,179			122,305			158,000			394,540			374,929
Units purchased		86,625			110,539			53,189			77,258			9,372			10,862			26,992			70,655
Units redeemed		(251,598	)		(258,822	)		(49,981	)		(66,910	)		(14,584	)		(46,557	)		(45,870	)		(51,044	)
Ending units		1,667,166			1,832,139			490,736			487,528			117,093			122,305			375,662			394,540

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVAGR2						GVAGI2						HIBF						GEM
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	42,607			29,209			25,692			27,608			1,225,741			1,087,366			156,824			90,318
Realized gain (loss) on investments		842,576			708,414			160,206			239,093			378,296			430,636			(187,711	)		160,811
Change in unrealized gain (loss) on investments		(144,348	)		1,620,058			105,627			534,457			(1,117,148	)		(296,561	)		(492,917	)		(213,482	)
Reinvested capital gains		-			-			29,410			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		740,835			2,357,681			320,935			801,158			486,889			1,221,441			(523,804	)		37,647
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		382,676			635,355			104,926			101,548			446,859			939,562			491,723			154,338
Transfers between funds		(234,904	)		519,881			(50,423	)		180,064			4,632,729			(5,171,244	)		5,859,530			(1,177,553	)
Surrenders (note 6)		(749,978	)		(784,366	)		(91,070	)		(321,585	)		(757,333	)		(383,729	)		(458,754	)		(1,256,208	)
Death Benefits (note 4)		(3,821	)		(16,368	)		(4,044	)		(2,864	)		(188,353	)		(79,338	)		(36,867	)		(5,460	)
Net policy repayments (loans) (note 5)		(268,797	)		(2,205	)		(28,491	)		(4,823	)		(36,273	)		(21,470	)		(36,821	)		(15,072	)
Deductions for surrender charges (note 2d)		(3,835	)		(13,300	)		(919	)		(152	)		(1,425	)		(80	)		(1,143	)		(537	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(298,114	)		(297,944	)		(87,757	)		(81,783	)		(540,562	)		(293,445	)		(351,033	)		(189,435	)
Asset charges (note 3):
FPVUL & VEL contracts		(27,939	)		(25,828	)		(8,310	)		(7,622	)		(32,183	)		(11,647	)		(22,595	)		(5,987	)
MSP contracts		(1,918	)		(1,730	)		(1,441	)		(1,148	)		(1,759	)		(1,037	)		(4,556	)		(198	)
SL contracts or LSFP contracts		(5,630	)		(5,876	)		(1,620	)		(1,449	)		(5,492	)		(1,063	)		(3,026	)		(321	)
Adjustments to maintain reserves		5			-			(2	)		2			8			70			(30	)		275
Net equity transactions		(1,212,255	)		7,619			(169,151	)		(139,812	)		3,516,216			(5,023,421	)		5,436,428			(2,496,158	)
Net change in contract owners’ equity		(471,420	)		2,365,300			151,784			661,346			4,003,105			(3,801,980	)		4,912,624			(2,458,511	)
Contract owners’ equity beginning of period		10,165,319			7,800,019			3,183,307			2,521,961			17,286,424			21,088,404			9,214,541			11,673,052
Contract owners’ equity end of period	$	9,693,899			10,165,319			3,335,091			3,183,307			21,289,529			17,286,424			14,127,165			9,214,541
CHANGES IN UNITS:
Beginning units		660,438			656,818			235,408			247,986			679,469			891,109			347,886			443,026
Units purchased		43,223			80,959			9,158			24,485			561,367			49,949			384,334			8,748
Units redeemed		(120,864	)		(77,339	)		(20,817	)		(37,063	)		(424,682	)		(261,533	)		(174,792	)		(103,903	)
Ending units		582,797			660,438			223,749			235,408			816,154			679,469			557,428			347,886

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GIG						NVIE6						NVNMO1						NVNSR1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	531,200			51,635			10,101			1,343			151,018			158,847			3,042			6,940
Realized gain (loss) on investments		1,308,154			281,671			6,374			3,850			564,758			546,139			206,595			24,773
Change in unrealized gain (loss) on investments		(2,029,710	)		1,584,521			(18,097	)		36,191			(2,305,020	)		4,123,577			(159,138	)		177,700
Reinvested capital gains		-			-			-			-			2,663,751			643,980			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(190,356	)		1,917,827			(1,622	)		41,384			1,074,507			5,472,543			50,499			209,413
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		615,217			628,083			-			-			606,648			695,127			18,425			23,579
Transfers between funds		3,586,909			1,083,332			(9,207	)		(92	)		(597,451	)		10,519			(449,784	)		551,722
Surrenders (note 6)		(903,296	)		(795,340	)		(4,392	)		(8,064	)		(697,078	)		(1,196,378	)		(65,057	)		(12,802	)
Death Benefits (note 4)		(8,058	)		(29,951	)		-			-			(132,461	)		(74,247	)		-			(76,445	)
Net policy repayments (loans) (note 5)		(35,621	)		(33,963	)		(73	)		(358	)		34,911			26,189			(135,492	)		(2,905	)
Deductions for surrender charges (note 2d)		(86	)		(64	)		(32	)		(827	)		(132	)		(731	)		-			(162	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(343,312	)		(277,201	)		(6,157	)		(6,415	)		(654,791	)		(656,579	)		(23,035	)		(26,075	)
Asset charges (note 3):
FPVUL & VEL contracts		(26,008	)		(18,319	)		(489	)		(494	)		(57,158	)		(54,895	)		(1,343	)		(1,627	)
MSP contracts		(1,184	)		(440	)		-			-			(1,882	)		(1,665	)		(27	)		(15	)
SL contracts or LSFP contracts		(3,182	)		(1,848	)		(849	)		(810	)		(4,559	)		(3,965	)		(645	)		(527	)
Adjustments to maintain reserves		32			1,551			(4	)		(2	)		(9	)		4			(5	)		4
Net equity transactions		2,881,411			555,840			(21,203	)		(17,062	)		(1,503,962	)		(1,256,621	)		(656,963	)		454,747
Net change in contract owners’ equity		2,691,055			2,473,667			(22,825	)		24,322			(429,455	)		4,215,922			(606,464	)		664,160
Contract owners’ equity beginning of period		13,055,210			10,581,543			270,431			246,109			17,223,307			13,007,385			955,287			291,127
Contract owners’ equity end of period	$	15,746,265			13,055,210			247,606			270,431			16,793,852			17,223,307			348,823			955,287
CHANGES IN UNITS:
Beginning units		796,673			758,056			27,530			29,454			1,264,376			1,373,296			63,496			26,852
Units purchased		636,624			145,131			25,931			-			51,916			91,365			3,686			48,483
Units redeemed		(472,575	)		(106,140	)		(28,072	)		(1,924	)		(159,769	)		(200,285	)		(46,219	)		(11,839	)
Ending units		960,722			796,673			25,389			27,530			1,156,523			1,264,376			20,963			63,496

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVCRA1						NVCRB1						NVCCA1						NVCCN1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	86,482			39,606			3,919,302			2,542,198			172,299			101,789			120,707			88,190
Realized gain (loss) on investments		235,539			164,487			604,671			358,570			452,247			177,855			95,343			97,461
Change in unrealized gain (loss) on investments		(343,408	)		444,154			(1,470,444	)		14,936,440			(517,837	)		687,143			(191,744	)		(24,553	)
Reinvested capital gains		177,391			68,963			4,167,905			3,319,805			208,736			167,023			152,576			66,634
Net increase (decrease) in contract owners’ equity resulting from operations		156,004			717,210			7,221,434			21,157,013			315,445			1,133,810			176,882			227,732
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,013,156			1,005,777			1,592,373			1,766,110			1,478,971			1,726,498			1,077,950			1,381,905
Transfers between funds		245,583			127,992			1,033,112			(186,541	)		(846,910	)		186,673			136,657			(832,082	)
Surrenders (note 6)		(298,974	)		(204,340	)		(4,163	)		(71,606	)		(31,658	)		(319,670	)		(153,112	)		(456,239	)
Death Benefits (note 4)		(9,501	)		(2,237	)		(707,942	)		(780,808	)		(8,083	)		-			(4,041	)		-
Net policy repayments (loans) (note 5)		(288,511	)		(167,656	)		(372,307	)		(203,236	)		(316,109	)		(238,293	)		(42,255	)		(108,437	)
Deductions for surrender charges (note 2d)		(464	)		(7,216	)		-			(3,500	)		-			-			(6,033	)		(1,395	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(185,761	)		(139,555	)		(1,635,982	)		(1,507,287	)		(283,012	)		(257,748	)		(216,899	)		(201,041	)
Asset charges (note 3):
FPVUL & VEL contracts		(10,774	)		(8,922	)		(14,733	)		(11,569	)		(19,698	)		(18,876	)		(12,745	)		(12,095	)
MSP contracts		(241	)		(216	)		(327	)		(559	)		(447	)		(405	)		(545	)		(374	)
SL contracts or LSFP contracts		(30	)		(36	)		(864	)		(834	)		(1,497	)		(1,469	)		(245	)		(150	)
Adjustments to maintain reserves		6			278			(16	)		84			1			(11	)		(6	)		1,545
Net equity transactions		464,489			603,869			(110,849	)		(999,746	)		(28,442	)		1,076,699			778,726			(228,363	)
Net change in contract owners’ equity		620,493			1,321,079			7,110,585			20,157,267			287,003			2,210,509			955,608			(631	)
Contract owners’ equity beginning of period		3,541,688			2,220,609			165,624,736			145,467,469			6,867,707			4,657,198			4,544,807			4,545,438
Contract owners’ equity end of period	$	4,162,181			3,541,688			172,735,321			165,624,736			7,154,710			6,867,707			5,500,415			4,544,807
CHANGES IN UNITS:
Beginning units		261,976			213,377			10,209,139			10,264,208			505,936			417,509			357,466			376,288
Units purchased		96,606			102,592			206,435			158,882			118,352			181,666			126,520			127,316
Units redeemed		(64,480	)		(54,022	)		(190,936	)		(213,950	)		(121,980	)		(93,241	)		(65,570	)		(146,254	)
Ending units		294,102			261,976			10,224,638			10,209,139			502,308			505,936			418,416			357,466

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVCMD1						NVCMA1						NVCMC1						NVCBD1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	181,666			100,085			176,852			98,377			90,189			51,099			27,682			22,467
Realized gain (loss) on investments		80,944			227,565			281,263			178,502			110,618			39,288			(10,997	)		5,777
Change in unrealized gain (loss) on investments		(117,258	)		517,067			(745,384	)		748,466			(154,284	)		122,255			23,730			(58,915	)
Reinvested capital gains		170,866			144,168			572,239			264,738			95,015			53,849			-			9,684
Net increase (decrease) in contract owners’ equity resulting from operations		316,218			988,885			284,970			1,290,083			141,538			266,491			40,415			(20,987	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,074,902			1,155,454			504,027			461,072			816,784			730,443			40,421			70,236
Transfers between funds		180,840			(650,972	)		(446,534	)		956,270			47,178			447,119			123,799			83,491
Surrenders (note 6)		(150,493	)		(273,923	)		(288,093	)		(281,385	)		(4,494	)		(4,352	)		(34,166	)		(205,521	)
Death Benefits (note 4)		(20,221	)		(202,323	)		(65,732	)		-			(8,465	)		-			(3,670	)		(1,422	)
Net policy repayments (loans) (note 5)		111,603			(24,419	)		63,452			(94,241	)		(116,613	)		(191,889	)		(11,792	)		2,664
Deductions for surrender charges (note 2d)		-			(4,282	)		(496	)		(3,853	)		(33	)		-			-			(21	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(320,137	)		(291,634	)		(191,484	)		(170,873	)		(163,018	)		(130,190	)		(20,621	)		(29,323	)
Asset charges (note 3):
FPVUL & VEL contracts		(16,876	)		(14,428	)		(19,154	)		(17,016	)		(7,201	)		(5,401	)		(1,966	)		(2,533	)
MSP contracts		(1,662	)		(1,033	)		(4,120	)		(3,577	)		(2,062	)		(1,371	)		(71	)		(96	)
SL contracts or LSFP contracts		(5,531	)		(5,197	)		(5,345	)		(4,954	)		(166	)		(153	)		(1,230	)		(1,257	)
Adjustments to maintain reserves		(14	)		2			(16	)		1,757			4			1			1			5
Net equity transactions		852,411			(312,755	)		(453,495	)		843,200			561,914			844,207			90,705			(83,777	)
Net change in contract owners’ equity		1,168,629			676,130			(168,525	)		2,133,283			703,452			1,110,698			131,120			(104,764	)
Contract owners’ equity beginning of period		6,256,218			5,580,088			7,290,898			5,157,615			3,134,027			2,023,329			859,611			964,375
Contract owners’ equity end of period	$	7,424,847			6,256,218			7,122,373			7,290,898			3,837,479			3,134,027			990,731			859,611
CHANGES IN UNITS:
Beginning units		465,232			489,603			539,732			475,266			234,164			168,356			65,876			72,492
Units purchased		147,028			102,357			58,639			111,241			79,259			91,865			23,340			21,107
Units redeemed		(85,208	)		(126,728	)		(97,585	)		(46,941	)		(38,516	)		(26,051	)		(16,945	)		(27,723	)
Ending units		527,052			465,232			500,786			539,732			274,907			234,164			72,271			65,876

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVLCP1						TRF						GBF						CAF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	57,910			17,472			1,200,164			1,121,956			1,208,221			1,660,047			56,798			99,824
Realized gain (loss) on investments		(5,830	)		(9,191	)		1,218,553			1,293,468			(2,603,576	)		(3,640,129	)		894,053			1,264,030
Change in unrealized gain (loss) on investments		56,522			(33,703	)		10,195,924			20,954,580			4,554,110			(4,578,319	)		848,874			2,580,640
Reinvested capital gains		-			13,015			-			-			-			1,123,667			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		108,602			(12,407	)		12,614,641			23,370,004			3,158,755			(5,434,734	)		1,799,725			3,944,494
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		42,491			21,097			2,532,158			2,603,804			1,573,862			2,561,943			1,022,879			1,533,346
Transfers between funds		1,532,872			(150,251	)		7,382,732			(2,577,662	)		(22,909,144	)		(28,691,799	)		(195,869	)		(379,876	)
Surrenders (note 6)		(73,847	)		(17,992	)		(2,086,513	)		(2,643,725	)		(2,013,123	)		(8,855,432	)		(1,134,214	)		(1,476,795	)
Death Benefits (note 4)		(3,468	)		(81,862	)		(550,209	)		(471,852	)		(1,007,774	)		(434,973	)		(94,292	)		(44,077	)
Net policy repayments (loans) (note 5)		(33,930	)		257			134,290			(196,741	)		(5,406	)		(90,191	)		32,856			35,076
Deductions for surrender charges (note 2d)		-			-			(2,466	)		(5,430	)		(695	)		(3,882	)		(203	)		(3	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(74,872	)		(55,808	)		(2,804,038	)		(2,648,408	)		(3,071,890	)		(3,554,515	)		(931,332	)		(915,262	)
Asset charges (note 3):
FPVUL & VEL contracts		(2,677	)		(1,145	)		(165,262	)		(152,604	)		(82,232	)		(92,631	)		(68,109	)		(63,493	)
MSP contracts		(26	)		-			(9,217	)		(8,241	)		(7,511	)		(8,270	)		(1,841	)		(1,600	)
SL contracts or LSFP contracts		(2,444	)		(1,004	)		(7,731	)		(6,978	)		(15,585	)		(22,187	)		(3,201	)		(3,082	)
Adjustments to maintain reserves		(1	)		2			1,961			(1,013	)		(15	)		(1,008	)		(10	)		(267	)
Net equity transactions		1,384,098			(286,706	)		4,425,705			(6,108,850	)		(27,539,513	)		(39,192,945	)		(1,373,336	)		(1,316,033	)
Net change in contract owners’ equity		1,492,700			(299,113	)		17,040,346			17,261,154			(24,380,758	)		(44,627,679	)		426,389			2,628,461
Contract owners’ equity beginning of period		964,406			1,263,519			96,357,207			79,096,053			88,111,568			132,739,247			16,588,174			13,959,713
Contract owners’ equity end of period	$	2,457,106			964,406			113,397,553			96,357,207			63,730,810			88,111,568			17,014,563			16,588,174
CHANGES IN UNITS:
Beginning units		68,382			88,003			5,235,424			5,630,708			4,678,416			6,848,651			1,193,249			1,304,902
Units purchased		111,065			17,407			584,530			202,698			126,964			199,038			78,969			111,493
Units redeemed		(13,662	)		(37,028	)		(284,863	)		(597,985	)		(1,567,420	)		(2,368,272	)		(172,874	)		(223,145	)
Ending units		165,785			68,382			5,535,091			5,235,424			3,237,960			4,678,416			1,099,344			1,193,249

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVIX2						GVIDA						NVDBL2						NVDCA2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	183,238			231,789			397,889			401,939			33,429			27,963			11,039			4,866
Realized gain (loss) on investments		1,549,338			240,819			3,350,387			633,966			47,171			13,868			18,725			35,472
Change in unrealized gain (loss) on investments		(1,707,618	)		1,128,503			(2,469,109	)		4,829,540			(4,838	)		143,916			(12,386	)		14,125
Reinvested capital gains		-			-			-			-			7,644			14,880			9,215			3,469
Net increase (decrease) in contract owners’ equity resulting from operations		24,958			1,601,111			1,279,167			5,865,445			83,406			200,627			26,593			57,932
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		310,543			1,429,729			1,396,138			1,495,119			33,336			26,710			49,431			24,605
Transfers between funds		(6,830,214	)		122,388			(1,893,581	)		752,184			213,193			255,815			330,380			38,029
Surrenders (note 6)		(116,291	)		(94,573	)		(2,782,342	)		(1,158,270	)		(15,101	)		(99,751	)		(28,815	)		(138,407	)
Death Benefits (note 4)		(6,600	)		(182,252	)		(208,320	)		(50,736	)		-			-			-			-
Net policy repayments (loans) (note 5)		(12,977	)		(201,704	)		(36,351	)		(135,321	)		(26,231	)		(12,694	)		12,041			(14,676	)
Deductions for surrender charges (note 2d)		(1,301	)		-			(19,565	)		(26,020	)		(324	)		(540	)		(340	)		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(111,663	)		(156,104	)		(845,459	)		(871,113	)		(59,180	)		(47,968	)		(22,212	)		(15,203	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,064	)		(4,547	)		(74,240	)		(70,804	)		(4,413	)		(3,213	)		(2,332	)		(1,258	)
MSP contracts		(45	)		-			(5,214	)		(5,222	)		-			-			(15	)		(5	)
SL contracts or LSFP contracts		(1,664	)		-			(6,989	)		(6,214	)		(1,246	)		(1,178	)		(25	)		(284	)
Adjustments to maintain reserves		8			3			109			(15	)		(2	)		7			(10	)		8
Net equity transactions		(6,774,268	)		912,940			(4,475,814	)		(76,412	)		140,032			117,188			338,103			(107,191	)
Net change in contract owners’ equity		(6,749,310	)		2,514,051			(3,196,647	)		5,789,033			223,438			317,815			364,696			(49,259	)
Contract owners’ equity beginning of period		10,179,629			7,665,578			27,694,970			21,905,937			1,744,025			1,426,210			301,222			350,481
Contract owners’ equity end of period	$	3,430,319			10,179,629			24,498,323			27,694,970			1,967,463			1,744,025			665,918			301,222
CHANGES IN UNITS:
Beginning units		1,031,670			941,904			1,274,214			1,281,727			109,004			101,106			16,580			23,052
Units purchased		310,114			321,148			74,814			140,292			17,920			19,068			21,049			3,263
Units redeemed		(973,224	)		(231,579	)		(275,155	)		(147,843	)		(9,346	)		(11,171	)		(2,791	)		(9,736	)
Ending units		368,560			1,031,670			1,073,873			1,274,214			117,578			109,004			34,838			16,580

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVIDC						GVIDM						GVDMA						GVDMC
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	197,349			182,824			1,171,957			1,145,964			1,425,032			1,245,120			294,639			277,830
Realized gain (loss) on investments		104,948			214,540			2,901,232			1,626,580			42,660			(1,112,567	)		593,906			465,216
Change in unrealized gain (loss) on investments		(234,771	)		(33,718	)		(489,962	)		8,319,900			2,507,673			15,501,270			(445,026	)		741,655
Reinvested capital gains		335,347			174,807			-			-			-			-			304,000			212,768
Net increase (decrease) in contract owners’ equity resulting from operations		402,873			538,453			3,583,227			11,092,444			3,975,365			15,633,823			747,519			1,697,469
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		517,171			514,139			2,950,087			3,116,137			5,784,771			4,745,558			586,718			707,921
Transfers between funds		369,056			(496,136	)		(642,279	)		(894,387	)		7,208,869			(2,906,650	)		(63,703	)		(593,263	)
Surrenders (note 6)		(935,570	)		(419,095	)		(5,447,775	)		(6,180,059	)		(6,467,500	)		(7,129,300	)		(562,428	)		(867,205	)
Death Benefits (note 4)		(48,044	)		(5,773	)		(329,686	)		(493,452	)		(194,538	)		(339,145	)		(24,388	)		(398,649	)
Net policy repayments (loans) (note 5)		276,313			(353,748	)		312,590			(228,696	)		(232,648	)		(105,824	)		(93,198	)		(44,292	)
Deductions for surrender charges (note 2d)		(476	)		(2,413	)		(13,252	)		(94,666	)		(62,274	)		(245,958	)		(4,276	)		(3,091	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(411,191	)		(473,634	)		(2,848,441	)		(2,951,711	)		(2,865,014	)		(2,997,087	)		(607,131	)		(664,657	)
Asset charges (note 3):
FPVUL & VEL contracts		(22,626	)		(23,606	)		(191,799	)		(192,052	)		(257,486	)		(250,034	)		(38,432	)		(40,288	)
MSP contracts		(6,694	)		(6,959	)		(36,071	)		(35,457	)		(20,811	)		(20,020	)		(18,679	)		(18,083	)
SL contracts or LSFP contracts		(2,924	)		(3,139	)		(26,739	)		(28,833	)		(37,523	)		(39,130	)		(5,970	)		(6,475	)
Adjustments to maintain reserves		(1	)		(23	)		32			991			54			17,128			28			(31	)
Net equity transactions		(264,986	)		(1,270,387	)		(6,273,333	)		(7,982,185	)		2,855,900			(9,270,462	)		(831,459	)		(1,928,113	)
Net change in contract owners’ equity		137,887			(731,934	)		(2,690,106	)		3,110,259			6,831,265			6,363,361			(83,940	)		(230,644	)
Contract owners’ equity beginning of period		10,837,100			11,569,034			72,702,876			69,592,617			79,655,146			73,291,785			16,808,751			17,039,395
Contract owners’ equity end of period	$	10,974,987			10,837,100			70,012,770			72,702,876			86,486,411			79,655,146			16,724,811			16,808,751
CHANGES IN UNITS:
Beginning units		675,196			755,925			3,736,779			4,170,660			3,786,951			4,264,890			929,870			1,041,782
Units purchased		96,419			68,663			207,936			243,736			641,167			283,498			71,066			56,292
Units redeemed		(112,640	)		(150,243	)		(522,600	)		(679,783	)		(500,823	)		(762,532	)		(117,494	)		(168,110	)
Ending units		658,975			675,196			3,422,115			3,736,779			3,927,295			3,786,951			883,442			929,870

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	MCIF						SAM						SAM5						NVMIG1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	740,511			686,461			(15,321	)		(16,584	)		(436,405	)		(416,398	)		179,215			-
Realized gain (loss) on investments		5,556,452			4,480,349			-			-			-			-			(4,042	)		-
Change in unrealized gain (loss) on investments		(3,502,944	)		12,015,204			-			-			-			-			(1,379,414	)		-
Reinvested capital gains		4,079,802			1,750,862			-			-			-			-			880,947			-
Net increase (decrease) in contract owners’ equity resulting from operations		6,873,821			18,932,876			(15,321	)		(16,584	)		(436,405	)		(416,398	)		(323,294	)		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,213,699			4,617,472			5,949,828			6,199,387			68,155,813			66,892,433			512,250			-
Transfers between funds		451,768			821,344			5,710,270			1,763,671			(38,953,656	)		(33,242,340	)		17,055,281			-
Surrenders (note 6)		(3,010,900	)		(3,380,664	)		(15,546,623	)		(22,796,946	)		(77,232,110	)		(19,274,258	)		(495,883	)		-
Death Benefits (note 4)		(791,800	)		(215,376	)		(2,650,498	)		(1,143,052	)		(338,905	)		(493,091	)		(83,088	)		-
Net policy repayments (loans) (note 5)		(256,553	)		(503,368	)		3,214,577			20,537			1,601,197			(978,785	)		(35,665	)		-
Deductions for surrender charges (note 2d)		(2,190	)		(17,291	)		(104,085	)		(33,720	)		-			-			(175	)		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,648,662	)		(1,592,655	)		(4,767,631	)		(5,085,545	)		(5,594,705	)		(5,156,502	)		(508,205	)		-
Asset charges (note 3):
FPVUL & VEL contracts		(107,450	)		(100,437	)		(235,963	)		(262,143	)		(44,661	)		(38,115	)		(39,503	)		-
MSP contracts		(1,767	)		(1,680	)		(13,195	)		(15,776	)		-			-			(1,768	)		-
SL contracts or LSFP contracts		(11,043	)		(10,937	)		(40,520	)		(45,034	)		-			-			(3,564	)		-
Adjustments to maintain reserves		(93	)		1,189			(211	)		(27,392	)		(707	)		3,772			(3	)		-
Net equity transactions		(2,164,991	)		(382,403	)		(8,484,051	)		(21,426,013	)		(52,407,734	)		7,713,114			16,399,677			-
Net change in contract owners’ equity		4,708,830			18,550,473			(8,499,372	)		(21,442,597	)		(52,844,139	)		7,296,716			16,076,383			-
Contract owners’ equity beginning of period		75,996,983			57,446,510			64,524,668			85,967,265			219,396,554			212,099,838			-			-
Contract owners’ equity end of period	$	80,705,813			75,996,983			56,025,296			64,524,668			166,552,415			219,396,554			16,076,383			-
CHANGES IN UNITS:
Beginning units		2,137,602			2,141,754			4,607,576			6,108,577			19,129,974			18,461,412			-			-
Units purchased		158,183			194,685			907,444			639,431			6,246,930			7,309,144			1,764,626			-
Units redeemed		(207,270	)		(201,919	)		(1,514,427	)		(2,140,540	)		(10,826,043	)		(6,682,381	)		(123,432	)		-
Ending units		2,088,515			2,137,602			4,000,593			4,607,576			14,550,861			19,129,974			1,641,194			-

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVDIVI						NVMLG1						NVMLV1						NVMMG1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	117,613			15,813			56,064			79,620			96,746			93,451			(198	)		(34	)
Realized gain (loss) on investments		(162,801	)		(60,189	)		521,601			554,294			317,657			315,314			1,924,525			1,651,004
Change in unrealized gain (loss) on investments		(471,896	)		177,970			(263,944	)		1,880,881			(402,869	)		1,393,294			(4,727,274	)		6,529,519
Reinvested capital gains		-			-			845,125			753,542			753,267			342,142			4,135,968			2,348,925
Net increase (decrease) in contract owners’ equity resulting from operations		(517,084	)		133,594			1,158,846			3,268,337			764,801			2,144,201			1,333,021			10,529,414
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		172,581			26			497,980			572,428			316,738			349,877			1,446,168			1,668,866
Transfers between funds		5,400,589			(53,777	)		(267,357	)		(592,546	)		304,216			(100,738	)		(1,032,898	)		257,443
Surrenders (note 6)		(185,689	)		(45,206	)		(747,401	)		(1,239,143	)		(646,329	)		(1,236,425	)		(1,791,851	)		(2,525,413	)
Death Benefits (note 4)		(18,868	)		-			(22,235	)		(45,300	)		(13,671	)		(43,659	)		(167,409	)		(210,974	)
Net policy repayments (loans) (note 5)		(30,477	)		(8,429	)		(60,431	)		(187,907	)		(47,617	)		(48,517	)		(125,814	)		94,178
Deductions for surrender charges (note 2d)		(787	)		(60	)		(1,417	)		(6,782	)		(1,839	)		(5,372	)		(1,459	)		(8,758	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(141,134	)		(24,430	)		(450,355	)		(448,423	)		(282,139	)		(280,190	)		(1,444,222	)		(1,476,368	)
Asset charges (note 3):
FPVUL & VEL contracts		(13,815	)		(2,140	)		(40,468	)		(37,732	)		(25,943	)		(24,301	)		(127,368	)		(124,129	)
MSP contracts		(214	)		(70	)		(1,441	)		(1,162	)		(502	)		(450	)		(3,457	)		(2,852	)
SL contracts or LSFP contracts		(1,904	)		(187	)		(4,746	)		(4,563	)		(2,901	)		(2,681	)		(10,096	)		(9,707	)
Adjustments to maintain reserves		(6	)		5			52			2,775			3			1,511			15			130
Net equity transactions		5,180,276			(134,268	)		(1,097,819	)		(1,988,355	)		(399,984	)		(1,390,945	)		(3,258,391	)		(2,337,584	)
Net change in contract owners’ equity		4,663,192			(674	)		61,027			1,279,982			364,817			753,256			(1,925,370	)		8,191,830
Contract owners’ equity beginning of period		681,722			682,396			11,866,467			10,586,485			7,467,794			6,714,538			36,643,379			28,451,549
Contract owners’ equity end of period	$	5,344,914			681,722			11,927,494			11,866,467			7,832,611			7,467,794			34,718,009			36,643,379
CHANGES IN UNITS:
Beginning units		32,529			39,531			817,723			983,243			537,399			650,008			2,367,293			2,553,965
Units purchased		300,392			1			41,540			54,128			34,669			41,226			150,159			181,000
Units redeemed		(51,224	)		(7,003	)		(114,975	)		(219,672	)		(62,597	)		(153,843	)		(360,972	)		(367,677	)
Ending units		281,697			32,529			744,288			817,723			509,471			537,399			2,156,480			2,367,293

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVMMV1						NVMMV2						SCGF						SCVF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	11,715			1,274			196,599			141,864			(5,532	)		(5,897	)		191,100			296,767
Realized gain (loss) on investments		7,215			6,242			663,126			432,989			993,741			885,046			3,193,137			578,986
Change in unrealized gain (loss) on investments		(45,369	)		12,701			(1,866,716	)		2,452,056			(2,657,653	)		3,396,041			(4,239,147	)		11,847,815
Reinvested capital gains		77,864			2,652			3,178,359			555,966			2,037,109			737,104			3,638,018			-
Net increase (decrease) in contract owners’ equity resulting from operations		51,425			22,869			2,171,368			3,582,875			367,665			5,012,294			2,783,108			12,723,568
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,942			2,976			418,028			420,822			652,216			589,848			1,302,443			1,693,009
Transfers between funds		773,273			52,398			1,154,118			144,265			128,356			(1,481,639	)		(3,498,324	)		(3,698	)
Surrenders (note 6)		-			(1,675	)		(887,744	)		(902,497	)		(820,168	)		(708,118	)		(1,960,745	)		(2,721,292	)
Death Benefits (note 4)		(34,387	)		-			(131,819	)		(64,193	)		(125,887	)		(37,744	)		(315,085	)		(301,274	)
Net policy repayments (loans) (note 5)		(108	)		(3,928	)		(38,342	)		34,733			35,647			10,477			(64,798	)		34,829
Deductions for surrender charges (note 2d)		-			-			(273	)		(900	)		(2,740	)		(3,106	)		(1,034	)		(6,742	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(13,020	)		(3,181	)		(472,575	)		(448,709	)		(483,393	)		(484,683	)		(1,293,913	)		(1,327,499	)
Asset charges (note 3):
FPVUL & VEL contracts		(225	)		(6	)		(45,370	)		(42,578	)		(40,270	)		(38,689	)		(114,109	)		(110,526	)
MSP contracts		-			-			(1,678	)		(1,474	)		(1,267	)		(1,167	)		(3,728	)		(3,303	)
SL contracts or LSFP contracts		-			-			(6,871	)		(5,582	)		(2,735	)		(2,536	)		(7,067	)		(7,335	)
Adjustments to maintain reserves		(13	)		(3	)		1			(7	)		22			(146	)		(4	)		(245	)
Net equity transactions		728,462			46,581			(12,525	)		(866,120	)		(660,219	)		(2,157,503	)		(5,956,364	)		(2,754,076	)
Net change in contract owners’ equity		779,887			69,450			2,158,843			2,716,755			(292,554	)		2,854,791			(3,173,256	)		9,969,492
Contract owners’ equity beginning of period		136,063			66,613			13,040,702			10,323,947			15,276,324			12,421,533			42,786,445			32,816,953
Contract owners’ equity end of period	$	915,950			136,063			15,199,545			13,040,702			14,983,770			15,276,324			39,613,189			42,786,445
CHANGES IN UNITS:
Beginning units		8,378			5,559			801,822			861,247			578,414			679,744			982,222			1,047,996
Units purchased		42,831			4,110			85,380			40,319			52,355			43,921			44,053			67,222
Units redeemed		(3,085	)		(1,288	)		(88,565	)		(99,744	)		(78,536	)		(148,346	)		(186,650	)		(135,483	)
Ending units		48,124			8,378			798,637			801,822			552,233			578,414			839,625			982,222

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	SCF						MSBF						NVSTB1						NVSTB2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	31,940			14,696			356,005			413,195			236,351			418,755			18,322			20,116
Realized gain (loss) on investments		7,970,575			3,906,486			174,953			373,450			(10,197	)		109,720			4,357			5,149
Change in unrealized gain (loss) on investments		(15,184,198	)		13,422,303			(108,645	)		(938,477	)		11,379			(428,836	)		(13,312	)		(25,553	)
Reinvested capital gains		7,427,497			-			-			-			-			30,097			-			1,560
Net increase (decrease) in contract owners’ equity resulting from operations		245,814			17,343,485			422,313			(151,832	)		237,533			129,736			9,367			1,272
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,271,649			1,881,403			381,144			495,055			9,607			9,275			54,777			56,267
Transfers between funds		(6,341,525	)		(3,644,252	)		147,227			(827,788	)		(10,141,976	)		6,800,061			72,207			(260,582	)
Surrenders (note 6)		(2,207,878	)		(3,416,925	)		(434,239	)		(901,355	)		-			(53,220	)		(51,774	)		(172,118	)
Death Benefits (note 4)		(390,954	)		(209,623	)		(95,955	)		(54,779	)		-			-			(12,195	)		(1,156	)
Net policy repayments (loans) (note 5)		(13,869	)		(80,264	)		(147,955	)		23,086			(4,008	)		(14,322	)		842			4,902
Deductions for surrender charges (note 2d)		(3,796	)		(9,737	)		(119	)		(4,383	)		-			-			-			(813	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,439,927	)		(1,518,907	)		(381,732	)		(413,373	)		(411,680	)		(315,040	)		(46,112	)		(50,304	)
Asset charges (note 3):
FPVUL & VEL contracts		(110,406	)		(110,049	)		(27,007	)		(29,741	)		(81	)		(18	)		(3,180	)		(3,630	)
MSP contracts		(3,210	)		(3,006	)		(1,628	)		(1,604	)		-			-			(439	)		(462	)
SL contracts or LSFP contracts		(10,294	)		(10,305	)		(4,784	)		(5,160	)		-			-			(2,426	)		(2,810	)
Adjustments to maintain reserves		115			(259	)		(15	)		(49	)		(83	)		(33	)		3			5
Net equity transactions		(9,250,095	)		(7,121,924	)		(565,063	)		(1,720,091	)		(10,548,221	)		6,426,703			11,703			(430,701	)
Net change in contract owners’ equity		(9,004,281	)		10,221,561			(142,750	)		(1,871,923	)		(10,310,688	)		6,556,439			21,070			(429,429	)
Contract owners’ equity beginning of period		54,890,033			44,668,472			11,694,812			13,566,735			35,644,261			29,087,822			1,873,312			2,302,741
Contract owners’ equity end of period	$	45,885,752			54,890,033			11,552,062			11,694,812			25,333,573			35,644,261			1,894,382			1,873,312
CHANGES IN UNITS:
Beginning units		1,549,110			1,779,583			538,896			619,427			3,094,731			2,525,391			163,595			201,309
Units purchased		65,346			75,434			41,125			28,801			64,953			878,330			13,411			5,480
Units redeemed		(352,220	)		(306,290	)		(65,677	)		(109,218	)		(969,140	)		(308,843	)		(12,384	)		(43,194	)
Ending units		1,262,236			1,549,110			514,344			538,896			2,190,544			3,094,731			164,622			163,595

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVOLG1						NVTIV3						EIF						NVRE1
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	946,776			941,915			18,268			8,621			211,750			(625	)		1,032,560			462,671
Realized gain (loss) on investments		5,151,205			3,177,553			16,612			(12,971	)		339,078			53,465			1,270,084			1,551,607
Change in unrealized gain (loss) on investments		(8,774,176	)		33,777,678			(101,576	)		78,146			511,336			2,980,295			(2,123,562	)		(3,349,784	)
Reinvested capital gains		13,853,078			-			21,106			3,617			-			-			8,602,715			2,272,112
Net increase (decrease) in contract owners’ equity resulting from operations		11,176,883			37,897,146			(45,590	)		77,413			1,062,164			3,033,135			8,781,797			936,606
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		5,366,643			5,812,073			37,593			19,620			424,929			463,895			1,466,771			1,607,614
Transfers between funds		(4,325,472	)		(2,411,719	)		42,414			(56,992	)		386,305			1,038,759			1,173,264			(10,147	)
Surrenders (note 6)		(7,630,879	)		(8,818,251	)		(38,298	)		(14,669	)		(656,667	)		(555,048	)		(1,295,797	)		(2,042,982	)
Death Benefits (note 4)		(592,178	)		(673,252	)		-			-			(156,916	)		(57,105	)		(444,935	)		(123,276	)
Net policy repayments (loans) (note 5)		(496,035	)		(525,817	)		(44,018	)		(7,798	)		11,170			(87,629	)		76,223			(103,412	)
Deductions for surrender charges (note 2d)		(10,216	)		(50,101	)		(110	)		(361	)		(910	)		(6,931	)		(4,516	)		(10,806	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(5,323,002	)		(5,305,098	)		(19,255	)		(17,524	)		(423,955	)		(391,204	)		(1,141,143	)		(1,176,268	)
Asset charges (note 3):
FPVUL & VEL contracts		(487,125	)		(453,681	)		(1,548	)		(1,400	)		(38,677	)		(35,474	)		(94,748	)		(94,363	)
MSP contracts		(17,454	)		(15,248	)		-			-			(1,097	)		(1,027	)		(3,519	)		(3,416	)
SL contracts or LSFP contracts		(48,710	)		(46,287	)		(260	)		(213	)		(4,770	)		(3,784	)		(10,320	)		(10,054	)
Adjustments to maintain reserves		(17	)		(132	)		1,052			(11	)		13			(56	)		35			(59	)
Net equity transactions		(13,564,445	)		(12,487,513	)		(22,430	)		(79,348	)		(460,575	)		364,396			(278,685	)		(1,967,169	)
Net change in contract owners’ equity		(2,387,562	)		25,409,633			(68,020	)		(1,935	)		601,589			3,397,531			8,503,112			(1,030,563	)
Contract owners’ equity beginning of period		134,827,822			109,418,189			520,525			522,460			11,774,305			8,376,774			30,746,745			31,777,308
Contract owners’ equity end of period	$	132,440,260			134,827,822			452,505			520,525			12,375,894			11,774,305			39,249,857			30,746,745
CHANGES IN UNITS:
Beginning units		5,982,076			6,636,497			29,863			35,997			554,935			534,227			2,274,473			2,455,857
Units purchased		277,803			350,504			33,033			3,034			50,789			86,611			191,447			179,331
Units redeemed		(859,001	)		(1,004,926	)		(34,633	)		(9,167	)		(68,770	)		(65,902	)		(233,916	)		(360,712	)
Ending units		5,400,878			5,982,076			28,263			29,863			536,954			554,935			2,232,004			2,274,473

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NVLCAP						NVLMP					NVSIX2						GVEX1
	2014			2013			2014			2013		2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	454			31			25			-		2,062			856			28,126			6,165
Realized gain (loss) on investments		403			3			1			-		1,528			2,193			51,359			1,830
Change in unrealized gain (loss) on investments		(787	)		51			(23	)		-		(6,587	)		5,030			37,399			27,199
Reinvested capital gains		802			4			20			-		8,393			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		872			89			23			-		5,396			8,079			116,884			35,194
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,318			720			1,013			-		29,517			823			84,846			1,513
Transfers between funds		22,726			887			1,188			-		180,446			64,691			1,003,305			488,186
Surrenders (note 6)		-			-			-			-		(31,452	)		(972	)		(76,611	)		(12,010	)
Death Benefits (note 4)		-			-			-			-		-			-			-			-
Net policy repayments (loans) (note 5)		5			1			-			-		1,660			(6,535	)		13,847			(835	)
Deductions for surrender charges (note 2d)		-			-			-			-		-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,618	)		(95	)		(26	)		-		(6,511	)		(1,250	)		(18,479	)		(3,007	)
Asset charges (note 3):
FPVUL & VEL contracts		(92	)		(2	)		(7	)		-		(758	)		(131	)		(2,863	)		(410	)
MSP contracts		-			-			-			-		-			-			-			-
SL contracts or LSFP contracts		-			-			-			-		-			-			-			-
Adjustments to maintain reserves		(4	)		2			3			-		(2	)		1			(1	)		(5	)
Net equity transactions		23,335			1,513			2,171			-		172,900			56,627			1,004,044			473,432
Net change in contract owners’ equity		24,207			1,602			2,194			-		178,296			64,706			1,120,928			508,626
Contract owners’ equity beginning of period		1,602			-			-			-		64,706			-			508,626			-
Contract owners’ equity end of period	$	25,809			1,602			2,194			-		243,002			64,706			1,629,554			508,626
CHANGES IN UNITS:
Beginning units		140			-			-			-		5,103			-			42,973			-
Units purchased		2,205			165			194			-		16,342			5,858			83,596			44,464
Units redeemed		(162	)		(26	)		(3	)		-		(3,115	)		(755	)		(5,118	)		(1,491	)
Ending units		2,183			140			191			-		18,330			5,103			121,451			42,973

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	NOTMG3						ALVGIA						ALVIVA						ALVSVA
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	1			27			268,499			128,130			313,311			611,312			117,282			68,662
Realized gain (loss) on investments		195			-			1,506,475			879,806			(68,109	)		12,062			914,367			925,456
Change in unrealized gain (loss) on investments		(160	)		160			63,603			2,400,528			(845,738	)		1,240,492			(1,483,561	)		2,237,923
Reinvested capital gains		1			-			-			-			-			-			2,184,267			733,227
Net increase (decrease) in contract owners’ equity resulting from operations		37			187			1,838,577			3,408,464			(600,536	)		1,863,866			1,732,355			3,965,268
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		799			720			595,793			839,745			151,521			413,275			1,691,002			379,882
Transfers between funds		(932	)		3,196			7,116,899			2,633,224			(2,377,659	)		1,306,988			2,569,262			1,156,879
Surrenders (note 6)		-			-			(587,857	)		(560,600	)		(162,492	)		(330	)		(246,756	)		(628,484	)
Death Benefits (note 4)		(2,619	)		-			(45,942	)		(98,400	)		(23,474	)		(24,291	)		(22,916	)		(34,983	)
Net policy repayments (loans) (note 5)		-			-			(91,050	)		(72,619	)		65			(18,234	)		(60,210	)		(29,247	)
Deductions for surrender charges (note 2d)		-			-			(857	)		(290	)		-			-			(667	)		(395	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(584	)		(684	)		(318,406	)		(242,439	)		(126,709	)		(123,167	)		(331,957	)		(226,683	)
Asset charges (note 3):
FPVUL & VEL contracts		(7	)		(9	)		(13,034	)		(11,129	)		(4,842	)		(4,870	)		(28,402	)		(20,593	)
MSP contracts		-			-			(8	)		(7	)		-			-			(1,576	)		(1,189	)
SL contracts or LSFP contracts		-			-			(1,243	)		(1,253	)		-			-			(1,801	)		(1,873	)
Adjustments to maintain reserves		5			1			(10	)		(93	)		(17	)		22			(4	)		322
Net equity transactions		(3,338	)		3,224			6,654,285			2,486,139			(2,543,607	)		1,549,393			3,565,975			593,636
Net change in contract owners’ equity		(3,301	)		3,411			8,492,862			5,894,603			(3,144,143	)		3,413,259			5,298,330			4,558,904
Contract owners’ equity beginning of period		3,411			-			14,819,195			8,924,592			11,634,412			8,221,153			14,715,273			10,156,369
Contract owners’ equity end of period	$	110			3,411			23,312,057			14,819,195			8,490,269			11,634,412			20,013,603			14,715,273
CHANGES IN UNITS:
Beginning units		320			-			575,885			466,391			1,306,206			1,136,094			413,328			393,530
Units purchased		76			387			297,978			155,075			17,680			266,167			145,406			71,249
Units redeemed		(386	)		(67	)		(42,777	)		(45,541	)		(303,711	)		(96,055	)		(43,559	)		(51,493	)
Ending units		10			320			831,086			575,885			1,020,175			1,306,206			515,175			413,328

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	ACVCA					ACVIG						ACVIP2						ACVI
	2014			2013		2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(1,724	)		-		431,270			408,837			165,181			483,991			55,537			52,642
Realized gain (loss) on investments		1,732			-		307,053			137,812			(267,212	)		342,397			500,852			231,827
Change in unrealized gain (loss) on investments		148,118			-		1,782,768			5,152,588			196,472			(4,917,879	)		(712,911	)		436,898
Reinvested capital gains		-			-		-			-			311,644			1,268,059			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		148,126			-		2,521,091			5,699,237			406,085			(2,823,432	)		(156,522	)		721,367
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		55,596			-		689,245			724,328			322,061			1,464,509			28,521			42,572
Transfers between funds		1,423,782			-		1,081,536			(227,048	)		(725,636	)		(14,474,979	)		(1,764,052	)		(200,322	)
Surrenders (note 6)		(767	)		-		(1,140,223	)		(968,192	)		(555,258	)		(6,487,362	)		(4,304	)		(118,231	)
Death Benefits (note 4)		-			-		(55,707	)		(127,048	)		(59,832	)		(24,407	)		-			-
Net policy repayments (loans) (note 5)		(804	)		-		(21,803	)		(112,246	)		(92,013	)		(69,771	)		2,685			23
Deductions for surrender charges (note 2d)		-			-		(398	)		(2,801	)		(1,440	)		(11,972	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(18,638	)		-		(744,136	)		(732,550	)		(344,465	)		(423,812	)		(99,544	)		(117,351	)
Asset charges (note 3):
FPVUL & VEL contracts		(140	)		-		(58,516	)		(54,228	)		(27,280	)		(28,632	)		(20	)		42
MSP contracts		-			-		(2,646	)		(2,403	)		(1,069	)		(1,587	)		-			-
SL contracts or LSFP contracts		-			-		(5,020	)		(4,777	)		(15,465	)		(46,790	)		-			-
Adjustments to maintain reserves		(754	)		-		52			(56	)		(18	)		5			(593	)		1,954
Net equity transactions		1,458,275			-		(257,616	)		(1,507,021	)		(1,500,415	)		(20,104,798	)		(1,837,307	)		(391,313	)
Net change in contract owners’ equity		1,606,401			-		2,263,475			4,192,216			(1,094,330	)		(22,928,230	)		(1,993,829	)		330,054
Contract owners’ equity beginning of period		-			-		21,067,403			16,875,187			13,601,857			36,530,087			3,853,608			3,523,554
Contract owners’ equity end of period	$	1,606,401			-		23,330,878			21,067,403			12,507,527			13,601,857			1,859,779			3,853,608
CHANGES IN UNITS:
Beginning units		-			-		900,940			984,649			880,216			2,163,527			242,842			268,588
Units purchased		166,269			-		82,127			50,862			128,152			128,581			2,017			5,079
Units redeemed		(21,197	)		-		(83,433	)		(134,572	)		(224,824	)		(1,411,892	)		(125,851	)		(30,812	)
Ending units		145,072			-		899,634			900,940			783,544			880,216			119,008			242,842

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	ACVMV1						ACVU1						ACVV						DVMCS
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	128,251			106,219			3,081			4,326			298,729			255,578			16,390			13,423
Realized gain (loss) on investments		762,328			495,255			78,170			131,905			2,603,403			1,418,879			81,392			142,326
Change in unrealized gain (loss) on investments		128,910			1,602,669			55,624			240,942			(302,187	)		3,042,559			208,273			241,036
Reinvested capital gains		731,729			117,016			-			-			-			-			11,487			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,751,218			2,321,159			136,875			377,173			2,599,945			4,717,016			317,542			396,785
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,682,734			2,066,256			313			12,343			787,406			786,098			62,577			10,607
Transfers between funds		64,423			1,179,651			68,562			(28,525	)		3,127,491			2,014,650			1,445,838			280,110
Surrenders (note 6)		(985,062	)		(1,025,398	)		(647	)		(150,144	)		(736,416	)		(684,586	)		(2,486	)		(231,660	)
Death Benefits (note 4)		(13,728	)		(12,453	)		-			-			(18,447	)		(16,622	)		(360	)		-
Net policy repayments (loans) (note 5)		2,847			(98,945	)		647			-			(20,581	)		(1,668	)		(79	)		(29,743	)
Deductions for surrender charges (note 2d)		(6,788	)		(4,780	)		-			-			-			(116	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(329,526	)		(285,814	)		(12,652	)		(11,782	)		(289,442	)		(274,210	)		(31,166	)		(13,717	)
Asset charges (note 3):
FPVUL & VEL contracts		(22,691	)		(18,784	)		-			4			(5,343	)		(4,225	)		(9	)		-
MSP contracts		(770	)		(707	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(1,642	)		(1,202	)		-			-			-			(1	)		-			-
Adjustments to maintain reserves		(15	)		312			46			(91	)		343			277			(42	)		(88	)
Net equity transactions		389,782			1,798,136			56,269			(178,195	)		2,845,011			1,819,597			1,474,273			15,509
Net change in contract owners’ equity		2,141,000			4,119,295			193,144			198,978			5,444,956			6,536,613			1,791,815			412,294
Contract owners’ equity beginning of period		11,238,525			7,119,230			1,405,659			1,206,681			20,213,290			13,676,677			1,643,820			1,231,526
Contract owners’ equity end of period	$	13,379,525			11,238,525			1,598,803			1,405,659			25,658,246			20,213,290			3,435,635			1,643,820
CHANGES IN UNITS:
Beginning units		482,118			397,347			74,672			87,718			723,483			640,587			55,938			56,449
Units purchased		99,783			117,603			3,848			2,420			154,376			123,693			50,060			10,789
Units redeemed		(89,055	)		(32,994	)		(1,138	)		(15,466	)		(64,368	)		(40,893	)		(1,107	)		(11,300	)
Ending units		492,846			482,118			77,382			74,672			813,491			723,483			104,891			55,938

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	DVSCS						DCAP						DSC						DVIV
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	319,855			486,315			528,193			670,501			-			-			158,197			180,059
Realized gain (loss) on investments		4,404,244			3,624,163			4,403,783			2,790,233			177,342			160,779			1,021,463			(153,558	)
Change in unrealized gain (loss) on investments		(4,953,887	)		16,355,753			(3,422,113	)		3,300,259			(154,774	)		324,209			(1,585,073	)		2,097,621
Reinvested capital gains		4,511,317			729,964			859,878			88,212			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		4,281,529			21,196,195			2,369,741			6,849,205			22,568			484,988			(405,413	)		2,124,122
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,931,848			3,590,814			1,053,538			1,996,635			47,652			55,303			98,043			550,018
Transfers between funds		10,323,316			12,145,881			(8,976,781	)		(3,557,260	)		(310,476	)		269,236			(5,426,944	)		(284,251	)
Surrenders (note 6)		(2,545,631	)		(1,923,321	)		(1,075,757	)		(3,421,094	)		(20,761	)		(145,576	)		(22,609	)		(221,900	)
Death Benefits (note 4)		(677,458	)		(177,849	)		(155,738	)		(160,754	)		-			(8,372	)		(1,080	)		-
Net policy repayments (loans) (note 5)		(239,827	)		(191,044	)		(13,296	)		(32,370	)		9,721			(172,543	)		(1,124	)		(727	)
Deductions for surrender charges (note 2d)		(2,299	)		(13,079	)		(566	)		(5,215	)		-			(243	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,292,923	)		(1,048,093	)		(882,904	)		(1,024,537	)		(39,929	)		(42,621	)		(119,170	)		(142,229	)
Asset charges (note 3):
FPVUL & VEL contracts		(45,232	)		(40,305	)		(65,161	)		(68,999	)		(3,743	)		(3,986	)		(741	)		(691	)
MSP contracts		(1,084	)		(932	)		(1,738	)		(1,729	)		-			-			-			-
SL contracts or LSFP contracts		(6,493	)		(6,112	)		(6,245	)		(6,601	)		(451	)		(364	)		-			-
Adjustments to maintain reserves		178			(1,660	)		12			(98	)		(2	)		(48	)		(1	)		(15	)
Net equity transactions		8,444,395			12,334,300			(10,124,636	)		(6,282,022	)		(317,989	)		(49,214	)		(5,473,626	)		(99,795	)
Net change in contract owners’ equity		12,725,924			33,530,495			(7,754,895	)		567,183			(295,421	)		435,774			(5,879,039	)		2,024,327
Contract owners’ equity beginning of period		81,233,215			47,702,720			35,692,893			35,125,710			1,362,930			927,156			11,390,676			9,366,349
Contract owners’ equity end of period	$	93,959,139			81,233,215			27,937,998			35,692,893			1,067,509			1,362,930			5,511,637			11,390,676
CHANGES IN UNITS:
Beginning units		2,964,896			2,443,618			1,660,176			1,960,552			61,048			61,690			546,235			551,230
Units purchased		583,054			672,688			83,636			111,854			5,498			13,455			13,209			37,356
Units redeemed		(276,718	)		(161,483	)		(607,945	)		(412,465	)		(19,481	)		(14,097	)		(268,241	)		(42,359	)
Ending units		3,271,232			2,964,896			1,135,867			1,660,176			47,065			61,048			291,203			546,235

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	SVSSVB						SVSLVB						FVCA2P						FQB
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	6,673			4,695			1,740			2,428			13,782			7,105			1,065,798			1,217,729
Realized gain (loss) on investments		172,809			149,721			6,054			14,873			841			8,583			588,287			579,177
Change in unrealized gain (loss) on investments		(166,400	)		164,592			6,338			26,768			(173,158	)		81,546			(598,804	)		(1,536,154	)
Reinvested capital gains		8,555			-			-			-			150,975			14,532			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		21,637			319,008			14,132			44,069			(7,560	)		111,766			1,055,281			260,752
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		84,587			89,963			590			610			39,820			37,264			934,762			1,265,435
Transfers between funds		(1,121,813	)		787,417			(3,833	)		(27,382	)		48,457			42,104			190,213			(1,317,659	)
Surrenders (note 6)		(2,069	)		(1,474	)		-			-			(61,287	)		(53,830	)		(946,014	)		(908,832	)
Death Benefits (note 4)		(9,477	)		(2,738	)		-			-			-			-			(680,830	)		(175,737	)
Net policy repayments (loans) (note 5)		(3,743	)		(11,024	)		-			-			(3,003	)		(3,665	)		(53,941	)		(122,996	)
Deductions for surrender charges (note 2d)		-			-			-			-			(51	)		-			(1,401	)		(3,711	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(21,795	)		(23,135	)		(2,972	)		(2,872	)		(23,387	)		(24,819	)		(793,660	)		(857,643	)
Asset charges (note 3):
FPVUL & VEL contracts		(795	)		(856	)		-			-			(2,237	)		(2,087	)		(60,013	)		(62,681	)
MSP contracts		-			-			-			-			-			-			(3,586	)		(3,604	)
SL contracts or LSFP contracts		-			-			-			-			(505	)		(561	)		(5,952	)		(6,582	)
Adjustments to maintain reserves		6			290			13			3			10			(1	)		(2	)		(19	)
Net equity transactions		(1,075,099	)		838,443			(6,202	)		(29,641	)		(2,183	)		(5,595	)		(1,420,424	)		(2,194,029	)
Net change in contract owners’ equity		(1,053,462	)		1,157,451			7,930			14,428			(9,743	)		106,171			(365,143	)		(1,933,277	)
Contract owners’ equity beginning of period		1,767,021			609,570			147,688			133,260			802,033			695,862			28,352,506			30,285,783
Contract owners’ equity end of period	$	713,559			1,767,021			155,618			147,688			792,290			802,033			27,987,363			28,352,506
CHANGES IN UNITS:
Beginning units		124,095			57,937			11,249			13,220			43,232			43,680			1,349,684			1,455,486
Units purchased		11,277			74,954			155			1,600			4,958			4,619			129,007			75,929
Units redeemed		(87,231	)		(8,884	)		(638	)		(3,571	)		(5,066	)		(5,067	)		(194,891	)		(181,695	)
Ending units		48,141			124,095			10,766			11,249			43,124			43,232			1,283,800			1,349,684

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FCS						FNRS2						FEIS						FF10S
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	366,461			461,465			62,586			63,703			1,677,653			1,510,270			37,740			37,805
Realized gain (loss) on investments		7,799,788			6,882,893			514,600			655,824			(76,600	)		(1,724,147	)		18,067			212,515
Change in unrealized gain (loss) on investments		(2,331,541	)		9,195,806			(1,887,387	)		1,262,756			3,073,824			11,838,895			11,784			32,108
Reinvested capital gains		1,177,951			17,473			104,674			56,208			896,837			4,303,485			39,338			26,766
Net increase (decrease) in contract owners’ equity resulting from operations		7,012,659			16,557,637			(1,205,527	)		2,038,491			5,571,714			15,928,503			106,929			309,194
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		358,091			971,403			675,687			524,695			2,852,893			3,183,359			42,234			76,857
Transfers between funds		(10,866,941	)		(3,522,904	)		393,615			(636,102	)		(8,557,534	)		(1,375,633	)		(20,369	)		176,600
Surrenders (note 6)		(2,477,077	)		(3,004,163	)		(1,026,397	)		(1,016,539	)		(3,259,694	)		(4,126,150	)		(32,020	)		(191,000	)
Death Benefits (note 4)		(156,322	)		(84,093	)		(5,199	)		(27,157	)		(278,036	)		(654,612	)		(1,289	)		(952	)
Net policy repayments (loans) (note 5)		(11,971	)		(24,465	)		2,839			(36,167	)		8,152			(337,943	)		(2,629	)		(31,020	)
Deductions for surrender charges (note 2d)		-			(227	)		(4,493	)		(9,897	)		(3,827	)		(9,954	)		(307	)		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(654,880	)		(684,545	)		(349,476	)		(366,469	)		(2,303,228	)		(2,342,530	)		(73,573	)		(74,891	)
Asset charges (note 3):
FPVUL & VEL contracts		(2,155	)		(2,053	)		(24,972	)		(28,897	)		(169,456	)		(164,437	)		(5,307	)		(5,292	)
MSP contracts		-			-			(2,540	)		(2,362	)		(7,264	)		(7,020	)		(3,881	)		(3,450	)
SL contracts or LSFP contracts		-			(5	)		(6,382	)		(5,815	)		(18,995	)		(18,976	)		(587	)		(558	)
Adjustments to maintain reserves		18,022			36,874			23			(4	)		352			507			7			(35	)
Net equity transactions		(13,793,233	)		(6,314,178	)		(347,295	)		(1,604,714	)		(11,736,637	)		(5,853,389	)		(97,721	)		(53,741	)
Net change in contract owners’ equity		(6,780,574	)		10,243,459			(1,552,822	)		433,777			(6,164,923	)		10,075,114			9,208			255,453
Contract owners’ equity beginning of period		67,114,985			56,871,526			9,578,003			9,144,226			69,302,459			59,227,345			2,500,653			2,245,200
Contract owners’ equity end of period	$	60,334,411			67,114,985			8,025,181			9,578,003			63,137,536			69,302,459			2,509,861			2,500,653
CHANGES IN UNITS:
Beginning units		2,707,495			3,000,033			422,224			500,432			3,053,344			3,341,092			146,853			149,435
Units purchased		33,429			89,431			73,113			29,051			167,159			204,475			5,097			17,712
Units redeemed		(564,551	)		(385,322	)		(89,799	)		(107,258	)		(693,043	)		(492,280	)		(10,619	)		(20,195	)
Ending units		2,176,373			2,707,495			405,538			422,224			2,527,460			3,053,344			141,331			146,853

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FF20S						FF30S						FFINS						FGOS
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	322,702			288,013			135,676			114,554			12,454			21,149			(46	)		1,233
Realized gain (loss) on investments		933,065			705,517			159,089			197,038			44,702			7,030			91,155			101,349
Change in unrealized gain (loss) on investments		(806,719	)		1,082,133			(73,921	)		839,514			(30,142	)		38,969			170,613			440,928
Reinvested capital gains		356,445			208,534			171,942			92,230			11,517			14,902			2,758			1,028
Net increase (decrease) in contract owners’ equity resulting from operations		805,493			2,284,197			392,786			1,243,336			38,531			82,050			264,480			544,538
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,049,750			706,321			708,602			503,728			44			29			19			936
Transfers between funds		976,075			4,388,117			1,594,334			1,269,264			(681,498	)		64,755			577,847			248,442
Surrenders (note 6)		(421,052	)		(935,820	)		(507,583	)		(408,810	)		(31,276	)		(52,902	)		-			(192,059	)
Death Benefits (note 4)		(10,248	)		(19,959	)		(6,753	)		(11,029	)		(5,790	)		(4,854	)		-			-
Net policy repayments (loans) (note 5)		(285,246	)		(46,366	)		(21,165	)		17,431			-			-			(140	)		(37	)
Deductions for surrender charges (note 2d)		(1,241	)		(5,181	)		(4,590	)		(8,215	)		-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(548,320	)		(380,641	)		(226,375	)		(175,146	)		(9,106	)		(12,502	)		(25,457	)		(21,119	)
Asset charges (note 3):
FPVUL & VEL contracts		(23,035	)		(22,197	)		(18,682	)		(16,245	)		-			-			-			-
MSP contracts		(4,120	)		(3,948	)		(1,623	)		(1,472	)		-			-			-			-
SL contracts or LSFP contracts		(4,528	)		(4,481	)		(790	)		(671	)		-			-			-			-
Adjustments to maintain reserves		(222	)		34			(61	)		(3	)		(4	)		(2	)		12,859			28,997
Net equity transactions		2,727,813			3,675,879			1,515,314			1,168,832			(727,630	)		(5,476	)		565,128			65,160
Net change in contract owners’ equity		3,533,306			5,960,076			1,908,100			2,412,168			(689,099	)		76,574			829,608			609,698
Contract owners’ equity beginning of period		18,902,163			12,942,087			8,074,425			5,662,257			1,728,409			1,651,835			2,307,620			1,697,922
Contract owners’ equity end of period	$	22,435,469			18,902,163			9,982,525			8,074,425			1,039,310			1,728,409			3,137,228			2,307,620
CHANGES IN UNITS:
Beginning units		1,085,182			858,487			443,253			376,771			151,165			151,926			143,931			145,694
Units purchased		296,465			331,683			133,782			105,550			-			12,549			35,379			16,120
Units redeemed		(147,645	)		(102,739	)		(53,226	)		(39,231	)		(63,324	)		(6,308	)		(2,902	)		(17,883	)
Ending units		1,234,002			1,085,182			523,809			443,253			87,841			151,165			176,408			143,931

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FGS						FHIS						FHISR						FIP
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	17,245			86,474			718,703			771,817			234,363			240,892			480,797			510,592
Realized gain (loss) on investments		2,544,798			2,414,973			99,956			654,390			12,368			70,255			2,019,039			1,675,919
Change in unrealized gain (loss) on investments		6,313,633			19,140,261			(670,174	)		(664,211	)		(202,096	)		(47,337	)		1,952,240			6,071,802
Reinvested capital gains		-			48,908			-			-			-			-			30,656			307,610
Net increase (decrease) in contract owners’ equity resulting from operations		8,875,676			21,690,616			148,485			761,996			44,635			263,810			4,482,732			8,565,923
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,506,167			3,924,676			9,387			72,335			342,536			352,568			3,876			389
Transfers between funds		4,238,663			(601,439	)		(416,141	)		(1,744,972	)		(113,596	)		(628,279	)		(1,042,489	)		(2,589,907	)
Surrenders (note 6)		(3,563,417	)		(4,357,783	)		(400,599	)		(773,250	)		(206,777	)		(368,950	)		(1,030,851	)		(1,011,259	)
Death Benefits (note 4)		(393,202	)		(406,670	)		(22,494	)		(108,054	)		(16,039	)		(84,269	)		(135,156	)		(87,215	)
Net policy repayments (loans) (note 5)		(241,785	)		(104,428	)		(29,855	)		(28,400	)		40,723			(1,635	)		-			-
Deductions for surrender charges (note 2d)		(2,918	)		(7,789	)		(22	)		(108	)		(158	)		-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(3,055,954	)		(2,880,363	)		(276,762	)		(323,888	)		(196,976	)		(232,873	)		(265,281	)		(231,244	)
Asset charges (note 3):
FPVUL & VEL contracts		(219,608	)		(196,792	)		(14,940	)		(16,794	)		(14,609	)		(15,158	)		-			-
MSP contracts		(7,312	)		(6,203	)		(1,299	)		(1,247	)		(430	)		(404	)		-			-
SL contracts or LSFP contracts		(16,817	)		(14,371	)		(1,280	)		(1,393	)		(1,277	)		(2,066	)		-			-
Adjustments to maintain reserves		11,496			26,861			(68	)		(19	)		10			(7	)		39			83
Net equity transactions		255,313			(4,624,301	)		(1,154,073	)		(2,925,790	)		(166,593	)		(981,073	)		(2,469,862	)		(3,919,153	)
Net change in contract owners’ equity		9,130,989			17,066,315			(1,005,588	)		(2,163,794	)		(121,958	)		(717,263	)		2,012,870			4,646,770
Contract owners’ equity beginning of period		79,884,384			62,818,069			13,537,253			15,701,047			4,157,098			4,874,361			32,780,167			28,133,397
Contract owners’ equity end of period	$	89,015,373			79,884,384			12,531,665			13,537,253			4,035,140			4,157,098			34,793,037			32,780,167
CHANGES IN UNITS:
Beginning units		3,923,497			4,158,645			674,793			826,148			272,620			338,588			2,279,769			2,582,139
Units purchased		478,179			309,670			5,315			31,777			28,535			31,681			1			-
Units redeemed		(371,218	)		(544,797	)		(62,878	)		(152,639	)		(39,135	)		(97,649	)		(144,748	)		(351,091	)
Ending units		4,030,458			3,923,497			617,230			674,793			262,020			272,620			2,135,022			2,279,769

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FIGBS						FMCS						FOS						FOSR
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	3,131,768			812,153			40,285			144,765			116,795			116,489			149,760			148,469
Realized gain (loss) on investments		(99,725	)		(58,571	)		3,043,024			5,633,438			524,334			2,535,002			(41,746	)		(225,079	)
Change in unrealized gain (loss) on investments		(373,491	)		(1,879,303	)		(1,293,403	)		2,426,696			(1,556,691	)		714,615			(1,146,051	)		3,129,620
Reinvested capital gains		23,761			461,406			1,149,842			5,761,658			2,851			39,523			3,172			43,740
Net increase (decrease) in contract owners’ equity resulting from operations		2,682,313			(664,315	)		2,939,748			13,966,557			(912,711	)		3,405,629			(1,034,865	)		3,096,750
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		919,955			1,587,522			2,284,157			2,636,515			59,262			53,809			743,941			815,058
Transfers between funds		114,296,368			4,432,213			(273,258	)		(3,523,023	)		(585,051	)		(22,263	)		101,466			(224,255	)
Surrenders (note 6)		(890,457	)		(1,132,262	)		(2,534,732	)		(3,229,303	)		(238,003	)		(4,537,825	)		(693,243	)		(961,428	)
Death Benefits (note 4)		(971,673	)		(20,836	)		(123,685	)		(113,148	)		(26,843	)		(31,882	)		(189,589	)		(61,338	)
Net policy repayments (loans) (note 5)		(54,970	)		(9,364	)		(116,137	)		(354,279	)		(31,088	)		(47,216	)		(6,352	)		35,591
Deductions for surrender charges (note 2d)		(2,615	)		(8,359	)		(5,960	)		(17,859	)		(38	)		(356	)		(1,208	)		(5,347	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(816,534	)		(612,147	)		(1,223,722	)		(1,220,924	)		(306,011	)		(337,785	)		(478,496	)		(486,130	)
Asset charges (note 3):
FPVUL & VEL contracts		(27,049	)		(30,085	)		(94,469	)		(87,765	)		(15,086	)		(16,888	)		(45,583	)		(43,722	)
MSP contracts		(3,986	)		(4,337	)		(4,207	)		(3,628	)		(634	)		(584	)		(769	)		(713	)
SL contracts or LSFP contracts		(7,934	)		(8,908	)		(13,150	)		(12,580	)		(3,051	)		(3,017	)		(4,235	)		(4,012	)
Adjustments to maintain reserves		1			16			(810	)		151			60			(212	)		295			(54	)
Net equity transactions		112,441,106			4,193,453			(2,105,973	)		(5,925,843	)		(1,146,483	)		(4,944,219	)		(573,773	)		(936,350	)
Net change in contract owners’ equity		115,123,419			3,529,138			833,775			8,040,714			(2,059,194	)		(1,538,590	)		(1,608,638	)		2,160,400
Contract owners’ equity beginning of period		36,825,540			33,296,402			49,432,238			41,391,524			11,686,468			13,225,058			12,833,053			10,672,653
Contract owners’ equity end of period	$	151,948,959			36,825,540			50,266,013			49,432,238			9,627,274			11,686,468			11,224,415			12,833,053
CHANGES IN UNITS:
Beginning units		2,366,422			2,090,637			1,214,517			1,383,310			587,917			898,979			711,787			771,330
Units purchased		7,095,346			487,316			107,483			90,141			21,203			25,808			64,174			61,471
Units redeemed		(224,419	)		(211,079	)		(157,810	)		(256,639	)		(82,096	)		(336,870	)		(97,962	)		(121,015	)
Ending units		9,237,349			2,366,422			1,164,190			1,214,517			527,024			587,917			677,999			711,787

