485BPOS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 File No. 333-31725

Pre-Effective Amendment No.	□
Post-Effective Amendment No. 46	☑

and/or

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

Amendment No. 257 ☑

(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

Denise L. Skingle, Senior Vice President and Secretary
One Nationwide Plaza, Columbus, Ohio 43215

(Name and Address of Agent for Service)

May 1, 2021

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, 2021 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.

The Best of America Next Generation® FPVUL

Individual 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, 2021.

This prospectus contains basic information about the policies that should be understood before investing. Read this prospectus carefully and keep it for future reference.

Variable life insurance policies are complex products with unique benefits and advantages and are intended as a vehicle for long-term financial planning, not short-term savings. There are costs and charges associated with these benefits and advantages - costs and charges that are different, or do not exist at all within other life insurance products. With help from financial professionals, purchasers are encouraged to compare and contrast the costs and benefits of the policy described in this prospectus against those of other life insurance products, especially other variable life insurance products offered by Nationwide and its affiliates. This process of comparison and analysis should aid in determining whether the purchase of the policy described in this prospectus is consistent with the purchaser’s life insurance objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics and needs.

To obtain additional information, including free copies of prospectuses for the underlying mutual funds or a copy of the Statement of Additional Information, or to make service or transaction requests, contact Nationwide using any of the methods described in Contacting the Service Center.

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. Contact Nationwide to review a copy of the policy and any Riders or endorsements, see Contacting the Service Center. This prospectus contains all material rights and features of the policy.

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.

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.

The Sub-Accounts offered through this policy invest in the underlying mutual funds listed below. For a complete list of the available underlying mutual funds, including underlying mutual funds available prior to the date of this prospectus, see Appendix A: Underlying Mutual Fund Information. For more information on an underlying mutual fund, 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. - AB VPS Growth and Income Portfolio: Class A

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

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

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

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

• BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II

• BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares

• BNY Mellon Stock Index Fund, Inc.: Initial Shares

• BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares

• BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares

• BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares

• Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares

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

• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class

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

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

• Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2

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

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

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

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

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

• Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class

• Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class

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

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

• Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1

• Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1

• Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2

• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1

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

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

• Invesco - Invesco V.I. American Franchise Fund: Series I Shares

• Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I

• Invesco - Invesco V.I. Global Fund: Series I

• Invesco - Invesco V.I. Global Strategic Income Fund: Series I

• Invesco - Invesco V.I. Main Street Fund: Series I

• Invesco - Invesco V.I. Main Street Small Cap Fund: Series I

• Ivy Variable Insurance Portfolios - Asset Strategy: Class II

• Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares

• MFS® Variable Insurance Trust - MFS Value Series: Initial Class

• MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class

• Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I

• Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I

• Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I

• Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II

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

• Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I

• Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I

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

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

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X

• Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I

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

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

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

• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II

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

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

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

• Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I

• Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares

• Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares

• Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares

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

• PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class

• Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB

• Putnam Variable Trust - Putnam VT International Equity Fund: Class IB

• Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB

• T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II

• VanEck VIP Trust - Emerging Markets Fund: Initial Class

• VanEck VIP Trust - Global Resources Fund: Initial Class

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

The following fixed investment option is also available under the policy.

❍ Fixed Account

3

Table of Contents

	Page
In Summary: Policy Benefits	7
In Summary: Policy Risks	9
In Summary: Fee Tables	10
Policy Investment Options	14
Fixed Account	14
Variable Investment Options	15
Valuation of Accumulation Units	16
How Sub-Account Investment Experience is Determined	16
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
Risks Associated with COVID-19	21
Cybersecurity	21
Business Continuity Risks	22
Policy Owner and Beneficiaries	22
To Purchase	23
Coverage	23
Coverage Effective Date	23
Temporary Insurance Coverage	23
Right to Cancel (Examination Right)	23
Allocation of Net Premium During Right to Cancel Period	24
Premium Payments	24
Cash Value	24
To Change Coverage	25
Exchanging the Policy	25
To Terminate or Surrender	26
To Assign	26
Reminders, Reports and Illustrations	26
Standard Policy Charges	27
Premium Load	27
Illustration Charge	28
Partial Surrender Fee	28
Surrender Charge	28
Cost of Insurance Charge	29
Mortality and Expense Risk Charge	30
Administrative Charge	30
Mutual Fund Operating Expenses	30
Reduction of Charges	30
A Note on Charges	31
Information on Underlying Mutual Fund Service Fee Payments	31
Policy Riders and Rider Charges	33
Adjusted Sales Load Life Insurance Rider	33
Children's Term Insurance Rider	34
Long-Term Care Rider	34
Spouse Life Insurance Rider	37
Accidental Death Benefit Rider	37
Premium Waiver Rider	38
Change of Insured Rider	39
Additional (insurance) Protection Rider	39
Deduction (of Fees and Expenses) Waiver Rider	40
Policy Guard Rider	41
Policy Owner Services	43
Dollar Cost Averaging	43
Asset Rebalancing	44

4

Table of Contents (continued)

	Page
Automated Income Monitor	44
Policy Loans	45
Loan Amount	46
Collateral and the Policy Loan Account	46
Interest Charged	46
When Interest is Charged and Credited	46
Repayment	47
Lapse	47
Guaranteed Policy Continuation Provision	47
Grace Period	48
Reinstatement	48
Surrenders	48
Full Surrender	48
Partial Surrender	49
Reduction of Base Policy Specified Amount on a Partial Surrender	49
The Death Benefit	50
Calculation of the Death Benefit	50
Death Benefit Options	50
The Minimum Required Death Benefit	50
Changes in the Death Benefit Option	51
Incontestability	51
Suicide	51
Proceeds Upon Maturity	52
Extending Coverage Beyond the Maturity Date	52
Payment of Policy Proceeds	53
Treatment of Unclaimed Property	53
Policy Settlement Options	53
Interest Income Option	53
Income for a Fixed Period Option	54
Fixed Income for Varying Periods Option	54
Alternate Life Income Option	54
Payments to Minors	54
Taxes	55
Nationwide Life Insurance Company	63
Nationwide VLI Separate Account-4	63
Organization, Registration, and Operation	63
Addition, Deletion, or Substitution of Mutual Funds	63
Voting Rights	64
Material Conflicts	64
Legal Proceedings	65
Nationwide Life Insurance Company	65
Nationwide Investment Services Corporation	65
Financial Statements	65
Appendix A: Underlying Mutual Fund Information	66
Appendix B: Definitions	77

5

For convenience, definitions of certain words and phrases used in the prospectus are provided in Appendix B: Definitions.

In Summary: Policy Benefits

Death Benefit

The primary benefit of this policy is life insurance coverage. Nationwide will pay the Death Benefit Proceeds upon the Insured's death if the Insured dies while the policy is In Force. The policy is In Force when: the policy has been issued; the initial Premium has been paid; the Insured is living; the policy has not been surrendered for its Cash Surrender Value; and the policy has not Lapsed.

The Cash Value and Death Benefit, to the extent the Death Benefit includes or is based on the Cash Value, will not be fixed but will be dependent on the investment performance of the investment options in which the policy owner is invested, and cumulative separate account and policy charges assessed by Nationwide over the life of the policy.

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, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.

Choice of Policy Proceeds

The Policy Proceeds may be paid in a lump sum, or a variety of options that will pay out over time.

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.

Continuation of Coverage Guarantee Feature

The policy will remain In Force during the policy continuation period as long as sufficient Premium is paid to meet the requirements set forth in Guaranteed Policy Continuation Provision.

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.

7

Investment Options

Net Premium, loan repayments, and Cash Value 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 a separate Sub-Account for each of the underlying mutual funds offered in the policy.

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.

Restrictions or limitations on transfers from the general account option(s) may delay a policy owner’s ability to transfer Cash Value to the Sub-Accounts. Additionally, transfer requests from a Sub-Account may be subject to short-term trading fees and policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Investment Experience. For additional information, 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.

Unlike other variable insurance products Nationwide offers, Individual Flexible Premium Variable Universal Life Insurance Policies do not require distributions to be made before Insured's death, 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.

Right to Cancel (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.

• Adjusted Sales Load Life Insurance Rider

• Children's Insurance Rider

• Long-Term Care Rider

• Spouse Life Insurance Rider

• Accidental Death Benefit Rider

• Premium Waiver Rider

• Change of Insured Rider (no charge)

• Additional (insurance) Protection Rider

• Deduction (of Fees and Expenses) Waiver Rider

• Policy Guard Rider

8

• For additional information, see Policy Riders and Rider Charges.

In Summary: Policy Risks

Variable universal life insurance is not suitable as an investment vehicle for short-term savings. It is designed for long-term financial planning. Policy owners accessing the Cash Value in the early policy years could incur potentially substantial surrender charges. The Cash Value, and the Death Benefit to the extent the Death Benefit includes or is based on the policy's Cash Value, will be dependent upon the investment performance of the policy owner's investment allocations and the fees, expenses and charges paid over the life of the policy. A policy owner may not earn sufficient returns from their selection of investment options to pay a policy’s periodic charges so that additional premium payments may be required over the life of the policy to prevent it from lapsing. Policy guarantees that exceed the value in the variable account, including payment of the Death Benefit, are subject to Nationwide's claims paying ability.

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, duration of the right to cancel period, 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. This prospectus describes all the material features of the policy. 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

Subject to the guaranteed maximum rates stated in the Policy Data Pages, Nationwide may change policy and/or Rider charges and rates under the policy any time there is a change 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.

Unfavorable Sub-Account Investment Experience

The Sub-Accounts may generate unfavorable Investment Experience. Unfavorable 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, even if all Premium is paid as planned.

Note: A customized projection of policy values (a "policy illustration") is available from your financial professional at the time of application and after the policy is issued. 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. The policy owner also selects assumed Investment Experience. Illustrated Premium and assumed Investment Experience 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 even if all Premium is paid as planned. 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.

Risk of Policy Lapse

Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Underlying mutual fund fees are factored into the NAV used to calculate the Accumulation Unit Value of each Sub-Account and may also reduce Cash Surrender Value, see Mutual Fund Operating Expenses.

9

Whenever Cash Surrender 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. Lapse may also have adverse income tax consequences if the policy has outstanding Indebtedness.

Limitation of Access To Cash Value

A policy owner can access Cash Value through loans, full surrender, and partial surrenders, subject to limitations and any applicable processing fees and surrender charges. Limitations include the amount and frequency of the loan or partial surrender, see Policy Loans and Surrenders.

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

The proceeds of a life insurance policy are includible in the gross estate of the Insured for federal income tax purposes if either (a) the proceeds are payable to the executor of the estate of the Insured, or (b) the Insured, at any time within three years prior to his or her death, possessed any incident of ownership in the policy. For this purpose, the Treasury Regulations provide that the term "incident of ownership" is to be construed very broadly, and includes any right that the Insured may have with respect to the economic benefits in the policy. Consult a qualified tax advisor on all tax matters involving the policy described herein.

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. Before the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account without penalty or adjustment, subject to transfer restrictions. 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 Transfer Limitations

Frequent transfers among the Sub-Accounts may dilute the value of Accumulation Units, cause the underlying mutual funds to incur higher transaction costs, and interfere with the underlying mutual funds’ 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, see Contacting the Service Center.

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.

10

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

Transaction Fees
Charge	When Charge Is Deducted	Amount Deducted
Sales Load Charge1	Upon making a Premium payment	Maximum: $25 from each $1,000 of Premium		Current: $5 from each $1,000 of Premium
Premium Taxes Charge1	Upon making a Premium payment	$35 per $1,000 of Premium payment
Surrender Charge2	Upon full surrender; Upon policy Lapse; Upon a decrease to the Base Policy Specified Amount	Maximum: $25,590	Minimum: $2,337		Representative: $3,408
Representative - For an age 35 male non-tobacco preferred with a Base Policy Specified Amount and a Total Specified Amount of $500,000 and Death Benefit Option 1		From the policy's available Cash Value
Illustration Charge3	Upon requesting an illustration	Maximum: $25		Current: $0
Partial Surrender Fee	Upon a partial surrender	Maximum: the lesser of $25 or 2% of amount surrendered		Current: $0

†	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 maximum Sales Load Charge and the Premium Taxes Charge (collectively "Premium Load") represent the maximums that may be charged in any policy year, see Premium Load.
2	For purposes of this table, for a full surrender occurring in the first year from the Policy Date, the charge calculations assume an aggregate first year Premium in excess of the surrender target premium. The surrender target premium is an assumed Premium payment amount used in calculating the Surrender Charge. The Surrender Charge is based on the lesser of the surrender target premium and the Premiums paid in the first year from the Policy Date. The surrender target premium varies by: the Insured's sex; issue age; underwriting class; and the Base Policy Specified Amount (including any increases). The maximum Surrender Charge calculation assumes: a male; age 85 or older; tobacco; a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1; and policy year one. The minimum charge calculation assumes: a female; issue age 0; a Base Policy Specified Amount and Total Specified Amount of $500,000; Death Benefit Option 1 and policy year one.
3	The policy owner will be expected to pay the Illustration Charge by check or money order at the time of the request. This charge will not be deducted from Cash Value.

11

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
Cost Of Insurance Charge1†	Monthly	Minimum: $0.04	Maximum: $83.33		Representative: $0.14
Representative – An age 35 male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1		Per $1,000 Of Net Amount At Risk – From the policy's available Cash Value
Flat Extra Charge2	Monthly	Maximum: $2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge3	Monthly	Maximum : A monthly rate of $0.50 Per $1,000 of Cash Value
		Proportionately from the Sub-Accounts only
Administrative Charge4	Monthly	Maximum: $10		Current: $10
		From the policy's available Cash Value
Policy Loan Interest Charge5	Annually	Maximum: $39		Current: $39
		Per $1,000 of an outstanding policy loan

†	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 Cost of Insurance Charge varies by: the Insured's sex; age; underwriting class; any Substandard Ratings; the year from the Policy Date; and the Base Policy Specified Amount. Cost of Insurance charges are taken from the policy's Cash Value at the beginning of the month starting with the Policy Date. The charge is not pro rated should the policy terminate before the beginning of the next month.
2	The Flat Extra is a component in the calculation of the base policy Cost of Insurance Charge and any Rider Cost of Insurance Charge. It is only applicable if certain factors result in an Insured having a Substandard Rating. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge. 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.
3	On a current basis, during policy years one through 15, the Mortality and Expense Risk Charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.25 per $1,000 on Cash Values of $25,001 up to $250,000. For Cash Values above $250,000, the charge is $0.08 per $1,000. Beginning in the policy year 16, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.08 per $1,000 of Cash Value over $25,000. The charge is only assessed against Cash Value allocated to Sub-Accounts.
4	After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.
5	The Policy Loan Interest Charge is described in more detail in Policy Loans.

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The next table describes the fees and expenses that a policy owner will pay periodically only if the Rider is elected and while it is In Force.

Periodic Charges For Riders
Charge	When Charge Is Deducted	Amount Deducted From Cash Value
Adjusted Sales Load Life Insurance Rider Charge	Monthly	$0.14
		Per $1,000 of aggregate monthly Premiums and 1% of Premium Load replaced – Waived from the policy’s available Cash Value
Children's Insurance Rider Charge	Monthly	$0.43 Per $1,000 of Rider Specified Amount – From the policy's available Cash Value
Long-Term Care Rider Charge†	Monthly	Minimum: $0.02	Maximum: $28.65	Representative: $0.02
Representative - An age 35 male; non-tobacco preferred;Long-Term Care Rider Specified Amount $500,000; Death Benefit Option 1		Per $1,000 of Rider Net Amount At Risk - From the policy's available Cash Value
Spouse Life Insurance Rider Charge†	Monthly	Minimum: $0.10	Maximum: $10.23	Representative: $0.11
Representative Spouse - An age 35 female; non-tobacco; and Spouse Life Insurance Rider Specified Amount $100,000		Per $1,000 of Spouse Death Benefit - From the policy's available Cash Value
Accidental Death Benefit Rider Charge†	Monthly	Minimum: $0.05	Maximum: $0.75	Representative: $0.06
Representative - An age 35 male; non-tobacco preferred; and Accidental Death Benefit $100,000		Per $1,000 of Accidental Death Benefit - From the policy's available Cash Value
Premium Waiver Rider Charge1†	Monthly	Minimum: $42	Maximum: $315	Representative: $42
Representative - An age 35 male; non-tobacco preferred		Per $1,000 of Premium Waiver Benefit - From the policy's available Cash Value
Additional (Insurance) Protection Rider Charge2†	Monthly	Minimum: $0.01	Maximum: $83.33	Representative: $0.04
Representative - An age 35 male; non-tobacco preferred; Additional Death Benefit $250,000		Per $1,000 of Rider Net Amount at Risk – From the policy's available Cash Value

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Periodic Charges For Riders
Charge	When Charge Is Deducted	Amount Deducted From Cash Value
Deduction (of Fees and Expenses) Waiver Rider Charge3†	Monthly	Minimum: $90	Maximum: $860	Representative: $90
Representative - An age 35 male; non-tobacco preferred; Total Specified Amount of $500,000; Death Benefit Option 1		Per $1,000 of Deduction Waiver Benefit – From the policy's available Cash Value
Policy Guard Rider Charge4†	Upon Invoking The Rider	Minimum: $6.50	Maximum: $46.00	Representative: $37.00
Representative – Attained Age 85; Cash Value $500,000; Indebtedness of $480,000		Deducted from each $1,000 of the policy's Cash Value

†	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 charge calculations assume monthly Premium payments of $1,000, the waiver of which would occur in the event of the Insured's total disability for six consecutive months. For policies issued before July 13, 2006, the maximum charge for this Rider is $105.
2	The monthly charge is a product of the Rider's monthly cost of insurance charge and the Rider Death Benefit, see Additional (Insurance) Protection Rider.
3	The charge calculation assumes total monthly periodic charges of $1,000 (not including this Rider's cost, and any loan amount interest [which are meant to be excluded]). These charges would be waived in the event of the Insured's total disability for six consecutive months.
4	The level of Indebtedness as a percentage of Cash Value that will allow the policy owner to invoke the Rider will vary with the attained age of the Insured. Generally, the higher the Insured's attained age, the higher the level of Indebtedness must be to invoke the Rider, see Policy Guard Rider.