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FVSS						FF05S						FF15S						FF25S
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	49,912			38,019			1,285			(717	)		121,708			109,119			159,075			124,040
Realized gain (loss) on investments		333,311			585,343			28			34,410			554,771			128,424			409,542			484,275
Change in unrealized gain (loss) on investments		(55,378	)		600,051			(140	)		(127	)		(478,667	)		436,814			(296,706	)		621,525
Reinvested capital gains		-			-			461			95			130,641			85,327			193,642			115,352
Net increase (decrease) in contract owners’ equity resulting from operations		327,845			1,223,413			1,634			33,661			328,453			759,684			465,553			1,345,192
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		357,759			147,365			1			23			517,251			902,503			93,460			30,450
Transfers between funds		1,029			324,964			62,356			18,302			1,396,754			1,461,168			2,701,802			215,355
Surrenders (note 6)		(106,261	)		(440,900	)		(1,700	)		(17,400	)		(369,974	)		(128,337	)		(102,897	)		(232,750	)
Death Benefits (note 4)		(5,219	)		(10,226	)		(117	)		(1,179	)		(3,187	)		(3,695	)		(4,544	)		(14,662	)
Net policy repayments (loans) (note 5)		(28,745	)		25,154			-			-			-			-			-			-
Deductions for surrender charges (note 2d)		(345	)		(1,047	)		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(150,147	)		(152,294	)		(341	)		(3,606	)		(160,980	)		(113,150	)		(161,685	)		(122,383	)
Asset charges (note 3):
FPVUL & VEL contracts		(13,680	)		(12,666	)		-			-			(785	)		(731	)		(929	)		(415	)
MSP contracts		(151	)		(139	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(440	)		(524	)		-			-			-			-			-			-
Adjustments to maintain reserves		596			(41	)		8			(7	)		(40	)		2			(80	)		3
Net equity transactions		54,396			(120,354	)		60,207			(3,867	)		1,379,039			2,117,760			2,525,127			(124,402	)
Net change in contract owners’ equity		382,241			1,103,059			61,841			29,794			1,707,492			2,877,444			2,990,680			1,220,790
Contract owners’ equity beginning of period		5,197,182			4,094,123			29,794			-			7,423,685			4,546,241			7,940,480			6,719,690
Contract owners’ equity end of period	$	5,579,423			5,197,182			91,635			29,794			9,131,177			7,423,685			10,931,160			7,940,480
CHANGES IN UNITS:
Beginning units		208,874			214,480			2,444			-			560,735			391,232			585,943			593,356
Units purchased		15,303			29,540			4,959			4,900			193,063			203,537			208,671			145,065
Units redeemed		(13,919	)		(35,146	)		(173	)		(1,919	)		(93,218	)		(36,138	)		(24,783	)		(150,423	)
Ending units		210,258			208,874			7,230			2,444			660,580			560,735			769,831			585,943

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FF40S						FTVIS2						FTVRDI						FTVSVI
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	71,410			60,787			333,305			384,999			262,919			287,012			92,357			156,845
Realized gain (loss) on investments		347,708			162,837			387,455			207,479			1,134,666			2,033,505			430,393			424,566
Change in unrealized gain (loss) on investments		(248,729	)		665,299			(414,549	)		201,966			(268,523	)		2,000,430			(1,232,457	)		2,515,040
Reinvested capital gains		85,456			47,611			-			-			325,868			-			803,503			173,687
Net increase (decrease) in contract owners’ equity resulting from operations		255,845			936,534			306,211			794,444			1,454,930			4,320,947			93,796			3,270,138
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		115,049			17,082			314,504			301,865			891,303			3,622,432			372,691			420,431
Transfers between funds		535,532			940,364			739,090			211,209			(972,305	)		836,107			(110,442	)		(442,309	)
Surrenders (note 6)		(38,169	)		(46,216	)		(166,259	)		(329,867	)		(1,779,408	)		(3,392,753	)		(581,263	)		(962,704	)
Death Benefits (note 4)		(5,183	)		(3,035	)		(3,844	)		(3,487	)		(142,148	)		(64,201	)		(37,858	)		(27,923	)
Net policy repayments (loans) (note 5)		-			-			(623,138	)		(60	)		(290,083	)		(125,858	)		(82,402	)		(92,372	)
Deductions for surrender charges (note 2d)		-			-			(997	)		(2,994	)		(2,250	)		(6,297	)		(2,081	)		(9,727	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(100,311	)		(75,054	)		(268,960	)		(241,173	)		(484,520	)		(498,917	)		(332,354	)		(341,266	)
Asset charges (note 3):
FPVUL & VEL contracts		(647	)		(270	)		(17,006	)		(14,570	)		(54,337	)		(53,772	)		(34,960	)		(35,023	)
MSP contracts		-			-			(1,944	)		(2,104	)		(1,815	)		(1,673	)		(1,579	)		(1,403	)
SL contracts or LSFP contracts		-			-			(5,251	)		(5,291	)		(5,902	)		(5,950	)		(4,112	)		(3,923	)
Adjustments to maintain reserves		(13	)		13			(1	)		5			(2	)		3			2			28
Net equity transactions		506,258			832,884			(33,806	)		(86,467	)		(2,841,467	)		309,121			(814,358	)		(1,496,191	)
Net change in contract owners’ equity		762,103			1,769,418			272,405			707,977			(1,386,537	)		4,630,068			(720,562	)		1,773,947
Contract owners’ equity beginning of period		4,884,677			3,115,259			6,438,224			5,730,247			18,538,455			13,908,387			11,414,310			9,640,363
Contract owners’ equity end of period	$	5,646,780			4,884,677			6,710,629			6,438,224			17,151,918			18,538,455			10,693,748			11,414,310
CHANGES IN UNITS:
Beginning units		324,799			258,702			391,706			397,235			706,879			689,703			314,978			363,138
Units purchased		48,593			76,518			93,606			36,626			28,686			106,944			14,233			15,702
Units redeemed		(14,482	)		(9,167	)		(95,047	)		(42,156	)		(135,588	)		(89,768	)		(36,700	)		(63,862	)
Ending units		358,910			324,799			390,265			391,706			599,977			706,879			292,511			314,978

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	FTVSV2						FTVMD2						FTVDM2					TIF
	2014			2013			2014			2013			2014			2013		2014			2013
Investment activity:
Net investment income (loss)	$	47,166			92,819			8,875			5,867			54,255			-		29,394			36,332
Realized gain (loss) on investments		699,439			826,614			6,903			9,576			1,240			-		25,815			9,319
Change in unrealized gain (loss) on investments		(1,516,876	)		1,556,526			(27,197	)		12,935			(244,573	)		-		(205,899	)		252,465
Reinvested capital gains		842,839			142,063			30,567			26,905			-			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		72,568			2,618,022			19,148			55,283			(189,078	)		-		(150,690	)		298,116
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		579,124			481,085			7,222			12,926			120,887			-		(9	)		-
Transfers between funds		971,453			1,256,391			163,942			97,498			3,552,109			-		(47,186	)		(6,635	)
Surrenders (note 6)		(404,623	)		(359,917	)		-			-			(323,181	)		-		(40,019	)		(58,655	)
Death Benefits (note 4)		(628	)		(118,863	)		-			-			-			-		(11,675	)		(2,258	)
Net policy repayments (loans) (note 5)		(17,721	)		(74,839	)		(307	)		(19,836	)		125,510			-		(19,385	)		(17,041	)
Deductions for surrender charges (note 2d)		-			-			-			-			(1,106	)		-		(326	)		(66	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(126,141	)		(108,718	)		(12,749	)		(6,994	)		(84,918	)		-		(31,160	)		(34,851	)
Asset charges (note 3):
FPVUL & VEL contracts		(1,848	)		(1,688	)		(9	)		-			(7,515	)		-		(4,067	)		(4,239	)
MSP contracts		-			-			-			-			(548	)		-		(587	)		(541	)
SL contracts or LSFP contracts		-			-			-			-			(1,278	)		-		(720	)		(691	)
Adjustments to maintain reserves		(18	)		(1,636	)		(2	)		(6	)		1			-		-			2
Net equity transactions		999,598			1,071,815			158,097			83,588			3,379,961			-		(155,134	)		(124,975	)
Net change in contract owners’ equity		1,072,166			3,689,837			177,245			138,871			3,190,883			-		(305,824	)		173,141
Contract owners’ equity beginning of period		10,229,704			6,539,867			287,147			148,276			-			-		1,534,588			1,361,447
Contract owners’ equity end of period	$	11,301,870			10,229,704			464,392			287,147			3,190,883			-		1,228,764			1,534,588
CHANGES IN UNITS:
Beginning units		465,556			404,795			20,950			13,771			-			-		53,511			58,522
Units purchased		101,829			101,398			12,089			9,191			369,641			-		-			-
Units redeemed		(54,602	)		(41,831	)		(917	)		(2,043	)		(31,239	)		-		(5,430	)		(5,011	)
Ending units		512,783			465,556			32,122			20,950			338,402			-		48,081			53,511

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	TIF2						FTVGI2						FTVFA2						GVMCE
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	423,656			292,935			764,539			1,880,803			20,231			57,618			482,978			358,784
Realized gain (loss) on investments		594,107			572,152			(1,185,673	)		(48,562	)		(11,436	)		14,502			6,162,866			4,490,178
Change in unrealized gain (loss) on investments		(4,501,055	)		2,097,163			449,607			(1,715,794	)		7,638			(56,023	)		(9,413,680	)		5,335,962
Reinvested capital gains		-			-			-			499,060			617			84,028			10,364,851			4,657,900
Net increase (decrease) in contract owners’ equity resulting from operations		(3,483,292	)		2,962,250			28,473			615,507			17,050			100,125			7,597,015			14,842,824
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		398,507			1,015,174			568,599			1,382,824			28,286			66,145			252,590			369,703
Transfers between funds		12,214,280			44,702			(28,678,998	)		1,883,785			129,422			193,073			(2,413,829	)		2,681,331
Surrenders (note 6)		(205,476	)		(513,201	)		(353,017	)		(102,818	)		(25,789	)		(37,422	)		(1,963,117	)		(1,010,662	)
Death Benefits (note 4)		(17,069	)		-			(181,466	)		(222,812	)		(3,411	)		(1,257	)		(119,400	)		(116,713	)
Net policy repayments (loans) (note 5)		(100,713	)		-			(17,517	)		(31,309	)		(47,723	)		(6,375	)		(764,847	)		(1,416	)
Deductions for surrender charges (note 2d)		(889	)		-			(812	)		-			-			(585	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(336,496	)		(153,662	)		(376,575	)		(441,968	)		(26,507	)		(22,554	)		(565,821	)		(533,579	)
Asset charges (note 3):
FPVUL & VEL contracts		(14,051	)		-			(19,826	)		(3,259	)		(3,022	)		(2,269	)		-			-
MSP contracts		(192	)		-			(603	)		-			(25	)		(57	)		-			-
SL contracts or LSFP contracts		(2,257	)		-			(2,696	)		-			(6	)		(2	)		-			-
Adjustments to maintain reserves		78			(253	)		(11	)		180			7			(2	)		(32	)		(158	)
Net equity transactions		11,935,722			392,760			(29,062,922	)		2,464,623			51,232			188,695			(5,574,456	)		1,388,506
Net change in contract owners’ equity		8,452,430			3,355,010			(29,034,449	)		3,080,130			68,282			288,820			2,022,559			16,231,330
Contract owners’ equity beginning of period		16,554,377			13,199,367			42,440,610			39,360,480			672,789			383,969			61,475,627			45,244,297
Contract owners’ equity end of period	$	25,006,807			16,554,377			13,406,161			42,440,610			741,071			672,789			63,498,186			61,475,627
CHANGES IN UNITS:
Beginning units		642,739			628,537			2,511,603			2,363,034			50,080			35,375			1,889,614			1,843,696
Units purchased		478,675			70,193			695,062			234,522			11,348			20,675			11,958			114,604
Units redeemed		(34,183	)		(57,636	)		(2,432,056	)		(85,283	)		(7,793	)		(5,970	)		(179,265	)		(66,999	)
Ending units		1,087,231			642,739			774,609			2,511,603			53,635			50,080			1,722,307			1,889,614

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVCSE					GVGOPS						SBVSG						BNCAI
	2014			2013		2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	265			-		(1,981	)		(850	)		(16,686	)		(7,455	)		(1,969	)		23,452
Realized gain (loss) on investments		(73	)		-		59,857			16,435			534,587			171,098			639,012			3,030,022
Change in unrealized gain (loss) on investments		(4,167	)		-		(211,422	)		43,842			(1,036,828	)		906,060			(249,467	)		(267,104	)
Reinvested capital gains		5,582			-		239,061			38,983			914,902			390,777			55,379			888,074
Net increase (decrease) in contract owners’ equity resulting from operations		1,607			-		85,515			98,410			395,975			1,460,480			442,955			3,674,444
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		(40	)		-		124,729			39,295			641,528			507,247			347,111			234,496
Transfers between funds		39,292			-		482,103			474,985			2,153,026			2,253,409			(321,356	)		456,748
Surrenders (note 6)		-			-		(25,400	)		(32,033	)		(169,279	)		(73,559	)		(697,138	)		(3,687,676	)
Death Benefits (note 4)		-			-		(5,396	)		-			(11,381	)		(20,813	)		-			(32,310	)
Net policy repayments (loans) (note 5)		-			-		22			(2,889	)		(8,840	)		(11,484	)		1,512			-
Deductions for surrender charges (note 2d)		-			-		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,133	)		-		(16,632	)		(8,031	)		(126,022	)		(69,874	)		(98,225	)		(139,561	)
Asset charges (note 3):
FPVUL & VEL contracts		(7	)		-		(24	)		(15	)		(835	)		(558	)		(83	)		(279	)
MSP contracts		-			-		-			-			-			-			-			-
SL contracts or LSFP contracts		-			-		-			-			-			-			-			-
Adjustments to maintain reserves		3			-		4			(6	)		(34	)		324			(173	)		(161	)
Net equity transactions		38,115			-		559,406			471,306			2,478,163			2,584,692			(768,352	)		(3,168,743	)
Net change in contract owners’ equity		39,722			-		644,921			569,716			2,874,138			4,045,172			(325,397	)		505,701
Contract owners’ equity beginning of period		-			-		619,638			49,922			6,165,317			2,120,145			10,646,512			10,140,811
Contract owners’ equity end of period	$	39,722			-		1,264,559			619,638			9,039,455			6,165,317			10,321,115			10,646,512
CHANGES IN UNITS:
Beginning units		-			-		44,812			4,758			334,875			168,989			303,601			404,574
Units purchased		3,077			-		43,965			51,766			181,747			177,249			20,134			38,076
Units redeemed		(91	)		-		(6,275	)		(11,571	)		(43,686	)		(11,513	)		(42,351	)		(139,319	)
Ending units		2,986			-		82,502			44,812			472,936			334,875			281,384			303,601

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	AMTB						AMGP						AMCG						AMTP
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	66,390			76,739			3,206			6,547			(5,978	)		(6,511	)		7,553			9,816
Realized gain (loss) on investments		(29,536	)		(2,344	)		105,425			77,627			249,506			546,575			20,837			460,320
Change in unrealized gain (loss) on investments		(14,875	)		(51,767	)		(183,782	)		165,557			(1,131,079	)		292,896			72,463			(109,936	)
Reinvested capital gains		-			-			174,821			50,106			1,067,675			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		21,979			22,628			99,670			299,837			180,124			832,960			100,853			360,200
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		207,462			186,327			39			426			1,302			44,401			16,581			44,274
Transfers between funds		374,538			335,597			(176,697	)		311,264			(213,755	)		(288,184	)		51,584			(1,162,995	)
Surrenders (note 6)		(210,227	)		(350,711	)		(10,944	)		(232,936	)		-			(675,892	)		-			(471,358	)
Death Benefits (note 4)		(81,355	)		(4,383	)		-			(3,995	)		-			(11,671	)		-			-
Net policy repayments (loans) (note 5)		82,179			(33,603	)		-			-			76			(163	)		(26,299	)		(22,999	)
Deductions for surrender charges (note 2d)		(338	)		(1,319	)		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(192,609	)		(226,366	)		(12,406	)		(10,556	)		(30,531	)		(39,050	)		(12,540	)		(19,035	)
Asset charges (note 3):
FPVUL & VEL contracts		(12,420	)		(13,126	)		-			-			(3	)		(8	)		(393	)		(382	)
MSP contracts		(549	)		(535	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(1,723	)		(1,810	)		-			-			-			-			-			-
Adjustments to maintain reserves		(2	)		(1	)		32			(61	)		99			109			(45	)		(180	)
Net equity transactions		164,956			(109,930	)		(199,976	)		64,142			(242,812	)		(970,458	)		28,888			(1,632,675	)
Net change in contract owners’ equity		186,935			(87,302	)		(100,306	)		363,979			(62,688	)		(137,498	)		129,741			(1,272,475	)
Contract owners’ equity beginning of period		3,565,590			3,652,892			1,174,843			810,864			2,936,405			3,073,903			1,043,828			2,316,303
Contract owners’ equity end of period	$	3,752,525			3,565,590			1,074,537			1,174,843			2,873,717			2,936,405			1,173,569			1,043,828
CHANGES IN UNITS:
Beginning units		290,095			299,031			51,556			49,333			147,342			203,445			49,246			144,447
Units purchased		60,633			44,331			1,930			15,543			1,326			2,680			4,215			2,442
Units redeemed		(47,275	)		(53,267	)		(9,834	)		(13,321	)		(15,462	)		(58,784	)		(2,857	)		(97,641	)
Ending units		303,453			290,095			43,652			51,556			133,206			147,342			50,604			49,246

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	AMRI						AMFAS						AMSRS						OVGR
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	40,717			47,139			(1,989	)		(2,404	)		8,965			19,210			39,595			127,020
Realized gain (loss) on investments		143,151			162,618			615,917			157,558			437,717			185,853			2,183,808			1,927,411
Change in unrealized gain (loss) on investments		330,527			1,259,192			(749,617	)		642,040			(212,015	)		658,644			(327,253	)		2,378,329
Reinvested capital gains		141,577			-			147,915			-			-			-			412,312			-
Net increase (decrease) in contract owners’ equity resulting from operations		655,972			1,468,949			12,226			797,194			234,667			863,707			2,308,462			4,432,760
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		8,698			17,477			106,830			34,054			96,287			112,733			74,011			414,505
Transfers between funds		(317,278	)		(378,130	)		(1,359,258	)		798,250			(149,191	)		(17,446	)		(3,118,740	)		(3,678,577	)
Surrenders (note 6)		(279,446	)		-			(79,063	)		(163,700	)		(560,029	)		(150,626	)		(400,040	)		(1,220,462	)
Death Benefits (note 4)		-			-			(8,113	)		-			(78	)		(19,715	)		(157,820	)		(53,132	)
Net policy repayments (loans) (note 5)		-			-			(15,965	)		(10,863	)		(10,848	)		(11,156	)		1,272			33,867
Deductions for surrender charges (note 2d)		-			-			(26	)		(650	)		(164	)		(3,554	)		-			(219	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(42,883	)		(42,833	)		(44,828	)		(42,003	)		(97,132	)		(106,877	)		(287,004	)		(306,610	)
Asset charges (note 3):
FPVUL & VEL contracts		(91	)		(429	)		(3,679	)		(3,071	)		(8,960	)		(9,303	)		(116	)		(168	)
MSP contracts		-			-			(67	)		(65	)		(494	)		(436	)		-			-
SL contracts or LSFP contracts		-			-			(339	)		(260	)		(1,076	)		(978	)		-			-
Adjustments to maintain reserves		3			368			6			(80	)		37			70			3,737			5,131
Net equity transactions		(630,997	)		(403,547	)		(1,404,502	)		611,612			(731,648	)		(207,288	)		(3,884,700	)		(4,805,665	)
Net change in contract owners’ equity		24,975			1,065,402			(1,392,276	)		1,408,806			(496,981	)		656,419			(1,576,238	)		(372,905	)
Contract owners’ equity beginning of period		5,373,194			4,307,792			3,077,339			1,668,533			3,013,621			2,357,202			17,494,571			17,867,476
Contract owners’ equity end of period	$	5,398,169			5,373,194			1,685,063			3,077,339			2,516,640			3,013,621			15,918,333			17,494,571
CHANGES IN UNITS:
Beginning units		347,690			380,913			145,700			115,055			113,615			122,284			1,162,020			1,524,196
Units purchased		4,335			8,343			5,614			42,289			4,347			6,771			14,746			55,349
Units redeemed		(44,329	)		(41,598	)		(74,940	)		(11,644	)		(32,007	)		(15,440	)		(262,243	)		(417,496	)
Ending units		307,696			347,690			76,374			145,700			85,955			113,615			914,523			1,162,020

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	OVGS						OVIG						OVGI						OVSC
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	749,815			623,081			25,383			(138	)		249,777			303,013			54,635			55,301
Realized gain (loss) on investments		4,237,273			1,380,542			3,155			3,455			945,920			799,595			859,479			961,743
Change in unrealized gain (loss) on investments		(6,801,382	)		10,477,399			(295,421	)		28,836			1,356,012			6,763,774			(1,049,947	)		835,090
Reinvested capital gains		3,453,772			-			54,842			-			630,794			-			877,758			72,803
Net increase (decrease) in contract owners’ equity resulting from operations		1,639,478			12,481,022			(212,041	)		32,153			3,182,503			7,866,382			741,925			1,924,937
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,583,245			1,733,659			147,618			32,013			1,195,673			1,298,703			481,893			1,347,529
Transfers between funds		17,702,261			1,197,747			2,660,982			533,661			(551,921	)		(207,093	)		378,253			606,866
Surrenders (note 6)		(1,858,609	)		(1,721,610	)		(1,737	)		-			(1,459,894	)		(2,228,756	)		(741,741	)		(1,370,738	)
Death Benefits (note 4)		(252,137	)		(143,790	)		-			-			(280,682	)		(110,658	)		(90,513	)		(27,022	)
Net policy repayments (loans) (note 5)		(275,444	)		(415,226	)		(11,692	)		-			(104,022	)		(80,290	)		10,157			35,775
Deductions for surrender charges (note 2d)		(2,534	)		(1,432	)		-			-			(1,126	)		(7,549	)		(5,131	)		(5,662	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,441,915	)		(906,372	)		(66,191	)		(4,234	)		(1,216,869	)		(1,201,945	)		(216,397	)		(216,024	)
Asset charges (note 3):
FPVUL & VEL contracts		(84,447	)		(35,398	)		(281	)		(70	)		(101,691	)		(95,297	)		(20,952	)		(19,720	)
MSP contracts		(3,875	)		(1,274	)		-			-			(4,055	)		(3,579	)		(533	)		(464	)
SL contracts or LSFP contracts		(9,844	)		(3,907	)		-			-			(7,202	)		(7,142	)		(3,129	)		(2,848	)
Adjustments to maintain reserves		275			19			-			2			(13	)		(104	)		25			17
Net equity transactions		16,356,976			(297,584	)		2,728,699			561,372			(2,531,802	)		(2,643,710	)		(208,068	)		347,709
Net change in contract owners’ equity		17,996,454			12,183,438			2,516,658			593,525			650,701			5,222,672			533,857			2,272,646
Contract owners’ equity beginning of period		58,406,310			46,222,872			593,525			-			31,396,294			26,173,622			6,667,259			4,394,613
Contract owners’ equity end of period	$	76,402,764			58,406,310			3,110,183			593,525			32,046,995			31,396,294			7,201,116			6,667,259
CHANGES IN UNITS:
Beginning units		2,717,740			2,734,473			51,327			-			1,526,979			1,674,156			188,218			174,944
Units purchased		1,474,944			261,477			265,998			51,717			66,625			87,107			26,940			34,709
Units redeemed		(734,774	)		(284,021	)		(26,722	)		(390	)		(185,137	)		(233,157	)		(33,542	)		(21,435	)
Ending units		3,457,910			2,717,740			290,603			51,327			1,408,467			1,526,979			181,616			188,218

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	OVAG						OVSB						PMVAAA						PMVRSA
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(13,281	)		(9,582	)		846,800			181,697			1,433,717			1,218,275			53			-
Realized gain (loss) on investments		1,090,889			1,142,692			(35,539	)		(37,649	)		95,831			214,098			(3,544	)		-
Change in unrealized gain (loss) on investments		372,504			6,622,210			(420,887	)		(69,435	)		(1,463,732	)		(1,479,642	)		(6,317	)		-
Reinvested capital gains		-			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,450,112			7,755,320			390,374			74,613			65,816			(47,269	)		(9,808	)		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,202,342			1,333,884			6,030,423			161,624			1,488,162			587,800			4,528			-
Transfers between funds		(1,003,108	)		(932,027	)		2,861,614			11,529,173			312,130			1,405,936			50,302			-
Surrenders (note 6)		(1,576,686	)		(2,056,439	)		(512,788	)		(422,473	)		(524,522	)		(567,999	)		(4,161	)		-
Death Benefits (note 4)		(98,971	)		(78,916	)		(20,127	)		(13,104	)		(79,156	)		(139,080	)		-			-
Net policy repayments (loans) (note 5)		(103,119	)		34,367			(261,856	)		(64,814	)		(1,047	)		(51,956	)		20			-
Deductions for surrender charges (note 2d)		(27	)		(89	)		(230	)		(1,657	)		-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(1,131,463	)		(1,143,708	)		(160,413	)		(109,829	)		(325,960	)		(346,510	)		(3,664	)		-
Asset charges (note 3):
FPVUL & VEL contracts		(88,053	)		(84,569	)		(7,490	)		(7,452	)		(3,874	)		(4,662	)		(80	)		-
MSP contracts		(1,577	)		(1,388	)		(93	)		(92	)		-			-			-			-
SL contracts or LSFP contracts		(3,845	)		(3,791	)		(40,040	)		(10,609	)		-			-			-			-
Adjustments to maintain reserves		4,221			19,123			19			(13	)		28			(49	)		-			-
Net equity transactions		(2,800,286	)		(2,913,553	)		7,889,019			11,060,754			865,761			883,480			46,945			-
Net change in contract owners’ equity		(1,350,174	)		4,841,767			8,279,393			11,135,367			931,577			836,211			37,137			-
Contract owners’ equity beginning of period		28,081,043			23,239,276			13,001,496			1,866,129			26,438,388			25,602,177			-			-
Contract owners’ equity end of period	$	26,730,869			28,081,043			21,280,889			13,001,496			27,369,965			26,438,388			37,137			-
CHANGES IN UNITS:
Beginning units		1,422,801			1,587,180			977,067			140,055			1,466,038			1,420,335			-			-
Units purchased		61,948			111,415			650,508			865,457			114,419			184,123			5,908			-
Units redeemed		(209,147	)		(281,686	)		(72,456	)		(28,445	)		(66,582	)		(124,232	)		(910	)		-
Ending units		1,275,602			1,422,801			1,555,119			977,067			1,513,875			1,466,038			4,998			-

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	PMVFBA						PMVLGA						PMVLDA						PMVRRA
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	40,999			53,224			43,384			22,282			600,064			684,185			1,197,973			1,555,178
Realized gain (loss) on investments		(90,952	)		(114,267	)		(50,276	)		(53,157	)		347,712			343,633			(375,101	)		1,152,924
Change in unrealized gain (loss) on investments		133,478			(150,954	)		457,232			(171,211	)		(519,240	)		(1,169,651	)		2,004,889			(14,342,737	)
Reinvested capital gains		3,808			29,700			-			81,481			-			-			-			792,718
Net increase (decrease) in contract owners’ equity resulting from operations		87,333			(182,297	)		450,340			(120,605	)		428,536			(141,833	)		2,827,761			(10,841,917	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		66,640			73,596			200,906			178,611			1,758,467			4,034,203			2,759,613			4,360,070
Transfers between funds		(1,532,813	)		1,520,632			121,641			1,356,026			3,242,173			10,463,560			(3,268,058	)		(9,270,754	)
Surrenders (note 6)		(118,673	)		(410,086	)		-			-			(1,848,861	)		(1,921,292	)		(1,579,773	)		(2,161,408	)
Death Benefits (note 4)		(338	)		(22,381	)		-			-			(150,717	)		(59,672	)		(524,882	)		(192,663	)
Net policy repayments (loans) (note 5)		(31,433	)		(640	)		(1,681	)		(6,238	)		(867,968	)		573,636			(17,060	)		(158,584	)
Deductions for surrender charges (note 2d)		-			(7,478	)		-			-			(34	)		(2,285	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(76,203	)		(103,498	)		(32,718	)		(21,028	)		(1,063,564	)		(953,577	)		(1,100,999	)		(1,350,464	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,820	)		(7,930	)		-			-			(22,308	)		(23,978	)		(7,146	)		(7,953	)
MSP contracts		(32	)		(29	)		-			-			(1,129	)		(1,040	)		-			-
SL contracts or LSFP contracts		(590	)		(984	)		-			-			(3,034	)		(3,630	)		-			-
Adjustments to maintain reserves		66			(28	)		(125	)		81			(1,765	)		1,115			(1,448	)		2,214
Net equity transactions		(1,698,196	)		1,041,174			288,023			1,507,452			1,041,260			12,107,040			(3,739,753	)		(8,779,542	)
Net change in contract owners’ equity		(1,610,863	)		858,877			738,363			1,386,847			1,469,796			11,965,207			(911,992	)		(19,621,459	)
Contract owners’ equity beginning of period		2,986,586			2,127,709			1,798,035			411,188			63,117,103			51,151,896			96,923,936			116,545,395
Contract owners’ equity end of period	$	1,375,723			2,986,586			2,536,398			1,798,035			64,586,899			63,117,103			96,011,944			96,923,936
CHANGES IN UNITS:
Beginning units		231,139			154,021			147,258			29,236			4,244,504			3,426,127			5,409,910			5,891,396
Units purchased		11,598			129,914			24,494			120,557			510,125			1,017,122			294,294			234,904
Units redeemed		(136,373	)		(52,720	)		(3,819	)		(2,424	)		(438,998	)		(187,737	)		(496,470	)		(723,382	)
Ending units		106,364			231,139			167,933			147,258			4,315,631			4,244,504			5,207,734			5,409,910

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	PMVTRA						PIVEMI						PIHYB1						PVGIB
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	6,214,844			8,756,989			5,879			13,799			270,609			362,649			11,151			16,492
Realized gain (loss) on investments		(2,453,928	)		1,512,291			41,922			(59,815	)		57,018			34,094			115,015			143,773
Change in unrealized gain (loss) on investments		11,902,154			(23,579,056	)		(157,367	)		24,038			(547,339	)		(9,948	)		(28,407	)		129,299
Reinvested capital gains		-			3,716,337			5,637			-			216,569			413,499			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		15,663,070			(9,593,439	)		(103,929	)		(21,978	)		(3,143	)		800,294			97,759			289,564
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		5,925,247			10,107,654			42,783			97,846			218,092			381,632			56,136			51,747
Transfers between funds		(260,110,298	)		448,202			(557,734	)		(107,571	)		(607,363	)		(1,810,100	)		148,785			141,513
Surrenders (note 6)		(5,154,073	)		(7,254,435	)		(93	)		(50,036	)		(365,435	)		(508,031	)		(137,088	)		(38,410	)
Death Benefits (note 4)		(955,782	)		(1,667,669	)		-			-			(15,566	)		(4,707	)		(14,775	)		-
Net policy repayments (loans) (note 5)		(3,222,596	)		(475,868	)		-			-			(13,343	)		(8,690	)		(3,851	)		(163,174	)
Deductions for surrender charges (note 2d)		-			(368	)		-			-			-			-			(81	)		(506	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(4,333,882	)		(4,926,736	)		(18,755	)		(31,701	)		(105,771	)		(122,872	)		(53,677	)		(50,352	)
Asset charges (note 3):
FPVUL & VEL contracts		(45,584	)		(47,459	)		(1,063	)		(1,055	)		(1,072	)		(1,019	)		(3,644	)		(3,704	)
MSP contracts		-			-			-			-			-			-			(46	)		(39	)
SL contracts or LSFP contracts		-			-			-			-			-			-			(600	)		(360	)
Adjustments to maintain reserves		(11,618	)		24,626			(3	)		(5	)		44			4,303			14			(10	)
Net equity transactions		(267,908,586	)		(3,792,053	)		(534,865	)		(92,522	)		(890,414	)		(2,069,484	)		(8,827	)		(63,295	)
Net change in contract owners’ equity		(252,245,516	)		(13,385,492	)		(638,794	)		(114,500	)		(893,557	)		(1,269,190	)		88,932			226,269
Contract owners’ equity beginning of period		421,168,048			434,553,540			1,462,804			1,577,304			6,364,135			7,633,325			993,714			767,445
Contract owners’ equity end of period	$	168,922,532			421,168,048			824,010			1,462,804			5,470,578			6,364,135			1,082,646			993,714
CHANGES IN UNITS:
Beginning units		22,671,205			22,903,897			198,081			209,227			238,255			320,179			44,765			46,906
Units purchased		687,183			1,055,073			7,267			13,305			17,683			28,768			7,352			12,627
Units redeemed		(14,586,587	)		(1,324,153	)		(78,067	)		(24,453	)		(50,986	)		(110,980	)		(8,073	)		(14,768	)
Ending units		8,771,801			22,671,205			127,281			198,081			204,952			238,255			44,044			44,765

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	PVTIGB						PVTSCB						PVTVB						ACGI
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	10,438			14,504			392			23			12,777			10,749			78,754			50,776
Realized gain (loss) on investments		46,820			57,724			(8,730	)		569			217,303			9,260			520,619			155,776
Change in unrealized gain (loss) on investments		(136,789	)		184,489			(46,073	)		755			(113,593	)		504,027			(713,774	)		913,481
Reinvested capital gains		-			-			68,349			54			32,785			-			587,759			35,714
Net increase (decrease) in contract owners’ equity resulting from operations		(79,531	)		256,717			13,938			1,401			149,272			524,036			473,358			1,155,747
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		31,836			36,015			1,672			1,700			84,210			191,969			242,709			59,107
Transfers between funds		127,211			15,704			726,247			4,254			(269,585	)		209,851			250,106			(236,972	)
Surrenders (note 6)		(39,262	)		(50,959	)		-			(231	)		(262,690	)		(56,960	)		(22,196	)		(54,091	)
Death Benefits (note 4)		(14,587	)		-			-			-			(1,552	)		(153	)		-			-
Net policy repayments (loans) (note 5)		(2,335	)		(15,227	)		-			-			(12,268	)		22,022			(1,507	)		(98	)
Deductions for surrender charges (note 2d)		(72	)		(235	)		-			-			(56	)		(158	)		-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(49,517	)		(50,882	)		(15,067	)		(161	)		(55,944	)		(48,938	)		(59,975	)		(42,763	)
Asset charges (note 3):
FPVUL & VEL contracts		(3,450	)		(3,237	)		(40	)		-			(5,514	)		(4,782	)		(60	)		(93	)
MSP contracts		(12	)		(11	)		-			-			(591	)		(488	)		-			-
SL contracts or LSFP contracts		(431	)		(243	)		-			-			(821	)		(637	)		-			-
Adjustments to maintain reserves		10			(15	)		6			4			(6	)		19			(20	)		23
Net equity transactions		49,391			(69,090	)		712,818			5,566			(524,817	)		311,745			409,057			(274,887	)
Net change in contract owners’ equity		(30,140	)		187,627			726,756			6,967			(375,545	)		835,781			882,415			880,860
Contract owners’ equity beginning of period		1,142,034			954,407			9,931			2,964			1,973,714			1,137,933			4,412,360			3,531,500
Contract owners’ equity end of period	$	1,111,894			1,142,034			736,687			9,931			1,598,169			1,973,714			5,294,775			4,412,360
CHANGES IN UNITS:
Beginning units		49,608			53,095			720			299			80,179			66,439			286,045			306,238
Units purchased		8,513			2,453			52,102			615			4,518			19,016			42,885			7,097
Units redeemed		(6,311	)		(5,939	)		(1,092	)		(194	)		(25,526	)		(5,277	)		(16,906	)		(27,338	)
Ending units		51,810			49,608			51,730			720			59,171			80,179			312,024			286,045

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	ACEG						AVBVI						AVHY1						AVIE
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	457			3,847			7,188			5,809			471,750			426,717			807,529			505,885
Realized gain (loss) on investments		77,339			9,583			47,848			90,525			302,831			444,120			2,262,537			1,374,988
Change in unrealized gain (loss) on investments		8,013			292,019			(20,511	)		66,097			(700,699	)		(221,996	)		(2,963,874	)		6,629,746
Reinvested capital gains		-			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		85,809			305,449			34,525			162,431			73,882			648,841			106,192			8,510,619
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		62,162			70,638			256			22,642			223,646			146,862			1,763,521			1,943,097
Transfers between funds		(71,191	)		137,165			(15,025	)		(235,494	)		5,360,342			240,536			4,665,540			4,100,632
Surrenders (note 6)		(88,019	)		(57,746	)		(103	)		(98,364	)		(459,128	)		(281,010	)		(2,126,421	)		(833,895	)
Death Benefits (note 4)		(7,844	)		(555	)		-			-			(24,298	)		(38,287	)		(321,634	)		(120,825	)
Net policy repayments (loans) (note 5)		(531	)		(16,602	)		103			(1,647	)		9,586			(71,820	)		(65,527	)		(19,413	)
Deductions for surrender charges (note 2d)		(569	)		(1,653	)		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(53,793	)		(49,597	)		(5,385	)		(10,749	)		(118,607	)		(99,085	)		(656,072	)		(589,749	)
Asset charges (note 3):
FPVUL & VEL contracts		(4,414	)		(3,713	)		1			-			(695	)		(798	)		(2,524	)		(1,980	)
MSP contracts		(234	)		(191	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(214	)		(239	)		-			-			-			-			-			-
Adjustments to maintain reserves		-			423			(8	)		(29	)		(33	)		(1,931	)		55			(177	)
Net equity transactions		(164,647	)		77,930			(20,161	)		(323,641	)		4,990,813			(105,533	)		3,256,938			4,477,690
Net change in contract owners’ equity		(78,838	)		383,379			14,364			(161,210	)		5,064,695			543,308			3,363,130			12,988,309
Contract owners’ equity beginning of period		1,187,662			804,283			529,924			691,134			10,432,057			9,888,749			55,292,311			42,304,002
Contract owners’ equity end of period	$	1,108,824			1,187,662			544,288			529,924			15,496,752			10,432,057			58,655,441			55,292,311
CHANGES IN UNITS:
Beginning units		86,923			82,490			25,874			45,186			781,618			791,083			2,336,984			2,122,930
Units purchased		6,168			16,835			478			1,296			433,135			54,035			308,167			327,171
Units redeemed		(18,254	)		(12,402	)		(1,383	)		(20,607	)		(71,000	)		(57,787	)		(169,220	)		(128,486	)
Ending units		74,837			86,923			24,969			25,874			1,143,753			781,618			2,475,931			2,336,984

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	AVMCCI						ROCMC						ROCSC					RVARS
	2014			2013			2014			2013			2014		2013			2014			2013
Investment activity:
Net investment income (loss)	$	(2,438	)		5,546			(33,142	)		56,402			-		(2,663	)		-			-
Realized gain (loss) on investments		146,761			24,906			2,086,954			(454,604	)		-		382,956			5,608			(10	)
Change in unrealized gain (loss) on investments		(245,696	)		170,187			(3,532,392	)		4,935,996			-		(11,604	)		31,979			654
Reinvested capital gains		163,516			83,817			898,163			639,204			-		-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		62,143			284,456			(580,417	)		5,176,998			-		368,689			37,587			644
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		30,890			57,790			449,355			1,385,704			-		(54	)		2,638			108
Transfers between funds		(978,500	)		58,964			(13,109,103	)		(19,174,429	)		-		(2,703,962	)		653,181			167,949
Surrenders (note 6)		(824	)		(9,470	)		(389,245	)		(1,519,716	)		-		(28,834	)		(30,916	)		-
Death Benefits (note 4)		-			-			(94,486	)		(53,533	)		-		(3,612	)		(21,296	)		-
Net policy repayments (loans) (note 5)		(409	)		1			(14,376	)		(159	)		-		-			1,094			(365	)
Deductions for surrender charges (note 2d)		-			-			-			-			-		-			(15	)		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(24,011	)		(19,439	)		(209,094	)		(380,336	)		-		(10,914	)		(18,621	)		(140	)
Asset charges (note 3):
FPVUL & VEL contracts		(488	)		(184	)		(1,888	)		(2,508	)		-		-			(1,966	)		(45	)
MSP contracts		-			-			-			-			-		-			-			-
SL contracts or LSFP contracts		-			-			-			-			-		-			-			-
Adjustments to maintain reserves		7			9			50			(406	)		-		14			9			(5	)
Net equity transactions		(973,335	)		87,671			(13,368,787	)		(19,745,383	)		-		(2,747,362	)		584,108			167,502
Net change in contract owners’ equity		(911,192	)		372,127			(13,949,204	)		(14,568,385	)		-		(2,378,673	)		621,695			168,146
Contract owners’ equity beginning of period		1,353,655			981,528			25,228,360			39,796,745			-		2,378,673			168,146			-
Contract owners’ equity end of period	$	442,463			1,353,655			11,279,156			25,228,360			-		-			789,841			168,146
CHANGES IN UNITS:
Beginning units		71,330			66,547			803,412			1,529,776			-		184,649			16,822			-
Units purchased		9,009			8,339			16,674			51,434			-		-			66,059			16,878
Units redeemed		(58,075	)		(3,576	)		(447,692	)		(789,261	)		-		(184,327	)		(7,380	)		(56	)
Ending units		22,264			71,330			372,394			803,412			-		-			75,501			16,822

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	TREI2						TRHS2						TRLT1						TRMCG2
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	929,116			693,721			(26,405	)		(18,586	)		166,791			79,825			(69,963	)		(61,346	)
Realized gain (loss) on investments		4,887,583			4,603,810			2,472,225			1,391,919			(23,978	)		(27,862	)		510,221			(91,832	)
Change in unrealized gain (loss) on investments		(1,017,940	)		10,566,494			1,860,254			4,201,937			(84,132	)		84			(426,557	)		6,022,061
Reinvested capital gains		-			-			2,200,628			813,844			-			-			3,703,344			2,435,549
Net increase (decrease) in contract owners’ equity resulting from operations		4,798,759			15,864,025			6,506,702			6,389,114			58,681			52,047			3,717,045			8,304,432
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,711,491			2,299,641			478,949			516,924			937,323			876,849			3,459			174,153
Transfers between funds		(681,461	)		4,949,688			4,835,940			5,163,404			2,138,300			11,386,611			1,886,981			(817,593	)
Surrenders (note 6)		(1,589,117	)		(3,701,593	)		(788,993	)		(1,140,030	)		(341,616	)		-			(527,845	)		(721,634	)
Death Benefits (note 4)		(158,581	)		(145,356	)		(70,422	)		(28,005	)		(18,730	)		(1,357	)		(47,003	)		(42,490	)
Net policy repayments (loans) (note 5)		(617,772	)		(58,766	)		(194,972	)		(144,605	)		(254	)		(4,913	)		(784,182	)		-
Deductions for surrender charges (note 2d)		-			-			(175	)		(3,455	)		-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(926,505	)		(899,116	)		(548,869	)		(396,174	)		(245,700	)		(92,492	)		(262,964	)		(232,369	)
Asset charges (note 3):
FPVUL & VEL contracts		(3,828	)		(3,637	)		(30,329	)		(20,503	)		(647	)		(70	)		-			-
MSP contracts		-			-			(1,170	)		(569	)		-			-			-			-
SL contracts or LSFP contracts		-			-			(7,180	)		(4,161	)		-			-			-			-
Adjustments to maintain reserves		(35	)		(39	)		(4	)		73			(817	)		(390	)		(10	)		(267	)
Net equity transactions		(2,265,808	)		2,440,822			3,672,775			3,942,899			2,467,859			12,164,238			268,436			(1,640,200	)
Net change in contract owners’ equity		2,532,951			18,304,847			10,179,477			10,332,013			2,526,540			12,216,285			3,985,481			6,664,232
Contract owners’ equity beginning of period		71,406,961			53,102,114			20,956,747			10,624,734			14,598,839			2,382,554			30,393,507			23,729,275
Contract owners’ equity end of period	$	73,939,912			71,406,961			31,136,224			20,956,747			17,125,379			14,598,839			34,378,988			30,393,507
CHANGES IN UNITS:
Beginning units		2,898,250			2,782,361			898,513			685,053			1,416,096			230,839			767,584			815,148
Units purchased		186,501			333,397			176,543			299,224			309,917			1,194,900			48,971			6,643
Units redeemed		(276,881	)		(215,987	)		(56,676	)		(79,930	)		(71,531	)		(9,585	)		(45,930	)		(59,511	)
Ending units		2,807,870			2,898,250			1,018,380			898,513			1,654,482			1,416,096			770,625			767,584

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	TRNAG1						TRPSB1						TRBCGP						VWEM
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(82,845	)		(77,882	)		60,522			42,580			(34,148	)		(4,445	)		62,435			234,763
Realized gain (loss) on investments		2,964,721			1,813,457			175,013			216,051			799,474			35,795			229,245			1,206,280
Change in unrealized gain (loss) on investments		(5,225,005	)		4,278,696			(325,000	)		60,941			613,789			1,153,496			(2,083,461	)		147,621
Reinvested capital gains		6,100,244			6,309,586			280,636			228,295			-			-			1,689,114			-
Net increase (decrease) in contract owners’ equity resulting from operations		3,757,115			12,323,857			191,171			547,867			1,379,115			1,184,846			(102,667	)		1,588,664
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,071,712			2,669,976			163,629			177,625			1,276,292			634,015			282,444			305,443
Transfers between funds		(2,645,102	)		(1,245,070	)		593,004			(779,772	)		17,470,552			6,433,495			35,824			(389,385	)
Surrenders (note 6)		(1,225,580	)		(4,413,156	)		(604,561	)		(37,974	)		(481,979	)		(16,389	)		(525,276	)		(1,948,973	)
Death Benefits (note 4)		(55,835	)		(124,790	)		-			-			(6,231	)		-			(70,577	)		(78,540	)
Net policy repayments (loans) (note 5)		(1,010,012	)		(182,201	)		(24,024	)		(18,304	)		(12,111	)		(7,709	)		39,183			(55,213	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			(100	)		(28	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(634,292	)		(589,015	)		(45,069	)		(37,393	)		(215,513	)		(40,891	)		(367,220	)		(395,538	)
Asset charges (note 3):
FPVUL & VEL contracts		(12,713	)		(9,402	)		(918	)		(850	)		(1,068	)		(15	)		(24,875	)		(26,942	)
MSP contracts		-			-			-			-			-			-			(458	)		(436	)
SL contracts or LSFP contracts		-			-			-			-			-			-			(2,719	)		(2,961	)
Adjustments to maintain reserves		(53	)		(25	)		(7	)		4			(74	)		9			295			(278	)
Net equity transactions		(3,511,875	)		(3,893,683	)		82,054			(696,664	)		18,029,868			7,002,515			(633,479	)		(2,592,851	)
Net change in contract owners’ equity		245,240			8,430,174			273,225			(148,797	)		19,408,983			8,187,361			(736,146	)		(1,004,187	)
Contract owners’ equity beginning of period		42,869,299			34,439,125			3,840,044			3,988,841			8,267,392			80,031			14,745,182			15,749,369
Contract owners’ equity end of period	$	43,114,539			42,869,299			4,113,269			3,840,044			27,676,375			8,267,392			14,009,036			14,745,182
CHANGES IN UNITS:
Beginning units		1,851,100			2,050,836			250,814			306,888			578,648			7,887			354,185			421,121
Units purchased		182,934			175,102			51,461			23,461			1,339,071			575,917			18,314			13,831
Units redeemed		(328,178	)		(374,609	)		(46,321	)		(79,567	)		(141,038	)		(5,156	)		(36,174	)		(82,043	)
Ending units		1,705,856			1,851,100			255,954			250,814			1,776,681			578,648			336,325			354,185

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	VWHA						VVB						VVDV						VVI
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(16,603	)		236,691			120,704			106,590			325,473			292,454			63,250			57,115
Realized gain (loss) on investments		(2,957,193	)		(2,083,713	)		130,841			91,903			597,417			472,487			169,458			191,009
Change in unrealized gain (loss) on investments		(4,524,491	)		5,261,913			896			659,146			(83,044	)		3,069,193			(539,502	)		776,481
Reinvested capital gains		-			839,369			312,639			102,897			631,646			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(7,498,287	)		4,254,260			565,080			960,536			1,471,492			3,834,134			(306,794	)		1,024,605
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		3,646,479			4,209,550			397			86			1,756			(5	)		(381	)		420
Transfers between funds		(6,057,078	)		(4,980,878	)		675,779			863,355			(994,737	)		(149,295	)		(612,747	)		172,599
Surrenders (note 6)		(1,131,020	)		(2,524,046	)		(188,551	)		(187,350	)		(486,700	)		(504,950	)		(147,685	)		(161,926	)
Death Benefits (note 4)		(149,108	)		(131,168	)		(24,556	)		(15,094	)		(65,353	)		(43,478	)		(20,121	)		(13,944	)
Net policy repayments (loans) (note 5)		152,039			(118,715	)		-			-			-			-			-			-
Deductions for surrender charges (note 2d)		(39	)		(188	)		-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(674,768	)		(721,276	)		(48,558	)		(41,068	)		(124,903	)		(113,854	)		(38,810	)		(36,482	)
Asset charges (note 3):
FPVUL & VEL contracts		(29,565	)		(28,695	)		-			-			-			-			-			-
MSP contracts		(444	)		(607	)		-			-			-			-			-			-
SL contracts or LSFP contracts		(1,768	)		(2,117	)		-			-			-			-			-			-
Adjustments to maintain reserves		344			(127	)		19			12			(7	)		39			(9	)		5
Net equity transactions		(4,244,928	)		(4,298,267	)		414,530			619,941			(1,669,944	)		(811,543	)		(819,753	)		(39,328	)
Net change in contract owners’ equity		(11,743,215	)		(44,007	)		979,610			1,580,477			(198,452	)		3,022,591			(1,126,547	)		985,277
Contract owners’ equity beginning of period		42,783,280			42,827,287			6,138,829			4,558,352			16,598,693			13,576,102			5,423,630			4,438,353
Contract owners’ equity end of period	$	31,040,065			42,783,280			7,118,439			6,138,829			16,400,241			16,598,693			4,297,083			5,423,630
CHANGES IN UNITS:
Beginning units		877,892			956,384			418,598			371,867			1,192,808			1,259,787			468,254			471,330
Units purchased		137,648			111,388			41,226			79,574			-			-			-			21,034
Units redeemed		(205,647	)		(196,746	)		(17,009	)		(17,680	)		(117,538	)		(66,527	)		(72,536	)		(20,208	)
Ending units		809,893			877,892			442,815			418,598			1,075,270			1,192,808			395,718			468,254

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	VVMCI						VVREI						VVSTC						VVSCG
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	118,125			90,115			234,095			32,621			63,367			84,371			3,784			(3,417	)
Realized gain (loss) on investments		710,661			378,143			211,471			104,563			(347	)		9,592			54,739			8,811
Change in unrealized gain (loss) on investments		642,374			2,698,889			1,338,599			(182,073	)		(14,394	)		(93,450	)		(494,524	)		635,604
Reinvested capital gains		600,860			358,399			341,411			47,008			22,419			35,901			565,603			-
Net increase (decrease) in contract owners’ equity resulting from operations		2,072,020			3,525,546			2,125,576			2,119			71,045			36,414			129,602			640,998
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,800			441			534			97			29			41			265			280
Transfers between funds		(897,377	)		3,576,158			936,674			5,265,653			479,275			(1,102,440	)		(279,229	)		3,913,504
Surrenders (note 6)		(477,909	)		(406,015	)		(268,187	)		(117,312	)		(145,687	)		(137,742	)		(120,107	)		(69,300	)
Death Benefits (note 4)		(65,070	)		(31,483	)		(30,573	)		(5,562	)		(18,189	)		(14,631	)		(16,464	)		(4,690	)
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)		(124,908	)		(87,287	)		(64,138	)		(21,764	)		(37,261	)		(34,326	)		(33,042	)		(10,772	)
Asset charges (note 3):
FPVUL & VEL contracts		-			-			-			-			-			-			-			-
MSP contracts		-			-			-			-			-			-			-			-
SL contracts or LSFP contracts		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		22			15			27			(4	)		(2	)		(1	)		9			(6	)
Net equity transactions		(1,563,442	)		3,051,829			574,337			5,121,108			278,165			(1,289,099	)		(448,568	)		3,829,016
Net change in contract owners’ equity		508,578			6,577,375			2,699,913			5,123,227			349,210			(1,252,685	)		(318,966	)		4,470,014
Contract owners’ equity beginning of period		15,943,070			9,365,695			6,973,233			1,850,006			4,708,426			5,961,111			4,470,014			-
Contract owners’ equity end of period	$	16,451,648			15,943,070			9,673,146			6,973,233			5,057,636			4,708,426			4,151,048			4,470,014
CHANGES IN UNITS:
Beginning units		1,014,767			802,681			519,163			140,656			384,564			491,102			268,075			-
Units purchased		1			260,837			58,572			393,895			38,410			-			1			273,750
Units redeemed		(91,038	)		(36,764	)		(23,076	)		(10,633	)		(16,185	)		(98,003	)		(26,773	)		(5,674	)
Ending units		923,730			1,014,767			554,659			519,163			406,789			384,564			241,303			268,075

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	VVHGB						WRASP						WRGP						WRHIP
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	193,224			183,066			71,472			191,524			10,939			5,460			2,221,042			878,244
Realized gain (loss) on investments		14,190			(9,148	)		374,807			942,727			126,041			121,094			691,815			232,555
Change in unrealized gain (loss) on investments		293,818			(466,959	)		(3,378,624	)		2,417,541			(443,216	)		552,549			(3,088,798	)		686,039
Reinvested capital gains		31,188			88,628			2,065,017			-			748,240			183,681			346,314			-
Net increase (decrease) in contract owners’ equity resulting from operations		532,420			(204,413	)		(867,328	)		3,551,792			442,004			862,784			170,373			1,796,838
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		179			157			1,600,017			1,515,676			90,296			152,221			898,624			1,001,207
Transfers between funds		7,642,486			1,392,415			(395,349	)		(1,210,490	)		(471,816	)		437,243			21,651,550			7,522,418
Surrenders (note 6)		(261,986	)		(250,154	)		(1,105,842	)		(1,575,098	)		(25,989	)		(49,866	)		(862,661	)		(364,292	)
Death Benefits (note 4)		(33,185	)		(21,596	)		(46,322	)		(18,762	)		(2,993	)		-			(66,622	)		(67,406	)
Net policy repayments (loans) (note 5)		-			-			216,682			(114,235	)		-			-			(122,993	)		(29,033	)
Deductions for surrender charges (note 2d)		-			-			(4,391	)		(4,750	)		-			-			(12	)		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(77,076	)		(60,099	)		(521,311	)		(501,770	)		(57,052	)		(39,794	)		(457,269	)		(227,621	)
Asset charges (note 3):
FPVUL & VEL contracts		-			-			(40,359	)		(38,746	)		(1,330	)		(705	)		(8,169	)		(6,134	)
MSP contracts		-			-			(709	)		(791	)		-			-			-			-
SL contracts or LSFP contracts		-			-			(4,946	)		(3,943	)		-			-			-			-
Adjustments to maintain reserves		17			(7	)		(11	)		944			(19	)		(77	)		(15	)		41
Net equity transactions		7,270,435			1,060,716			(302,541	)		(1,951,965	)		(468,903	)		499,022			21,032,433			7,829,180
Net change in contract owners’ equity		7,802,855			856,303			(1,169,869	)		1,599,827			(26,899	)		1,361,806			21,202,806			9,626,018
Contract owners’ equity beginning of period		8,165,242			7,308,939			16,046,069			14,446,242			3,445,317			2,083,511			22,619,242			12,993,224
Contract owners’ equity end of period	$	15,968,097			8,165,242			14,876,200			16,046,069			3,418,418			3,445,317			43,822,048			22,619,242
CHANGES IN UNITS:
Beginning units		754,096			658,202			1,017,541			1,146,952			157,563			129,681			1,882,396			1,192,471
Units purchased		674,510			138,888			97,285			107,295			31,120			52,705			2,710,642			754,429
Units redeemed		(33,061	)		(30,701	)		(118,064	)		(236,754	)		(49,115	)		(24,936	)		(1,011,592	)		(63,905	)
Ending units		1,395,545			754,096			996,762			1,017,541			139,568			157,563			3,581,446			1,882,396

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	WRMCG						WRRESP						WRSTP						SVDF
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(4,692	)		(1,452	)		51,076			33,707			(25,619	)		(14,987	)		(18,913	)		(14,511	)
Realized gain (loss) on investments		138,981			42,020			89,230			368,285			2,006,514			459,432			996,564			925,691
Change in unrealized gain (loss) on investments		(49,812	)		181,201			1,080,802			(478,952	)		(2,971,725	)		3,351,161			(2,879,436	)		3,076,194
Reinvested capital gains		143,929			28,607			317,731			-			1,491,163			487,507			1,921,854			332,489
Net increase (decrease) in contract owners’ equity resulting from operations		228,406			250,376			1,538,839			(76,960	)		500,333			4,283,113			20,069			4,319,863
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		426,684			331,271			694,870			417,887			1,984,836			1,674,102			541,249			385,840
Transfers between funds		2,459,802			795,674			1,764,313			1,456,523			(866,920	)		6,080,245			224,573			1,193,820
Surrenders (note 6)		(20,111	)		(15,826	)		(41,449	)		(133,917	)		(419,799	)		(166,140	)		(264,087	)		(382,028	)
Death Benefits (note 4)		(38,952	)		-			(2,543	)		(3	)		(40,098	)		(27,305	)		(2,250	)		(375	)
Net policy repayments (loans) (note 5)		(1,133	)		(753	)		9,734			(30,170	)		(87,947	)		(135,780	)		(31,844	)		(16,042	)
Deductions for surrender charges (note 2d)		-			-			-			-			-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(66,502	)		(34,942	)		(134,884	)		(62,767	)		(353,394	)		(196,712	)		(149,289	)		(125,583	)
Asset charges (note 3):
FPVUL & VEL contracts		(2,318	)		(1,347	)		(6,614	)		(3,698	)		(12,526	)		(6,140	)		(10,152	)		(8,680	)
MSP contracts		-			-			-			-			-			-			-			-
SL contracts or LSFP contracts		-			-			-			-			-			-			-			-
Adjustments to maintain reserves		1			(12	)		(9	)		(14	)		12			324			(39	)		22
Net equity transactions		2,757,471			1,074,065			2,283,418			1,643,841			204,164			7,222,594			308,161			1,046,974
Net change in contract owners’ equity		2,985,877			1,324,441			3,822,257			1,566,881			704,497			11,505,707			328,230			5,366,837
Contract owners’ equity beginning of period		1,876,397			551,956			4,179,060			2,612,179			16,320,668			4,814,961			14,938,000			9,571,163
Contract owners’ equity end of period	$	4,862,274			1,876,397			8,001,317			4,179,060			17,025,165			16,320,668			15,266,230			14,938,000
CHANGES IN UNITS:
Beginning units		142,575			54,403			263,504			166,858			800,093			368,902			850,849			782,606
Units purchased		210,294			99,323			139,371			126,747			150,797			495,282			136,424			119,557
Units redeemed		(9,371	)		(11,147	)		(15,275	)		(30,077	)		(139,233	)		(36,699	)		(119,996	)		(51,674	)
Ending units		343,498			142,575			387,600			263,504			811,657			800,093			867,277			850,849

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	SVOF						WFVSCG						OVGS3						FTVDM3
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	(16,728	)		(1,812	)		(9,341	)		(11,343	)		-			242,423			-			87,415
Realized gain (loss) on investments		1,171,379			582,387			331,507			921,804			6,146,666			96,421			(178,966	)		84,348
Change in unrealized gain (loss) on investments		(168,935	)		1,857,479			(1,095,771	)		1,762,039			(6,116,637	)		3,957,292			71,446			(271,902	)
Reinvested capital gains		-			-			582,586			301,406			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		985,716			2,438,054			(191,019	)		2,973,906			30,029			4,296,136			(107,520	)		(100,139	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		242			53,001			405,791			453,669			508,370			1,610,215			66,349			192,570
Transfers between funds		(1,272,711	)		43,808			(576,049	)		(3,450,914	)		(19,643,906	)		1,051,472			(3,664,829	)		89,239
Surrenders (note 6)		(224,383	)		(665,930	)		(278,690	)		(402,545	)		(539,824	)		(1,583,344	)		(63,055	)		(326,656	)
Death Benefits (note 4)		(102,944	)		-			(23,380	)		(26,056	)		(25,068	)		(69,798	)		(6,826	)		(26,098	)
Net policy repayments (loans) (note 5)		-			-			(21,407	)		(103,059	)		(85,734	)		(62,134	)		(26,931	)		(26,764	)
Deductions for surrender charges (note 2d)		-			-			(151	)		(1,088	)		(891	)		(10,461	)		(98	)		(5,868	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(111,179	)		(108,867	)		(138,708	)		(155,552	)		(241,619	)		(701,101	)		(44,799	)		(155,674	)
Asset charges (note 3):
FPVUL & VEL contracts		-			-			(6,628	)		(6,642	)		(22,388	)		(63,101	)		(3,728	)		(12,898	)
MSP contracts		-			-			(27	)		(7	)		(1,933	)		(4,056	)		(263	)		(794	)
SL contracts or LSFP contracts		-			-			(1,110	)		(1,077	)		(2,849	)		(8,171	)		(665	)		(2,307	)
Adjustments to maintain reserves		(12	)		(132	)		(27	)		718			497			(112	)		(1	)		8
Net equity transactions		(1,710,987	)		(678,120	)		(640,386	)		(3,692,553	)		(20,055,345	)		159,409			(3,744,846	)		(275,242	)
Net change in contract owners’ equity		(725,271	)		1,759,934			(831,405	)		(718,647	)		(20,025,316	)		4,455,545			(3,852,366	)		(375,381	)
Contract owners’ equity beginning of period		9,949,773			8,189,839			7,209,362			7,928,009			20,025,316			15,569,771			3,852,366			4,227,747
Contract owners’ equity end of period	$	9,224,502			9,949,773			6,377,957			7,209,362			-			20,025,316			-			3,852,366
CHANGES IN UNITS:
Beginning units		451,113			483,311			431,204			712,536			967,069			957,445			201,488			218,972
Units purchased		398			41,125			50,266			42,128			22,603			138,713			4,474			22,767
Units redeemed		(71,817	)		(73,427	)		(91,685	)		(323,501	)		(989,672	)		(129,089	)		(205,962	)		(40,251	)
Ending units		379,694			451,113			389,785			431,204			-			967,069			-			201,488

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	TIF3						FTVGI3						CVSSE						HIBF3
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	-			159,967			-			568,963			205			(305	)		243,100			695,602
Realized gain (loss) on investments		1,775,372			128,513			(33,906	)		190,435			13,924			32,402			128,895			113,059
Change in unrealized gain (loss) on investments		(1,643,703	)		1,089,829			134,201			(733,691	)		(41,847	)		20,898			(21,354	)		(90,685	)
Reinvested capital gains		-			-			-			148,341			25,252			16,693			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		131,669			1,378,309			100,295			174,048			(2,466	)		69,688			350,641			717,976
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		86,421			267,462			75,421			385,136			-			253			149,058			541,309
Transfers between funds		(7,161,819	)		1,035,308			(10,989,799	)		(227,194	)		(284,825	)		(19,199	)		(10,809,650	)		(379,053	)
Surrenders (note 6)		(188,743	)		(513,558	)		(184,499	)		(979,530	)		-			(7,091	)		(296,168	)		(568,838	)
Death Benefits (note 4)		(6,601	)		(180,898	)		(2,971	)		(80,973	)		-			-			(23,683	)		(69,642	)
Net policy repayments (loans) (note 5)		11,449			16,238			22,772			(122,118	)		-			-			68,193			(17,264	)
Deductions for surrender charges (note 2d)		(516	)		(6,734	)		(167	)		(3,264	)		-			-			(429	)		(7,206	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(68,450	)		(200,254	)		(104,739	)		(363,501	)		(780	)		(2,124	)		(141,235	)		(438,307	)
Asset charges (note 3):
FPVUL & VEL contracts		(6,777	)		(18,674	)		(8,801	)		(29,470	)		-			-			(10,657	)		(32,936	)
MSP contracts		(92	)		(266	)		(272	)		(959	)		-			-			(267	)		(468	)
SL contracts or LSFP contracts		(1,151	)		(3,404	)		(1,286	)		(4,579	)		-			-			(2,107	)		(6,451	)
Adjustments to maintain reserves		(95	)		8			5			(6	)		7			(34	)		12			(17	)
Net equity transactions		(7,336,374	)		395,228			(11,194,336	)		(1,426,458	)		(285,598	)		(28,195	)		(11,066,933	)		(978,873	)
Net change in contract owners’ equity		(7,204,705	)		1,773,537			(11,094,041	)		(1,252,410	)		(288,064	)		41,493			(10,716,292	)		(260,897	)
Contract owners’ equity beginning of period		7,204,705			5,431,168			11,094,041			12,346,451			288,064			246,571			10,716,292			10,977,189
Contract owners’ equity end of period	$	-			7,204,705			-			11,094,041			-			288,064			-			10,716,292
CHANGES IN UNITS:
Beginning units		395,070			366,253			535,931			606,188			11,383			12,766			588,722			644,890
Units purchased		5,003			82,357			3,886			19,511			1,258			1,001			10,343			69,446
Units redeemed		(400,073	)		(53,540	)		(539,817	)		(89,768	)		(12,641	)		(2,383	)		(599,065	)		(125,614	)
Ending units		-			395,070			-			535,931			-			11,383			-			588,722

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GEM3						GIG3						GVIX6						NVMIG3
	2014			2013			2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	38,274			103,268			86,236			19,593			26,047			42,414			194,083			203,534
Realized gain (loss) on investments		143,427			644,378			820,978			247,716			258,867			18,449			5,975,888			547,969
Change in unrealized gain (loss) on investments		(469,408	)		(753,364	)		(829,620	)		353,652			(261,062	)		208,279			(5,991,197	)		2,417,328
Reinvested capital gains		-			-			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(287,707	)		(5,718	)		77,594			620,961			23,852			269,142			178,774			3,168,831
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		176,345			610,799			43,348			178,901			24,173			119,659			250,196			822,569
Transfers between funds		(8,504,376	)		(255,428	)		(4,227,349	)		356,784			(1,757,795	)		400,365			(17,120,971	)		(154,969	)
Surrenders (note 6)		(109,584	)		(584,469	)		(130,298	)		(300,797	)		(1,973	)		(33,035	)		(363,368	)		(1,374,241	)
Death Benefits (note 4)		(15,161	)		(8,931	)		(9,858	)		(32,989	)		-			-			(32,750	)		(51,952	)
Net policy repayments (loans) (note 5)		29,637			32,935			4,368			2,021			468			8,956			(62,219	)		47,494
Deductions for surrender charges (note 2d)		(330	)		(10,334	)		(13	)		(2,108	)		-			(4,140	)		(142	)		(4,248	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(102,112	)		(370,262	)		(36,950	)		(120,620	)		(9,335	)		(28,227	)		(239,683	)		(758,820	)
Asset charges (note 3):
FPVUL & VEL contracts		(7,945	)		(27,706	)		(3,638	)		(11,529	)		(818	)		(1,922	)		(18,976	)		(58,948	)
MSP contracts		(2,047	)		(6,527	)		(260	)		(863	)		(16	)		(57	)		(793	)		(2,322	)
SL contracts or LSFP contracts		(1,214	)		(4,480	)		(535	)		(1,315	)		(633	)		(1,741	)		(1,762	)		(5,207	)
Adjustments to maintain reserves		278			(2	)		1			1			4			1			3			(8	)
Net equity transactions		(8,536,509	)		(624,405	)		(4,361,184	)		67,486			(1,745,925	)		459,859			(17,590,465	)		(1,540,652	)
Net change in contract owners’ equity		(8,824,216	)		(630,123	)		(4,283,590	)		688,447			(1,722,073	)		729,001			(17,411,691	)		1,628,179
Contract owners’ equity beginning of period		8,824,216			9,454,339			4,283,590			3,595,143			1,722,073			993,072			17,411,691			15,783,512
Contract owners’ equity end of period	$	-			8,824,216			-			4,283,590			-			1,722,073			-			17,411,691
CHANGES IN UNITS:
Beginning units		452,954			488,948			430,241			425,415			145,428			101,703			1,431,105			1,574,138
Units purchased		12,594			34,579			4,878			60,158			2,150			49,650			23,713			93,743
Units redeemed		(465,548	)		(70,572	)		(435,119	)		(55,332	)		(147,578	)		(5,925	)		(1,454,818	)		(236,775	)
Ending units		-			452,954			-			430,241			-			145,428			-			1,431,105

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

	GVDIV3						ACVVS1						OGGO
	2014			2013			2014			2013			2014			2013
Investment activity:
Net investment income (loss)	$	128,266			118,054			(939	)		(2,680	)		(7,440	)		(5,261	)
Realized gain (loss) on investments		417,375			(419,461	)		208,032			382,804			245,602			481,260
Change in unrealized gain (loss) on investments		(581,553	)		1,316,337			(421,378	)		17,162			(1,093,736	)		601,579
Reinvested capital gains		-			-			177,380			-			1,263,769			206,668
Net increase (decrease) in contract owners’ equity resulting from operations		(35,912	)		1,014,930			(36,905	)		397,286			408,195			1,284,246
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		67,956			309,924			36,911			71,452			11,898			34,007
Transfers between funds		(5,511,020	)		(101,592	)		(1,654,580	)		3,904			(4,395,552	)		(88,234	)
Surrenders (note 6)		(31,743	)		(291,643	)		-			(530,253	)		(20,928	)		(273,605	)
Death Benefits (note 4)		(4,168	)		(18,008	)		(19,785	)		(8,757	)		-			(22,439	)
Net policy repayments (loans) (note 5)		(8,032	)		(9,875	)		-			-			3,188			-
Deductions for surrender charges (note 2d)		(188	)		(4,489	)		-			-			-			-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(58,810	)		(187,173	)		(9,425	)		(34,405	)		(42,923	)		(43,534	)
Asset charges (note 3):
FPVUL & VEL contracts		(5,759	)		(17,743	)		(80	)		(152	)		-			-
MSP contracts		(61	)		(196	)		251			(73	)		-			-
SL contracts or LSFP contracts		(889	)		(2,680	)		-			-			-			-
Adjustments to maintain reserves		(116	)		17			3			(17	)		(42	)		(109	)
Net equity transactions		(5,552,830	)		(323,458	)		(1,646,705	)		(498,301	)		(4,444,359	)		(393,914	)
Net change in contract owners’ equity		(5,588,742	)		691,472			(1,683,610	)		(101,015	)		(4,036,164	)		890,332
Contract owners’ equity beginning of period		5,588,742			4,897,270			1,683,610			1,784,625			4,036,164			3,145,832
Contract owners’ equity end of period	$	-			5,588,742			-			1,683,610			-			4,036,164
CHANGES IN UNITS:
Beginning units		437,468			465,460			90,579			124,668			125,039			139,414
Units purchased		6,916			34,634			2,351			8,852			371			7,972
Units redeemed		(444,384	)		(62,626	)		(92,930	)		(42,942	)		(125,410	)		(22,346	)
Ending units		-			437,468			-			90,579			-			125,039

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

(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 Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. 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:

ALLIANCE BERNSTEIN FUNDS

  VPS Dynamic Asset Allocation Portfolio - Class A (ALVDAA)

AMERICAN CENTURY INVESTORS, INC.

  VP Inflation Protection Fund - Class I (ACVIP1)

AMERICAN FUNDS GROUP (THE)

  Asset Allocation Fund - Class 2 (AMVAA2)

  Bond Fund - Class 2 (AMVBD2)

  Global Small Capitalization Fund - Class 2 (AMVGS2)

  Growth Fund - Class 2 (AMVGR2)

  International Fund - Class 2 (AMVI2)

BLACKROCK FUNDS

  Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund- Class  I (BRVHYI)

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

  Global Allocation V.I. Fund - Class II (MLVGA2)

CALVERT GROUP

  VP S&P 500 Index Portfolio (CVSPIP)

DAVIS FUNDS

  Value Portfolio (DAVVL)

DELAWARE GROUP

  VIP Emerging Markets Series: Service Class (DWVEMS)

  VIP Small Cap Value Series: Service Class (DWVSVS)

DREYFUS CORPORATION

  Stock Index Fund, Inc. - Initial Shares (DSIF)

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

  Socially Responsible Growth Fund Inc - Initial Shares (DSRG)

EATON VANCE FUNDS

  Floating-Rate Income Fund (ETVFR)

FIDELITY INVESTMENTS

  VIP Freedom Fund 2015 Portfolio: Service Class 2 (FF15S2)*

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

  VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

  Goldman Sachs Global Markets Navigator Fund - Service Shares (GVGMNS)

INVESCO INVESTMENTS

  Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)

  Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

  Mid Cap Value Portfolio: Class 1 (JPMMV1)

  Insurance Trust Core Bond Portfolio: Class 1 (OGBDP)*

  Insurance Trust Intrepid Mid Cap Portfolio: Class 1 (OGDMP)*

  Insurance Trust U.S. Equity Portfolio: Class 1 (OGDEP)*

JANUS FUNDS

  Balanced Portfolio: Service Shares (JABS)

  Flexible Bond Portfolio: Service Shares (JAFBS)

  Forty Portfolio: Service Shares (JACAS)

  Global Technology Portfolio: Service Shares (JAGTS)

  Overseas Portfolio: Service Shares (JAIGS)

  Perkins Mid Cap Value Portfolio: Service Shares (JAMVS)

LAZARD FUNDS

  Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)

LORD ABBETT FUNDS

  Series Fund - Bond Debenture Portfolio - Class VC (LOVBD)*

  Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)

M FUNDS

  M Large Cap Value Fund (MFBOV)*

  M Capital Appreciation Fund (MFFCA)*

  M International Equity Fund (MFBIE)*

  M Large Cap Growth Fund (MFTCG)*

MASSACHUSETTS FINANCIAL SERVICES CO.

  VIT II - MFS Blended Research Core Equity Portfolio- Service Class  (MVBRES)*

  Investors Growth Stock Series - Initial Class (MIGIC)

  MFS Bond Portfolio - Service Class (MVBDS)*

  Variable Insurance Trust - MFS New Discovery Series - Intital Class  (MNDIC)

  New Discovery Series - Service Class (MNDSC)

  Research International Series - Service Class (MVRISC)

  Value Series - Initial Class (MVFIC)

  Value Series - Service Class (MVFSC)

  Variable Insurance Trust II - MFS International Value Portfolio -  Service Class (MVIVSC)

MORGAN STANLEY

  Core Plus Fixed Income Portfolio - Class I (MSVFI)

  Emerging Markets Debt Portfolio - Class I (MSEM)

  Emerging Markets Debt Portfolio - Class II (MSEMB)*

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

  Global Real Estate Portfolio - Class II (VKVGR2)

  Mid Cap Growth Portfolio - Class II (MSVMG2)*

  Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I  (MSVMG)

  Universal Institutional Funds, Inc. - Growth Portfolio - Class I (MSVEG)

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

NATIONWIDE FUNDS GROUP

  NVIT International Index Fund Class I (NVIX)

  NVIT Bond Index Fund Class I (NVBX)

  NVIT Cardinal Managed Growth Class I (NCPG)

  NVIT Cardinal Managed Growth and Income Class I (NCPGI)*

  NVIT Investor Destinations Managed Growth Class I (IDPG)*

  NVIT Investor Destinations Managed Growth and Income Class I (IDPGI)

  American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)

  American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)

  American Funds NVIT Bond Fund - Class II (GVABD2)

  American Funds NVIT Global Growth Fund - Class II (GVAGG2)

  American Funds NVIT Growth Fund - Class II (GVAGR2)

  American Funds NVIT Growth-Income Fund - Class II (GVAGI2)

  Federated NVIT High Income Bond Fund - Class I (HIBF)

  NVIT Emerging Markets Fund - Class I (GEM)

  NVIT International Equity Fund - Class I (GIG)

  Variable Insurance Trust: NVIT International Equity Fund - Class VI (NVIE6)

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

  Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)

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

  NVIT Cardinal Aggressive Fund - Class I (NVCRA1)

  NVIT Cardinal Balanced Fund - Class I (NVCRB1)

  NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)

  NVIT Cardinal Conservative Fund - Class I (NVCCN1)

  NVIT Cardinal Moderate Fund - Class I (NVCMD1)

  NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)

  NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)

  NVIT Core Bond Fund - Class I (NVCBD1)

  NVIT Core Plus Bond Fund - Class I (NVLCP1)

  NVIT Nationwide Fund - Class I (TRF)

  NVIT Government Bond Fund - Class I (GBF)

  American Century NVIT Growth Fund - Class I (CAF)

  NVIT International Index Fund - Class II (GVIX2)

  NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)

  NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)

  NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)

  NVIT Investor Destinations Conservative Fund - Class II (GVIDC)

  NVIT Investor Destinations Moderate Fund - Class II (GVIDM)

  NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)

  NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)

  NVIT Mid Cap Index Fund - Class I (MCIF)

  NVIT Mid Cap Index Fund - Class II (MCIF2)*

  NVIT Money Market Fund - Class I (SAM)

  NVIT Money Market Fund - Class V (SAM5)

  NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)

  NVIT Multi-Manager International Value Fund - Class I (GVDIVI)

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

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

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

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

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

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

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

  NVIT Multi-Manager Small Company Fund - Class I (SCF)

  NVIT Multi-Sector Bond Fund - Class I (MSBF)

  NVIT Short Term Bond Fund - Class I (NVSTB1)

  NVIT Short Term Bond Fund - Class II (NVSTB2)

  NVIT Large Cap Growth Fund - Class I (NVOLG1)

  Templeton NVIT International Value Fund - Class III (NVTIV3)

  Invesco NVIT Comstock Value Fund - Class I (EIF)

  NVIT Real Estate Fund - Class I (NVRE1)

  Loring Ward NVIT Capital Appreciation Fund - Class P (NVLCAP)

  Loring Ward NVIT Moderate Fund - Class P (NVLMP)

  NVIT Small Cap Index Fund Class II (NVSIX2)

  NVIT S&P 500 Index Fund Class I (GVEX1)

NORTHERN LIGHTS

  TOPS Managed Risk Balanced ETF Portfolio - Class 3 (NOTB3)*

  TOPS Managed Risk Growth ETF Portfolio - Class 3 (NOTG3)*

  TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3 (NOTMG3)

PORTFOLIOS OF THE ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC

  VPS Growth and Income Portfolio - Class A (ALVGIA)

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

  VPS International Value Portfolio - Class A (ALVIVA)

  VPS International Value Portfolio - Class B (ALVIVB)*

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

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

PORTFOLIOS OF THE AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.

  VP Capital Appreciation Fund - Class I (ACVCA)

  VP Income & Growth Fund - Class I (ACVIG)

  VP Inflation Protection Fund - Class II (ACVIP2)

  VP International Fund - Class I (ACVI)

  VP International Fund - Class III (ACVI3)*

(Continued)

NATIONWIDE VLI SEPERATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS

December 31, 2014

  VP Mid Cap Value Fund - Class I (ACVMV1)

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

  VP Ultra(R) Fund - Class I (ACVU1)

  VP Value Fund - Class I (ACVV)

  VP Value Fund - Class II (ACVV2)*

PORTFOLIOS OF THE DREYFUS INVESTMENT PORTFOLIOS

  MidCap Stock Portfolio - Initial Shares (DVMCS)

  Small Cap Stock Index Portfolio - Service Shares (DVSCS)

PORTFOLIOS OF THE DREYFUS VARIABLE INVESTMENT FUND

  Appreciation Portfolio - Initial Shares (DCAP)

  Appreciation Portfolio - Service Shares (DCAPS)*

  Opportunistic Small Cap Portfolio: Initial Shares (DSC)

  International Value Portfolio - Initial Shares (DVIV)

PORTFOLIOS OF THE DWS INVESTMENTS VARIABLE INSURANCE TRUST

  Small Cap Index VIP - Class A (BISCI)*

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

  Variable Series II - DWS Large Cap Value VIP - Class B (SVSLVB)

PORTFOLIOS OF THE FEDERATED INSURANCE SERIES

  Managed Tail Risk Fund II: Primary Shares (FVCA2P)

  Quality Bond Fund II - Primary Shares (FQB)

  Quality Bond Fund II - Service Shares (FQBS)*

PORTFOLIOS OF THE FIDELITY(R) VARIABLE INSURANCE PRODUCTS

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

  VIP Energy Portfolio - Service Class 2 (FNRS2)

  VIP Equity-Income Portfolio - Service Class (FEIS)

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

  VIP Freedom Fund 2010 Portfolio - Service Class (FF10S)

  VIP Freedom Fund 2020 Portfolio - Service Class (FF20S)

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

  VIP Freedom Fund 2030 Portfolio - Service Class (FF30S)

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

  VIP Freedom Income Fund Portfolio - Service Class (FFINS)

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

  VIP Growth Opportunities Portfolio - Service Class (FGOS)

  VIP Growth Portfolio - Service Class (FGS)

  VIP Growth Portfolio - Service Class 2 (FG2)*

  VIP High Income Portfolio - Service Class (FHIS)

  VIP High Income Portfolio - Service Class R (FHISR)

  VIP Index 500 Portfolio - Initial Class (FIP)

  VIP Investment Grade Bond Portfolio - Service Class (FIGBS)

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

  VIP Mid Cap Portfolio - Service Class (FMCS)

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

  VIP Overseas Portfolio - Service Class (FOS)

  VIP Overseas Portfolio - Service Class R (FOSR)

  VIP Value Strategies Portfolio - Service Class (FVSS)

  VIP Fidelity VIP Freedom Fund 2005 Portfolio - Service Class (FF05S)

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

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

  VIP Fidelity VIP Freedom Fund 2025 Portfolio - Service Class 2  (FF25S2)*

  VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class (FF40S)

  VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class 2  (FF40S2)*

PORTFOLIOS OF THE FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRU

  Franklin Income Securities Fund - Class 2 (FTVIS2)

  Rising Dividends Securities Fund - Class 1 (FTVRDI)

  Small Cap Value Securities Fund - Class 1 (FTVSVI)

  Small Cap Value Securities Fund - Class 2 (FTVSV2)

  Mutual Global Discovery Securities Fund - Class 2 (FTVMD2)

  Templeton Developing Markets Securities Fund - Class 2 (FTVDM2)

  Templeton Foreign Securities Fund - Class 1 (TIF)

  Templeton Foreign Securities Fund - Class 2 (TIF2)

  Templeton Global Bond Securities Fund - Class 2 (FTVGI2)

  VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)

PORTFOLIOS OF THE GOLDMAN SACHS VARIABLE INSURANCE TRUST

  Mid Cap Value- Institutional Shares (GVMCE)

  Goldman Sachs Structured Small Cap Equity Fund (GVCSE)

  VIT Growth Opportunities Fund - Service Shares (GVGOPS)

PORTFOLIOS OF THE LEGG MASON PARTNERS VARIABLE EQUITY TRUST

  ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)

PORTFOLIOS OF THE LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

  Baron Growth Opportunities Fund Service Class (BNCAI)

PORTFOLIOS OF THE NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

  Short Duration Bond Portfolio - I Class Shares (AMTB)

  Guardian Portfolio - I Class Shares (AMGP)

  International Portfolio - S Class Shares (AMINS)*

  Mid-Cap Growth Portfolio - I Class Shares (AMCG)

  Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)

  Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class I  (AMRI)

  Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class S  (AMRS)*

  Small-Cap Growth Portfolio - S Class Shares (AMFAS)

  Socially Responsive Portfolio - I Class Shares (AMSRS)

PORTFOLIOS OF THE OPPENHEIMER VARIABLE ACCOUNT FUNDS

  Oppenheimer Capital Appreciation Fund/VA - Service Class (OVCAFS)*

  Capital Appreciation Fund/VA - Non-Service Shares (OVGR)

  Global Securities Fund/VA - Non-Service Shares (OVGS)

  Global Securities Fund/VA - Service Class (OVGSS)*

  International Growth Fund/VA - Non-Service Shares (OVIG)

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

  Main Street Fund(R)/VA - Non-Service Shares (OVGI)

  Main Street Small- & Mid-Cap Fund(R)/VA - Non-Service Shares (OVSC)

  Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)

  Global Strategic Income Fund/VA: Non-service Shares (OVSB)

PORTFOLIOS OF THE PIMCO VARIABLE INSURANCE TRUST

  All Asset Portfolio - Administrative Class (PMVAAA)

  CommodityRealReturn(R) Strategy Portfolio - Administrative Class (PMVRSA)

  Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)

  Long-Term U.S. Government Portfolio - Administrative Class (PMVLGA)

  Low Duration Portfolio - Administrative Class (PMVLDA)

  Real Return Portfolio - Administrative Class (PMVRRA)

  Total Return Portfolio - Administrative Class (PMVTRA)

PORTFOLIOS OF THE PIONEER VARIABLE CONTRACTS TRUST

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

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

  Pioneer High Yield VCT Portfolio - Class II Shares (PIHYB2)*

PORTFOLIOS OF THE PUTNAM VARIABLE TRUST

  VT Growth & Income Fund: Class IB (PVGIB)

  VT International Equity Fund: Class IB (PVTIGB)

  VT Small Cap Value Fund: Class IB (PVTSCB)

  VT Voyager Fund: Class IB (PVTVB)

PORTFOLIOS OF THE INVESCO INVESTMENTS TRUST

  VI American Franchise Fund - Series II Shares (ACEG2)*

  VI Growth and Income Fund - Series I Shares (ACGI)

  VI Growth and Income Fund - Series II Shares (VKLGI2)*

  VI American Value Fund: Series I Shares (MSVMV)*

  VI American Franchise Fund - Series I Shares (ACEG)

  VI Value Opportunities Fund - Series I Shares (AVBVI)

  VI High Yield Fund - Series I Shares (AVHY1)

  VI International Growth Fund - Series I Shares (AVIE)

  VI Mid Cap Core Equity Fund: Series I Shares (AVMCCI)

  VI Small Cap Equity Fund - Series I Shares (AVSCE)*

ROYCE CAPITAL FUNDS

  Micro-Cap Portfolio - Investment Class (ROCMC)

  Small-Cap Portfolio - Investment Class (ROCSC)*

GUGGENHEIM INVESTMENTS

  Variable Fund - Multi-Hedge Strategies (RVARS)

T. ROWE PRICE

  Blue Chip Growth Portfolio - II (TRBCG2)*

  Equity Income Portfolio - II (TREI2)

  Health Sciences Portfolio - II (TRHS2)

  Limited-Term Bond Portfolio (TRLT1)

  Limited-Term Bond Portfolio - II (TRLT2)*

  Mid-Cap Growth Portfolio - II (TRMCG2)

  New America Growth Portfolio (TRNAG1)

  Personal Strategy Balanced Portfolio (TRPSB1)

  Blue Chip Growth Portfolio (TRBCGP)

VAN ECK ASSOCIATES CORPORATION

  VIP Trust Emerging Markets Fund - Initial Class (VWEM)

  VIP Trust Global Hard Assets Fund - Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

  Variable Insurance Fund - Balanced Portfolio (VVB)

  Variable Insurance Fund - Diversified Value Portfolio (VVDV)

  Variable Insurance Fund - International Portfolio (VVI)

  Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

  Variable Insurance Fund - REIT Index Portfolio (VVREI)

  Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

  Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

  Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

WADDELL & REED, INC.

  Variable Insurance Portfolios - Asset Strategy (WRASP)

  Variable Insurance Portfolios - Growth (WRGP)

  Variable Insurance Portfolios - High Income (WRHIP)

  Variable Insurance Portfolios - Mid Cap Growth (WRMCG)

  Variable Insurance Portfolios - Real Estate Securities (WRRESP)

  Variable Insurance Portfolios - Science and Technology (WRSTP)

WELLS FARGO FUNDS

  Advantage VT Discovery Fund (SVDF)

  Advantage VT Opportunity Fund - Class 2 (SVOF)

  Advantage VT Small Cap Growth Fund - Class 2 (WFVSCG)

*At December 31, 2014, 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. 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 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.

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

The Company allocates purchase payments to sub-accounts and/or the fixed account as instructed by the contract owner. Shares of the sub-accounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing net asset value per share at December 31, 2014 of such funds. 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 Standards

On January 1, 2014, the Company adopted Accounting Standards Update (ASU) 2013-08, which amends existing guidance in ASC 946, Financial Services – Investment Companies. The amended guidance modifies the definition of investment companies and requires new disclosures around the status of investment companies. In addition, the guidance requires an investment company to measure its noncontrolling interests in another investment company at fair value rather than the equity method of accounting. The adoption of this guidance resulted in increased disclosures only and had no impact on the Account’s financial statements.

(g) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were issued with the SEC.

(2) Policy Charges

(a) Deductions from Premium

For individual flexible premium and survivorship contracts, the Company deducts a minimum of 4.0% to a maximum of 8.5% 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 from each premium payment received to compensate us for our sales expenses and premium taxes, and certain actual expenses, including acquisition costs. 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.

For Future Corporate Flexible Premium Variable Universal Life this charge is guaranteed not to exceed 12% from each premium payment received.

For Future Executive 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, 2014 and 2013, total front-end sales charge deductions were $12,292,497 and $ 13,396,183, 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 The Best of America® Next Generation, ChoiceLifeSM and all flexible premium survivorship contracts, the Company currently deducts a minimum monthly administration charge (for ProtectionSM flexible premium contracts this is known as the “monthly expense 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 The Best of America® Last Survivorship II and The Best of America® ChoiceLife Survivorship Life contracts, there is an additional administrative (per specified amount) charge assessed to reimburse us for sales, underwriting, distribution and issuance costs. This charge is deducted from the policy’s Cash Value. During the first ten years from the Policy Date, the current monthly charge is $0.04 per $1,000 of Specified Amount, subject to a minimum charge of $20 and a maximum charge of $80 per month. These rates represent the maximum guaranteed charge for all years. After the tenth year from the Policy Date, the current monthly charge is $0.02 per $1,000 of Specified Amount with a $10 minimum and $40 maximum charge.

For The Best of America® ChoiceLifeSM Survivorship II, Next GenerationSM Survivorship Life, The Best of America® Protection Survivorship Life and The Best of America® ChoiceLifeSM Protection 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 modified single preimum 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.

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

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 monthly charge $5 per policy in all policy years (guaranteed not to exceed $10 per policy). We also deduct a per $1,000 of specified amount charge to compensate us for sales, underwriting, distribution and issuance of the policy. This charge is assessed monthly against each contract by liquidating units. This charge varies depending on the total specified amount. For Future Corporate Flexible Premium Variable Universal Life, the Company deducts a per $1,000 of specified amount that will not exceed $0.40 per $1,000 of specified amount, unless the policy is issued in the state of New York with an application signed on or after January 2, 2010, where the maximum guaranteed charge is $0.085 of specified amount. For Next Generation Corporate Owned Flexible Premium Variable Universal Life and Future Executive Corporate Flexible Premium Variable Universal Life the Company deducts a per $1,000 of specified amount charge that will not exceed $0.40 per $1,000 of specified amount.

(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 (such as Variable Executive Life), the charge is 100% of the initial surrender charge in the first year, and declines a specified amount in subsequent years 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.

For the Corporate Series, 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. In policy years 1- 10, the Company also deducts a charge equal to the annualized rate of 0.50% of the cash surrender value of the sub-accounts to remiburse us for taxes imposed by federal, state and local governments. These charges are assessed monthly against each contract by liquidating units.

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

For Best of America® The Next Generation and ChoiceLifeSM 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. Beginning in policy year sixteen, 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, 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 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 The Best of America® Last Survivorship II and The Best of America® ChoiceLife Survivorship contracts, during the first ten policy years, the Company deducts a charge of $0.46 per $1,000 on the 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 The Best of America® 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 The Best of America® 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 (LSFP)

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 policies issued on or after January 1, 2009. This charge is guaranteed not to exceed an annualized rate of 0.75% of the daily net assets of the Account for policies issued prior to January 1, 2009. 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 Future Executive 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. 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 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.

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

(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 contract owners, as applicable, on the accompanying Statements of Change in Contract Owner’s 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, 2014 and 2013, total transfers into the Account from the fixed account were $50,889,251 and $42,629,669, respectively, and total transfers from the Account to the fixed account were $72,081,458 and $80,557,562, respectively.

(7) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, 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 FASB ASC 820, 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 Account categorizes financial assets recorded at fair value as follows:

• Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

• Level 2 – Unadjusted quoted prices for similar assets or liabilities 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.

• Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The Account recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between Level 1 and 2 as of December 31, 2014.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014:

	Level 1		Level 2	Level 3	Total
Separate Account Investments	$	4,739,479,698	$                -	$                -	$	4,739,479,698

The cost of purchases and proceeds from sales of investments for the year ended December 31, 2014 are as follows:

	Purchases of Investments		Sales of Investments
VPS Dynamic Asset Allocation Portfolio - Class A (ALVDAA)	$	25,877	$	162,980
VP Inflation Protection Fund - Class I (ACVIP1)		540,772		88,144
Asset Allocation Fund - Class 2 (AMVAA2)		1,136,935		1,909,010
Bond Fund - Class 2 (AMVBD2)		72,042,358		142,496
Global Small Capitalization Fund - Class 2 (AMVGS2)		983,722		957,915
Growth Fund - Class 2 (AMVGR2)		4,072,449		3,530,004
International Fund - Class 2 (AMVI2)		2,222,357		853,331
Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund- Class I (BRVHYI)		508,924		368
Large Cap Core V.I. Fund - Class II (MLVLC2)		849,894		664,673
Global Allocation V.I. Fund - Class II (MLVGA2)		2,591,406		1,112,667
VP S&P 500 Index Portfolio (CVSPIP)		633,490		158,104
Value Portfolio (DAVVL)		1,156,524		499,527
VIP Emerging Markets Series: Service Class (DWVEMS)		930,057		98,844
VIP Small Cap Value Series: Service Class (DWVSVS)		7,692,174		3,388,896
Stock Index Fund, Inc. - Initial Shares (DSIF)		74,625,751		42,977,192
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)		1,336,865		1,058,925
Floating-Rate Income Fund (ETVFR)		47,920,307		4,874,656
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)		14,256,810		1,858,105
Goldman Sachs Global Markets Navigator Fund - Service Shares (GVGMNS)		29,492		34,474
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)		1,209,994		929,909
Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)		409,421		1,269
Mid Cap Growth Portfolio- Class 1 (obsolete) (OGGO)		1,949,519		5,140,473
Mid Cap Value Portfolio: Class 1 (JPMMV1)		4,822,875		1,413,044
Balanced Portfolio: Service Shares (JABS)		6,401,460		2,675,424
Flexible Bond Portfolio: Service Shares (JAFBS)		5,535,321		1,095,057
Forty Portfolio: Service Shares (JACAS)		18,058,388		9,936,816
Global Technology Portfolio: Service Shares (JAGTS)		2,647,753		2,239,571
Overseas Portfolio: Service Shares (JAIGS)		5,974,134		8,319,294
Perkins Mid Cap Value Portfolio: Service Shares (JAMVS)		1,308,416		1,196,097
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)		9,770,236		4,419,813
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)		224,551		718,774
Investors Growth Stock Series - Initial Class (MIGIC)		362,975		812,405
Variable Insurance Trust - MFS New Discovery Series - Intital Class (MNDIC)		293,699		377,450
New Discovery Series - Service Class (MNDSC)		863,494		1,537,481
Research International Series - Service Class (MVRISC)		432,937		1,826,238
Value Series - Initial Class (MVFIC)		1,191,708		2,340,223
Value Series - Service Class (MVFSC)		6,864,759		9,998,023
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)		13,638,047		9,485,516
Core Plus Fixed Income Portfolio - Class I (MSVFI)		402,690		529,051
Emerging Markets Debt Portfolio - Class I (MSEM)		3,916,304		2,547,917

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

Global Real Estate Portfolio - Class II (VKVGR2)	$	2,448,755	$	1,045,498
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)		4,732,466		3,347,321
Universal Institutional Funds, Inc. - Growth Portfolio - Class I (MSVEG)		447,814		721,266
U.S. Real Estate Portfolio - Class I (MSVRE)		3,362,314		4,436,453
NVIT International Index Fund Class I (NVIX)		13,709,382		1,085,653
NVIT Bond Index Fund Class I (NVBX)		58,713,953		129,716
NVIT Cardinal Managed Growth Class I (NCPG)		45,427		815
NVIT Investor Destinations Managed Growth and Income Class I (IDPGI)		15		9
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)		6,146,719		4,686,523
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)		1,688,998		1,554,782
American Funds NVIT Bond Fund - Class II (GVABD2)		220,154		255,366
American Funds NVIT Global Growth Fund - Class II (GVAGG2)		1,349,357		1,643,343
American Funds NVIT Growth Fund - Class II (GVAGR2)		652,313		1,821,967
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)		218,276		332,322
Federated NVIT High Income Bond Fund - Class I (HIBF)		17,917,062		13,177,586
NVIT Emerging Markets Fund - Class I (GEM)		10,621,904		5,028,469
NVIT International Equity Fund - Class I (GIG)		10,445,757		7,035,539
Variable Insurance Trust: NVIT International Equity Fund - Class VI (NVIE6)		10,101		21,200
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)		3,088,066		1,777,244
Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)		501,487		1,155,404
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)		1,768,428		1,040,072
NVIT Cardinal Balanced Fund - Class I (NVCRB1)		11,487,617		3,511,233
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)		2,388,894		2,036,302
NVIT Cardinal Conservative Fund - Class I (NVCCN1)		3,500,517		2,448,500
NVIT Cardinal Moderate Fund - Class I (NVCMD1)		1,825,075		620,119
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)		1,544,523		1,248,913
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)		1,763,296		1,016,181
NVIT Core Bond Fund - Class I (NVCBD1)		476,513		358,126
NVIT Core Plus Bond Fund - Class I (NVLCP1)		2,575,541		1,133,533
NVIT Nationwide Fund - Class I (TRF)		9,178,339		3,742,803
NVIT Government Bond Fund - Class I (GBF)		9,736,910		36,068,907
American Century NVIT Growth Fund - Class I (CAF)		378,269		1,704,377
NVIT International Index Fund - Class II (GVIX2)		4,652,560		11,243,598
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)		2,737,867		6,824,335
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)		567,521		386,415
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)		445,619		87,251
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)		3,015,033		2,748,528
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)		3,324,483		8,430,814
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)		11,887,662		7,614,628
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)		1,934,178		2,168,644
NVIT Mid Cap Index Fund - Class I (MCIF)		12,835,983		10,192,020
NVIT Money Market Fund - Class I (SAM)		17,947,299		26,490,789
NVIT Money Market Fund - Class V (SAM5)		126,835,198		179,723,448
NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)		18,343,611		883,769
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)		5,720,920		423,026
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)		1,450,976		1,654,138
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)		1,650,791		1,204,209
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)		5,223,058		4,346,767
NVIT Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)		876,542		58,488
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)		5,128,284		1,765,852
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)		3,314,959		1,947,673
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)		6,827,305		8,963,113
NVIT Multi-Manager Small Company Fund - Class I (SCF)		11,705,322		13,515,038
NVIT Multi-Sector Bond Fund - Class I (MSBF)		2,242,504		2,453,764
NVIT Short Term Bond Fund - Class I (NVSTB1)		2,893,643		13,206,689
NVIT Short Term Bond Fund - Class II (NVSTB2)		352,474		322,452
NVIT Large Cap Growth Fund - Class I (NVOLG1)		15,820,631		14,585,214
Templeton NVIT International Value Fund - Class III (NVTIV3)		161,249		144,607
Invesco NVIT Comstock Value Fund - Class I (EIF)		1,238,305		1,491,028
NVIT Real Estate Fund - Class I (NVRE1)		13,116,408		3,759,850
Loring Ward NVIT Capital Appreciation Fund - Class P (NVLCAP)		33,625		9,031
Loring Ward NVIT Moderate Fund - Class P (NVLMP)		2,245		33
NVIT Small Cap Index Fund Class II (NVSIX2)		259,669		76,311
NVIT S&P 500 Index Fund Class I (GVEX1)		1,463,481		431,309
TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3 (NOTMG3)		2,771		6,111
VPS Growth and Income Portfolio - Class A (ALVGIA)		10,040,113		3,121,817
VPS International Value Portfolio - Class A (ALVIVA)		1,180,934		3,411,208
VPS Small/Mid Cap Value Portfolio - Class A (ALVSVA)		9,097,898		3,230,366
VP Capital Appreciation Fund - Class I (ACVCA)		1,696,786		239,906
VP Income & Growth Fund - Class I (ACVIG)		2,624,484		2,455,647
VP Inflation Protection Fund - Class II (ACVIP2)		2,716,946		3,740,501
VP International Fund - Class I (ACVI)		367,223		2,153,303
VP Mid Cap Value Fund - Class I (ACVMV1)		4,186,449		2,936,669
VP Ultra(R) Fund - Class I (ACVU1)		265,268		209,862
VP Value Fund - Class I (ACVV)		10,855,006		7,720,044
MidCap Stock Portfolio - Initial Shares (DVMCS)		1,734,706		236,326
Small Cap Stock Index Portfolio - Service Shares (DVSCS)		26,742,322		13,486,207
Appreciation Portfolio - Initial Shares (DCAP)		3,350,447		12,090,954
Opportunistic Small Cap Portfolio: Initial Shares (DSC)		144,061		462,052
International Value Portfolio - Initial Shares (DVIV)		1,268,070		6,584,980
Variable Series II - DWS Small Mid Cap Value VIP - Class B (SVSSVB)		316,954		1,376,831
Variable Series II - DWS Large Cap Value VIP - Class B (SVSLVB)		15,248		19,723
Managed Tail Risk Fund II: Primary Shares (FVCA2P)		239,175		76,611
Quality Bond Fund II - Primary Shares (FQB)		4,813,202		5,169,289
VIP Contrafund(R) Portfolio - Service Class (FCS)		8,082,234		20,370,246
VIP Energy Portfolio - Service Class 2 (FNRS2)		2,523,627		2,703,675
VIP Equity-Income Portfolio - Service Class (FEIS)		6,109,103		15,282,869

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS

December 31, 2014

VIP Freedom Fund 2010 Portfolio - Service Class (FF10S)	$	147,678	$	168,328
VIP Freedom Fund 2020 Portfolio - Service Class (FF20S)		7,440,199		4,033,224
VIP Freedom Fund 2030 Portfolio - Service Class (FF30S)		2,834,405		1,011,458
VIP Freedom Income Fund Portfolio - Service Class (FFINS)		125,434		829,088
VIP Growth Opportunities Portfolio - Service Class (FGOS)		775,723		226,529
VIP Growth Portfolio - Service Class (FGS)		7,652,859		7,402,352
VIP High Income Portfolio - Service Class (FHIS)		1,653,437		2,098,525
VIP High Income Portfolio - Service Class R (FHISR)		580,193		512,431
VIP Index 500 Portfolio - Initial Class (FIP)		4,043,014		6,001,428
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)		120,031,720		4,437,572
VIP Mid Cap Portfolio - Service Class (FMCS)		7,324,134		8,247,440
VIP Overseas Portfolio - Service Class (FOS)		941,038		1,975,824
VIP Overseas Portfolio - Service Class R (FOSR)		1,126,366		1,547,211
VIP Value Strategies Portfolio - Service Class (FVSS)		786,058		685,477
VIP Fidelity VIP Freedom Fund 2005 Portfolio - Service Class (FF05S)		64,813		2,869
VIP Fidelity VIP Freedom Fund 2015 Portfolio - Service Class (FF15S)		5,714,543		4,083,123
VIP Fidelity VIP Freedom Fund 2025 Portfolio - Service Class (FF25S)		5,020,342		2,142,504
VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class (FF40S)		2,280,530		1,617,390
Franklin Income Securities Fund - Class 2 (FTVIS2)		3,236,042		2,936,541
Rising Dividends Securities Fund - Class 1 (FTVRDI)		1,521,131		3,773,808
Small Cap Value Securities Fund - Class 1 (FTVSVI)		1,369,081		1,287,579
Small Cap Value Securities Fund - Class 2 (FTVSV2)		4,171,987		2,285,013
Mutual Global Discovery Securities Fund - Class 2 (FTVMD2)		304,901		107,361
Templeton Developing Markets Securities Fund - Class 2 (FTVDM2)		3,925,863		491,650
Templeton Foreign Securities Fund - Class 1 (TIF)		35,765		161,504
Templeton Foreign Securities Fund - Class 2 (TIF2)		15,422,574		3,072,120
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)		13,436,921		41,735,291
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)		303,354		231,281
Mid Cap Value- Institutional Shares (GVMCE)		16,500,093		11,237,473
Goldman Sachs Structured Small Cap Equity Fund (GVCSE)		54,985		11,026
VIT Growth Opportunities Fund - Service Shares (GVGOPS)		1,398,093		601,609
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)		5,650,158		2,273,746
Baron Growth Opportunities Fund Service Class (BNCAI)		1,804,461		2,528,399
Short Duration Bond Portfolio - I Class Shares (AMTB)		862,415		631,068
Guardian Portfolio - I Class Shares (AMGP)		393,479		419,120
Mid-Cap Growth Portfolio - I Class Shares (AMCG)		1,491,065		677,767
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)		222,334		189,684
Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class I (AMRI)		574,782		1,023,483
Small-Cap Growth Portfolio - S Class Shares (AMFAS)		596,122		1,857,327
Socially Responsive Portfolio - I Class Shares (AMSRS)		68,333		791,052
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)		2,061,602		5,506,993
Global Securities Fund/VA - Non-Service Shares (OVGS)		28,731,921		8,181,727
International Growth Fund/VA - Non-Service Shares (OVIG)		2,929,898		120,974
Main Street Fund(R)/VA - Non-Service Shares (OVGI)		1,476,696		3,130,902
Main Street Small- & Mid-Cap Fund(R)/VA - Non-Service Shares (OVSC)		2,454,284		1,729,985
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)		572,711		3,397,705
Global Strategic Income Fund/VA: Non-service Shares (OVSB)		9,637,026		901,219
All Asset Portfolio - Administrative Class (PMVAAA)		7,652,612		5,356,132
CommodityRealReturn(R) Strategy Portfolio - Administrative Class (PMVRSA)		109,480		62,482
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)		532,260		2,185,720
Long-Term U.S. Government Portfolio - Administrative Class (PMVLGA)		741,183		409,652
Low Duration Portfolio - Administrative Class (PMVLDA)		20,664,464		19,024,200
Real Return Portfolio - Administrative Class (PMVRRA)		16,295,700		18,833,311
Total Return Portfolio - Administrative Class (PMVTRA)		33,724,701		295,425,549
Pioneer Emerging Markets VCT Portfolio - Class I Shares (PIVEMI)		790,349		1,313,696
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)		1,645,580		2,056,403
VT Growth & Income Fund: Class IB (PVGIB)		344,183		341,874
VT International Equity Fund: Class IB (PVTIGB)		255,479		195,661
VT Small Cap Value Fund: Class IB (PVTSCB)		817,739		36,183
VT Voyager Fund: Class IB (PVTVB)		258,764		738,011
VI Growth and Income Fund - Series I Shares (ACGI)		2,593,360		1,517,768
VI American Franchise Fund - Series I Shares (ACEG)		121,444		285,614
VI Value Opportunities Fund - Series I Shares (AVBVI)		107,173		121,466
VI High Yield Fund - Series I Shares (AVHY1)		9,277,086		3,814,541
VI International Growth Fund - Series I Shares (AVIE)		14,397,900		10,342,019
VI Mid Cap Core Equity Fund: Series I Shares (AVMCCI)		409,596		1,221,860
Micro-Cap Portfolio - Investment Class (ROCMC)		3,100,119		15,618,169
Variable Fund - Multi-Hedge Strategies (RVARS)		903,075		318,976
Equity Income Portfolio - II (TREI2)		12,181,452		13,526,708
Health Sciences Portfolio - II (TRHS2)		11,386,916		5,539,909
Limited-Term Bond Portfolio (TRLT1)		7,367,482		4,732,161
Mid-Cap Growth Portfolio - II (TRMCG2)		10,140,150		6,252,174
New America Growth Portfolio (TRNAG1)		16,319,237		13,819,156
Personal Strategy Balanced Portfolio (TRPSB1)		3,686,439		3,263,219
Blue Chip Growth Portfolio (TRBCGP)		21,917,684		3,921,961
VIP Trust Emerging Markets Fund - Initial Class (VWEM)		3,067,406		1,966,118
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)		11,271,012		15,541,223
Variable Insurance Fund - Balanced Portfolio (VVB)		1,608,367		760,505
Variable Insurance Fund - Diversified Value Portfolio (VVDV)		1,585,273		2,298,085
Variable Insurance Fund - International Portfolio (VVI)		208,916		965,407
Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)		1,386,042		2,230,513
Variable Insurance Fund - REIT Index Portfolio (VVREI)		2,782,526		1,632,707
Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)		1,331,630		967,677
Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)		958,035		837,226
Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)		8,826,243		1,331,411
Variable Insurance Portfolios - Asset Strategy (WRASP)		5,181,432		3,347,421
Variable Insurance Portfolios - Growth (WRGP)		1,978,306		1,691,469

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS

December 31, 2014

Variable Insurance Portfolios - High Income (WRHIP)	$	42,118,765	$	18,518,943
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)		3,753,823		857,116
Variable Insurance Portfolios - Real Estate Securities (WRRESP)		4,945,945		2,294,768
Variable Insurance Portfolios - Science and Technology (WRSTP)		9,112,441		7,442,739
Advantage VT Discovery Fund (SVDF)		4,425,494		2,214,391
Advantage VT Opportunity Fund - Class 2 (SVOF)		2,357,053		4,090,676
Advantage VT Small Cap Growth Fund - Class 2 (WFVSCG)		1,516,964		1,584,057
Global Securities Fund/VA - Class 3 (obsolete) (OVGS3)		362,428		20,418,238
Templeton Developing Markets Securities Fund - Class 3 (obsolete) (FTVDM3)		218,481		3,963,322
Templeton Foreign Securities Fund - Class 3 (obsolete) (TIF3)		354,730		7,691,007
Templeton Global Bond Securities Fund - Class 3 (obsolete) (FTVGI3)		196,641		11,390,980
Calvert VP SRI Equity Portfolio (obsolete) (CVSSE)		62,600		323,407
Federated NVIT High Income Bond Fund - Class III (obsolete) (HIBF3)		675,120		11,498,963
NVIT Emerging Markets Fund - Class III (obsolete) (GEM3)		430,557		8,929,074
NVIT International Equity Fund - Class III (obsolete) (GIG3)		145,521		4,420,472
NVIT International Index Fund - Class VI (obsolete) (GVIX6)		788,811		2,508,694
NVIT Multi-Manager International Growth Fund - Class III (obsolete) (NVMIG3)		249,228		17,645,615
NVIT Multi-Manager International Value Fund - Class III (obsolete) (GVDIV3)		167,627		5,592,075
VP Vista(SM) Fund - Class I (obsolete) (ACVVS1)		229,445		1,701,424
Total	$	1,484,950,551	$	1,415,580,202

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life contracts as of December 31, 2014, and the investment income ratio and total return for each of the periods in the five year period ended December 31, 2014. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VPS Dynamic Asset Allocation Portfolio - Class A (ALVDAA)
2014		0.00%		3,808	$	12.028742	$	45,805		0.26%		4.45%
2013		0.00%		15,430		11.516261		177,696		0.77%		12.31%
2012		0.00%		7		10.254428		72		0.15%		2.54%		5/1/2012
VP Inflation Protection Fund - Class I (ACVIP1)
2014		0.00%		4,705		9.934368		46,741		1.51%		3.58%
2014		0.20%		10,211		9.484521		96,846		1.51%		3.37%
2014		0.25%		74,535		9.474252		706,163		1.51%		3.32%
2013		0.20%		227		9.175171		2,083		1.16%		-8.40%
2013		0.25%		43,726		9.169830		400,960		1.16%		-8.44%
Asset Allocation Fund - Class 2 (AMVAA2)
2014		0.00%		55,339		14.600092		807,954		1.29%		5.40%
2014		0.20%		29,493		14.389619		424,393		1.29%		5.19%
2014		0.25%		134,668		14.337468		1,930,798		1.29%		5.13%
2013		0.00%		36,402		13.852640		504,264		1.50%		23.69%
2013		0.20%		32,471		13.680273		444,212		1.50%		23.44%
2013		0.25%		224,248		13.637510		3,058,184		1.50%		23.38%
2012		0.00%		31,141		11.199540		348,765		2.21%		16.19%
2012		0.20%		35,875		11.082315		397,578		2.21%		15.96%
2012		0.25%		183,194		11.053188		2,024,878		2.21%		15.90%
2011		0.00%		28,278		9.638937		272,570		1.73%		1.30%
2011		0.20%		22,659		9.557165		216,556		1.73%		1.09%
2011		0.25%		86,825		9.536838		828,036		1.73%		1.04%
2010		0.00%		42,950		9.515611		408,695		2.01%		12.51%
2010		0.20%		23,921		9.453733		226,143		2.01%		12.28%
2010		0.25%		80,409		9.438323		758,926		2.01%		12.22%
Bond Fund - Class 2 (AMVBD2)
2014		0.00%		3,193		12.577937		40,161		6.95%		5.28%
2014		0.10%		5,682,378		12.486989		70,955,792		6.95%		5.17%
2014		0.20%		874		12.396639		10,835		6.95%		5.07%
2014		0.25%		357		12.351744		4,410		6.95%		5.02%
2013		0.00%		3,878		11.947372		46,332		1.11%		-2.16%
2013		0.20%		2,045		11.798735		24,128		1.11%		-2.35%
2013		0.25%		303		11.761875		3,564		1.11%		-2.40%
2012		0.00%		16,295		12.210902		198,977		1.94%		5.37%
2012		0.20%		1,631		12.083145		19,708		1.94%		5.16%
2012		0.25%		1,138		12.051410		13,715		1.94%		5.11%
2011		0.00%		17,168		11.588210		198,946		2.23%		6.10%
2011		0.20%		10,103		11.489974		116,083		2.23%		5.89%
2011		0.25%		25,540		11.465538		292,830		2.23%		5.84%
2010		0.00%		3,571		10.921671		39,001		3.24%		6.44%
2010		0.20%		68,366		10.850693		741,818		3.24%		6.23%
2010		0.25%		34,481		10.833025		373,534		3.24%		6.18%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Global Small Capitalization Fund - Class 2 (AMVGS2)
2014		0.00%		12,416	$	12.478765	$	154,936		0.12%		2.12%
2014		0.20%		97,984		12.306283		1,205,819		0.12%		1.92%
2014		0.25%		93,809		12.263569		1,150,433		0.12%		1.87%
2013		0.00%		7,266		12.219338		88,786		0.98%		28.28%
2013		0.20%		108,515		12.074571		1,310,272		0.98%		28.02%
2013		0.25%		86,391		12.038671		1,040,033		0.98%		27.96%
2012		0.00%		18,949		9.525679		180,502		1.28%		18.18%
2012		0.20%		87,959		9.431647		829,598		1.28%		17.94%
2012		0.25%		69,398		9.408304		652,917		1.28%		17.88%
2011		0.00%		24,198		8.060463		195,047		1.26%		-19.14%
2011		0.20%		109,819		7.996904		878,212		1.26%		-19.31%
2011		0.25%		38,781		7.981109		309,515		1.26%		-19.35%
2010		0.00%		278		9.968859		2,771		1.76%		22.41%
2010		0.20%		103,759		9.910046		1,028,256		1.76%		22.17%
2010		0.25%		19,429		9.895414		192,258		1.76%		22.11%
Growth Fund - Class 2 (AMVGR2)
2014		0.00%		1,594		14.851108		23,673		0.80%		8.51%
2014		0.20%		761,924		14.644767		11,158,199		0.80%		8.29%
2014		0.25%		934,897		14.593599		13,643,512		0.80%		8.24%
2013		0.00%		778		13.686517		10,648		0.96%		30.10%
2013		0.20%		823,588		13.523376		11,137,690		0.96%		29.84%
2013		0.25%		928,036		13.482872		12,512,591		0.96%		29.78%
2012		0.20%		875,328		10.415272		9,116,779		0.83%		17.65%
2012		0.25%		848,137		10.389269		8,811,523		0.83%		17.60%
2011		0.20%		646,898		8.852415		5,726,610		0.80%		-4.47%
2011		0.25%		917,949		8.834746		8,109,846		0.80%		-4.52%
2010		0.20%		200,497		9.266406		1,857,887		0.78%		18.44%
2010		0.25%		28,764		9.252533		266,140		0.78%		18.38%
International Fund - Class 2 (AMVI2)
2014		0.00%		12,421		10.962883		136,170		1.59%		-2.65%
2014		0.20%		39,874		10.882753		433,939		1.59%		-2.85%
2014		0.25%		378,202		10.862833		4,108,345		1.59%		-2.90%
2013		0.00%		8,219		11.261623		92,559		1.63%		21.63%
2013		0.20%		40,692		11.201722		455,820		1.63%		21.39%
2013		0.25%		263,800		11.186800		2,951,078		1.63%		21.33%
2012		0.00%		7,229		9.258582		66,930		2.11%		17.91%
2012		0.20%		23,263		9.227767		214,666		2.11%		17.67%
2012		0.25%		179,592		9.220070		1,655,851		2.11%		17.61%
2011		0.00%		5,126		7.852467		40,252		2.58%		-21.48%		5/2/2011
2011		0.25%		20,132		7.839419		157,823		2.58%		-21.61%		5/2/2011
Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund - Class I (BRVHYI)
2014		0.25%		51,392		9.720295		499,545		1.36%		-2.80%		8/29/2014

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Large Cap Core V.I. Fund - Class II (MLVLC2)
2014		0.00%		10,769	$	20.175665	$	217,272		0.79%		12.19%
2014		0.10%		45,593		19.981620		911,022		0.79%		12.08%
2014		0.20%		7,577		19.789357		149,944		0.79%		11.97%
2014		0.25%		81,631		19.694031		1,607,643		0.79%		11.91%
2013		0.00%		8,585		17.983312		154,387		0.97%		33.32%
2013		0.10%		42,555		17.828165		758,678		0.97%		33.19%
2013		0.20%		10,338		17.674292		182,717		0.97%		33.05%
2013		0.25%		93,225		17.597950		1,640,569		0.97%		32.99%
2012		0.00%		4,756		13.488801		64,153		1.38%		12.59%
2012		0.10%		35,076		13.385802		469,520		1.38%		12.47%
2012		0.20%		11,657		13.283534		154,846		1.38%		12.36%
2012		0.25%		131,505		13.232769		1,740,175		1.38%		12.30%
2011		0.00%		7,595		11.980842		90,994		0.97%		2.20%
2011		0.10%		39,420		11.901270		469,148		0.97%		2.10%
2011		0.20%		11,014		11.822193		130,210		0.97%		2.00%
2011		0.25%		112,361		11.782911		1,323,940		0.97%		1.95%
2010		0.00%		5,769		11.722431		67,627		1.03%		8.98%
2010		0.10%		12,100		11.656201		141,040		1.03%		8.87%
2010		0.20%		8,336		11.590313		96,617		1.03%		8.77%
2010		0.25%		139,601		11.557561		1,613,447		1.03%		8.71%
Global Allocation V.I. Fund - Class II (MLVGA2)
2014		0.00%		665,128		16.596941		11,039,090		2.12%		1.97%
2013		0.00%		640,899		16.276845		10,431,814		1.07%		14.55%
2012		0.00%		680,130		14.209224		9,664,120		1.57%		10.14%
2011		0.00%		642,091		12.900807		8,283,492		2.42%		-3.63%
2010		0.00%		461,464		13.386468		6,177,373		1.39%		9.88%
VP S&P 500 Index Portfolio (CVSPIP)
2014		0.10%		40,910		11.046998		451,933		3.55%		10.47%		4/30/2014
Value Portfolio (DAVVL)
2014		0.00%		119,812		13.269646		1,589,863		0.94%		6.06%
2014		0.20%		3,305		13.078326		43,224		0.94%		5.85%
2014		0.25%		96,351		13.030858		1,255,536		0.94%		5.79%
2013		0.00%		135,251		12.511572		1,692,203		0.81%		33.43%
2013		0.20%		2,401		12.355876		29,666		0.81%		33.16%
2013		0.25%		76,554		12.317182		942,930		0.81%		33.09%
2012		0.00%		153,730		9.377109		1,441,543		1.78%		13.08%
2012		0.20%		5,953		9.278932		55,237		1.78%		12.85%
2012		0.25%		138,899		9.254504		1,285,441		1.78%		12.80%
2011		0.00%		125,820		8.292464		1,043,358		0.86%		-4.17%
2011		0.20%		5,480		8.222110		45,057		0.86%		-4.37%
2011		0.25%		144,786		8.204572		1,187,907		0.86%		-4.41%
2010		0.00%		99,340		8.653758		859,664		1.39%		12.76%
2010		0.20%		560		8.597487		4,815		1.39%		12.54%
2010		0.25%		184,331		8.583442		1,582,194		1.39%		12.48%
VIP Emerging Markets Series: Service Class (DWVEMS)
2014		0.00%		131		10.464258		1,371		0.38%		-8.26%
2014		0.20%		21,740		10.408589		226,283		0.38%		-8.45%
2014		0.25%		88,634		10.394723		921,326		0.38%		-8.49%
2013		0.00%		131		11.406806		1,494		0.19%		9.86%
2013		0.20%		71		11.368864		807		0.19%		9.64%
2013		0.25%		36,847		11.359401		418,560		0.19%		9.58%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Small Cap Value Series: Service Class (DWVSVS)
2014		0.00%		29,347	$	14.400158	$	422,601		0.29%		5.62%
2014		0.20%		233,632		14.294974		3,339,763		0.29%		5.41%
2014		0.25%		772,626		14.268792		11,024,440		0.29%		5.35%
2013		0.00%		17,024		13.634102		232,107		0.55%		33.17%
2013		0.20%		233,538		13.561620		3,167,154		0.55%		32.90%
2013		0.25%		553,542		13.543555		7,496,927		0.55%		32.84%
2012		0.00%		980		10.238165		10,033		0.21%		13.63%
2012		0.20%		125,975		10.204105		1,285,462		0.21%		13.41%
2012		0.25%		264,717		10.195601		2,698,949		0.21%		13.35%
2011		0.25%		2,125		8.994847		19,114		0.00%		-10.05%		5/2/2011
Stock Index Fund, Inc. - Initial Shares (DSIF)
2014		0.00%		5,681,066		27.837249		158,145,249		1.78%		13.42%
2014		0.10%		408,608		20.268047		8,281,686		1.78%		13.31%
2014		0.20%		3,213,541		19.388148		62,304,609		1.78%		13.20%
2014		0.25%		10,400,035		19.252062		200,222,119		1.78%		13.14%
2013		0.00%		5,821,538		24.542634		142,875,876		1.87%		32.03%
2013		0.10%		441,577		17.887136		7,898,548		1.87%		31.90%
2013		0.20%		2,738,712		17.127707		46,907,857		1.87%		31.76%
2013		0.25%		9,493,931		17.015995		161,548,682		1.87%		31.70%
2012		0.00%		5,953,531		18.589099		110,670,777		2.05%		15.74%
2012		0.10%		503,752		13.561635		6,831,701		2.05%		15.62%
2012		0.20%		2,648,356		12.998834		34,425,540		2.05%		15.51%
2012		0.25%		9,566,276		12.920511		123,601,174		2.05%		15.45%
2011		0.00%		6,328,796		16.061424		101,649,476		1.82%		1.88%
2011		0.10%		616,800		11.729321		7,234,645		1.82%		1.78%
2011		0.20%		2,636,742		11.253834		29,673,457		1.82%		1.67%
2011		0.25%		10,468,947		11.191630		117,164,581		1.82%		1.62%
2010		0.00%		6,808,183		15.765432		107,333,946		1.82%		14.84%
2010		0.10%		594,473		11.524660		6,851,099		1.82%		14.72%
2010		0.20%		2,162,487		11.068506		23,935,500		1.82%		14.61%
2010		0.25%		12,044,265		11.012818		132,641,298		1.82%		14.55%
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
2014		0.00%		522,401		23.315565		12,180,074		1.04%		13.45%
2014		0.10%		39,951		16.732429		668,477		1.04%		13.34%
2014		0.25%		17,238		15.051972		259,466		1.04%		13.17%
2013		0.00%		563,186		20.550928		11,573,995		1.23%		34.34%
2013		0.10%		28,589		14.763155		422,064		1.23%		34.21%
2013		0.25%		17,450		13.300400		232,092		1.23%		34.01%
2012		0.00%		605,032		15.297331		9,255,375		0.80%		11.97%
2012		0.10%		33,771		11.000110		371,485		0.80%		11.86%
2012		0.25%		18,663		9.925081		185,232		0.80%		11.69%
2011		0.00%		650,578		13.661404		8,887,809		0.89%		0.90%
2011		0.10%		42,011		9.833598		413,119		0.89%		0.80%
2011		0.25%		19,031		8.885914		169,108		0.89%		0.65%
2010		0.00%		715,374		13.539393		9,685,730		0.89%		14.82%
2010		0.10%		34,941		9.755504		340,867		0.89%		14.70%
2010		0.25%		38,070		8.828556		336,103		0.89%		14.53%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Floating-Rate Income Fund (ETVFR)
2014		0.00%		19,829	$	11.179398	$	221,676		3.22%		0.57%
2014		0.10%		4,469,010		11.138472		49,777,943		3.22%		0.47%
2014		0.20%		482,917		11.097666		5,359,252		3.22%		0.37%
2014		0.25%		1,050,845		11.077288		11,640,513		3.22%		0.32%
2013		0.00%		5,910		11.115787		65,694		3.51%		3.85%
2013		0.10%		1,958,713		11.086177		21,714,639		3.51%		3.75%
2013		0.20%		71,713		11.056627		792,904		3.51%		3.64%
2013		0.25%		266,198		11.041865		2,939,322		3.51%		3.59%
2012		0.10%		1,433,810		10.685961		15,321,638		3.38%		7.22%
2012		0.20%		3,643		10.668159		38,864		3.38%		7.11%
2012		0.25%		634		10.659243		6,758		3.38%		7.06%
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
2014		0.00%		89,731		11.237397		1,008,343		4.04%		2.12%
2014		0.20%		331,848		10.087875		3,347,641		4.04%		0.88%		5/1/2014
2014		0.25%		756,586		10.084509		7,629,798		4.04%		0.85%		5/1/2014
Goldman Sachs Global Markets Navigator Fund - Service Shares (GVGMNS)
2014		0.00%		3,054		12.173521		37,178		0.03%		3.95%
2013		0.00%		3,565		11.711464		41,751		0.10%		13.57%
2012		0.00%		92		10.312479		949		0.00%		3.12%		5/1/2012
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)
2014		0.00%		215,582		14.547427		3,136,163		0.00%		8.04%
2014		0.10%		13,861		14.508528		201,103		0.00%		7.93%
2014		0.20%		14,778		14.469727		213,834		0.00%		7.82%
2014		0.25%		97,042		14.450385		1,402,294		0.00%		7.77%
2013		0.00%		209,470		13.465170		2,820,549		0.41%		37.01%
2013		0.10%		13,140		13.442608		176,636		0.41%		36.88%
2013		0.20%		15,404		13.420087		206,723		0.41%		36.74%
2013		0.25%		83,038		13.408843		1,113,444		0.41%		36.67%
2012		0.00%		230,709		9.827596		2,267,315		0.00%		-1.72%		4/27/2012
2012		0.10%		17,866		9.820935		175,461		0.00%		-1.79%		4/27/2012
2012		0.20%		22,241		9.814282		218,279		0.00%		-1.86%		4/27/2012
2012		0.25%		70,975		9.810958		696,333		0.00%		-1.89%		4/27/2012
Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2014		0.00%		38,475		10.314426		396,848		0.00%		3.14%		5/1/2014

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Mid Cap Value Portfolio: Class 1 (JPMMV1)
2014		0.00%		25,195	$	29.375193	$	740,108		0.71%		15.11%
2014		0.20%		174,813		28.755521		5,026,839		0.71%		14.88%
2014		0.25%		172,466		28.602620		4,932,979		0.71%		14.82%
2013		0.00%		16,249		25.519927		414,673		0.96%		32.30%
2013		0.20%		120,203		25.031580		3,008,871		0.96%		32.04%
2013		0.25%		122,145		24.910934		3,042,746		0.96%		31.97%
2012		0.00%		529		19.289344		10,204		0.28%		20.38%
2012		0.20%		88,720		18.958083		1,681,961		0.28%		20.14%
2012		0.25%		10,268		18.876134		193,820		0.28%		20.08%
2011		0.20%		7,723		15.780575		121,873		1.29%		1.96%
2010		0.20%		7,841		15.477647		121,360		1.26%		23.21%
Balanced Portfolio: Service Shares (JABS)
2014		0.00%		194,012		27.548473		5,344,734		1.54%		8.24%
2014		0.10%		78,645		27.211116		2,140,018		1.54%		8.13%
2014		0.20%		119,158		26.877891		3,202,716		1.54%		8.02%
2014		0.25%		541,936		26.712747		14,476,599		1.54%		7.97%
2013		0.00%		196,236		25.451703		4,994,540		2.01%		19.80%
2013		0.10%		69,906		25.165169		1,759,196		2.01%		19.68%
2013		0.20%		92,864		24.881872		2,310,630		2.01%		19.56%
2013		0.25%		462,719		24.741356		11,448,296		2.01%		19.50%
2012		0.00%		207,553		21.244764		4,409,415		2.66%		13.37%
2012		0.10%		70,662		21.026597		1,485,781		2.66%		13.26%
2012		0.20%		102,630		20.810679		2,135,800		2.66%		13.15%
2012		0.25%		322,380		20.703503		6,674,395		2.66%		13.09%
2011		0.00%		194,261		18.738519		3,640,163		2.33%		1.35%
2011		0.10%		104,385		18.564685		1,937,875		2.33%		1.25%
2011		0.20%		39,571		18.392478		727,809		2.33%		1.15%
2011		0.25%		249,377		18.306924		4,565,326		2.33%		1.10%
2010		0.00%		199,120		18.488077		3,681,346		2.48%		8.12%
2010		0.10%		120,166		18.334845		2,203,225		2.48%		8.01%
2010		0.20%		74,749		18.182894		1,359,153		2.48%		7.90%
2010		0.25%		315,673		18.107344		5,716,000		2.48%		7.85%
Flexible Bond Portfolio: Service Shares (JAFBS)
2014		0.20%		91,596		10.093738		924,546		1.29%		0.94%		9/26/2014
2014		0.25%		344,331		10.092410		3,475,130		1.29%		0.92%		9/26/2014

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Forty Portfolio: Service Shares (JACAS)
2014		0.00%		1,612,674	$	18.253711	$	29,437,285		0.03%		8.47%
2014		0.10%		119,102		17.983216		2,141,837		0.03%		8.36%
2014		0.20%		343,954		17.716740		6,093,744		0.03%		8.25%
2014		0.25%		397,378		17.584980		6,987,884		0.03%		8.20%
2013		0.00%		1,750,090		16.828717		29,451,769		0.59%		30.89%
2013		0.10%		124,679		16.595922		2,069,163		0.59%		30.75%
2013		0.20%		256,265		16.366354		4,194,124		0.59%		30.62%
2013		0.25%		675,697		16.252771		10,981,949		0.59%		30.56%
2012		0.00%		1,995,286		12.857586		25,654,561		0.55%		23.86%
2012		0.10%		187,681		12.692401		2,382,123		0.55%		23.73%
2012		0.20%		326,106		12.529347		4,085,895		0.55%		23.61%
2012		0.25%		793,544		12.448610		9,878,520		0.55%		23.55%
2011		0.00%		2,188,403		10.380944		22,717,689		0.25%		-6.94%
2011		0.10%		278,314		10.257850		2,854,903		0.25%		-7.03%
2011		0.20%		483,760		10.136220		4,903,498		0.25%		-7.13%
2011		0.25%		1,428,699		10.075943		14,395,490		0.25%		-7.17%
2010		0.00%		2,484,331		11.155290		27,713,433		0.23%		6.48%
2010		0.10%		361,943		11.034023		3,993,687		0.23%		6.37%
2010		0.20%		405,847		10.914078		4,429,446		0.23%		6.27%
2010		0.25%		2,211,789		10.854583		24,008,047		0.23%		6.21%
Global Technology Portfolio: Service Shares (JAGTS)
2014		0.00%		1,294,419		9.259589		11,985,788		0.00%		9.35%
2014		0.10%		229,529		9.122304		2,093,833		0.00%		9.24%
2014		0.20%		19,878		8.987053		178,645		0.00%		9.13%
2014		0.25%		122,394		8.920175		1,091,776		0.00%		9.07%
2013		0.00%		1,316,465		8.468059		11,147,903		0.00%		35.39%
2013		0.10%		185,093		8.350859		1,545,686		0.00%		35.25%
2013		0.20%		8,704		8.235270		71,680		0.00%		35.12%
2013		0.25%		213,751		8.178071		1,748,071		0.00%		35.05%
2012		0.00%		1,417,703		6.254578		8,867,134		0.00%		19.15%
2012		0.10%		243,213		6.174184		1,501,642		0.00%		19.03%
2012		0.20%		16,163		6.094806		98,510		0.00%		18.91%
2012		0.25%		236,100		6.055509		1,429,706		0.00%		18.85%
2011		0.00%		1,121,336		5.249382		5,886,321		0.00%		-8.66%
2011		0.10%		308,257		5.187105		1,598,961		0.00%		-8.75%
2011		0.20%		4,342		5.125546		22,255		0.00%		-8.84%
2011		0.25%		413,571		5.095046		2,107,163		0.00%		-8.88%
2010		0.00%		1,414,446		5.746904		8,128,685		0.00%		24.40%
2010		0.10%		331,841		5.684397		1,886,316		0.00%		24.27%
2010		0.20%		11,445		5.622552		64,350		0.00%		24.15%
2010		0.25%		413,420		5.591880		2,311,795		0.00%		24.09%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Overseas Portfolio: Service Shares (JAIGS)
2014		0.00%		1,382,995	$	15.302065	$	21,162,679		5.77%		-12.10%
2014		0.10%		127,397		15.075321		1,920,551		5.77%		-12.19%
2014		0.20%		183,537		14.851839		2,725,862		5.77%		-12.28%
2014		0.25%		233,855		14.741369		3,447,343		5.77%		-12.32%
2013		0.00%		1,583,590		17.408554		27,568,012		3.05%		14.28%
2013		0.10%		113,480		17.167781		1,948,200		3.05%		14.17%
2013		0.20%		193,673		16.930223		3,278,927		3.05%		14.05%
2013		0.25%		441,123		16.812707		7,416,472		3.05%		14.00%
2012		0.00%		1,861,649		15.233105		28,358,695		0.69%		13.18%
2012		0.10%		185,123		15.037449		2,783,778		0.69%		13.07%
2012		0.20%		244,857		14.844207		3,634,708		0.69%		12.95%
2012		0.25%		544,333		14.748538		8,028,116		0.69%		12.90%
2011		0.00%		928,241		13.459012		12,493,207		0.37%		-32.34%
2011		0.10%		282,025		13.299473		3,750,784		0.37%		-32.40%
2011		0.20%		737,438		13.141734		9,691,214		0.37%		-32.47%
2011		0.25%		984,026		13.063595		12,854,917		0.37%		-32.51%
2010		0.00%		1,084,854		19.891294		21,579,150		0.53%		25.02%
2010		0.10%		326,192		19.675174		6,417,884		0.53%		24.89%
2010		0.20%		973,187		19.461274		18,939,459		0.53%		24.77%
2010		0.25%		990,271		19.355227		19,166,920		0.53%		24.70%
Perkins Mid Cap Value Portfolio: Service Shares (JAMVS)
2014		0.00%		7,217		15.390421		111,073		3.38%		8.44%
2014		0.20%		84,451		15.247583		1,287,674		3.38%		8.22%
2014		0.25%		36,396		15.212055		553,658		3.38%		8.17%
2013		0.00%		3,557		14.192688		50,483		1.00%		25.81%
2013		0.20%		57,650		14.089115		812,237		1.00%		25.56%
2013		0.25%		74,382		14.063317		1,046,058		1.00%		25.49%
2012		0.00%		7,263		11.281179		81,935		0.89%		10.79%
2012		0.20%		61,149		11.221257		686,169		0.89%		10.57%
2012		0.25%		121,309		11.206313		1,359,427		0.89%		10.51%
2011		0.00%		3,347		10.182308		34,080		0.73%		-2.98%
2011		0.20%		45,494		10.148540		461,698		0.73%		-3.18%
2011		0.25%		106,951		10.140120		1,084,496		0.73%		-3.22%
2010		0.20%		183		10.481347		1,918		0.42%		4.81%		5/3/2010
2010		0.25%		46,317		10.477878		485,304		0.42%		4.78%		5/3/2010
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
2014		0.00%		88,176		10.748588		947,767		1.81%		-4.64%
2014		0.20%		1,180,396		10.648799		12,569,800		1.81%		-4.83%
2014		0.25%		1,263,096		10.623987		13,419,115		1.81%		-4.87%
2013		0.00%		87,427		11.271168		985,404		1.47%		-1.24%
2013		0.20%		1,067,931		11.188897		11,948,970		1.47%		-1.44%
2013		0.25%		974,887		11.168411		10,887,939		1.47%		-1.49%
2012		0.00%		100,164		11.413075		1,143,179		1.71%		22.05%
2012		0.20%		1,098,975		11.352455		12,476,064		1.71%		21.81%
2012		0.25%		782,058		11.337345		8,866,461		1.71%		21.75%
2011		0.00%		37,548		9.351075		351,114		2.45%		-18.00%
2011		0.20%		1,020,922		9.320058		9,515,052		2.45%		-18.16%
2011		0.25%		725,228		9.312320		6,753,555		2.45%		-18.20%
2010		0.00%		18,770		11.403634		214,046		2.49%		14.04%		5/3/2010
2010		0.20%		322,122		11.388546		3,668,501		2.49%		13.89%		5/3/2010
2010		0.25%		363,235		11.384777		4,135,349		2.49%		13.85%		5/3/2010