The next table shows the minimum and maximum total operating expenses, as of December 31, 2020, 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 Underlying Mutual Fund Operating Expenses
	Minimum	Maximum
Total Annual Underlying Mutual Fund Operating Expenses (Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.)	0.14%	3.50%

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.

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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.

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 quarter 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 3%.

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’s 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 invest in underlying 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 available 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.

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The investment advisors of the underlying mutual funds may manage publicly available mutual funds with similar names and investment objectives. However, the underlying mutual funds are NOT directly related to any publicly available mutual fund. Policy owners should not compare the performance of a publicly available mutual 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 available mutual funds.

The particular underlying mutual funds available under the policy may change from time to time, see Identification of Underlying Mutual Funds. 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.

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.

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 close of regular trading on the New York Stock Exchange (NYSE), which is normally 4:00 p.m. EST, on each day that the NYSE 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

• 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.

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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 financial professional and request information on other Nationwide policies that offer mutual funds that are designed specifically to support active trading strategies.

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

Some underlying mutual funds assess a short-term trading fee in connection with transfers from a Sub-Account that occur within 60 days after the date of the allocation to the Sub-Account. The fee is assessed against the amount transferred and is paid to the underlying mutual fund. These fees compensate the mutual fund for any negative impact on fund performance resulting from short-term trading. Some underlying mutual funds may refer to short-term trading fees as "redemption fees." If a short-term trading fee is assessed, the policy owner will receive a confirmation notice.

Currently, none of the underlying mutual funds assess a short-term trading fee.

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U.S. Mail Restrictions

Nationwide monitors transfer activity in order to identify those who may be engaged in harmful trading practices. Transaction reports are produced and examined. Generally, a policy may appear on these reports if the policy owner (or a third party acting on their behalf) engages in a certain number of "transfer events" in a given period. A "transfer event" is any transfer, or combination of transfers, occurring in a given Valuation Period. For example, if a policy owner executes multiple transfers involving 10 Sub-Accounts in one Valuation Period, this counts as one transfer event. A single transfer occurring in a given Valuation Period that involves only two Sub-Accounts (or one Sub-Account if the transfer is made to or from a fixed investment option) will also count as one transfer event.

As a result of this monitoring process, Nationwide may restrict the form in which transfer requests will be accepted. In general, Nationwide will adhere to the following guidelines:

Trading Behavior	Nationwide's Response
Six or more transfer events within one calendar quarter	Nationwide will mail a letter to the policy owner notifying them that:(1) they have been identified as engaging in harmful trading practices; and(2) if their transfer events total 11 within two consecutive calendar quarters or 20 within one calendar year, the policy owner will be limited to submitting transfer requests via U.S. mail.
11 transfer events within two consecutive calendar quarters OR 20 transfer events within one calendar year	Nationwide will automatically limit the policy owner to submitting transfer requests via U.S. mail.

For purposes of Nationwide's transfer policy, U.S. mail includes standard U.S. mail, expedited U.S. mail, and expedited delivery via private carrier.

For calendar year restrictions, each January 1, Nationwide will start the monitoring anew, so that each policy starts with 0 transfer events each January 1. However, for restrictions on transfer events within two consecutive calendar quarters, Nationwide does not start the monitoring anew on January 1. Instead, Nationwide refreshes the transfer event restriction period at the beginning of each calendar quarter considering only transfers that occur in the current calendar quarter and occurred in the immediately preceding calendar quarter. See, however, the Other Restrictions provision below.

Managers of Multiple Policies

Some financial professionals manage the assets of multiple Nationwide policies pursuant to trading authority granted or conveyed by multiple policy owners. These multi-policy financial professionals will be required by Nationwide to submit all transfer requests via U.S. mail.

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.

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:

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(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 owners in their current underlying mutual fund allocation.

Fixed Account Transfers

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. Contact the Service Center for information regarding restrictions in effect for the Fixed Account at the time of a Premium payment or transfer request, see Contacting the Service Center.

Transfers to and/or from the Fixed Account may be restricted as follows:

• Transfers to and/or from may be prohibited during the first policy year; and

• Only one transfer to may be permitted every 12 months.

Transfers to the Fixed Account may be restricted as follows:

• Transfers to that exceed 20% of the value allocated to the Sub-Accounts (as of the end of the prior Valuation Period) may not be permitted; and

• Transfers to that would result in the Fixed Account value exceeding 30% of the Cash Value may not be permitted.

Transfers from the Fixed Account may be restricted as follows:

• Transfers from, of more than 20% of the Fixed Account value in any policy year (as of the end of the previous policy year), may not be permitted.

Amounts transferred to the Fixed Account may be credited interest at different rates, see Fixed Account. Transfers from the Fixed Account will be on a last-in, first-out basis (LIFO). Any restrictions that Nationwide implements will be applied consistently and uniformly.

Contacting the Service Center

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

• by Internet at www.nationwide.com.

• by telephone at 1-800-848-6331 (TDD 1-800-238-3035)

• by mail to Nationwide Life Insurance Company, P.O. Box 182835, Columbus, Ohio 43218-2835

• by fax at 1-888-677-7393

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.

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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. On any day the post office is closed, Nationwide is unable to retrieve service and transaction requests that are submitted by mail. This will result in a delay of the delivery of those requests to the Service Center.

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. Nationwide may also be required to provide information about a specific policy to government regulators.

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, Rider benefits, 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 and charges, availability of certain investment options, duration of the right to cancel, policy exchange rights, policy Lapse and/or reinstatement requirements, and surrender charge, suicide, and incontestability periods. 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, see Contacting the Service Center.

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).

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It is important to remember that the portion of any amounts allocated to Nationwide’s general account, including any amounts allocated to the Fixed 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.

Risks Associated with COVID-19

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, which has resulted in operational disruptions, as well as market volatility and general economic uncertainty. While Nationwide has implemented risk management and contingency plans and taken preventative measures and other precautions so it can continue to provide products and services to its customers, even as many of its employees and the employees of its service providers continue to work remotely, it is not currently possible to accurately estimate the full impact that the COVID-19 pandemic will have on Nationwide’s businesses as Nationwide continues to be subject to certain risks that could negatively impact its operations.

Significant market volatility and negative investment returns in the market resulting from the COVID-19 pandemic could have a negative impact on returns of the underlying mutual funds in which the Variable Account invests. Additionally, prolonged current economic conditions, consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and voluntary hardship assistance that Nationwide provides to its customers, among other factors related to COVID-19, could affect the amount of sales and profitability of Nationwide’s businesses and could have a negative impact on its financial condition and operations.

While Nationwide is confident in its ability to manage the financial risks related to COVID-19, the extent and duration or the risks related to the COVID-19 pandemic are unknown at this time. It is possible these risks could impact Nationwide’s financial strength and claims-paying ability. There are many factors beyond Nationwide’s control that cannot be mitigated or foreseen that could have a negative impact on Nationwide and the operation of the policy. Nationwide continues to monitor the economic situation and assess its impact on its business operations closely.

Cybersecurity

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 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. Cybersecurity 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 cybersecurity 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.

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Business Continuity Risks

Nationwide is exposed to risks related to natural and man-made disasters and catastrophes, such as storms, fires, earthquakes, public health crises and terrorist acts, which could adversely affect Nationwide’s ability to administer the policy. Natural and man-made disasters may require a significant contingent of Nationwide’s employees to work from remote locations. During these periods, Nationwide could experience decreased productivity, and a significant number of Nationwide’s workforce or certain key personnel may be unable to fulfill their duties if Nationwide’s data or systems are disabled or destroyed. In addition, an extended period of remote work arrangements could introduce operational risk and impair Nationwide’s ability to administer the policy.

Nationwide outsources certain critical business functions to third parties and, in the event of a natural or man-made disaster, relies upon the successful implementation and execution of the business continuity planning of such entities. While Nationwide closely monitors the business continuity activities of these third parties, successful implementation and execution of their business continuity strategies are largely beyond Nationwide’s control. If one or more of the third parties to whom Nationwide outsources such critical business functions experience operational failures, Nationwide’s ability to administer the policy could be impaired.

Policy Owner and Beneficiaries

Policy Owner

The policy belongs to the owner named in the application or as a result of a valid assignment. The policy owner may name a contingent owner who will become the policy owner if the policy owner dies before Proceeds become payable. Otherwise, ownership will pass to the policy owner's estate, if the policy owner is not the Insured.

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.

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 dies, 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 dies 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.

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.

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To Purchase

The policy is available for Insureds between the issue ages of 0 and 85. 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 for non-preferred policies and $100,000 for preferred policies. The basic distinction between the non-preferred and preferred underwriting classifications is that Nationwide expects the Insured under a preferred policy to live longer. Nationwide reserves the right to modify the minimum Base Policy Specified Amount on a prospective basis for newly issued policies at any time.

Coverage

Nationwide will issue the policy only if the underwriting process has been completed, the application is approved, and the proposed Insured is alive and in the same condition of health as described in the application. However, full insurance coverage will take effect only after the minimum initial Premium is paid. Monthly charges are deducted from the policy’s Cash Value beginning on the Policy Date.

Coverage Effective Date

Insurance coverage will begin and be In Force on the Policy Date shown on the Policy Data Page. For a change in the Base Policy Specified Amount and/or Rider Specified Amount, the effective date will be on the next monthly anniversary from the Policy Date after Nationwide approves the request. It will end upon the Insured's death, once the Proceeds are paid or when the policy matures. Coverage will also end if the policy Lapses.

Temporary Insurance Coverage

Temporary Insurance Coverage

Temporary insurance coverage (of an amount equal to the Total Specified Amount, up to $1,000,000) may be available for no charge before full insurance coverage takes effect. Prospective purchasers must submit a temporary insurance agreement and make an initial Premium payment. The amount of this initial Premium payment will depend on the initial Total Specified Amount, choice of death benefit option, and any Riders elected. Temporary insurance coverage will remain In Force for no more than 60 days from the date of the temporary insurance agreement. If full coverage is denied, the temporary insurance coverage will terminate five days from the date Nationwide mails a termination notice (accompanied by a refund equal to the Premium payment made). If full coverage is approved, the temporary insurance coverage will terminate on the date that full insurance coverage takes effect. Allocation of the initial Net Premium will be determined by the right to examine law of the state in which the policy is issued.

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 "right to cancel" period). The length of the right to cancel period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum right to cancel period is 10 days.

In order to cancel the policy during the right to cancel 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 written cancellation requests received in good order by the last day of the right to cancel period (if returned by US mail, the request must be post-marked by the last day of the right to cancel period). If the policy is canceled during the right to cancel period, Nationwide will treat the policy as if it was never issued.

Written cancellation requests received after the close of business on the date the right to cancel period expires will not be canceled free of charge.

Within seven days of receipt of a written cancellation request, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value and any charges deducted or, in certain states, the greater of the Premium paid or the policy's Cash Value plus any charges deducted.

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Allocation of Net Premium During Right to Cancel Period

Where state law requires the return of initial Premium for cancellations during the right to cancel period, 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 right to cancel period expires. At the expiration of the right to cancel 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

The policy does not require a scheduled payment of Premium to keep it In Force. The policy will remain in effect as long as the conditions that cause the policy to Lapse do not exist, see Unfavorable Investment Experience. Upon request, we will furnish Premium receipts.

Initial Premium

The amount of initial Premium will depend on the initial Total Specified Amount of insurance, the death benefit option, and any Riders elected. Generally, the higher the required initial Total Specified Amount, the higher the initial Premium will be. Similarly, because Death Benefit Option 2 and Death Benefit Option 3 provide for a potentially greater Death Benefit than Death Benefit Option 1, Death Benefit Option 2 and Death Benefit Option 3 may require a higher amount of initial Premium. Also, the age, health, and activities of the Insured will affect Nationwide’s determination of the risk of issuing the policy. In general, the greater this risk, the higher the initial Premium required.

Whether Nationwide will issue full insurance coverage depends on the Insured meeting all underwriting requirements, payment of the initial Premium, and delivery of the policy while the Insured is alive. Nationwide will not delay delivery of the policy to increase the likelihood that the Insured is not still living. Depending on the outcome of the underwriting process, more or less Premium may be necessary to issue the policy. If Nationwide does not issue the policy, the Premium payment will be returned within two business days.

The policy owner may pay the initial Premium to the Service Center or to an authorized representative. The initial Premium payment must be at least $50, equal to the minimum monthly Premium. The initial Premium payment will not be applied to the policy until the underwriting process is complete. Allocation of initial Net Premium will be determined by the right to examine law of the state or territory where the policy is issued, see Right to Cancel (Examination Right).

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

Subsequent Premiums

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 $50. 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.

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

Cash Value

Nationwide will determine the Cash Value at least monthly. Cash Value will fluctuate daily and there is no guaranteed Cash Value. At the end of any given Valuation Period, the Cash Value is equal to the sum of:

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• the value of the Accumulation Units allocated to the Sub-Accounts, see Valuation of Accumulation Units;

• amounts allocated to the Fixed Account, including credited interest; and

• amounts allocated to the policy loan account (only if a loan was taken), including credited interest, see Policy Loans.

Surrenders and policy charges and deductions will reduce the Cash Value of the policy. If Cash Value is a factor in calculating a benefit associated with the policy, such as the Death Benefit or a benefit associated with an elected Rider, the value of that benefit will also fluctuate, including being reduced due to surrenders and policy charge deductions. If the policy is surrendered or Lapses, the Cash Value will be reduced by the amount of any Indebtedness.

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 policy charges, plus or minus any investment results, and minus any partial surrenders.

To Change Coverage

After the first policy year, the policy owner may request to change the Total Specified Amount. To change the Total Specified Amount, the policy owner must submit a written request to the Service Center. Changes to the Total 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 or Lapse protection provided by the Guaranteed Policy Continuation Provision would be sufficient to keep the policy In Force for at least three months. Nationwide may limit the number of Total Specified Amount changes to one increase and one decrease each policy year. Changes to the Total Specified Amount will typically alter the Death Benefit.

Increases

To increase the Total Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be Attained Age 85 or younger at the time of the request. Any request to increase the Total Specified Amount must be at least $10,000. An increase in the Total 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 additional Surrender Charge schedule will also apply whenever the Base Policy Specified Amount is increased. An increase in the Base Policy Specified Amount and/or Rider Specified Amount may cause an increase to the amount of subsequent Premium payments needed to keep the policy from Lapsing, see Lapse.

Decreases

The policy owner may request to decrease the Total Specified Amount. Nationwide applies Total Specified Amount decreases to the most recent Base Policy Specified Amount and/or Rider Specified Amount increase and continues applying the decrease backwards while still maintaining the original Total Specified Amount. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Base Policy 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.

Exchanging the Policy

The policy owner has an exchange right under the policy. At any time within the first 24 months of coverage from the Policy Date, the policy owner may surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life without evidence of insurability.

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.

The new policy may be one of Nationwide’s available fixed benefit individual life insurance policies. The death benefit on the new policy may not be greater than the Death Benefit on this policy immediately prior to the exchange date. The new policy will have the same Total Specified Amount, Policy Date, and issue age. Nationwide will base Premium payments on the rates in effect for the same sex, Attained Age, and underwriting class of the Insured on the exchange date, unless otherwise required by state law. The policy owner may transfer Indebtedness to the new policy.

Exchange requests must be made on Nationwide forms and submitted to the Service Center. The policy must be In Force and not in a Grace Period. The policy owner must pay a surrender charge if applicable and surrender the policy to Nationwide. The policy owner must pay any money due on the exchange (any amount needed to ensure that the Cash

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Surrender Value of the new policy is the same as the Cash Surrender Value of this policy). The policy owner may request that any excess of the Cash Surrender Value of this policy over the Cash Surrender Value of the new policy be paid to the policy owner. The exchange may have adverse tax consequences. The new policy will take effect on the exchange date only if the Insured is alive. This policy will terminate when the new policy takes effect.

After the first 24 months of coverage, the policy owner may still surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life. However, issuance of the new policy will depend on the Insured providing satisfactory evidence of insurability.

To Terminate or Surrender

There are several ways that the policy can terminate. The policy will automatically terminate when the Insured dies, the policy reaches the Maturity Date and is not extended (see Proceeds Upon Maturity), or the Grace Period ends. The policy will also terminate if it is fully surrendered.

Terminating the policy may result in adverse tax consequences.

Generally, if the policy has a Cash Surrender Value in excess of the Premiums paid, upon surrender the excess will be included in the policy owner’s income for federal tax purposes, see Taxes. The Cash Surrender Value will be reduced by outstanding Indebtedness, see Policy Loans.

To Assign

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.

Reminders, Reports and Illustrations

Nationwide will send scheduled Premium payment reminders and transaction confirmations to policy owners upon request. Nationwide will also send quarterly and annual statements that show:

• the Total Specified Amount;

• Premiums paid;

• all charges since the last report;

• the current Cash Value;

• the Cash Surrender Value; and

• Indebtedness.

Confirmations of individual financial transactions, such as transfers, partial surrenders, and loans are generated and mailed automatically. Copies may be obtained by contacting the Service Center. Alternatively, policy owners may receive information faster and reduce the amount of mail received by signing up for the eDelivery program. Go to www.nationwide.com/login to change the document delivery preferences.

Nationwide will send these reminders and reports to the address provided on the application unless directed otherwise. At any time after the first policy year, policy owners may ask for an illustration of future benefits and values under the policy, see Illustration Charge.

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IMPORTANT NOTICE REGARDING DELIVERY
OF SECURITY HOLDER DOCUMENTS

When multiple copies of the same disclosure document(s), such as prospectuses, supplements, proxy statements and semi-annual and annual reports are required to be mailed to multiple policy owners in the same household, Nationwide will mail only one copy of each document, unless notified otherwise by the policy owner(s). Household delivery will continue for the life of the policies. A policy owner can revoke their consent to household delivery and reinstitute individual delivery by contacting the Service Center. Individual delivery will resume within 30 days after receiving such notification.

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, except for the Mortality and Expense Risk Charge which is only deducted proportionally from the Sub-Accounts. 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. 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 classification based upon his/her age, sex (if not unisex classified), tobacco rate type, health, and any Substandard Ratings. 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, subject to the guaranteed maximum rates stated in the Policy Data Pages. Changes in policy and/or Rider charges and rates vary by changes in future expectations for factors including, but not limited to, Nationwide’s 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 Insureds of the same Issue Age, sex, rate class, rate type, any Substandard Rating, Base Policy Specified Amount, and Total Specified Amount (if applicable) 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.