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)
2014		0.00%		566	$	19.613313	$	11,101		0.34%		11.53%
2014		0.10%		15,880		19.424648		308,463		0.34%		11.42%
2014		0.20%		857		19.237814		16,487		0.34%		11.30%
2014		0.25%		39,971		19.145041		765,246		0.34%		11.25%
2013		0.00%		1,022		17.586030		17,973		0.44%		30.32%
2013		0.10%		26,280		17.434295		458,173		0.44%		30.19%
2013		0.20%		1,051		17.283875		18,165		0.44%		30.06%
2013		0.25%		55,867		17.209128		961,422		0.44%		29.99%
2012		0.00%		984		13.494607		13,279		0.77%		14.54%
2012		0.10%		28,689		13.391551		384,190		0.77%		14.43%
2012		0.20%		2,376		13.289281		31,575		0.77%		14.32%
2012		0.25%		51,148		13.238427		677,119		0.77%		14.26%
2011		0.00%		955		11.781054		11,251		0.18%		-4.01%
2011		0.10%		39,336		11.702808		460,342		0.18%		-4.11%
2011		0.20%		709		11.625075		8,242		0.18%		-4.20%
2011		0.25%		37,912		11.586400		439,264		0.18%		-4.25%
2010		0.00%		984		12.273411		12,077		0.37%		25.43%
2010		0.10%		63,727		12.204067		777,729		0.37%		25.30%
2010		0.20%		1,367		12.135118		16,589		0.37%		25.18%
2010		0.25%		41,890		12.100786		506,902		0.37%		25.12%
Investors Growth Stock Series - Initial Class (MIGIC)
2014		0.00%		129,370		26.831723		3,471,220		0.52%		11.45%
2013		0.00%		156,129		24.074646		3,758,750		0.64%		30.29%
2012		0.00%		172,283		18.477561		3,183,370		0.46%		16.97%
2011		0.00%		192,257		15.796502		3,036,988		0.54%		0.58%
2010		0.00%		216,391		15.705759		3,398,585		0.45%		12.47%
Variable Insurance Trust - MFS New Discovery Series - Intital Class (MNDIC)
2014		0.00%		39,384		13.565726		534,273		0.00%		-7.26%
2013		0.00%		54,531		14.627285		797,640		0.00%		41.52%
2012		0.00%		7,796		10.335916		80,579		0.00%		3.36%		5/1/2012
New Discovery Series - Service Class (MNDSC)
2014		0.00%		1,886		13.478411		25,420		0.00%		-7.49%
2014		0.20%		37,903		13.406739		508,156		0.00%		-7.68%
2014		0.25%		41,953		13.388879		561,704		0.00%		-7.72%
2013		0.00%		1,759		14.570258		25,629		0.00%		41.22%
2013		0.20%		26,567		14.521824		385,801		0.00%		40.94%
2013		0.25%		120,227		14.509734		1,744,462		0.00%		40.86%
2012		0.25%		65,112		10.300457		670,683		0.00%		3.00%		5/1/2012
Research International Series - Service Class (MVRISC)
2014		0.00%		11,140		10.014243		111,559		1.20%		-7.09%
2014		0.20%		3,823		9.861777		37,702		1.20%		-7.28%
2014		0.25%		273,139		9.824029		2,683,325		1.20%		-7.32%
2013		0.00%		10,760		10.778566		115,977		1.76%		18.66%
2013		0.20%		62,038		10.635735		659,820		1.76%		18.43%
2013		0.25%		350,531		10.600321		3,715,741		1.76%		18.37%
2012		0.00%		11,403		9.083269		103,577		2.64%		16.41%
2012		0.20%		53,472		8.980840		480,223		2.64%		16.18%
2012		0.25%		338,782		8.955409		3,033,931		2.64%		16.12%
2011		0.00%		7,541		7.802718		58,840		1.62%		-11.06%
2011		0.20%		160		7.730217		1,237		1.62%		-11.23%
2011		0.25%		102,864		7.712183		793,306		1.62%		-11.28%
2010		0.00%		4,927		8.772736		43,223		1.35%		10.47%
2010		0.25%		84,252		8.692628		732,371		1.35%		10.20%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Value Series - Initial Class (MVFIC)
2014		0.00%		314,764	$	31.820252	$	10,015,870		1.51%		10.51%
2013		0.00%		368,819		28.794051		10,619,793		1.21%		35.89%
2012		0.00%		394,370		21.189802		8,356,622		1.70%		16.26%
2011		0.00%		407,456		18.226114		7,426,340		1.45%		-0.30%
2010		0.00%		441,004		18.281385		8,062,164		1.47%		11.53%
Value Series - Service Class (MVFSC)
2014		0.00%		198,866		15.520016		3,086,404		1.33%		10.20%
2014		0.20%		343,960		15.296190		5,261,278		1.33%		9.98%
2014		0.25%		1,274,981		15.240803		19,431,734		1.33%		9.93%
2013		0.00%		255,396		14.083227		3,596,800		1.02%		35.59%
2013		0.20%		323,268		13.907900		4,495,979		1.02%		35.32%
2013		0.25%		1,530,260		13.864468		21,216,241		1.02%		35.26%
2012		0.00%		195,561		10.386254		2,031,146		1.48%		15.88%
2012		0.20%		284,062		10.277471		2,919,439		1.48%		15.65%
2012		0.25%		1,605,332		10.250498		16,455,452		1.48%		15.59%
2011		0.00%		125,373		8.962764		1,123,689		1.19%		-0.47%
2011		0.20%		263,888		8.886694		2,345,092		1.19%		-0.66%
2011		0.25%		1,640,910		8.867804		14,551,268		1.19%		-0.71%
2010		0.00%		78,860		9.004753		710,115		1.25%		11.22%
2010		0.20%		10,967		8.946185		98,113		1.25%		10.99%
2010		0.25%		677,810		8.931612		6,053,936		1.25%		10.94%
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
2014		0.00%		104,105		21.074086		2,193,918		1.84%		1.13%
2014		0.20%		1,336,808		20.836672		27,854,630		1.84%		0.93%
2014		0.25%		1,471,627		20.777757		30,577,108		1.84%		0.88%
2013		0.00%		93,438		20.838059		1,947,067		1.39%		27.63%
2013		0.20%		1,240,116		20.644557		25,601,645		1.39%		27.38%
2013		0.25%		1,426,615		20.596474		29,383,239		1.39%		27.31%
2012		0.00%		63,448		16.326534		1,035,886		1.59%		15.93%
2012		0.20%		1,224,573		16.207264		19,846,978		1.59%		15.70%
2012		0.25%		1,240,764		16.177603		20,072,587		1.59%		15.64%
2011		0.00%		50,951		14.082958		717,541		1.09%		-1.78%
2011		0.20%		714,526		14.008123		10,009,168		1.09%		-1.97%
2011		0.25%		994,671		13.989490		13,914,940		1.09%		-2.02%
2010		0.00%		3,508		14.337712		50,297		1.41%		8.78%
2010		0.20%		520,695		14.290030		7,440,747		1.41%		8.56%
2010		0.25%		916,953		14.278137		13,092,381		1.41%		8.51%
Core Plus Fixed Income Portfolio - Class I (MSVFI)
2014		0.00%		107,604		15.966198		1,718,027		2.84%		7.85%
2013		0.00%		119,123		14.803414		1,763,427		3.52%		-0.32%
2012		0.00%		159,977		14.850467		2,375,733		4.54%		9.44%
2011		0.00%		186,591		13.569488		2,531,944		3.79%		5.65%
2010		0.00%		190,070		12.844145		2,441,287		6.09%		7.14%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Emerging Markets Debt Portfolio - Class I (MSEM)
2014		0.00%		116,584	$	33.345098	$	3,887,505		5.48%		2.93%
2014		0.10%		679,332		42.877705		29,128,197		5.48%		2.82%
2014		0.20%		99,108		32.451024		3,216,156		5.48%		2.72%
2014		0.25%		60,118		32.223332		1,937,202		5.48%		2.67%
2013		0.00%		136,780		32.396627		4,431,211		4.05%		-8.75%
2013		0.10%		683,536		41.699776		28,503,298		4.05%		-8.84%
2013		0.20%		99,023		31.591112		3,128,247		4.05%		-8.93%
2013		0.25%		65,940		31.385145		2,069,536		4.05%		-8.98%
2012		0.00%		160,559		35.502855		5,700,303		2.86%		17.96%
2012		0.10%		635,996		45.743742		29,092,837		2.86%		17.84%
2012		0.20%		113,419		34.689455		3,934,443		2.86%		17.72%
2012		0.25%		67,120		34.480526		2,314,333		2.86%		17.67%
2011		0.00%		176,124		30.097113		5,300,824		3.60%		7.03%
2011		0.10%		644,916		38.817591		25,034,086		3.60%		6.93%
2011		0.20%		102,810		29.466572		3,029,458		3.60%		6.82%
2011		0.25%		56,831		29.303784		1,665,363		3.60%		6.77%
2010		0.00%		212,950		28.119543		5,988,057		3.00%		9.74%
2010		0.10%		644,413		36.303218		23,394,266		3.00%		9.63%
2010		0.20%		81,138		27.585403		2,238,224		3.00%		9.53%
2010		0.25%		60,832		27.446686		1,669,637		3.00%		9.47%
Global Real Estate Portfolio - Class II (VKVGR2)
2014		0.00%		23,630		11.565859		273,301		0.69%		13.85%
2014		0.20%		66,035		11.399066		752,737		0.69%		13.62%
2014		0.25%		332,031		11.357738		3,771,121		0.69%		13.57%
2013		0.00%		20,978		10.158786		213,111		3.58%		2.63%
2013		0.20%		28,295		10.032314		283,864		3.58%		2.43%
2013		0.25%		241,618		10.000939		2,416,407		3.58%		2.38%
2012		0.00%		24,795		9.898065		245,423		0.54%		29.94%
2012		0.20%		36,580		9.794401		358,279		0.54%		29.68%
2012		0.25%		180,879		9.768654		1,766,944		0.54%		29.62%
2011		0.00%		26,783		7.617163		204,010		3.29%		-10.15%
2011		0.20%		17,677		7.552508		133,506		3.29%		-10.33%
2011		0.25%		100,281		7.536433		755,761		3.29%		-10.38%
2010		0.00%		17,979		8.477927		152,425		8.26%		22.32%
2010		0.20%		9,827		8.422781		82,771		8.26%		22.07%
2010		0.25%		120,544		8.409049		1,013,660		8.26%		22.01%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio - Class I (MSVMG)
2014		0.00%		24,449	$	18.053453	$	441,389		0.00%		1.97%
2014		0.10%		56,373		17.790475		1,002,902		0.00%		1.87%
2014		0.20%		181,537		17.531393		3,182,596		0.00%		1.76%
2014		0.25%		496,484		17.403302		8,640,461		0.00%		1.71%
2013		0.00%		26,706		17.705006		472,830		0.37%		37.49%
2013		0.10%		40,468		17.464563		706,756		0.37%		37.35%
2013		0.20%		174,382		17.227448		3,004,157		0.37%		37.21%
2013		0.25%		543,483		17.110132		9,299,066		0.37%		37.14%
2012		0.00%		23,806		12.877689		306,566		0.00%		8.69%
2012		0.10%		48,845		12.715499		621,089		0.00%		8.58%
2012		0.20%		192,237		12.555398		2,413,612		0.00%		8.47%
2012		0.25%		635,504		12.476126		7,928,628		0.00%		8.42%
2011		0.00%		25,089		11.847974		297,254		0.33%		-7.12%
2011		0.10%		63,621		11.710491		745,033		0.33%		-7.21%
2011		0.20%		309,678		11.574643		3,584,412		0.33%		-7.31%
2011		0.25%		580,598		11.507335		6,681,136		0.33%		-7.35%
2010		0.00%		4,677		12.756351		59,661		0.00%		32.31%
2010		0.10%		64,134		12.620906		809,429		0.00%		32.18%
2010		0.20%		61,988		12.486960		774,042		0.00%		32.05%
2010		0.25%		787,070		12.420541		9,775,835		0.00%		31.98%
Universal Institutional Funds, Inc. - Growth Portfolio - Class I (MSVEG)
2014		0.00%		6,103		18.187389		110,998		0.00%		6.36%
2014		0.20%		5,814		17.925168		104,217		0.00%		6.15%
2014		0.25%		59,657		17.860156		1,065,483		0.00%		6.09%
2013		0.00%		3,341		17.099754		57,130		0.53%		48.07%
2013		0.20%		6,972		16.886950		117,736		0.53%		47.78%
2013		0.25%		82,697		16.834126		1,392,132		0.53%		47.70%
2012		0.00%		1,068		11.548298		12,334		0.00%		14.38%
2012		0.20%		8,437		11.427394		96,413		0.00%		14.15%
2012		0.25%		125,623		11.397332		1,431,767		0.00%		14.09%
2011		0.00%		4,822		10.096697		48,686		0.04%		-2.80%
2011		0.20%		3,377		10.011033		33,807		0.04%		-2.99%
2011		0.25%		66,787		9.989709		667,183		0.04%		-3.04%
2010		0.00%		2,539		10.387395		26,374		0.16%		22.86%
2010		0.20%		2,940		10.319840		30,340		0.16%		22.62%
2010		0.25%		8,071		10.302995		83,155		0.16%		22.55%
U.S. Real Estate Portfolio - Class I (MSVRE)
2014		0.10%		59,709		58.907321		3,517,297		1.39%		29.59%
2014		0.20%		32,267		47.496982		1,532,585		1.39%		29.46%
2014		0.25%		325,980		47.163617		15,374,396		1.39%		29.40%
2013		0.10%		49,656		45.456233		2,257,175		1.13%		1.95%
2013		0.20%		32,599		36.687985		1,195,992		1.13%		1.85%
2013		0.25%		371,524		36.448690		13,541,563		1.13%		1.80%
2012		0.10%		83,283		44.585930		3,713,250		0.84%		15.72%
2012		0.20%		167,696		36.021570		6,040,673		0.84%		15.60%
2012		0.25%		409,531		35.804517		14,663,060		0.84%		15.55%
2011		0.10%		101,526		38.529319		3,911,728		0.88%		5.81%
2011		0.20%		189,017		31.159562		5,889,687		0.88%		5.71%
2011		0.25%		472,847		30.987316		14,652,259		0.88%		5.66%
2010		0.10%		100,621		36.412421		3,663,854		2.31%		29.83%
2010		0.25%		555,658		29.328633		16,296,690		2.31%		29.64%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT International Index Fund Class I (NVIX)
2014		0.00%		319,484	$	9.198938	$	2,938,914		2.49%		-8.01%		5/1/2014
2014		0.20%		187,603		9.186635		1,723,440		2.49%		-8.13%		5/1/2014
2014		0.25%		738,092		9.183562		6,778,314		2.49%		-8.16%		5/1/2014
NVIT Bond Index Fund Class I (NVBX)
2014		0.00%		443,358		10.277970		4,556,820		3.92%		2.78%		5/1/2014
2014		0.20%		5,155,962		10.264234		52,922,000		3.92%		2.64%		5/1/2014
2014		0.25%		46,311		10.260803		475,188		3.92%		2.61%		5/1/2014
NVIT Cardinal Managed Growth Class I (NCPG)
2014		0.00%		4,296		10.083558		43,319		3.21%		0.84%		5/1/2014
NVIT Investor Destinations Managed Growth and Income Class I (IDPGI)
2014		0.00%		1		10.196266		10		2.52%		1.96%		5/1/2014
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
2014		0.00%		1,667,165		24.546677		40,923,361		2.00%		13.12%
2013		0.00%		1,832,139		21.699995		39,757,407		1.86%		31.90%
2012		0.00%		1,980,422		16.452105		32,582,111		0.98%		14.66%
2011		0.00%		2,222,487		14.348277		31,888,859		1.60%		0.65%
2010		0.00%		2,641,103		14.256071		37,651,752		1.97%		13.46%
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)
2014		0.00%		490,736		16.444935		8,070,122		0.95%		4.99%
2013		0.00%		487,528		15.663250		7,636,273		1.31%		23.28%
2012		0.00%		477,179		12.704984		6,062,552		1.36%		15.72%
2011		0.00%		433,074		10.979437		4,754,909		1.37%		0.93%
2010		0.00%		483,491		10.878393		5,259,605		1.49%		12.02%
American Funds NVIT Bond Fund - Class II (GVABD2)
2014		0.00%		117,093		13.196903		1,545,265		1.22%		4.98%
2013		0.00%		122,305		12.571090		1,537,507		1.67%		-2.57%
2012		0.00%		158,000		12.903197		2,038,705		2.20%		4.97%
2011		0.00%		174,797		12.292646		2,148,718		2.35%		5.72%
2010		0.00%		229,234		11.627184		2,665,346		2.06%		5.99%
American Funds NVIT Global Growth Fund - Class II (GVAGG2)
2014		0.00%		375,662		17.393687		6,534,147		0.70%		1.84%
2013		0.00%		394,540		17.080144		6,738,800		0.39%		28.64%
2012		0.00%		374,929		13.277399		4,978,082		0.87%		22.09%
2011		0.00%		426,331		10.875437		4,636,536		1.00%		-9.31%
2010		0.00%		473,561		11.991721		5,678,811		0.81%		11.30%
American Funds NVIT Growth Fund - Class II (GVAGR2)
2014		0.00%		582,797		16.633406		9,693,899		0.44%		8.07%
2013		0.00%		660,438		15.391784		10,165,319		0.32%		29.61%
2012		0.00%		656,818		11.875465		7,800,019		0.21%		17.40%
2011		0.00%		786,500		10.115272		7,955,661		0.26%		-4.69%
2010		0.00%		773,203		10.612804		8,205,852		0.17%		18.19%
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)
2014		0.00%		223,749		14.905501		3,335,091		0.79%		10.23%
2013		0.00%		235,408		13.522509		3,183,307		0.98%		32.97%
2012		0.00%		247,986		10.169772		2,521,961		1.05%		17.06%
2011		0.00%		279,694		8.687464		2,429,832		0.99%		-2.24%
2010		0.00%		293,429		8.886120		2,607,445		0.96%		10.97%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Federated NVIT High Income Bond Fund - Class I (HIBF)
2014		0.00%		494,739	$	26.309492	$	13,016,332		5.48%		2.55%
2014		0.10%		53,100		23.627747		1,254,633		5.48%		2.45%
2014		0.20%		43,817		26.312407		1,152,931		5.48%		2.35%
2014		0.25%		224,498		26.127774		5,865,633		5.48%		2.29%
2013		0.00%		128,661		25.655193		3,300,823		6.14%		7.07%
2013		0.10%		36,676		23.063197		845,866		6.14%		6.97%
2013		0.20%		47,088		25.709396		1,210,604		6.14%		6.86%
2013		0.25%		467,044		25.541772		11,929,131		6.14%		6.80%
2012		0.00%		164,273		23.960670		3,936,091		8.24%		14.56%
2012		0.10%		100,719		21.561437		2,171,646		8.24%		14.44%
2012		0.20%		51,215		24.059374		1,232,201		8.24%		14.33%
2012		0.25%		574,902		23.914452		13,748,466		8.24%		14.27%
2011		0.00%		192,805		20.916000		4,032,709		8.22%		3.82%
2011		0.10%		94,398		18.840517		1,778,507		8.22%		3.71%
2011		0.20%		31,722		21.044304		667,567		8.22%		3.61%
2011		0.25%		618,849		20.928041		12,951,297		8.22%		3.56%
2010		0.00%		217,797		20.146924		4,387,940		8.65%		13.15%
2010		0.10%		96,568		18.165863		1,754,241		8.65%		13.04%
2010		0.20%		97,797		20.310994		1,986,354		8.65%		12.93%
2010		0.25%		722,680		20.208859		14,604,538		8.65%		12.87%
NVIT Emerging Markets Fund - Class I (GEM)
2014		0.00%		358,435		25.608009		9,178,807		1.22%		-5.51%
2014		0.10%		56,025		25.245709		1,414,391		1.22%		-5.60%
2014		0.20%		5,527		24.888440		137,558		1.22%		-5.69%
2014		0.25%		137,441		24.711758		3,396,409		1.22%		-5.74%
2013		0.00%		63,515		27.100074		1,721,261		1.10%		0.75%
2013		0.10%		59,951		26.743408		1,603,294		1.10%		0.65%
2013		0.20%		36,400		26.391340		960,645		1.10%		0.54%
2013		0.25%		188,020		26.217108		4,929,341		1.10%		0.49%
2012		0.00%		72,637		26.899413		1,953,893		0.50%		17.22%
2012		0.10%		100,722		26.571947		2,676,380		0.50%		17.10%
2012		0.20%		47,858		26.248380		1,256,195		0.50%		16.98%
2012		0.25%		221,809		26.088139		5,786,584		0.50%		16.92%
2011		0.00%		86,175		22.948246		1,977,565		0.51%		-22.37%
2011		0.10%		135,864		22.691603		3,082,972		0.51%		-22.45%
2011		0.20%		37,968		22.437772		851,917		0.51%		-22.53%
2011		0.25%		208,036		22.311980		4,641,695		0.51%		-22.57%
2010		0.00%		108,618		29.562687		3,211,040		0.06%		16.17%
2010		0.10%		142,172		29.261305		4,160,138		0.06%		16.06%
2010		0.20%		338,600		28.962911		9,806,842		0.06%		15.94%
2010		0.25%		366,617		28.814934		10,564,045		0.06%		15.88%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT International Equity Fund - Class I (GIG)
2014		0.00%		602,146	$	16.566460	$	9,975,428		3.56%		-0.45%
2014		0.10%		90,986		16.332055		1,485,988		3.56%		-0.55%
2014		0.20%		60,911		16.101032		980,730		3.56%		-0.65%
2014		0.25%		206,679		15.986719		3,304,119		3.56%		-0.70%
2013		0.00%		364,085		16.641029		6,058,666		0.54%		17.83%
2013		0.10%		87,333		16.421986		1,434,181		0.54%		17.71%
2013		0.20%		38,703		16.205894		627,217		0.54%		17.60%
2013		0.25%		306,552		16.098886		4,935,146		0.54%		17.54%
2012		0.00%		399,009		14.122631		5,635,057		0.87%		15.61%
2012		0.10%		105,286		13.950678		1,468,811		0.87%		15.49%
2012		0.20%		23,573		13.780870		324,856		0.87%		15.38%
2012		0.25%		230,188		13.696713		3,152,819		0.87%		15.32%
2011		0.00%		402,975		12.216006		4,922,745		1.35%		-9.76%
2011		0.10%		146,364		12.079365		1,767,984		1.35%		-9.85%
2011		0.20%		21,256		11.944297		253,888		1.35%		-9.94%
2011		0.25%		211,674		11.877298		2,514,115		1.35%		-9.99%
2010		0.00%		263,475		13.537857		3,566,887		0.95%		13.29%
2010		0.10%		80,397		13.399813		1,077,305		0.95%		13.18%
2010		0.20%		5,187		13.263217		68,796		0.95%		13.06%
2010		0.25%		68,531		13.195400		904,294		0.95%		13.01%
Variable Insurance Trust: NVIT International Equity Fund - Class VI (NVIE6)
2014		0.00%		25,389		9.752483		247,606		3.79%		-0.72%
2013		0.00%		27,530		9.823149		270,431		0.53%		17.56%
2012		0.00%		29,454		8.355696		246,109		0.52%		15.23%
2011		0.00%		48,864		7.251572		354,341		0.92%		-10.00%
2010		0.00%		79,753		8.057227		642,588		0.98%		13.00%
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
2014		0.00%		1,156,523		14.520984		16,793,852		0.89%		6.60%
2013		0.00%		1,264,376		13.621982		17,223,307		1.05%		43.82%
2012		0.00%		1,373,296		9.471654		13,007,385		1.47%		16.94%
2011		0.00%		1,522,830		8.099461		12,334,102		0.57%		-11.62%
2010		0.00%		1,705,119		9.164158		15,625,980		0.21%		15.61%
Neuberger Berman NVIT Socially Responsible Fund - Class I (NVNSR1)
2014		0.00%		20,963		16.639955		348,823		0.40%		10.60%
2013		0.00%		63,496		15.044832		955,287		1.00%		38.77%
2012		0.00%		26,852		10.841924		291,127		0.88%		11.50%
2011		0.00%		59,405		9.723793		577,642		0.72%		-3.18%
2010		0.00%		25,390		10.043115		254,995		0.89%		23.58%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
2014		0.00%		291,687	$	14.089818	$	4,109,817		2.30%		4.48%
2014		0.20%		192		21.739366		4,174		2.30%		4.27%
2014		0.25%		2,223		21.677860		48,190		2.30%		4.21%
2013		0.00%		260,801		13.486224		3,517,221		1.43%		29.65%
2013		0.20%		536		20.849732		11,175		1.43%		29.39%
2013		0.25%		639		20.801156		13,292		1.43%		29.32%
2012		0.00%		213,197		10.402170		2,217,711		1.16%		16.22%
2012		0.20%		76		16.113951		1,225		1.16%		15.99%
2012		0.25%		104		16.084433		1,673		1.16%		15.93%
2011		0.00%		181,560		8.950086		1,624,978		2.09%		-6.19%
2011		0.20%		10		13.892348		139		2.09%		-6.37%
2011		0.25%		202		13.873846		2,803		2.09%		-6.42%
2010		0.00%		85,305		9.540229		813,829		0.40%		15.00%
2010		0.20%		3		14.837971		45		0.40%		14.77%
2010		0.25%		438		14.825611		6,494		0.40%		14.71%
NVIT Cardinal Balanced Fund - Class I (NVCRB1)
2014		0.00%		530,422		13.947302		7,397,956		2.41%		4.46%
2014		0.10%		9,676,754		17.055519		165,042,062		2.41%		4.36%
2014		0.25%		17,462		16.911187		295,303		2.41%		4.20%
2013		0.00%		409,479		13.351426		5,467,129		1.74%		14.72%
2013		0.10%		9,799,660		16.343180		160,157,607		1.74%		14.60%
2012		0.00%		345,977		11.638522		4,026,661		1.58%		11.24%
2012		0.10%		9,918,231		14.260689		141,440,808		1.58%		11.13%
2011		0.00%		273,343		10.462826		2,859,940		2.55%		-1.26%
2011		0.10%		10,039,458		12.832969		128,836,053		2.55%		-1.36%
2010		0.00%		171,673		10.596561		1,819,143		0.04%		10.46%
2010		0.10%		10,172,685		13.009970		132,346,327		0.04%		10.35%
2010		0.20%		7		12.988326		91		0.04%		10.24%
2010		0.25%		50		12.977497		649		0.04%		10.18%
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)
2014		0.00%		496,154		14.183683		7,037,291		2.52%		4.70%
2014		0.25%		6,154		19.080050		117,419		2.52%		4.44%
2013		0.00%		502,970		13.546578		6,813,522		1.76%		21.44%
2013		0.25%		2,966		18.268625		54,185		1.76%		21.14%
2012		0.00%		417,509		11.154725		4,657,198		1.55%		13.74%
2011		0.00%		353,307		9.807509		3,465,062		2.31%		-3.37%
2011		0.20%		7		13.310277		93		2.31%		-3.56%
2011		0.25%		8		13.292549		106		2.31%		-3.61%
2010		0.00%		366,215		10.149086		3,716,748		0.64%		12.46%
2010		0.20%		2		13.801379		28		0.64%		12.23%
2010		0.25%		14		13.789878		193		0.64%		12.17%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Cardinal Conservative Fund - Class I (NVCCN1)
2014		0.00%		403,620	$	13.120260	$	5,295,599		2.33%		3.42%
2014		0.20%		14,273		13.844008		197,596		2.33%		3.21%
2014		0.25%		523		13.804832		7,220		2.33%		3.16%
2013		0.00%		343,843		12.686282		4,362,089		1.92%		5.03%
2013		0.20%		13,445		13.412895		180,336		1.92%		4.82%
2013		0.25%		178		13.381633		2,382		1.92%		4.77%
2012		0.00%		375,872		12.078891		4,540,117		2.04%		7.58%
2012		0.20%		317		12.796286		4,056		2.04%		7.36%
2012		0.25%		99		12.772842		1,265		2.04%		7.31%
2011		0.00%		244,720		11.227964		2,747,707		2.65%		1.50%
2011		0.20%		223		11.918680		2,658		2.65%		1.30%
2010		0.00%		132,942		11.062310		1,470,646		1.26%		6.87%
2010		0.20%		107		11.766279		1,259		1.26%		6.65%
2010		0.25%		10		11.756479		118		1.26%		6.60%
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
2014		0.00%		525,002		14.072360		7,388,017		2.58%		4.66%
2014		0.20%		142		18.013284		2,558		2.58%		4.45%
2014		0.25%		1,908		17.962322		34,272		2.58%		4.40%
2013		0.00%		465,059		13.446120		6,253,239		1.68%		17.98%
2013		0.20%		48		17.246137		828		1.68%		17.74%
2013		0.25%		125		17.205926		2,151		1.68%		17.68%
2012		0.00%		489,603		11.397169		5,580,088		1.47%		12.45%
2011		0.00%		534,729		10.135390		5,419,687		2.45%		-2.25%
2011		0.25%		8		13.034508		104		2.45%		-2.49%
2010		0.00%		346,937		10.368348		3,597,164		0.93%		11.42%
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
2014		0.00%		492,402		14.122912		6,954,150		2.54%		4.66%
2014		0.20%		772		20.116383		15,530		2.54%		4.45%
2014		0.25%		7,612		20.059477		152,693		2.54%		4.40%
2013		0.00%		538,407		13.494322		7,265,437		1.65%		24.35%
2013		0.20%		38		19.259520		732		1.65%		24.11%
2013		0.25%		1,287		19.214638		24,729		1.65%		24.04%
2012		0.00%		475,205		10.851463		5,156,669		1.27%		14.67%
2012		0.20%		29		15.518526		450		1.27%		14.44%
2012		0.25%		32		15.490103		496		1.27%		14.38%
2011		0.00%		513,993		9.463303		4,864,071		2.42%		-4.57%
2011		0.20%		31		13.560483		420		2.42%		-4.76%
2011		0.25%		35		13.542423		474		2.42%		-4.81%
2010		0.00%		486,915		9.916957		4,828,715		0.73%		13.50%
2010		0.20%		8		14.238938		114		0.73%		13.27%
2010		0.25%		224		14.227081		3,187		0.73%		13.21%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
2014		0.00%		243,977	$	13.718708	$	3,347,049		2.59%		4.17%
2014		0.20%		9,063		15.887922		143,992		2.59%		3.96%
2014		0.25%		21,867		15.842970		346,438		2.59%		3.91%
2013		0.00%		210,016		13.169178		2,765,738		2.10%		11.33%
2013		0.20%		3,323		15.282040		50,782		2.10%		11.11%
2013		0.25%		20,825		15.246428		317,507		2.10%		11.05%
2012		0.00%		151,616		11.828808		1,793,437		1.97%		10.13%
2012		0.20%		2,766		13.754085		38,044		1.97%		9.91%
2012		0.25%		13,974		13.728890		191,848		1.97%		9.86%
2011		0.00%		114,210		10.740467		1,226,669		2.52%		-0.28%
2011		0.20%		665		12.513661		8,322		2.52%		-0.48%
2010		0.00%		102,837		10.770841		1,107,641		1.12%		9.31%
2010		0.20%		424		12.574113		5,331		1.12%		9.10%
2010		0.25%		38		12.563636		477		1.12%		9.04%
NVIT Core Bond Fund - Class I (NVCBD1)
2014		0.00%		72,271		13.708553		990,731		3.25%		5.06%
2013		0.00%		65,876		13.048920		859,611		2.38%		-1.91%
2012		0.00%		72,492		13.303193		964,375		3.01%		7.75%
2011		0.00%		80,629		12.345910		995,438		3.32%		6.59%
2010		0.00%		59,061		11.582155		684,054		2.81%		7.06%
NVIT Core Plus Bond Fund - Class I (NVLCP1)
2014		0.00%		165,785		14.821038		2,457,106		2.41%		5.09%
2013		0.00%		68,382		14.103213		964,406		2.14%		-1.77%
2012		0.00%		88,003		14.357681		1,263,519		3.10%		7.38%
2011		0.00%		35,901		13.370773		480,024		2.56%		6.37%
2010		0.00%		18,485		12.569892		232,354		2.49%		8.35%
NVIT Nationwide Fund - Class I (TRF)
2014		0.00%		1,650,623		23.498134		38,786,560		1.18%		12.15%
2014		0.10%		3,872,860		19.209740		74,396,634		1.18%		12.04%
2014		0.25%		11,608		18.466505		214,359		1.18%		11.87%
2013		0.00%		1,734,648		20.952837		36,345,797		1.36%		31.10%
2013		0.10%		3,480,031		17.146101		59,668,963		1.36%		30.97%
2013		0.25%		20,745		16.507449		342,447		1.36%		30.77%
2012		0.00%		1,864,535		15.982186		29,799,345		1.42%		14.21%
2012		0.10%		3,747,612		13.091593		49,062,211		1.42%		14.10%
2012		0.20%		2,665		12.699413		33,844		1.42%		13.99%
2012		0.25%		15,896		12.622880		200,653		1.42%		13.93%
2011		0.00%		2,024,151		13.993147		28,324,242		1.15%		0.53%
2011		0.10%		4,619,387		11.473793		53,001,890		1.15%		0.43%
2011		0.20%		3,750		11.141231		41,780		1.15%		0.33%
2011		0.25%		19,700		11.079648		218,269		1.15%		0.28%
2010		0.00%		2,208,854		13.919537		30,746,225		0.79%		13.45%
2010		0.10%		4,747,522		11.424837		54,239,665		0.79%		13.34%
2010		0.20%		58,071		11.104765		644,865		0.79%		13.22%
2010		0.25%		30,679		11.048893		338,969		0.79%		13.17%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Government Bond Fund - Class I (GBF)
2014		0.00%		1,213,618	$	22.055640	$	26,767,122		1.84%		4.57%
2014		0.10%		84,462		20.206888		1,706,714		1.84%		4.46%
2014		0.20%		718,600		18.255441		13,118,360		1.84%		4.36%
2014		0.25%		1,221,280		18.127386		22,138,614		1.84%		4.31%
2013		0.00%		1,336,944		21.091950		28,198,756		1.58%		-4.06%
2013		0.10%		890,350		19.343317		17,222,322		1.58%		-4.15%
2013		0.20%		816,538		17.492749		14,283,494		1.58%		-4.25%
2013		0.25%		1,634,584		17.378731		28,406,996		1.58%		-4.29%
2012		0.00%		1,674,246		21.983438		36,805,683		2.29%		3.06%
2012		0.10%		909,849		20.181071		18,361,727		2.29%		2.95%
2012		0.20%		1,212,740		18.268614		22,155,079		2.29%		2.85%
2012		0.25%		3,051,816		18.158617		55,416,758		2.29%		2.80%
2011		0.00%		1,713,711		21.331346		36,555,762		2.95%		7.25%
2011		0.10%		177,033		19.602079		3,470,215		2.95%		7.15%
2011		0.20%		1,225,833		17.762299		21,773,612		2.95%		7.04%
2011		0.25%		3,176,064		17.664198		56,102,623		2.95%		6.99%
2010		0.00%		1,970,073		19.888530		39,181,856		2.91%		4.78%
2010		0.10%		179,088		18.294455		3,276,317		2.91%		4.68%
2010		0.20%		1,247,423		16.593936		20,699,657		2.91%		4.57%
2010		0.25%		3,252,714		16.510521		53,704,003		2.91%		4.52%
American Century NVIT Growth Fund - Class I (CAF)
2014		0.00%		981,320		15.791950		15,496,956		0.35%		11.33%
2014		0.10%		80,858		11.846425		957,878		0.35%		11.22%
2014		0.20%		32,508		15.073515		490,010		0.35%		11.11%
2014		0.25%		4,658		14.967679		69,719		0.35%		11.05%
2013		0.00%		1,067,343		14.184902		15,140,156		0.68%		29.74%
2013		0.10%		89,080		10.651528		948,838		0.68%		29.61%
2013		0.20%		32,019		13.566675		434,391		0.68%		29.48%
2013		0.25%		4,807		13.478153		64,789		0.68%		29.42%
2012		0.00%		1,163,480		10.933376		12,720,764		0.56%		14.02%
2012		0.10%		107,268		8.218140		881,543		0.56%		13.91%
2012		0.20%		27,007		10.477780		282,973		0.56%		13.79%
2012		0.25%		7,147		10.414612		74,433		0.56%		13.74%
2011		0.00%		1,203,204		9.588872		11,537,369		0.58%		-0.69%
2011		0.10%		127,078		7.214766		916,838		0.58%		-0.79%
2011		0.20%		25,516		9.207740		234,945		0.58%		-0.89%
2011		0.25%		5,000		9.156818		45,784		0.58%		-0.94%
2010		0.00%		1,313,922		9.655570		12,686,666		0.62%		19.25%
2010		0.10%		114,797		7.272204		834,827		0.62%		19.13%
2010		0.20%		21,579		9.290303		200,475		0.62%		19.01%
2010		0.25%		5,239		9.243540		48,427		0.62%		18.95%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT International Index Fund - Class II (GVIX2)
2014		0.00%		222,311	$	9.375800	$	2,084,343		2.77%		-6.12%
2014		0.20%		23,168		9.233042		213,911		2.77%		-6.31%
2014		0.25%		123,081		9.197726		1,132,065		2.77%		-6.36%
2013		0.00%		268,735		9.987487		2,683,987		3.02%		21.36%
2013		0.20%		56,128		9.855117		553,148		3.02%		21.12%
2013		0.25%		706,807		9.822334		6,942,494		3.02%		21.06%
2012		0.00%		194,912		8.229456		1,604,020		2.39%		18.29%
2012		0.20%		32,518		8.136631		264,587		2.39%		18.05%
2012		0.25%		714,474		8.113620		5,796,971		2.39%		17.99%
2011		0.00%		130,671		6.957271		909,114		2.62%		-12.72%
2011		0.20%		8,251		6.892598		56,871		2.62%		-12.89%
2011		0.25%		907,509		6.876547		6,240,528		2.62%		-12.94%
2010		0.00%		52,697		7.971131		420,055		2.29%		7.52%
2010		0.20%		7,211		7.912838		57,059		2.29%		7.30%
2010		0.25%		772,390		7.898348		6,100,605		2.29%		7.25%
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
2014		0.00%		799,256		22.936445		18,332,091		1.57%		4.99%
2014		0.10%		126,953		22.641744		2,874,437		1.57%		4.88%
2014		0.20%		87,812		22.350869		1,962,675		1.57%		4.78%
2014		0.25%		59,852		22.206782		1,329,120		1.57%		4.72%
2013		0.00%		949,387		21.847269		20,741,513		1.70%		27.25%
2013		0.10%		139,994		21.588139		3,022,210		1.70%		27.12%
2013		0.20%		93,168		21.332126		1,987,472		1.70%		26.99%
2013		0.25%		91,665		21.205202		1,943,775		1.70%		26.93%
2012		0.00%		970,552		17.169227		16,663,628		1.41%		15.90%
2012		0.10%		128,197		16.982548		2,177,112		1.41%		15.79%
2012		0.20%		90,669		16.797930		1,523,052		1.41%		15.67%
2012		0.25%		92,309		16.706332		1,542,145		1.41%		15.61%
2011		0.00%		1,230,015		14.813448		18,220,763		1.80%		-3.93%
2011		0.10%		162,340		14.667084		2,381,054		1.80%		-4.03%
2011		0.20%		83,626		14.522177		1,214,432		1.80%		-4.12%
2011		0.25%		137,252		14.450227		1,983,323		1.80%		-4.17%
2010		0.00%		1,251,096		15.419576		19,291,370		1.71%		14.63%
2010		0.10%		160,260		15.282480		2,449,170		1.71%		14.51%
2010		0.20%		121,836		15.146603		1,845,402		1.71%		14.40%
2010		0.25%		289,316		15.079089		4,362,622		1.71%		14.34%
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)
2014		0.00%		117,578		16.733256		1,967,463		1.72%		4.59%
2013		0.00%		109,004		15.999643		1,744,025		1.76%		13.42%
2012		0.00%		101,106		14.106085		1,426,210		2.24%		9.39%
2011		0.00%		12,871		12.895684		165,980		2.25%		0.88%
2010		0.00%		7,276		12.782641		93,006		1.26%		9.81%
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)
2014		0.00%		34,838		19.114689		665,918		2.15%		5.21%
2013		0.00%		16,580		18.167791		301,222		1.53%		19.49%
2012		0.00%		23,052		15.203946		350,481		1.85%		12.25%
2011		0.00%		20,856		13.544740		282,489		2.08%		-0.94%
2010		0.00%		9,246		13.672666		126,417		0.96%		12.03%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
2014		0.00%		474,185	$	16.788858	$	7,961,025		1.88%		3.89%
2014		0.10%		4,299		16.573239		71,248		1.88%		3.79%
2014		0.20%		83,998		16.360271		1,374,230		1.88%		3.68%
2014		0.25%		96,493		16.254896		1,568,484		1.88%		3.63%
2013		0.00%		504,094		16.160183		8,146,251		1.63%		4.83%
2013		0.10%		4,260		15.968590		68,026		1.63%		4.73%
2013		0.20%		62,295		15.779171		982,963		1.63%		4.62%
2013		0.25%		104,547		15.685383		1,639,860		1.63%		4.57%
2012		0.00%		535,106		15.415374		8,248,859		1.71%		5.18%
2012		0.10%		8,967		15.247831		136,727		1.71%		5.07%
2012		0.20%		69,257		15.082043		1,044,537		1.71%		4.97%
2012		0.25%		142,595		14.999901		2,138,911		1.71%		4.91%
2011		0.00%		589,915		14.656785		8,646,257		2.50%		2.93%
2011		0.10%		22,883		14.512020		332,079		2.50%		2.83%
2011		0.20%		56,571		14.368627		812,848		2.50%		2.73%
2011		0.25%		143,852		14.297532		2,056,729		2.50%		2.67%
2010		0.00%		634,498		14.239553		9,034,968		2.23%		5.89%
2010		0.10%		25,085		14.112974		354,024		2.23%		5.79%
2010		0.20%		135,026		13.987465		1,888,671		2.23%		5.68%
2010		0.25%		173,444		13.925202		2,415,243		2.23%		5.63%
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
2014		0.00%		2,828,965		20.542646		58,114,427		1.67%		5.18%
2014		0.10%		179,347		20.278734		3,636,930		1.67%		5.08%
2014		0.20%		241,999		20.018180		4,844,380		1.67%		4.97%
2014		0.25%		171,804		19.889138		3,417,033		1.67%		4.92%
2013		0.00%		3,094,770		19.530736		60,442,452		1.61%		16.63%
2013		0.10%		182,069		19.299113		3,513,770		1.61%		16.51%
2013		0.20%		243,997		19.070216		4,653,075		1.61%		16.39%
2013		0.25%		215,943		18.956755		4,093,579		1.61%		16.34%
2012		0.00%		3,467,574		16.746328		58,069,132		1.61%		10.81%
2012		0.10%		164,770		16.564270		2,729,295		1.61%		10.70%
2012		0.20%		250,897		16.384181		4,110,742		1.61%		10.59%
2012		0.25%		287,419		16.294844		4,683,448		1.61%		10.53%
2011		0.00%		3,959,245		15.112388		59,833,118		2.12%		-0.04%
2011		0.10%		218,054		14.963083		3,262,760		2.12%		-0.14%
2011		0.20%		302,677		14.815234		4,484,231		2.12%		-0.24%
2011		0.25%		390,082		14.741846		5,750,529		2.12%		-0.29%
2010		0.00%		4,345,889		15.118520		65,703,410		1.99%		10.91%
2010		0.10%		189,430		14.984107		2,838,439		1.99%		10.80%
2010		0.20%		382,830		14.850857		5,685,354		1.99%		10.69%
2010		0.25%		805,184		14.784666		11,904,377		1.99%		10.64%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
2014		0.00%		3,281,884	$	22.110620	$	72,564,490		1.74%		4.96%
2014		0.10%		165,079		21.826496		3,603,096		1.74%		4.85%
2014		0.20%		261,081		21.546066		5,625,268		1.74%		4.75%
2014		0.25%		219,251		21.407232		4,693,557		1.74%		4.69%
2013		0.00%		3,488,536		21.066347		73,490,710		1.62%		22.38%
2013		0.10%		159,223		20.816452		3,314,458		1.62%		22.25%
2013		0.20%		31,774		20.569550		653,577		1.62%		22.13%
2013		0.25%		107,418		20.447238		2,196,401		1.62%		22.07%
2012		0.00%		3,872,046		17.214305		66,654,581		1.63%		13.76%
2012		0.10%		197,613		17.027115		3,364,779		1.63%		13.65%
2012		0.20%		24,724		16.841984		416,401		1.63%		13.53%
2012		0.25%		170,507		16.750188		2,856,024		1.63%		13.48%
2011		0.00%		4,147,741		15.132127		62,764,144		2.03%		-2.13%
2011		0.10%		250,895		14.982582		3,759,055		2.03%		-2.22%
2011		0.20%		34,628		14.834535		513,690		2.03%		-2.32%
2011		0.25%		217,442		14.761085		3,209,680		2.03%		-2.37%
2010		0.00%		4,382,022		15.460895		67,749,982		1.89%		12.83%
2010		0.10%		291,696		15.323384		4,469,770		1.89%		12.72%
2010		0.20%		67,465		15.187117		1,024,599		1.89%		12.61%
2010		0.25%		400,034		15.119471		6,048,302		1.89%		12.55%
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
2014		0.00%		752,574		18.988951		14,290,591		1.83%		4.74%
2014		0.10%		72,469		18.745008		1,358,432		1.83%		4.63%
2014		0.20%		17,823		18.504179		329,800		1.83%		4.53%
2014		0.25%		40,576		18.384954		745,988		1.83%		4.48%
2013		0.00%		799,670		18.129719		14,497,792		1.67%		10.49%
2013		0.10%		56,461		17.914713		1,011,483		1.67%		10.38%
2013		0.20%		17,974		17.702253		318,180		1.67%		10.27%
2013		0.25%		55,765		17.596985		981,296		1.67%		10.22%
2012		0.00%		886,098		16.407771		14,538,893		1.75%		8.04%
2012		0.10%		51,990		16.229405		843,767		1.75%		7.93%
2012		0.20%		13,819		16.052978		221,836		1.75%		7.82%
2012		0.25%		89,875		15.965491		1,434,899		1.75%		7.77%
2011		0.00%		908,615		15.186765		13,798,922		2.30%		2.06%
2011		0.10%		67,795		15.036737		1,019,416		2.30%		1.96%
2011		0.20%		9,866		14.888185		146,887		2.30%		1.86%
2011		0.25%		78,319		14.814478		1,160,255		2.30%		1.81%
2010		0.00%		953,397		14.879939		14,186,489		2.16%		8.52%
2010		0.10%		81,279		14.747641		1,198,674		2.16%		8.41%
2010		0.20%		30,996		14.616529		453,054		2.16%		8.30%
2010		0.25%		172,671		14.551412		2,512,607		2.16%		8.25%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Mid Cap Index Fund - Class I (MCIF)
2014		0.00%		726,102	$	48.693949	$	35,356,774		1.08%		9.42%
2014		0.10%		64,879		43.927412		2,849,967		1.08%		9.31%
2014		0.20%		332,094		32.925676		10,934,419		1.08%		9.20%
2014		0.25%		965,440		32.694578		31,564,653		1.08%		9.15%
2013		0.00%		770,865		44.501701		34,304,804		1.15%		33.05%
2013		0.10%		67,580		40.185694		2,715,749		1.15%		32.91%
2013		0.20%		308,900		30.151218		9,313,711		1.15%		32.78%
2013		0.25%		990,257		29.954566		29,662,719		1.15%		32.72%
2012		0.00%		775,366		33.448036		25,934,470		1.07%		17.47%
2012		0.10%		82,892		30.234257		2,506,178		1.07%		17.36%
2012		0.20%		268,030		22.707360		6,086,254		1.07%		17.24%
2012		0.25%		1,015,466		22.570532		22,919,608		1.07%		17.18%
2011		0.00%		937,419		28.472984		26,691,116		0.78%		-2.54%
2011		0.10%		110,919		25.763036		2,857,610		0.78%		-2.64%
2011		0.20%		249,840		19.368666		4,839,068		0.78%		-2.74%
2011		0.25%		1,084,345		19.261601		20,886,221		0.78%		-2.79%
2010		0.00%		972,303		29.216232		28,407,030		1.25%		26.20%
2010		0.10%		134,857		26.461933		3,568,577		1.25%		26.07%
2010		0.20%		201,344		19.913978		4,009,560		1.25%		25.95%
2010		0.25%		1,101,218		19.813788		21,819,300		1.25%		25.89%
NVIT Money Market Fund - Class I (SAM)
2014		0.00%		3,527,039		14.293235		50,412,797		0.00%		0.00%
2014		0.20%		872		11.935475		10,408		0.00%		-0.20%
2014		0.25%		472,682		11.851712		5,602,091		0.00%		-0.25%
2013		0.00%		4,055,705		14.293235		57,967,632		0.00%		0.00%
2013		0.20%		915		11.959420		10,943		0.00%		-0.20%
2013		0.25%		550,956		11.881336		6,546,093		0.00%		-0.25%
2012		0.00%		5,544,294		14.293235		79,245,902		0.00%		0.00%
2012		0.20%		1,247		11.983454		14,943		0.00%		-0.20%
2012		0.25%		563,036		11.911174		6,706,420		0.00%		-0.25%
2011		0.00%		5,903,369		14.293235		84,378,240		0.00%		0.00%
2011		0.20%		1,299		12.007617		15,598		0.00%		-0.20%
2011		0.25%		574,205		11.941153		6,856,670		0.00%		-0.25%
2010		0.00%		6,150,810		14.293225		87,914,911		0.00%		0.00%
2010		0.20%		1,348		12.031632		16,219		0.00%		-0.20%
2010		0.25%		588,365		11.970993		7,043,313		0.00%		-0.25%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Money Market Fund - Class V (SAM5)
2014		0.00%		1,920,128	$	11.731137	$	22,525,285		0.00%		0.00%
2014		0.20%		4,418,047		11.448195		50,578,664		0.00%		-0.20%
2014		0.25%		8,212,686		11.378551		93,448,466		0.00%		-0.25%
2013		0.00%		1,733,687		11.731137		20,338,120		0.00%		0.00%
2013		0.10%		77,084		11.600379		894,204		0.00%		-0.10%
2013		0.20%		9,408,960		11.471170		107,931,780		0.00%		-0.20%
2013		0.25%		7,910,243		11.407039		90,232,450		0.00%		-0.25%
2012		0.00%		1,186,217		11.731137		13,915,674		0.00%		0.00%
2012		0.10%		657,353		11.612007		7,633,188		0.00%		-0.10%
2012		0.20%		8,815,071		11.494165		101,321,881		0.00%		-0.20%
2012		0.25%		7,802,771		11.435565		89,229,095		0.00%		-0.25%
2011		0.00%		756,286		11.731137		8,872,095		0.00%		0.00%
2011		0.10%		629,615		11.623696		7,318,453		0.00%		-0.10%
2011		0.20%		8,407,521		11.517285		96,831,816		0.00%		-0.20%
2011		0.25%		9,471,462		11.464248		108,583,189		0.00%		-0.25%
2010		0.00%		528,187		11.731129		6,196,230		0.00%		0.00%
2010		0.10%		1,869,173		11.635333		21,748,450		0.00%		-0.10%
2010		0.20%		8,254,159		11.540261		95,255,149		0.00%		-0.20%
2010		0.25%		10,842,157		11.492942		124,608,282		0.00%		-0.25%
NVIT Multi-Manager International Growth Fund - Class I (NVMIG1)
2014		0.00%		1,641,194		9.795541		16,076,383		1.06%		-2.04%		4/25/2014
NVIT Multi-Manager International Value Fund - Class I (GVDIVI)
2014		0.00%		281,697		18.973981		5,344,914		2.81%		-9.46%
2013		0.00%		32,529		20.957356		681,722		2.34%		21.41%
2012		0.00%		39,531		17.262313		682,396		0.39%		17.29%
2011		0.00%		43,242		14.717057		636,395		1.75%		-16.24%
2010		0.00%		50,861		17.570720		893,664		2.15%		6.19%
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2014		0.00%		706,844		16.038508		11,336,723		0.49%		10.44%
2014		0.20%		2,859		15.826062		45,247		0.49%		10.22%
2014		0.25%		34,585		15.773428		545,524		0.49%		10.16%
2013		0.00%		772,029		14.522943		11,212,119		0.75%		34.74%
2013		0.20%		1,774		14.359257		25,473		0.75%		34.47%
2013		0.25%		43,920		14.318656		628,875		0.75%		34.40%
2012		0.00%		864,055		10.778503		9,313,219		0.46%		16.35%
2012		0.10%		45,035		10.728340		483,151		0.46%		16.24%
2012		0.20%		5,198		10.678331		55,506		0.46%		16.12%
2012		0.25%		68,955		10.653460		734,609		0.46%		16.06%
2011		0.00%		993,419		9.263525		9,202,562		0.01%		-2.91%
2011		0.10%		47,450		9.229646		437,947		0.01%		-3.00%
2011		0.20%		35,052		9.195838		322,333		0.01%		-3.10%
2011		0.25%		139,543		9.179010		1,280,867		0.01%		-3.15%
2010		0.00%		1,140,603		9.540808		10,882,274		0.06%		15.51%
2010		0.10%		50,494		9.515403		480,471		0.06%		15.39%
2010		0.20%		17,386		9.490013		164,993		0.06%		15.28%
2010		0.25%		118,763		9.477375		1,125,561		0.06%		15.22%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
2014		0.00%		472,606	$	15.226743	$	7,196,250		1.26%		10.52%
2014		0.20%		1,652		17.300502		28,580		1.26%		10.30%
2014		0.25%		35,213		17.260130		607,781		1.26%		10.24%
2013		0.00%		503,503		13.777622		6,937,074		1.34%		35.44%
2013		0.20%		876		15.685351		13,740		1.34%		35.17%
2013		0.25%		33,020		15.656577		516,980		1.34%		35.10%
2012		0.00%		578,776		10.172659		5,887,691		1.34%		17.81%
2012		0.10%		27,689		11.635430		322,173		1.34%		17.69%
2012		0.20%		3,822		11.604387		44,352		1.34%		17.57%
2012		0.25%		39,721		11.588884		460,322		1.34%		17.52%
2011		0.00%		652,862		8.634796		5,637,330		1.10%		-5.83%
2011		0.10%		29,021		9.886324		286,911		1.10%		-5.92%
2011		0.20%		4,675		9.869840		46,142		1.10%		-6.02%
2011		0.25%		48,213		9.861595		475,457		1.10%		-6.06%
2010		0.00%		694,617		9.169345		6,369,183		0.70%		13.05%
2010		0.10%		31,135		10.508835		327,193		0.70%		5.09%		4/30/2010
2010		0.20%		3,506		10.501786		36,819		0.70%		5.02%		4/30/2010
2010		0.25%		58,810		10.498264		617,403		0.70%		4.98%		4/30/2010
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2014		0.00%		2,121,248		16.103721		34,159,986		0.00%		4.04%
2014		0.20%		664		15.890408		10,551		0.00%		3.83%
2014		0.25%		34,568		15.837535		547,472		0.00%		3.78%
2013		0.00%		2,366,861		15.479098		36,636,780		0.00%		38.94%
2013		0.20%		127		15.304647		1,944		0.00%		38.67%
2013		0.25%		305		15.261350		4,655		0.00%		38.60%
2012		0.00%		2,541,741		11.140525		28,316,329		0.00%		14.90%
2012		0.10%		6,819		11.088680		75,614		0.00%		14.79%
2012		0.20%		3,499		11.037007		38,618		0.00%		14.67%
2012		0.25%		1,906		11.011282		20,988		0.00%		14.62%
2011		0.00%		3,047,277		9.695515		29,544,910		0.00%		-4.23%
2011		0.10%		7,012		9.660066		67,736		0.00%		-4.32%
2011		0.20%		623		9.624698		5,996		0.00%		-4.42%
2011		0.25%		5,101		9.607082		49,006		0.00%		-4.47%
2010		0.00%		3,476,447		10.123676		35,194,423		0.00%		26.82%
2010		0.10%		7,478		10.096737		75,503		0.00%		26.69%
2010		0.25%		5,764		10.056395		57,965		0.00%		26.50%
NVIT Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)
2014		0.00%		12,260		19.264433		236,182		3.76%		17.15%
2014		0.20%		4,577		19.009205		87,005		3.76%		16.92%
2014		0.25%		31,287		18.945996		592,763		3.76%		16.86%
2013		0.20%		5,093		16.258572		82,805		1.92%		35.58%
2013		0.25%		3,285		16.212600		53,258		1.92%		35.51%
2012		0.00%		678		12.104426		8,207		1.34%		16.65%
2012		0.20%		350		11.991912		4,197		1.34%		16.42%
2012		0.25%		4,531		11.963973		54,209		1.34%		16.36%
2011		0.00%		1,079		10.376788		11,197		1.08%		-2.09%
2011		0.25%		5,310		10.282114		54,598		1.08%		-2.33%
2010		0.25%		6,739		10.527298		70,943		1.08%		19.37%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
2014		0.00%		798,637	$	19.031857	$	15,199,545		1.43%		17.02%
2013		0.00%		801,822		16.263836		13,040,702		1.19%		35.68%
2012		0.00%		861,247		11.987208		10,323,947		1.13%		16.35%
2011		0.00%		946,834		10.303092		9,755,318		0.79%		-2.32%
2010		0.00%		1,131,006		10.547920		11,929,761		1.33%		19.63%
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
2014		0.00%		438,208		27.300408		11,963,257		0.00%		2.81%
2014		0.10%		30,685		26.876162		824,695		0.00%		2.71%
2014		0.20%		38,688		26.458295		1,023,619		0.00%		2.61%
2014		0.25%		44,652		26.251887		1,172,199		0.00%		2.55%
2013		0.00%		463,075		26.553796		12,296,399		0.00%		44.29%
2013		0.10%		34,874		26.167303		912,559		0.00%		44.14%
2013		0.20%		40,523		25.786245		1,044,936		0.00%		44.00%
2013		0.25%		39,942		25.597875		1,022,430		0.00%		43.93%
2012		0.00%		496,782		18.403264		9,142,410		0.00%		13.44%
2012		0.10%		49,739		18.153519		902,938		0.00%		13.32%
2012		0.20%		55,773		17.907035		998,729		0.00%		13.21%
2012		0.25%		77,450		17.785105		1,377,456		0.00%		13.15%
2011		0.00%		563,925		16.223239		9,148,690		0.00%		-0.65%
2011		0.10%		61,780		16.019131		989,662		0.00%		-0.75%
2011		0.20%		47,600		15.817461		752,911		0.00%		-0.85%
2011		0.25%		85,864		15.717643		1,349,580		0.00%		-0.90%
2010		0.00%		583,188		16.329069		9,522,917		0.00%		25.45%
2010		0.10%		46,291		16.139729		747,124		0.00%		25.32%
2010		0.20%		27,210		15.952454		434,066		0.00%		25.20%
2010		0.25%		175,315		15.859701		2,780,443		0.00%		25.13%
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
2014		0.00%		642,484		49.666354		31,909,838		0.52%		7.02%
2014		0.10%		19,561		52.961764		1,035,985		0.52%		6.92%
2014		0.20%		87,344		37.680056		3,291,127		0.52%		6.81%
2014		0.25%		90,236		37.415660		3,376,239		0.52%		6.75%
2013		0.00%		702,734		46.407602		32,612,200		0.83%		40.40%
2013		0.10%		24,770		49.536300		1,227,014		0.83%		40.26%
2013		0.20%		86,171		35.278242		3,039,961		0.83%		40.12%
2013		0.25%		168,547		35.048209		5,907,270		0.83%		40.05%
2012		0.00%		772,200		33.054014		25,524,310		0.83%		20.44%
2012		0.10%		36,881		35.317708		1,302,552		0.83%		20.32%
2012		0.20%		73,102		25.177325		1,840,513		0.83%		20.20%
2012		0.25%		165,813		25.025649		4,149,578		0.83%		20.14%
2011		0.00%		880,940		27.443292		24,175,894		0.43%		-5.07%
2011		0.10%		56,153		29.352122		1,648,210		0.43%		-5.16%
2011		0.20%		90,826		20.945547		1,902,400		0.43%		-5.26%
2011		0.25%		192,080		20.829802		4,000,988		0.43%		-5.31%
2010		0.00%		994,468		28.908970		28,749,046		0.59%		26.60%
2010		0.10%		61,312		30.950627		1,897,645		0.59%		26.48%
2010		0.20%		102,771		22.108296		2,272,092		0.59%		26.35%
2010		0.25%		333,494		21.997105		7,335,903		0.59%		26.29%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Multi-Manager Small Company Fund - Class I (SCF)
2014		0.00%		685,999	$	42.614090	$	29,233,223		0.16%		0.82%
2014		0.10%		21,017		42.757292		898,630		0.16%		0.71%
2014		0.20%		97,531		28.539291		2,783,466		0.16%		0.61%
2014		0.25%		457,689		28.338965		12,970,433		0.16%		0.56%
2013		0.00%		771,546		42.269428		32,612,808		0.13%		40.91%
2013		0.10%		24,324		42.453920		1,032,649		0.13%		40.76%
2013		0.20%		98,202		28.365149		2,785,514		0.13%		40.62%
2013		0.25%		655,038		28.180139		18,459,062		0.13%		40.55%
2012		0.00%		861,431		29.998380		25,841,534		0.15%		15.50%
2012		0.10%		39,733		30.159433		1,198,325		0.15%		15.39%
2012		0.20%		139,263		20.170847		2,809,053		0.15%		15.27%
2012		0.25%		739,156		20.049299		14,819,560		0.15%		15.21%
2011		0.00%		990,245		25.972077		25,718,719		0.53%		-5.56%
2011		0.10%		62,029		26.137692		1,621,295		0.53%		-5.65%
2011		0.20%		163,780		17.498608		2,865,922		0.53%		-5.75%
2011		0.25%		838,331		17.401887		14,588,541		0.53%		-5.79%
2010		0.00%		1,145,604		27.500722		31,504,937		0.27%		25.32%
2010		0.10%		82,358		27.703734		2,281,624		0.27%		25.19%
2010		0.20%		354,127		18.565556		6,574,565		0.27%		25.07%
2010		0.25%		1,292,376		18.472172		23,872,992		0.27%		25.01%
NVIT Multi-Sector Bond Fund - Class I (MSBF)
2014		0.00%		421,651		22.789085		9,609,040		3.14%		3.88%
2014		0.10%		19,482		21.909355		426,838		3.14%		3.78%
2014		0.20%		21,736		20.812445		452,379		3.14%		3.68%
2014		0.25%		51,475		20.666439		1,063,805		3.14%		3.62%
2013		0.00%		459,866		21.937138		10,088,144		3.31%		-1.12%
2013		0.10%		23,955		21.111396		505,723		3.31%		-1.22%
2013		0.20%		19,485		20.074490		391,151		3.31%		-1.32%
2013		0.25%		35,590		19.943635		709,794		3.31%		-1.37%
2012		0.00%		502,846		22.186564		11,156,425		2.47%		12.25%
2012		0.10%		43,545		21.372809		930,679		2.47%		12.14%
2012		0.20%		22,681		20.343390		461,408		2.47%		12.02%
2012		0.25%		50,355		20.220894		1,018,223		2.47%		11.97%
2011		0.00%		570,373		19.765394		11,273,647		4.21%		5.55%
2011		0.10%		102,896		19.059523		1,961,149		4.21%		5.44%
2011		0.20%		19,541		18.159702		354,859		4.21%		5.34%
2011		0.25%		36,977		18.059416		667,783		4.21%		5.28%
2010		0.00%		628,182		18.726591		11,763,707		6.64%		10.59%
2010		0.10%		65,852		18.075827		1,190,329		6.64%		10.48%
2010		0.20%		18,613		17.239635		320,881		6.64%		10.37%
2010		0.25%		358,111		17.152974		6,142,669		6.64%		10.31%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Short Term Bond Fund - Class I (NVSTB1)
2014		0.10%		815,788	$	11.637049	$	9,493,365		0.90%		0.67%
2014		0.20%		33,789		11.559700		390,591		0.90%		0.57%
2014		0.25%		1,340,967		11.521251		15,449,617		0.90%		0.52%
2013		0.00%		948		11.625509		11,021		1.51%		0.33%
2013		0.10%		1,755,104		11.559851		20,288,741		1.51%		0.23%
2013		0.20%		17,901		11.494507		205,763		1.51%		0.13%
2013		0.25%		1,320,778		11.461984		15,138,736		1.51%		0.08%
2012		0.00%		850		11.587099		9,849		2.62%		3.83%
2012		0.10%		2,046,482		11.533202		23,602,490		2.62%		3.72%
2012		0.20%		15,166		11.479462		174,098		2.62%		3.62%
2012		0.25%		462,893		11.452722		5,301,385		2.62%		3.57%
2011		0.00%		746		11.160218		8,326		1.81%		1.45%
2011		0.20%		9,972		11.078737		110,477		1.81%		1.24%
2011		0.25%		479,653		11.058467		5,304,227		1.81%		1.19%
2010		0.00%		1,405		11.001081		15,457		1.63%		2.68%
2010		0.20%		7,406		10.942569		81,041		1.63%		2.48%
2010		0.25%		499,595		10.927993		5,459,571		1.63%		2.43%
NVIT Short Term Bond Fund - Class II (NVSTB2)
2014		0.00%		164,622		11.507465		1,894,382		0.97%		0.49%
2013		0.00%		163,595		11.450912		1,873,312		0.98%		0.11%
2012		0.00%		201,309		11.438838		2,302,741		1.30%		3.52%
2011		0.00%		218,639		11.049485		2,415,848		1.50%		1.30%
2010		0.00%		365,359		10.907906		3,985,302		1.37%		2.42%
NVIT Large Cap Growth Fund - Class I (NVOLG1)
2014		0.00%		5,400,878		24.521987		132,440,260		0.71%		8.80%
2013		0.00%		5,982,076		22.538634		134,827,822		0.79%		36.70%
2012		0.00%		6,636,497		16.487341		109,418,189		0.70%		18.68%
2011		0.00%		7,462,793		13.891692		103,670,822		0.67%		-2.23%
2010		0.00%		8,648,974		14.209081		122,893,972		0.06%		8.80%
Templeton NVIT International Value Fund - Class III (NVTIV3)
2014		0.00%		28,263		16.010507		452,505		3.75%		-8.15%
2013		0.00%		29,863		17.430436		520,525		1.87%		20.09%
2012		0.00%		35,997		14.513999		522,460		2.54%		19.56%
2011		0.00%		35,418		12.139096		429,943		3.30%		-12.43%
2010		0.00%		11,957		13.861453		165,741		2.33%		6.35%
Invesco NVIT Comstock Value Fund - Class I (EIF)
2014		0.00%		475,177		23.506089		11,169,553		1.76%		9.17%
2014		0.10%		59,580		19.544819		1,164,480		1.76%		9.06%
2014		0.25%		2,197		19.053909		41,861		1.76%		8.90%
2013		0.00%		506,620		21.531960		10,908,522		0.00%		35.64%
2013		0.10%		48,119		17.921285		862,354		0.00%		35.50%
2013		0.25%		196		17.497385		3,429		0.00%		35.30%
2012		0.00%		495,063		15.874436		7,858,846		1.18%		18.46%
2012		0.10%		39,021		13.225670		516,079		1.18%		18.35%
2012		0.25%		143		12.932205		1,849		1.18%		18.17%
2011		0.00%		610,041		13.400181		8,174,660		1.31%		-2.32%
2011		0.10%		61,552		11.175452		687,871		1.31%		-2.42%
2011		0.25%		156		10.943926		1,707		1.31%		-2.57%
2010		0.00%		667,292		13.719138		9,154,671		1.53%		15.77%
2010		0.10%		61,360		11.452871		702,748		1.53%		15.66%
2010		0.25%		157		11.232402		1,763		1.53%		15.48%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Real Estate Fund - Class I (NVRE1)
2014		0.00%		1,966,709	$	15.751218	$	30,978,062		3.00%		28.88%
2014		0.20%		57,979		31.248643		1,811,765		3.00%		28.63%
2014		0.25%		207,316		31.160306		6,460,030		3.00%		28.56%
2013		0.00%		2,029,128		12.221280		24,798,541		1.49%		3.05%
2013		0.20%		29,025		24.294127		705,137		1.49%		2.84%
2013		0.25%		216,320		24.237549		5,243,067		1.49%		2.79%
2012		0.00%		2,229,784		11.860098		26,445,457		1.03%		15.79%
2012		0.20%		23,596		23.623351		557,417		1.03%		15.55%
2012		0.25%		202,477		23.580128		4,774,434		1.03%		15.50%
2011		0.00%		2,496,219		10.243095		25,569,008		0.89%		6.50%
2011		0.20%		10,686		20.443475		218,459		0.89%		6.29%
2011		0.25%		208,462		20.416293		4,256,021		0.89%		6.23%
2010		0.00%		2,741,940		9.617905		26,371,718		1.94%		30.18%
2010		0.20%		99		19.234046		1,904		1.94%		29.92%
2010		0.25%		99,872		19.218051		1,919,345		1.94%		29.86%
Loring Ward NVIT Capital Appreciation Fund - Class P (NVLCAP)
2014		0.00%		2,183		11.822850		25,809		2.05%		3.34%
2013		0.00%		140		11.440971		1,602		5.98%		14.41%		5/1/2013
Loring Ward NVIT Moderate Fund - Class P (NVLMP)
2014		0.00%		191		11.485747		2,194		1.50%		2.09%
NVIT Small Cap Index Fund Class II (NVSIX2)
2014		0.00%		18,330		13.257084		243,002		1.19%		4.55%
2013		0.00%		5,103		12.679935		64,706		1.58%		26.80%		5/1/2013
NVIT S&P 500 Index Fund Class I (GVEX1)
2014		0.00%		121,451		13.417375		1,629,554		3.36%		13.36%
2013		0.00%		42,973		11.835951		508,626		2.83%		18.36%		5/1/2013
TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3 (NOTMG3)
2014		0.00%		10		10.951171		110		0.10%		2.75%
2013		0.00%		320		10.658086		3,411		0.83%		6.58%		5/1/2013
VPS Growth and Income Portfolio - Class A (ALVGIA)
2014		0.00%		157,691		28.696834		4,525,232		1.55%		9.54%
2014		0.10%		85,342		28.345326		2,419,047		1.55%		9.43%
2014		0.20%		26,350		27.998136		737,751		1.55%		9.32%
2014		0.25%		561,703		27.826142		15,630,027		1.55%		9.27%
2013		0.00%		162,202		26.197145		4,249,229		1.26%		34.96%
2013		0.10%		73,538		25.902147		1,904,792		1.26%		34.83%
2013		0.20%		21,338		25.610480		546,476		1.26%		34.69%
2013		0.25%		318,807		25.465870		8,118,698		1.26%		34.63%
2012		0.00%		162,645		19.410515		3,157,023		1.56%		17.52%
2012		0.10%		72,424		19.211121		1,391,346		1.56%		17.41%
2012		0.20%		5,771		19.013781		109,729		1.56%		17.29%
2012		0.25%		225,551		18.915871		4,266,494		1.56%		17.23%
2011		0.00%		170,800		16.516082		2,820,947		1.24%		6.32%
2011		0.10%		76,305		16.362810		1,248,564		1.24%		6.21%
2011		0.20%		3,854		16.210964		62,477		1.24%		6.10%
2011		0.25%		199,320		16.135567		3,216,141		1.24%		6.05%
2010		0.00%		200,244		15.534777		3,110,746		0.00%		13.09%
2010		0.10%		70,827		15.405969		1,091,159		0.00%		12.98%
2010		0.20%		8,723		15.278240		133,272		0.00%		12.87%
2010		0.25%		451,505		15.214771		6,869,545		0.00%		12.81%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VPS International Value Portfolio - Class A (ALVIVA)
2014		0.00%		286,615	$	8.446277	$	2,420,830		3.43%		-6.21%
2014		0.20%		180,956		8.301038		1,502,123		3.43%		-6.40%
2014		0.25%		552,604		8.265079		4,567,316		3.43%		-6.45%
2013		0.00%		517,203		9.005605		4,657,726		6.94%		23.00%
2013		0.20%		183,877		8.868473		1,630,708		6.94%		22.76%
2013		0.25%		605,126		8.834487		5,345,978		6.94%		22.70%
2012		0.00%		304,664		7.321422		2,230,574		1.40%		14.53%
2012		0.20%		168,677		7.224352		1,218,582		1.40%		14.30%
2012		0.25%		662,753		7.200265		4,771,997		1.40%		14.25%
2011		0.00%		267,669		6.392469		1,711,066		3.98%		-19.25%
2011		0.20%		344,180		6.320359		2,175,341		3.98%		-19.41%
2011		0.25%		1,118,669		6.302451		7,050,357		3.98%		-19.45%
2010		0.00%		200,883		7.916459		1,590,282		2.85%		4.59%
2010		0.20%		257,323		7.842837		2,018,142		2.85%		4.38%
2010		0.25%		1,687,168		7.824523		13,201,285		2.85%		4.33%
VPS Small/Mid Cap Value Portfolio - Class A (ALVSVA)
2014		0.00%		327,750		39.225701		12,856,224		0.72%		9.20%
2014		0.20%		75,593		38.320927		2,896,794		0.72%		8.98%
2014		0.25%		111,832		38.098085		4,260,585		0.72%		8.93%
2013		0.00%		261,670		35.921574		9,399,598		0.63%		38.06%
2013		0.20%		60,120		35.163273		2,114,016		0.63%		37.78%
2013		0.25%		91,538		34.976283		3,201,659		0.63%		37.71%
2012		0.00%		246,289		26.019263		6,408,258		0.56%		18.75%
2012		0.20%		69,059		25.520947		1,762,451		0.56%		18.51%
2012		0.25%		78,182		25.397917		1,985,660		0.56%		18.45%
2011		0.00%		255,634		21.911401		5,601,299		0.47%		-8.39%
2011		0.20%		105,642		21.534889		2,274,989		0.47%		-8.57%
2011		0.25%		120,161		21.441818		2,576,470		0.47%		-8.62%
2010		0.00%		276,981		23.918151		6,624,873		0.45%		26.91%
2010		0.20%		11,224		23.554154		264,372		0.45%		26.65%
2010		0.25%		194,464		23.464072		4,562,917		0.45%		26.59%
VP Capital Appreciation Fund - Class I (ACVCA)
2014		0.00%		12,862		11.086033		142,589		0.00%		10.86%		4/25/2014
2014		0.10%		36,389		11.078445		403,134		0.00%		10.78%		4/25/2014
2014		0.20%		57,894		11.070868		640,937		0.00%		10.71%		4/25/2014
2014		0.25%		37,927		11.067076		419,741		0.00%		10.67%		4/25/2014

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VP Income & Growth Fund - Class I (ACVIG)
2014		0.00%		620,823	$	28.210605	$	17,513,792		2.04%		12.50%
2014		0.10%		73,599		21.379946		1,573,543		2.04%		12.39%
2014		0.20%		95,825		20.756489		1,988,991		2.04%		12.28%
2014		0.25%		109,387		20.610781		2,254,552		2.04%		12.22%
2013		0.00%		666,647		25.075388		16,716,432		2.22%		35.82%
2013		0.10%		58,965		19.022865		1,121,683		2.22%		35.68%
2013		0.20%		76,367		18.486622		1,411,768		2.22%		35.55%
2013		0.25%		98,961		18.366027		1,817,520		2.22%		35.48%
2012		0.00%		710,262		18.462191		13,112,993		2.10%		14.74%
2012		0.10%		74,411		14.019920		1,043,236		2.10%		14.63%
2012		0.20%		98,053		13.638317		1,337,278		2.10%		14.51%
2012		0.25%		101,923		13.556114		1,381,680		2.10%		14.46%
2011		0.00%		786,408		16.089880		12,653,210		1.56%		3.11%
2011		0.10%		93,936		12.230669		1,148,900		1.56%		3.01%
2011		0.20%		118,559		11.909699		1,412,002		1.56%		2.91%
2011		0.25%		99,798		11.843849		1,181,992		1.56%		2.86%
2010		0.00%		850,874		15.604299		13,277,292		1.54%		14.15%
2010		0.10%		88,094		11.873399		1,045,975		1.54%		14.03%
2010		0.20%		139,375		11.573339		1,613,034		1.54%		13.92%
2010		0.25%		93,837		11.515093		1,080,542		1.54%		13.86%
VP Inflation Protection Fund - Class II (ACVIP2)
2014		0.00%		783,544		15.962763		12,507,527		1.30%		3.30%
2013		0.00%		880,216		15.452863		13,601,857		1.80%		-8.48%
2012		0.00%		2,163,527		16.884507		36,530,087		2.45%		7.39%
2011		0.00%		2,138,750		15.723236		33,628,071		4.02%		11.74%
2010		0.00%		2,220,925		14.070730		31,250,036		1.67%		5.12%
VP International Fund - Class I (ACVI)
2014		0.00%		478		22.531408		10,770		1.93%		-5.51%
2014		0.10%		42,373		18.221565		772,102		1.93%		-5.60%
2014		0.20%		20,376		14.213622		289,617		1.93%		-5.70%
2014		0.25%		55,781		14.113952		787,290		1.93%		-5.74%
2013		0.00%		478		23.844377		11,398		1.66%		22.41%
2013		0.10%		47,393		19.302687		914,812		1.66%		22.29%
2013		0.20%		80,839		15.072019		1,218,407		1.66%		22.17%
2013		0.25%		114,132		14.973813		1,708,991		1.66%		22.10%
2012		0.00%		478		19.479115		9,311		0.95%		21.16%
2012		0.10%		62,568		15.784654		987,614		0.95%		21.04%
2012		0.20%		81,406		12.337365		1,004,336		0.95%		20.92%
2012		0.25%		124,136		12.263107		1,522,293		0.95%		20.86%
2011		0.00%		478		16.077026		7,685		2.03%		-12.04%
2011		0.10%		86,616		13.040872		1,129,548		2.03%		-12.13%
2011		0.20%		82,449		10.203033		841,230		2.03%		-12.22%
2011		0.25%		210,964		10.146695		2,140,587		2.03%		-12.26%
2010		0.00%		478		18.277925		8,737		2.46%		13.29%
2010		0.10%		83,179		14.840952		1,234,456		2.46%		13.18%
2010		0.20%		82,185		11.623003		955,237		2.46%		13.07%
2010		0.25%		657,819		11.564596		7,607,411		2.46%		13.01%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VP Mid Cap Value Fund - Class I (ACVMV1)
2014		0.00%		374,202	$	27.298795	$	10,215,264		1.17%		16.42%
2014		0.20%		21,248		26.776248		568,942		1.17%		16.19%
2014		0.25%		97,396		26.647083		2,595,319		1.17%		16.13%
2013		0.00%		340,654		23.448028		7,987,665		1.23%		30.11%
2013		0.20%		49,119		23.045206		1,131,957		1.23%		29.85%
2013		0.25%		92,345		22.945511		2,118,903		1.23%		29.79%
2012		0.00%		268,264		18.021035		4,834,395		2.06%		16.33%
2012		0.20%		40,982		17.746877		727,303		2.06%		16.09%
2012		0.25%		88,101		17.678937		1,557,532		2.06%		16.04%
2011		0.00%		243,163		15.491583		3,766,980		1.38%		-0.69%
2011		0.20%		4,491		15.286517		68,652		1.38%		-0.89%
2011		0.25%		90,003		15.235631		1,371,252		1.38%		-0.94%
2010		0.00%		207,868		15.599747		3,242,688		2.38%		19.25%
2010		0.20%		267		15.424007		4,118		2.38%		19.02%
2010		0.25%		75,893		15.380339		1,167,260		2.38%		18.96%
VP Ultra(R) Fund - Class I (ACVU1)
2014		0.10%		48,289		20.808430		1,004,818		0.36%		9.88%
2014		0.25%		29,093		20.416753		593,985		0.36%		9.72%
2013		0.10%		49,193		18.936563		931,546		0.52%		36.94%
2013		0.25%		25,479		18.608010		474,113		0.52%		36.73%
2012		0.10%		58,200		13.828695		804,830		0.00%		13.81%
2012		0.20%		1,879		13.681924		25,708		0.00%		13.70%
2012		0.25%		27,639		13.609145		376,143		0.00%		13.64%
2011		0.10%		96,658		12.150697		1,174,462		0.00%		0.97%
2011		0.20%		1,235		12.033779		14,862		0.00%		0.86%
2011		0.25%		21,670		11.975768		259,515		0.00%		0.81%
2010		0.10%		65,269		12.034525		785,481		0.53%		15.97%
2010		0.20%		720		11.930621		8,590		0.53%		15.85%
2010		0.25%		20,009		11.879037		237,688		0.53%		15.79%
VP Value Fund - Class I (ACVV)
2014		0.00%		98,380		36.207932		3,562,136		1.56%		13.08%
2014		0.10%		106,841		35.306045		3,772,133		1.56%		12.97%
2014		0.20%		83,440		30.308269		2,528,922		1.56%		12.85%
2014		0.25%		524,830		30.095564		15,795,055		1.56%		12.80%
2013		0.00%		88,716		32.019810		2,840,669		1.65%		31.73%
2013		0.10%		93,423		31.253476		2,919,793		1.65%		31.59%
2013		0.20%		52,498		26.856208		1,409,897		1.65%		31.46%
2013		0.25%		488,846		26.681063		13,042,931		1.65%		31.40%
2012		0.00%		76,100		24.307940		1,849,834		1.93%		14.58%
2012		0.10%		104,420		23.749898		2,479,964		1.93%		14.46%
2012		0.20%		39,924		20.428748		815,597		1.93%		14.35%
2012		0.25%		420,143		20.305662		8,531,282		1.93%		14.29%
2011		0.00%		58,917		21.215636		1,249,962		1.94%		1.01%
2011		0.10%		134,565		20.749366		2,792,138		1.94%		0.91%
2011		0.20%		152,212		17.865705		2,719,375		1.94%		0.81%
2011		0.25%		446,252		17.766964		7,928,543		1.94%		0.76%
2010		0.00%		36,231		21.002542		760,943		1.87%		13.42%
2010		0.10%		128,712		20.561475		2,646,509		1.87%		13.31%
2010		0.20%		123,078		17.721598		2,181,139		1.87%		13.20%
2010		0.25%		720,784		17.632449		12,709,187		1.87%		13.14%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
MidCap Stock Portfolio - Initial Shares (DVMCS)
2014		0.00%		469	$	33.517249	$	15,720		0.81%		12.09%
2014		0.10%		39,782		33.106688		1,317,050		0.81%		11.98%
2014		0.20%		10,198		32.701125		333,486		0.81%		11.87%
2014		0.25%		54,442		32.500253		1,769,379		0.81%		11.81%
2013		0.10%		35,855		29.565253		1,060,062		1.18%		34.86%
2013		0.25%		20,083		29.067260		583,758		1.18%		34.66%
2012		0.10%		38,571		21.923330		845,605		0.48%		19.55%
2012		0.25%		17,878		21.586376		385,921		0.48%		19.38%
2011		0.10%		43,424		18.337473		796,286		0.73%		0.29%
2011		0.25%		18,036		18.082797		326,141		0.73%		0.14%
2010		0.10%		47,760		18.283588		873,224		0.78%		26.97%
2010		0.25%		44,864		18.056676		810,095		0.78%		26.78%
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
2014		0.00%		624,778		29.396200		18,366,099		0.55%		5.12%
2014		0.10%		97,766		29.026163		2,837,772		0.55%		5.02%
2014		0.20%		934,202		28.660785		26,774,963		0.55%		4.91%
2014		0.25%		1,614,486		28.479841		45,980,305		0.55%		4.86%
2013		0.00%		651,809		27.964008		18,227,192		0.95%		40.71%
2013		0.10%		89,213		27.639636		2,465,815		0.95%		40.57%
2013		0.20%		878,154		27.319009		23,990,297		0.95%		40.43%
2013		0.25%		1,345,720		27.160116		36,549,911		0.95%		40.36%
2012		0.00%		615,579		19.873008		12,233,406		0.44%		15.74%
2012		0.10%		101,734		19.662128		2,000,307		0.44%		15.63%
2012		0.20%		628,591		19.453459		12,228,269		0.44%		15.51%
2012		0.25%		1,097,714		19.349975		21,240,738		0.44%		15.45%
2011		0.00%		616,559		17.170194		10,586,438		0.58%		0.56%
2011		0.10%		129,294		17.005028		2,198,648		0.58%		0.46%
2011		0.20%		491,347		16.841422		8,274,982		0.58%		0.36%
2011		0.25%		1,140,414		16.760220		19,113,590		0.58%		0.31%
2010		0.00%		595,639		17.074091		10,169,994		0.58%		25.83%
2010		0.10%		136,498		16.926721		2,310,464		0.58%		25.70%
2010		0.20%		484,419		16.780615		8,128,849		0.58%		25.58%
2010		0.25%		890,399		16.708035		14,876,818		0.58%		25.51%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Appreciation Portfolio - Initial Shares (DCAP)
2014		0.00%		670,354	$	28.328449	$	18,990,089		1.81%		8.09%
2014		0.10%		67,043		20.625601		1,382,802		1.81%		7.98%
2014		0.20%		56,673		19.100354		1,082,474		1.81%		7.88%
2014		0.25%		341,797		18.966325		6,482,633		1.81%		7.82%
2013		0.00%		739,540		26.207830		19,381,739		1.96%		21.10%
2013		0.10%		72,101		19.100698		1,377,179		1.96%		20.98%
2013		0.20%		68,038		17.705908		1,204,675		1.96%		20.86%
2013		0.25%		780,497		17.590458		13,729,300		1.96%		20.80%
2012		0.00%		906,682		21.640941		19,621,452		3.70%		10.43%
2012		0.10%		116,955		15.788040		1,846,490		3.70%		10.32%
2012		0.20%		168,235		14.649790		2,464,607		3.70%		10.21%
2012		0.25%		768,680		14.561536		11,193,161		3.70%		10.15%
2011		0.00%		858,429		19.596966		16,822,604		1.65%		9.01%
2011		0.10%		119,200		14.311206		1,705,896		1.65%		8.90%
2011		0.20%		125,298		13.292747		1,665,555		1.65%		8.79%
2011		0.25%		655,712		13.219278		8,668,039		1.65%		8.74%
2010		0.00%		843,704		17.976967		15,167,239		2.23%		15.32%
2010		0.10%		103,883		13.141262		1,365,154		2.23%		15.20%
2010		0.20%		119,634		12.218237		1,461,717		2.23%		15.09%
2010		0.25%		597,689		12.156773		7,265,969		2.23%		15.03%
Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2014		0.00%		47,065		22.681585		1,067,509		0.00%		1.59%
2013		0.00%		61,048		22.325546		1,362,930		0.00%		48.55%
2012		0.00%		61,690		15.029274		927,156		0.00%		20.56%
2011		0.00%		57,519		12.465849		717,023		0.43%		-13.85%
2010		0.00%		72,500		14.469098		1,049,010		0.70%		31.15%
International Value Portfolio - Initial Shares (DVIV)
2014		0.00%		24,181		19.387863		468,818		2.00%		-9.32%
2014		0.10%		39,503		19.150323		756,495		2.00%		-9.41%
2014		0.20%		78,171		18.915741		1,478,662		2.00%		-9.50%
2014		0.25%		149,348		18.799462		2,807,662		2.00%		-9.55%
2013		0.00%		21,448		21.380338		458,565		2.00%		22.99%
2013		0.10%		35,583		21.139524		752,208		2.00%		22.87%
2013		0.20%		106,577		20.901474		2,227,616		2.00%		22.75%
2013		0.25%		382,627		20.783391		7,952,287		2.00%		22.69%
2012		0.00%		20,685		17.383341		359,574		3.81%		12.67%
2012		0.10%		38,821		17.204731		667,905		3.81%		12.55%
2012		0.20%		101,836		17.028001		1,734,064		3.81%		12.44%
2012		0.25%		389,888		16.940266		6,604,806		3.81%		12.38%
2011		0.00%		13,744		15.429086		212,057		2.15%		-18.48%
2011		0.10%		50,393		15.285871		770,301		2.15%		-18.56%
2011		0.20%		403,332		15.144010		6,108,064		2.15%		-18.64%
2011		0.25%		484,217		15.073543		7,298,866		2.15%		-18.68%
2010		0.00%		10,726		18.926715		203,008		1.87%		4.45%
2010		0.10%		56,264		18.769778		1,056,063		1.87%		4.35%
2010		0.20%		425,859		18.614188		7,927,019		1.87%		4.25%
2010		0.25%		760,614		18.536839		14,099,379		1.87%		4.19%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Variable Series II - DWS Small Mid Cap Value VIP - Class B (SVSSVB)
2014		0.00%		3,857	$	15.040880	$	58,013		0.72%		5.09%
2014		0.20%		27,163		14.823987		402,664		0.72%		4.88%
2014		0.25%		17,121		14.770258		252,882		0.72%		4.83%
2013		0.00%		79,541		14.311958		1,138,387		0.53%		34.70%
2013		0.20%		20,031		14.133817		283,114		0.53%		34.43%
2013		0.25%		24,523		14.089630		345,520		0.53%		34.36%
2012		0.00%		11,694		10.625374		124,253		1.21%		13.38%
2012		0.20%		14,154		10.514104		148,817		1.21%		13.15%
2012		0.25%		32,089		10.486475		336,500		1.21%		13.10%
2011		0.00%		9,646		9.371332		90,396		0.59%		-6.33%
2011		0.20%		117,245		9.291802		1,089,417		0.59%		-6.52%
2011		0.25%		68,729		9.272036		637,258		0.59%		-6.57%
2010		0.00%		14,853		10.004800		148,601		0.91%		22.66%
2010		0.20%		105,748		9.939712		1,051,105		0.91%		22.42%
2010		0.25%		66,739		9.923523		662,286		0.91%		22.36%
Variable Series II - DWS Large Cap Value VIP - Class B (SVSLVB)
2014		0.20%		2,816		14.474185		40,759		1.40%		10.14%
2014		0.25%		7,950		14.447661		114,859		1.40%		10.08%
2013		0.20%		2,803		13.142143		36,837		1.66%		30.28%
2013		0.25%		8,446		13.124631		110,851		1.66%		30.21%
2012		0.20%		1,318		10.087692		13,296		1.67%		9.22%
2012		0.25%		11,902		10.079282		119,964		1.67%		9.16%
2011		0.20%		2,801		9.236333		25,871		0.00%		-7.64%		5/2/2011
2011		0.25%		15,749		9.233267		145,415		0.00%		-7.67%		5/2/2011
Managed Tail Risk Fund II: Primary Shares (FVCA2P)
2014		0.00%		43,124		18.372369		792,290		1.71%		-0.97%
2013		0.00%		43,232		18.551848		802,033		0.96%		16.45%
2012		0.00%		43,680		15.930913		695,862		0.63%		10.17%
2011		0.00%		80,819		14.459762		1,168,624		0.58%		-5.29%
2010		0.00%		55,080		15.267952		840,959		0.87%		13.07%
Quality Bond Fund II - Primary Shares (FQB)
2014		0.00%		760,940		22.121022		16,832,770		3.86%		3.79%
2014		0.10%		49,705		21.777285		1,082,440		3.86%		3.69%
2014		0.20%		44,039		21.438891		944,147		3.86%		3.59%
2014		0.25%		429,116		21.271652		9,128,006		3.86%		3.53%
2013		0.00%		786,537		21.312631		16,763,173		4.25%		1.03%
2013		0.10%		36,888		21.002441		774,738		4.25%		0.93%
2013		0.20%		15,168		20.696773		313,929		4.25%		0.83%
2013		0.25%		511,091		20.545590		10,500,666		4.25%		0.78%
2012		0.00%		838,044		21.094313		17,677,962		4.22%		9.72%
2012		0.10%		43,716		20.808093		909,647		4.22%		9.61%
2012		0.20%		15,627		20.525765		320,756		4.22%		9.50%
2012		0.25%		558,099		20.386022		11,377,418		4.22%		9.45%
2011		0.00%		922,533		19.225225		17,735,904		5.17%		2.27%
2011		0.10%		53,578		18.983394		1,017,092		5.17%		2.17%
2011		0.20%		8,024		18.744605		150,407		5.17%		2.07%
2011		0.25%		765,984		18.626322		14,267,465		5.17%		2.02%
2010		0.00%		1,065,571		18.798086		20,030,695		4.78%		8.50%
2010		0.10%		73,085		18.580145		1,357,930		4.78%		8.40%
2010		0.20%		2,408		18.364732		44,222		4.78%		8.29%
2010		0.25%		852,101		18.257953		15,557,620		4.78%		8.23%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Contrafund(R) Portfolio - Service Class (FCS)
2014		0.00%		35,690	$	41.020883	$	1,464,035		0.79%		11.82%
2014		0.10%		244,457		29.336804		7,171,587		0.79%		11.70%
2014		0.20%		614,902		27.393898		16,844,563		0.79%		11.59%
2014		0.25%		1,281,324		27.201727		34,854,226		0.79%		11.54%
2013		0.00%		44,502		36.685914		1,632,597		0.97%		31.14%
2013		0.10%		227,298		26.262819		5,969,486		0.97%		31.01%
2013		0.20%		694,696		24.548020		17,053,411		0.97%		30.88%
2013		0.25%		1,740,999		24.388004		42,459,491		0.97%		30.82%
2012		0.00%		39,228		27.973584		1,097,348		1.22%		16.31%
2012		0.10%		350,542		20.045837		7,026,908		1.22%		16.19%
2012		0.20%		750,624		18.755703		14,078,481		1.22%		16.08%
2012		0.25%		1,859,639		18.642752		34,668,789		1.22%		16.02%
2011		0.00%		12,792		24.051295		307,664		0.87%		-2.64%
2011		0.10%		472,515		17.252407		8,152,021		0.87%		-2.73%
2011		0.20%		843,296		16.158243		13,626,182		0.87%		-2.83%
2011		0.25%		2,116,454		16.068977		34,009,251		0.87%		-2.88%
2010		0.00%		21,505		24.702642		531,230		0.54%		17.11%
2010		0.10%		508,353		17.737330		9,016,825		0.54%		16.99%
2010		0.20%		788,579		16.629006		13,113,285		0.54%		16.87%
2010		0.25%		2,728,984		16.545389		45,152,102		0.54%		16.82%
VIP Energy Portfolio - Service Class 2 (FNRS2)
2014		0.00%		405,538		19.788975		8,025,181		0.71%		-12.76%
2013		0.00%		422,224		22.684649		9,578,003		0.68%		24.15%
2012		0.00%		500,432		18.272664		9,144,226		0.74%		4.73%
2011		0.00%		594,575		17.446617		10,373,322		0.83%		-5.20%
2010		0.00%		542,677		18.403422		9,987,114		0.35%		19.16%
VIP Equity-Income Portfolio - Service Class (FEIS)
2014		0.00%		1,768,632		26.625089		47,089,984		2.59%		8.65%
2014		0.10%		84,793		22.992020		1,949,562		2.59%		8.54%
2014		0.20%		172,847		21.025481		3,634,191		2.59%		8.43%
2014		0.25%		501,188		20.877991		10,463,799		2.59%		8.38%
2013		0.00%		1,946,734		24.506129		47,706,915		2.39%		28.01%
2013		0.10%		130,184		21.183368		2,757,736		2.39%		27.88%
2013		0.20%		217,046		19.390917		4,208,721		2.39%		27.76%
2013		0.25%		759,380		19.264514		14,629,087		2.39%		27.69%
2012		0.00%		2,108,689		19.143712		40,368,135		2.97%		17.19%
2012		0.10%		164,157		16.564582		2,719,192		2.97%		17.07%
2012		0.20%		259,357		15.178109		3,936,549		2.97%		16.95%
2012		0.25%		808,889		15.086704		12,203,469		2.97%		16.89%
2011		0.00%		2,387,273		16.335975		38,998,432		2.29%		0.86%
2011		0.10%		201,437		14.149286		2,850,190		2.29%		0.76%
2011		0.20%		265,212		12.977974		3,441,914		2.29%		0.66%
2011		0.25%		729,727		12.906284		9,418,064		2.29%		0.61%
2010		0.00%		2,608,980		16.196839		42,257,229		1.70%		15.09%
2010		0.10%		221,619		14.042784		3,112,148		1.70%		14.97%
2010		0.20%		512,456		12.893153		6,607,174		1.70%		14.86%
2010		0.25%		1,075,614		12.828331		13,798,332		1.70%		14.80%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Freedom Fund 2010 Portfolio - Service Class (FF10S)
2014		0.00%		120,351	$	17.810892	$	2,143,559		1.52%		4.35%
2014		0.20%		18,385		17.469979		321,186		1.52%		4.14%
2014		0.25%		2,595		17.385775		45,116		1.52%		4.09%
2013		0.00%		127,302		17.068509		2,172,855		1.61%		13.39%
2013		0.20%		17,126		16.775321		287,294		1.61%		13.17%
2013		0.25%		2,425		16.702809		40,504		1.61%		13.11%
2012		0.00%		131,678		15.052634		1,982,101		1.75%		11.69%
2012		0.20%		15,546		14.823672		230,449		1.75%		11.46%
2012		0.25%		2,211		14.766979		32,650		1.75%		11.41%
2011		0.00%		147,851		13.477731		1,992,696		2.20%		-0.28%
2011		0.20%		27,132		13.299351		360,838		2.20%		-0.48%
2011		0.25%		3,966		13.255123		52,570		2.20%		-0.53%
2010		0.00%		136,140		13.516167		1,840,091		2.19%		12.74%
2010		0.20%		4,973		13.363919		66,459		2.19%		12.51%
2010		0.25%		714		13.326120		9,515		2.19%		12.46%
VIP Freedom Fund 2020 Portfolio - Service Class (FF20S)
2014		0.00%		400,798		18.459232		7,398,423		1.76%		4.66%
2014		0.20%		273,844		18.105869		4,958,184		1.76%		4.46%
2014		0.25%		559,360		18.018560		10,078,862		1.76%		4.40%
2013		0.00%		422,314		17.636606		7,448,186		2.00%		15.95%
2013		0.20%		183,456		17.333636		3,179,960		2.00%		15.72%
2013		0.25%		479,412		17.258677		8,274,017		2.00%		15.67%
2012		0.00%		426,569		15.209948		6,488,092		2.06%		13.19%
2012		0.20%		161,122		14.978574		2,413,378		2.06%		12.96%
2012		0.25%		270,796		14.921259		4,040,617		2.06%		12.90%
2011		0.00%		419,318		13.437783		5,634,704		2.27%		-1.12%
2011		0.20%		107,464		13.259920		1,424,964		2.27%		-1.32%
2011		0.25%		254,766		13.215803		3,366,937		2.27%		-1.37%
2010		0.00%		329,369		13.590648		4,476,338		2.28%		14.52%
2010		0.20%		17,386		13.437543		233,625		2.28%		14.29%
2010		0.25%		215,574		13.399524		2,888,589		2.28%		14.23%
VIP Freedom Fund 2030 Portfolio - Service Class (FF30S)
2014		0.00%		264,765		19.265178		5,100,745		1.60%		4.86%
2014		0.20%		114,348		18.896274		2,160,751		1.60%		4.65%
2014		0.25%		144,696		18.805145		2,721,029		1.60%		4.60%
2013		0.00%		250,440		18.372029		4,601,091		1.87%		21.50%
2013		0.20%		88,333		18.056318		1,594,969		1.87%		21.25%
2013		0.25%		104,480		17.978225		1,878,365		1.87%		21.19%
2012		0.00%		240,346		15.121452		3,634,381		1.99%		15.48%
2012		0.20%		71,930		14.891344		1,071,134		1.99%		15.25%
2012		0.25%		64,495		14.834352		956,742		1.99%		15.19%
2011		0.00%		257,152		13.094199		3,367,199		2.22%		-2.70%
2011		0.20%		89,919		12.920810		1,161,826		2.22%		-2.89%
2011		0.25%		157,867		12.877813		2,032,982		2.22%		-2.94%
2010		0.00%		236,147		13.457007		3,177,832		2.16%		16.00%
2010		0.20%		8,368		13.305353		111,339		2.16%		15.77%
2010		0.25%		52,993		13.267698		703,095		2.16%		15.71%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Freedom Income Fund Portfolio - Service Class (FFINS)
2014		0.20%		77,001	$	11.834695	$	911,283		1.27%		3.49%
2014		0.25%		10,840		11.810581		128,027		1.27%		3.43%
2013		0.20%		132,461		11.436099		1,514,837		1.48%		5.17%
2013		0.25%		18,704		11.418503		213,572		1.48%		5.12%
2012		0.20%		133,054		10.874034		1,446,834		1.44%		6.21%
2012		0.25%		18,872		10.862729		205,001		1.44%		6.15%
2011		0.20%		157,557		10.238465		1,613,142		1.77%		1.36%
2011		0.25%		22,966		10.232950		235,010		1.77%		1.31%
VIP Growth & Income Portfolio - Service Class (FGIS)
2010		0.20%		7,884		8.550246		67,410		0.70%		14.43%
2010		0.25%		1,131		8.537429		9,656		0.70%		14.38%
VIP Growth Opportunities Portfolio - Service Class (FGOS)
2014		0.00%		5,557		21.454903		119,225		0.14%		12.10%
2014		0.10%		134,645		17.188872		2,314,396		0.14%		11.99%
2014		0.25%		36,206		19.433423		703,607		0.14%		11.82%
2013		0.00%		5,557		19.138600		106,353		0.22%		37.78%
2013		0.10%		100,233		15.348474		1,538,424		0.22%		37.64%
2013		0.25%		38,141		17.378745		662,843		0.22%		37.43%
2012		0.00%		5,557		13.890993		77,192		0.29%		19.46%
2012		0.10%		101,294		11.151220		1,129,552		0.29%		19.34%
2012		0.25%		38,843		12.645225		491,178		0.29%		19.16%
2011		0.00%		2		11.627899		23		0.06%		2.18%
2011		0.10%		167,357		9.343842		1,563,757		0.06%		2.08%
2011		0.25%		40,559		10.611629		430,397		0.06%		1.93%
2010		0.00%		2		11.379822		23		0.02%		23.65%
2010		0.10%		120,418		9.153616		1,102,260		0.02%		23.53%
2010		0.25%		41,639		10.411166		433,511		0.02%		23.34%
VIP Growth Portfolio - Service Class (FGS)
2014		0.00%		2,037,432		27.940410		56,926,685		0.10%		11.19%
2014		0.10%		166,327		18.053863		3,002,845		0.10%		11.08%
2014		0.20%		570,491		15.999907		9,127,803		0.10%		10.97%
2014		0.25%		1,256,208		15.887528		19,958,040		0.10%		10.91%
2013		0.00%		2,161,691		25.128956		54,321,038		0.19%		36.20%
2013		0.10%		147,168		16.253466		2,391,990		0.19%		36.07%
2013		0.20%		448,937		14.418752		6,473,111		0.19%		35.93%
2013		0.25%		1,165,701		14.324638		16,698,245		0.19%		35.86%
2012		0.00%		2,363,334		18.449661		43,602,711		0.49%		14.54%
2012		0.10%		187,801		11.945210		2,243,322		0.49%		14.43%
2012		0.20%		365,060		10.607405		3,872,339		0.49%		14.32%
2012		0.25%		1,242,450		10.543440		13,099,697		0.49%		14.26%
2011		0.00%		2,614,645		16.106923		42,113,886		0.25%		0.14%
2011		0.10%		259,344		10.438857		2,707,255		0.25%		0.04%
2011		0.20%		332,626		9.279050		3,086,453		0.25%		-0.06%
2011		0.25%		1,292,625		9.227724		11,927,987		0.25%		-0.11%
2010		0.00%		2,828,191		16.084224		45,489,258		0.17%		24.06%
2010		0.10%		195,448		10.434553		2,039,413		0.17%		23.93%
2010		0.20%		556,067		9.284476		5,162,791		0.17%		23.81%
2010		0.25%		1,894,082		9.237732		17,497,022		0.17%		23.75%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP High Income Portfolio - Service Class (FHIS)
2014		0.00%		249,244	$	18.477945	$	4,605,517		5.59%		1.07%
2014		0.10%		102,569		18.123527		1,858,912		5.59%		0.97%
2014		0.20%		111,476		22.952707		2,558,676		5.59%		0.87%
2014		0.25%		153,941		22.791590		3,508,560		5.59%		0.82%
2013		0.00%		277,170		18.281495		5,067,082		5.53%		5.87%
2013		0.10%		114,927		17.948800		2,062,802		5.53%		5.77%
2013		0.20%		113,321		22.754156		2,578,524		5.53%		5.66%
2013		0.25%		169,375		22.605727		3,828,845		5.53%		5.61%
2012		0.00%		317,308		17.267290		5,479,049		5.66%		14.20%
2012		0.10%		154,446		16.970006		2,620,950		5.66%		14.08%
2012		0.20%		117,282		21.534843		2,525,649		5.66%		13.97%
2012		0.25%		237,112		21.405070		5,075,399		5.66%		13.91%
2011		0.00%		369,835		15.120791		5,592,198		6.65%		3.93%
2011		0.10%		138,594		14.875369		2,061,637		6.65%		3.82%
2011		0.20%		104,993		18.895691		1,983,915		6.65%		3.72%
2011		0.25%		208,631		18.791235		3,920,434		6.65%		3.67%
2010		0.00%		456,051		14.549690		6,635,401		7.61%		13.79%
2010		0.10%		164,151		14.327814		2,351,925		7.61%		13.67%
2010		0.20%		143,953		18.218308		2,622,580		7.61%		13.56%
2010		0.25%		183,998		18.126634		3,335,264		7.61%		13.50%
VIP High Income Portfolio - Service Class R (FHISR)
2014		0.00%		262,020		15.400123		4,035,140		5.61%		0.99%
2013		0.00%		272,620		15.248691		4,157,098		5.27%		5.92%
2012		0.00%		338,588		14.396142		4,874,361		5.95%		14.10%
2011		0.00%		301,013		12.617208		3,797,944		6.95%		3.99%
2010		0.00%		339,656		12.132539		4,120,890		7.97%		13.66%
VIP Index 500 Portfolio - Initial Class (FIP)
2014		0.20%		1,871,207		16.303370		30,506,980		1.59%		13.34%
2014		0.25%		263,815		16.246449		4,286,057		1.59%		13.29%
2013		0.20%		1,997,333		14.384057		28,729,752		1.87%		31.98%
2013		0.25%		282,436		14.341001		4,050,415		1.87%		31.91%
2012		0.20%		2,260,976		10.898766		24,641,848		2.18%		15.68%
2012		0.25%		321,163		10.871578		3,491,549		2.18%		15.63%
2011		0.20%		2,038,925		9.421216		19,209,153		1.86%		1.84%
2011		0.25%		297,628		9.402424		2,798,425		1.86%		1.78%
2010		0.20%		2,378,076		9.251418		22,000,575		6.89%		14.79%
2010		0.25%		341,142		9.237578		3,151,326		6.89%		14.74%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
2014		0.00%		671,792	$	16.750978	$	11,253,173		4.79%		5.75%
2014		0.10%		4,337,743		16.556719		71,818,792		4.79%		5.65%
2014		0.20%		972,633		16.364659		15,916,807		4.79%		5.54%
2014		0.25%		3,255,181		16.269506		52,960,187		4.79%		5.49%
2013		0.00%		699,476		15.839600		11,079,420		2.51%		-1.89%
2013		0.10%		51,496		15.671570		807,023		2.51%		-1.99%
2013		0.20%		294,722		15.505270		4,569,744		2.51%		-2.09%
2013		0.25%		1,320,728		15.422822		20,369,353		2.51%		-2.13%
2012		0.00%		803,619		16.144635		12,974,135		2.31%		5.77%
2012		0.10%		108,259		15.989351		1,730,991		2.31%		5.66%
2012		0.20%		196,470		15.835518		3,111,204		2.31%		5.56%
2012		0.25%		982,289		15.759183		15,480,072		2.31%		5.50%
2011		0.00%		966,381		15.264055		14,750,893		3.27%		7.21%
2011		0.10%		89,725		15.132404		1,357,755		3.27%		7.10%
2011		0.20%		79,267		15.001845		1,189,151		3.27%		6.99%
2011		0.25%		903,088		14.937020		13,489,444		3.27%		6.94%
2010		0.00%		1,042,979		14.237787		14,849,713		5.00%		7.68%
2010		0.10%		89,213		14.129064		1,260,496		5.00%		7.57%
2010		0.20%		34,875		14.021133		488,987		5.00%		7.46%
2010		0.25%		1,690,841		13.967499		23,616,820		5.00%		7.41%
VIP Mid Cap Portfolio - Service Class (FMCS)
2014		0.00%		730,974		43.589036		31,862,452		0.16%		6.20%
2014		0.10%		53,133		43.083440		2,289,152		0.16%		6.09%
2014		0.20%		93,579		42.583780		3,984,948		0.16%		5.98%
2014		0.25%		286,504		42.336098		12,129,461		0.16%		5.93%
2013		0.00%		780,720		41.045629		32,045,143		0.40%		36.06%
2013		0.10%		47,653		40.610146		1,935,195		0.40%		35.93%
2013		0.20%		90,859		40.179329		3,650,654		0.40%		35.79%
2013		0.25%		295,285		39.965614		11,801,246		0.40%		35.72%
2012		0.00%		839,496		30.166927		25,325,015		0.50%		14.75%
2012		0.10%		58,544		29.876704		1,749,102		0.50%		14.64%
2012		0.20%		195,159		29.589302		5,774,619		0.50%		14.52%
2012		0.25%		290,111		29.446618		8,542,788		0.50%		14.46%
2011		0.00%		954,537		26.289170		25,093,985		0.14%		-10.72%
2011		0.10%		92,366		26.062360		2,407,276		0.14%		-10.81%
2011		0.20%		179,922		25.837533		4,648,741		0.14%		-10.89%
2011		0.25%		424,274		25.725831		10,914,801		0.14%		-10.94%
2010		0.00%		1,034,040		29.444519		30,446,810		0.28%		28.70%
2010		0.10%		81,078		29.219667		2,369,072		0.28%		28.57%
2010		0.20%		124,610		28.996539		3,613,259		0.28%		28.45%
2010		0.25%		451,307		28.885604		13,036,275		0.28%		28.38%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Overseas Portfolio - Service Class (FOS)
2014		0.00%		245,528	$	20.835912	$	5,115,800		1.18%		-8.16%
2014		0.10%		64,349		17.621551		1,133,929		1.18%		-8.25%
2014		0.20%		21,075		15.653432		329,896		1.18%		-8.34%
2014		0.25%		196,072		15.543521		3,047,649		1.18%		-8.39%
2013		0.00%		276,825		22.687278		6,280,406		1.01%		30.38%
2013		0.10%		55,959		19.206513		1,074,777		1.01%		30.25%
2013		0.20%		21,884		17.078445		373,745		1.01%		30.12%
2013		0.25%		233,249		16.967020		3,957,540		1.01%		30.05%
2012		0.00%		311,831		17.401474		5,426,319		1.63%		20.54%
2012		0.10%		75,393		14.746394		1,111,775		1.63%		20.42%
2012		0.20%		130,929		13.125608		1,718,523		1.63%		20.30%
2012		0.25%		380,826		13.046486		4,968,441		1.63%		20.24%
2011		0.00%		358,292		14.436160		5,172,361		1.19%		-17.23%
2011		0.10%		120,357		12.245783		1,473,866		1.19%		-17.31%
2011		0.20%		134,279		10.910767		1,465,087		1.19%		-17.39%
2011		0.25%		681,992		10.850436		7,399,911		1.19%		-17.43%
2010		0.00%		444,043		17.440640		7,744,394		1.27%		12.99%
2010		0.10%		127,406		14.809197		1,886,781		1.27%		12.88%
2010		0.20%		120,641		13.207916		1,593,416		1.27%		12.77%
2010		0.25%		1,141,090		13.141451		14,995,578		1.27%		12.71%
VIP Overseas Portfolio - Service Class R (FOSR)
2014		0.00%		677,999		16.555209		11,224,415		1.22%		-8.18%
2013		0.00%		711,787		18.029345		12,833,053		1.29%		30.30%
2012		0.00%		771,330		13.836689		10,672,653		1.81%		20.67%
2011		0.00%		865,432		11.466618		9,923,578		1.29%		-17.30%
2010		0.00%		901,030		13.865532		12,493,260		1.32%		13.01%
VIP Value Strategies Portfolio - Service Class (FVSS)
2014		0.00%		149,991		26.632186		3,994,588		0.96%		6.69%
2014		0.10%		60,267		26.296890		1,584,835		0.96%		6.59%
2013		0.00%		151,791		24.961619		3,788,949		0.85%		30.44%
2013		0.10%		56,803		24.672018		1,401,445		0.85%		30.31%
2013		0.25%		280		24.243855		6,788		0.85%		30.12%
2012		0.00%		164,712		19.135795		3,151,895		0.49%		27.10%
2012		0.10%		49,718		18.932701		941,296		0.49%		26.97%
2012		0.25%		50		18.632032		932		0.49%		26.78%
2011		0.00%		190,137		15.055580		2,862,623		0.91%		-8.85%
2011		0.10%		64,340		14.910722		959,356		0.91%		-8.94%
2011		0.25%		829		14.695999		12,183		0.91%		-9.07%
2010		0.00%		183,598		16.516915		3,032,473		0.41%		26.45%
2010		0.10%		63,715		16.374356		1,043,292		0.41%		26.33%
2010		0.25%		839		16.162748		13,561		0.41%		26.14%
VIP Fidelity VIP Freedom Fund 2005 Portfolio - Service Class (FF05S)
2014		0.20%		6,338		12.677492		80,350		2.81%		3.98%
2014		0.25%		892		12.651661		11,285		2.81%		3.92%
2013		0.20%		2,142		12.192614		26,117		0.05%		9.38%
2013		0.25%		302		12.173858		3,677		0.05%		9.32%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VIP Fidelity VIP Freedom Fund 2015 Portfolio - Service Class (FF15S)
2014		0.00%		35,710	$	14.029245	$	500,984		1.73%		4.63%
2014		0.20%		186,893		13.843476		2,587,249		1.73%		4.42%
2014		0.25%		437,977		13.797401		6,042,944		1.73%		4.37%
2013		0.00%		29,469		13.408840		395,145		2.10%		14.24%
2013		0.20%		135,132		13.257768		1,791,549		2.10%		14.02%
2013		0.25%		396,134		13.220251		5,236,991		2.10%		13.96%
2012		0.00%		33,712		11.737104		395,681		2.15%		12.13%
2012		0.20%		109,872		11.628088		1,277,601		2.15%		11.91%
2012		0.25%		247,648		11.600978		2,872,959		2.15%		11.85%
2011		0.00%		10,672		10.467224		111,706		2.38%		-0.41%
2011		0.20%		55,142		10.390805		572,970		2.38%		-0.61%
2011		0.25%		318,600		10.371781		3,304,449		2.38%		-0.66%
2010		0.00%		7,055		10.510490		74,152		2.63%		13.00%
2010		0.20%		20,002		10.454598		209,113		2.63%		12.78%
2010		0.25%		177,928		10.440658		1,857,685		2.63%		12.72%
VIP Fidelity VIP Freedom Fund 2025 Portfolio - Service Class (FF25S)
2014		0.00%		47,263		14.409981		681,059		1.78%		4.98%
2014		0.20%		211,266		14.219157		3,004,024		1.78%		4.77%
2014		0.25%		511,302		14.171815		7,246,077		1.78%		4.72%
2013		0.00%		24,732		13.726450		339,483		1.91%		19.89%
2013		0.20%		154,136		13.571790		2,091,901		1.91%		19.65%
2013		0.25%		407,075		13.533368		5,509,096		1.91%		19.59%
2012		0.00%		10,423		11.449402		119,337		2.04%		14.97%
2012		0.20%		133,774		11.343045		1,517,405		2.04%		14.74%
2012		0.25%		449,159		11.316590		5,082,948		2.04%		14.68%
2011		0.00%		9,293		9.958561		92,545		2.30%		-2.26%
2011		0.20%		68,449		9.885849		676,676		2.30%		-2.45%
2011		0.25%		390,645		9.867741		3,854,784		2.30%		-2.50%
2010		0.00%		2,126		10.188758		21,661		2.55%		15.70%
2010		0.20%		13,233		10.134563		134,111		2.55%		15.47%
2010		0.25%		107,781		10.121060		1,090,858		2.55%		15.41%
VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class (FF40S)
2014		0.00%		20,066		15.895413		318,957		1.51%		4.83%
2014		0.20%		113,996		15.747863		1,795,193		1.51%		4.62%
2014		0.25%		224,848		15.711192		3,532,630		1.51%		4.57%
2013		0.00%		10,769		15.162791		163,288		1.68%		25.16%
2013		0.20%		116,880		15.052125		1,759,292		1.68%		24.91%
2013		0.25%		197,150		15.024583		2,962,097		1.68%		24.85%
2012		0.00%		5,672		12.114401		68,713		2.29%		16.88%
2012		0.20%		98,529		12.050049		1,187,279		2.29%		16.65%
2012		0.25%		154,501		12.034012		1,859,267		2.29%		16.59%
2011		0.00%		2,579		10.364685		26,731		2.32%		-4.24%
2011		0.20%		65,750		10.330313		679,218		2.32%		-4.43%
2011		0.25%		9,719		10.321735		100,317		2.32%		-4.48%
Franklin Income Securities Fund - Class 2 (FTVIS2)
2014		0.00%		390,265		17.195058		6,710,629		4.91%		4.62%
2013		0.00%		391,706		16.436367		6,438,224		6.32%		13.94%
2012		0.00%		397,235		14.425332		5,730,247		6.26%		12.65%
2011		0.00%		353,498		12.805162		4,526,599		5.79%		2.38%
2010		0.00%		339,445		12.507001		4,245,439		6.43%		12.67%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Rising Dividends Securities Fund - Class 1 (FTVRDI)
2014		0.00%		599,977	$	28.587626	$	17,151,918		1.53%		9.01%
2013		0.00%		706,879		26.225783		18,538,455		1.74%		30.05%
2012		0.00%		689,703		20.165763		13,908,387		1.82%		12.18%
2011		0.00%		702,870		17.976970		12,635,473		1.70%		6.29%
2010		0.00%		718,728		16.912694		12,155,627		1.78%		20.94%
Small Cap Value Securities Fund - Class 1 (FTVSVI)
2014		0.00%		292,511		36.558447		10,693,748		0.83%		0.88%
2013		0.00%		314,978		36.238435		11,414,310		1.50%		36.50%
2012		0.00%		363,138		26.547381		9,640,363		1.03%		18.75%
2011		0.00%		428,826		22.355324		9,586,544		0.90%		-3.53%
2010		0.00%		510,127		23.172621		11,820,980		0.94%		28.49%
Small Cap Value Securities Fund - Class 2 (FTVSV2)
2014		0.00%		41,699		22.486870		937,680		0.63%		0.57%
2014		0.10%		57,843		22.270557		1,288,196		0.63%		0.47%
2014		0.20%		50,845		22.056295		1,121,452		0.63%		0.37%
2014		0.25%		362,396		21.949861		7,954,542		0.63%		0.32%
2013		0.00%		51,881		22.359064		1,160,011		1.33%		36.24%
2013		0.10%		53,932		22.166142		1,195,464		1.33%		36.10%
2013		0.20%		33,005		21.974864		725,280		1.33%		35.97%
2013		0.25%		326,738		21.879759		7,148,949		1.33%		35.90%
2012		0.00%		34,591		16.411795		567,700		0.80%		18.39%
2012		0.10%		51,113		16.286455		832,450		0.80%		18.27%
2012		0.20%		37,175		16.162056		600,824		0.80%		18.15%
2012		0.25%		281,916		16.100162		4,538,893		0.80%		18.09%
2011		0.00%		26,725		13.862767		370,482		0.69%		-3.76%
2011		0.10%		59,250		13.770689		815,913		0.69%		-3.86%
2011		0.20%		26,691		13.679206		365,112		0.69%		-3.95%
2011		0.25%		271,775		13.633645		3,705,284		0.69%		-4.00%
2010		0.00%		15,995		14.404363		230,398		0.72%		28.22%
2010		0.10%		54,144		14.322976		775,503		0.72%		28.09%
2010		0.20%		33,435		14.242025		476,182		0.72%		27.97%
2010		0.25%		326,463		14.201682		4,636,324		0.72%		27.90%
Mutual Global Discovery Securities Fund - Class 2 (FTVMD2)
2014		0.00%		526		14.707440		7,736		2.43%		5.71%
2014		0.20%		258		14.503192		3,742		2.43%		5.50%
2014		0.25%		31,338		14.452565		452,914		2.43%		5.44%
2013		0.25%		20,950		13.706304		287,147		2.67%		27.30%
2012		0.25%		13,771		10.767244		148,276		1.98%		13.07%
2011		0.25%		21,727		9.522271		206,890		2.22%		-3.20%
2010		0.20%		18,111		9.851892		178,428		1.26%		11.73%
2010		0.25%		2,598		9.837163		25,557		1.26%		11.68%
Templeton Developing Markets Securities Fund - Class 2 (FTVDM2)
2014		0.00%		338,402		9.429267		3,190,883		1.50%		-5.71%		4/30/2014
Templeton Foreign Securities Fund - Class 1 (TIF)
2014		0.00%		48,081		25.556124		1,228,764		2.07%		-10.89%
2013		0.00%		53,511		28.677989		1,534,588		2.56%		23.27%
2012		0.00%		58,522		23.263845		1,361,447		3.25%		18.60%
2011		0.00%		65,960		19.616024		1,293,873		1.93%		-10.44%
2010		0.00%		73,458		21.903633		1,608,997		2.06%		8.67%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Templeton Foreign Securities Fund - Class 2 (TIF2)
2014		0.00%		283,449	$	23.487098	$	6,657,394		1.97%		-11.13%
2014		0.10%		53,353		23.199378		1,237,756		1.97%		-11.22%
2014		0.20%		149,945		22.915181		3,436,017		1.97%		-11.31%
2014		0.25%		600,484		22.774362		13,675,640		1.97%		-11.35%
2013		0.10%		48,250		26.131241		1,260,832		2.30%		22.85%
2013		0.20%		140,404		25.836981		3,627,615		2.30%		22.72%
2013		0.25%		454,085		25.691070		11,665,930		2.30%		22.66%
2012		0.10%		66,092		21.271368		1,405,867		3.00%		18.11%
2012		0.20%		123,690		21.052856		2,604,028		3.00%		18.00%
2012		0.25%		438,755		20.944427		9,189,472		3.00%		17.94%
2011		0.10%		85,706		18.009125		1,543,490		1.69%		-10.72%
2011		0.20%		145,538		17.842000		2,596,689		1.69%		-10.81%
2011		0.25%		405,037		17.759014		7,193,058		1.69%		-10.86%
2010		0.10%		76,012		20.172194		1,533,329		1.89%		8.30%
2010		0.20%		106,558		20.004971		2,131,690		1.89%		8.19%
2010		0.25%		402,163		19.921879		8,011,843		1.89%		8.14%
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)
2014		0.00%		661,714		17.351083		11,481,455		3.71%		1.83%
2014		0.20%		17,502		17.100997		299,302		3.71%		1.63%
2014		0.25%		95,393		17.039030		1,625,404		3.71%		1.58%
2013		0.00%		84,791		17.038710		1,444,729		4.74%		1.63%
2013		0.10%		1,771,983		16.932405		30,003,934		4.74%		1.53%
2013		0.20%		147,053		16.826761		2,474,426		4.74%		1.43%
2013		0.25%		507,776		16.774170		8,517,521		4.74%		1.38%
2012		0.00%		84,202		16.765591		1,411,696		5.98%		15.07%
2012		0.10%		1,793,425		16.677654		29,910,122		5.98%		14.95%
2012		0.20%		156,660		16.590177		2,599,017		5.98%		14.84%
2012		0.25%		328,747		16.546601		5,439,645		5.98%		14.78%
2011		0.00%		60,786		14.570417		885,677		5.70%		-0.87%
2011		0.10%		1,815,343		14.508523		26,337,946		5.70%		-0.97%
2011		0.20%		410,455		14.446899		5,929,802		5.70%		-1.07%
2011		0.25%		294,980		14.416178		4,252,484		5.70%		-1.12%
2010		0.00%		25,445		14.698405		374,001		0.61%		14.45%
2010		0.10%		1,839,432		14.650582		26,948,749		0.61%		14.33%
2010		0.20%		455,180		14.602909		6,646,952		0.61%		14.22%
2010		0.25%		315,316		14.579135		4,597,035		0.61%		14.16%
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)
2014		0.00%		53,635		13.816935		741,071		2.78%		2.85%
2013		0.00%		50,080		13.434293		672,789		11.86%		23.77%
2012		0.00%		35,375		10.854248		383,969		2.65%		15.33%
2011		0.00%		35,227		9.411247		331,530		0.02%		-1.54%
2010		0.00%		37,961		9.558606		362,854		2.37%		10.25%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Mid Cap Value - Institutional Shares (GVMCE)
2014		0.10%		106,860	$	37.456078	$	4,002,556		1.01%		13.46%
2014		0.20%		420,133		36.997381		15,543,821		1.01%		13.34%
2014		0.25%		1,195,314		36.770095		43,951,809		1.01%		13.29%
2013		0.10%		108,753		33.013548		3,590,322		0.90%		32.76%
2013		0.20%		449,693		32.641878		14,678,824		0.90%		32.63%
2013		0.25%		1,331,168		32.457572		43,206,481		0.90%		32.56%
2012		0.10%		112,359		24.867064		2,794,038		1.16%		18.35%
2012		0.20%		461,980		24.611687		11,370,107		1.16%		18.23%
2012		0.25%		1,269,357		24.484957		31,080,152		1.16%		18.17%
2011		0.10%		153,402		21.011696		3,223,236		0.73%		-6.47%
2011		0.20%		514,075		20.816771		10,701,382		0.73%		-6.56%
2011		0.25%		1,416,909		20.719959		29,358,296		0.73%		-6.61%
2010		0.10%		146,239		22.464900		3,285,245		0.65%		24.88%
2010		0.20%		491,175		22.278722		10,942,751		0.65%		24.75%
2010		0.25%		1,651,372		22.186180		36,637,636		0.65%		24.69%
Goldman Sachs Structured Small Cap Equity Fund (GVCSE)
2014		0.00%		614		13.346764		8,195		0.96%		6.93%
2014		0.25%		2,372		13.291252		31,527		0.96%		6.66%
VIT Growth Opportunities Fund - Service Shares (GVGOPS)
2014		0.00%		2,197		15.463755		33,974		0.00%		11.10%
2014		0.20%		3,394		15.350803		52,101		0.00%		10.88%
2014		0.25%		76,911		15.322700		1,178,484		0.00%		10.82%
2013		0.00%		488		13.918867		6,792		0.00%		32.20%
2013		0.20%		242		13.844854		3,350		0.00%		31.93%
2013		0.25%		44,082		13.826415		609,496		0.00%		31.87%
2012		0.00%		489		10.529016		5,149		0.00%		19.43%
2012		0.20%		1,279		10.493978		13,422		0.00%		19.19%
2012		0.25%		2,990		10.485241		31,351		0.00%		19.13%
2011		0.20%		125		8.804262		1,101		0.00%		-11.96%		5/2/2011
2011		0.25%		309		8.801350		2,720		0.00%		-11.99%		5/2/2011
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
2014		0.00%		20,708		19.438772		402,538		0.00%		4.08%
2014		0.20%		62,670		19.158457		1,200,661		0.00%		3.87%
2014		0.25%		389,558		19.088957		7,436,256		0.00%		3.82%
2013		0.00%		23,978		18.677023		447,838		0.04%		47.05%
2013		0.20%		18,438		18.444555		340,081		0.04%		46.76%
2013		0.25%		292,459		18.386845		5,377,398		0.04%		46.68%
2012		0.00%		10,013		12.701228		127,177		0.55%		19.43%
2012		0.20%		5,439		12.568213		68,359		0.55%		19.19%
2012		0.25%		153,537		12.535151		1,924,609		0.55%		19.13%
2011		0.00%		12,602		10.635081		134,023		0.00%		1.39%
2011		0.20%		1,445		10.544821		15,237		0.00%		1.18%
2011		0.25%		59,758		10.522359		628,795		0.00%		1.13%
2010		0.00%		3,623		10.489595		38,004		0.00%		25.18%
2010		0.20%		129		10.421361		1,344		0.00%		24.93%
2010		0.25%		17,295		10.404348		179,943		0.00%		24.87%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Baron Growth Opportunities Fund Service Class (BNCAI)
2014		0.00%		757	$	37.636200	$	28,491		0.19%		4.85%
2014		0.10%		50,907		37.175266		1,892,481		0.19%		4.75%
2014		0.20%		73,864		36.719968		2,712,284		0.19%		4.65%
2014		0.25%		155,856		36.494324		5,687,859		0.19%		4.59%
2013		0.00%		4,120		35.893657		147,882		0.43%		40.06%
2013		0.10%		57,453		35.489539		2,038,980		0.43%		39.92%
2013		0.20%		74,980		35.089969		2,631,046		0.43%		39.78%
2013		0.25%		167,048		34.891789		5,828,604		0.43%		39.71%
2012		0.00%		11,944		25.626683		306,085		1.08%		18.24%
2012		0.10%		50,900		25.363489		1,291,002		1.08%		18.12%
2012		0.20%		73,243		25.102977		1,838,617		1.08%		18.01%
2012		0.25%		268,487		24.973675		6,705,107		1.08%		17.95%
2011		0.00%		20,631		21.672931		447,134		0.00%		4.02%
2011		0.10%		52,786		21.471853		1,133,413		0.00%		3.92%
2011		0.20%		76,933		21.272621		1,636,567		0.00%		3.82%
2011		0.25%		337,265		21.173648		7,141,130		0.00%		3.76%
2010		0.00%		17,793		20.834594		370,710		0.00%		26.38%
2010		0.10%		57,988		20.661902		1,198,142		0.00%		26.26%
2010		0.20%		167,060		20.490617		3,423,162		0.00%		26.13%
2010		0.25%		387,606		20.405470		7,909,283		0.00%		26.07%
Short Duration Bond Portfolio - I Class Shares (AMTB)
2014		0.00%		303,453		12.366084		3,752,525		1.76%		0.61%
2013		0.00%		290,095		12.291113		3,565,590		2.16%		0.62%
2012		0.00%		299,031		12.215764		3,652,892		2.92%		4.61%
2011		0.00%		328,162		11.677944		3,832,257		3.71%		0.29%
2010		0.00%		348,678		11.644307		4,060,114		5.25%		5.28%
Guardian Portfolio - I Class Shares (AMGP)
2014		0.00%		2		35.810110		72		0.42%		9.03%
2014		0.10%		25,458		25.550826		650,473		0.42%		8.92%
2014		0.25%		18,192		23.306515		423,992		0.42%		8.76%
2013		0.00%		2		32.844952		66		0.89%		38.81%
2013		0.10%		34,493		23.458600		809,157		0.89%		38.68%
2013		0.25%		17,061		21.430183		365,620		0.89%		38.47%
2012		0.00%		2		23.661014		47		0.19%		12.73%
2012		0.10%		32,886		16.916121		556,304		0.19%		12.61%
2012		0.25%		16,445		15.476592		254,513		0.19%		12.44%
2011		0.00%		2		20.989829		42		0.48%		-2.94%
2011		0.10%		77,560		15.021443		1,165,063		0.48%		-3.04%
2011		0.25%		56,791		13.763826		781,661		0.48%		-3.18%
2010		0.00%		2		21.625604		43		0.44%		19.01%
2010		0.10%		72,597		15.491894		1,124,665		0.44%		18.89%
2010		0.25%		52,120		14.216158		740,946		0.44%		18.72%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
2014		0.00%		26	$	38.985620	$	1,014		0.00%		7.58%
2014		0.10%		21,987		28.178168		619,553		0.00%		7.47%
2014		0.25%		111,193		20.263419		2,253,150		0.00%		7.31%
2013		0.00%		26		36.238273		942		0.00%		32.61%
2013		0.10%		20,959		26.218640		549,516		0.00%		32.48%
2013		0.25%		126,357		18.882587		2,385,947		0.00%		32.28%
2012		0.00%		26		27.326502		710		0.00%		12.41%
2012		0.10%		30,281		19.790674		599,281		0.00%		12.30%
2012		0.20%		28,206		14.361118		405,070		0.00%		12.19%
2012		0.25%		144,932		14.274567		2,068,842		0.00%		12.13%
2011		0.00%		26		24.308851		632		0.00%		0.47%
2011		0.10%		34,106		17.622859		601,045		0.00%		0.37%
2011		0.20%		28,457		12.800871		364,274		0.00%		0.27%
2011		0.25%		284,856		12.730096		3,626,244		0.00%		0.22%
2010		0.10%		31,209		17.557221		547,943		0.00%		28.97%
2010		0.20%		28,698		12.765923		366,356		0.00%		28.84%
2010		0.25%		409,150		12.701675		5,196,890		0.00%		28.77%
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
2014		0.00%		10,711		24.744866		265,042		0.79%		9.85%
2014		0.10%		31,934		22.851979		729,755		0.79%		9.74%
2014		0.20%		526		22.609799		11,893		0.79%		9.63%
2014		0.25%		7,433		22.451030		166,879		0.79%		9.58%
2013		0.00%		11,809		22.525541		266,004		0.91%		31.14%
2013		0.10%		32,225		20.823234		671,029		0.91%		31.00%
2013		0.20%		62		20.623170		1,279		0.91%		30.87%
2013		0.25%		5,150		20.488601		105,516		0.91%		30.81%
2012		0.00%		23,801		17.177285		408,837		0.37%		16.60%
2012		0.10%		70,527		15.895030		1,121,029		0.37%		16.48%
2012		0.20%		14,947		15.758064		235,536		0.37%		16.37%
2012		0.25%		35,172		15.663052		550,901		0.37%		16.31%
2011		0.00%		67,433		14.731931		993,418		0.00%		-11.36%
2011		0.10%		104,043		13.645891		1,419,759		0.00%		-11.45%
2011		0.20%		10,523		13.541863		142,501		0.00%		-11.53%
2011		0.25%		73,554		13.466974		990,550		0.00%		-11.58%
2010		0.00%		41,486		16.619507		689,477		0.72%		15.67%
2010		0.10%		120,297		15.409693		1,853,740		0.72%		15.55%
2010		0.20%		7,571		15.307500		115,893		0.72%		15.43%
2010		0.25%		90,228		15.230457		1,374,214		0.72%		15.38%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class I (AMRI)
2014		0.00%		1,798	$	17.923567	$	32,227		1.03%		13.84%
2014		0.20%		9,945		17.615410		175,185		1.03%		13.61%
2014		0.25%		295,953		17.539126		5,190,757		1.03%		13.55%
2013		0.00%		7,765		15.745045		122,260		1.23%		37.05%
2013		0.20%		8,149		15.505325		126,353		1.23%		36.78%
2013		0.25%		331,776		15.445906		5,124,581		1.23%		36.71%
2012		0.00%		17,798		11.488526		204,473		0.61%		15.53%
2012		0.20%		18,058		11.336243		204,710		0.61%		15.30%
2012		0.25%		345,057		11.298448		3,898,609		0.61%		15.24%
2011		0.00%		18,864		9.944286		187,589		0.63%		-6.50%
2011		0.20%		18,967		9.832161		186,487		0.63%		-6.68%
2011		0.25%		383,249		9.804295		3,757,486		0.63%		-6.73%
2010		0.00%		26,123		10.635314		277,826		0.77%		26.18%
2010		0.20%		14,683		10.536414		154,706		0.77%		25.93%
2010		0.25%		373,997		10.511809		3,931,385		0.77%		25.87%
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
2014		0.00%		52,697		22.147442		1,167,104		0.00%		3.47%
2014		0.10%		23,677		21.876057		517,959		0.00%		3.37%
2013		0.00%		56,346		21.404466		1,206,056		0.00%		45.83%
2013		0.10%		33,952		21.163352		718,538		0.00%		45.69%
2013		0.25%		55,402		20.806928		1,152,745		0.00%		45.47%
2012		0.00%		46,332		14.677347		680,031		0.00%		8.82%
2012		0.10%		24,811		14.526513		360,417		0.00%		8.71%
2012		0.25%		43,912		14.303271		628,085		0.00%		8.55%
2011		0.00%		72,045		13.487592		971,714		0.00%		-1.06%
2011		0.10%		33,847		13.362369		452,276		0.00%		-1.16%
2011		0.25%		56,153		13.176815		739,918		0.00%		-1.31%
2010		0.00%		64,200		13.632145		875,184		0.00%		19.61%
2010		0.10%		22,218		13.519070		300,367		0.00%		19.49%
2010		0.25%		54,706		13.351308		730,397		0.00%		19.31%
Socially Responsive Portfolio - I Class Shares (AMSRS)
2014		0.00%		85,955		29.278575		2,516,640		0.35%		10.38%
2013		0.00%		113,615		26.524850		3,013,621		0.70%		37.60%
2012		0.00%		122,284		19.276454		2,357,202		0.22%		10.98%
2011		0.00%		149,636		17.369356		2,599,081		0.33%		-3.08%
2010		0.00%		146,450		17.921368		2,624,584		0.04%		22.85%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
2014		0.00%		1,841	$	29.569631	$	54,438		0.46%		15.41%
2014		0.10%		96,346		21.942069		2,114,031		0.46%		15.29%
2014		0.20%		164,915		16.938249		2,793,371		0.46%		15.18%
2014		0.25%		651,421		16.819373		10,956,493		0.46%		15.12%
2013		0.00%		5,440		25.621769		139,382		0.96%		29.74%
2013		0.10%		99,103		19.031580		1,886,087		0.96%		29.61%
2013		0.20%		198,892		14.706184		2,924,942		0.96%		29.48%
2013		0.25%		858,585		14.610271		12,544,160		0.96%		29.42%
2012		0.00%		5,166		19.748680		102,022		0.68%		14.12%
2012		0.10%		176,975		14.683780		2,598,662		0.68%		14.00%
2012		0.20%		230,041		11.357880		2,612,778		0.68%		13.89%
2012		0.25%		1,112,014		11.289439		12,554,014		0.68%		13.83%
2011		0.00%		4,576		17.305412		79,190		0.45%		-1.15%
2011		0.10%		243,193		12.880034		3,132,334		0.45%		-1.25%
2011		0.20%		241,095		9.972672		2,404,361		0.45%		-1.35%
2011		0.25%		1,320,255		9.917548		13,093,692		0.45%		-1.40%
2010		0.00%		5,497		17.506620		96,234		0.19%		9.42%
2010		0.10%		251,170		13.042797		3,275,959		0.19%		9.31%
2010		0.20%		400,167		10.108773		4,045,197		0.19%		9.20%
2010		0.25%		2,685,048		10.057917		27,005,990		0.19%		9.14%
Global Securities Fund/VA - Non-Service Shares (OVGS)
2014		0.00%		1,535,969		22.500054		34,559,385		1.18%		2.29%
2014		0.10%		147,460		22.172449		3,269,549		1.18%		2.19%
2014		0.20%		535,177		21.849570		11,693,387		1.18%		2.09%
2014		0.25%		1,239,304		21.689951		26,880,443		1.18%		2.04%
2013		0.00%		655,038		21.995829		14,408,104		1.38%		27.31%
2013		0.10%		160,123		21.697248		3,474,228		1.38%		27.18%
2013		0.20%		555,413		21.402683		11,887,328		1.38%		27.05%
2013		0.25%		1,347,166		21.256957		28,636,650		1.38%		26.99%
2012		0.00%		615,521		17.277884		10,634,900		2.20%		21.26%
2012		0.10%		182,390		17.060376		3,111,642		2.20%		21.14%
2012		0.20%		561,713		16.845594		9,462,389		2.20%		21.02%
2012		0.25%		1,374,849		16.739250		23,013,941		2.20%		20.96%
2011		0.00%		655,037		14.248076		9,333,017		1.28%		-8.29%
2011		0.10%		266,961		14.082821		3,759,564		1.28%		-8.38%
2011		0.20%		588,688		13.919457		8,194,217		1.28%		-8.47%
2011		0.25%		1,532,798		13.838516		21,211,650		1.28%		-8.52%
2010		0.00%		722,666		15.535921		11,227,282		1.44%		15.96%
2010		0.10%		261,739		15.371084		4,023,212		1.44%		15.85%
2010		0.20%		632,553		15.207955		9,619,838		1.44%		15.73%
2010		0.25%		1,773,965		15.127070		26,834,893		1.44%		15.68%
International Growth Fund/VA - Non-Service Shares (OVIG)
2014		0.00%		13,154		10.743878		141,325		1.26%		-7.22%
2014		0.20%		42,945		10.708102		459,859		1.26%		-7.40%
2014		0.25%		234,504		10.699175		2,508,999		1.26%		-7.45%
2013		0.00%		8,286		11.579816		95,950		0.00%		15.80%		5/1/2013
2013		0.25%		43,041		11.560498		497,575		0.00%		15.60%		5/1/2013