Premium Load

Premium Load is comprised of the Sales Load and Premium Taxes. It will vary by policy based on the amount of Premium paid. It is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and Premium taxes, and other 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.

Sales Load

Sales Load (as part of the Premium Load) is deducted from each Premium payment to cover sales expenses. The current Sales Load is $5 per $1,000 of Premium. The guarantee maximum Sales Load is $25 per $1,000 of Premium.

Nationwide may waive the Sales Load on the initial Premium paid into this policy as part of a Nationwide sponsored exchange program to another Nationwide policy as permitted under the securities laws and/or rules or by order of the SEC.

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Premium Taxes

Premium Taxes (as part of the Premium Load) are deducted from each Premium payment to reimburse Nationwide for state and local premium taxes (at the estimated rate of 2.25%) and for federal premium taxes (at the estimated rate of 1.25%). The current (and guaranteed maximum) Premium Tax is $35 per $1,000 of Premium. This amount is not the actual amount of the tax liability Nationwide incurs. It is an estimated amount. If the actual tax liability is more or less, Nationwide will not adjust the charge retroactively.

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.

Partial Surrender Fee

The policy owner may request a partial surrender after the first year from the Policy Date while the policy is In Force. The charge for a partial surrender compensates Nationwide for the administrative costs in calculating and generating the surrender amount. The maximum fee is the lesser of $25 or 2% of the dollar amount of the partial surrender. However, currently, there is no charge for a partial surrender. The Cash Value available for a partial surrender is subject to any Indebtedness.

Surrender Charge

A surrender charge will apply if the policy is surrendered or Lapsed. A surrender charge may apply if the Base Policy Specified Amount is decreased. There are two components of the surrender charge meant to cover policy underwriting, or the underwriting component, and sales expenses, or the sales component, including processing the application, conducting any medical exams, determining insurability and the Insured's underwriting class, and establishing policy records. The surrender charge equals the underwriting component and 26.5% of the sales component. The Surrender Charge is deducted based on the following schedule:

Policy year calculated from the Policy Date or effective date of Base Policy Specified Amount increase:	Percentage of Initial Surrender Charge
1	100%
2	100%
3	90%
4	80%
5	70%
6	60%
7	50%
8	40%
9	30%
After 9	0

The underwriting component is the product of the Base Policy Specified Amount, divided by 1,000, and the administrative target premium. The administrative target premium is actuarially derived, and is used to determine how much to charge per Premium payment for underwriting expenses. The administrative target premium varies by the Insured's age when the policy was issued.

The sales expense component is the lesser of the following two amounts: The first amount is the product of the Base Policy Specified Amount, divided by 1,000, and the surrender target premium. The surrender target premium is actuarially derived, and is used to figure out how much to charge per Premium payment for sales expenses. The surrender target premium varies by: the Insured's sex; issue age; and the underwriting class. The second amount is the sum of all Premium payments made during the first year from the Policy Date.

Nationwide will calculate a separate surrender charge based on the initial Base Policy Specified Amount and each increase in the Base Policy Specified Amount, which are referred to as "segments". The surrender charge for each segment, when added together, will equal the total surrender charge. A surrender charge will also apply when the aggregate surrenders exceed 25% of a segment's Base Policy Specified Amount. Nationwide defers and accrues the

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charge on partial surrenders that do not exceed 25% of the segment's Base Policy Specified Amount. Once partial surrenders exceed 25%, the current and accrued charge will be assessed against the policy’s Cash Value. In determining the 25% level, Nationwide uses a last in-first out method, so that the latest segment reaches the 25% level first. Nationwide may change this practice and assess the surrender charge against all partial surrenders. The surrender charge for a decrease in the Base Policy Specified Amount will be calculated as if the policy was surrendered, though only a portion will be deducted from the policy's Cash Value. The amount of surrender charge deducted will be a product of the surrender charge and the decrease in Base Policy Specified Amount divided by the Base Policy Specified Amount before the decrease.

The surrender charge will typically be greater for a policy with: an older Insured; a male insured; a higher Specified Amount; more first year Premium; or a tobacco rate type. If the Death Benefit option is changed and the change does not result in a different Net Amount At Risk, no surrender charge will be deducted.

The surrender charge may be waived if the policy is surrendered in exchange for a plan of permanent fixed life insurance offered by Nationwide, subject to the following:

• the exchange and waiver may be subject to new evidence of insurability and underwriting approval; and

• the following Riders have not been invoked:

❍	Premium Waiver Rider;
❍	Deduction (of Fees and Expenses Waiver Rider); or
❍	Long-Term Care Rider.

A new surrender charge may apply to the policy received in the exchange.

Cost of Insurance Charge

A Cost of Insurance Charge is deducted proportionally from Sub-Account and Fixed Account allocations on the Policy Date and on each monthly anniversary of the Policy Date. This 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 is the product of the Net Amount At Risk and the cost of insurance rate. The cost of insurance rate will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, how long the policy has been In Force, and the Base Policy Specified Amount and Total Specified Amount (if applicable). The cost of insurance rates are based on Nationwide’s expectations as to future mortality and expense experience, investment earnings, persistency, and taxes. Current and guaranteed monthly cost of insurance rates established at issue generally increase year over year to reflect expectations that mortality and underwriting risks generally increase as the Insured's Attained Age and the length of time the Policy has been In Force increase.

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 and Total Specified Amount (if applicable), 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.

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Mortality and Expense Risk Charge

A Mortality and Expense Risk Charge is deducted monthly from the Cash Value allocated to the Sub-Accounts. The charge will vary by policy based on the amount of Cash Value allocated to the Sub-Accounts and the length of time the policy has been In Force. The charge compensates Nationwide for assuming the risk associated with mortality and expense risk costs. The mortality risk is that the Insured will not live as long as expected. The expense risk is that the costs of issuing and administering the policy will be more than expected. This charge is in addition to any charges assessed by the mutual funds underlying the Sub-Accounts.

Though the maximum guaranteed mortality and expense risk charge is higher, currently, Nationwide deductes this monthly charge according to the following schedule. During the first through 15 years from the Policy Date, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value allocated to the Sub-Accounts, and $0.25 per $1,000 on $25,001 up to $250,000 of Cash Value allocated to the Sub-Accounts. This charge is $0.08 per $1,000 of Cash Value allocated to the Sub-Accounts over $250,000. Beginning in Policy year 16, this charge is: $0.50 per $1000 on the first $25,000 of the Cash Value allocated to the Sub-Accounts, and $0.08 per $1,000 of the Cash Value allocated to the Sub-Accounts over $25,000.

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. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. The charge is currently $10 per month through the first year from the Policy Date and $5 per month thereafter. The maximum guaranteed charge is $10 per month through the first year from the Policy Date and $7.50 per month thereafter.

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.

Reduction of Charges

The policy may be purchased by individuals, corporations, and other entities. Nationwide may reduce or eliminate certain charges (sales load, surrender charge, administrative charges, cost of insurance charge, or other charges) where the size or nature of the group allows Nationwide to realize savings with respect to sales, underwriting, administrative, or other costs. Where prohibited by state law, Nationwide will not reduce charges associated with the policy.

Nationwide determines the eligibility and the amount of any reduction by examining a number of factors, including: the number of policies owned with different insureds; the total premium Nationwide expects to receive; the total cash value of commonly owned policies; the nature of the relationship among individual insureds; the purpose for which the policies are being purchased; the length of time Nationwide expects the individual policies to be in force; and any other circumstances which are rationally related to the expected reduction in expenses.

Nationwide may lower commissions to the selling broker-dealer and/or increase charge back of commissions paid for policies sold with reduced or eliminated charges. Policy owners should consult with a financial professional about reductions available and, where appropriate, obtain an illustration demonstrating the impact of any reduced charges on the policy.

Nationwide may change both the extent and the nature of the charge reductions. Any charge reductions will be applied in a way that is not unfairly discriminatory to policy owners and will reflect the differences in costs of services provided.

Entities considering purchasing the policy should note that in 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that certain annuity benefits provided by employers' retirement and fringe benefit programs may not vary between men and women on the basis of sex. The policies are based upon actuarial tables that distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The

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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 Norris on any employment related insurance or benefit program before purchasing 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 paid to broker-dealer firms. Nationwide may vary the form of compensation paid or the percentage or amounts paid as commission, expense allowance, or marketing allowance, to the extent permitted by SEC and FINRA rules and other applicable laws and regulations. However, the total premium based compensation will not exceed the maximum, which is 99% of first year premiums and 5% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% 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, which may include but not be limited to, providing conferences or seminars, sales or training programs, advertising and sales campaigns regarding the policies, and payments to assist a firm in connection with its administrative systems, operations and marketing expenses and/or other events or activities sponsored by the firms.

Nationwide may also host training and/or educational meetings including the cost of travel, accommodations and meals for firms that sell the policies as well as assist such firms with marketing or advertisement costs.

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 financial professionals typically receive a portion of the commissions/total compensation paid, depending on their arrangement with their broker-dealer firm. Policy owners should consult the financial professional to know the exact compensation arrangement associated with this policy.

Information on Underlying Mutual Fund Service Fee 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.

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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 provided. Overall, Nationwide may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.

Nationwide took into consideration the anticipated mutual fund service fee 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 mutual fund service fee payments, Nationwide would have imposed higher charges under the policy.

Amount of Payments Nationwide Receives

For the year ended December 31, 2020, the underlying mutual fund service fee 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 the 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.

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 subject to ERISA, upon a plan trustee’s request, Nationwide will provide a best estimate of plan-specific, aggregate data regarding the amount of underlying mutual fund service fee 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, fund expenses, asset class coverage, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, and the capability and qualification of each investment firm. Other factors Nationwide may consider during the identification process are: whether the underlying mutual fund's advisor or sub-advisor is a Nationwide affiliate; whether the underlying mutual fund or its service providers (e.g., the investment advisor or sub-advisors), or its affiliates will make mutual fund service fee payments to Nationwide or its affiliates in connection with certain administrative, marketing, and support services; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. For additional information on these arrangements, see Types of Payments Nationwide Receives. Nationwide reviews the funds periodically and may remove a fund or limit its availability to new contributions and/or transfers of account value if Nationwide determines that a fund no longer satisfies one or more of the selection criteria, and/or if the fund has not attracted significant allocations from policy owners.

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Nationwide does not recommend or endorse any particular fund and it does not provide investment advice.

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

Policy Riders and Rider Charges

Riders are available for purchase to design the policy to meet the policy owner’s specific needs. The policy owner may purchase any Rider (except for both the Premium Waiver and Deduction of Fees and Expenses Waiver Riders, simultaneously). Once the policy is In Force, to add a Rider, Nationwide may require further evidence of insurability. The policy owner may only elect the Adjusted Sales Load Life Insurance Rider when purchasing the policy.

The availability, operation, and benefits of the Riders may vary by the state where the policy is issued. The policy owner will be charged for a Rider: so long as the policy remains In Force and the Rider's term has not expired; until the benefit has been paid; or the policy owner decides he or she no longer need the benefit and contacts the Service Center in writing.

Adjusted Sales Load Life Insurance Rider

The benefit associated with the Adjusted Sales Load Life Insurance Rider is the replacement of all or a portion of the up-front Premium Load (comprised of the Sales Load and Premium Taxes) with a monthly Rider charge. A policy owner may elect the number of years (from one to seven) that Premium Load would be replaced. A Premium Load would be assessed on any amount that is not replaced by the Rider.

Availability

This Rider is only available to purchase at the time of application.

Adjusted Sales Load Life Insurance Rider Charge

A monthly Adjusted Sales Load Life Insurance Rider Charge is assessed to compensate Nationwide for the sales and premium tax expenses that it will not collect in the form of Premium Load. The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load. The monthly charge is the product of aggregate Premiums paid since the Policy Date, the portion of Premium Load replaced (expressed as a whole percentage of Premiums paid), and the factor of 0.0001354. The Rider's charge may vary. Each Premium payment made during the selected Rider period will cause the Rider's charge to increase. How long the Rider charge is assessed will also vary. The Rider charge will be assessed for nine policy years, plus the number of years (from one to seven) that Premium Load is replaced (with a maximum Rider charge period of 15 years). However, if a policy owner stops making Premium payments during that one to seven-year period, the Rider charge will only be assessed for nine policy years, plus the number of years that Premium payments were actually made.

For example, upon election, the policy owner anticipated making Premium payments for five years. Therefore, the policy owner could expect to have the Rider charge assessed for 14 years (nine years plus five years). However, the policy owner actually makes the last Premium payment in policy year three, and does not make any additional Premium payments. Since the policy owner did not get full "use" of the Rider (the policy owner only received three years worth of Premium Load replacement), the Rider charge will only be assessed for 12 policy years (nine years plus the three years' worth of benefit received).

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If the policy terminates within the first 10 policy years, Nationwide will deduct from the Cash Surrender Value an amount to compensate it for the Premium Load waived, but not recovered, as a Rider charge. The amount deducted from the Cash Surrender Value will equal the product of the actual Premium Load replaced by the Rider (in dollars) and the percentage from the following table that corresponds to the number of years the policy has been In Force.

Policy Year	Percentage
1	100%
2	90%
3	80%
4	70%
5	60%
6	50%
7	40%
8	30%
9	20%
10	10%
11 and later	0%

For example, the policy owner elected to replace the Premium Load for seven years. During the fifth policy year, the policy owner terminates the policy. During the five years the policy was In Force, $10,000 of Premium was paid. The amount of Premium Load that the Rider replaced is $400 ($40 for each $1,000 of Premium). Therefore, Nationwide will deduct $240 (60% of $400) from the policy’s Cash Surrender Value.

The Adjusted Sales Load Life Insurance Rider Charge is deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Adjusted Sales Load Life Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Children's Term Insurance Rider

Subject to underwriting approval, a policy owner may purchase term life insurance on the Insured's children at any time while the policy is In Force. If an insured child dies while the policy is In Force and before the Maturity Date, the policy pays a benefit to the named beneficiary. The insurance coverage for each insured child will continue (as long as the policy is In Force) until the earlier of: (1) the policy anniversary on or next following the date the Insured's child turns age 22; or (2) the policy anniversary on which the Insured reaches Attained Age 65. Subject to certain conditions specified in the Rider, the Rider may be converted into a policy on the life of the insured child without evidence of insurability. The Rider will be effective until the Rider's term expires, until the benefit is paid, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Children’s Term Insurance Rider Charge

A monthly Children's Term Insurance Rider Charge will be deducted if this Rider is elected. The Children’s Term Insurance Rider Charge compensates Nationwide for providing term insurance on the lives of each Insured child. The Rider charge is $0.43 per $1,000 of the Children's Term Insurance Rider's Specified Amount and will be assessed as long as the policy is In Force and the Rider is in effect. The Rider charge will be the same, even if the number of children covered under the Rider changes. Nationwide may decline a request to add another child based on underwriting standards.

The Children's Term Insurance Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Children’s Term Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Long-Term Care Rider

Availability

Subject to Nationwide's underwriting approval, the Long-Term Care Rider may be purchased at any time while the policy is In Force. If purchased six months or more after the Policy Date, Nationwide will require new evidence of insurability. Underwriting and approval of the Long-Term Care Rider are separate and distinct from underwriting and approval of the

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policy and Additional (insurance) Protection Rider. Therefore, it is possible that the underwriting risk class for the Long-Term Care Rider could differ from the policy and Additional (insurance) Protection Rider or that an Insured could qualify for the policy and Additional (insurance) Protection Rider and still be declined for the Long-Term Care Rider.

There is a right to cancel associated with this Rider. Within 30 days of receipt of the Rider, the policy owner may return it to the sales representative who sold it, or to the Service Center. The Rider will be void and related charges will be refunded as a credit to the policy, see Right to Cancel (Examination Right).

State regulation of long-term care benefits will result in differences in this Rider's name, covered services, criteria for eligibility of benefit payment, cost of insurance charge factors, maximum monthly benefit amounts, minimum monthly benefit amounts, and availability of the 10% residual Death Benefit. State variations are subject to change without notice at any time. Contact the Service Center to obtain a copy of the Long-Term Care Rider applicable to the policy, see Contacting the Service Center.

Long-Term Care Rider Benefit

The benefit associated with the Long-Term Care Rider is that, upon the Insured meeting certain eligibility requirements, the policy owner is paid a monthly benefit to assist with the Insured’s expenses associated with nursing home care or home health care. Benefit payments represent an advance of a portion of the Total Specified Amount which will ultimately reduce the Cash Surrender Value and Death Benefit. The Long-Term Care Rider has no Cash Surrender Value and no loan values.

The Long-Term Care Specified Amount elected must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount. The maximum monthly benefit, which is determined by Nationwide at the time a request for benefits under the terms of the Rider is submitted, will be the lesser of:

(1)	2% of Long-Term Care Specified Amount in effect; or
(2)	the per diem amount allowed by the Health Insurance Portability and Accountability Act times the number of days in the month.

The maximum lifetime benefit under any combination of home health care benefits and long-term care facility benefits is equal to the lesser of the Long-Term Care Specified Amount or the Total Specified Amount minus Indebtedness.

A policy owner may request to receive a monthly benefit less than the maximum subject to any minimum monthly benefit. Choosing a lesser amount could extend the length of the benefit period of the Long-Term Care Rider.

Decreases in the Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount only if the Total Specified Amount is less than the Long-Term Care Specified Amount after the decrease.

Invoking the Rider

To invoke this Rider, the Insured must be certified by a licensed health care practitioner as: (1) having a severe cognitive impairment or (2) unable to do at least two of the following activities of daily living: bathing, continence, dressing, eating, using the toilet facilities, or transferring (moving into or out of bed, chair, or wheelchair) for a period of at least 90 days. The Insured must also be receiving qualified long-term care services specified in a plan of care submitted to Nationwide.

In addition, a 90-day waiting period, referred to as an "elimination period," must be satisfied before benefits are paid. Benefits will not be retroactively paid for the elimination period. The elimination period can be satisfied by any combination of days of long-term care facility stay or days of home health care, as those terms are defined in the Rider. These days of care or services need not be continuous, but must be accumulated within a continuous period of 730 days. The elimination period has to be satisfied only once while the Rider is in effect. The benefit associated with the Rider may not cover all long-term care costs incurred. The benefits paid in association with the Rider are intended to be "qualified long-term care insurance" under federal tax law, and generally will not be taxable to the policy owner, see Taxes. See a tax advisor about the use of this Rider.