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
2014		0.00%		1,135,763	$	23.392433	$	26,568,260		0.83%		10.70%
2014		0.10%		38,139		21.213986		809,080		0.83%		10.59%
2014		0.20%		101,811		19.987148		2,034,912		0.83%		10.48%
2014		0.25%		132,754		19.846809		2,634,743		0.83%		10.43%
2013		0.00%		1,232,141		21.130785		26,036,107		1.10%		31.77%
2013		0.10%		40,435		19.182117		775,629		1.10%		31.64%
2013		0.20%		103,496		18.090869		1,872,333		1.10%		31.51%
2013		0.25%		150,907		17.972825		2,712,225		1.10%		31.44%
2012		0.00%		1,360,860		16.035812		21,822,495		0.95%		16.87%
2012		0.10%		65,319		14.571543		951,799		0.95%		16.75%
2012		0.20%		104,207		13.756324		1,433,505		0.95%		16.64%
2012		0.25%		143,770		13.673391		1,965,823		0.95%		16.58%
2011		0.00%		1,476,171		13.720956		20,254,477		0.86%		-0.01%
2011		0.10%		78,409		12.480566		978,589		0.86%		-0.11%
2011		0.20%		118,458		11.794128		1,397,109		0.86%		-0.21%
2011		0.25%		149,681		11.728904		1,755,594		0.86%		-0.26%
2010		0.00%		1,678,208		13.722935		23,029,939		1.13%		16.11%
2010		0.10%		66,086		12.494835		825,734		1.13%		15.99%
2010		0.20%		137,581		11.819394		1,626,124		1.13%		15.88%
2010		0.25%		203,050		11.759898		2,387,847		1.13%		15.82%
Main Street Small- & Mid-Cap Fund(R)/VA - Non-Service Shares (OVSC)
2014		0.00%		181,616		39.650231		7,201,116		0.85%		11.93%
2013		0.00%		188,218		35.423066		6,667,259		0.96%		41.01%
2012		0.00%		174,944		25.120110		4,394,613		0.57%		17.99%
2011		0.00%		194,582		21.290587		4,142,765		0.60%		-2.21%
2010		0.00%		216,746		21.772215		4,719,041		0.66%		23.41%
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
2014		0.00%		849,184		24.509933		20,813,443		0.00%		5.78%
2014		0.10%		40,296		19.435116		783,157		0.00%		5.68%
2014		0.20%		124,383		13.360573		1,661,828		0.00%		5.57%
2014		0.25%		261,739		13.266808		3,472,441		0.00%		5.52%
2013		0.00%		936,477		23.169692		21,697,884		0.01%		35.98%
2013		0.10%		44,406		18.390755		816,660		0.01%		35.85%
2013		0.20%		125,659		12.655279		1,590,250		0.01%		35.71%
2013		0.25%		316,259		12.572760		3,976,249		0.01%		35.64%
2012		0.00%		1,048,321		17.038569		17,861,890		0.00%		16.45%
2012		0.10%		88,192		13.537746		1,193,921		0.00%		16.33%
2012		0.20%		111,690		9.325083		1,041,519		0.00%		16.21%
2012		0.25%		338,977		9.268905		3,141,946		0.00%		16.16%
2011		0.00%		1,159,802		14.632020		16,970,246		0.00%		1.10%
2011		0.10%		129,990		11.637321		1,512,735		0.00%		0.99%
2011		0.20%		172,529		8.024067		1,384,384		0.00%		0.89%
2011		0.25%		348,755		7.979723		2,782,968		0.00%		0.84%
2010		0.00%		1,279,230		14.473451		18,514,873		0.00%		27.46%
2010		0.10%		120,175		11.522698		1,384,740		0.00%		27.34%
2010		0.20%		109,183		7.952967		868,329		0.00%		27.21%
2010		0.25%		709,237		7.912957		5,612,162		0.00%		27.15%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Global Strategic Income Fund/VA: Non-service Shares (OVSB)
2014		0.00%		1,555,119	$	13.684412	$	21,280,889		4.50%		2.84%
2013		0.00%		977,067		13.306658		13,001,496		2.82%		-0.13%
2012		0.00%		140,055		13.324261		1,866,129		6.52%		13.53%
2011		0.20%		164,077		11.642728		1,910,304		2.76%		0.65%
2011		0.25%		23,951		11.619547		278,300		2.76%		0.60%
2010		0.20%		156,222		11.567209		1,807,053		7.99%		14.74%
2010		0.25%		22,412		11.549930		258,857		7.99%		14.68%
All Asset Portfolio - Administrative Class (PMVAAA)
2014		0.00%		72,319		18.472398		1,335,905		5.30%		0.47%
2014		0.10%		67,637		18.276541		1,236,170		5.30%		0.37%
2014		0.20%		892,177		18.082702		16,132,971		5.30%		0.27%
2014		0.25%		481,742		17.986638		8,664,919		5.30%		0.22%
2013		0.00%		76,642		18.385298		1,409,086		4.71%		0.27%
2013		0.10%		67,026		18.208568		1,220,447		4.71%		0.17%
2013		0.20%		884,021		18.033470		15,941,966		4.71%		0.07%
2013		0.25%		438,349		17.946634		7,866,889		4.71%		0.02%
2012		0.00%		69,786		18.335213		1,279,541		6.62%		14.95%
2012		0.10%		113,326		18.177131		2,059,942		6.62%		14.83%
2012		0.20%		819,406		18.020366		14,765,996		6.62%		14.72%
2012		0.25%		417,817		17.942540		7,496,698		6.62%		14.66%
2011		0.00%		19,444		15.951200		310,155		7.54%		1.95%
2011		0.10%		94,917		15.829529		1,502,491		7.54%		1.85%
2011		0.20%		10,041		15.708740		157,731		7.54%		1.75%
2011		0.25%		87,183		15.648744		1,364,304		7.54%		1.70%
2010		0.00%		11,713		15.645399		183,255		8.29%		13.09%
2010		0.10%		41,515		15.541558		645,208		8.29%		12.98%
2010		0.20%		6,904		15.438355		106,586		8.29%		12.87%
2010		0.25%		76,310		15.387057		1,174,186		8.29%		12.81%
CommodityRealReturn(R) Strategy Portfolio - Administrative Class (PMVRSA)
2014		0.00%		4,998		7.430399		37,137		0.16%		-25.70%		5/1/2014
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)
2014		0.00%		70,194		13.003154		912,743		2.13%		0.40%
2014		0.20%		10,297		12.830742		132,118		2.13%		0.20%
2014		0.25%		25,873		12.787931		330,862		2.13%		0.15%
2013		0.00%		189,931		12.951148		2,459,824		1.83%		-6.47%
2013		0.20%		16,214		12.805034		207,621		1.83%		-6.66%
2013		0.25%		24,994		12.768718		319,141		1.83%		-6.71%
2012		0.00%		120,480		13.847565		1,668,355		5.68%		5.50%
2012		0.20%		8,978		13.718780		123,167		5.68%		5.29%
2012		0.25%		24,563		13.686738		336,187		5.68%		5.24%
2011		0.00%		171,174		13.125598		2,246,761		2.02%		8.52%
2011		0.20%		6,368		13.029662		82,973		2.02%		8.31%
2011		0.25%		28,274		13.005756		367,725		2.02%		8.25%
2010		0.00%		131,526		12.094751		1,590,774		1.34%		9.48%
2010		0.20%		7,458		12.030347		89,722		1.34%		9.26%
2010		0.25%		20,610		12.014282		247,614		1.34%		9.21%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Long-Term U.S. Government Portfolio - Administrative Class (PMVLGA)
2014		0.20%		8,460	$	15.137243	$	128,061		2.26%		23.76%
2014		0.25%		159,473		15.101845		2,408,337		2.26%		23.70%
2013		0.20%		9,699		12.231097		118,629		2.48%		-13.12%
2013		0.25%		137,559		12.208622		1,679,406		2.48%		-13.17%
2012		0.20%		7,044		14.078727		99,171		2.14%		4.23%
2012		0.25%		22,192		14.059896		312,017		2.14%		4.18%
2011		0.20%		83		13.507707		1,121		2.65%		27.59%
2011		0.25%		30,544		13.496420		412,235		2.65%		27.52%
2010		0.00%		707		10.601417		7,495		0.84%		6.01%		4/30/2010
2010		0.25%		2,990		10.583624		31,645		0.84%		5.84%		4/30/2010
Low Duration Portfolio - Administrative Class (PMVLDA)
2014		0.00%		545,813		15.340739		8,373,175		1.13%		0.85%
2014		0.10%		91,354		15.152711		1,384,261		1.13%		0.75%
2014		0.20%		1,232,779		14.966804		18,450,762		1.13%		0.65%
2014		0.25%		2,445,685		14.874647		36,378,701		1.13%		0.60%
2013		0.00%		599,017		15.211610		9,112,013		1.42%		-0.13%
2013		0.10%		64,906		15.040207		976,200		1.42%		-0.23%
2013		0.20%		1,009,790		14.870553		15,016,136		1.42%		-0.33%
2013		0.25%		2,570,791		14.786404		38,012,754		1.42%		-0.38%
2012		0.00%		560,741		15.231801		8,541,095		1.93%		5.86%
2012		0.10%		92,267		15.075249		1,390,948		1.93%		5.75%
2012		0.20%		753,896		14.920147		11,248,239		1.93%		5.64%
2012		0.25%		2,019,223		14.843142		29,971,614		1.93%		5.59%
2011		0.00%		543,092		14.389072		7,814,590		1.68%		1.11%
2011		0.10%		143,040		14.255473		2,039,103		1.68%		1.01%
2011		0.20%		1,287,722		14.122982		18,186,475		1.68%		0.91%
2011		0.25%		2,461,331		14.057158		34,599,319		1.68%		0.86%
2010		0.00%		593,471		14.231338		8,445,886		1.64%		5.29%
2010		0.10%		137,386		14.113277		1,938,967		1.64%		5.19%
2010		0.20%		1,420,531		13.996078		19,881,863		1.64%		5.08%
2010		0.25%		2,948,750		13.937807		41,099,108		1.64%		5.03%
Real Return Portfolio - Administrative Class (PMVRRA)
2014		0.00%		229,487		18.914047		4,340,528		1.42%		3.09%
2014		0.10%		663,184		18.682045		12,389,633		1.42%		2.99%
2014		0.20%		1,304,101		18.452610		24,064,067		1.42%		2.89%
2014		0.25%		3,010,962		18.338895		55,217,716		1.42%		2.83%
2013		0.00%		200,378		18.346890		3,676,313		1.64%		-9.22%
2013		0.10%		635,819		18.139980		11,533,744		1.64%		-9.31%
2013		0.20%		1,459,266		17.935163		26,172,174		1.64%		-9.40%
2013		0.25%		3,114,447		17.833569		55,541,705		1.64%		-9.44%
2012		0.00%		209,319		20.209690		4,230,272		1.08%		8.75%
2012		0.10%		815,660		20.001770		16,314,644		1.08%		8.65%
2012		0.20%		1,601,513		19.795748		31,703,148		1.08%		8.54%
2012		0.25%		3,264,904		19.693483		64,297,331		1.08%		8.48%
2011		0.00%		156,159		18.582806		2,901,872		2.08%		11.67%
2011		0.10%		960,484		18.410083		17,682,590		2.08%		11.56%
2011		0.20%		1,815,470		18.238767		33,111,934		2.08%		11.45%
2011		0.25%		3,258,425		18.153657		59,152,330		2.08%		11.39%
2010		0.00%		46,129		16.641007		767,633		1.44%		8.11%
2010		0.10%		229,063		16.502776		3,780,175		1.44%		8.00%
2010		0.20%		1,617,090		16.365561		26,464,585		1.44%		7.90%
2010		0.25%		3,631,928		16.297330		59,190,729		1.44%		7.84%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Total Return Portfolio - Administrative Class (PMVTRA)
2014		0.00%		954,265	$	19.753234	$	18,849,820		1.89%		4.27%
2014		0.10%		170,286		19.510917		3,322,436		1.89%		4.17%
2014		0.20%		2,407,163		19.271323		46,389,216		1.89%		4.06%
2014		0.25%		5,240,087		19.152556		100,361,060		1.89%		4.01%
2013		0.00%		1,229,798		18.944143		23,297,469		2.20%		-1.96%
2013		0.10%		7,535,646		18.730486		141,146,312		2.20%		-2.05%
2013		0.20%		6,310,698		18.519021		116,867,949		2.20%		-2.15%
2013		0.25%		7,595,063		18.414109		139,856,318		2.20%		-2.20%
2012		0.00%		1,063,702		19.322000		20,552,850		2.57%		9.60%
2012		0.10%		7,558,546		19.123203		144,543,610		2.57%		9.49%
2012		0.20%		5,681,063		18.926252		107,521,230		2.57%		9.38%
2012		0.25%		8,600,586		18.828467		161,935,850		2.57%		9.33%
2011		0.00%		607,433		17.629489		10,708,733		2.62%		3.60%
2011		0.10%		7,698,175		17.465627		134,453,453		2.62%		3.50%
2011		0.20%		5,099,199		17.303112		88,232,011		2.62%		3.40%
2011		0.25%		8,572,880		17.222369		147,645,303		2.62%		3.35%
2010		0.00%		335,164		17.016112		5,703,188		2.37%		8.11%
2010		0.10%		7,893,918		16.874773		133,208,074		2.37%		8.01%
2010		0.20%		4,544,093		16.734465		76,042,965		2.37%		7.90%
2010		0.25%		8,614,973		16.664698		143,565,923		2.37%		7.84%
Pioneer Emerging Markets VCT Portfolio - Class I Shares (PIVEMI)
2014		0.00%		82,712		6.510861		538,526		0.61%		-12.56%
2014		0.20%		22,556		6.416942		144,741		0.61%		-12.73%
2014		0.25%		22,013		6.393641		140,743		0.61%		-12.77%
2013		0.00%		89,831		7.445671		668,852		1.13%		-1.97%
2013		0.20%		21,081		7.352970		155,008		1.13%		-2.16%
2013		0.25%		87,169		7.329950		638,944		1.13%		-2.21%
2012		0.00%		86,867		7.594935		659,749		0.49%		11.97%
2012		0.20%		19,785		7.515397		148,692		0.49%		11.74%
2012		0.25%		102,575		7.495622		768,863		0.49%		11.69%
2011		0.00%		107,824		6.783221		731,394		0.27%		-23.40%
2011		0.20%		466		6.725660		3,134		0.27%		-23.55%
2011		0.25%		129,785		6.711325		871,029		0.27%		-23.59%
2010		0.00%		89,814		8.855229		795,324		0.49%		15.89%
2010		0.20%		6,533		8.797643		57,475		0.49%		15.66%
2010		0.25%		131,029		8.783283		1,150,865		0.49%		15.61%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
2014		0.00%		18,863	$	27.296605	$	514,896		4.72%		0.08%
2014		0.10%		41,898		26.962029		1,129,655		4.72%		-0.02%
2014		0.20%		59,086		26.631228		1,573,533		4.72%		-0.12%
2014		0.25%		85,105		26.467236		2,252,494		4.72%		-0.17%
2013		0.00%		26,218		27.273471		715,056		5.22%		12.05%
2013		0.10%		39,233		26.966149		1,057,963		5.22%		11.94%
2013		0.20%		65,562		26.661993		1,748,014		5.22%		11.83%
2013		0.25%		107,242		26.511090		2,843,102		5.22%		11.77%
2012		0.00%		16,595		24.339598		403,916		5.53%		16.05%
2012		0.10%		43,266		24.089443		1,042,254		5.53%		15.93%
2012		0.20%		103,936		23.841601		2,478,001		5.53%		15.81%
2012		0.25%		156,382		23.718546		3,709,154		5.53%		15.76%
2011		0.00%		12,611		20.973952		264,503		5.26%		-1.67%
2011		0.10%		73,631		20.779227		1,529,995		5.26%		-1.76%
2011		0.20%		166,152		20.586095		3,420,421		5.26%		-1.86%
2011		0.25%		228,056		20.490135		4,672,898		5.26%		-1.91%
2010		0.00%		8,029		21.329223		171,252		5.62%		18.04%
2010		0.10%		65,118		21.152286		1,377,395		5.62%		17.92%
2010		0.20%		264,897		20.976629		5,556,646		5.62%		17.81%
2010		0.25%		266,392		20.889289		5,564,739		5.62%		17.75%
VT Growth & Income Fund: Class IB (PVGIB)
2014		0.00%		44,044		24.581005		1,082,646		1.18%		10.73%
2013		0.00%		44,765		22.198468		993,714		1.71%		35.68%
2012		0.00%		46,906		16.361335		767,445		1.65%		19.14%
2011		0.00%		50,439		13.733218		692,690		1.21%		-4.64%
2010		0.00%		54,238		14.401578		781,113		1.61%		14.38%
VT International Equity Fund: Class IB (PVTIGB)
2014		0.00%		51,810		21.460987		1,111,894		0.87%		-6.78%
2013		0.00%		49,608		23.021172		1,142,034		1.43%		28.07%
2012		0.00%		53,095		17.975464		954,407		2.17%		21.92%
2011		0.00%		59,303		14.744148		874,372		3.34%		-16.93%
2010		0.00%		64,956		17.749703		1,152,950		3.58%		10.03%
VT Small Cap Value Fund: Class IB (PVTSCB)
2014		0.00%		2,851		14.481041		41,285		0.32%		3.43%
2014		0.20%		6,191		14.272216		88,359		0.32%		3.23%
2014		0.25%		42,688		14.220451		607,043		0.32%		3.18%
2013		0.20%		188		13.825972		2,599		0.78%		39.33%
2013		0.25%		532		13.782720		7,332		0.78%		39.26%
2012		0.20%		170		9.923349		1,687		0.38%		17.25%
2012		0.25%		129		9.897245		1,277		0.38%		17.19%
2011		0.00%		2		8.535717		17		0.48%		-4.73%
2011		0.20%		112		8.463270		948		0.48%		-4.92%
2011		0.25%		1,139		8.445238		9,619		0.48%		-4.96%
2010		0.20%		23		8.900840		205		0.25%		25.73%
2010		0.25%		847		8.886315		7,527		0.25%		25.67%
VT Voyager Fund: Class IB (PVTVB)
2014		0.00%		59,171		27.009337		1,598,169		0.74%		9.72%
2013		0.00%		80,179		24.616350		1,973,714		0.75%		43.72%
2012		0.00%		66,439		17.127486		1,137,933		0.33%		14.23%
2011		0.00%		103,328		14.994106		1,549,311		0.00%		-17.85%
2010		0.00%		84,002		18.251644		1,533,175		1.31%		20.80%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VI Growth and Income Fund - Series I Shares (ACGI)
2014		0.00%		727	$	17.160094	$	12,475		1.85%		10.28%
2014		0.20%		58,679		17.000821		997,591		1.85%		10.06%
2014		0.25%		252,618		16.961219		4,284,709		1.85%		10.00%
2013		0.00%		3,812		15.560488		59,317		1.50%		34.08%
2013		0.20%		49,108		15.446928		758,568		1.50%		33.81%
2013		0.25%		233,125		15.418659		3,594,475		1.50%		33.75%
2012		0.00%		3,942		11.605231		45,748		1.77%		14.63%
2012		0.20%		53,399		11.543577		616,415		1.77%		14.40%
2012		0.25%		248,897		11.528209		2,869,337		1.77%		14.35%
2011		0.00%		3,029		10.123727		30,665		1.62%		-2.01%
2011		0.20%		6,745		10.090153		68,058		1.62%		-2.20%
2011		0.25%		167,059		10.081770		1,684,250		1.62%		-2.25%
VI American Franchise Fund - Series I Shares (ACEG)
2014		0.00%		74,837		14.816518		1,108,824		0.04%		8.44%
2013		0.00%		86,923		13.663384		1,187,662		0.43%		40.14%
2012		0.00%		82,490		9.750071		804,283		0.00%		-2.50%		4/27/2012
VI Value Opportunities Fund - Series I Shares (AVBVI)
2014		0.10%		19,122		21.892482		418,628		1.44%		6.51%
2014		0.25%		5,847		21.491385		125,660		1.44%		6.35%
2013		0.10%		20,420		20.553942		419,711		1.18%		33.62%
2013		0.25%		5,454		20.207669		110,213		1.18%		33.42%
2012		0.10%		26,222		15.382303		403,355		1.42%		17.59%
2012		0.20%		7,061		15.224250		107,498		1.42%		17.47%
2012		0.25%		11,903		15.145833		180,281		1.42%		17.41%
2011		0.10%		31,813		13.081814		416,172		0.88%		-3.15%
2011		0.20%		10,120		12.960374		131,159		0.88%		-3.24%
2011		0.25%		12,226		12.900080		157,716		0.88%		-3.29%
2010		0.10%		24,967		13.506772		337,224		0.57%		7.24%
2010		0.20%		5,367		13.394748		71,890		0.57%		7.14%
2010		0.25%		18,585		13.339087		247,907		0.57%		7.08%
VI High Yield Fund - Series I Shares (AVHY1)
2014		0.00%		25,380		13.681814		347,244		4.12%		1.73%
2014		0.20%		804,677		13.554885		10,907,304		4.12%		1.52%
2014		0.25%		313,696		13.523295		4,242,204		4.12%		1.47%
2013		0.00%		27,374		13.449619		368,170		4.58%		7.01%
2013		0.20%		491,572		13.351532		6,563,239		4.58%		6.79%
2013		0.25%		262,672		13.327070		3,500,648		4.58%		6.74%
2012		0.00%		44,319		12.568827		557,038		5.34%		17.17%
2012		0.20%		480,979		12.502127		6,013,261		5.34%		16.94%
2012		0.25%		265,785		12.485469		3,318,450		5.34%		16.88%
2011		0.00%		43,041		10.726705		461,688		4.07%		0.96%
2011		0.20%		391,627		10.691182		4,186,956		4.07%		0.76%
2011		0.25%		215,058		10.682283		2,297,310		4.07%		0.71%
2010		0.00%		885		10.624548		9,403		8.17%		6.25%		5/3/2010
2010		0.25%		63,440		10.606962		672,906		8.17%		6.07%		5/3/2010

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
VI International Growth Fund - Series I Shares (AVIE)
2014		0.00%		66,676	$	24.249478	$	1,616,858		1.60%		0.33%
2014		0.10%		82,501		23.992303		1,979,389		1.60%		0.23%
2014		0.20%		955,052		23.737932		22,670,959		1.60%		0.13%
2014		0.25%		1,371,702		23.611714		32,388,235		1.60%		0.08%
2013		0.00%		54,300		24.169304		1,312,393		1.27%		19.01%
2013		0.10%		70,645		23.936914		1,691,023		1.27%		18.89%
2013		0.20%		885,594		23.706829		20,994,626		1.27%		18.78%
2013		0.25%		1,326,445		23.592587		31,294,269		1.27%		18.72%
2012		0.00%		48,490		20.308142		984,742		1.49%		15.53%
2012		0.10%		81,123		20.132993		1,633,249		1.49%		15.42%
2012		0.20%		840,837		19.959406		16,782,607		1.49%		15.30%
2012		0.25%		1,152,480		19.873147		22,903,404		1.49%		15.24%
2011		0.00%		43,155		17.577932		758,576		1.56%		-6.74%
2011		0.10%		96,833		17.443806		1,689,136		1.56%		-6.83%
2011		0.20%		717,058		17.310748		12,412,810		1.56%		-6.93%
2011		0.25%		1,182,001		17.244564		20,383,092		1.56%		-6.97%
2010		0.00%		39,185		18.848465		738,577		2.26%		12.86%
2010		0.10%		95,102		18.723325		1,780,626		2.26%		12.75%
2010		0.20%		606,955		18.599074		11,288,801		2.26%		12.64%
2010		0.25%		1,385,053		18.537223		25,675,036		2.26%		12.58%
VI Mid Cap Core Equity Fund: Series I Shares (AVMCCI)
2014		0.00%		6,784		20.177063		136,881		0.04%		4.43%
2014		0.20%		952		19.792988		18,843		0.04%		4.23%
2014		0.25%		14,528		19.737015		286,739		0.04%		4.17%
2013		0.00%		5,832		19.320302		112,676		0.71%		28.81%
2013		0.20%		852		18.990489		16,180		0.71%		28.56%
2013		0.25%		64,646		18.946248		1,224,799		0.71%		28.49%
2012		0.00%		1,022		14.998642		15,329		0.10%		10.96%
2012		0.20%		1,119		14.772087		16,530		0.10%		10.73%
2012		0.25%		64,406		14.745046		949,669		0.10%		10.68%
2011		0.00%		701		13.517743		9,476		0.39%		-6.38%
2011		0.20%		493		13.340285		6,577		0.39%		-6.56%
2011		0.25%		17,689		13.322532		235,662		0.39%		-6.61%
2010		0.00%		547		14.438615		7,898		1.28%		14.11%
2010		0.20%		222		14.277548		3,170		1.28%		13.88%
2010		0.25%		6,608		14.265646		94,267		1.28%		13.83%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Micro-Cap Portfolio - Investment Class (ROCMC)
2014		0.00%		35,744	$	31.036487	$	1,109,368		0.00%		-3.58%
2014		0.10%		47,661		30.656252		1,461,108		0.00%		-3.67%
2014		0.20%		62,640		30.280703		1,896,783		0.00%		-3.77%
2014		0.25%		226,349		30.094665		6,811,897		0.00%		-3.82%
2013		0.00%		38,195		32.188216		1,229,429		0.41%		20.99%
2013		0.10%		64,300		31.825701		2,046,393		0.41%		20.87%
2013		0.20%		118,915		31.467281		3,741,932		0.41%		20.74%
2013		0.25%		582,002		31.289594		18,210,606		0.41%		20.68%
2012		0.00%		67,566		26.604902		1,797,587		0.00%		7.60%
2012		0.10%		93,666		26.331578		2,466,374		0.00%		7.50%
2012		0.20%		378,057		26.061067		9,852,569		0.00%		7.39%
2012		0.25%		990,487		25.926857		25,680,215		0.00%		7.34%
2011		0.00%		47,676		24.724626		1,178,771		2.44%		-12.10%
2011		0.10%		129,742		24.495169		3,178,052		2.44%		-12.19%
2011		0.20%		504,985		24.267837		12,254,894		2.44%		-12.28%
2011		0.25%		1,255,233		24.154962		30,320,105		2.44%		-12.32%
2010		0.00%		31,852		28.128399		895,946		1.92%		29.96%
2010		0.10%		126,687		27.895201		3,533,959		1.92%		29.83%
2010		0.20%		343,994		27.663928		9,516,225		1.92%		29.70%
2010		0.25%		1,201,054		27.549005		33,087,843		1.92%		29.64%
Small-Cap Portfolio - Investment Class (ROCSC)
2012		0.20%		161,683		12.886131		2,083,468		0.10%		12.27%
2012		0.25%		22,966		12.853991		295,205		0.10%		12.22%
2011		0.20%		179,386		11.477349		2,058,876		0.51%		-3.48%
2011		0.25%		26,186		11.454460		299,946		0.51%		-3.52%
2010		0.20%		24,253		11.890655		288,384		0.13%		20.28%
2010		0.25%		3,479		11.872859		41,306		0.13%		20.22%
Variable Fund - Multi-Hedge Strategies (RVARS)
2014		0.00%		75,501		10.461335		789,841		0.00%		4.66%
2013		0.00%		16,822		9.995608		168,146		0.00%		-0.04%		5/1/2013
Blue Chip Growth Portfolio - II (TRBCG2)
2010		0.20%		30,509		12.978284		395,954		0.00%		15.77%
2010		0.25%		4,383		12.941568		56,723		0.00%		15.71%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Equity Income Portfolio - II (TREI2)
2014		0.00%		90,419	$	27.066173	$	2,447,296		1.51%		7.10%
2014		0.10%		87,057		26.734651		2,327,439		1.51%		7.00%
2014		0.20%		805,198		26.407148		21,262,983		1.51%		6.89%
2014		0.25%		1,825,196		26.244959		47,902,194		1.51%		6.84%
2013		0.00%		91,799		25.271092		2,319,861		1.33%		29.41%
2013		0.10%		88,850		24.986539		2,220,054		1.33%		29.28%
2013		0.20%		769,502		24.705147		19,010,660		1.33%		29.15%
2013		0.25%		1,948,099		24.565685		47,856,386		1.33%		29.08%
2012		0.00%		86,712		19.528615		1,693,365		1.93%		16.92%
2012		0.10%		120,639		19.328030		2,331,714		1.93%		16.81%
2012		0.20%		731,656		19.129466		13,996,189		1.93%		16.69%
2012		0.25%		1,843,354		19.030987		35,080,846		1.93%		16.63%
2011		0.00%		77,285		16.702169		1,290,827		1.49%		-1.02%
2011		0.10%		170,630		16.547192		2,823,447		1.49%		-1.12%
2011		0.20%		1,220,543		16.393623		20,009,122		1.49%		-1.22%
2011		0.25%		2,081,555		16.317395		33,965,555		1.49%		-1.27%
2010		0.00%		78,807		16.874180		1,329,804		1.59%		14.74%
2010		0.10%		186,234		16.734289		3,116,494		1.59%		14.63%
2010		0.20%		822,711		16.595545		13,653,337		1.59%		14.51%
2010		0.25%		2,576,571		16.526617		42,582,002		1.59%		14.46%
Health Sciences Portfolio - II (TRHS2)
2014		0.00%		459,906		30.816119		14,172,518		0.00%		31.22%
2014		0.20%		489,466		30.388207		14,873,994		0.00%		30.96%
2014		0.25%		69,008		30.282174		2,089,712		0.00%		30.90%
2013		0.00%		400,032		23.483805		9,394,273		0.00%		50.51%
2013		0.20%		436,725		23.204014		10,133,773		0.00%		50.21%
2013		0.25%		61,756		23.134613		1,428,701		0.00%		50.14%
2012		0.00%		284,958		15.602728		4,446,122		0.00%		31.00%
2012		0.20%		350,332		15.447653		5,411,807		0.00%		30.74%
2012		0.25%		49,763		15.409140		766,805		0.00%		30.67%
2011		0.00%		187,535		11.910614		2,233,657		0.00%		10.39%
2011		0.20%		267,658		11.815879		3,162,615		0.00%		10.17%
2011		0.25%		39,071		11.792318		460,738		0.00%		10.11%
2010		0.00%		59,497		10.790053		641,976		0.00%		15.31%
2010		0.20%		148,647		10.725614		1,594,330		0.00%		15.08%
2010		0.25%		21,321		10.709560		228,339		0.00%		15.02%
Limited-Term Bond Portfolio (TRLT1)
2014		0.00%		42,914		10.453199		448,589		1.25%		0.64%
2014		0.20%		102,490		10.368069		1,062,623		1.25%		0.44%
2014		0.25%		1,509,078		10.346826		15,614,167		1.25%		0.39%
2013		0.00%		30,577		10.387051		317,605		1.44%		0.13%
2013		0.20%		32,627		10.323098		336,812		1.44%		-0.07%
2013		0.25%		1,352,892		10.307121		13,944,422		1.44%		-0.12%
2012		0.00%		2,310		10.373567		23,963		2.05%		2.47%
2012		0.20%		25,459		10.330359		263,001		2.05%		2.27%
2012		0.25%		203,070		10.319545		2,095,590		2.05%		2.22%
2011		0.00%		1,539		10.123073		15,579		2.33%		1.60%
2011		0.20%		12,453		10.101163		125,790		2.33%		1.40%
2011		0.25%		25,033		10.095672		252,725		2.33%		1.35%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Mid-Cap Growth Portfolio - II (TRMCG2)
2014		0.10%		100,601	$	45.278398	$	4,555,052		0.00%		12.71%
2014		0.20%		152,909		44.723754		6,838,665		0.00%		12.60%
2014		0.25%		517,115		44.449051		22,985,271		0.00%		12.54%
2013		0.10%		60,960		40.172418		2,448,911		0.00%		36.26%
2013		0.20%		160,278		39.720006		6,366,243		0.00%		36.12%
2013		0.25%		546,346		39.495765		21,578,353		0.00%		36.06%
2012		0.10%		89,523		29.482112		2,639,327		0.00%		13.50%
2012		0.20%		171,631		29.179226		5,008,060		0.00%		13.39%
2012		0.25%		553,994		29.028993		16,081,888		0.00%		13.33%
2011		0.10%		117,041		25.974820		3,040,119		0.00%		-1.62%
2011		0.20%		205,268		25.733750		5,282,315		0.00%		-1.72%
2011		0.25%		689,988		25.614079		17,673,407		0.00%		-1.77%
2010		0.10%		106,889		26.402453		2,822,132		0.00%		27.65%
2010		0.20%		157,925		26.183527		4,135,034		0.00%		27.52%
2010		0.25%		589,794		26.074777		15,378,747		0.00%		27.46%
New America Growth Portfolio (TRNAG1)
2014		0.00%		233,907		25.804892		6,035,945		0.00%		9.33%
2014		0.10%		94,932		25.531238		2,423,731		0.00%		9.22%
2014		0.20%		414,559		25.260493		10,471,965		0.00%		9.12%
2014		0.25%		962,458		25.126185		24,182,898		0.00%		9.06%
2013		0.00%		270,582		23.601929		6,386,257		0.00%		38.01%
2013		0.10%		82,829		23.375000		1,936,128		0.00%		37.87%
2013		0.20%		377,638		23.150264		8,742,419		0.00%		37.73%
2013		0.25%		1,120,051		23.038679		25,804,495		0.00%		37.66%
2012		0.00%		180,354		17.101805		3,084,379		0.56%		13.12%
2012		0.10%		111,088		16.954305		1,883,420		0.56%		13.01%
2012		0.20%		373,039		16.808089		6,270,073		0.56%		12.89%
2012		0.25%		1,386,355		16.735434		23,201,253		0.56%		12.84%
2011		0.00%		105,394		15.118123		1,593,359		0.22%		-1.07%
2011		0.10%		110,249		15.002759		1,654,039		0.22%		-1.17%
2011		0.20%		247,318		14.888293		3,682,143		0.22%		-1.27%
2011		0.25%		1,020,263		14.831357		15,131,885		0.22%		-1.32%
2010		0.00%		39,759		15.281652		607,583		0.22%		19.65%
2010		0.10%		74,949		15.180193		1,137,740		0.22%		19.53%
2010		0.20%		150,190		15.079403		2,264,776		0.22%		19.41%
2010		0.25%		1,088,062		15.029245		16,352,750		0.22%		19.35%
Personal Strategy Balanced Portfolio (TRPSB1)
2014		0.00%		37,513		16.343094		613,078		1.68%		5.20%
2014		0.20%		28,527		16.080089		458,717		1.68%		4.99%
2014		0.25%		189,914		16.015007		3,041,474		1.68%		4.94%
2013		0.00%		36,734		15.535370		570,676		1.53%		17.93%
2013		0.20%		39,811		15.315966		609,744		1.53%		17.69%
2013		0.25%		174,269		15.261599		2,659,624		1.53%		17.63%
2012		0.00%		31,059		13.173531		409,157		1.90%		15.14%
2012		0.20%		28,866		13.013475		375,647		1.90%		14.91%
2012		0.25%		246,963		12.973754		3,204,037		1.90%		14.86%
2011		0.00%		26,377		11.440995		301,779		2.23%		-0.32%
2011		0.20%		4,926		11.324676		55,785		2.23%		-0.52%
2011		0.25%		230,100		11.295758		2,599,154		2.23%		-0.57%
2010		0.00%		22,601		11.478195		259,419		2.69%		13.71%
2010		0.20%		275		11.384193		3,131		2.69%		13.48%
2010		0.25%		108,242		11.360802		1,229,716		2.69%		13.43%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Blue Chip Growth Portfolio (TRBCGP)
2014		0.00%		386,335	$	15.641455	$	6,042,842		0.00%		9.17%
2014		0.20%		222,445		15.573952		3,464,348		0.00%		8.95%
2014		0.25%		1,167,901		15.557128		18,169,185		0.00%		8.89%
2013		0.00%		3,054		14.327937		43,758		0.08%		41.15%
2013		0.20%		58,866		14.294661		841,470		0.08%		40.87%
2013		0.25%		516,728		14.286363		7,382,164		0.08%		40.80%
2012		0.20%		7,713		10.147317		78,266		0.14%		1.47%		11/1/2012
2012		0.25%		174		10.146488		1,765		0.14%		1.46%		11/1/2012
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
2014		0.00%		183,449		36.831198		6,756,646		0.51%		-0.41%
2014		0.10%		73,835		49.606579		3,662,702		0.51%		-0.51%
2014		0.20%		49,271		45.535927		2,243,601		0.51%		-0.61%
2014		0.25%		29,770		45.216234		1,346,087		0.51%		-0.66%
2013		0.00%		198,610		36.984403		7,345,472		1.64%		12.02%
2013		0.10%		69,802		49.862781		3,480,522		1.64%		11.91%
2013		0.20%		50,086		45.816921		2,294,786		1.64%		11.80%
2013		0.25%		35,687		45.518029		1,624,402		1.64%		11.74%
2012		0.00%		233,193		33.015883		7,699,073		0.00%		29.81%
2012		0.10%		100,026		44.556901		4,456,849		0.00%		29.68%
2012		0.20%		51,472		40.982513		2,109,452		0.00%		29.55%
2012		0.25%		36,430		40.735521		1,483,995		0.00%		29.48%
2011		0.00%		259,894		25.434462		6,610,264		1.02%		-25.74%
2011		0.10%		132,103		34.359714		4,539,021		1.02%		-25.81%
2011		0.20%		61,605		31.635035		1,948,876		1.02%		-25.89%
2011		0.25%		47,069		31.460137		1,480,797		1.02%		-25.92%
2010		0.00%		307,064		34.249232		10,516,706		0.62%		26.84%
2010		0.10%		119,267		46.313968		5,523,728		0.62%		26.71%
2010		0.20%		68,475		42.683992		2,922,786		0.62%		26.59%
2010		0.25%		48,048		42.469224		2,040,561		0.62%		26.52%
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
2014		0.00%		228,126		33.865332		7,725,563		0.10%		-19.10%
2014		0.10%		46,249		46.830973		2,165,886		0.10%		-19.18%
2014		0.20%		295,856		39.616337		11,720,731		0.10%		-19.26%
2014		0.25%		239,662		39.338254		9,427,885		0.10%		-19.30%
2013		0.00%		248,878		41.861897		10,418,505		0.72%		10.53%
2013		0.10%		175,802		57.947139		10,187,223		0.72%		10.42%
2013		0.20%		262,074		49.069131		12,859,743		0.72%		10.31%
2013		0.25%		191,138		48.749119		9,317,809		0.72%		10.26%
2012		0.00%		252,881		37.872414		9,577,214		0.60%		3.39%
2012		0.10%		250,656		52.477156		13,153,714		0.60%		3.28%
2012		0.20%		277,367		44.481659		12,337,744		0.60%		3.18%
2012		0.25%		175,480		44.213670		7,758,615		0.60%		3.13%
2011		0.00%		273,569		36.631842		10,021,336		1.14%		-16.45%
2011		0.10%		374,493		50.809106		19,027,655		1.14%		-16.53%
2011		0.20%		260,697		43.110971		11,238,901		1.14%		-16.62%
2011		0.25%		188,442		42.872735		8,079,024		1.14%		-16.66%
2010		0.00%		273,628		43.844278		11,997,022		0.34%		29.23%
2010		0.10%		373,992		60.873685		22,766,271		0.34%		29.11%
2010		0.20%		277,177		51.702291		14,330,686		0.34%		28.98%
2010		0.25%		184,024		51.442267		9,466,612		0.34%		28.91%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Variable Insurance Fund - Balanced Portfolio (VVB)
2014		0.20%		388,098	$	16.082364	$	6,241,533		2.09%		9.62%
2014		0.25%		54,717		16.026202		876,906		2.09%		9.57%
2013		0.20%		366,739		14.670654		5,380,301		2.15%		19.64%
2013		0.25%		51,859		14.626745		758,528		2.15%		19.59%
2012		0.20%		325,615		12.261822		3,992,633		2.42%		12.34%
2012		0.25%		46,252		12.231242		565,719		2.42%		12.28%
2011		0.20%		278,075		10.915265		3,035,262		2.26%		3.49%
2011		0.25%		40,591		10.893500		442,178		2.26%		3.44%
2010		0.20%		159,013		10.546985		1,677,108		2.90%		10.79%
2010		0.25%		22,808		10.531205		240,196		2.90%		10.74%
Variable Insurance Fund - Diversified Value Portfolio (VVDV)
2014		0.20%		942,404		15.258791		14,379,946		2.20%		9.61%
2014		0.25%		132,866		15.205509		2,020,295		2.20%		9.56%
2013		0.20%		1,045,033		13.920807		14,547,703		2.14%		29.14%
2013		0.25%		147,775		13.879141		2,050,990		2.14%		29.07%
2012		0.20%		1,103,096		10.779851		11,891,211		0.80%		16.27%
2012		0.25%		156,691		10.752951		1,684,891		0.80%		16.21%
2011		0.20%		208,325		9.271686		1,931,524		1.77%		3.71%
2011		0.25%		30,410		9.253188		281,389		1.77%		3.66%
2010		0.20%		166,695		8.939847		1,490,228		2.69%		9.11%
2010		0.25%		23,910		8.926459		213,432		2.69%		9.06%
Variable Insurance Fund - International Portfolio (VVI)
2014		0.20%		346,821		10.863639		3,767,738		1.47%		-6.24%
2014		0.25%		48,897		10.825716		529,345		1.47%		-6.29%
2013		0.20%		410,243		11.586961		4,753,470		1.38%		23.01%
2013		0.25%		58,011		11.552291		670,160		1.38%		22.95%
2012		0.20%		412,707		9.419580		3,887,527		2.10%		19.90%
2012		0.25%		58,623		9.396076		550,826		2.10%		19.84%
2011		0.20%		440,376		7.856392		3,459,766		1.43%		-13.71%
2011		0.25%		64,283		7.840712		504,024		1.43%		-13.75%
2010		0.20%		421,970		9.104558		3,841,850		1.67%		15.49%
2010		0.25%		60,536		9.090922		550,328		1.67%		15.43%
Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)
2014		0.20%		809,589		17.817703		14,425,016		0.93%		13.37%
2014		0.25%		114,141		17.755513		2,026,632		0.93%		13.31%
2013		0.20%		889,050		15.716890		13,973,101		0.97%		34.66%
2013		0.25%		125,717		15.669871		1,969,969		0.97%		34.59%
2012		0.20%		702,845		11.671636		8,203,351		1.08%		15.58%
2012		0.25%		99,836		11.642534		1,162,344		1.08%		15.53%
2011		0.20%		638,998		10.097955		6,452,573		1.09%		-2.23%
2011		0.25%		93,276		10.077827		940,019		1.09%		-2.28%
2010		0.20%		763,575		10.328493		7,886,579		0.86%		25.12%
2010		0.25%		109,541		10.313041		1,129,701		0.86%		25.06%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Variable Insurance Fund - REIT Index Portfolio (VVREI)
2014		0.20%		486,210	$	17.444189	$	8,481,539		2.98%		29.85%
2014		0.25%		68,449		17.408681		1,191,607		2.98%		29.78%
2013		0.20%		454,927		13.434239		6,111,598		1.23%		2.13%
2013		0.25%		64,236		13.413578		861,635		1.23%		2.08%
2012		0.20%		123,184		13.154393		1,620,411		2.07%		17.22%
2012		0.25%		17,472		13.140722		229,595		2.07%		17.17%
2011		0.20%		121,056		11.221552		1,358,436		2.09%		8.22%
2011		0.25%		17,645		11.215498		197,897		2.09%		8.17%
2010		0.20%		176,817		10.369043		1,833,423		0.00%		3.69%		12/1/2010
2010		0.25%		25,325		10.368617		262,585		0.00%		3.69%		12/1/2010
Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)
2014		0.20%		356,524		12.438437		4,434,601		1.51%		1.55%
2014		0.25%		50,265		12.395005		623,035		1.51%		1.50%
2013		0.20%		336,921		12.248086		4,126,637		2.05%		0.87%
2013		0.25%		47,643		12.211432		581,789		2.05%		0.82%
2012		0.20%		430,019		12.142003		5,221,292		2.42%		4.21%
2012		0.25%		61,083		12.111704		739,819		2.42%		4.16%
2011		0.20%		340,653		11.651689		3,969,183		3.06%		1.81%
2011		0.25%		49,726		11.628465		578,237		3.06%		1.76%
2010		0.20%		271,236		11.444105		3,104,053		2.88%		5.01%
2010		0.25%		38,912		11.426982		444,647		2.88%		4.96%
Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)
2014		0.20%		211,544		17.205378		3,639,694		0.29%		3.17%
2014		0.25%		29,759		17.183180		511,354		0.29%		3.12%
2013		0.20%		234,928		16.676124		3,917,688		0.00%		46.25%
2013		0.25%		33,147		16.662933		552,326		0.00%		46.18%
Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)
2014		0.20%		1,223,324		11.445074		14,001,034		2.04%		5.68%
2014		0.25%		172,221		11.421739		1,967,063		2.04%		5.63%
2013		0.20%		660,792		10.829917		7,156,323		2.50%		-2.48%
2013		0.25%		93,304		10.813242		1,008,919		2.50%		-2.53%
2012		0.20%		576,440		11.105835		6,401,848		2.82%		3.82%
2012		0.25%		81,762		11.094288		907,091		2.82%		3.76%
2011		0.20%		505,956		10.697615		5,412,522		4.18%		7.44%
2011		0.25%		73,748		10.691844		788,502		4.18%		7.38%
2010		0.20%		719,981		9.957077		7,168,906		0.00%		-0.43%		12/1/2010
2010		0.25%		103,135		9.956666		1,026,881		0.00%		-0.43%		12/1/2010

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Variable Insurance Portfolios - Asset Strategy (WRASP)
2014		0.00%		805,694	$	14.973058	$	12,063,703		0.49%		-5.26%
2014		0.20%		57,687		14.757217		851,300		0.49%		-5.45%
2014		0.25%		133,381		14.703724		1,961,197		0.49%		-5.50%
2013		0.00%		862,473		15.805085		13,631,459		1.28%		25.13%
2013		0.20%		36,928		15.608472		576,390		1.28%		24.88%
2013		0.25%		118,140		15.559672		1,838,220		1.28%		24.82%
2012		0.00%		877,374		12.630803		11,081,938		1.12%		19.18%
2012		0.20%		115,705		12.498640		1,446,155		1.12%		18.94%
2012		0.25%		153,873		12.465791		1,918,149		1.12%		18.88%
2011		0.00%		748,836		10.598470		7,936,516		1.05%		-7.21%
2011		0.20%		120,081		10.508616		1,261,885		1.05%		-7.39%
2011		0.25%		183,861		10.486248		1,928,012		1.05%		-7.44%
2010		0.00%		503,668		11.421435		5,752,611		1.09%		8.67%
2010		0.20%		1,589		11.347238		18,031		1.09%		8.46%
2010		0.25%		219,804		11.328745		2,490,103		1.09%		8.40%
Variable Insurance Portfolios - Growth (WRGP)
2014		0.00%		41,497		24.835180		1,030,585		0.46%		11.81%
2014		0.10%		27,020		24.596290		664,592		0.46%		11.70%
2014		0.20%		6,840		24.359713		166,620		0.46%		11.59%
2014		0.25%		64,211		24.242285		1,556,621		0.46%		11.53%
2013		0.00%		21,182		22.211723		470,489		0.38%		36.46%
2013		0.10%		31,926		22.020070		703,013		0.38%		36.32%
2013		0.20%		14,932		21.830088		325,967		0.38%		36.19%
2013		0.25%		89,523		21.735728		1,945,848		0.38%		36.12%
2012		0.00%		13,153		16.277308		214,095		0.06%		12.74%
2012		0.10%		42,493		16.152997		686,389		0.06%		12.63%
2012		0.20%		13,236		16.029638		212,168		0.06%		12.52%
2012		0.25%		60,799		15.968332		970,859		0.06%		12.46%
2011		0.00%		14,516		14.437370		209,573		0.43%		2.12%
2011		0.10%		70,006		14.341473		1,003,989		0.43%		2.02%
2011		0.20%		13,379		14.246224		190,600		0.43%		1.92%
2011		0.25%		53,067		14.198847		753,490		0.43%		1.87%
2010		0.00%		10,396		14.137204		146,970		0.58%		12.58%
2010		0.10%		48,419		14.057322		680,641		0.58%		12.47%
2010		0.20%		2,258		13.977904		31,562		0.58%		12.36%
2010		0.25%		43,733		13.938364		609,566		0.58%		12.30%
Variable Insurance Portfolios - High Income (WRHIP)
2014		0.00%		291,172		12.284930		3,577,028		5.21%		1.90%
2014		0.10%		1,805,061		12.252220		22,116,004		5.21%		1.80%
2014		0.20%		275,142		12.219612		3,362,128		5.21%		1.70%
2014		0.25%		1,210,071		12.203324		14,766,888		5.21%		1.65%
2013		0.00%		208,250		12.055335		2,510,524		4.84%		10.50%
2013		0.20%		1,020,247		12.015237		12,258,510		4.84%		10.28%
2013		0.25%		653,899		12.005230		7,850,208		4.84%		10.22%
2012		0.00%		101,745		10.909915		1,110,029		0.10%		9.10%		5/1/2012
2012		0.20%		903,765		10.895380		9,846,863		0.10%		8.95%		5/1/2012
2012		0.25%		186,961		10.891747		2,036,332		0.10%		8.92%		5/1/2012

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)
2014		0.00%		47,467	$	14.235241	$	675,704		0.00%		7.87%
2014		0.20%		25,489		14.159561		360,913		0.00%		7.65%
2014		0.25%		270,542		14.140712		3,825,657		0.00%		7.60%
2013		0.00%		46,256		13.196715		610,427		0.00%		29.94%
2013		0.20%		14,260		13.152836		187,559		0.00%		29.68%
2013		0.25%		82,059		13.141897		1,078,411		0.00%		29.61%
2012		0.00%		20,326		10.156251		206,436		0.00%		1.56%		5/1/2012
2012		0.20%		396		10.142723		4,017		0.00%		1.43%		5/1/2012
2012		0.25%		33,681		10.139350		341,503		0.00%		1.39%		5/1/2012
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
2014		0.00%		250,067		20.775146		5,195,178		0.90%		30.17%
2014		0.10%		51,354		20.575277		1,056,623		0.90%		30.04%
2014		0.20%		19,205		20.377337		391,347		0.90%		29.91%
2014		0.25%		66,974		20.279051		1,358,169		0.90%		29.84%
2013		0.00%		162,898		15.960563		2,599,944		1.00%		1.13%
2013		0.10%		30,515		15.822817		482,833		1.00%		1.03%
2013		0.20%		23,209		15.686256		364,062		1.00%		0.93%
2013		0.25%		46,882		15.618390		732,221		1.00%		0.88%
2012		0.00%		63,739		15.782147		1,005,938		0.74%		17.72%
2012		0.10%		48,019		15.661595		752,054		0.74%		17.60%
2012		0.20%		18,541		15.541962		288,164		0.74%		17.48%
2012		0.25%		36,559		15.482465		566,023		0.74%		17.42%
2011		0.00%		57,695		13.406856		773,509		0.77%		5.01%
2011		0.10%		63,865		13.317784		850,540		0.77%		4.90%
2011		0.20%		7,016		13.229310		92,817		0.77%		4.80%
2011		0.25%		77,067		13.185267		1,016,149		0.77%		4.75%
2010		0.00%		26,415		12.767438		337,252		2.03%		28.51%
2010		0.10%		27,301		12.695262		346,593		2.03%		28.38%
2010		0.20%		4,295		12.623516		54,218		2.03%		28.25%
2010		0.25%		62,625		12.587772		788,309		2.03%		28.19%
Variable Insurance Portfolios - Science and Technology (WRSTP)
2014		0.00%		293,061		21.190944		6,210,239		0.00%		2.91%
2014		0.20%		304,854		20.885416		6,367,003		0.00%		2.71%
2014		0.25%		213,742		20.809776		4,447,923		0.00%		2.65%
2013		0.00%		254,379		20.591565		5,238,062		0.00%		56.38%
2013		0.20%		314,874		20.335318		6,403,063		0.00%		56.07%
2013		0.25%		230,840		20.271805		4,679,543		0.00%		55.99%
2012		0.00%		98,424		13.167237		1,295,972		0.00%		27.83%
2012		0.20%		119,331		13.029378		1,554,809		0.00%		27.57%
2012		0.25%		151,147		12.995166		1,964,180		0.00%		27.51%
2011		0.00%		36,947		10.300580		380,576		0.00%		-5.77%
2011		0.20%		76,080		10.213184		777,019		0.00%		-5.96%
2011		0.25%		124,700		10.191472		1,270,877		0.00%		-6.00%
2010		0.00%		7,021		10.930985		76,746		0.00%		12.75%
2010		0.20%		132		10.859919		1,434		0.00%		12.53%
2010		0.25%		117,513		10.842237		1,274,104		0.00%		12.47%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Advantage VT Discovery Fund (SVDF)
2014		0.00%		380,793	$	17.763449	$	6,764,197		0.00%		0.36%
2014		0.20%		249,813		17.507387		4,373,573		0.00%		0.15%
2014		0.25%		236,671		17.443877		4,128,460		0.00%		0.10%
2013		0.00%		359,392		17.700580		6,361,447		0.01%		43.80%
2013		0.20%		230,118		17.480362		4,022,546		0.01%		43.51%
2013		0.25%		261,339		17.425668		4,554,007		0.01%		43.44%
2012		0.00%		334,846		12.309177		4,121,679		0.00%		17.74%
2012		0.10%		27,690		12.244588		339,053		0.00%		17.62%
2012		0.20%		227,629		12.180346		2,772,600		0.00%		17.50%
2012		0.25%		192,441		12.148301		2,337,831		0.00%		17.44%
2011		0.00%		287,967		10.454971		3,010,687		0.00%		0.42%
2011		0.10%		29,156		10.410540		303,530		0.00%		0.32%
2011		0.20%		755		10.366304		7,827		0.00%		0.22%
2011		0.25%		184,638		10.344211		1,909,934		0.00%		0.17%
2010		0.00%		229,478		10.410941		2,389,082		0.00%		35.54%
2010		0.10%		31,322		10.377053		325,030		0.00%		35.41%
2010		0.20%		346		10.343273		3,579		0.00%		35.27%
2010		0.25%		147,998		10.326390		1,528,285		0.00%		35.20%
Advantage VT Opportunity Fund - Class 2 (SVOF)
2014		0.00%		4		25.104647		100		0.06%		10.42%
2014		0.10%		47,231		24.739029		1,168,449		0.06%		10.31%
2014		0.20%		57,554		24.378781		1,403,096		0.06%		10.20%
2014		0.25%		274,905		24.200566		6,652,857		0.06%		10.15%
2013		0.00%		4		22.734800		91		0.20%		30.68%
2013		0.10%		54,407		22.426118		1,220,138		0.20%		30.55%
2013		0.20%		90,447		22.121661		2,000,838		0.20%		30.42%
2013		0.25%		306,255		21.970927		6,728,706		0.20%		30.35%
2012		0.00%		4		17.397601		70		0.09%		15.52%
2012		0.10%		98,225		17.178537		1,687,362		0.09%		15.41%
2012		0.20%		110,208		16.962265		1,869,377		0.09%		15.29%
2012		0.25%		274,874		16.855104		4,633,030		0.09%		15.23%
2011		0.00%		4		15.059998		60		0.16%		-5.52%
2011		0.10%		132,129		14.885276		1,966,777		0.16%		-5.61%
2011		0.20%		106,635		14.712613		1,568,879		0.16%		-5.71%
2011		0.25%		312,720		14.626997		4,574,155		0.16%		-5.75%
2010		0.00%		4		15.939710		64		0.78%		23.76%
2010		0.10%		145,576		15.770532		2,295,811		0.78%		23.63%
2010		0.20%		144,720		15.603173		2,258,091		0.78%		23.51%
2010		0.25%		279,659		15.520123		4,340,342		0.78%		23.45%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Advantage VT Small Cap Growth Fund - Class 2 (WFVSCG)
2014		0.00%		133,868	$	16.547252	$	2,215,148		0.00%		-1.88%
2014		0.20%		72,398		16.308648		1,180,713		0.00%		-2.07%
2014		0.25%		183,519		16.249523		2,982,096		0.00%		-2.12%
2013		0.00%		183,245		16.863800		3,090,207		0.00%		50.23%
2013		0.20%		49,514		16.653921		824,602		0.00%		49.93%
2013		0.25%		198,445		16.601843		3,294,553		0.00%		49.85%
2012		0.00%		182,930		11.225415		2,053,465		0.00%		7.87%
2012		0.20%		246,982		11.107878		2,743,446		0.00%		7.66%
2012		0.25%		282,624		11.078669		3,131,098		0.00%		7.60%
2011		0.00%		220,980		10.406273		2,299,578		0.00%		-4.60%
2011		0.20%		240,548		10.317983		2,481,970		0.00%		-4.79%
2011		0.25%		506,120		10.296017		5,211,020		0.00%		-4.83%
2010		0.00%		207,689		10.907631		2,265,395		0.00%		26.77%
2010		0.20%		8,178		10.836693		88,622		0.00%		26.52%
2010		0.25%		412,207		10.819018		4,459,675		0.00%		26.46%
Global Securities Fund/VA - Class 3 (obsolete) (OVGS3)
2013		0.00%		967,069		20.707226		20,025,316		1.37%		27.34%
2012		0.00%		957,445		16.261792		15,569,771		2.16%		21.23%
2011		0.00%		1,097,060		13.414448		14,716,454		1.25%		-8.27%
2010		0.00%		1,191,196		14.623513		17,419,470		1.42%		15.97%
Janus Aspen Series - Global Technology Portfolio - Service II Shares (obsolete) (JAGTS2)
2011		0.00%		189,756		10.352942		1,964,533		0.00%		-8.81%
2010		0.00%		151,587		11.352948		1,720,959		0.00%		13.53%		5/3/2010
2011		0.00%		1,571,373		10.783470		16,944,854		0.38%		-32.33%
2010		0.00%		1,903,372		15.936367		30,332,835		0.54%		25.03%
2009		0.00%		1,868,731		12.746144		23,819,114		0.43%		79.07%
Templeton Developing Markets Securities Fund - Class 3 (obsolete) (FTVDM3)
2013		0.00%		201,488		19.119582		3,852,366		2.07%		-0.97%
2012		0.00%		218,972		19.307248		4,227,747		1.42%		13.16%
2011		0.00%		262,679		17.062376		4,481,928		0.97%		-15.86%
2010		0.00%		278,260		20.278309		5,642,642		1.64%		17.51%
Templeton Foreign Securities Fund - Class 3 (obsolete) (TIF3)
2013		0.00%		395,070		18.236527		7,204,705		2.46%		22.98%
2012		0.00%		366,253		14.829007		5,431,168		2.90%		18.30%
2011		0.00%		406,154		12.534749		5,091,038		1.77%		-10.68%
2010		0.00%		389,994		14.033220		5,472,872		1.62%		8.41%
Templeton Global Bond Securities Fund - Class 3 (obsolete) (FTVGI3)
2013		0.00%		535,931		20.700503		11,094,041		4.83%		1.64%
2012		0.00%		606,188		20.367363		12,346,451		6.28%		15.06%
2011		0.00%		614,756		17.701343		10,882,007		5.34%		-0.83%
2010		0.00%		535,857		17.849519		9,564,790		1.48%		14.38%
Calvert VP SRI Equity Portfolio (obsolete) (CVSSE)
2013		0.10%		4,808		25.555197		122,869		0.08%		30.92%
2013		0.25%		6,575		25.124785		165,195		0.08%		30.72%
2012		0.10%		4,043		19.519575		78,918		0.09%		15.83%
2012		0.25%		8,723		19.219603		167,653		0.09%		15.66%
2011		0.10%		10,885		16.851290		183,426		0.00%		-1.44%
2011		0.25%		7,722		16.617281		128,319		0.00%		-1.59%
2010		0.10%		9,539		17.097854		163,096		0.06%		17.15%
2010		0.25%		5,826		16.885673		98,376		0.06%		16.97%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
Federated NVIT High Income Bond Fund - Class III (obsolete) (HIBF3)
2013		0.00%		588,722	$	18.202636	$	10,716,292		6.72%		6.94%
2012		0.00%		644,890		17.021800		10,977,189		8.23%		14.71%
2011		0.00%		746,693		14.839228		11,080,348		7.79%		3.81%
2010		0.00%		838,621		14.295077		11,988,152		8.54%		13.16%
NVIT Emerging Markets Fund - Class III (obsolete) (GEM3)
2013		0.00%		452,954		19.481483		8,824,216		1.14%		0.75%
2012		0.00%		488,948		19.336082		9,454,339		0.40%		17.24%
2011		0.00%		746,323		16.493303		12,309,331		0.71%		-22.39%
2010		0.00%		794,544		21.252025		16,885,669		0.07%		16.21%
NVIT International Equity Fund - Class III (obsolete) (GIG3)
2013		0.00%		430,241		9.956257		4,283,590		0.51%		17.81%
2012		0.00%		425,415		8.450909		3,595,143		0.79%		15.58%
2011		0.00%		519,645		7.311920		3,799,603		1.34%		-9.76%
2010		0.00%		484,564		8.103077		3,926,459		1.02%		13.27%
V.I. Capital Appreciation Fund - Series I (obsolete) (AVCA)
2011		0.00%		63,786		12.681863		808,925		0.16%		-7.91%
2010		0.00%		69,399		13.771185		955,706		0.73%		15.49%
V.I. Capital Development Fund - Series I (obsolete) (AVCDI)
2011		0.00%		128,974		18.079131		2,331,738		0.00%		-7.16%
2011		0.10%		16,279		17.911321		291,578		0.00%		-7.25%
2011		0.20%		6,516		17.745096		115,627		0.00%		-7.34%
2011		0.25%		63,941		17.662531		1,129,360		0.00%		-7.39%
2010		0.00%		137,618		19.473180		2,679,860		0.00%		18.78%
2010		0.10%		17,428		19.311717		336,565		0.00%		18.66%
2010		0.20%		74,958		19.151595		1,435,565		0.00%		18.54%
2010		0.25%		259,349		19.072022		4,946,310		0.00%		18.48%
NVIT International Index Fund - Class VI (obsolete) (GVIX6)
2013		0.00%		145,428		11.841416		1,722,073		3.07%		21.27%
2012		0.00%		101,703		9.764428		993,072		2.68%		18.29%
2011		0.00%		94,205		8.254444		777,610		2.74%		-12.72%
2010		0.00%		71,480		9.456969		675,984		2.11%		7.54%
NVIT Multi-Manager International Growth Fund - Class III (obsolete) (NVMIG3)
2013		0.00%		1,431,105		12.166606		17,411,691		1.26%		21.34%
2012		0.00%		1,574,138		10.026765		15,783,512		0.59%		15.78%
2011		0.00%		1,756,758		8.660251		15,213,965		1.29%		-9.37%
2010		0.00%		1,926,194		9.555175		18,405,121		0.78%		14.04%
NVIT Multi-Manager International Value Fund - Class III (obsolete) (GVDIV3)
2013		0.00%		437,468		12.775201		5,588,742		2.28%		21.42%
2012		0.00%		465,460		10.521355		4,897,270		0.39%		17.24%
2011		0.00%		503,863		8.974574		4,521,956		1.89%		-16.11%
2010		0.00%		512,098		10.698362		5,478,610		2.30%		6.11%
AllianceBernstein NVIT Global Fixed Income Fund - Class III (obsolete) (NVAGF3)
2010		0.00%		31,818		12.359941		393,269		5.84%		8.24%
Credit Suisse Trust - International Equity Flex III Portfolio (obsolete) (CSIEF3)
2010		0.00%		27,195		11.345188		308,532		0.11%		12.23%
2010		0.10%		59,479		11.333247		674,090		0.11%		12.12%
2010		0.25%		2,673		11.315359		30,246		0.11%		11.95%
Gartmore NVIT Global Utilities Fund - Class I (obsolete) (GVGU1)
2010		0.00%		195,615		17.098317		3,344,687		1.02%		11.46%
2010		0.10%		45,228		13.742313		621,537		1.02%		11.35%
2010		0.20%		2,064		13.468298		27,799		1.02%		11.24%
2010		0.25%		14,874		13.400531		199,319		1.02%		11.18%

(Continued)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS December 31, 2014

	Contract Expense Rate*		Units		Unit Fair Value		Contract   Owners’ Equity		Investment   Income Ratio**		Total   Return***		Inception   Date****
NVIT Worldwide Leaders Fund - Class III (obsolete) (GEF3)
2010		0.00%		264	$	14.935320	$	3,943		0.79%		11.36%
2011		0.00%		477,390		2.908819		1,388,641		8.67%		-1.88%
2010		0.00%		458,373		2.964546		1,358,868		5.86%		14.68%
2011		0.00%		68,934		4.084054		281,530		9.52%		-2.34%
2010		0.00%		90,495		4.181802		378,432		6.48%		14.81%
U.S. Equity Flex I Portfolio (obsolete) (WSCP)
2010		0.00%		91,046		12.448619		1,133,397		0.26%		14.46%
Variable Series II - Strategic Value VIP - Class B (obsolete) (SVSHEB)
2010		0.20%		8,894		8.241888		73,303		1.79%		11.91%
2010		0.25%		15,449		8.222631		127,031		1.79%		11.85%
VP Vista(SM) Fund - Class I (obsolete) (ACVVS1)
2013		0.00%		9,168		18.872253		173,021		0.00%		30.17%
2013		0.10%		17,900		18.709418		334,899		0.00%		30.04%
2013		0.20%		34,709		18.547977		643,782		0.00%		29.91%
2013		0.25%		28,802		18.467741		531,908		0.00%		29.85%
2012		0.00%		4,093		14.497885		59,340		0.00%		15.61%
2012		0.10%		51,805		14.387170		745,327		0.00%		15.50%
2012		0.20%		34,171		14.277287		487,869		0.00%		15.38%
2012		0.25%		34,599		14.222632		492,089		0.00%		15.33%
2011		0.00%		6,581		12.539840		82,525		0.00%		-7.89%
2011		0.10%		57,688		12.456554		718,594		0.00%		-7.99%
2011		0.20%		9,490		12.373806		117,427		0.00%		-8.08%
2011		0.25%		68,644		12.332624		846,561		0.00%		-8.12%
2010		0.00%		4,745		13.614679		64,602		0.00%		23.88%
2010		0.10%		58,821		13.537768		796,305		0.00%		23.76%
2010		0.20%		8,529		13.461279		114,811		0.00%		23.63%
2010		0.25%		65,819		13.423172		883,500		0.00%		23.57%
Mid Cap Growth Portfolio - Class 1 (obsolete) (OGGO)
2013		0.10%		36,544		32.667268		1,193,793		0.06%		43.16%
2013		0.25%		88,495		32.118996		2,842,371		0.06%		42.94%
2012		0.10%		37,959		22.818900		866,183		0.00%		15.99%
2012		0.25%		101,455		22.469562		2,279,649		0.00%		15.82%
2011		0.10%		43,643		19.672645		858,573		0.00%		-6.24%
2011		0.25%		117,879		19.400621		2,286,926		0.00%		-6.38%
2010		0.10%		44,475		20.982776		933,209		0.00%		25.51%
2010		0.25%		145,637		20.723653		3,018,131		0.00%		25.32%
2014		Contract owners equity:							$	4,739,882,176
2013		Contract owners equity:							$	4,637,188,888
2012		Contract owners equity:							$	4,083,042,311
2011		Contract owners equity:							$	3,792,718,355
2010		Contract owners equity:							$	4,097,345,784

    * This represents the annual contract expense rate of the variable account at the period end 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 ratio of 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 monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the contract owner accounts through reductions in unit values. 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. The total returns do 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.

	KPMG LLP
	Suite 500 191 West Nationwide Blvd. Columbus, OH 43215-2568

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholder

Nationwide Life Insurance Company:

We have audited the accompanying consolidated balance sheets of Nationwide Life Insurance Company and subsidiaries (the Company) as of December 31, 2014 and 2013, and the related consolidated statements of operations, comprehensive income, equity, and cash flows for each of the years in the three-year period ended December 31, 2014. In connection with our audits of the consolidated financial statements, we also have audited the financial statement schedules as listed in the accompanying table of contents. These consolidated financial statements and financial statement schedules are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements and financial statement schedules 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of Nationwide Life Insurance Company and subsidiaries as of December 31, 2014 and 2013, and the results of their operations and their cash flows for each of the years in the three-year period ended December 31, 2014, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the related financial statement schedules, when considered in relation to the basic consolidated financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.

/s/ KPMG LLP

Columbus, Ohio

February 25, 2015

KPMG LLP is a Delaware limited liability partnership, the U.S.

member firm of KPMG International Cooperative (“KPMG

International”), a Swiss entity.

1

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Consolidated Statements of Operations

	Year ended December 31,
(in millions)	2014			2013			2012
Revenues
Policy charges	$	2,065		$	1,849		$	1,670
Premiums		831			724			635
Net investment income		1,900			1,849			1,825
Net realized investment (losses) gains, including other-than-temporary impairment losses		(1,078	)		678			319
Other revenues		11			17			7
Total revenues	$	3,729		$	5,117		$	4,456
Benefits and expenses
Interest credited to policyholder account values	$	1,096		$	1,067		$	1,038
Benefits and claims		1,502			1,354			1,227
Amortization of deferred policy acquisition costs		207			374			575
Other expenses, net of deferrals		1,055			981			917
Total benefits and expenses	$	3,860		$	3,776		$	3,757
(Loss) income before federal income taxes and noncontrolling interests	$	(131	)	$	1,341		$	699
Federal income tax (benefit) expense		(147	)		313			99
Net income	$	16		$	1,028		$	600
Less: Loss attributable to noncontrolling interest, net of tax		(94	)		(82	)		(61	)
Net income attributable to Nationwide Life Insurance Company	$	110		$	1,110		$	661

See accompanying notes to consolidated financial statements.

2

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Consolidated Statements of Comprehensive Income

	Year ended December 31,
(in millions)	2014			2013			2012
Net income	$	16		$	1,028		$	600
Other comprehensive income (loss), net of tax
Changes in:
Net unrealized gains (losses) on available-for-sale securities	$	435		$	(663	)	$	571
Other		27			(7	)		(5	)
Total other comprehensive income (loss), net of tax	$	462		$	(670	)	$	566
Total comprehensive income	$	478		$	358		$	1,166
Less: Comprehensive loss attributable to noncontrolling interests, net of tax		(94	)		(82	)		(61	)
Total comprehensive income attributable to Nationwide Life Insurance Company	$	572		$	440		$	1,227

See accompanying notes to consolidated financial statements.

3

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Consolidated Balance Sheets

	December 31,
(in millions, except for share and per share amounts)	2014		2013
Assets
Investments:
Fixed maturity securities, available-for-sale	$	35,418	$	32,249
Mortgage loans, net of allowance		7,270		6,341
Policy loans		992		987
Short-term investments		935		411
Other investments		822		767
Total investments	$	45,437	$	40,755
Cash and cash equivalents		77		61
Accrued investment income		670		603
Deferred policy acquisition costs		4,063		3,778
Goodwill		200		200
Other assets		5,001		3,979
Separate account assets		88,076		84,069
Total assets	$	143,524	$	133,445
Liabilities and equity
Liabilities
Future policy benefits and claims	$	40,730	$	36,765
Short-term debt		660		278
Long-term debt		709		707
Other liabilities		5,313		4,122
Separate account liabilities		88,076		84,069
Total liabilities	$	135,488	$	125,941
Shareholder’s equity
Common stock ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4	$	4
Additional paid-in capital		1,718		1,718
Retained earnings		4,630		4,520
Accumulated other comprehensive income		1,044		582
Total shareholder’s equity	$	7,396	$	6,824
Noncontrolling interests		640		680
Total equity	$	8,036	$	7,504
Total liabilities and equity	$	143,524	$	133,445

See accompanying notes to consolidated financial statements.

4

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Consolidated Statements of Equity

(in millions)	Common stock		Additional paid-in capital		Retained earnings			Accumulated other comprehensive income			Total shareholder’s equity			Non- controlling interest			Total equity
Balance as of December 31, 2011	$	4	$	1,718	$	2,789		$	686		$	5,197		$	345		$	5,542
Cash dividend paid		—		—		(40	)		—			(40	)		—			(40	)
Comprehensive income (loss):
Net income (loss)		—		—		661			—			661			(61	)		600
Other comprehensive income		—		—		—			566			566			—			566
Total comprehensive income (loss)	$	—	$	—	$	661		$	566		$	1,227		$	(61	)	$	1,166
Change in noncontrolling interest		—		—		—			—			—			63			63
Balance as of December 31, 2012	$	4	$	1,718	$	3,410		$	1,252		$	6,384		$	347		$	6,731
Comprehensive income (loss):
Net income (loss)		—		—		1,110			—			1,110			(82	)		1,028
Other comprehensive loss		—		—		—			(670	)		(670	)		—			(670	)
Total comprehensive income (loss)	$	—	$	—	$	1,110		$	(670	)	$	440		$	(82	)	$	358
Change in noncontrolling interest		—		—		—			—			—			415			415
Balance as of December 31, 2013	$	4	$	1,718	$	4,520		$	582		$	6,824		$	680		$	7,504
Comprehensive income (loss):
Net income (loss)		—		—		110			—			110			(94	)		16
Other comprehensive income		—		—		—			462			462			—			462
Total comprehensive income (loss)	$	—	$	—	$	110		$	462		$	572		$	(94	)	$	478
Change in noncontrolling interest		—		—		—			—			—			54			54
Balance as of December 31, 2014	$	4	$	1,718	$	4,630		$	1,044		$	7,396		$	640		$	8,036

See accompanying notes to consolidated financial statements.

5

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Consolidated Statements of Cash Flows

	Year ended December 31,
(in millions)	2014			2013			2012
Cash flows from operating activities
Net income	$	16		$	1,028		$	600
Adjustments to net income:
Net realized investment losses (gains), including other-than-temporary impairment losses		1,078			(678	)		(319	)
Interest credited to policyholder account values		1,096			1,067			1,038
Capitalization of deferred policy acquisition costs		(685	)		(604	)		(470	)
Amortization of deferred policy acquisition costs		207			374			575
Amortization and depreciation		128			77			80
Deferred tax (benefit) expense		(152	)		346			243
Changes in:
Policy liabilities		(421	)		(475	)		(548	)
Derivatives, net		(181	)		(483	)		(490	)
Other, net		(59	)		88			(84	)
Net cash provided by operating activities	$	1,027		$	740		$	625
Cash flows from investing activities
Proceeds from maturities of available-for-sale securities	$	2,798		$	3,689		$	2,909
Proceeds from sales of available-for-sale securities		647			1,091			796
Purchases of available-for-sale securities		(5,640	)		(6,842	)		(5,167	)
Proceeds from repayments and sales of mortgage loans		920			1,091			1,048
Issuances and purchases of mortgage loans		(1,837	)		(1,593	)		(1,114	)
Net (increase) decrease in short-term investments		(524	)		654			98
Collateral received (paid), net		399			(637	)		(208	)
Other, net		(94	)		42			(12	)
Net cash used in investing activities	$	(3,331	)	$	(2,505	)	$	(1,650	)
Cash flows from financing activities
Net change in short-term debt	$	382		$	(22	)	$	(477	)
Proceeds from issuance of long-term debt		—			2			13
Cash dividend paid to Nationwide Financial Services, Inc.		—			—			(40	)
Repayments of long-term debt		—			(299	)		—
Investment and universal life insurance product deposits		6,037			6,139			5,566
Investment and universal life insurance product withdrawals		(4,095	)		(4,034	)		(4,063	)
Other, net		(4	)		(22	)		39
Net cash provided by financing activities	$	2,320		$	1,764		$	1,038
Net increase (decrease) in cash and cash equivalents	$	16		$	(1	)	$	13
Cash and cash equivalents at beginning of year		61			62			49
Cash and cash equivalents at end of year	$	77		$	61		$	62

See accompanying notes to consolidated financial statements.

6

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC,” or collectively with its subsidiaries, “the Company”) was incorporated in 1929 and is an Ohio domiciled stock life insurance company. The Company is a member of the Nationwide group of companies (“Nationwide”), which is comprised of Nationwide Mutual Insurance Company (“NMIC”) and all of its subsidiaries and affiliates.

All of the outstanding shares of NLIC’s common stock are owned by Nationwide Financial Services, Inc. (“NFS”), a holding company formed by Nationwide Corporation (“Nationwide Corp.”), a majority-owned subsidiary of NMIC.

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a diverse range of products and services including individual annuities, private and public sector group retirement plans, investment products sold to institutions, life insurance and advisory services.

The Company sells its products through a diverse distribution network. Unaffiliated entities that sell the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouse and regional firms, pension plan administrators and life insurance specialists. Representatives of affiliates who market products directly to a customer base include Nationwide Retirement Solutions, Inc. (“NRS”) and Nationwide Financial Network (“NFN”) producers, which includes the agency distribution force of the Company’s ultimate parent company, NMIC.

Wholly-owned subsidiaries of NLIC as of December 31, 2014 include Nationwide Life and Annuity Insurance Company (“NLAIC”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisor (“NIA”). NLAIC primarily offers universal life insurance, variable universal life insurance, term life insurance, corporate-owned life insurance (“COLI”) and individual annuity contracts on a non-participating basis. NISC is a registered broker-dealer. NIA is a registered investment advisor.

As of December 31, 2014 and 2013, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region of the U.S. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region of the U.S. in which the Company is overly vulnerable to a single event which could cause a severe impact on the Company’s financial position.

(2) Summary of Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of NLIC and companies in which NLIC directly or indirectly has a controlling financial interest. The consolidated financial statements include majority-owned subsidiaries and consolidated variable interest entities (“VIEs”). All significant intercompany accounts and transactions have been eliminated.

Entities in which NLIC does not have a controlling interest, but the Company has significant influence over the operating and financing decisions, and also certain other investments, are reported using the equity method.

Use of Estimates

The Company’s consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The preparation of the consolidated financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include the balance and amortization of deferred policy acquisition costs (“DAC”), legal and regulatory reserves, certain investment and derivative valuations, future policy benefits and claims including the valuation of embedded derivatives resulting from living benefit guarantees on variable annuity contracts, goodwill, provision for income taxes and valuation of deferred tax assets. Actual results could differ significantly from those estimates.

7

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Revenues and Benefits

Investment and universal life insurance products. Investment products are long-duration contracts that do not subject the Company to significant risk arising from mortality (the incidence of death) or morbidity (the incidence of disability resulting from disease or physical impairment). These include variable and fixed deferred annuity contracts in the accumulation phase with both individuals and groups, as well as certain annuities without life contingencies. Universal life insurance products include long-duration insurance contracts that do not have fixed or guaranteed terms. These include universal life insurance, variable universal life insurance, COLI, bank-owned life insurance (“BOLI”) and other interest-sensitive life insurance policies. Revenues for investment products and universal life insurance products consist of net investment income, surrender charges and other policy charges earned and assessed against policy account balances during the period. Policy charges are assessed on a daily or monthly basis and are recognized as revenue when assessed and earned. Assessments for services provided in future periods are recorded as unearned revenue and recognized as revenue over the periods benefited. Surrender charges are recognized as revenue upon surrender of a contract in accordance with contractual terms. Policy benefits and claims that are charged to expense include interest credited to policyholder accounts and benefits and claims incurred in the period in excess of related policyholder accounts.

Traditional life insurance products. Traditional life insurance products include those products with fixed and guaranteed terms, primarily consisting of whole life insurance, term life insurance and certain annuities with life contingencies. Premiums for traditional life insurance products are generally recognized as revenue when due. For certain annuities with life contingencies, any excess of gross premium over the net premium is deferred and recognized with the amount of expected future benefits. Benefits and expenses are associated with earned premiums so that profits are recognized over the life of the contract. This association is accomplished through the provision for future policy benefits and the deferral and amortization of policy acquisition costs.

Future Policy Benefits and Claims

Investment and universal life insurance products. The Company calculates its liability for future policy benefits and claims for investment products in the accumulation phase and for universal life insurance policies at the policy accrued account balance, which represents participants’ net deposits adjusted for investment performance, interest credited and applicable contract charges.

The Company offers certain universal life insurance and variable universal life insurance with no-lapse guarantees and variable annuity products with guaranteed minimum death benefits (“GMDB”) and/or guaranteed minimum income benefits (“GMIB”). Liabilities for these guarantees are calculated by multiplying the current benefit ratio by the cumulative assessments recorded from contract inception through the balance sheet date less the cumulative guaranteed benefit payments plus interest. The Company annually evaluates its experience and assumptions and adjusts the benefit ratio as appropriate. If experience or assumption changes result in a new benefit ratio, the reserves are adjusted to reflect the changes with a related charge or credit to other benefits and claims in the period of evaluation. Determination of the expected benefit payments and assessments are based on a range of scenarios and assumptions, including those related to market rates of return and volatility, contract surrenders and mortality experience. The accounting for these guarantees impacts estimated gross profits used to calculate the balance and amortization of DAC and other expenses. Refer to Note 4 for further discussion of these guarantees.

Guarantees to variable annuity contractholders can include a return of no less than the total deposits made on the contract less any customer withdrawals, total deposits made on the contract less any customer withdrawals plus a minimum return, or the highest contract value on a specified anniversary date minus any customer withdrawals following the contract anniversary. In addition, these guarantees can include benefits payable in the event of death, upon annuitization, upon periodic withdrawal or at specified dates during the accumulation period. Refer to Note 4 for further discussion of these guarantees.

8

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The Company’s guaranteed minimum accumulation benefit (“GMAB”) and guaranteed living withdrawal benefit (“GLWB”) living benefit guarantees represent embedded derivatives in variable annuity contracts that are required to be separated from, and valued apart from, the host variable annuity contracts. The embedded derivatives are held at fair value and include the present value of attributed fees. Subsequent changes in the fair value of the embedded derivatives are recognized in earnings as a component of net realized investment gains and losses. The fair value of the embedded derivatives is calculated based on a combination of capital market and actuarial assumptions. Projections of cash flows inherent in the valuation of the embedded derivatives incorporate numerous assumptions including, but not limited to, mortality, lapse rates, index volatility, benefit utilization and discounting. Benefit utilization includes wait period (the number of years the policyholder is assumed to wait prior to beginning withdrawals once eligible) and efficiency of benefit utilization (the percent of the maximum permitted withdrawal that a policyholder takes). Discounting includes liquidity and non-performance risk (the risk that the liability will not be fulfilled) and affects the value at which the liability is transferred. The assumptions used to calculate the fair value of embedded derivatives are reviewed as part of an annual comprehensive study of assumptions. Quarterly, consideration is given as to whether adjustments to these assumptions are necessary.

The Company’s equity indexed products (life and annuity) have the policyholders’ interest credits based on market performance with caps and floors. The interest credits represent embedded derivatives within the insurance contract and therefore are required to be separated from, and valued apart from, the host contracts. The embedded derivatives are held at fair value. Subsequent changes in the fair value of the embedded derivatives are recognized in earnings as a component of interest credited. The fair value of the embedded derivatives is calculated based on a combination of capital market and actuarial assumptions. Projections of cash flows inherent in the valuation of the embedded derivative incorporate numerous assumptions including, but not limited to, mortality, lapse rates and index volatility. The assumptions used to calculate the fair value of embedded derivatives are reviewed as part of an annual comprehensive study of assumptions. Quarterly, consideration is given as to whether adjustments to these assumptions are necessary.

Traditional life insurance products. The process of calculating reserve amounts for traditional life insurance products involves the use of a number of assumptions, including those related to persistency, mortality, morbidity, interest rates (the rates expected to be paid or received on financial instruments) and certain other expenses.

The liability for future policy benefits and claims for traditional life insurance policies was determined using the net level premium method, with weighted average interest rates of 6.6% and estimates of mortality, morbidity, investment yields and persistency that were used or being experienced at the time the policies were issued, with a provision for adverse deviation.

The liability for future policy benefits for certain annuities with life contingencies was calculated using the present value of future benefits and certain expenses, discounted using weighted average interest rates of 4.8% with a provision for adverse deviation.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liability for such funding agreements is recorded in future policy benefits and claims at amortized cost. The amount of collateralized funding agreements outstanding with the FHLB as of December 31, 2014 and 2013 was $1.8 billion and $913 million, respectively. In connection with an FHLB requirement for funding agreements, the Company held $35 million and $18 million of FHLB stock as of December 31, 2014 and 2013, respectively.

Reinsurance ceded

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the original insurer from its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the consolidated balance sheets on a gross basis, separately from the related future policy benefits and claims of the Company.

Deferred Policy Acquisition Costs

The Company has deferred certain acquisition costs that are directly related to the successful acquisition of new and renewal insurance and investment contracts. The methods and assumptions used to amortize and assess recoverability of the DAC balance depend on the type of product.

9

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Investment and universal life insurance products. For certain investment and universal life insurance products, DAC is amortized with interest over the lives of the policies in relation to the present value of estimated gross profits, which is determined primarily from projected interest margins, policy charges and net realized investment gains and losses, less policy benefits and other expenses. The DAC asset related to investment and universal life insurance products is adjusted to reflect the impact of unrealized gains and losses on available-for-sale securities, with the corresponding adjustment recorded in accumulated other comprehensive income (“AOCI”). This adjustment to DAC represents the change in amortization that would have been required as a charge or credit to operations had such unrealized amounts been realized. DAC for investment and universal life insurance products is subject to recoverability testing in the year of policy issuance, and DAC for universal life insurance products is also subject to loss recognition testing at the end of each reporting period.

The Company regularly evaluates and adjusts the DAC balance when actual gross profits in a given reporting period vary from management’s initial estimates. Additionally, the assumptions used in the estimation of gross profits are based on the Company’s current best estimates of future events and are reviewed as part of an annual process. During the annual process, the Company performs a comprehensive study of assumptions, including mortality and persistency studies, maintenance expense studies and an evaluation of projected general and separate account investment returns. The most significant assumptions that are involved in the estimation of future gross profits include future net separate account investment performance, surrender/lapse rates, interest margins, renewal premiums and mortality. The Company refers to this process as “unlocking.” Quarterly, consideration is given as to whether adjustments to these assumptions are necessary. The Company uses a reversion to the mean process to determine the assumption for the future net separate account investment performance. This process assumes different performance levels over the next three years, such that the separate account mean return, measured from the anchor date to the end of the life of the product, equals the long-term assumption. The Company’s long-term assumptions for net separate account investment performance consist of assumed gross returns of 10.5% for equity funds and 5.0% for fixed funds.

Changes in assumptions and the emergence of actual gross profits can have a significant impact on the amount of DAC reported for investment and universal life insurance products and their related amortization patterns. Additionally, the amortization of DAC can be affected by the change in the valuation of the Company’s variable annuity guarantees. See Future Policy Benefits and Claims for further discussion of the valuation of the Company’s variable annuity guarantees. In the event actual experience differs from assumptions or future assumptions are revised, the Company will record an increase or decrease in DAC amortization expense, which could be significant.

Traditional life insurance. DAC is amortized with interest over the premium-paying period of the related policies in proportion to premium revenue recognized. These assumptions are consistent with those used in the calculation of liabilities for future policy benefits at issuance. DAC is evaluated for recoverability at the time of policy issuance, and loss recognition testing is conducted each reporting period.

Refer to Note 5 for discussion regarding assumption changes impacting DAC amortization and related balances.

Investments

Available-for-sale securities. Available-for-sale securities are reported at fair value, with unrealized holding gains and losses reported as a separate component of other comprehensive income, net of adjustments for DAC and other expenses, future policy benefits and claims, policyholder dividend obligations and deferred federal income taxes. Realized gains and losses on sales of available-for-sale securities are recognized in income based on the specific identification method. Interest and dividend income is recognized when earned.

As of December 31, 2014 and 2013, 99% of fixed maturity securities were priced using external source data. Independent pricing services are most often utilized (87% and 86% as of December 31, 2014 and 2013, respectively) to determine the fair value of securities for which market quotations are available. For these securities, the Company obtains the pricing services’ methodologies, inputs and assumptions and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate debt securities. The corporate pricing matrix is developed using private spreads for corporate securities with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular fixed maturity security to be priced using the corporate pricing matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that security. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular security.

10

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Non-binding broker quotes are also utilized to determine the fair value of certain corporate debt, mortgage-backed and other asset-backed securities when quotes are not available from independent pricing services, corporate pricing matrix or internal pricing models. These securities are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers, as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investments’ fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

When the collectability of contractual interest payments on fixed maturity securities is considered doubtful, such securities are placed in non-accrual status and any accrued interest is excluded from investment income. These securities are not restored to accrual status until the Company determines that payment of future principal and interest is probable.

For investments in certain residential and commercial mortgage-backed securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method, based on prepayment assumptions and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

The Company periodically reviews its available-for-sale securities to determine if any decline in fair value to below amortized cost is other-than-temporary. Factors considered in determining whether a decline is other-than-temporary include the length of time a security has been in an unrealized loss position, the severity of the unrealized loss, reasons for the decline in value and expectations for the amount and timing of a recovery in fair value.

In assessing corporate debt securities for other-than-temporary impairment, the Company evaluates the ability of the issuer to meet its debt obligations, the value of the company or specific collateral securing the debt, the Company’s intent to sell the security and whether it is more likely than not the Company will be required to sell the security before the recovery of its amortized cost basis. The Company evaluates U.S. government and agencies, as well as obligations of states, political subdivisions and foreign governments for other-than-temporary impairment by examining similar characteristics.

When evaluating whether residential mortgage-backed securities, commercial mortgage-backed securities and other asset-backed securities are other-than-temporarily impaired, the Company examines characteristics of the underlying collateral, such as delinquency and default rates, the quality of the underlying borrower, the type of collateral in the pool, the vintage year of the collateral, subordination levels within the structure of the collateral pool, the quality of any credit guarantors, the Company’s intent to sell the security and whether it is more likely than not it will be required to sell the security before the recovery of its amortized cost basis.

The Company evaluates its intent to sell on an individual security basis. Other-than-temporary impairment losses on securities when the Company does not intend to sell the security and it is not more likely than not it will be required to sell the security prior to recovery of the security’s amortized cost basis are bifurcated, with the credit portion of the impairment loss being recognized in earnings and the non-credit loss portion of the impairment and any subsequent changes in the fair value of those debt securities being recognized in other comprehensive income, net of applicable taxes and other offsets. To estimate the credit portion of an impairment loss recognized in earnings, the Company considers the present value of the cash flows. To the extent that the present value of cash flows generated by a debt security is less than the amortized cost, an other-than-temporary impairment is recognized through earnings.

It is possible that further declines in fair values of such investments, or changes in assumptions or estimates of anticipated recoveries and/or cash flows, may cause further other-than-temporary impairments in the near term, which could be significant.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. These mortgage loans are further segregated into the following classes based on the unique risk profiles of the underlying property types: office, industrial, retail, apartment and other. Mortgage loans held-for-investment are held at amortized cost less a valuation allowance.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are generally obtained to support loaned amounts, as the loans are usually collateral dependent.

11

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The collectability and value of a mortgage loan are based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s commercial mortgage loans are structured with balloon payment maturities, exposing the Company to risks associated with the borrowers’ ability to make the balloon payment or refinance the property.

The Company actively monitors the credit quality of its mortgage loans to support the development of the valuation allowance. This monitoring process includes quantitative analyses, which facilitate the identification of deteriorating loans, and qualitative analyses, which consider other factors relevant to the borrowers’ ability to repay. Surveillance procedures identify loans with deteriorating credit fundamentals and these loans are evaluated based on the severity of their deterioration and management’s judgment as to the likelihood of loss.

Mortgage loans require a loan-specific reserve when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When management determines that a loan requires a loan-specific reserve, a provision for loss is established equal to the difference between the carrying value and either the fair value of the collateral less costs to sell or the present value of expected future cash flows discounted at the loan’s market interest rate. Loan-specific reserve charges are recorded in net realized investment gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized investment gains and losses.

In addition to the loan-specific reserves, the Company maintains a non-specific reserve based primarily on loan surveillance categories and property type classes, which reflects management’s best estimate of probable credit losses inherent in the portfolio of loans without specific reserves as of the balance sheet date. Management’s periodic evaluation of the adequacy of the non-specific reserve is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect a borrower’s ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Non-specific reserve changes are recorded in net realized investment gains and losses.

Interest income on performing mortgage loans is recognized over the life of the loan using the effective-yield method. Loans in default or in the process of foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Loans are considered delinquent when contractual payments are 90 days past due.

Policy loans. Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

Short-term investments. Short-term investments consist primarily of highly liquid mutual funds and government agency discount notes with maturities of twelve months or less at acquisition. The Company and various affiliates maintain agreements with Nationwide Cash Management Company (“NCMC”), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants. Amounts on deposit with NCMC for the benefit of the Company are included in short-term investments on the consolidated balance sheets. The Company carries short-term investments at fair value.

Other investments. Other investments consist primarily of equity method investments in private equity, hedge funds and partnerships, as well as COLI, trading securities, equity securities and capital stock with the FHLB.

Securities lending. The Company has entered into securities lending agreements with a custodial bank whereby eligible securities are loaned to third parties, primarily major brokerage firms. These transactions are used to generate additional income on the securities portfolio. The Company is entitled to receive from the borrower any payments of interest and dividends received on loaned securities during the loan term. The agreements require a minimum of 102% of the fair value of loaned securities to be held as collateral. Cash collateral is invested by the custodial bank in investment-grade securities, which are included in the total investments of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in either available-for-sale or other investments. A securities lending payable is recorded in other liabilities for the amount of cash collateral received. Net income received from securities lending activities is included in net investment income. As of December 31, 2014 and 2013, the fair value of loaned securities was $254 million and $116 million, respectively.

Variable interest entities. In the normal course of business, the Company has relationships with VIEs. If the Company determines that it has a variable interest and is the primary beneficiary, it consolidates the VIE. The Company is the primary beneficiary if the Company has the power to direct the activities of the VIE that most significantly impact the economic performance of the entity and the obligation to absorb losses or receive benefits from the entity that could be potentially significant to the VIE. This determination is based on a review of the entity’s contract and other deal related information, such as the entity’s equity investment at risk, decision-making abilities, obligations to absorb economic risks and right to receive economic rewards of the entity.

12

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The majority of the VIEs consolidated by the Company are due to guarantees provided to limited partners related to the amount of tax credits that will be generated by Low-Income-Housing Tax Credit Funds (“Tax Credit Funds”). The results of operations and financial position of each VIE for which the Company is the primary beneficiary, as well as the corresponding noncontrolling interests, are recorded in the consolidated financial statements. Ownership interests held by unrelated third parties in the consolidated VIEs are presented as noncontrolling interests in the equity section of the consolidated financial statements. Losses attributable to noncontrolling interests are excluded from the net income attributable to NLIC on the consolidated statements of operations.

The Company invests in fixed maturity securities that could qualify as VIEs, including corporate securities, mortgage-backed securities and asset-backed securities. The Company is not the primary beneficiary of these securities as the Company does not have the power to direct the activities that most significantly impact the entities’ performance. The Company’s maximum exposure to loss is limited to the carrying values of these securities. There are no liquidity arrangements, guarantees or other commitments by third parties that affect the fair value of the Company’s interest in these assets. Refer to Note 6 for additional disclosures related to these investments.

The Company is not required and does not intend to provide financial or other support outside of contractual requirements to any VIE.

Derivative Instruments

The Company uses derivative instruments to manage exposures and mitigate risks primarily associated with interest rates, equity markets and foreign currency. These derivative instruments primarily include interest rate swaps, futures contracts and options. Certain features embedded in the Company’s indexed products and certain variable annuity contracts require derivative accounting. Refer to the prior discussion of Future Policy Benefits and Claims for a description of the valuation applicable to these products. All derivative instruments are held at fair value and are reflected as assets or liabilities in the consolidated balance sheets.

The fair value of derivative instruments is determined using various valuation techniques relying predominantly on observable market inputs. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels. In cases where observable inputs are not available, the Company will utilize non-binding broker quotes to determine fair value, and these instruments are classified accordingly in the fair value hierarchy. Price movements of these broker quotes are subject to validation and require approval from the Company’s management. Management uses models to internally value the instruments for comparison to the values received through broker quotes.

For derivatives that are not designated for hedge accounting, the gain or loss on the derivative is primarily recognized in net realized investment gains and losses.

For derivative instruments that are designated and qualify for fair value hedge accounting, the gain or loss on the derivative instrument, as well as the hedged item to the extent of the risk being hedged, are recognized in net realized investment gains and losses.

For derivative instruments that are designated and qualify for cash flow hedge accounting, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same period or periods that the hedged transaction impacts earnings. The ineffective portion of the derivative’s change in value, if any, along with any of the derivative’s change in value that is excluded from the assessment of hedge effectiveness, are recorded in net realized investment gains and losses.

The Company’s derivative transaction counterparties are generally financial institutions. To reduce the credit risk associated with open contracts, the Company enters into master netting agreements, which permit the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. In addition, the Company attempts to reduce credit risk by obtaining collateral from counterparties. The determination of the need for and the levels of collateral vary based on an assessment of the credit risk of the counterparty. The Company accepts collateral in the form of cash and marketable securities.

Fair Value Measurements

Fair value is defined 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. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market and income approaches.

13

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The Company categorizes 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 assets and liabilities held at fair value in the consolidated balance sheets as follows:

Level 1. Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date and mutual funds where the value per share (unit) is determined and published daily and is the basis for current transactions.

Level 2. Unadjusted quoted prices for similar assets or liabilities 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. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate (“LIBOR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments, and/or underlying collateral values.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in the observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the period in which the change occurs.

Fair Value Option

The Company assesses the fair value option election for newly acquired assets or liabilities on a prospective basis. There are no material assets or liabilities for which the Company has elected the fair value option.

Federal Income Taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. Under this method, the effect on deferred tax assets and liabilities due to a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce a deferred tax asset to the amount expected to be realized. Interest expense and any associated penalties which relate to tax years still subject to review by the Internal Revenue Service (“IRS”) are recorded as income tax expense.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the consolidated financial statements, which could be significant.

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as the lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue.

NLIC files a separate consolidated federal income tax return with its subsidiaries and is eligible to join the NMIC consolidated tax return group in 2015.

Cash and Cash Equivalents

Cash and cash equivalents include highly liquid investments with original maturities of less than three months.

14

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Goodwill

In connection with business acquisitions, the Company recognizes goodwill as the excess of the purchase price over the fair value of net assets acquired as goodwill. Goodwill is not amortized, but is evaluated for impairment at the reporting unit level annually. Goodwill of a reporting unit is tested for impairment on an interim basis, in addition to the annual evaluation, if an event occurs or circumstances change which would more likely than not reduce the fair value of a reporting unit below its carrying amount. If a reporting unit’s fair value is less than its carrying value, the Company will calculate implied goodwill. An impairment would be recognized on a reporting unit for the amount that the carrying value of its goodwill exceeds the implied value of its goodwill.

The process of evaluating goodwill for impairment requires several judgments and assumptions to be made to determine the fair value of the reporting units, including the method used to determine fair value, discount rates, expected levels of cash flows, revenues and earnings, and the selection of comparable companies used to develop market-based assumptions. The Company performed its 2014 annual impairment test and determined that no impairment was required.

Closed Block

In connection with the sponsored demutualization of Provident Mutual Life Insurance Company (“Provident”) prior to its acquisition by the Company, Provident established a closed block for the benefit of certain classes of individual participating policies that had a dividend scale payable in 2001. Assets were allocated to the closed block in an amount that produces cash flows which, together with anticipated revenues from closed block business, is reasonably expected to be sufficient to provide for (1) payment of policy benefits, specified expenses and taxes, and (2) the continuation of dividends throughout the life of the Provident policies included in the closed block based upon the dividend scales payable for 2001, if the experience underlying such dividend scales continues.

Assets allocated to the closed block benefit only the holders of the policies included in the closed block and will not revert to the benefit of the Company. No reallocation, transfer, borrowing or lending of assets can be made between the closed block and other portions of the Company’s general account, any of its separate accounts, or any affiliate of the Company without the approval of the Pennsylvania Insurance Department and Ohio Department of Insurance (“ODI”). The closed block will remain in effect as long as any policy in the closed block is in force.

If, over time, the aggregate performance of the closed block assets and policies is better than was assumed in funding the closed block, dividends to policyholders will increase. If, over time, the aggregate performance of the closed block assets and policies is less favorable than was assumed in the funding, dividends to policyholders could be reduced. If the closed block has insufficient funds to make guaranteed policy benefit payments, such payments will be made from the Company’s assets outside of the closed block, which are general account assets.

The assets and liabilities allocated to the closed block are recorded in the Company’s consolidated financial statements on the same basis as other similar assets and liabilities. The carrying amount of closed block liabilities in excess of the carrying amount of closed block assets at the date Provident was acquired by the Company represents the maximum future earnings from the assets and liabilities designated to the closed block that can be recognized in income, for the benefit of stockholders, over the period the policies in the closed block remain in force.

If actual cumulative earnings exceed expected cumulative earnings, the expected earnings are recognized in income. This is because the excess actual cumulative earnings over expected cumulative earnings, which represents undistributed accumulated earnings attributable to policyholders, is recorded as a policyholder dividend obligation. Therefore, the excess will be paid to closed block policyholders as an additional policyholder dividend expense in the future unless it is otherwise offset by future performance of the closed block that is less favorable than originally expected. If actual cumulative performance is less favorable than expected, actual earnings will be recognized in income.

The principal cash flow items that affect the amount of closed block assets and liabilities are premiums, net investment income, purchases and sales of investments, policyholder benefits, policyholder dividends, premium taxes and income taxes. The principal income and expense items excluded from the closed block are management and maintenance expenses, commissions and net investment income and realized gains and losses on investments held outside of the closed block that support the closed block business, all of which enter into the determination of total gross margins of closed block policies. See Note 10 for further disclosure.

Separate Accounts

Separate account assets and liabilities represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. In the separate account, investment income and gains and losses on investments accrue directly to, and investment risk is borne by, the contractholder. Separate account assets are primarily comprised of public, privately registered and non-registered mutual funds. Separate account assets are recorded at fair value based on the methodology that would be applicable to the underlying assets. The value of separate account liabilities is set to equal the fair value for separate account assets.

15

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 4% of the Company’s life insurance in force in 2014 and 2013 and 5% in 2012 and 37% of the number of life insurance policies in force in 2014 (38% in 2013 and 40% in 2012). The provision for policyholder dividends was based on the respective year’s dividend scales and has been included in future policy benefits and claims in the consolidated balance sheets.

Subsequent Events

The Company evaluated subsequent events through February 25, 2015, the date the consolidated financial statements were issued.

(3) Recently Issued Accounting Standards

Adopted Accounting Standards

On January 1, 2014, the Company adopted ASU 2013-04, which amends existing guidance in ASC 405, Liabilities. The ASU provides guidance for the recognition, measurement and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed at the reporting date. The adoption of this guidance had no impact on the Company’s consolidated financial statements.

On January 1, 2014, the Company adopted ASU 2013-08, which amends existing guidance in ASC 946, Financial Services – Investment Companies. The amended guidance modifies the definition of investment companies and requires new disclosures around the status and operations of investment companies. In addition, the guidance requires an investment company to measure its noncontrolling interests in another investment company at fair value rather than the equity method of accounting. The adoption of this guidance had no impact on the Company’s consolidated financial statements.

On January 1, 2014, the Company adopted ASU 2013-11, which amends existing guidance in ASC 740, Income Taxes. The amended guidance provides clarification on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The adoption of this guidance had no impact on the Company’s consolidated financial statements.

Pending Accounting Standards

In January 2014, the FASB issued ASU 2014-01, which amends existing guidance in ASC 323, Equity Method and Joint Ventures. The amended guidance permits reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company will adopt the ASU for interim and annual reporting periods beginning January 1, 2015. The Company is currently in the process of determining the impact of adoption.

In January 2014, the FASB issued ASU 2014-04, which amends existing guidance in ASC 310, Receivables and ASC 360, Property, Plant and Equipment. The amended guidance provides clarification on the accounting for situations in which a creditor obtains collateral assets in satisfaction of all or part of a receivable. The Company will adopt the ASU for interim and annual periods beginning January 1, 2015. The Company is currently in the process of determining the impact of adoption.

In May 2014, the FASB issued ASU 2014-09, which amends existing guidance in ASC 606, Revenue from Contracts with Customers and ASC 340, Other Assets and Deferred Costs – Contracts with Customers. The amended guidance develops a single standard to recognize revenue when the identified performance obligation is satisfied. The Company will adopt the ASU for interim and annual periods beginning January 1, 2017. The Company is currently in the process of determining the impact of adoption.

In June 2014, the FASB issued ASU 2014-11, which amends existing guidance in ASC 860, Transfers and Servicing. The amended guidance amends certain criteria when evaluating effective control in certain repurchase agreement transactions and eliminates specific guidance on repurchase financing and requires that these transactions be treated in the same manner as repurchase transactions. Additionally, the amended guidance requires additional disclosures for repurchase agreements. The Company will adopt the ASU for interim and annual periods beginning January 1, 2015. The Company is currently in the process of determining the impact of adoption.

In August 2014, the FASB issued ASU 2014-14, which amends ASC 310, Receivables. The amended guidance requires creditors to classify certain foreclosed government guaranteed mortgage loans as a receivable from the guarantor that is measured at the amount expected to be recovered under the guarantee, without treating the guarantee as a separate unit of account. The Company will adopt the ASU for interim and annual periods beginning January 1, 2015. The Company is currently in the process of determining the impact of adoption.

16

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

In November 2014, the FASB issued ASU 2014-17, which amends ASC 805, Business Combinations. The amended guidance gives an acquired entity the option to apply pushdown accounting in its stand-alone financial statements. The Company will adopt the ASU for interim and annual periods beginning January 1, 2015. The Company is currently in the process of determining the impact of adoption.

(4) Certain Long-Duration Contracts

Variable Annuity Contracts

Contractholder assets are invested in general and separate account investment options as directed by the contractholder. The Company issues variable annuity contracts through its separate accounts. The Company also provides various forms of guarantees to benefit the related contractholders. The Company provides five primary guarantee types: (1) GMDB; (2) GLWB; (3) GMAB; (4) a hybrid guarantee with GMAB and GLWB; and (5) GMIB.

The GMDB, offered on every variable annuity contract, provides a specified minimum return upon death. Many of these death benefits are spousal, whereby a death benefit will be paid upon death of the first spouse. The survivor has the option to terminate the contract or continue it by having the death benefit paid into the contract and having a second death benefit paid upon the survivor’s death.

The GLWB, offered in the Company’s Lifetime Income products, are living benefits that provide for enhanced retirement income security without the liquidity loss associated with annuitization. The withdrawal rates vary based on the age when withdrawals begin and are applied to a benefit base to determine the guaranteed lifetime income amount available to a contractholder. The benefit base is equal to the variable annuity premium at contract issuance and may increase as a result of a feature driven by account performance and policy duration.

The GMAB, which was offered in the Company’s Capital Preservation Plus product, is a living benefit that provides the contractholder with a guaranteed return of deposits, adjusted proportionately for withdrawals, after a specified time period (5, 7 or 10 years) selected by the contractholder at the issuance of the variable annuity contract. In some cases, the contractholder also has the option, after a specified time period, to drop the guarantee and continue the variable annuity contract without the GMAB. In general, the GMAB requires a minimum allocation to guaranteed term options or adherence to limitations required by an approved asset allocation strategy.

The GMIB, which was offered with several variable annuity contracts, is a living benefit that provides the contractholder with a guaranteed annuitization stream of income.

The following table summarizes information regarding variable annuity contracts with guarantees invested in general and separate accounts, as of the dates indicated (a contract may contain multiple guarantees):

	December 31, 2014								December 31, 2013
(in millions)	General account value		Separate account value		Net amount at risk1		Average age2		General account value		Separate account value		Net amount at risk1		Average age2
Contracts with GMDB:
Return of net deposits	$	872	$	23,079	$	21		65	$	916	$	19,927	$	13		64
Minimum return or anniversary contract value		1,918		33,662		292		69		2,031		33,520		237		69
Total contracts with GMDB	$	2,790	$	56,741	$	313		68	$	2,947	$	53,447	$	250		67
GLWB Minimum return or anniversary contract value	$	135	$	31,031	$	195		66	$	178	$	28,071	$	74		64
GMAB Return of net deposits3	$	43	$	1,552	$	—		67	$	92	$	2,383	$	—		64
GMIB Minimum return or anniversary contract value	$	45	$	451	$	1		66	$	49	$	510	$	—		64

1 Net amount at risk is calculated on a policy-level basis and equals the respective guaranteed benefit less the account value (or zero if the account value exceeds the guaranteed benefit).

2 Represents the weighted average attained age of contractholders.

3 Contracts with the hybrid accumulation/withdrawal benefits are included with the accumulation benefits contracts.

17

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the reserve balances for guarantees on variable annuity contracts, as of the dates indicated:

	December 31,
(in millions)	2014		2013
GMDB	$	76	$	55
GLWB1	$	174	$	(1,075	)
GMAB1, 2	$	3	$	(19	)
GMIB	$	1	$	2

1 The changes in reserve balances for withdrawal benefits and accumulation benefits were primarily driven by declines in key interest rates, partially offset by rising equity markets during 2014. Refer to Note 7 for discussion of the related derivative programs.

2 Contracts with the hybrid accumulation/withdrawal benefits are included with the accumulation benefits contracts.

Paid claims for GMDBs were $11 million and $22 million for the years ended December 31, 2014 and 2013, respectively.

Paid claims for GLWBs, GMABs and GMIBs were immaterial for the years ended December 31, 2014 and 2013.

The following table summarizes the account balances of deferred variable annuity contracts with guarantees invested in separate accounts, as of the dates indicated:

	December 31,
(in millions)	2014		2013
Mutual funds:
Bond	$	5,280	$	5,685
Domestic equity		47,316		43,505
International equity		2,969		3,179
Total mutual funds	$	55,565	$	52,369
Money market funds		1,176		1,078
Total1	$	56,741	$	53,447

1 Excludes $31.3 billion and $30.6 billion as of December 31, 2014 and 2013, respectively, of separate account assets not related to deferred variable annuity contracts with guarantees, primarily attributable to retirement plan, variable universal life and COLI products.

The Company did not transfer any assets from the general account to the separate account to cover guarantees for any of its variable annuity contracts during the years ended December 31, 2014 and 2013.

Universal and Variable Universal Life Insurance Contracts

The Company offers certain universal life and variable universal life insurance products with no-lapse guarantees. These no-lapse guarantees provide that a policy will not lapse so long as the policyholder makes minimum premium payments. The reserve balances on these guarantees were $401 million and $325 million as of December 31, 2014 and 2013, respectively. Paid claims on contracts maintained in force by these guarantees were immaterial for the years ended December 31, 2014 and 2013.

The following table summarizes information regarding universal and variable universal life insurance contracts with no-lapse guarantees invested in general and separate accounts, as of the dates indicated:

(in millions)	General account value		Separate account value		Adjusted insurance in force1		Average age2
December 31, 2014	$	1,954	$	2,191	$	41,484		51
December 31, 20133	$	1,522	$	2,235	$	36,956		51

1 The adjusted insurance in force is calculated on a policy-level basis and equals the respective guaranteed death benefit less the account value.

2 Represents the weighted average attained age of contractholders.

3 Amounts above are based on all policies with no-lapse guarantees. Previously, only those policies with a no-lapse guarantee carrying a reserve were included in the disclosure.

18

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(5) Deferred Policy Acquisition Costs

The following table summarizes changes in the DAC balance, as of the dates indicated:

	December 31,
(in millions)	2014			2013			2012
Balance at beginning of year	$	3,778		$	3,249		$	3,487
Capitalization of DAC		685			604			470
Amortization of DAC, excluding unlocks		(397	)		(373	)		(525	)
Amortization of DAC related to unlocks		190			(1	)		(50	)
Adjustments to DAC related to unrealized gains and losses on available- for-sale securities		(193	)		299			(133	)
Balance at end of year	$	4,063		$	3,778		$	3,249

During 2014, the Company recognized a decrease in DAC amortization of $190 million as a result of the annual comprehensive review of model assumptions and enhancements. The updated assumptions were primarily related to the actual performance of the block of business since the prior year review and the expectations for lapses, partially offset by an update to the Company’s long-term assumptions for separate account investment performance.

During 2013, the net change in DAC amortization as a result of the annual comprehensive review of model assumptions was immaterial.

During 2012, the Company incurred additional DAC amortization of $50 million as a result of the annual comprehensive review of model assumptions, as well as a deviation from equity market performance as compared to assumed net separate account returns. The updated assumptions were primarily related to actual gross profits and the in force block of business deviating from expectations, renewal premiums, general account margins and lapses.

19

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(6) Investments

Available-for-Sale Securities

The following table summarizes the amortized cost, unrealized gains and losses and fair value of available-for-sale securities, as of the dates indicated:

(in millions)	Amortized cost		Unrealized gains		Unrealized losses		Fair value
December 31, 2014
Fixed maturity securities:
U.S. government and agencies	$	448	$	79	$	—	$	527
Obligations of states, political subdivisions and foreign governments		1,966		320		1		2,285
Corporate public securities		19,851		1,519		120		21,250
Corporate private securities		4,398		286		34		4,650
Residential mortgage-backed securities		3,694		190		45		3,839
Commercial mortgage-backed securities		1,431		74		3		1,502
Other asset-backed securities		1,410		27		72		1,365
Total fixed maturity securities	$	33,198	$	2,495	$	275	$	35,418
Equity securities		6		15		—		21
Total available-for-sale securities	$	33,204	$	2,510	$	275	$	35,439
December 31, 2013
Fixed maturity securities:
U.S. government and agencies	$	484	$	79	$	2	$	561
Obligations of states, political subdivisions and foreign governments		1,892		111		40		1,963
Corporate public securities		18,004		1,076		295		18,785
Corporate private securities		4,374		258		38		4,594
Residential mortgage-backed securities		3,919		163		79		4,003
Commercial mortgage-backed securities		1,439		86		21		1,504
Other asset-backed securities		890		26		77		839
Total fixed maturity securities	$	31,002	$	1,799	$	552	$	32,249
Equity securities		6		18		—		24
Total available-for-sale securities	$	31,008	$	1,817	$	552	$	32,273

The fair value of the Company’s investments may fluctuate significantly in response to changes in interest rates, investment quality ratings and credit spreads. The Company has the ability and intent to hold equity securities until recovery. The Company does not have the intent to sell, nor is it more likely than not it will be required to sell, debt securities in an unrealized loss position.

20

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the amortized cost and fair value of fixed maturity securities, by contractual maturity, as of December 31, 2014. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties.

(in millions)	Amortized cost		Fair value
Fixed maturity securities:
Due in one year or less	$	1,018	$	1,037
Due after one year through five years		9,196		9,898
Due after five years through ten years		8,267		8,617
Due after ten years		8,182		9,160
Subtotal	$	26,663	$	28,712
Residential mortgage-backed securities		3,694		3,839
Commercial mortgage-backed securities		1,431		1,502
Other asset-backed securities		1,410		1,365
Total fixed maturity securities	$	33,198	$	35,418

The following table summarizes components of net unrealized gains and losses, as of the dates indicated:

	December 31,
(in millions)	2014			2013
Net unrealized gains on available-for-sale securities, before adjustments, taxes and fair value hedging	$	2,235		$	1,265
Net unrealized gains on available-for-sale securities, before adjustments and taxes1	$	2,235		$	1,265
Adjustment to DAC and other expense		(372	)		(176	)
Adjustment to future policy benefits and claims		(159	)		(89	)
Adjustment to policyholder dividend obligation		(120	)		(85	)
Deferred federal income tax expense		(548	)		(314	)
Net unrealized gains on available-for-sale securities	$	1,036		$	601

1 Includes net unrealized losses of $9 million and $40 million as of December 31, 2014 and 2013, respectively, related to the non-credit portion of other-than-temporarily impaired securities.

The following table summarizes the change in net unrealized gains and losses reported in accumulated other comprehensive income, for the years ended:

	December 31,
(in millions)	2014			2013
Balance at beginning of year	$	601		$	1,264
Unrealized gains and losses arising during the year:
Net unrealized gains (losses) on available-for-sale securities before adjustments		939			(1,657	)
Non-credit impairments and subsequent changes in fair value of impaired debt securities		31			8
Net adjustment to DAC and other expense		(196	)		306
Net adjustment to future policy benefits and claims		(70	)		206
Net adjustment to policyholder dividend obligations		(35	)		92
Related federal income tax (expense) benefit		(234	)		366
Unrealized gains (losses) on available-for-sale securities	$	435		$	(679	)
Reclassification adjustment for net losses realized on available-for-sale securities, net of tax benefit ($0 and $8 as of December 31, 2014 and 2013, respectively)		—			(16	)
Net unrealized gains (losses) on available-for-sale securities	$	435		$	(663	)
Balance at end of year	$	1,036		$	601

21

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes, by asset class, available-for-sale securities, in an unrealized loss position based on the amount of time each type of security has been in an unrealized loss position, as well as the related fair value, as of the dates indicated:

	Less than or equal to one year				More than one year				Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses		Unrealized losses1
December 31, 2014
Fixed maturity securities:
Corporate public securities	$	1,642	$	63	$	1,578	$	57	$	120
Residential mortgage-backed securities		268		2		487		43		45
Other asset-backed securities		662		5		493		67		72
Other		589		27		457		11		38
Total2	$	3,161	$	97	$	3,015	$	178	$	275
December 31, 2013
Fixed maturity securities:
Corporate public securities	$	4,889	$	256	$	442	$	39	$	295
Residential mortgage-backed securities		725		16		604		63		79
Other asset-backed securities		507		6		144		71		77
Other		1,838		85		222		16		101
Total2	$	7,959	$	363	$	1,412	$	189	$	552

1 As of December 31, 2014 and 2013, there were $66 million and $82 million, respectively, of unrealized losses related to available-for-sale securities with a fair value to amortized cost ratio of less than 80%.

2 Represents 541 and 816 available-for-sale securities in an unrealized loss position as of December 31, 2014 and 2013, respectively.

Residential mortgage-backed securities are assessed for impairment using default estimates based on loan level data, where available. Where loan level data is not available, a proxy based on collateral characteristics is used. The impairment assessment considers loss severity as a function of multiple factors, including unpaid balance, interest rate, mortgage insurance ratios, assessed property value at origination, change in property value, loan-to-value (“LTV”) ratio at origination and prepayment speeds. Cash flows generated by the collateral are then utilized, along with consideration for the instrument’s position in the overall structure, to determine cash flows associated with the security.

Certain other asset-backed securities are assessed for impairment using expected cash flows based on various inputs, including default estimates based on the underlying corporate securities, historical and forecasted loss severities or other market inputs when recovery estimates are not feasible. When the collateral is regional bank and insurance company trust preferred securities, default estimates used to estimate cash flows are based on U.S. Bank Rating service data and broker research.

The Company believes the unrealized losses on these available-for-sale securities represent temporary fluctuations in economic factors that are not indicative of other-than-temporary impairment.

22

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans by method of evaluation for credit loss, and the related valuation allowances by type of credit loss, as of the dates indicated:

	December 31,
(in millions)	2014		2013
Amortized cost:
Loans with non-specific reserves	$	7,279	$	6,350
Loans with specific reserves		17		26
Total amortized cost	$	7,296	$	6,376
Valuation allowance:
Non-specific reserves	$	21	$	29
Specific reserves		5		6
Total valuation allowance	$	26	$	35
Mortgage loans, net of allowance	$	7,270	$	6,341

The following table summarizes activity in the valuation allowance for mortgage loans, for the years ended:

	December 31,
(in millions)	2014			2013			2012
Balance at beginning of year	$	35		$	44		$	60
Current period provision1		(8	)		(4	)		2
Recoveries2		(1	)		(5	)		(15	)
Charge offs and other		—			—			(3	)
Balance at end of year	$	26		$	35		$	44

1 Includes specific reserve provisions and all changes in non-specific reserves.

2 Includes recoveries on sales and increases in the valuation of loans with specific reserves.

As of December 31, 2014 and 2013, the carrying values of commercial mortgage loans specifically reserved were $12 million and $20 million, respectively, which is net of $5 million and $6 million, respectively, in specific reserves.

Interest income recognized on impaired commercial mortgage loans was $1 million and $3 million for the years ended December 31, 2014 and 2013, respectively. The average recorded investment was $16 million and $30 million for the years ended December 31, 2014 and 2013, respectively.

As of December 31, 2014 and 2013, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial in relation to the total mortgage loan portfolio. The Company had no mortgage loans 90 days or more past due and still accruing interest.

Management evaluates the credit quality of individual mortgage loans and the portfolio as a whole through a number of loan quality measurements, including, but not limited to, LTV and debt service coverage (“DSC”) ratios. The LTV ratio is calculated as a ratio of the amortized cost of a loan to the estimated value of the underlying collateral. DSC is the amount of cash flow generated by the underlying collateral of the mortgage loan available to meet periodic interest and principal payments of the loan. This process identifies mortgage loans representing the lowest risk profile and lowest potential for loss and those representing the highest risk profile and highest potential for loss. These factors are updated and evaluated at least annually.

23

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the LTV ratio and DSC ratios of the mortgage loan portfolio, as of the dates indicated:

	LTV ratio								DSC ratio
(in millions)	Less than 80%		80% - less than 90%		90% or greater		Total		Greater than 1.10		1.00- 1.10		Less than 1.00		Total
December 31, 2014
Apartment	$	2,156	$	111	$	17	$	2,284	$	2,252	$	26	$	6	$	2,284
Industrial		1,131		34		35		1,200		1,048		89		63		1,200
Office		1,004		16		20		1,040		990		4		46		1,040
Retail		2,506		64		11		2,581		2,421		128		32		2,581
Other		191		—		—		191		191		—		—		191
Total1	$	6,988	$	225	$	83	$	7,296	$	6,902	$	247	$	147	$	7,296
December 31, 2013
Apartment	$	1,788	$	52	$	30	$	1,870	$	1,857	$	6	$	7	$	1,870
Industrial		951		52		86		1,089		893		122		74		1,089
Office		837		30		38		905		800		43		62		905
Retail		2,236		41		21		2,298		2,214		61		23		2,298
Other		213		—		1		214		214		—		—		214
Total2	$	6,025	$	175	$	176	$	6,376	$	5,978	$	232	$	166	$	6,376

1 As of December 31, 2014, the weighted average DSC ratios for the respective LTV ratio ranges above were 1.97, 1.27 and 0.90, with a total weighted average DSC ratio of 1.93. As of December 31, 2014, the weighted average LTV ratios for the respective DSC ratio ranges above were 60%, 59% and 90%, with a total weighted average LTV ratio of 60%.

2 As of December 31, 2013, the weighted average DSC ratios for the respective LTV ratio ranges above were 1.77, 1.22 and 1.00, with a total weighted average DSC ratio of 1.74. As of December 31, 2013, the weighted average LTV ratios for the respective DSC ratio ranges above were 60%, 61% and 91%, with a total weighted average LTV ratio of 61%.

While these loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio for the dates indicated, based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible.

Available-For-Sale Securities on Deposit, Held in Trust and Pledged as Collateral

Available-for-sale securities with a carrying value of $8 million were on deposit with various regulatory agencies as required by law as of December 31, 2014 and 2013. Additionally, available-for-sale securities with a carrying value of $683 million and $849 million were pledged as collateral to secure recoveries under reinsurance contracts and other funding agreements as of December 31, 2014 and 2013, respectively. These securities are primarily included in fixed maturity securities in the consolidated balance sheets.

Tax Credit Funds

The Company has sold $1.3 billion and $1.2 billion in Tax Credit Funds to unrelated third parties as of December 31, 2014 and 2013, respectively. The Company has guaranteed after-tax benefits to the third party investors through periods ending in 2029. The Company held immaterial reserves on these transactions as of December 31, 2014 and 2013. These guarantees are in effect for periods of approximately 15 years each. The Tax Credit Funds provide a stream of tax benefits to the investors that will generate a yield and return of capital. If the tax benefits are not sufficient to provide these cumulative after-tax yields, the Company must fund any shortfall. The maximum amount of undiscounted future payments that the Company could be required to pay the investors under the terms of the guarantees is $744 million, but the Company does not anticipate making any material payments related to the guarantees. The Company’s risks are mitigated in the following ways: (1) the Company has the right to buyout the equity related to the guarantee under certain circumstances, (2) the Company may replace underperforming properties to mitigate exposure to guarantee payments and (3) the Company oversees the asset management of the deals.

24

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Consolidated VIEs

The Company has relationships with VIEs where the Company is the primary beneficiary. These consolidated VIEs are primarily made up of Tax Credit Funds with guarantees to limited partners. Net assets (controlling and noncontrolling interests) of all consolidated VIEs totaled $640 million and $680 million as of December 31, 2014 and 2013, respectively, and are included within the balance sheet primarily as other investments of $580 million, other assets of $109 million and other liabilities of $75 million as of December 31, 2014, other investments of $554 million, other assets of $182 million and other liabilities of $82 million as of December 31, 2013. The Company’s general credit is not exposed to the creditors or beneficial interest holders of these consolidated VIEs.

Unconsolidated VIEs

In addition to the consolidated VIEs, the Company holds investments in VIEs where the Company is not the primary beneficiary, which are primarily investments in Tax Credit Funds without guarantees to limited partners. The carrying value of these investments was $113 million and $104 million as of December 31, 2014 and 2013, respectively. In addition, the Company has made commitments for further investments in these VIEs of $17 million and $29 million as of December 31, 2014 and 2013, respectively.

Net Investment Income

The following table summarizes net investment income, by investment type, for the years ended:

	December 31,
(in millions)	2014			2013			2012
Fixed maturity securities, available-for-sale	$	1,575		$	1,565		$	1,506
Mortgage loans		362			348			366
Policy loans		51			52			53
Other		(29	)		(57	)		(45	)
Gross investment income	$	1,959		$	1,908		$	1,880
Investment expenses		59			59			55
Net investment income	$	1,900		$	1,849		$	1,825

Net Realized Investment Gains and Losses, Including Other-Than-Temporary Impairments

The following table summarizes net realized investment gains and losses, including other-than-temporary impairments, by source, for the years ended:

	December 31,
(in millions)	2014			2013			2012
Net realized derivative (losses) gains	$	(1,087	)	$	705		$	314
Realized gains on sales		31			32			48
Realized losses on sales		(19	)		(54	)		(23	)
Other		2			—			12
Net realized investment (losses) gains before other-than-temporary impairments on fixed maturity securities	$	(1,073	)	$	683		$	351
Other-than-temporary impairments on fixed maturity securities1		(5	)		(5	)		(32	)
Net realized investment (losses) gains, including other-than-temporary impairments	$	(1,078	)	$	678		$	319

1 Other-than-temporary impairments on fixed maturity securities are net $1 million, $6 million and $36 million of non-credit losses included in other comprehensive income for the years ended December 31, 2014, 2013 and 2012, respectively.

Proceeds from the sale of available-for-sale securities were $0.6 billion, $1.1 billion and $0.8 billion during the years ended December 31, 2014, 2013 and 2012, respectively. Gross gains of $17 million, $31 million and $47 million and gross losses of $10 million, $50 million and $20 million were realized on sales of available-for-sale securities during the years ended December 31, 2014, 2013 and 2012, respectively.

25

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the cumulative credit losses, for the years ended:

(in millions)	December 31,
	2014			2013			2012
Cumulative credit losses at beginning of year1	$	(272	)	$	(289	)	$	(328	)
New credit losses		(2	)		(3	)		(18	)
Incremental credit losses		(4	)		(3	)		(10	)
Losses related to securities included in the beginning balance sold or paid down during the period		24			23			67
Cumulative credit losses at end of year1	$	(254	)	$	(272	)	$	(289	)

1 Cumulative credit losses are defined as amounts related to the Company’s credit portion of the other-than-temporary impairment losses on debt securities that the Company does not intend to sell and that it is not more likely than not the Company will be required to sell prior to recovery of the amortized cost basis.

(7) Derivative Instruments

The Company is exposed to certain risks related to its ongoing business operations which are managed using derivative instruments.

Interest rate risk management. The Company uses interest rate contracts, primarily interest rate swaps, to reduce or alter interest rate exposure arising from mismatches between assets and liabilities. In the case of interest rate swaps, the Company enters into a contractual agreement with a counterparty to exchange, at specified intervals, the difference between fixed and variable rates of interest, calculated on a reference notional amount.

Interest rate swaps are used by the Company in association with fixed and variable rate investments to achieve cash flow streams that support certain financial obligations of the Company and to produce desired investment returns. As such, interest rate swaps are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa. The Company also enters into interest rate swap transactions, which are structured to provide an offset against the negative impact of higher interest rates on the Company’s capital position.

Equity market and interest rate risk management. The Company has a variety of variable annuity products with guaranteed benefit features. These products and related obligations expose the Company to various market risks, primarily equity and interest rate risks. Adverse changes in the equity markets or interest rate movements expose the Company to significant volatility. To mitigate these risks and hedge the guaranteed benefit obligations, the Company enters into a variety of derivatives including interest rate swaps, equity index futures, options and total return swaps.

Other risk management. As part of its regular investing activities, the Company may purchase foreign currency denominated investments. These investments and the associated income expose the Company to volatility associated with movements in foreign exchange rates. As foreign exchange rates change, the increase or decrease in the cash flows of the derivative instrument generally offsets the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps and futures, which are primarily included in other derivative contracts in the following tables.

Credit risk associated with derivatives transactions. The Company periodically evaluates the risks within the derivative portfolios due to credit exposure When evaluating this risk, the Company considers several factors which include, but are not limited to, the counterparty credit risk associated with derivative receivables, the Company’s own credit as it relates to derivative payables, the collateral thresholds associated with each counterparty and changes in relevant market data in order to gain insight into the probability of default by the counterparty. In addition, the impact the Company’s exposure to credit risk could have on the effectiveness of the Company’s hedging relationships is considered. As of December 31, 2014 and 2013, the impact of the exposure to credit risk on the fair value measurement of derivatives and the effectiveness of the Company’s hedging relationships was immaterial.

26

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the fair value and related notional amounts of derivative instruments, as of the dates indicated:

	Derivative assets				Derivative liabilities
(in millions)	Fair value		Notional		Fair value		Notional
December 31, 2014
Derivatives designated and qualifying as hedging instruments	$	29	$	381	$	9	$	176
Derivatives not designated as hedging instruments:
Interest rate contracts	$	2,602	$	32,829	$	2,611	$	32,756
Equity contracts		411		5,990		—		—
Total return swaps		—		—		41		2,808
Other derivative contracts		—		—		3		2
Total derivative instruments1	$	3,042	$	39,200	$	2,664	$	35,742
Accrued interest on derivative assets and liabilities		243				244
Total derivative positions	$	3,285			$	2,908
December 31, 2013
Derivatives designated and qualifying as hedging instruments	$	1	$	6	$	26	$	345
Derivatives not designated as hedging instruments:
Interest rate contracts	$	1,787	$	26,156	$	2,100	$	29,715
Equity contracts		343		6,556		—		—
Total return swaps		6		1,101		52		1,183
Other derivative contracts		—		—		5		2
Total derivative instruments1	$	2,137	$	33,819	$	2,183	$	31,245
Accrued interest on derivative assets and liabilities		196				227
Total derivative positions	$	2,333			$	2,410

1 Derivative assets and liabilities are included in other assets and other liabilities, respectively, in the consolidated balance sheets.

Of the $3.3 billion and $2.3 billion of fair value of total derivative assets at December 31, 2014 and 2013, $2.6 billion and $1.7 billion, respectively, are subject to master netting agreements. The Company received $535 million and $382 million of cash collateral and held $64 million and $29 million, respectively, of securities as off-balance sheet collateral, resulting in an immaterial uncollateralized position as of December 31, 2014 and 2013. Of the $2.9 billion and $2.4 billion of fair value of total derivative liabilities at December 31, 2014 and 2013, $2.6 billion and $1.7 billion, respectively, are subject to master netting agreements. The Company posted $330 million and $435 million of cash collateral and pledged securities with a fair value of $174 million and $173 million, respectively, resulting in an immaterial uncollateralized position as of December 31, 2014 and 2013.

27

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes gains and losses for derivative instruments recognized in net realized investment gains and losses in the consolidated statements of operations, for the years ended:

	December 31,
(in millions)	2014			2013			2012
Derivatives designated and qualifying as hedging instruments	$	—		$	(1	)	$	(1	)
Derivatives not designated as hedging instruments:
Interest rate contracts	$	142		$	(209	)	$	(125	)
Equity contracts		(79	)		(776	)		(665	)
Total return swaps		(195	)		(321	)		(343	)
Other derivative contracts		4			(9	)		(1	)
Net interest settlements		20			14			53
Total derivative losses1	$	(108	)	$	(1,302	)	$	(1,082	)
Change in embedded derivatives on guaranteed benefit annuity programs2		(1,271	)		1,751			1,185
Other revenue on guaranteed benefit annuity programs		292			256			211
Change in embedded derivative liabilities and related fees	$	(979	)	$	2,007		$	1,396
Net realized derivative (losses) gains	$	(1,087	)	$	705		$	314

1 Included in total derivative losses are economic hedging gains (losses) of $941 million, $(1.8) billion and $(827) million related to the guaranteed benefit annuity programs for the years ended December 31, 2014, 2013 and 2012, respectively. Also included are economic hedging (losses) gains of $(1.0) billion, $645 million and $(129) million, respectively, related to the program that protects against the negative impact of higher interest rates on the Company’s statutory surplus position.

2 For the individual variable annuity business, the annual comprehensive review of model assumptions included a favorable impact for the years ended December 31, 2014 and 2013, primarily due to model enhancements and updated assumptions for discounting and benefit utilization, partially offset by mortality and lapse rates.

28

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(8) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value on a recurring basis as of December 31, 2014:

(in millions)	Level 1		Level 2			Level 3			Total
Assets
Investments:
Fixed maturity securities, available-for-sale:
U.S. government and agencies	$	523	$	1		$	3		$	527
Obligations of states, political subdivisions and foreign governments		66		2,219			—			2,285
Corporate public securities		—		21,158			92			21,250
Corporate private securities		—		3,659			991			4,650
Residential mortgage-backed securities		1,034		2,796			9			3,839
Commercial mortgage-backed securities		—		1,499			3			1,502
Other asset-backed securities		—		1,196			169			1,365
Total fixed maturity securities, available-for-sale, at fair value	$	1,623	$	32,528		$	1,267		$	35,418
Other investments at fair value1		42		899			36			977
Investments at fair value	$	1,665	$	33,427		$	1,303		$	36,395
Derivative instruments - assets		—		2,631			411			3,042
Separate account assets		84,583		1,387			2,106			88,076
Assets at fair value	$	86,248	$	37,445		$	3,820		$	127,513
Liabilities
Future policy benefits and claims:
Embedded derivatives on living benefits	$	—	$	—		$	(177	)	$	(177	)
Embedded derivatives on indexed products		—		—			(84	)		(84	)
Total future policy benefits and claims	$	—	$	—		$	(261	)	$	(261	)
Derivative instruments - liabilities		—		(2,661	)		(3	)		(2,664	)
Liabilities at fair value	$	—	$	(2,661	)	$	(264	)	$	(2,925	)

1 Other investments at fair value includes $21 million of trading securities as of December 31, 2014.

The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the year ended December 31, 2014:

(in millions)	Fixed maturity securities2			Other investments			Derivative assets3			Separate account assets		Total assets at fair value			Liabilities at fair value3
Balance as of December 31, 2013	$	1,088		$	45		$	343		$	2,083	$	3,559		$	1,005
Net gains (losses)
In operations1		(5	)		6			40			23		64			(1,269	)
In other comprehensive income		21			1			—			—		22			—
Purchases		121			—			46			—		167			—
Sales		(241	)		(16	)		(18	)		—		(275	)		—
Transfers into Level 3		400			—			—			—		400			—
Transfers out of Level 3		(117	)		—			—			—		(117	)		—
Balance as of December 31, 2014	$	1,267		$	36		$	411		$	2,106	$	3,820		$	(264	)

1 Net gains and losses included in operations are reported in net realized investment gains and losses and interest credited to policyholder accounts. The net unrealized gains on separate account assets are attributable to contractholders and therefore are not included in the Company’s earnings. The change in unrealized (losses) gains included in operations on assets and liabilities still held at the end of the year was $(1.3) billion for future policy benefits and claims, $154 million for derivative assets, and $6 million for other investments at fair value.

2 Non-binding broker quotes were utilized to determine a fair value of $1.1 billion of total fixed maturity securities as of December 31, 2014.

3 Non-binding broker quotes were utilized to determine a fair value of all Level 3 derivative assets and liabilities.

29

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Transfers into and out of Level 3 during the year ended December 31, 2014 are primarily due to certain corporate private securities, which changed pricing sources between broker quotes and independent pricing services. There were no material transfers between Levels 1 and 2 during the year ended December 31, 2014.

As discussed in Note 2, the valuation of embedded derivatives in living benefit guarantees and equity indexed products incorporates many inputs. Significant unobservable inputs for living benefit guarantees include discounting, index volatility, mortality, lapse rates, wait period and benefit utilization, while significant unobservable inputs for equity indexed products include mortality, lapse rates and index volatility. For both products, the Company derives these inputs, which vary widely by product, attained age, policy duration, benefits in the money (living benefit guarantees only) and the existence of surrender charges, from current experience and industry data. The fair value for these benefits is calculated using the mean of discounted cash flows across numerous random scenarios, an approach that is commonly used by the insurance industry for this type of valuation. This process considers a broader range of assumptions than what would be found in a deterministic approach.

Living Benefit Guarantees

The following table summarizes significant unobservable inputs used for fair value measurements for living benefits liabilities classified as Level 3 as of December 31, 2014:

Unobservable Inputs	Range
Mortality	0.1% - 8%²
Lapse	0% - 35%
Wait period	0 yrs - 30 yrs³
Efficiency of benefit utilization1	65% -100%
Discount rate	See footnote 4
Index volatility	15% - 25%

1 The unobservable input is not applicable to GMABs.

2 Represents the mortality for the majority of business with living benefits, with policyholders ranging from 45 to 85.

3 A portion of the contractholders could never use the benefit, which would extend the range to an indeterminate period.

4 Incorporates the liquidity and non-performance risk adjustment. The liquidity spread takes into consideration market observables for spreads in illiquid assets. The non-performance risk adjustment reflects an additional spread over LIBOR determined by market observables for similarly rated public bonds.

The following changes in any of the significant unobservable inputs presented in the table above may result in a change in the fair value measurements of the living benefits liability:

Higher mortality rates tend to decrease the value of the liability and lower mortality rates tend to increase the value of the liability.