Note: The Rider does not provide benefits for chronic illness resulting from suicide attempts, the commission of felonies, alcoholism or drug addiction, non-organic mental or psychoneurotic disorders, or war. The Rider also does not cover preexisting conditions not disclosed in the application if the need for services begins during the first six months after the Rider effective date.

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Impact of Invoking the Long-Term Care Rider on the Policy and other Riders

While Long-Term Care Rider benefits are being paid, the following are not permitted: loans, partial surrenders, changes to the Base Policy Specified Amount or Total Specified Amount, changes in underwriting classification, addition of other Riders, or changes in death benefit option. In addition, the following are applicable:

• Waiver of the Long-Term Care Rider Charge: The Long-Term Care Rider charge will be waived while Long-Term Care Rider benefits are being paid; however, all other monthly deductions will continue to be charged as long as the policy’s Cash Surrender Value is sufficient.

• Policy Lapse Protection: To the extent the policy's Cash Surrender Value is insufficient to cover all other monthly deductions while benefits are being paid under the Rider, all monthly deductions will be waived and the policy will not Lapse. This includes monthly deductions for other In Force Riders. Premium requirements for any death benefit guarantee feature of the policy or any elected Rider are not waived. Once the Long-Term Care Rider benefit is no longer being paid, payment of additional Premium may be necessary to prevent the policy from Lapsing.

• Death Benefit: The total amount of Rider benefits paid will be subtracted from the Total Specified Amount in calculating the Death Benefit. If the remaining Death Benefit is less than 10% of: the base Policy Specified Amount minus any Indebtedness when the Insured dies and the Rider is In Force, a residual Death Benefit of: 10% of the base Policy Specified Amount minus any Indebtedness will be paid.

• Cash Surrender Value and Policy Loans: The Cash Surrender Value and the amount available for partial surrenders and policy loans will be reduced by the total amount of Long-Term Care benefits paid at the time a request is received.

• Specified Amount Decreases: Decreases in the Base Policy Specified Amount or Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount if the Base Policy Specified Amount or Total Specified Amount would otherwise be less than the Long-Term Care Specified Amount after the decrease.

• Accelerated Death Benefit for Terminal Illness Rider: The total amount of long-term care benefits paid will be subtracted from the Death Benefit amount available to be accelerated if the Insured is terminally ill.

Terminating the Rider

This Rider will terminate when the policy matures, the Insured dies, the Policy Guard Rider is invoked, the policy is terminated, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Long-Term Care Referral Service

If the Rider is elected, the Insured will have access to a national long-term care services referral network via a toll-free telephone number. Services include free consultation and tailored information to assist in planning and implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.

If the Rider is elected, the policy owner will have access to a national long-term care services referral network via a toll-free telephone number. Services provided include free consultation and tailored information to assist in implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.

Claims

Written notice of a claim must be given within 30 days after the Insured begins receiving qualified long-term care services. Written proof of claim, consisting of detailed documentation that describes and confirms the Insured is chronically ill and is receiving qualified long-term care services, must be given within 90 days. If Nationwide determines that a benefit trigger has not been met, it will follow internal and external review processes consistent with applicable laws and regulations in the state of issue. The policy owner must give immediate notice when the receipt of qualified long-term care services has ceased or is no longer required. Nationwide, at its own expense, has the right to have the Insured examined as often as it may reasonably require while Long-Term Care Rider benefits are being paid.

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Nationwide may contest claims payments under the Rider for misrepresentations made in the application for the Rider, an application for an increase of the Long-Term Care Specified Amount, or an application to reinstate the Rider after a Lapse.

Long-Term Care Rider Charge

A monthly charge is deducted from the Cash Value if this Rider is elected. The charge compensates Nationwide for providing long-term care benefits upon the Insured meeting certain eligibility requirements. The Rider Charge is the product of a long-term care cost of insurance rate and the lesser of the Long-Term Care Rider's Specified Amount and the policy's Net Amount At Risk. The long-term care cost of insurance rate is based on Nationwide’s expectations as to the Insured’s potential need for long-term care over time and will vary by the Insured's sex, Attained Age (in some states Issue Age), underwriting classification, and any Substandard Ratings.

The Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Rider Charge is deducted from the Cash Value, electing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value and Death Benefit.

Spouse Life Insurance Rider

The benefit associated with the Spouse Life Insurance Rider is a death benefit payable upon the death of the spouse named on the application ("Insured Spouse") to the designated beneficiary. If no beneficiary is designated, the benefit is payable to the Insured.

This Rider may be purchased at any time while the policy is In Force, subject to underwriting approval and the following age restrictions:

• the Insured must be between Attained Age 21 and 59 (this Rider is no longer available on or after the policy anniversary on which the Insured reaches Attained Age 59); and

• the Insured Spouse must be between Attained Age 18 and 69 at the time this Rider is elected.

This Rider will terminate on the earliest of: the policy anniversary on which the Insured Spouse reaches Attained Age 70, the date the Policy Guard Rider is invoked, the date the Rider is converted to a new policy, the date the policy matures or otherwise terminates, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

This Rider has a conversion right. The Insured Spouse may exchange this Rider's benefit for a level premium, level benefit, permanent plan of whole life insurance, subject to limitations.

Spouse Life Insurance Rider Charge

A monthly Rider charge is deducted if this Rider is elected. The Spouse Life Insurance Rider Charge compensates Nationwide for providing term insurance on the life of the Insured Spouse. The Rider charge is the product of the Spouse Life Insurance Rider's Specified Amount and the Insured Spouse life insurance cost of insurance rate. The Insured Spouse life insurance cost of insurance rate is based on Nationwide’s expectations as to the mortality of the Insured Spouse. The Insured Spouse life insurance cost of insurance rate will vary by the Insured Spouse's sex, Attained Age, underwriting class, any Substandard Ratings, and the Spouse Life Insurance Rider's Specified Amount.

The Spouse Life Insurance Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Spouse Life Insurance Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Decreases in the Base Policy Specified Amount may result in a corresponding decrease in the Spouse Life Insurance Rider's Specified Amount.

Accidental Death Benefit Rider

Subject to Nationwide’s underwriting approval, this Rider may be elected at any time. The Rider pays a benefit, in addition to the Death Benefit, to the named beneficiary upon the Insured's accidental death. The benefit continues until the Insured reaches Attained Age 70. The policy owner will be charged for this Rider: so long as the policy remains In Force and the Rider's term has not expired; the benefit has been paid, the policy matures or otherwise terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination

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will be effective on the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

The charge for this benefit is deducted from the policy's Cash Value, therefore this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Otherwise, the benefit of this Rider and the Death Benefit are independent of one another.

Accidental Death Benefit Rider Charge

The charge for this Rider compensates Nationwide for providing coverage in the event of the Insured's accidental death, meaning the Insured's death as a result of bodily injury caused by external, violent and accidental means from a cause other than a risk not assumed. The charge is the product of the Accidental Death Benefit Rider Specified Amount and the accidental death benefit cost of insurance rate. The accidental death benefit cost of insurance rate is based on Nationwide’s expectations as to the likelihood of the Insured's accidental death. The accidental death benefit cost of insurance rate will vary by the Insured's sex, Attained Age, underwriting class and any Substandard Ratings.

Premium Waiver Rider

Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time.

Rider Benefit

The benefit associated with the Premium Waiver Rider is a monthly credit to the policy upon the Insured's total disability for six consecutive months not caused by a risk not assumed. Risks not assumed vary by state. Contact the Service Center to obtain a copy of the Premium Waiver Rider applicable to the policy.

The amount credited to the policy will be the lesser of:

• the Premium specified by the policy owner; or

• the average actual monthly Premiums paid over the last 36 months prior to the disability (or such shorter period of time that the policy has been In Force).

The monthly credit applied pursuant to the Rider may not be sufficient to keep the policy from Lapsing. Purchasing this Rider could help preserve the Death Benefit.

Benefit Duration

If the Insured is younger than Attained Age 63 at the time of the total disability, the Rider coverage continues until the Insured turns Attained Age 65. If the Insured is Attained Age 63 or older at the time of the total disability, the Rider coverage continues for two years. This Rider is effective until the Rider's term expires, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Interaction with the Deduction (of Fees and Expenses) Waiver Rider

This Rider cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under that Rider is sufficient to keep the policy from Lapsing where as the benefit payable under the Premium Waiver Rider is not sufficient to keep the policy from Lapsing, see Deduction (of Fees and Expenses) Waiver Rider.

Premium Waiver Rider Charge

A monthly Premium Waiver Rider Charge will be deducted if this Rider is elected. The Premium Waiver Rider Charge compensates Nationwide for crediting the policy with the amount of scheduled due and payable Premium payments upon the Insured's total disability for six consecutive months.

The Rider Charge is the product of the Rider's benefit (the monthly policy credit) and the premium waiver cost rate. The premium waiver cost rate is based on Nationwide’s expectations as to likelihood of the Insured's total disability for six consecutive months. The premium waiver cost rates will vary by policy based on the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.

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The Premium Waiver Rider Charge will be deducted proportionally from the Sub-Account allocations and Fixed Account. Because the Premium Waiver Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Change of Insured Rider

The Rider is only available in connection with policies issued to corporate entities or in other business contexts where the primary purpose is to provide protection or benefits to employees. The Rider is not available to individuals outside of these limited business purposes. The benefit associated with the Change of Insured Rider is that the policy owner may change the Insured at any time after the Policy Date, subject to insurability and the requirements below. There is no charge to change the Insured; however, the policy charges after the change will vary by characteristics of the new Insured including the new Insured’s Attained Age, sex, rate type and rate classification including any Substandard Ratings.

Change of Insured requirements:

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

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 requirements are met. The Policy Date will not change.

The Total Specified Amount of the policy will be as stated by the policy owner in the application for the change subject to the following:

(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 stated in the Policy Data Pages.

If the new Insured commits suicide, while sane or insane, within two years of the change date, Nationwide will not pay the Death Benefit. Instead, an amount will be paid equal to the Cash Value as of the change date, plus the sum of Premiums paid since the change date, less any Indebtedness, and less any partial surrenders.

After a change of Insured, Nationwide will not contest the policy after it has been In Force for two years from the change date.

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.

Additional (insurance) Protection Rider

The benefit associated with the Additional (insurance) Protection Rider is term life insurance on the Insured, in addition to that under the base policy. The Death Benefit Proceeds attributable to the Additional (insurance) Protection Rider are payable to the beneficiary upon the Insured's death if the Additional (insurance) Protection Rider is still In Force. The

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Additional (insurance) Protection Rider has no cash value and no loanable value nor does it modify any cash or loan values of the base policy. Policy owners should request illustrations showing the impact of purchasing coverage with and without the Additional (insurance) Protection Rider.

Subject to Nationwide’s underwriting approval, this Rider may be purchased at any time while the policy is In Force and until the Insured reaches Attained Age 85. If purchased after the Policy Date, Nationwide will require evidence of insurability. The death benefit option for the base policy will also be the death benefit option for the Additional (insurance) Protection Rider.

The Additional (insurance) Protection Rider coverage terminates on the earliest of the following dates:

• the date the Insured dies;

• the original Maturity Date of the base policy;

• the date the policy Lapses;

• the date the policy terminates for any reason; or

• the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center.

Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

The policy owner cannot extend the Additional (insurance) Protection Rider coverage beyond the policy's Maturity Date, see Extending Coverage Beyond the Maturity Date.

Additional (insurance) Protection Rider Impact

Cost of Insurance Charges

Electing coverage under the Additional (insurance) Protection Rider, as opposed to electing coverage only under the base policy, should lower the policy owner's overall cost of insurance. This is due in part to the broker-dealer firm receiving less overall compensation for selling a policy with the Additional (insurance) Protection Rider. It is also possible that less Premium may be required to maintain to the Death Benefit over the life of the policy or that increased Premium may be needed if the Additional (insurance) Protection Rider is not purchased.

Guaranteed Policy Continuation Provision

This provision protects the policy from Lapse under certain conditions, see Guaranteed Policy Continuation Provision. However, coverage elected under the Additional (insurance) Protection Rider is not covered by this provision beyond the fifth policy year. In comparison, the base policy may provide longer coverage, see Lapse.

Additional (insurance) Protection Rider Charge

A monthly Additional (insurance) Protection Rider Charge will be deducted if the Rider is elected. The Additional (insurance) Protection Rider Charge compensates Nationwide for providing term life insurance on the Insured.

The monthly cost of insurance charge for this Rider is determined by multiplying the Rider monthly cost of insurance rate by the Rider death benefit. The Rider death benefit will be based on the elected Death Benefit and may vary monthly. The Additional (insurance) Protection Rider cost of insurance rate is based on Nationwide’s expectation as to the Insured's mortality and expense experience. The Additional (insurance) Protection Rider cost of insurance rate will vary by the Insured's sex, Attatined Age, underwriting class, any Substandard Ratings, and the Total Specified Amount.

The Additional (insurance) Protection Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Additional (insurance) Protection Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on the Cash Value.

Deduction (of Fees and Expenses) Waiver Rider

Subject to Nationwide’s underwriting approval, this Rider can be elected at any time so long as the policy is In Force and it is before the Policy Date on or following the date the Insured reaches age 59.

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Rider Benefit

The benefit associated with this Rider is a waiver of the policy's monthly deductions if the Insured becomes totally disabled, as defined in the Rider, for at least six consecutive months. No benefit is available if total disability results from a risk not assumed; risks not assumed may vary by state. Contact the Service Center to obtain a copy of the Deduction (of Fees and Expenses) Waiver Rider applicable to the policy.

Disability During the First Three Years from the Policy Date

If the Insured becomes totally disabled for six consecutive months within the first three years from the Policy Date, the benefit is a credit to the policy in an amount necessary to keep the policy In Force as opposed to a waiver of the monthly deductions. The Cash Value will increase by the amount in which the minimum monthly premium exceeds the monthly deductions, just as if the minimum monthly premium had been paid.

Disability Following the First Three Years from the Policy Date

If the Insured becomes totally disabled for six consecutive months any time after the first three years from the Policy Date, the benefit is a waiver of the policy's monthly deductions. For example, if the policy owner becomes totally disabled for six consecutive months two years and eight months from the Policy Date, for the first four months, the benefit would be a credit equal to the amount necessary to keep the policy In Force. After that, the Rider's benefit becomes a waiver of the policy's monthly charges.

Following the third year from the Policy Date, the Rider's benefit alone may not be sufficient to keep the policy from Lapsing. The policy owner may need to make additional premium payments to prevent Lapse. However, while the Rider's benefit is being paid, it will cost less on a monthly basis to keep the policy In Force.

Benefit Duration

The benefit duration depends on the Insured's age when total disability begins. Before age 60, the benefit continues for as long as the Insured is totally disabled (even if that disability extends past when the Insured reaches age 65). The benefit will end if you invoke the Policy Guard Rider. Between ages 60 and 63, the benefit continues until the Insured turns age 65. From age 63, the benefit lasts only for two years.

Interaction with Premium Waiver Rider

This Rider cannot be elected if the Premium Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under this Rider appears to be the same as the benefit payable under the Premium Waiver Rider, i.e., both Riders credit amounts to the policy. However, the monthly credit under this Rider will be sufficient to keep the policy from Lapsing but only during the first three years from the Policy Date. The benefit under the Premium Waiver Rider is not guaranteed to be sufficient to keep the policy from Lapsing, see Premium Waiver Rider.

Deduction (of Fees and Expenses) Waiver Rider Charge

The charge for this Rider compensates Nationwide for the risks assumed in crediting and/or waiving policy charges during the Insured's total disability. The charge is the product of the amount of periodic charges deducted from the policy on a monthly basis (excluding the cost for this Rider) and the deduction waiver cost rate. The deduction waiver cost rate is based on Nationwide’s expectations as to the likelihood of the Insured's total disability for six consecutive months. The deduction waiver cost rate varies by the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.

The charge for this Rider is deducted proportionately from the Sub-Account and Fixed Account allocations; therefore, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Policy Guard Rider

A policy owner is able to prevent the policy from Lapsing due to Indebtedness by invoking the Policy Guard Rider, which provides a guaranteed paid-up insurance benefit. The Rider is designed to enable the policy owner of a policy with a substantially depleted Cash Value, due to Indebtedness, to potentially avoid the negative tax consequences associated with Lapsing the policy.

Note: Neither the IRS nor the courts have ruled on the tax consequences of invoking the Policy Guard Rider. It is possible that the IRS or a court could assert that the Indebtedness should be treated as a distribution, all or a portion of which could be taxable when the Rider is invoked. Consult with a tax advisor regarding the risks associated with invoking this Rider.

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Availability

All policies for which the guideline premium/cash value corridor life insurance qualification test is elected will automatically receive the Policy Guard Rider (state law permitting). The Rider is dormant until specifically invoked by the policy owner, at which time a one-time charge is assessed.

This Rider is not available for policies for which the cash value accumulation life insurance qualification test was elected.

Eligibility

The policy owner is eligible to invoke the Rider upon meeting the following conditions:

• Indebtedness reaches a certain percentage of the policy's Cash Value (the percentage will range from 95% to 99% based upon the life insurance qualification test and the Insured's Attained Age);

• The Insured is Attained Age 75 or older;

• The policy is currently In Force and has been In Force for at least 15 years;

• The policy's Cash Value is at least $100,000; and

• All amounts available for partial surrender not subject to federal income tax have been taken.

The first time the policy's Indebtedness reaches the percentage that makes the policy eligible for the Rider, Nationwide will notify the policy owner of the policy's eligibility to invoke the Rider. The letter will also describe the Rider, its cost, and its guaranteed benefits. The Rider may be invoked at any time, provided that the above conditions are met.

Impact on Other Riders and the Policy

The Long-Term Care Rider, the Spouse Life Insurance Rider, and the Deduction (of Fees and Expenses) Waiver Rider will terminate or will need to be terminated by the policy owner prior to invoking the Policy Guard Rider. An election to invoke the Policy Guard Rider is irrevocable.