Higher lapse rates tend to decrease the value of the liability and lower lapse rates tend to increase the value of the liability. Factors that impact the predicted lapse rate can include: age, policy duration, policy size, benefit in-the-moneyness, tax status (i.e. qualified or non-qualified), interest rate levels and applicable surrender charges. All else being equal, policies that are in-the-money will have lower lapse rates than policies that are out-of-the-money, and policies that have a surrender charge present will have lower lapse rates than policies without a surrender charge.

The assumed wait period and the efficiency of utilization determine the timing and amount of living benefits withdrawals. These assumptions vary by the product type, age of the policyholder and policy duration. Many products have a bonus feature which enhances the guarantee on every policy anniversary for the first ten years so long as withdrawals have not commenced. All else being equal, policies commencing withdrawals at a time around the year ten bonus will have higher liability values than policies commencing withdrawals 20 years after issue or policies commencing withdrawals only one year after issue. In addition, policies that are assumed to withdraw the maximum permitted amount will have a higher liability value than a policy that is assumed to withdraw less than the maximum allowed amount.

A higher discount rate tends to decrease the value of the liability and a lower discount rate tends to increase the value of the liability.

Higher index volatility tends to increase the value of the liability and lower index volatility tends to decrease the value of the liability.

30

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Equity Indexed Products

The following table summarizes significant unobservable inputs used for fair value measurements for indexed universal life equity indexed products classified as Level 3 as of December 31, 2014:

Unobservable Inputs	Range
Mortality	0% - 4%¹
Lapse	0% - 10%
Index volatility	15% - 25%

1 Represents the mortality for the majority of business, with policyholders ranging from 0 to 75.

The following changes in any of the significant unobservable inputs presented in the table above may result in a change in the fair value measurements of the equity indexed products:

Higher mortality rates tend to decrease the value of the liability and lower mortality rates tend to increase the value of the liability.

Higher lapse rates tend to decrease the value of the liability and lower lapse rates tend to increase the value of the liability. Factors that impact the predicted lapse rate can include: age, policy duration, policy size, and applicable surrender charges. All else being equal, policies with a surrender charge present will have lower lapse rates than policies without a surrender charge.

Higher index volatility tends to increase the value of the liability and lower index volatility tends to decrease the value of the liability.

Separate Accounts

The Company’s separate account assets include an investment in a mutual fund with a non-readily determinable fair value. Net asset value has been used to estimate the fair value of this investment as a practical expedient. The investments are included in Level 3 as they may not be redeemed until the guarantee period expires in 2016. The investment strategy of this fund is to build a portfolio where the assets shall be sufficient to achieve a target portfolio value by the end of the guarantee period. The net asset value of this fund reported in separate account assets was $1.7 billion as of December 31, 2014 and 2013.

31

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes assets and liabilities held at fair value on a recurring basis as of December 31, 2013:

(in millions)	Level 1		Level 2			Level 3			Total
Assets
Investments:
Fixed maturity securities, available-for-sale:
U.S. government and agencies	$	557	$	1		$	3		$	561
Obligations of states, political subdivisions and foreign governments		63		1,900			—			1,963
Corporate public securities		1		18,705			79			18,785
Corporate private securities		—		3,791			803			4,594
Residential mortgage-backed securities		791		3,203			9			4,003
Commercial mortgage-backed securities		—		1,504			—			1,504
Other asset-backed securities		—		645			194			839
Total fixed maturity securities, available-for-sale, at fair value	$	1,412	$	29,749		$	1,088		$	32,249
Other investments at fair value1		64		357			45			466
Investments at fair value	$	1,476	$	30,106		$	1,133		$	32,715
Derivative instruments - assets		—		1,794			343			2,137
Separate account assets		80,647		1,339			2,083			84,069
Assets at fair value	$	82,123	$	33,239		$	3,559		$	118,921
Liabilities
Future policy benefits and claims:
Embedded derivatives on living benefits	$	—	$	—		$	1,094		$	1,094
Embedded derivatives on indexed products		—		—			(84	)		(84	)
Total future policy benefits and claims	$	—	$	—		$	1,010		$	1,010
Derivative instruments - liabilities		—		(2,178	)		(5	)		(2,183	)
Liabilities at fair value	$	—	$	(2,178	)	$	1,005		$	(1,173	)

1 Other investments at fair value includes $31 million of trading securities as of December 31, 2013.

The following table presents the rollforward of Level 3 assets and liabilities held at fair value on a recurring basis during the year ended December 31, 2013:

(in millions)	Fixed maturity securities2			Other investments			Derivative assets3			Separate account assets		Total assets at fair value			Liabilities at fair value3
Balance as of December 31, 2012	$	1,197		$	62		$	822		$	2,025	$	4,106		$	(753	)
Net gains (losses)
In operations1		(1	)		(6	)		(447	)		58		(396	)		1,758
In other comprehensive income		1			6			—			—		7			—
Purchases		115			5			129			—		249			—
Sales		(232	)		(22	)		(161	)		—		(415	)		—
Transfers into Level 3		142			—			—			—		142			—
Transfers out of Level 3		(134	)		—			—			—		(134	)		—
Balance as of December 31, 2013	$	1,088		$	45		$	343		$	2,083	$	3,559		$	1,005

1 Net gains and losses included in operations are reported in net realized investment gains and losses and interest credited to policyholder accounts. The net unrealized gains on separate account assets are attributable to contractholders and therefore are not included in the Company’s earnings. The change in unrealized gains (losses) included in operations on assets and liabilities still held as of the end of the year was $1.8 billion for future policy benefits and claims, $(297) million for derivative assets and $(6) million for other investments at fair value.

2 Non-binding broker quotes were utilized to determine a fair value of $924 million of total fixed maturity securities as of December 31, 2013.

3 Non-binding broker quotes were utilized to determine a fair value of all Level 3 derivative assets and liabilities.

Transfers into and out of Level 3 during the year ended December 31, 2013 are primarily due to certain corporate private securities and other asset-backed securities, which changed pricing sources between broker quotes and independent pricing services. There were no transfers between Levels 1 and 2 during the year ended December 31, 2013.

32

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Financial Instruments Not Carried at Fair Value

The following table summarizes the carrying value and fair value of the Company’s financial instruments not carried at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below.

	December 31, 2014								December 31, 2013
(in millions)	Carrying value		Fair value		Level 2		Level 3		Carrying value		Fair value		Level 2		Level 3
Assets
Investments:
Mortgage loans, net of allowance	$	7,270	$	7,616	$	—	$	7,616	$	6,341	$	6,481	$	—	$	6,481
Policy loans	$	992	$	992	$	—	$	992	$	987	$	987	$	—	$	987
Other investments	$	60	$	60	$	—	$	60	$	43	$	43	$	—	$	43
Liabilities
Investment contracts	$	23,470	$	21,742	$	—	$	21,742	$	21,874	$	20,436	$	—	$	20,436
Short-term debt	$	660	$	660	$	—	$	660	$	278	$	278	$	—	$	278
Long-term debt	$	709	$	1,069	$	1,060	$	9	$	707	$	1,004	$	997	$	7

Mortgage loans, net of allowance. The fair values of mortgage loans are estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings.

Policy loans. The carrying amount reported in the consolidated balance sheets approximates fair value.

Other investments. Other investments not held at fair value consist of FHLB stock. The carrying amount reported in the consolidated balance sheets approximates fair value.

Investment contracts. For investment contracts without defined maturities, fair value is the amount payable on demand, net of surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. The fair value of adjustable rate contracts approximates their carrying value.

Short-term debt. The carrying amount reported in the consolidated balance sheets approximates fair value.

Long-term debt. The fair values for long-term debt are based on estimated market prices using observable inputs from similar debt instruments.

(9) Goodwill

The following table summarizes changes in the carrying value of goodwill by segment for the years indicated:

(in millions)	Retirement Plans		Individual Products & Solutions - Life and NBSG		Total
Balance as of December 31, 20121	$	25	$	175	$	200
Adjustments		—		—		—
Balance as of December 31, 20131	$	25	$	175	$	200
Adjustments		—		—		—
Balance as of December 31, 20141	$	25	$	175	$	200

1 The goodwill balances have not been previously impaired.

33

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(10) Closed Block

The amounts shown in the following tables for assets, liabilities, revenues and expenses of the closed block are those that enter into the determination of amounts that are to be paid to policyholders.

The following table summarizes financial information for the closed block, as of the dates indicated:

	December 31,
(in millions)	2014			2013
Liabilities:
Future policyholder benefits	$	1,669		$	1,703
Policyholder funds and accumulated dividends		139			141
Policyholder dividends payable		22			23
Policyholder dividend obligation		152			113
Other policy obligations and liabilities		33			29
Total liabilities	$	2,015		$	2,009
Assets:
Fixed maturity securities, available-for-sale	$	1,336		$	1,320
Mortgage loans, net of allowance		272			257
Policy loans		149			157
Other assets		86			93
Total assets	$	1,843		$	1,827
Excess of reported liabilities over assets		172			182
Portion of above representing other comprehensive income:
Increase (decrease) in unrealized gain on fixed maturity securities, available-for-sale	$	35		$	(92	)
Adjustment to policyholder dividend obligation		(35	)		92
Total	$	—		$	—
Maximum future earnings to be recognized from assets and liabilities	$	172		$	182
Other comprehensive income:
Fixed maturity securities, available-for-sale:
Fair value	$	1,336		$	1,320
Amortized cost		1,216			1,235
Shadow policyholder dividend obligation		(120	)		(85	)
Net unrealized appreciation	$	—		$	—

34

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes closed block operations for the years ended:

	December 31,
(in millions)	2014			2013			2012
Revenues:
Premiums	$	61		$	66		$	73
Net investment income		93			94			98
Realized investment gains		1			—			1
Realized losses credited to policyholder benefit obligation		(5	)		(4	)		(5	)
Total revenues	$	150		$	156		$	167
Benefits and expenses:
Policy and contract benefits	$	124		$	123		$	134
Change in future policyholder benefits and interest credited to policyholder accounts		(34	)		(29	)		(27	)
Policyholder dividends		43			44			50
Change in policyholder dividend obligation		(1	)		3			(8	)
Other expenses		2			(2	)		1
Total benefits and expenses	$	134		$	139		$	150
Total revenues, net of benefits and expenses, before federal income tax expense	$	16		$	17		$	17
Federal income tax expense		6			6			6
Revenues, net of benefits and expenses and federal income tax expense	$	10		$	11		$	11
Maximum future earnings from assets and liabilities:
Beginning of period	$	182		$	193		$	204
Change during period		(10	)		(11	)		(11	)
End of period	$	172		$	182		$	193

Cumulative closed block earnings from inception through December 31, 2014, 2013 and 2012 were higher than expected as determined in the actuarial calculation. Therefore, policyholder dividend obligations (excluding the adjustment for unrealized gains on available-for-sale securities) were $32 million, $28 million and $21 million as of December 31, 2014, 2013 and 2012, respectively.

35

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(11) Short-Term Debt

The Company classifies debt as short-term if the maturity date at inception is less than one year.

The following table summarizes the carrying value of short-term debt and weighted average annual interest rates, as of the dates indicated:

	December 31,
(in millions)	2014		2013
$600 million commercial paper program (0.20% and 0.24%, respectively)	$	264	$	278
$400 million revolving variable rate line of credit (1.57% and 0.00%, respectively)		396		—
Total short-term debt	$	660	$	278

In November 2014, the Company entered into a $400 million unsecured revolving promissory note and line of credit agreement with its parent company, NFS. Outstanding principal balances of the line of credit bear interest at the rate of six-month London Interbank Offered Rate (“LIBOR”) plus 1.25%. Interest is due and payable as of the last day of each interest period, as defined in the agreement, while there are outstanding principal balances. Under the terms of the agreement, the Company may borrow, repay and re-borrow advances under the line of credit at any time prior to the termination of the note, which, among other conditions, is November 2015, subject to automatic renewal for additional one year periods unless either party terminates the agreement. In February 2015, the Company repaid $200 million of the outstanding balance.

In March 2014, the Company renewed an agreement to extend its ability to borrow with the FHLB. This extension, which expires on March 27, 2015, allows the Company access to borrow up to $250 million, which would be collateralized by pledged securities. The Company had $8.5 billion and $4.3 billion in eligible collateral and no amounts outstanding under the agreement as of December 31, 2014 and 2013, respectively. Additionally, as part of the agreement, NLIC purchased $25 million in capital stock with the FHLB.

NMIC, NFS, and NLIC have a $600 million revolving variable rate credit facility that matures on May 6, 2015. NLIC had no amounts outstanding under the facility as of December 31, 2014 and 2013.

The Company has entered into an agreement with its custodial bank to borrow against the cash collateral that is posted in connection with its securities lending program. The maximum amount available under the agreement is $350 million. The borrowing rate on this program is equal to one-month U.S. LIBOR. The Company had no amounts outstanding under this agreement as of December 31, 2014 and 2013.

The terms of each debt instrument contain various restrictive covenants, including, but not limited to, minimum statutory surplus and minimum net worth requirements, and maximum debt to statutory surplus leverage ratio requirements, as defined in the agreements. The Company was in compliance with all covenants as of December 31, 2014 and 2013.

The amount of interest paid on short-term debt was immaterial in 2014, 2013 and 2012.

(12) Long-Term Debt

The following table summarizes the carrying value of long-term debt, as of the dates indicated:

	December 31,
(in millions)	2014		2013
8.15% surplus note, due June 26, 2032, payable to NFS	$	300	$	300
7.50% surplus note, due December 17, 2031, payable to NFS		300		300
6.75% surplus note, due December 23, 2033, payable to NFS		100		100
Other		9		7
Total long-term debt	$	709	$	707

On December 31, 2010, Olentangy Reinsurance, LLC (“Olentangy”), a special purpose financial captive insurance company subsidiary of NLAIC domiciled in the State of Vermont, issued a variable funding surplus note due on December 31, 2040 to Nationwide Corporation, a majority-owned subsidiary of NMIC. In June 2013, the Company paid the outstanding balance of the surplus note. The Company made interest payments on the surplus note totaling $5 million during 2013 prior to the repayment of the outstanding balance. Payments of interest and principal under the notes require the prior approval of the State of Vermont.

The Company made interest payments to NFS on surplus notes totaling $54 million for the years ended December 31, 2014, 2013 and 2012. Payments of interest and principal under the notes require the prior approval of the ODI.

36

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(13) Federal Income Taxes

The following table summarizes the components of federal income tax (benefit) expense for the years ended:

	December 31,
(in millions)	2014			2013			2012
Current tax expense (benefit)	$	5		$	(33	)	$	(144	)
Deferred tax (benefit) expense		(152	)		346			243
Total tax (benefit) expense	$	(147	)	$	313		$	99

The following table summarizes how the total federal income tax (benefit) expense differs from the amount computed by applying the U.S. federal income tax rate to net (loss) income for the years ended:

	December 31,
	2014						2013						2012
(in millions)	Amount			%			Amount			%			Amount			%
Rate reconciliation:
Computed (expected tax (benefit) expense)	$	(46	)		35	%	$	469			35	%	$	245			35	%
Dividends received deduction		(87	)		66	%		(112	)		(8	)%		(75	)		(11	)%
Tax credits		(53	)		41	%		(82	)		(6	)%		(85	)		(12	)%
Other, net		39			(30	)%		38			2	%		14			2	%
Total	$	(147	)		112	%	$	313			23	%	$	99			14	%

The Company’s current federal income tax liability was $18 million and $13 million as of December 31, 2014 and 2013, respectively.

The Company made immaterial payments for the year ended December 31, 2014 and received refunds of $107 million and $95 million for the years ended 2013 and 2012, respectively.

During 2014 and 2013, the Company recorded a tax expense (benefit) of $16 million and $(13) million, respectively. These changes in estimates were primarily driven by differences in the Company’s separate account dividends received deduction (“DRD”) between the previous year’s estimate and the amount reported on the previous year’s tax return. No material changes in estimated income tax expense were recorded in 2012.

As of December 31, 2014, the Company had gross federal net operating loss carryforwards of $332 million, which expire in 2028. In addition, the Company had $147 million in low-income-housing credit carryforwards, which expire between 2024 and 2034, and $155 million in alternative minimum tax credit carryforwards, which have an unlimited carryforward. In addition, the Company had $53 million in foreign tax credit carryforwards which expire between 2019 and 2024. The Company expects to fully utilize all carryforwards.

37

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following table summarizes the tax effects of temporary differences that gave rise to significant components of the net deferred tax liability included in other liabilities in the consolidated balance sheets, as of the dates indicated:

	December 31,
(in millions)	2014			2013
Deferred tax assets
Future policy benefits and claims	$	1,274		$	1,244
Tax credit carryforwards		355			352
Other		840			845
Gross deferred tax assets	$	2,469		$	2,441
Valuation allowance		(17	)		(17	)
Net deferred tax assets	$	2,452		$	2,424
Deferred tax liabilities
Deferred policy acquisition costs	$	(1,113	)	$	(1,048	)
Available-for-sale securities		(1,201	)		(821	)
Derivatives, including embedded derivatives		(267	)		(600	)
Other		(269	)		(255	)
Gross deferred tax liabilities	$	(2,850	)	$	(2,724	)
Net deferred tax liability	$	(398	)	$	(300	)

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total gross deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company’s analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize the deferred tax assets for which the Company has not established valuation allowances.

The following table is a rollforward of the beginning and ending uncertain tax positions, including permanent and temporary differences, but excluding interest and penalties:

(in millions)	2014			2013			2012
Balance at beginning of period	$	36		$	36		$	76
Additions for current year tax positions		3			2			(2	)
Additions for prior years tax positions		—			—			25
Reductions for prior years tax positions		(1	)		(2	)		(63	)
Balance at end of period	$	38		$	36		$	36

The Company believes it is reasonably possible that the 2006 to 2010 IRS audit for the NLIC’s consolidated tax returns will be effectively settled within the next 12 months and as a result the liability for unrecognized tax benefits could decrease $15 million.

The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Company is no longer subject to U.S. federal, state or local income tax examinations by tax authorities through the 2005 tax year. In 2013, the IRS commenced an examination of the Company’s U.S. income tax returns for the years 2009 through 2010. Any adjustments that may result from IRS examination of tax returns are not expected to have a material effect on the results of operations, cash flows or financial position of the Company.

38

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(14) Statutory Financial Information

Statutory Results

The Company’s life insurance subsidiaries prepare their statutory financial statements in conformity with the statutory accounting practices prescribed and permitted by insurance regulatory authorities, subject to any deviations prescribed or permitted by the applicable state departments of insurance. Olentangy was granted a permitted practice from the State of Vermont that changed NLAIC’s valuation of this subsidiary by $66 million as of December 31, 2014 and 2013, which also allowed NLIC to admit additional deferred tax assets of $10 million as of December 31, 2014 and 2013. Statutory accounting practices focus on insurer solvency and differ materially from GAAP primarily due to charging policy acquisition and other costs to expense as incurred, establishing future policy benefits and claims reserves based on different actuarial assumptions, excluding certain assets from statutory admitted assets and valuing investments and establishing deferred taxes on a different basis.

The following table summarizes the statutory net income (loss) and statutory capital and surplus for the Company’s primary life insurance subsidiaries for the years ended:

	December 31,
(in millions)	2014			2013			2012
Statutory net income (loss)
NLIC	$	341		$	262		$	764
NLAIC	$	(122	)	$	(103	)	$	(54	)
Statutory capital and surplus
NLIC	$	4,408		$	3,550		$	3,837
NLAIC	$	691		$	534		$	311

Dividend Restrictions

The payment of dividends by NLIC is subject to restrictions set forth in the insurance laws and regulations of the State of Ohio, its domiciliary state. The State of Ohio insurance laws require Ohio-domiciled life insurance companies to seek prior regulatory approval to pay a dividend or distribute cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (1) 10% of statutory-basis policyholders’ surplus as of the prior December 31 or (2) the statutory-basis net income of the insurer for the prior year. During the years ended December 31, 2014 and 2013, NLIC did not pay any dividends to NFS. During the year ended December 31, 2012, NLIC paid a cash dividend of $40 million to NFS. As of January 1, 2015, NLIC has the ability to pay dividends to NFS totaling $441 million without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend paid from other than earned surplus. Earned capital and surplus is defined under the State of Ohio insurance laws as the amount equal to the Company’s unassigned funds as set forth in its most recent statutory financial statements, including net unrealized capital gains and losses or revaluation of assets. Additionally, following any dividend, an insurer’s policyholder capital and surplus must be reasonable in relation to the insurer’s outstanding liabilities and adequate for its financial needs. The payment of dividends by the Company may also be subject to restrictions set forth in the insurance laws of the State of New York that limit the amount of statutory profits on the Company’s participating policies (measured before dividends to policyholders) available for the benefit of the Company and its stockholders.

The Company currently does not expect such regulatory requirements to impair the ability to pay operating expenses and dividends in the future.

Regulatory Risk-Based Capital

The National Association of Insurance Commissioners’ (“NAIC”) Risk-Based Capital (“RBC”) model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company’s total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Ohio, where NLIC and NLAIC are domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. NLIC, NLAIC and Olentangy each exceeded the minimum RBC requirements for all periods presented.

39

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(15) Related Party Transactions

The Company has entered into significant, recurring transactions and agreements with NMIC, other affiliates and subsidiaries as a part of its ongoing operations. These include annuity and life insurance contracts, employee benefit plans, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. Measures used to allocate expenses among companies include individual employee estimates of time spent, special cost studies, the number of full-time employees, commission expense and other methods agreed to by the participating companies.

In addition, Nationwide Services Company, LLC (“NSC”), a subsidiary of NMIC, provides data processing, systems development, hardware and software support, telephone, mail and other services to the Company, based on specified rates for units of service consumed. For the years ended December 31, 2014, 2013 and 2012, the Company made payments to NMIC and NSC totaling $275 million, $277 million and $283 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.3 billion as of December 31, 2014 and 2013. Total revenues from these contracts were $131 million, $137 million and $140 million for the years ended December 31, 2014, 2013 and 2012, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances was $109 million for the years ended December 31, 2014 and 2013, and $113 million for the year ended December 31, 2012. The terms of these contracts are materially consistent with what the Company offers to unaffiliated parties.

The Company has a cost sharing arrangement with NMIC to occupy office space. The Company made payments to NMIC of $16 million for the years ended December 31, 2014 and 2013, and $15 million for the year ended December 31, 2012. In addition, an affiliate of NMIC has a cost sharing arrangement with the Company to occupy office space.

NLIC has a reinsurance agreement with NMIC whereby all of NLIC’s accident and health business not ceded to unaffiliated reinsurers is ceded to NMIC on a modified coinsurance basis. Either party may terminate the agreement on January 1 of any year with prior notice. Under a modified coinsurance agreement, the ceding company retains invested assets, and investment earnings are paid to the reinsurer. Under the terms of NLIC’s agreements, the investment risk associated with changes in interest rates is borne by the reinsurer. The ceding of risk does not discharge the original insurer from its primary obligation to the policyholder. The Company believes that the terms of the modified coinsurance agreements are consistent in all material respects with what the Company could have obtained with unaffiliated parties. Revenues ceded to NMIC for the years ended December 31, 2014, 2013 and 2012 were $208 million, $179 million and $161 million, respectively, while benefits, claims and expenses ceded during these years were $217 million, $178 million and $167 million, respectively.

Funds of Nationwide Funds Group (“NFG”), an affiliate, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2014 and 2013, customer allocations to NFG funds totaled $58.1 billion and $53.2 billion, respectively. For the years ended December 31, 2014, 2013 and 2012, NFG paid the Company $185 million, $163 million and $144 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $636 million and $228 million as of December 31, 2014 and 2013, respectively.

Refer to Note 12 for discussion of variable funding surplus note between Olentangy Reinsurance, LLC and Nationwide Corporation.

Nationwide Bank has a line of credit agreement with NLIC that allows the Bank access to borrow up to $50 million from NLIC. The borrowing rate on the line of credit is equal to the daily Prime Rate. The Bank had no amounts outstanding under this agreement as of December 31, 2014 and 2013.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates were $57 million for the year ended December 31, 2014, and $54 million for the years ended December 31, 2013 and 2012.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC. As of December 31, 2014 and 2013, the Company had notes receivable outstanding of $142 million and $146 million, respectively.

40

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(16) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. The Company’s legal and regulatory matters include proceedings specific to the Company and other proceedings generally applicable to business practices in the industries in which the Company operates. These matters are subject to many uncertainties, and given their complexity and scope, their outcomes cannot be predicted. Regulatory proceedings could also affect the outcome of one or more of the Company’s litigation matters. Furthermore, it is often not possible to determine the ultimate outcomes of the pending regulatory investigations and legal proceedings or to provide reasonable ranges of potential losses with any degree of certainty. Some matters, including certain of those referred to below, are in very preliminary stages, and the Company does not have sufficient information to make an assessment of the plaintiffs’ claims for liability or damages. In some of the cases seeking to be certified as class actions, the court has not yet decided whether a class will be certified or (in the event of certification) the size of the class and class period. In many of the cases, the plaintiffs are seeking undefined amounts of damages or other relief, including punitive damages and equitable remedies, which are difficult to quantify and cannot be defined based on the information currently available. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory matters is not likely to have a material adverse effect on the Company’s consolidated financial position. Nonetheless, given the large or indeterminate amounts sought in certain of these matters and the inherent unpredictability of litigation, it is possible that such outcomes could materially affect the Company’s consolidated financial position or results of operations in a particular quarter or annual period.

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the U.S. Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS and state insurance authorities. Such regulatory entities may, in the normal course, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. The financial services industry has been the subject of increasing scrutiny in connection with a broad spectrum of regulatory issues; with respect to all such scrutiny directed at the Company and/or its affiliates, the Company is cooperating with regulators. The Company will cooperate with NMIC insofar as any inquiry, examination or investigation encompasses NMIC’s operations.

On August 15, 2001, NFS and NLIC were named in a lawsuit filed in the United States District Court for the District of Connecticut entitled Lou Haddock, as trustee of the Flyte Tool & Die, Incorporated Deferred Compensation Plan, et al v. Nationwide Financial Services, Inc. and Nationwide Life Insurance Company. On November 18, 2009, the plaintiffs filed a sixth amended complaint amending the list of named plaintiffs and claiming to represent a class of qualified retirement plan trustees under the Employee Retirement Income Security Act of 1974 (“ERISA”) that purchased variable annuities from NLIC. The plaintiffs allege that they invested ERISA plan assets in their variable annuity contracts and that NLIC and NFS breached ERISA fiduciary duties by allegedly accepting service payments from certain mutual funds. The complaint seeks damages in an amount equivalent to some or all of the payments allegedly received by NFS and NLIC, other unspecified relief for restitution, declaratory and injunctive relief and attorneys’ fees. On November 6, 2009, the Court granted the plaintiffs’ motion for class certification. On October 21, 2010, the District Court dismissed NFS from the lawsuit. On February 6, 2012, the Second Circuit Court of Appeals vacated the November 6, 2009 order granting class certification and remanded the case back to the District Court for further consideration. On September 6, 2013, the District Court granted the plaintiffs’ motion for class certification. On December 11, 2014, the plaintiffs filed a seventh amended complaint adding another sub class of defendants that held trust platform products. On December 11, 2014, the plaintiffs filed a motion for preliminary approval of settlement. On January 5, 2015, the Court signed the Order Preliminarily Approving Settlement and Approving Form and Manner of Notice. A Fairness Hearing has been set for March 31, 2015. NLIC has made adequate provision for all probable and reasonably estimable losses associated with this settlement.

Lehman Brothers Holdings, Inc. (Debtors) and Giddens, James v NLIC and NMIC, et al. In 2012, the Plaintiff, Debtor in Possession Lehman Brothers Special Financing, Inc., filed a class action in the United States Bankruptcy Court for the Southern District of New York seeking the recovery of certain assets from approximately 200 defendants, including NLIC and NMIC (the “Distributed Action”). The claims against NLIC and NMIC arise from the bankruptcy filings in 2008 of the Plaintiff and its parent company, Lehman Brothers Holding, Inc., which triggered the early termination of two collateralized debt obligation transactions, resulting in payments to NLIC and NMIC. The Plaintiff seeks to have certain sums returned to the bankruptcy estate in addition to prejudgment interest and costs. In 2013, Plaintiff sent correspondence to all defendants inviting settlement discussions and served NMIC and NLIC with a “SPV Derivatives ADR Notice,” formally starting the Alternative Dispute Resolution process. NMIC and NLIC responded, taking part in the ADR process, including a mediation. On July 17, 2014, the parties reached a settlement of this matter. On December 8, 2014, the settlement agreements were finalized and executed. Nationwide has issued the settlement payment, was dismissed from the case with prejudice on December 31, 2014, and this matter will shortly be closed.

41

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Indemnifications

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

Tax Matters

The Company’s federal income tax returns are routinely audited by the IRS. The Company has established tax reserves as described in Note 2. The Company believes its tax reserves reasonably provide for potential assessments that may result from IRS examinations and other tax-related matters for all open tax years.

(17) Reinsurance

The following table summarizes the effects of reinsurance on life, accident and health insurance in force and premiums for the years ended:

	December 31,
(in millions)	2014			2013			2012
Premiums
Direct	$	1,178		$	1,015		$	890
Assumed from other companies		—			—			—
Ceded to other companies		(347	)		(291	)		(255	)
Net	$	831		$	724		$	635
Life, accident and health insurance in force
Direct	$	241,936		$	228,095		$	216,002
Assumed from other companies		5			6			5
Ceded to other companies		(59,588	)		(58,310	)		(59,895	)
Net	$	182,353		$	169,791		$	156,112

Amounts recoverable under reinsurance contracts totaled $704 million, $675 million and $684 million as of December 31, 2014, 2013 and 2012, respectively, and are included in other assets in the consolidated balance sheets.

(18) Segment Information

Management views the Company’s business primarily based on its underlying products and uses this basis to define its four reportable segments: Individual Products and Solutions-Annuity (formerly named Individual Investments), Retirement Plans, Individual Products and Solutions-Life and NBSG (formerly named Individual Protection) and Corporate and Other.

The primary segment profitability measure that management uses is a non-GAAP financial measure called pre-tax operating earnings (loss), which is calculated by adjusting income before federal income taxes to exclude: (1) net realized investment gains and losses, except for operating items (trading portfolio realized gains and losses, trading portfolio valuation changes and net realized gains and losses related to hedges on GMDB contracts); (2) the adjustment to amortization of DAC and other related expenses related to net realized investment gains and losses; and (3) net losses attributable to noncontrolling interest.

Due to a change in the manner in which we view our reportable segments, certain prior period amounts have been restated.

42

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

Individual Products and Solutions-Annuity

The Individual Products & Solutions - Annuity segment consists of individual annuity products marketed under the Nationwide Destination^SM and other Nationwide-specific or private label brands. Deferred annuity contracts provide the customer with tax-deferred accumulation of savings and flexible payout options including lump sum, systematic withdrawal or a stream of payments for life. In addition, deferred variable annuity contracts provide the customer with access to a wide range of investment options and asset protection features, while deferred fixed annuity contracts generate a return for the customer at a specified interest rate fixed for prescribed periods. Immediate annuities differ from deferred annuities in that the initial premium is exchanged for a stream of income for a certain period and/or for the owner’s lifetime without future access to the original investment. The majority of assets and recent sales for the Individual Products & Solutions - Annuity segment consist of deferred variable annuities.

Retirement Plans

The Retirement Plans segment is comprised of the private and public sector retirement plans businesses. The private sector business primarily includes Internal Revenue Code (“IRC”) Section 401 qualified plans funded through fixed and variable group annuity contracts issued through NLIC. The public sector business primarily includes IRC Section 457 (b) and Section 401(a) governmental plans, both in the form of full-service arrangements that provide plan administration along with fixed and variable group annuities, as well as administration-only business. Across the public and private sector business Nationwide Investment Advisors managed account services are also available. The Retirement Plans segment also includes stable value wrap products and solutions.

Individual Products and Solutions-Life and NBSG

The Individual Products & Solutions - Life and NBSG segment consists of life insurance products, including individual variable universal life, COLI and BOLI products, traditional life insurance products, fixed universal life insurance products and indexed universal life insurance products. Life insurance products provide a death benefit and, for certain products, allow the customer to build cash value on a tax-advantaged basis.

Corporate and Other

The Corporate and Other segment includes non-operating realized gains and losses and related amortization, including mark-to-market adjustments on embedded derivatives, net of economic hedges, related to products with living benefits included in the Individual Products & Solutions - Annuity segment, other-than-temporary impairment losses, and other revenues and expenses not allocated to other segments. Additionally, this segment includes the funding agreements with the FHLB, as well as the medium-term note (“MTN”) program that concluded in the fourth quarter of 2012.

43

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

The following tables summarize the Company’s business segment operating results for the years ended:

(in millions)	Individual Products and Solutions- Annuity			Retirement Plans			Individual Products and Solutions- Life and NBSG		Corporate and Other			Total
December 31, 2014
Revenues:
Policy charges	$	1,175		$	107		$	783	$	—		$	2,065
Premiums		518			—			284		29			831
Net investment income		546			750			565		39			1,900
Non-operating net realized investment losses, including other-than-temporary impairment losses1		—			—			—		(1,051	)		(1,051	)
Other revenues2		(38	)		—			12		10			(16	)
Total revenues	$	2,201		$	857		$	1,644	$	(973	)	$	3,729
Benefits and expenses:
Interest credited to policyholder accounts	$	370		$	482		$	231	$	13		$	1,096
Benefits and claims		828			—			644		30			1,502
Amortization of DAC		120			(28	)		122		(7	)		207
Other expenses, net of deferrals		300			153			348		254			1,055
Total benefits and expenses	$	1,618		$	607		$	1,345	$	290		$	3,860
Income before federal income taxes and noncontrolling interests	$	583		$	250		$	299	$	(1,263	)	$	(131	)
Less: non-operating net realized investment losses, including other-than-temporary impairment losses1		—			—			—		1,051
Less: adjustment to amortization of DAC and other related expenses related to net realized investment gains and losses		—			—			—		(11	)
Less: net loss attributable to noncontrolling interest		—			—			—		94
Pre-tax operating earnings (loss)	$	583		$	250		$	299	$	(129	)
Assets as of year end	$	72,429		$	30,744		$	29,322	$	11,029		$	143,524

1 Excluding operating items (trading portfolio realized gains and losses, trading portfolio valuation changes and net realized gains and losses related to hedges on GMDB contracts).

2 Includes operating items discussed above.

44

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(in millions)	Individual Products and Solutions- Annuity			Retirement Plans			Individual Products and Solutions- Life and NBSG		Corporate and Other			Total
December 31, 2013
Revenues:
Policy charges	$	1,021		$	101		$	727	$	—		$	1,849
Premiums		416			—			282		26			724
Net investment income		546			743			544		16			1,849
Non-operating net realized investment gains, including other-than-temporary impairment losses1		—			—			—		783			783
Other revenues2		(109	)		—			6		15			(88	)
Total revenues	$	1,874		$	844		$	1,559	$	840		$	5,117
Benefits and expenses:
Interest credited to policyholder accounts	$	377		$	473		$	213	$	4		$	1,067
Benefits and claims		694			—			636		24			1,354
Amortization of DAC		185			(2	)		125		66			374
Other expenses, net of deferrals		295			151			347		188			981
Total benefits and expenses	$	1,551		$	622		$	1,321	$	282		$	3,776
Income before federal income taxes and noncontrolling interests	$	323		$	222		$	238	$	558		$	1,341
Less: non-operating net realized investment gains, including other-than-temporary impairment losses1		—			—			—		(783	)
Less: adjustment to amortization of DAC and other related expenses related to net realized investment gains and losses		—			—			—		70
Less: net loss attributable to noncontrolling interest		—			—			—		82
Pre-tax operating earnings (loss)	$	323		$	222		$	238	$	(73	)
Assets as of year end	$	68,805		$	29,904		$	27,183	$	7,553		$	133,445

1 Excluding operating items (trading portfolio realized gains and losses, trading portfolio valuation changes and net realized gains and losses related to hedges on GMDB contracts).

2 Includes operating items discussed above.

45

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2014, 2013 and 2012 Consolidated Financial Statements

(in millions)	Individual Products and Solutions- Annuity			Retirement Plans		Individual Products and Solutions- Life and NBSG		Corporate and Other			Total
December 31, 2012
Revenues:
Policy charges	$	899		$	94	$	677	$	—		$	1,670
Premiums		334			—		274		27			635
Net investment income		551			736		534		4			1,825
Non-operating net realized investment gains, including of other-than-temporary impairment losses1		—			—		—		427			427
Other revenues2		(124	)		—		—		23			(101	)
Total revenues	$	1,660		$	830	$	1,485	$	481		$	4,456
Benefits and expenses:
Interest credited to policyholder accounts	$	375		$	457	$	199	$	7		$	1,038
Benefits and claims		613			—		588		26			1,227
Amortization of DAC		185			14		150		226			575
Other expenses, net of deferrals		266			164		307		180			917
Total benefits and expenses	$	1,439		$	635	$	1,244	$	439		$	3,757
Income before federal income taxes and noncontrolling interests	$	221		$	195	$	241	$	42		$	699
Less: non-operating net realized investment gains, including other-than-temporary impairment losses1		—			—		—		(427	)
Less: adjustment to amortization of DAC and other related expenses related to net realized investment gains and losses		—			—		—		243
Less: net loss attributable to noncontrolling interest		—			—		—		61
Pre-tax operating earnings (loss)	$	221		$	195	$	241	$	(81	)
Assets as of year end	$	58,707		$	27,842	$	25,301	$	8,320		$	120,170

1 Excluding operating items (trading portfolio realized gains and losses, trading portfolio valuation changes and net realized gains and losses related to hedges on GMDB contracts).

2 Includes operating items discussed above.

46

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Schedule I        Consolidated Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2014 (in millions)

Column A	Column B		Column C		Column D
Type of investment	Cost		Fair value		Amount at which shown in the consolidated balance sheet
Fixed maturity securities, available-for-sale:
Bonds:
U.S. government and agencies	$	448	$	527	$	527
Obligations of states, political subdivisions and foreign governments		1,966		2,285		2,285
Public utilities		2,969		3,228		3,228
All other corporate, mortgage-backed and asset-backed securities		27,815		29,378		29,378
Total fixed maturity securities, available-for-sale	$	33,198	$	35,418	$	35,418
Equity securities, available-for-sale:
Common stocks:
Industrial, miscellaneous and all other	$	6	$	16	$	16
Nonredeemable preferred stocks		—		5		5
Total equity securities, available-for-sale	$	6	$	21	$	21
Trading assets		20		21		21
Mortgage loans, net of allowance		7,296				7,270	1
Policy loans		992				992
Other investments		780				780
Short-term investments		935				935
Total investments	$	43,227			$	45,437

1 Difference from Column B primarily is attributable to valuation allowances due to impairments on mortgage loans (see Note 6 to the audited consolidated financial statements).

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

47

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Schedule III        Supplementary Insurance Information

As of December 31, 2014, 2013 and 2012 and for each of the years then ended (in millions)

Column A	Column B			Column C		Column D			Column E		Column F
Year: Segment	Deferred policy acquisition costs			Future policy benefits, losses, claims and loss expenses		Unearned premiums1			Other policy claims and benefits payable1		Premium revenue
2014
IPS - Annuity	$	2,495		$	12,619						$	518
Retirement Plans		216			14,905							—
IPS - Life and NBSG		1,717			10,763							284
Corporate and Other		(365	)		2,443							29
Total	$	4,063		$	40,730						$	831
2013
IPS - Annuity	$	2,214		$	10,985						$	416
Retirement Plans		179			14,313							—
IPS - Life and NBSG		1,557			10,068							282
Corporate and Other		(172	)		1,399							26
Total	$	3,778		$	36,765						$	724
2012
IPS - Annuity	$	2,110		$	12,214						$	334
Retirement Plans		168			13,628							—
IPS - Life and NBSG		1,442			9,564							301
Corporate and Other		(471	)		748							—
Total	$	3,249		$	36,154						$	635
Column A	Column G			Column H		Column I			Column J		Column K
Year: Segment	Net investment income2			Benefits, claims, losses and settlement expenses		Amortization of deferred policy acquisition costs			Other operating expenses2		Premiums written
2014
IPS - Annuity	$	546		$	1,198	$	120		$	300
Retirement Plans		750			482		(28	)		153
IPS - Life and NBSG		565			875		122			348
Corporate and Other		39			43		(7	)		254
Total	$	1,900		$	2,598	$	207		$	1,055
2013
IPS - Annuity	$	546		$	1,071	$	185		$	295
Retirement Plans		743			473		(2	)		151
IPS - Life and NBSG		544			849		125			347
Corporate and Other		16			28		66			188
Total	$	1,849		$	2,421	$	374		$	981
2012
IPS - Annuity	$	551		$	988	$	185		$	266
Retirement Plans		736			457		14			164
IPS - Life and NBSG		536			787		150			307
Corporate and Other		2			33		226			180
Total	$	1,825		$	2,265	$	575		$	917

1 Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

2 Allocations of net investment income and certain operating expenses are based on numerous assumptions and estimates, and reported segment operating results would change if different methods were applied.

48

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV        Reinsurance

As of December 31, 2014, 2013 and 2012 and for each of the years then ended (in millions)

Column A	Column B		Column C			Column D		Column E		Column F
	Gross amount		Ceded to other companies			Assumed from other companies		Net amount		Percentage of amount assumed to net
2014
Life, accident and health insurance in force	$	241,936	$	(59,588	)	$	5	$	182,353		—
Premiums:
Life insurance1	$	888	$	(57	)	$	—	$	831		—
Accident and health insurance		290		(290	)		—		—		—
Total	$	1,178	$	(347	)	$	—	$	831		—
2013
Life, accident and health insurance in force	$	228,095	$	(58,310	)	$	6	$	169,791		—
Premiums:
Life insurance1	$	783	$	(59	)	$	—	$	724		—
Accident and health insurance		232		(232	)		—		—		—
Total	$	1,015	$	(291	)	$	—	$	724		—
2012
Life, accident and health insurance in force	$	216,002	$	(59,895	)	$	5	$	156,112		—
Premiums:
Life insurance1	$	701	$	(66	)	$	—	$	635		—
Accident and health insurance		189		(189	)		—		—		—
Total	$	890	$	(255	)	$	—	$	635		—

1 Primarily represents premiums from traditional life insurance and life-contingent immediate annuities and excludes deposits on investment and universal life insurance products.

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

49

NATIONWIDE LIFE INSURANCE COMPANY AND SUBSIDIARIES

(a wholly-owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V        Valuation and Qualifying Accounts

Years ended December 31, 2014, 2013 and 2012 (in millions)

Column A	Column B		Column C					Column D		Column E
Description	Balance at beginning of period		Charged to costs and expenses			Charged to other accounts		Deductions1		Balance at end of period
2014
Valuation allowances - mortgage loans	$	35	$	(8	)	$	—	$	1	$	26
2013
Valuation allowances - mortgage loans	$	44	$	(4	)	$	—	$	5	$	35
2012
Valuation allowances - mortgage loans	$	60	$	1		$	—	$	17	$	44

1 Amounts generally represent payoffs, sales and recoveries.

See accompanying notes to consolidated financial statements and report of independent registered public accounting firm.

50

PART C. OTHER INFORMATION

Item 26. Exhibits

(a)	Resolution of the Depositor's Board of Directors authorizing the establishment of the Registrant – Filed previously with registration statement (333-31725) on July 21, 1997 and hereby incorporated by reference.
(b)	Custodian Agreements - Not Applicable.
(c)	Underwriting or Distribution of contracts between the Depositor and Principal Underwriter – Previously filed with pre-effective amendment number 3 on September 27, 2007 and hereby incorporated by reference.
(d)	The form of the contract –Previously filed with pre-effective amendment number 3 on September 27, 2007 and hereby incorporated by reference.
(e)	The form of the contract application – Previously filed with pre-effective amendment number 3 on September 27, 2007 and hereby incorporated by reference.
(f)	Depositor's Certificate of Incorporation and By-Laws.

(1)	Amended Articles of Incorporation for Nationwide Life Insurance Company. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf1.htm" and hereby incorporated by reference.
(2)	Amended and Restated Code of Regulations of Nationwide Life Insurance Company. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf2.htm" and hereby incorporated by reference.
(3)	Articles of Merger of Nationwide Life Insurance Company of America with and into Nationwide Life Insurance Company, effective December 31, 2009. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf3.htm" and hereby incorporated by reference.

(g) Form of Reinsurance Contracts –

(1)	Reinsurance Agreement with Hannover Life Reassurance Company of America dated October 1, 2008, previously filed on April 12, 2011 with registration statement (333-149295), as Exhibit (g)(5) and hereby incorporated by reference.
(2)	Automatic Self Administered YRT Reinsurance Agreement #196731 with Swiss Re Life & Health America, Inc. dated October 1, 2008, previously filed on April 12, 2011 with registration statement (333-43671), as Exhibit (g)(1) and hereby incorporated by reference.
(3)	Automatic Self Administered YRT Reinsurance Agreement #196730 with Swiss Re Life & Health America, Inc. dated October 1, 2008, previously filed on April 12, 2011 with registration statement (333-43671), as Exhibit (g)(2) and hereby incorporated by reference.

(h)

Form of Participation Agreements –

The following Fund Participation Agreements were previously filed on July 17, 2007 with pre-effective amendment number 1 of registration statement (333-140608) under Exhibit 26(h), and are hereby incorporated by reference. For information regarding payments Nationwide receives from underlying mutual funds, please see the "Information on Underlying Mutual Fund Payments" section of the prospectus and/or the underlying mutual fund prospectuses.

(1)	Fund Participation Agreement with AIM Variable Insurance Funds, AIM Advisors, Inc., and AIM Distributors dated January 6, 2003, under document "aimfpa99h1.htm".
(2)	Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc. dated September 15, 2004, as amended, under document "amcentfpa99h2".
(3)	Restated and Amended Fund Participation Agreement with The Dreyfus Corporation dated January 27, 2000, as amended, under document "dreyfusfpa99h3.htm".
(4)	Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp. dated April 1, 2006, as amended, under document "fedfpa99h4.htm".
(5)	Fund Participation Agreement with Fidelity Variable Insurance Products Fund dated May 1, 1988, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V, under document "fidifpa99h5.htm".

(6)	Amended and Restated Fund Participation Agreement with Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc. dated May 1, 2003; as amended, under document "frankfpa99h8.htm".
(7)	Fund Participation Agreement, Service and Institutional Shares, with Janus Aspen Series, dated December 31, 1999, under document "janusfpa99h9a.htm".
(8)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust) dated May 2, 2005, as amended, under document "nwfpa99h12a.htm".
(9)	Fund Participation Agreement with Neuberger Berman Advisers Management Trust / Lehman Brothers Advisers Management Trust (formerly, Neuberger Berman Advisers Management Trust) dated January 1, 2006, under document "neuberfpa99h13.htm".
(10)	Fund Participation Agreement with Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. dated April 13, 2007, under document "oppenfpa99h14.htm".
(11)	Fund Participation Agreement with T. Rowe Price Equity Series, Inc., T. Rowe Price International Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price Investment Services, Inc. dated October 1, 2002, as amended, under document "trowefpa99h15.htm".
(12)	Fund Participation Agreement with The Universal Institutional Funds, Inc., Morgan Stanley Distribution, Inc., and Morgan Stanley Investment Management, Inc. dated February 1, 2002, as amended, under document "univfpa99h16.htm".
	The following Fund Participation Agreements were previously filed on September 27, 2007 with pre-effective amendment number 3 of registration statement (333-137202) under Exhibit 26(h), and are hereby incorporated by reference.
(13)	Fund Participation Agreement (Amended and Restated) with Alliance Capital Management L.P. and Alliance-Bernstein Investment Research and Management, Inc. dated June 1, 2003, as document "alliancebernsteinfpa.htm".
(14)	Fund Participation Agreement with American Funds Insurance Series and Capital Research and Management Company, dated July 20, 2005, as document "americanfundsfpa.htm".
(15)	Fund Participation Agreement with BlackRock (formerly FAM Distributors, Inc. and FAM Variable Series Funds, Inc.) dated April 13, 2004, as amended, as document "blackrockfpa.htm".
(16)	Fund Participation Agreement with Davis Variable Account Fund and Davis Distributors, LLC dated August 7, 2007, as document "davisfpa.htm".
(17)	Fund Participation Agreement with DWS Variable Series I and DWS Variable Series II (formerly Scudder Variable Series I, Scudder Variable Series II), Deutsche Investment Management Americas, Inc. and DWS Investments Distributors, Inc. (formerly DWS Scudder Distributors, Inc.) dated July 1, 2004, as document "dwsfpa.htm".
(18)	Fund Participation with Legg Mason Partners Variable Portfolio I, Inc. (formerly Salomon Brothers Variable Series Funds Inc. and Salomon Brothers Asset Management Inc. dated September, 1999, as amended, as document "leggmasonfpa.htm".
(19)	Fund Participation Agreement with Lincoln Variable Insurance Products Trust, Lincoln Financial Distributors, Inc., and Lincoln Investment Advisors Corporation dated June 5, 2007, as document "lincolnfpa.htm".
(20)	Fund Participation Agreement with Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC dated December 31, 2002, as amended, as document "lordabbettfpa.htm".
(21)	Fund Participation Agreement with PIMCO Variable Insurance Trust and PIMCO Fund Distributors, LLC dated March 28, 2002, as amended, as document "pimcofpa.htm".
(22)	Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Fund Distributor, Inc., dated September 27, 2002, as amended, as document "pioneerfpa.htm".
(23)	Fund Participation Agreement with Putnam Variable Trust and Putnam Retail Management, L.P. dated February 1, 2002, as amended, as document "putnamfpa.htm".
(24)	Fund Participation Agreement with Royce & Associates dated February 14, 2002, as amended, as document "roycefpa.htm".

(25)	Fund Participation Agreement Van Eck Investment Trust, Van Eck Associates Corporation, Van Eck Securities Corporation dated September 1, 1989, as amended, as document "vaneckfpa.htm".
(26)	Fund Participation Agreement with Waddell & Reed Services Company, Waddell & Reed, Inc., and W&R Target Funds, Inc. dated December 1, 2000, as amended, as document "waddellreedfpa.htm".
(27)	Fund Participation Agreement with Wells Fargo Management, LLC, Stephens, Inc. dated November 15, 2004, as amended, as document "wellsfargofpa.htm".
	The following Fund Participation Agreements was previously filed on April 12, 2011 with post-effective amendment number 43 of registration statement (333-43671) under Exhibit 26(h), and is hereby incorporated by reference.
(28)	Fund Participation Agreement with Delaware Management Company and Delaware Distributors, L.P. dated February 5, 2008, as amended, as document "delawarefpa.htm".
(29)	Fund Participation Agreement with Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. dated March 24, 2011, as document "eatonvancefpa.htm".
(30)	Fund Participation Agreement with Goldman Sachs Variable Insurance Trust, and Goldman Sachs & Co. dated December 22, 1998, as document "goldmansachsfpa.htm".
(31)	Fund Participation Agreement with Lazard Retirement Series, Inc., and Lazard Asset Management Securities LLC dated April 13, 2009, as document "lazardfpa.htm".
	The following Fund Participation Agreement was previously filed on April 30, 2008 with post-effective amendment number 42 of registration statement (333-59517) under Exhibit 26(h), and is hereby incorporated by reference.
(32)	Fund Participation Agreement with J.P. Morgan Series Trust II, dated February 18, 2003, under document "jpmorganfpa.htm".

The following Fund Participation Agreement was previously filed on April 16, 2015, with Post-Effective Amendment No. 15 to the registration statement associated with 1933 Act File No. 333-149213 under Exhibit 24(b), and is hereby incorporated by reference.

(33)Fund Participation Agreement among MFS Variable Insurance Trust, MFS Variable Insurance Trust II, Nationwide Financial Services, Inc., and MFS Fund Distributors, Inc., dated May 2, 2011, as document "mfsfpa.htm."

(i)	Administrative Contracts
	The following Administrative Agreements were previously filed on July 17, 2007 with pre-effective amendment number 1 of registration statement (333-140608) under Exhibit 26(i), and are hereby incorporated by reference.

(1)(a)	Administrative Services Agreement with AIM Advisors, Inc. dated July 1, 2005, as amended, under document "aimasa99i1a.htm"
(1)(b)	Financial Support Agreement with AIM Variable Insurance Funds dated July 1, 2005, under document "aimasa99i1b.htm"
(2)	Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc. dated September 15, 2004, as amended. See Exhibit B for information related to administrative services, under document "amcentasa99i2.htm"
(3)	Restated Administrative Services Agreement with The Dreyfus Corporation dated June 1, 2003, as amended, and 12b-1 letter agreement dated June 1, 2003, as amended, under document "dreyfusasa99i3.htm"
(4)(a)	Dealer Agreement with Federated Securities Corp dated October 26, 2006, under document "fedasa99i4a.htm"
(4)(b)	Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp. dated April 1, 2006, as amended. See Exhibit B of Fund Participation Agreement for information related to administrative services, under document "fedasa99i4b.htm"
(5)(a)	Administrative Service Agreement with Fidelity Investments Institutional Operations Company, Inc. dated April 1, 2002, as amended, HTML file name "fidiiiasa99i5a.htm"
(5)(b)	Service Contract, with Fidelity Distributors Corporation dated June 18, 2002, as amended, under document "fidiiiasa99i5b.htm" as part of Exhibit 99.

(6)	Administrative Services Agreement with Franklin Templeton Services, LLC dated May 1, 2003, as amended, under document "frankasa99i6.htm"
(7)	Distribution and Shareholder Services Agreement with Janus Distributors, Inc. dated December 31, 1999, under document "janusasa99i7.htm"
(8)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust) dated May 2, 2005, as amended. See Exhibit B and Exhibit E for information related to administrative services, under document "nwasa99i10.htm"
(9)	Fund Participation Agreement with Neuberger Berman Advisers Management Trust / Lehman Brothers Advisers Management Trust (formerly, Neuberger Berman Advisers Management Trust) dated January 1, 2006. See Exhibit D for information related to administrative services, under document "neuberasa99i11.htm"
(10)	Revenue Sharing Agreement with Oppenheimer Variable Account Funds dated April 13, 2006, under document "oppenasa99i12.htm"
(11)	Administrative Services Letter Agreement with T. Rowe Price Associates, Inc. and T. Rowe Price International, Inc. dated October 1, 2002, as amended, under document "troweasa99i13.htm"
(12)	Administrative Services Agreement with Morgan Stanley Distribution, Inc. (The Universal Institutional Funds, Inc.) dated May 5, 2005, as amended, under document "univasa99i14.htm"
	The following Administrative Agreements were previously filed on September 27, 2007 with pre-effective amendment number 3 of registration statement (333-137202) under Exhibit 26(i), and are hereby incorporated by reference.
(13)	Administrative Services Agreement with Alliance Fund Distributors, Inc. dated June 3, 2003, as document "alliancebernsteinasa.htm".
(14)	Administrative Services Agreement with American Funds Distributors, Inc. and Capital Research and Management Company dated July 20, 2005, as document "americanfundasa.htm".
(15)	Administrative Services Agreement with BlackRock (formerly FAM Variable Series Funds, Inc. and FAM Distributors, Inc.) dated April 13, 2004, as amended, as document "blackrockasa.htm".
(16)	Administrative Service Agreement with Davis Distributors, LLC dated August 7, 2007, as document "davisasa.htm".
(17)	Fund Participation Agreement with DWS Variable Series II (formerly Scudder Variable Series I, Scudder Variable Series II, Scudder Distributors, Inc. and Deutsche Investment Management Americas, Inc.) dated July 1, 2004, as document "dwsfpa.htm". See Article 2.3 for information on administrative services.
(18)	Administrative Services Agreement with Legg Mason Partners Variable Portfolios I, Inc. (formerly Salomon Brothers Asset Management Inc.) dated September 1999, as amended, as document "leggmasonasa.htm".
(19)(a)	Administrative Services Agreement with Lincoln Investment Advisors Corporation dated June 5, 2007, as document "lincolnasaa.htm".
(19)(b)	Distribution Services Agreement between Nationwide Investment Services Corporation (general distributor) and Lincoln Financial Distributors, Inc. dated June 5, 2007, as document "lincolnasab.htm".
(20)	Administrative Services Agreement with Lord Abbett Series Fund, Inc. dated December 31, 2002, as amended, as document "lordabbettasa.htm".
(21)(a)	Administrative Services Agreement with Pacific Investment Management Company LLC dated March 28, 2002, as amended, as document "pimcoasaa.htm".
(21)(b)	Administrative Services Agreement with PIMCO Variable Insurance Trust dated March 28, 2002, as amended, as document "pimcoasab.htm".
(22)	Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Fund Distributor, Inc., dated September 27, 2002, as amended, as document "pioneerfpa.htm". See Schedule B for information on administrative services.
(23)	Administrative Services Agreement with Putnam Retail Management Limited Partnership dated August 1, 2006, as amended, as document "putnamasa.htm".
(24)	Fund Participation Agreement with Royce & Associates dated February 14, 2002, as amended, as document "roycefpa.htm". See Exhibits C and D for information on administrative services.

(25)	Administrative Services Agreement with Van Eck Securities Corporation dated November 3, 1997, as amended, as document "vaneckasa.htm".
(26)	Administrative Services Agreement with Waddell & Reed, Inc. dated December 1, 2000, as amended, as document "waddellreedasa.htm".
(27)	Administrative Services Agreement with Wells Fargo Funds Management, LLC and Stephens, Inc. dated November 15, 2004, as amended, as document "wellsfargoasa.htm".
	The following Administrative Agreements were previously filed on April 12, 2011 with post-effective amendment number 43 of registration statement (333-43671) under Exhibit 26(i), and is hereby incorporated by reference.
(28)	Administrative Services Agreement with Delaware Distributors, L.P. dated February 5, 2008, as amended, as document "delawareasa.htm".
(29)	Shareholder Servicing Agreement with Eaton Vance Variable Trust dated March 24, 2011, as document "eatonvanceasa.htm".
(30)	Administrative Services Agreement with Goldman, Sachs & Co., dated January 6, 1999, as document "goldmansachsasa.htm".
(31)	Administrative Services Agreement with Lazard Retirement Series, Inc., dated April 13, 2009, as document "lazardasa.htm".
	The following Administrative Agreement was previously filed on April 30, 2008 with post-effective amendment number 42 of registration statement (333-59517) under Exhibit 26(h), and is hereby incorporated by reference.
(32)	Fund Participation Agreement with J.P. Morgan Series Trust II, dated February 18, 2003, under document "jpmorganfpa.htm".

The following Administrative Service Agreement was previously filed on April 16, 2015 with post-effective amendment number 15 of registration statement (333-149213) under Exhibit (26)(i), and is hereby incorporated by reference.

(33)Letter Agreement between MFS Fund Distributors, Inc. ("MFD") and Nationwide Financial Services, Inc., dated January 30, 2012, as document "mfsasa.htm."

(j)	Other Material Contracts - Not Applicable.
(k)	Opinion of Counsel – Filed previously with registration statement (333-137202) on September 8, 2006 under document "legalopinion.htm" and hereby incorporated by reference.
(l)	Actuarial Opinion - Not Applicable.
(m)	Calculation - Not Applicable.
(n)	Consent of Independent Registered Public Accounting Firm – Attached hereto.
(o)	Omitted Financial Statements - Not Applicable.
(p)	Initial Capital Agreements - Not Applicable.
(q)	Redeemability Exemption – Filed previously with registration statement (333-137202) on April 23, 2013 under document " d470016dex99q.htm" and hereby incorporated by reference.
(99)	Power of Attorney – Attached hereto.

Item 27. Directors and Officers of the Depositor

The business address of the Directors and Officers of the Depositor is:
One Nationwide Plaza, Columbus, Ohio 43215

President and Chief Operating Officer and Director	Kirt A. Walker
Executive Vice President-Chief Legal and Governance Officer	Patricia R. Hatler
Senior Vice President-President, Nationwide Growth Solutions	Terri L. Hill
Executive Vice President-Chief Marketing Officer	Matthew Jauchius
Executive Vice President-Chief Information Officer	Michael C. Keller
Executive Vice President-Chief Human Resources Officer	Gale V. King
Executive Vice President	Mark A. Pizzi
Executive Vice President and Director	Mark R. Thresher
Senior Vice President	Harry H. Hallowell
Senior Vice President and Treasurer	David LaPaul
Senior Vice President-Chief Compliance Officer	Sandra L. Rich
Senior Vice President-Chief Financial Officer and Director	Timothy G. Frommeyer
Senior Vice President-CIO Enterprise Applications	Michael A. Richardson
Senior Vice President-CIO NF Systems	Susan J. Gueli
Senior Vice President-NW Retirement Plans and Director	John L. Carter
Senior Vice President-Head of Taxation	Pamela A. Biesecker
Senior Vice President-Individual Products & Solutions and Director	Eric S. Henderson
Senior Vice President-Investment Management Group	Michael S. Spangler
Senior Vice President-IT Chief Financial Officer and Chief Procurement Officer	Andrew Walker
Senior Vice President-CIO CL & Agency	Tammy Craig
Senior Vice President-Nationwide Financial	Steven C. Power
Senior Vice President-Nationwide Financial Network	Peter A. Golato
Senior Vice President-NFS Legal	Rae Ann Dankovic
Senior Vice President-NF Distribution and Sales	David L. Giertz
Senior Vice President-NI Brand Marketing	Jennifer M. Hanley
Senior Vice President-President-Nationwide Bank	J. Lynn Anderson
Director	Stephen S. Rasmussen

Item 28. Persons Controlled by or Under Common Control with the Depositor or Registrant.

Following is a list of entities directly or indirectly controlled by or under common control with the depositor or registrant. Ownership is indicated through indentation. Unless otherwise indicated, each subsidiary is either wholly-owned or majority-owned by the parent company immediately preceding it. (For example, Nationwide Fund Distributors, LLC is either wholly-owned or majority owned by NFS Distributors, Inc.) Separate accounts that have been established pursuant to board resolution but are not, and have never been, active are omitted.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Financial Services, Inc.	Delaware	The company acts primarily as a holding company for companies within the Nationwide organization that offer or distribute life insurance, long-term savings and retirement products.
NFS Distributors, Inc.	Delaware	The company acts primarily as a holding company for Nationwide Financial Services, Inc. companies.
Nationwide Financial General Agency, Inc.	Pennsylvania	The company is a multi-state licensed insurance agency.
Nationwide Financial Institution Distributors Agency, Inc.	Delaware	The company is an insurance agency.
Nationwide Fund Distributors, LLC	Delaware	The company is a limited purpose broker-dealer.
Nationwide Fund Management, LLC	Delaware	The company provides administration, transfer and dividend disbursing agent services to various mutual fund entities.
Nationwide Retirement Solutions, Inc.	Delaware	The company markets and administers deferred compensation plans for public employees.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Retirement Solutions, Inc. of Arizona	Arizona	The company markets and administers deferred compensation plans for public employees.
Nationwide Retirement Solutions Insurance Agency, Inc.	Massachusetts	The company markets and administers deferred compensation plans for public employees.
Nationwide Retirement Solutions, Inc. of Ohio, Inc.1	Ohio	The company provides retirement products, marketing and education and administration to public employees.
Nationwide Retirement Solutions, Inc. of Texas, Inc.1	Texas	The company markets and administers deferred compensation plans for public employees.
Nationwide Securities, LLC	Delaware	The company is a registered broker-dealer.
Nationwide Bank	Federal	This is a federally chartered savings bank supervised by the Office of the Office of the Comptroller of the Currency to exercise deposit, lending, agency, custody and fiduciary powers and to engage in activities permissible for federal savings banks under the Home Owners' Loan Act of 1933.
Nationwide Financial Services Capital Trust	Delaware	The trust's sole purpose is to issue and sell certain securities representing individual beneficial interests in the assets of the trust
Nationwide Life Insurance Company2	Ohio	A stock corporation. The corporation provides individual life insurance, group and health insurance, fixed and variable annuity products and other life insurance products.
MFS Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Multi-Flex Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-II2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-32,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-42,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-52,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-62,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-72,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-82,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-92,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-102,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-112,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-122,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-132,3	Ohio	A separate account issuing variable annuity contracts.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Variable Account-142,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account 12,3	Pennsylvania	A separate account issuing variable annuity contracts.
Nationwide VLI Separate Account2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-22,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-32,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-42,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-52,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-62,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-72,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account 12,3	Pennsylvania	A separate account issuing variable life insurance policies.
Nationwide Investment Services Corporation3	Oklahoma	This is a limited purpose broker-dealer and distributor of variable annuities and variable life products for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company. The company also provides educational services to retirement plan sponsors and its participants.
Nationwide Financial Assignment Company3	Ohio	The company is an administrator of structured settlements.
Nationwide Investment Advisors, LLC3	Ohio	The company provides investment advisory services.
Life Reo Holdings, LLC3	Ohio	The company is an investment holding company.
Nationwide Life and Annuity Insurance Company2,3	Ohio	The company engages in underwriting life insurance and granting, purchasing and disposing of annuities.
Nationwide VA Separate Account-A2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-B2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-C2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-D2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account A2,3	Delaware	A separate account issuing variable annuity contracts.
Nationwide VL Separate Account-A2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-B2,3	Ohio	A separate account issuing variable life insurance policies.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide VL Separate Account-C2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-D2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-G2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account A2,3	Delaware	A separate account issuing variable life insurance policies.
Olentangy Reinsurance, LLC3	Vermont	The company is a captive life reinsurance company.
Registered Investment Advisors Services, Inc.3	Texas	The company is a technology company that facilitates third-party money management services for registered investment advisors
Nationwide Fund Advisors3,4	Delaware	The trust acts as a registered investment advisor.

1	This subsidiary/entity is controlled by its immediate parent through contractual association.
2	This subsidiary/entity files separate financial statements.
3	Information for this subsidiary/entity is included in the consolidated financial statements of its immediate parent.
4	This subsidiary/entity is a business trust.

Item 29. Indemnification

Provision is made in Nationwide's Amended and Restated Code of Regulations and expressly authorized by the General Corporation Law of the State of Ohio, for indemnification by Nationwide of any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such person is or was a director, officer or employee of Nationwide, against expenses, including attorneys fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, to the extent and under the circumstances permitted by the General Corporation Law of the State of Ohio.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers or persons controlling Nationwide pursuant to the foregoing provisions, Nationwide has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 30. Principal Underwriter

Nationwide Investment Services Corporation ("NISC")

(a) NISC serves as principal underwriter and general distributor for the following separate investment accounts of Nationwide or its affiliates:

MFS Variable Account	Nationwide VA Separate Account-C
Multi-Flex Variable Account	Nationwide VA Separate Account-D
Nationwide Variable Account	Nationwide VLI Separate Account
Nationwide Variable Account-II	Nationwide VLI Separate Account-2
Nationwide Variable Account-3	Nationwide VLI Separate Account-3
Nationwide Variable Account-4	Nationwide VLI Separate Account-4
Nationwide Variable Account-5	Nationwide VLI Separate Account-5
Nationwide Variable Account-6	Nationwide VLI Separate Account-6

Nationwide Variable Account-7	Nationwide VLI Separate Account-7
Nationwide Variable Account-8	Nationwide VL Separate Account-A
Nationwide Variable Account-9	Nationwide VL Separate Account-C
Nationwide Variable Account-10	Nationwide VL Separate Account-D
Nationwide Variable Account-11	Nationwide VL Separate Account-G
Nationwide Variable Account-12	Nationwide Provident VA Separate Account 1
Nationwide Variable Account-13	Nationwide Provident VA Separate Account A
Nationwide Variable Account-14	Nationwide Provident VLI Separate Account 1
Nationwide VA Separate Account-A	Nationwide Provident VLI Separate Account A
Nationwide VA Separate Account-B	Nationwide VA Separate Account-D

(b) Directors and Officers of NISC:

President	Robert O. Cline
Vice President-Chief Compliance Officer	James J. Rabenstine
Associate Vice President and Secretary	Kathy R. Richards
Associate Vice President and Assistant Secretary	Parag H. Shah
Associate Vice President-NFS Distribution Compliance	Valerie Hamilton
Senior Vice President-Head of Taxation	Pamela A. Biesecker
Vice President and Treasurer	John A. Reese
Assistant Treasurer	J. Morgan Elliott
Director	John L. Carter
Director	Eric S. Henderson
Director	David L. Giertz

The business address of the Directors and Officers of NISC is:
One Nationwide Plaza, Columbus, Ohio 43215.

(c)

Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption or Annuitization	Brokerage Commissions	Compensation
Nationwide Investment Services Corporation	N/A	N/A	N/A	N/A

Item 31. Location of Accounts and Records

Timothy G. Frommeyer
Nationwide Life Insurance Company
One Nationwide Plaza
Columbus, OH 43215

Item 32. Management Services

Not Applicable

Item 33. Fee Representation

Nationwide Life Insurance Company represents that the fees and charges deducted under the contract in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and risks assumed by Nationwide Life Insurance Company.

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Rule 485(b) under the Securities Act of 1933 for effectiveness of the Registration Statement and has caused this Registration Statement to be signed by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on April 16, 2015.

Nationwide VLI Separate Account-4

(Registrant)

Nationwide Life Insurance Company

(Depositor)

By: /s/ JAMIE RUFF CASTO

Jamie Ruff Casto
Attorney-in-Fact

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on April 16, 2015.

KIRT A. WALKER
Kirt A. Walker, President and Chief Operating Officer, and Director
MARK R. THRESHER
Mark R. Thresher, Executive Vice President and Director
TIMOTHY G. FROMMEYER
Timothy G. Frommeyer, Senior Vice President-Chief Financial Officer and Director
ERIC S. HENDERSON
Eric S. Henderson, Senior Vice President - Individual Products & Solutions and Director
JOHN L. CARTER
John L. Carter, Senior Vice President – Nationwide Retirement Plans and Director
STEPHEN S. RASMUSSEN
Stephen S. Rasmussen, Director
	By /s/ JAMIE RUFF CASTO
	Jamie Ruff Casto Attorney-in-Fact