Additionally, Nationwide will adjust the policy as follows:

(1)	If not already in effect, the death benefit option will be changed to Death Benefit Option 1.
(2)	The Total Specified Amount will be adjusted to equal the lesser of: (1) the Total Specified Amount immediately before the Rider was invoked; or (2) the Total Specified Amount that will cause the Death Benefit to equal the Minimum Required Death Benefit immediately after the charge for the Rider is deducted. This "new" Total Specified Amount will be used to calculate the Death Benefit pursuant to The Death Benefit provision.
(3)	Any non-loaned Cash Value (after deduction of the Policy Guard Rider charge) will be transferred to the Fixed Account, where it will earn the minimum guaranteed fixed interest rate of the base policy (shown in the Policy Data Pages).

After the above adjustments are made, the Indebtedness will continue to grow at the policy's loan charged rate, and the amount in the policy loan account will continue to earn interest at the policy's loan crediting rate. No additional policy charges will be assessed. No further loans may be taken from the policy and no withdrawals may be taken from the policy (except for a full policy surrender). Cash Value may not be transferred out of the Fixed Account. The Death Benefit will be the greater of the Total Specified Amount or the Minimum Required Death Benefit. The policy will remain as described above for the duration of the policy.

Policy Guard Rider Charge

The Policy Guard Rider Charge is a one-time charge deducted at the time the Rider is invoked, and is assessed against the Cash Value allocated to the Sub-Accounts and the Fixed Account. The charge is intended to cover the administrative costs and to compensate Nationwide for the risks associated with the Rider's guaranteed paid-up death benefit. The charge is the product of the policy's Cash Value and an age-based factor ranging from 0.15% to 15.70% as shown in the Policy Data Pages.

If the Cash Value less Indebtedness is insufficient to satisfy the charge, the Rider cannot be invoked without repaying enough Indebtedness to cover the charge.

Invoking the Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value.

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Policy Owner Services

Dollar Cost Averaging

Dollar cost averaging is an investment strategy designed to reduce the investment risks associated with market fluctuations and promote a more stable Cash Value and Death Benefit over time. A policy owner may elect to participate in the dollar cost averaging program at the time of application or at a later date by submitting an election form to the Service Center. An election to participate in the program that is submitted after application will be effective at the end of the Valuation Period coinciding with the date requested or, if that date has passed or no date is specified, at the end of the Valuation Period during which the request was received, or the end of the right to cancel period, whichever is later.

There is no charge for dollar cost averaging and dollar cost averaging transfers do not count as transfer events. Dollar cost averaging transfers will continue to be processed until there is no more Cash Value left in the originating investment option(s) or until a policy owner instructs Nationwide to terminate the service. Policy owners may direct Nationwide to automatically transfer specific amounts from the Fixed Account and the:

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

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

• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

to any other Sub-Account. Certain Sub-Accounts may or may not be available depending on when the policy was purchased, see Appendix A: Underlying Mutual Fund Information for details on Sub-Account availability. Transfers from the Fixed Account must be no more than 1/30th of the Fixed Account value at the time the program is elected.

Nationwide does not assure the success of these strategies and cannot guarantee that dollar cost averaging will result in a profit or protect against a loss. A policy owner should carefully consider his or her financial ability to continue these programs over a long enough period of time to purchase Accumulation Units when their value is low, as well as when their value is high. Nationwide may modify, suspend, or discontinue these programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.

Enhanced Dollar Cost Averaging

Periodically, Nationwide may offer enhanced dollar cost averaging programs. When offered, these programs will be available only at the time of application. All or a portion of the initial Premium may be applied to a program. Subsequent Premium is not eligible for inclusion in the program. Under an enhanced dollar cost averaging program, the interest rate credited to the initial Premium allocated to the Fixed Account will be greater than the interest rate credited to standard Fixed Account allocations. Enhanced dollar cost averaging programs will last for one year and Cash Value attributable to the enhanced dollar cost averaging program will be transferred from the Fixed Account to the selected Sub-Account(s) based on the following schedule:

Beginning of Month	Fraction of Cash Value Transferred
2	1/11
3	1/10
4	1/9
5	1/8
6	1/7
7	1/6
8	1/5
9	1/4
10	1/3
11	1/2
12	Remaining Amount

Enhanced Dollar Cost Averaging transfers are not considered transfer events.

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Asset Rebalancing

A policy owner may elect to participate in an asset rebalancing program. Asset rebalancing involves the automatic rebalancing of the Cash Value in the chosen Sub-Accounts (up to 20) on a periodic basis. Cash Value allocated to the Fixed Account is not eligible for asset rebalancing. A policy owner can schedule asset rebalancing to occur every three, six, or 12 months on days when Nationwide prices Accumulation Units. There is no charge for asset rebalancing and it does not count as a transfer event.

A policy owner may elect to participate in an asset rebalancing program at the time of application or at a later date by submitting an election form to the Service Center. Unless elected otherwise, asset rebalancing will not affect the allocation of Premiums paid after beginning the program. Manual transfers will not automatically terminate the program. As long as a policy with asset rebalancing elected remains In Force, termination of asset rebalancing will only occur as a result of specific instruction by a policy owner to do so. Nationwide may modify, suspend, or discontinue asset rebalancing programs at any time.

Automated Income Monitor

Automated Income Monitor is an optional systematic partial surrender and/or policy loan program that may be elected at any time, at no additional cost. This program is only available to policies that are not modified endowment contracts.

Automated Income Monitor programs are intended for policy owners who wish to take an income stream of scheduled payments from the Cash Value of the policy. The income stream is generated via partial surrenders until the policy cost basis is depleted, then through policy loans. Taking partial surrenders and/or policy loans may result in adverse tax consequences, will reduce policy values and therefore limit the ability to accumulate Cash Value, and may increase the likelihood the policy will Lapse. Before requesting the Automated Income Monitor program, policy owners should consult with financial and tax advisors.

At the time of application for a program, Nationwide will provide policy owners with an illustration of the proposed income stream and impacts to the Cash Value, Cash Surrender Value, and Death Benefit. Policy owners must submit this illustration along with an application when electing an Automated Income Monitor program. Programs will commence at the beginning of the next monthly anniversary after Nationwide receives the election form and illustration. On each policy anniversary thereafter Nationwide will provide an updated In Force illustration to assist policy owners in determining whether to continue, modify, or discontinue an elected program. Policy owners may request modification or termination of a program at any time by written request to the Service Center.

A policy owner’s program will be based on the policy's Cash Surrender Value at the time of election and each succeeding policy anniversary, and on the following elections:

(1) Payment type:

(a)	Fixed Amount: If a policy owner elected payments of a fixed amount, the amount received will not vary with policy Investment Experience; however, the length of time the elected payment amount can be sustained will vary based on the illustration assumptions below and the policy's Investment Experience; or
(b)	Fixed Duration: If a policy owner elected payments for a fixed duration, the amount received during the first year will be based on the illustration assumptions below. After the first year, the amount will vary based on the illustration assumptions and policy Investment Experience to maintain the elected duration.

(2) Illustration assumptions:

(a)	an assumed variable rate of return specified by the policy owner from the available options stated in the election form;
(b)	minimum Cash Surrender Value targeted by the policy owner to have remaining on the policy's Maturity Date, or other date specified by the policy owner. This dollar amount is used to calculate available income. It is not guaranteed to be the Cash Surrender Value on the specified date;
(c)	a policy owner may also request a change of death benefit option, or a decrease in Base Policy Specified Amount to be effective in conjunction with commencing a program or to occur at a future date; and
(d)	payment frequency: monthly; quarterly; semi-annually; or annually. Payments on a monthly basis are made by direct deposit (electronic funds transfer) only.

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Generally, higher variable rate of return assumptions, a lower target Cash Surrender Value, and Death Benefit Option 1, will result in larger projected payments or longer projected durations. However, larger payments or longer duration may increase the likelihood the policy will Lapse.

Note: Policy owners are responsible for monitoring the policy to prevent Lapse. Nationwide will provide annual In Force illustrations based on current Cash Surrender Values and the elected illustration assumptions to assist policy owners with preventing Lapse. Policy owners may request modification or termination of a program at any time by written request to the Service Center.

Automated Income Monitor programs are subject to the following additional conditions:

(1) To prevent adverse tax consequences, a policy owner can authorize Nationwide to make scheduled payments via policy loan when:

(a)	the policy's cost basis is reduced to zero;
(b)	a partial surrender within the first 15 policy years would be a taxable event;
(c)	or to prevent the policy from becoming a MEC, see Taxes.
	Note: Partial surrenders and policy loans taken under the Automated Income Monitor program are subject to the same terms and conditions as other partial surrenders and policy loans, see Partial Surrender and Policy Loans.

(2)	While a program is in effect, no Premium payment reminder notices will be sent unless requested; however, Premium payments will be accepted.
(3)	Programs will terminate on the earliest of the following:

(a)	Nationwide’s receipt at the Service Center of a written request to terminate participation;
(b)	at the time the policy enters a Grace Period or terminates for any reason;
(c)	at the time of a requested partial surrender or policy loan outside the program;
(d)	upon a change of policy owner;
(e)	for income based on a fixed duration, the end of the period the policy owner specified at the time of election;
(f)	on any policy anniversary when the current Cash Surrender Value is less than or equal to the target Cash Surrender Value assumption the policy owner specified;
(g)	at any time the scheduled partial surrender or policy loan would cause the policy to fail to qualify as life insurance under Section 7702 of the Code; or
(h)	the policy's Maturity Date.

Additionally, the program will terminate when one of the following Riders is invoked or begins providing benefits: the Policy Guard Rider and the Long-Term Care Rider.

Nationwide will notify policy owners upon termination of an Automated Income Monitor program. In addition, Nationwide may modify, suspend, or discontinue Automated Income Monitor programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.

Policy Loans

After the expiration of the right to cancel 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. Notwithstanding anything to the contrary set forth in this prospectus, Nationwide may accept requests submitted via telephone, subject to dollar amount limitations and payment and other restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice. Contact the Service Center for current limitations and restrictions, see Contacting the Service Center.

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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 $200. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value allocated to the Sub-Accounts plus 100% of the Cash Value allocated to the Fixed Account, plus 100% of the policy loan account, less any surrender charge. 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 transfers an amount equal to the policy loan from the policy's investment options. 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. Interest credited to the policy loan account is an obligation of Nationwide’s general account and is dependent on Nationwide’s financial strength and claims paying ability. 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 maximum interest rate Nationwide may charge against Indebtedness is 3.90% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. 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 transfer an amount equal to the unpaid interest from the policy's investment options 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 transferred from the policy's investment options as unpaid interest charges will be transferred to the policy loan 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.

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 Surrender, Lapse, Maturity in Taxes.

When Interest is Charged and Credited

Interest charged against Indebtedness accrues daily. Interest earned on collateral also accrues daily. Nationwide will transfer interest charged on Indebtedness from the policy's investment options to the collateral account, and transfer interest credited on collateral from the policy loan account to the investment options:

• Annually, at the end of a policy year;

• At the time a new loan is requested;

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• 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 will be less and in some cases, significantly less, than the interest charged against the Indebtedness.

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 monthly policy charges, including Rider charges, see Unfavorable Investment Experience. A policy owner can avoid Lapsing the policy by paying the amount required by the Guaranteed Policy Continuation Provision or by invoking the Policy Guard Rider to prevent the policy from Lapsing due to Indebtedness. Before any Lapse, there is a Grace Period during which a policy owner can take action to prevent the Lapse. Subject to certain conditions, a policy owner may reinstate a policy that has Lapsed.

Guaranteed Policy Continuation Provision

The policy provides for a Guaranteed Policy Continuation Period. The policy will not Lapse during the Guaranteed Policy Continuation Period if the policy owner pays the Policy Continuation Premium amount shown on the Policy Data Pages.

The Policy Continuation Premium required is stated in the Policy Data Pages and will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, the Total Specified Amount and any Riders elected.

The Policy Continuation Premium can only change due to action taken by the policy owner. If a policy owner has made any changes to the policy after it is issued, including any policy loans or partial surrenders, increases or decreases to the Total Specified Amount, adding or terminating a Rider, and/or changing the death benefit option, the Policy Continuation Premium may change. A change will result in reissued Policy Data Pages which will show the new Policy Continuation Premium. Upon request and for no charge, Nationwide will determine whether Premium payments, minus any Indebtedness and partial surrenders, are sufficient to keep the Guaranteed Policy Continuation Provision in effect.

The Guaranteed Policy Continuation Period will begin when Nationwide issues the policy and will continue for the lesser of 30 years, or the number of years until the Insured reaches Attained Age 65, from the Policy Date. For policies issued on Insured's age 55 or older on the Policy Date, the Guaranteed Policy Continuation Period is 10 years.

When the Guaranteed Policy Continuation Period ends, if the Cash Surrender Value remains insufficient to cover the monthly policy charges, the policy is at risk of Lapsing and a Grace Period will begin. There is no separate additional charge for the Guaranteed Policy Continuation Provision.

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Grace Period

If the Cash Surrender Value on any monthly anniversary 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. If the required Premium is not paid within 61 days, the policy and all Riders will Lapse. The amount is equal to the lesser of:

• the amount of Premium required to pay any due and unpaid policy charges plus three times the current monthly deductions; or

• the amount of Premium that will bring the Guaranteed Policy Continuation Provision back into effect, if applicable.

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

Reinstatement

A policy owner may request reinstatement of a Lapsed policy by:

(1)	submitting, at any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date, a written request to the Service Center to reinstate the policy;
(2)	providing evidence of insurability satisfactory to Nationwide;
(3)	paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement, or, if the policy is in the Guaranteed Policy Continuation Period, paying the lesser of (a) and (b) where:

(a)	is the amount of Premium sufficient to keep the policy In Force for three months from the date of reinstatement; and
(b)	is the amount of Premium sufficient to bring the Guaranteed Policy Continuation Provision into effect;

(4)	paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and
(5)	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.

If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any reinstated Riders, will be the coinciding or next monthly anniversary of the Policy Date 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 lesser of the surrender charge corresponding to the policy year in which the policy is reinstated or 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 in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Any applicable surrender charges will be deducted from the policy’s Cash Value, see Surrender Charge. See Payment of Policy Proceeds for additional information.

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Policy Restoration after a Full Surrender

Prior to the Insured's death, Nationwide will permit restoration of a surrendered policy pursuant to established procedures to meet the requirements of state insurance law regarding the replacement of life insurance (i.e., use of the Proceeds from a surrendered policy to purchase a new policy). Restored policies will be treated as if they were never surrendered for all purposes, including Investment Experience, interest, and deduction of charges, see Policy Restoration Procedure in the Statement of Additional Information.

Partial Surrender

After the policy has been In Force for one year, the policy owner may request a partial surrender of the policy's Cash Surrender Value. During the first 10 policy years, the amount of a partial surrender cannot exceed 10% of the Cash Surrender Value as of the beginning of the policy year. Nationwide may limit partial surrenders to one per year from the Policy Date. The minimum amount of any partial surrender request is $200.

When a partial surrender is taken, Nationwide will reduce the Cash Value by the partial surrender amount. The Base Policy Specified Amount will also be reduced by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Base Policy Specified Amount will not be greater than the excess of the partial surrender amount over the preferred partial surrender amount (a preferred partial surrender is a partial surrender that occurs before the 15th policy anniversary and does not exceed 10% of the Cash Surrender Value as of the beginning of the policy year). In any event, a partial surrender will reduce the Cash Value in each Sub-Account the same proportion as the current allocations.

Partial surrenders may be subject to income tax penalties. They could also cause the policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy, see Periodic Withdrawals, Non-Periodic Withdrawals, and Loans. See Payment of Policy Proceeds for additional information.

Notwithstanding anything to the contrary set forth in this prospectus, requests submitted via telephone will be accepted subject to dollar amount limitations and payment restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice to the policy owner. Contact the Service Center for current limitations and restrictions on partial surrenders.

Reduction of Base Policy Specified Amount on a Partial Surrender

Nationwide will reduce the Cash Value of the policy by the amount of any partial surrender in the same proportion as how Cash Value is allocated among the Sub-Accounts. Nationwide will only reduce the Cash Value attributable to the Fixed Account when allocations in the Sub-Accounts are insufficient to cover the amount of the partial surrender.

Nationwide may reduce the Base Policy Specified Amount to ensure that the Net Amount At Risk does not increase due to a partial surrender. Because the policy’s Net Amount At Risk is the same before and after the reduction, a partial surrender by itself does not alter the policy's cost of insurance. The policy's charges going forward will be based on a new Base Policy Specified Amount that will change the calculation of those charges. Depending on changes in variables such as the Cash Value, these charges may increase or decrease after the reduction in Base Policy Specified Amount. However, Nationwide will not reduce the Base Policy Specified Amount when a preferred partial surrender is taken. A preferred partial surrender is a surrender taken before the 15th year from the Policy Date, the maximum aggregate annual amount of which is no more than 10% of the policy's Cash Surrender Value as of the beginning of that year.

Any reduction to the Base Policy Specified Amount will be made in the following order:

• against the most recent increase in the Base Policy Specified Amount;

• against the next most recent increases in the Base Policy Specified Amount in succession; and

• against the Base Policy Specified Amount under the original application.

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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, if the Insured dies by suicide, or benefits were paid under a Rider that accelerated all or a portion of the Death Benefit.

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.

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, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.

The interest rate attributable to the accumulated premium account is referred to as the Death Benefit Option 3 Interest Rate and is stated in the Policy Data Pages. The amount of the accumulated premium account will be no less than zero and no greater than twice the Total Specified Amount.

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 the policy is issued, 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.

If a specific test is not elected, Nationwide will issue the policy with the guideline premium/cash value corridor test. If the cash value accumulation test is elected, the Policy Guard Rider is not available.

Cash Value Accumulation Test

The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, sex, 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.

Guideline Premium/Cash Value Corridor Test

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.

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In deciding which test to elect for the policy, consider the following:

• The cash value accumulation test generally allows flexibility to pay more Premium, subject to Nationwide's approval of any increase in the policy's Net Amount At Risk that would result from higher Premium payments. Premium payments under the guideline premium/cash value corridor test are limited by Section 7702 of the Code.

• Generally, the guideline premium/cash value corridor test produces a higher Death Benefit in the early years of the policy while the cash value accumulation test produces a higher Death Benefit in the policy's later years.

• Monthly cost of insurance charges that vary with the amount of the Death Benefit may be greater during the years when the elected test produces a higher Death Benefit.

Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code. As a result, the Proceeds payable under a 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 so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.

Changes in the Death Benefit Option

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

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 remains the same before 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.

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 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.

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, partial surrenders, and any benefits paid as an acceleration of the Base Policy Specified Amount or Total Specified Amount. Similarly, if the Insured dies by suicide within two years from the date an application for an increase in the Total Specified Amount as 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.

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Proceeds Upon Maturity

If the policy is In Force on the Maturity Date, Nationwide will pay the Proceeds to the policy owner.

Normally, the Proceeds will be paid within seven days after receipt of the policy owner’s written request for payment of Proceeds 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.

Extending Coverage Beyond the Maturity Date

Nationwide may offer to extend coverage beyond the Maturity Date to coincide with the Insured's death, at which time the Proceeds will be paid to the beneficiary. During this coverage extension, the policy owner will still be able to request partial surrenders, and if elected, the Long-Term Care Rider will remain in effect (though there will be no charge for it). The termination of some policy and/or Rider benefits will coincide with the policy's Maturity Date (unless the policy owner decides otherwise). The extension of coverage will be for the Cash Value (as defined below) or for the Total Specified Amount (subject to the law of the state in which the policy owner lived at the time the policy was purchased).

If coverage is extended beyond the policy's Maturity Date, Nationwide will endorse the policy so that:

(1)	if extended for the Total Specified Amount, the policy's Total Specified Amount will be equal to the Base Policy Specified Amount and will be adjusted to what it was when the Insured reached Attained Age 70, subject to any partial surrenders;
(2)	no changes to the Base Policy Specified Amount and/or Total Specified Amount will be permitted (as they are the same);
(3)	no changes to the death benefit option will be allowed;
(4)	no additional Premium payments will be allowed;
(5)	no additional monthly periodic charges will be deducted; however, loan interest will continue to be charged on Indebtedness;
(6)	100% of the policy's Cash Value will be transferred to the Fixed Account;
(7)	if coverage is extended for the policy’s Cash Value, the policy's Death Benefit will become the Cash Value, regardless of the previous death benefit option choice;
(8)	if the Policy Guard Rider is in effect prior to the extension of coverage beyond the Maturity Date, the Total Specified Amount will continue to be defined as the adjusted Total Specified Amount; and
(9)	if the Additional (insurance) Protection Rider is in effect, the extension of coverage beyond the Maturity Date will not apply to the Rider Specified Amount.

Note: Partial surrenders will affect the Base Policy Specified Amount (and thus Total Specified Amount) of a policy with Death Benefit Option 1 based on the Insured's Attained Age at the time the partial surrender is requested. While the Insured is between the Attained Age of 71 and 90, a partial surrender will decrease the Base Policy Specified Amount proportionately. If the Insured is Attained Age 91 or older, a partial surrender will reduce the Proceeds by an amount proportionate to the ratio of the partial surrender to the Cash Value prior to the partial surrender.

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

The primary purpose of 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 Surrendering the Policy; Maturity.

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

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Payment of Policy Proceeds

Normally, Nationwide will make a lump sum payment of the Proceeds within seven days after the written request for payment is received at the Service Center. However, Nationwide may postpone payment of the Proceeds from:

• the general account options for up to six months;

• on the days that it is unable to price Sub-Account Accumulation Units, see Valuation of Accumulation Units; and/or

• as permitted or required by federal securities laws and rules and regulations of the SEC.

Death Benefit Proceeds are paid from Nationwide’s general account. For payout options other than lump sum, Nationwide will issue a settlement contract in exchange for the policy, see Policy Settlement Options.

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, the Death Benefit will be surrendered and placed in a non-interest bearing account. While in the non-interest bearing account, Nationwide will continue to perform due diligence required by state law. Once the state mandated period has expired, 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.

Policy Settlement Options

Proceeds (Death Benefit, maturity Proceeds, or Cash Surrender Value) may be paid out in a lump sum, or in another form that is elected at application.

At any time before the Proceeds become payable, a policy owner may request to change the payout option by writing to the Service Center.

If more than one payout option is elected, at least $2,000 must be apportioned to each option and each payment (made at the specified interval) must be at least $20. The settlement options below are based on predetermined fixed payments.

If the policy owner does not make an election as to the form of the Proceeds, upon the Insured's death, the beneficiary may make the election. Changing the beneficiary of the policy will revoke the payout option(s) in effect at that time. Proceeds are neither assignable nor subject to claims of creditors or legal process. If the beneficiary does not make an election, Nationwide will pay the Proceeds in a lump sum.

Note that for the remainder of Payment of Policy Proceeds provision, "payee" means the person(s) entitled to the Proceeds.

Interest Income Option

If the Interest Income Option is elected, Nationwide retains the Proceeds and credits the Proceeds with interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually whether any interest in excess of 2.5% will be credited. The interest can be credited at the end of 12-, six, three, or one month intervals.

At any time, the policy owner can withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.

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Income for a Fixed Period Option

If the Income for a Fixed Period Option is elected, Nationwide retains the Proceeds and makes payments to the payee at specified intervals over a certain number of years, not to exceed 30. Each payment will consist of a portion of the Proceeds plus interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The payments can be paid at the beginning of 12-, six, three, or one month intervals.

At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.

Life Income with Payments Guaranteed Option

If the Life Income with Payments Guaranteed Option is elected, Nationwide will retain the Proceeds and make payments to the payee at specified intervals for a guaranteed period (10, 15, or 20 years) and, if the payee is still living at the end of the guaranteed period, the payments will continue for the rest of the payee’s life. During the guaranteed period, Nationwide will pay interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be paid. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

Once payments begin under this option, withdrawals are not permitted. If a payee dies before the guaranteed period has elapsed, Nationwide will make the remaining payments to the payee’s estate. If the payee dies after the guaranteed period has elapsed, no further payments will be made.

Fixed Income for Varying Periods Option

If the Fixed Income for Varying Periods Option is elected, Nationwide will retain the Proceeds and pay a fixed amount at specified intervals until the Proceeds and accumulated interest have been exhausted. The total amount payable each year may not be less than 5% of the original Proceeds. Nationwide will credit interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, Nationwide will pay the remaining Proceeds and accumulated interest to the payee’s estate.

Joint and Survivor Life Option

If the Joint and Survivor Life Option was elected, Nationwide will retain the Proceeds and make equal payments to the payees at specified intervals for the life of the last surviving payee. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

Once payments begin under this option, withdrawals are not permitted. Payments will cease upon the death of the last surviving payee. Nationwide will make no payments to the last surviving payee's estate. It is possible that only one payment will be made under this option if both payees die prior to the first payment.

Alternate Life Income Option

If the Alternate Life Income Option is elected, Nationwide will use the Proceeds to purchase an annuity with the payee as annuitant. The amount payable will be 102% of the current individual immediate annuity purchase rate on the date of the individual immediate annuity is elected. The Proceeds can be paid at the end of 12-, six, three, or one month intervals. Since the payments are based on the payee’s lifetime, the payee may not withdraw any amount designated to this option once payments begin. Payments will cease upon the payee’s death. No payments will be made to the payee’s estate.

Payments to Minors

Nationwide will not make payments directly to minors. Contact a legal advisor for options to facilitate payment of Policy Proceeds intended for a minor’s benefit.

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Taxes

The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and 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.

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.

Federal Transfer Tax

In addition to the income tax, the United States also assesses a tax on some or all of the value of certain transfers of property made by gift while a person is living (the federal gift tax), and by bequest or otherwise at the time of a person's death (the federal estate tax).

The federal gift tax is imposed on the value of the property (including cash) transferred by gift. Each donor is allowed to exclude an amount per recipient from the value of present interest gifts. An unlimited marital deduction may be available for certain lifetime gifts made by the donor to the donor's spouse as well as for certain amounts that pass to the decedent’s surviving spouse.

The Tax Cuts and Jobs Act (the "Act") of 2017, doubled the basic estate and gift tax exclusion amount from $5 million to $10 million for estates of persons dying and gifts occurring after December 31, 2017. The exclusion amount is adjusted annually for inflation.

If the transfer is made to someone two or more generations younger than the transferor, the transfer may be subject to the federal generation-skipping transfer tax ("GSTT"). The GSTT provisions generally apply to the same transfers that are subject to estate or gift taxes. The GSTT is imposed at a flat rate equal to the maximum estate tax rate of 40% subject to any applicable exemptions.

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.

Federal Transfer Tax

Generally, the Code treats the payment of premiums on a life insurance policy as a gift when the premium payment benefits someone else (such as when premium payments are paid by someone other than the policy owner). Gifts are not generally included in the recipient's taxable income. If the policy owner (whether or not they are the insured) transfers ownership of the policy to another person, the transfer may be subject to a federal gift, estate and income tax.

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Investment Gain in the Policy

The income tax treatment of increases 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 believes the policy meets the statutory requirements of Code Section 7702 and will monitor the policy’s compliance with 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 currently taxed as 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 favorable tax treatment. In 2003, the IRS issued formal guidance, in Revenue Ruling 2003-91, which provides 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 favorable 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 favorable tax treatment. The revenue ruling did not indicate the number of underlying investment options, if any, that would cause the policy to not provide favorable tax treatment. Should the U.S. Secretary of the Treasury issue additional rules or regulations that would limit: 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, then 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.

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 in order 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 and loans from the policy depends on whether the policy is also considered 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.

Depending on the policy owner's circumstances, the use of the cash value of the policy to pay for the cost of any rider to the base life 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 taking into account the policy owner's individual facts and circumstances.

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.

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Section 7702A of the Code defines a modified endowment contract as those life insurance policies issued or materially changed on or after June 21, 1988 where the total premiums paid at any time during the first 7 contract years exceed the amount that would have been paid at that point if the policy provided for paid up benefits after the payment of 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 because 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 partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are treated first as a distribution of gain to the extent that 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 an exception to the 10% penalty applies.

A Life Insurance Policy that is NOT a Modified Endowment Contract

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 contract. Otherwise, Nationwide will reject the requested action or refund any premium paid that exceeds the modified endowment limits.

Distributions from a life insurance policy that is not a modified endowment contract is generally treated as being first a return of nontaxable premiums paid or investment in the contract, and then taxable income after full recovery of the investment in the contract. Distributions not in excess of investment in the contract will reduce the owner's investment in the contract.

However, in certain circumstances a distribution from a policy that is not a modified endowment contract may not be treated as being first a return of investment in the contract as previously described. Pursuant to Section 7702(f)(7), a cash distribution during the first 15 years after a policy is issued and a reduction in the face amount of the death benefit may result in the cash distribution being fully or partially taxable to the policy owner. The policy owner should consult a competent tax advisor to carefully consider this potential tax consequence and seek further information before requesting any changes in the terms of the policy.

In general, interest paid on a policy loan will not be deductible. In addition, unlike a modified endowment contract, 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.

Surrender, Lapse, 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 is 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 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 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.

Additional Medicare Tax

Section 1411 of the Code imposes a surtax of 3.8% on certain net investment income received by individuals and certain trusts and estates. The surtax is imposed on the lesser of (a) net investment income or (b) the excess of the modified adjusted gross income over a threshold amount. For individuals, the threshold amount is $250,000 (married filing jointly); $125,000 (married filing separately); or $200,000 (other individuals). The threshold for an estate or trust is $7,500.

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Modified adjusted gross income is equal to adjusted gross income with several modifications; the policy owner should consult with a tax advisor regarding how to determine the policy owner’s modified adjusted gross income for purposes of determining the applicability of the surtax.

Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable gain from the sale or surrender of a life insurance policy.

Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable distributions from, and gain from the sale or surrenders of, life insurance policies.

Sale of a Life Insurance Policy

If a life insurance policy is transferred or sold it may be taxable to the extent of the gain in the policy and, all or a portion of the gain will be treated as ordinary income. The Tax Cuts and Jobs Act of 2017, provides that for purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for cost of insurance (COI) charges. This reverses the IRS’s position in Revenue Ruling 2009-13 that on the sale of a cash value life insurance policy, the seller’s investment in the contract is reduced by previously imposed COI charges.

Under the transfer for value rule, the sale of the policy may result in a portion of the death benefit proceeds being taxable income when paid to the beneficiary. However, exceptions to the transfer for value rule will preclude taxation of the death benefit proceeds if the transfer is to the insured under the policy, a partner of the insured, a partnership of which the insured is a partner, or to a corporation in which the insured is a shareholder or officer.

However, the Tax Cuts and Jobs Act of 2017 provides that the exceptions to the transfer for value rule noted above are not available if the life insurance policy was transferred in a reportable policy sale. Therefore, in a reportable policy sale some portion of the death benefit proceeds will be taxable.

The Tax Cuts and Jobs Act of 2017 also provides special tax reporting requirements that apply to the sale of a life insurance policy in a reportable policy sale or the transfer of a life insurance policy to a foreign person. Under these reporting requirements the buyer of a life insurance policy in a reportable policy sale must report the amount of the sales proceeds to the IRS as well as the insurance company that issued the policy. Upon receipt of 1) the report of sale from the buyer or 2) any notice of a transfer of a life insurance policy to a foreign person, the insurance company is then required to report information related to the sale or transfer of the life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy or a transfer of the policy to a foreign person should consult a qualified tax advisor.

Exchanging the Policy for Another Life Insurance Policy

Generally, policy owners will be taxed on amounts received in excess of the investment in the contract when the policy is surrendered in full. However, if the policy is exchanged for another life insurance policy, endowment contract, or annuity contract, the policy owner will not be taxed on the excess amount if the exchange meets the requirements of Code Section 1035. To satisfy Section 1035, the insured named in the policy must be the insured under the new policy.

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.

Federal Income Taxation of Death Benefits

Death of Insured

Under Section 101 of the Code, the death benefit is generally excludable from the beneficiary’s gross income by reason of the insured’s death. 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 (see, Sale of Life Insurance Policy).

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

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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.

Accelerated Death Benefits

The death benefit under a life insurance policy may be distributed at a time earlier than the death of the insured, and all or a portion of the distribution may still be excludable from gross income under the Code.

Terminal Illness

The death benefit under a life insurance policy may be distributed when the insured is considered a "terminally ill individual" as that term is defined under the Internal Revenue Code. In this situation the distribution is treated as paid by reason of death of the insured and will generally be excluded from the policy owner’s gross income under Section 101 of the Code, see Federal Income Taxation of Death Benefits.

Long-Term Care

A long-term care rider issued with a life insurance policy or one that is subsequently added to the policy may allow for acceleration of all or a portion of the death benefit upon the insured being certified as a "chronically ill individual" as that term is defined under the Internal Revenue Code. If the long-term care rider meets the requirements of a qualified long-term care insurance contract as defined under Section 7702B of the Internal Revenue Code, then a distribution of all or a portion of the death benefit will generally be excluded from income under the Code. The long-term care rider issued with this life insurance policy is intended to be a qualified long-term care insurance contract under Section 7702B of the Internal Revenue Code.

The amount of the long-term care benefit that is excludable from gross income on an annual basis is limited to the greater of (1) the HIPAA per diem amount or (2) the amount of actual qualifying long-term care expenses incurred, reduced by any reimbursements received for qualifying long-term care services provided for the insured. While the long-term care rider issued with this life insurance policy may or may not pay a long-term care benefit that is limited to the HIPAA per diem amount , Nationwide cannot guarantee that the long-term care benefit will be treated as tax free. If multiple indemnity contracts are owned on a single insured, the payments received from these contracts are aggregated for purposes of determining whether the amounts received exceed the greater of the HIPAA per diem amount or the amount of actual qualifying long-term care expenses incurred.

The Tax Cuts and Jobs Act of 2017 changed the methodology used to calculate the annual inflation adjustments to the HIPAA per diem amount. The change will result in a lower rate of increase in the annual HIPAA per diem. Therefore, it is highly recommended that the policy owner consults their tax advisor when contemplating the amount of long-term care benefit to be taken under the long-term care rider.

The long-term care rider may pay benefits if the insured is receiving qualified long-term care services outside of the United States. It is the responsibility of the policy owner to determine if collecting benefits while outside the United States will subject the policy owner to taxation in the United States, the country of residence, or any other foreign jurisdiction.

Payment of long-term care rider charges will be made through deductions from the cash value of the life policy. These deductions from the cash value are considered to be distributions from the life policy for federal tax purposes and will not be included in income even if the policy owner has fully recovered their investment in the contract.

The payment of long-term care benefits made to the policy owner of the long-term care rider will be reported on a Form 1099-LTC. In addition, deductions from the cash value of the life insurance policy to pay for long-term care rider charges during the calendar year will also be reported on Form 1099-R.

This discussion of the tax treatment of the long-term care rider is not meant to be all inclusive. 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 Transfer (Estate, Gift and Generation Skipping Transfer) Taxes

When the insured dies, the death benefit will generally be included in the insured's federal gross estate if: (1) the proceeds were payable to or for the benefit of the insured's estate; or (2) the insured held any "incident of ownership" in the policy at death or at any time within three years of death. An incident of ownership, in general, is any right in the policy that may be exercised by the policy owner, such as the right to borrow on the policy or the right to name a new beneficiary.

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If the beneficiary is two or more generations younger than the insured, the death benefit may be subject to the GSTT. Pursuant to regulations issued by the Treasury, Nationwide may be required to withhold a portion of the proceeds and pay them directly to the IRS as the GSTT payment.

If the policy owner is not the insured or a beneficiary, then payment of the death benefit to the beneficiary will be treated as a gift to the beneficiary from the policy owner.

Special Considerations for Corporations

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 originally 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 to the employer that may be excluded from income cannot exceed the sum of premiums paid and other payments made by the policy owner for the policy. Consequently, under this general rule, some portion of the death benefit will be taxable.

The general rule of taxability will not apply if the statutory notice and consent requirements are satisfied before the policy is issued and one of the following apply:

1.	The insured was an employee at any time during the 12-month period before the insured’s death.
2.	At the time that the policy is issued, the insured is either a director, a "highly compensated employee" (as defined in the Code), or a "highly compensated individual" (as defined in the Code).
3.	The death benefit is paid to a family member of the insured (as defined under the Code), an individual who is a designated beneficiary (other than the employee) of the insured, a trust established for either the family member’s or beneficiary’s benefit, or the insured’s estate, or
4.	The death benefit is used to buy an equity interest in the employer from the family member of the insured, beneficiary, trust or estate.

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 employer-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.

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.

Limitation on interest and other business deductions

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.

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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.

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.

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.

FATCA

Under Sections 1471 through 1474 of the Internal Revenue Code (commonly referred to as FATCA), distributions from a policy to a foreign financial institution or to a nonfinancial foreign entity, each as described by FATCA, may be subject to United States tax withholding at a flat rate equal to 30% of the taxable amount of the distribution, irrespective of the status of any beneficial owner of the policy or of the distribution. Nationwide may require you to provide certain information or documentation (e.g., Form W-9 or Form W-8BEN) to determine its withholding requirements under FATCA.

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.

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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.

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 professional.

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 makes no representation as to the likelihood of the continuation of these current laws, interpretations, and policies.

The Consolidated Appropriations Act, 2021 that was enacted into law on December 27, 2020 changed the interest rate assumption used under Section 7702 to determine the amount of premium allowed to fund a policy. The change is generally favorable and only applies to life insurance policies issued on or after January 1, 2021.

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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, Guam, the U.S. Virgin Islands, 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 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.

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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.

Nationwide will not substitute shares of any underlying mutual fund in which the Sub-Accounts invest without any necessary prior approval of the appropriate state and/or federal regulatory authorities. All affected policy owners will be notified in writing by U.S. mail, or any other means permitted by law, 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.

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 separate account from participation in the underlying mutual fund(s) involved in the conflict.

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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. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company maintains Professional Liability Insurance and Director and Officer Liability insurance policies that may cover losses for certain legal and regulatory proceedings. The Company will make adequate provision for any probable and reasonably estimable recoveries under such policies.

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 Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or their affiliates, the Company is cooperating with regulators.

Nationwide Investment Services Corporation

The general distributor, NISC (the "Company"), is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company has agreements with Nationwide Life Insurance Company (NLIC) under which, NLIC pays all litigation costs on behalf of the Company. Should NLIC be unable or unwilling to pay these costs in the future, the Company would be liable for such costs.

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 Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Financial Statements

The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-4 and the financial statements and schedules of Nationwide Life Insurance Company (the "Company"). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the 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 financial statements of the Company as affecting the investment performance of the assets of the separate account.

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Appendix A: Underlying Mutual Fund Information

This appendix contains information about the underlying mutual funds in which the Sub-Accounts 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:
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.
MF:	The underlying mutual fund operates as a "feeder fund", which means it invests all of its investment assets in another mutual fund, the "master fund". Investors in this underlying mutual fund will bear the fees and expenses of both this underlying mutual fund and the "master fund" in which it invests. Therefore, this may result in higher expenses than those of other underlying mutual funds that invest directly in individual securities. Refer to the prospectus for this underlying mutual fund for more information.
VOL:	The underlying mutual fund uses a volatility management strategy to reduce a policy owner’s exposure to equity investments when equity markets are volatile which may limit investment losses in a down market. However, use of such a strategy may also limit the growth of the policy’s Cash Value. Allocation to this type of investment option may result in foregone investment gains that could otherwise be realized by investing in riskier investment options.

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

This Sub-Account is only available in policies issued before May 1, 2004

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

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 II

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 Disciplined Core Value Fund: Class I

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Capital growth by investing in common stocks. Income is a secondary objective.

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.

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II

Investment Advisor:	BlackRock Advisors, LLC
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	Seek high total investment return.

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Investment Objective:	The fund seeks to match the performance of the Standard & Poor's® SmallCap 600 Index (S&P SmallCap 600 Index).

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BNY Mellon Stock Index Fund, Inc.: Initial Shares

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The fund seeks to match the total return of the S&P 500® Index.

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2003

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Sub-advisor:	Newton Investment Management Limited
Investment Objective:	The fund seeks long-term capital appreciation.

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2016

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
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.

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Investment Objective:	The fund seeks capital growth.

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares

Investment Advisor:	Federated Equity Management Company of Pennsylvania
Sub-advisor:	Federated Investment Management Company, Federated Advisory Services Company, Fed Global
Investment Objective:	To achieve high current income and moderate capital appreciation.

Designation: VOL

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

This Sub-Account is only available in policies issued before May 1, 2008

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

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 2020 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 2030 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 Energy Portfolio: Service Class 2

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Reasonable income.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

This Sub-Account is only available in policies issued before May 1, 2015

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High level of current income while also considering growth of capital.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High level of current income.

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

This Sub-Account is only available in policies issued before May 1, 2017

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Long-term growth of capital.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Sub-advisor:	FMR Co., Inc. (FMRC), FMR Investment Management (UK) Limited (FMR UK), and other investment advisers serve as sub-advisers for the fund.
Investment Objective:	Long-term growth of capital.

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class

This Sub-Account is only available in policies issued before May 1, 2006

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks capital appreciation with income as a secondary goal.

Designation: FF

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

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks to maximize income while maintaining prospects for capital appreciation.

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1

This Sub-Account is only available in policies issued before May 1, 2006

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks long-term capital appreciation, with preservation of capital as an important consideration.

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1

Investment Advisor:	Franklin Mutual Advisers, LLC
Investment Objective:	Seeks long-term total return.

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

This Sub-Account is only available in policies issued before April 30, 2014

Investment Advisor:	Templeton Asset Management, Ltd.
Investment Objective:	Seeks long-term capital appreciation.

68

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

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2005

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

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

This Sub-Account is only available in policies issued before April 30, 2014

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

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

This Sub-Account is only available in policies issued before May 1, 2019

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

Invesco - Invesco V.I. American Franchise Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Seeks capital growth.

Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (formerly, Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I)

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

Invesco - Invesco V.I. Global Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Invesco - Invesco V.I. Global Strategic Income Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks total return.

Invesco - Invesco V.I. Main Street Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I)

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

Ivy Variable Insurance Portfolios - Asset Strategy: Class II

This Sub-Account is only available in policies issued before May 1, 2017

Investment Advisor:	Ivy Investment Management Company
Investment Objective:	To seek to provide total return.

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2004

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 - Janus Henderson Forty Portfolio: Service Shares

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

69

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares

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

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2004

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

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

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

MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class

This Sub-Account is only available in policies issued before March 27, 2015

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

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I

This Sub-Account is only available in policies issued before May 1, 2009

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	Above-average total return over a market cycle of three to five years by investing primarily in a diversified portfolio of fixed income securities.

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I

This Sub-Account is only available in policies issued before May 1, 2004

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.

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Allianz Global Investors U.S. LLC
Investment Objective:	The Fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide long-term growth of capital.

Designation: MF

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Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide growth of capital.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The fund seeks to achieve long-term growth of capital and income.

Designation: MF

Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Amundi Pioneer Institutional Asset Management, Inc.
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 AQR Large Cap Defensive Style Fund: Class I

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

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (formerly, Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks capital growth and income through investments in equity securities, including common stocks and securities convertible into common stocks.

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

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

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint(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 Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint(SM) Funds.

Designation: FF

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I

This Sub-Account is no longer available to receive transfers or new premium payments effective October 16, 2020

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Columbia Management Investment Advisers, LLC
Investment Objective:	The Fund seeks to maximize total return consisting of capital appreciation and/or current income.

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Columbia Management Investment Advisers, LLC
Investment Objective:	The fund seeks to maximize total return consisting of capital appreciation and/or current income.

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

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

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The fund seeks long-term total return consistent with reasonable risk.

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Lazard Asset Management LLC and Standard Life Investments (Corporate Funds) Limited
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 Federated High Income Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I)

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 Government Bond Fund: Class I

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

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Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

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. The Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share.

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

This Sub-Account is only available in policies issued before May 1, 2020

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 Equity Fund: Class II

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2011

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 II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the 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 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 Balanced Fund: Class II

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 Investor Destinations Capital Appreciation Fund: Class II

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 NVIT Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Jacobs Levy Equity Management, Inc.
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The Fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I

This Sub-Account is no longer available to receive transfers or new premium payments effective September 11, 2020

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The Fund seeks capital appreciation, and secondarily current income.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The fund seeks capital appreciation, and secondarily current income.

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 Multi-Manager Mid Cap Value Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	American Century Investment Management, Inc. and Thompson, Siegel & Walmsley LLC
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:	Invesco Advisers, Inc. and 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:	Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC
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:	Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc.
Investment Objective:	The Fund seeks long-term growth of capital.

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Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (formerly, Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Newton Investment Management Limited
Investment Objective:	The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the fund's financial criteria and social policy.

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Wellington Management Company LLP
Investment Objective:	The Fund seeks current income and long-term capital appreciation.

Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I

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

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

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.

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Wells Capital Management, Inc.
Investment Objective:	The Fund seeks long-term capital growth. The fund invests at least 80% of its net assets in equity securities issued by small- and medium-sized companies with market capitalization similar to those of companies included in the Russell 2500 index.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares

This Sub-Account is only available in policies issued before November 6, 2015

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks growth of capital.

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks the highest available current income consistent with liquidity and low risk to principal; total return is a secondary goal.

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares

This Sub-Account is only available in policies issued before May 1, 2008

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria.

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

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

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Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB

This Sub-Account is only available in policies issued before November 19, 2016

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

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	Putnam Investment Management, LLC
Sub-advisor:	The Putnam Advisory Company, LLC
Investment Objective:	Seeks capital appreciation.

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (formerly, Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB)

This Sub-Account is only available in policies issued before May 12, 2017

Investment Advisor:	Putnam Investment Management, LLC
Sub-advisor:	Putnam Investments Limited
Investment Objective:	Seeks capital growth and current income.

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

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	The fund seeks long-term capital appreciation.

VanEck VIP Trust - Emerging Markets Fund: Initial Class

This Sub-Account is only available in policies issued before May 1, 2002

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world.

VanEck VIP Trust - Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Hard Assets Fund: Initial Class)

This Sub-Account is only available in policies issued before May 1, 2002

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Seeks long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration.

Wells Fargo Variable Trust - 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 – An accounting unit of 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 Cash Value minus Indebtedness and any surrender charge.

Cash Value – The total amount 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, reduction for any long-term care benefits paid, or due and unpaid policy charges.

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.

Long-Term Care Specified Amount – The elected Long-Term Care Rider benefit amount adjusted for any post issue increases and decreases. This amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount.

Maturity Date – The policy anniversary on which the Insured reaches Attained Age 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.

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) are issued as part of the policy and contain information specific to the policy and the Insured, including coverage and Rider elections. Updated Policy Data Page(s) will be issued if the policy owner makes any changes to coverage elections after the policy is issued.

Policy Date – The date the policy takes effect as shown in the Policy Data Pages. Policy years, months, and anniversaries are measured from this date.

Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.

77

Policy Proceeds or Proceeds – Policy Proceeds may constitute the Death Benefit, or the amount payable if the policy matures or is surrendered, adjusted to account for any unpaid charges, Indebtedness and Rider benefits.

Premium – Amount(s) paid to purchase and maintain the policy.

Premium Load – The aggregate of the sales load and premium tax charges.

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 Additional (insurance) Protection Rider.

SEC – 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. Information on how to contact the Service Center is in the Contacting the Service Center provision.

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 tobacco 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.

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 as of the close of regular trading on the New York Stock Exchange.

78

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, Cash Surrender Values, and Cash Values, and to request other information about the policy contact the Service Center:

• by telephone at 1-800-848-6331

• by mail to Nationwide Life Insurance Company

P.O. Box 182835
Columbus, OH 43218-2835

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.

Investment Company Act of 1940 Registration File No. 811-08301

Securities Act of 1933 Registration File No. 333-31725

The Best of America® Choice Life FPVUL

Individual 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, 2021.

This prospectus contains basic information about the policies that should be understood before investing. Read this prospectus carefully and keep it for future reference.

Variable life insurance policies are complex products with unique benefits and advantages and are intended as a vehicle for long-term financial planning, not short-term savings. There are costs and charges associated with these benefits and advantages - costs and charges that are different, or do not exist at all within other life insurance products. With help from financial professionals, purchasers are encouraged to compare and contrast the costs and benefits of the policy described in this prospectus against those of other life insurance products, especially other variable life insurance products offered by Nationwide and its affiliates. This process of comparison and analysis should aid in determining whether the purchase of the policy described in this prospectus is consistent with the purchaser’s life insurance objectives, risk tolerance, investment time horizon, marital status, tax situation, and other personal characteristics and needs.

To obtain additional information, including free copies of prospectuses for the underlying mutual funds or a copy of the Statement of Additional Information, or to make service or transaction requests, contact Nationwide using any of the methods described in Contacting the Service Center.

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. Contact Nationwide to review a copy of the policy and any Riders or endorsements, see Contacting the Service Center. This prospectus contains all material rights and features of the policy.

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.

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.

The Sub-Accounts offered through this policy invest in the underlying mutual funds listed below. For a complete list of the available underlying mutual funds, including underlying mutual funds available prior to the date of this prospectus, see Appendix A: Underlying Mutual Fund Information. For more information on an underlying mutual fund, 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. - AB VPS Growth and Income Portfolio: Class A

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

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

1

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

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

• BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II

• BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares

• BNY Mellon Stock Index Fund, Inc.: Initial Shares

• BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares

• BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares

• BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares

• Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares

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

• Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class

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

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

• Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2

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

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

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

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

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

• Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class

• Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class

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

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

• Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1

• Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1

• Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2

• Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1

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

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

• Invesco - Invesco V.I. American Franchise Fund: Series I Shares

• Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I

• Invesco - Invesco V.I. Global Fund: Series I

• Invesco - Invesco V.I. Global Strategic Income Fund: Series I

• Invesco - Invesco V.I. Main Street Fund: Series I

• Invesco - Invesco V.I. Main Street Small Cap Fund: Series I

• Ivy Variable Insurance Portfolios - Asset Strategy: Class II

• Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares

• Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares

• MFS® Variable Insurance Trust - MFS Value Series: Initial Class

• MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class

• Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I

• Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I

• Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I

• Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II

• Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II

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

• Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I

• Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I

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

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

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X

• Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I

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

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

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

• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II

2

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

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

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

• Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I

• Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I

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

• Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I

• Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares

• Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares

• Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares

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

• PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class

• Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB

• Putnam Variable Trust - Putnam VT International Equity Fund: Class IB

• Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB

• T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II

• VanEck VIP Trust - Emerging Markets Fund: Initial Class

• VanEck VIP Trust - Global Resources Fund: Initial Class

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

The following fixed investment option is also available under the policy.

❍ Fixed Account

3

Table of Contents

	Page
In Summary: Policy Benefits	7
In Summary: Policy Risks	9
In Summary: Fee Tables	10
Policy Investment Options	14
Fixed Account	14
Variable Investment Options	15
Valuation of Accumulation Units	16
How Sub-Account Investment Experience is Determined	16
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
Risks Associated with COVID-19	21
Cybersecurity	21
Business Continuity Risks	22
Policy Owner and Beneficiaries	22
To Purchase	23
Coverage	23
Coverage Effective Date	23
Temporary Insurance Coverage	23
Right to Cancel (Examination Right)	23
Allocation of Net Premium During Right to Cancel Period	24
Premium Payments	24
Cash Value	24
To Change Coverage	25
Exchanging the Policy	25
To Terminate or Surrender	26
To Assign	26
Reminders, Reports and Illustrations	26
Standard Policy Charges	27
Premium Load	27
Illustration Charge	28
Partial Surrender Fee	28
Surrender Charge	28
Cost of Insurance Charge	29
Mortality and Expense Risk Charge	30
Administrative Charge	30
Mutual Fund Operating Expenses	30
Reduction of Charges	30
A Note on Charges	31
Information on Underlying Mutual Fund Service Fee Payments	31
Policy Riders and Rider Charges	33
Adjusted Sales Load Life Insurance Rider	33
Children's Term Insurance Rider	34
Long-Term Care Rider	34
Spouse Life Insurance Rider	37
Accidental Death Benefit Rider	37
Premium Waiver Rider	38
Change of Insured Rider	39
Additional (insurance) Protection Rider	39
Deduction (of Fees and Expenses) Waiver Rider	40
Policy Guard Rider	41
Policy Owner Services	43
Dollar Cost Averaging	43
Asset Rebalancing	44

4

Table of Contents (continued)

	Page
Automated Income Monitor	44
Policy Loans	45
Loan Amount	46
Collateral and the Policy Loan Account	46
Interest Charged	46
When Interest is Charged and Credited	46
Repayment	47
Lapse	47
Guaranteed Policy Continuation Provision	47
Grace Period	48
Reinstatement	48
Surrenders	48
Full Surrender	48
Partial Surrender	49
Reduction of Base Policy Specified Amount on a Partial Surrender	49
The Death Benefit	50
Calculation of the Death Benefit	50
Death Benefit Options	50
The Minimum Required Death Benefit	50
Changes in the Death Benefit Option	51
Incontestability	51
Suicide	51
Proceeds Upon Maturity	52
Extending Coverage Beyond the Maturity Date	52
Payment of Policy Proceeds	53
Treatment of Unclaimed Property	53
Policy Settlement Options	53
Interest Income Option	53
Income for a Fixed Period Option	54
Fixed Income for Varying Periods Option	54
Alternate Life Income Option	54
Payments to Minors	54
Taxes	55
Nationwide Life Insurance Company	63
Nationwide VLI Separate Account-4	63
Organization, Registration, and Operation	63
Addition, Deletion, or Substitution of Mutual Funds	63
Voting Rights	64
Material Conflicts	64
Legal Proceedings	65
Nationwide Life Insurance Company	65
Nationwide Investment Services Corporation	65
Financial Statements	65
Appendix A: Underlying Mutual Fund Information	66
Appendix B: Definitions	77

5

For convenience, definitions of certain words and phrases used in the prospectus are provided in Appendix B: Definitions.

In Summary: Policy Benefits

Death Benefit

The primary benefit of this policy is life insurance coverage. Nationwide will pay the Death Benefit Proceeds upon the Insured's death if the Insured dies while the policy is In Force. The policy is In Force when: the policy has been issued; the initial Premium has been paid; the Insured is living; the policy has not been surrendered for its Cash Surrender Value; and the policy has not Lapsed.

The Cash Value and Death Benefit, to the extent the Death Benefit includes or is based on the Cash Value, will not be fixed but will be dependent on the investment performance of the investment options in which the policy owner is invested, and cumulative separate account and policy charges assessed by Nationwide over the life of the policy.

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, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.

Choice of Policy Proceeds

The Policy Proceeds may be paid in a lump sum, or a variety of options that will pay out over time.

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.

Continuation of Coverage Guarantee Feature

The policy will remain In Force during the policy continuation period as long as sufficient Premium is paid to meet the requirements set forth in Guaranteed Policy Continuation Provision.

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.

7

Investment Options

Net Premium, loan repayments, and Cash Value 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 a separate Sub-Account for each of the underlying mutual funds offered in the policy.

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.

Restrictions or limitations on transfers from the general account option(s) may delay a policy owner’s ability to transfer Cash Value to the Sub-Accounts. Additionally, transfer requests from a Sub-Account may be subject to short-term trading fees and policies and procedures intended to reduce the potentially detrimental impact that disruptive trading has on Investment Experience. For additional information, 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.

Unlike other variable insurance products Nationwide offers, Individual Flexible Premium Variable Universal Life Insurance Policies do not require distributions to be made before Insured's death, 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.

Right to Cancel (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.

• Adjusted Sales Load Life Insurance Rider

• Children's Insurance Rider

• Long-Term Care Rider

• Spouse Life Insurance Rider

• Accidental Death Benefit Rider

• Premium Waiver Rider

• Change of Insured Rider (no charge)

• Additional (insurance) Protection Rider

• Deduction (of Fees and Expenses) Waiver Rider

• Policy Guard Rider

8

• For additional information, see Policy Riders and Rider Charges.

In Summary: Policy Risks

Variable universal life insurance is not suitable as an investment vehicle for short-term savings. It is designed for long-term financial planning. Policy owners accessing the Cash Value in the early policy years could incur potentially substantial surrender charges. The Cash Value, and the Death Benefit to the extent the Death Benefit includes or is based on the policy's Cash Value, will be dependent upon the investment performance of the policy owner's investment allocations and the fees, expenses and charges paid over the life of the policy. A policy owner may not earn sufficient returns from their selection of investment options to pay a policy’s periodic charges so that additional premium payments may be required over the life of the policy to prevent it from lapsing. Policy guarantees that exceed the value in the variable account, including payment of the Death Benefit, are subject to Nationwide's claims paying ability.

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, duration of the right to cancel period, 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. This prospectus describes all the material features of the policy. 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

Subject to the guaranteed maximum rates stated in the Policy Data Pages, Nationwide may change policy and/or Rider charges and rates under the policy any time there is a change 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.

Unfavorable Sub-Account Investment Experience

The Sub-Accounts may generate unfavorable Investment Experience. Unfavorable 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, even if all Premium is paid as planned.

Note: A customized projection of policy values (a "policy illustration") is available from your financial professional at the time of application and after the policy is issued. 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. The policy owner also selects assumed Investment Experience. Illustrated Premium and assumed Investment Experience 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 even if all Premium is paid as planned. 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.

Risk of Policy Lapse

Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Underlying mutual fund fees are factored into the NAV used to calculate the Accumulation Unit Value of each Sub-Account and may also reduce Cash Surrender Value, see Mutual Fund Operating Expenses.

9

Whenever Cash Surrender 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. Lapse may also have adverse income tax consequences if the policy has outstanding Indebtedness.

Limitation of Access To Cash Value

A policy owner can access Cash Value through loans, full surrender, and partial surrenders, subject to limitations and any applicable processing fees and surrender charges. Limitations include the amount and frequency of the loan or partial surrender, see Policy Loans and Surrenders.

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

The proceeds of a life insurance policy are includible in the gross estate of the Insured for federal income tax purposes if either (a) the proceeds are payable to the executor of the estate of the Insured, or (b) the Insured, at any time within three years prior to his or her death, possessed any incident of ownership in the policy. For this purpose, the Treasury Regulations provide that the term "incident of ownership" is to be construed very broadly, and includes any right that the Insured may have with respect to the economic benefits in the policy. Consult a qualified tax advisor on all tax matters involving the policy described herein.

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. Before the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account without penalty or adjustment, subject to transfer restrictions. 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 Transfer Limitations

Frequent transfers among the Sub-Accounts may dilute the value of Accumulation Units, cause the underlying mutual funds to incur higher transaction costs, and interfere with the underlying mutual funds’ 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, see Contacting the Service Center.

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.

10

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

Transaction Fees
Charge	When Charge Is Deducted	Amount Deducted
Sales Load Charge1	Upon making a Premium payment	Maximum: $25 from each $1,000 of Premium		Current: $5 from each $1,000 of Premium
Premium Taxes Charge1	Upon making a Premium payment	$35 per $1,000 of Premium payment
Surrender Charge2	Upon full surrender; Upon policy Lapse; Upon a decrease to the Base Policy Specified Amount	Maximum: $25,590	Minimum: $2,337		Representative: $3,408
Representative - For an age 35 male non-tobacco preferred with a Base Policy Specified Amount and a Total Specified Amount of $500,000 and Death Benefit Option 1		From the policy's available Cash Value
Illustration Charge3	Upon requesting an illustration	Maximum: $25		Current: $0
Partial Surrender Fee	Upon a partial surrender	Maximum: the lesser of $25 or 2% of amount surrendered		Current: $0

†	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 maximum Sales Load Charge and the Premium Taxes Charge (collectively "Premium Load") represent the maximums that may be charged in any policy year, see Premium Load.
2	For purposes of this table, for a full surrender occurring in the first year from the Policy Date, the charge calculations assume an aggregate first year Premium in excess of the surrender target premium. The surrender target premium is an assumed Premium payment amount used in calculating the Surrender Charge. The Surrender Charge is based on the lesser of the surrender target premium and the Premiums paid in the first year from the Policy Date. The surrender target premium varies by: the Insured's sex; issue age; underwriting class; and the Base Policy Specified Amount (including any increases). The maximum Surrender Charge calculation assumes: a male; age 85 or older; tobacco; a Base Policy Specified Amount and Total Specified Amount of $500,000, Death Benefit Option 1; and policy year one. The minimum charge calculation assumes: a female; issue age 0; a Base Policy Specified Amount and Total Specified Amount of $500,000; Death Benefit Option 1 and policy year one.
3	The policy owner will be expected to pay the Illustration Charge by check or money order 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
Cost Of Insurance Charge1†	Monthly	Minimum: $0.04	Maximum: $83.33		Representative: $0.14
Representative – An age 35 male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1		Per $1,000 Of Net Amount At Risk – From the policy's available Cash Value
Flat Extra Charge2	Monthly	Maximum: $2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Mortality and Expense Risk Charge3	Monthly	Maximum : A monthly rate of $0.50 Per $1,000 of Cash Value
		Proportionately from the Sub-Accounts only
Administrative Charge4	Monthly	Maximum: $10		Current: $10
		From the policy's available Cash Value
Policy Loan Interest Charge5	Annually	Maximum: $39		Current: $39
		Per $1,000 of an outstanding policy loan

†	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 Cost of Insurance Charge varies by: the Insured's sex; age; underwriting class; any Substandard Ratings; the year from the Policy Date; and the Base Policy Specified Amount. Cost of Insurance charges are taken from the policy's Cash Value at the beginning of the month starting with the Policy Date. The charge is not pro rated should the policy terminate before the beginning of the next month.
2	The Flat Extra is a component in the calculation of the base policy Cost of Insurance Charge and any Rider Cost of Insurance Charge. It is only applicable if certain factors result in an Insured having a Substandard Rating. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge. 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.
3	On a current basis, during policy years one through 15, the Mortality and Expense Risk Charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.25 per $1,000 on Cash Values of $25,001 up to $250,000. For Cash Values above $250,000, the charge is $0.08 per $1,000. Beginning in the policy year 16, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value, and $0.08 per $1,000 of Cash Value over $25,000. The charge is only assessed against Cash Value allocated to Sub-Accounts.
4	After the first policy year, the monthly maximum amount is $7.50, and the monthly current amount is $5.
5	The Policy Loan Interest Charge is described in more detail in Policy Loans.

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The next table describes the fees and expenses that a policy owner will pay periodically only if the Rider is elected and while it is In Force.

Periodic Charges For Riders
Charge	When Charge Is Deducted	Amount Deducted From Cash Value
Adjusted Sales Load Life Insurance Rider Charge	Monthly	$0.14
		Per $1,000 of aggregate monthly Premiums and 1% of Premium Load replaced – Waived from the policy’s available Cash Value
Children's Insurance Rider Charge	Monthly	$0.43 Per $1,000 of Rider Specified Amount – From the policy's available Cash Value
Long-Term Care Rider Charge†	Monthly	Minimum: $0.02	Maximum: $28.65	Representative: $0.02
Representative - An age 35 male; non-tobacco preferred;Long-Term Care Rider Specified Amount $500,000; Death Benefit Option 1		Per $1,000 of Rider Net Amount At Risk - From the policy's available Cash Value
Spouse Life Insurance Rider Charge†	Monthly	Minimum: $0.10	Maximum: $10.23	Representative: $0.11
Representative Spouse - An age 35 female; non-tobacco; and Spouse Life Insurance Rider Specified Amount $100,000		Per $1,000 of Spouse Death Benefit - From the policy's available Cash Value
Accidental Death Benefit Rider Charge†	Monthly	Minimum: $0.05	Maximum: $0.75	Representative: $0.06
Representative - An age 35 male; non-tobacco preferred; and Accidental Death Benefit $100,000		Per $1,000 of Accidental Death Benefit - From the policy's available Cash Value
Premium Waiver Rider Charge1†	Monthly	Minimum: $42	Maximum: $315	Representative: $42
Representative - An age 35 male; non-tobacco preferred		Per $1,000 of Premium Waiver Benefit - From the policy's available Cash Value
Additional (Insurance) Protection Rider Charge2†	Monthly	Minimum: $0.01	Maximum: $83.33	Representative: $0.04
Representative - An age 35 male; non-tobacco preferred; Additional Death Benefit $250,000		Per $1,000 of Rider Net Amount at Risk – From the policy's available Cash Value

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Periodic Charges For Riders
Charge	When Charge Is Deducted	Amount Deducted From Cash Value
Deduction (of Fees and Expenses) Waiver Rider Charge3†	Monthly	Minimum: $90	Maximum: $860	Representative: $90
Representative - An age 35 male; non-tobacco preferred; Total Specified Amount of $500,000; Death Benefit Option 1		Per $1,000 of Deduction Waiver Benefit – From the policy's available Cash Value
Policy Guard Rider Charge4†	Upon Invoking The Rider	Minimum: $6.50	Maximum: $46.00	Representative: $37.00
Representative – Attained Age 85; Cash Value $500,000; Indebtedness of $480,000		Deducted from each $1,000 of the policy's Cash Value

†	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 charge calculations assume monthly Premium payments of $1,000, the waiver of which would occur in the event of the Insured's total disability for six consecutive months. For policies issued before July 13, 2006, the maximum charge for this Rider is $105.
2	The monthly charge is a product of the Rider's monthly cost of insurance charge and the Rider Death Benefit, see Additional (Insurance) Protection Rider.
3	The charge calculation assumes total monthly periodic charges of $1,000 (not including this Rider's cost, and any loan amount interest [which are meant to be excluded]). These charges would be waived in the event of the Insured's total disability for six consecutive months.
4	The level of Indebtedness as a percentage of Cash Value that will allow the policy owner to invoke the Rider will vary with the attained age of the Insured. Generally, the higher the Insured's attained age, the higher the level of Indebtedness must be to invoke the Rider, see Policy Guard Rider.

The next table shows the minimum and maximum total operating expenses, as of December 31, 2020, 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 Underlying Mutual Fund Operating Expenses
	Minimum	Maximum
Total Annual Underlying Mutual Fund Operating Expenses (Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.)	0.14%	3.50%

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.

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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.

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 quarter 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 3%.

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’s 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 invest in underlying 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 available 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.

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The investment advisors of the underlying mutual funds may manage publicly available mutual funds with similar names and investment objectives. However, the underlying mutual funds are NOT directly related to any publicly available mutual fund. Policy owners should not compare the performance of a publicly available mutual 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 available mutual funds.

The particular underlying mutual funds available under the policy may change from time to time, see Identification of Underlying Mutual Funds. 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.

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.

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 close of regular trading on the New York Stock Exchange (NYSE), which is normally 4:00 p.m. EST, on each day that the NYSE 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

• 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.

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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 financial professional and request information on other Nationwide policies that offer mutual funds that are designed specifically to support active trading strategies.

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

Some underlying mutual funds assess a short-term trading fee in connection with transfers from a Sub-Account that occur within 60 days after the date of the allocation to the Sub-Account. The fee is assessed against the amount transferred and is paid to the underlying mutual fund. These fees compensate the mutual fund for any negative impact on fund performance resulting from short-term trading. Some underlying mutual funds may refer to short-term trading fees as "redemption fees." If a short-term trading fee is assessed, the policy owner will receive a confirmation notice.

Currently, none of the underlying mutual funds assess a short-term trading fee.

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U.S. Mail Restrictions

Nationwide monitors transfer activity in order to identify those who may be engaged in harmful trading practices. Transaction reports are produced and examined. Generally, a policy may appear on these reports if the policy owner (or a third party acting on their behalf) engages in a certain number of "transfer events" in a given period. A "transfer event" is any transfer, or combination of transfers, occurring in a given Valuation Period. For example, if a policy owner executes multiple transfers involving 10 Sub-Accounts in one Valuation Period, this counts as one transfer event. A single transfer occurring in a given Valuation Period that involves only two Sub-Accounts (or one Sub-Account if the transfer is made to or from a fixed investment option) will also count as one transfer event.

As a result of this monitoring process, Nationwide may restrict the form in which transfer requests will be accepted. In general, Nationwide will adhere to the following guidelines:

Trading Behavior	Nationwide's Response
Six or more transfer events within one calendar quarter	Nationwide will mail a letter to the policy owner notifying them that:(1) they have been identified as engaging in harmful trading practices; and(2) if their transfer events total 11 within two consecutive calendar quarters or 20 within one calendar year, the policy owner will be limited to submitting transfer requests via U.S. mail.
11 transfer events within two consecutive calendar quarters OR 20 transfer events within one calendar year	Nationwide will automatically limit the policy owner to submitting transfer requests via U.S. mail.

For purposes of Nationwide's transfer policy, U.S. mail includes standard U.S. mail, expedited U.S. mail, and expedited delivery via private carrier.

For calendar year restrictions, each January 1, Nationwide will start the monitoring anew, so that each policy starts with 0 transfer events each January 1. However, for restrictions on transfer events within two consecutive calendar quarters, Nationwide does not start the monitoring anew on January 1. Instead, Nationwide refreshes the transfer event restriction period at the beginning of each calendar quarter considering only transfers that occur in the current calendar quarter and occurred in the immediately preceding calendar quarter. See, however, the Other Restrictions provision below.

Managers of Multiple Policies

Some financial professionals manage the assets of multiple Nationwide policies pursuant to trading authority granted or conveyed by multiple policy owners. These multi-policy financial professionals will be required by Nationwide to submit all transfer requests via U.S. mail.

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.

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:

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(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 owners in their current underlying mutual fund allocation.

Fixed Account Transfers

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. Contact the Service Center for information regarding restrictions in effect for the Fixed Account at the time of a Premium payment or transfer request, see Contacting the Service Center.

Transfers to and/or from the Fixed Account may be restricted as follows:

• Transfers to and/or from may be prohibited during the first policy year; and

• Only one transfer to may be permitted every 12 months.

Transfers to the Fixed Account may be restricted as follows:

• Transfers to that exceed 20% of the value allocated to the Sub-Accounts (as of the end of the prior Valuation Period) may not be permitted; and

• Transfers to that would result in the Fixed Account value exceeding 30% of the Cash Value may not be permitted.

Transfers from the Fixed Account may be restricted as follows:

• Transfers from, of more than 20% of the Fixed Account value in any policy year (as of the end of the previous policy year), may not be permitted.

Amounts transferred to the Fixed Account may be credited interest at different rates, see Fixed Account. Transfers from the Fixed Account will be on a last-in, first-out basis (LIFO). Any restrictions that Nationwide implements will be applied consistently and uniformly.

Contacting the Service Center

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

• by Internet at www.nationwide.com.

• by telephone at 1-800-848-6331 (TDD 1-800-238-3035)

• by mail to Nationwide Life Insurance Company, P.O. Box 182835, Columbus, Ohio 43218-2835

• by fax at 1-888-677-7393

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.

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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. On any day the post office is closed, Nationwide is unable to retrieve service and transaction requests that are submitted by mail. This will result in a delay of the delivery of those requests to the Service Center.

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. Nationwide may also be required to provide information about a specific policy to government regulators.

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, Rider benefits, 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 and charges, availability of certain investment options, duration of the right to cancel, policy exchange rights, policy Lapse and/or reinstatement requirements, and surrender charge, suicide, and incontestability periods. 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, see Contacting the Service Center.

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).

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It is important to remember that the portion of any amounts allocated to Nationwide’s general account, including any amounts allocated to the Fixed 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.

Risks Associated with COVID-19

In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, which has resulted in operational disruptions, as well as market volatility and general economic uncertainty. While Nationwide has implemented risk management and contingency plans and taken preventative measures and other precautions so it can continue to provide products and services to its customers, even as many of its employees and the employees of its service providers continue to work remotely, it is not currently possible to accurately estimate the full impact that the COVID-19 pandemic will have on Nationwide’s businesses as Nationwide continues to be subject to certain risks that could negatively impact its operations.

Significant market volatility and negative investment returns in the market resulting from the COVID-19 pandemic could have a negative impact on returns of the underlying mutual funds in which the Variable Account invests. Additionally, prolonged current economic conditions, consumer behavior, economic shutdowns, state and federal legislation intended to ease the impact of the COVID-19 pandemic on consumers and voluntary hardship assistance that Nationwide provides to its customers, among other factors related to COVID-19, could affect the amount of sales and profitability of Nationwide’s businesses and could have a negative impact on its financial condition and operations.

While Nationwide is confident in its ability to manage the financial risks related to COVID-19, the extent and duration or the risks related to the COVID-19 pandemic are unknown at this time. It is possible these risks could impact Nationwide’s financial strength and claims-paying ability. There are many factors beyond Nationwide’s control that cannot be mitigated or foreseen that could have a negative impact on Nationwide and the operation of the policy. Nationwide continues to monitor the economic situation and assess its impact on its business operations closely.

Cybersecurity

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 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. Cybersecurity 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 cybersecurity 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.

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Business Continuity Risks

Nationwide is exposed to risks related to natural and man-made disasters and catastrophes, such as storms, fires, earthquakes, public health crises and terrorist acts, which could adversely affect Nationwide’s ability to administer the policy. Natural and man-made disasters may require a significant contingent of Nationwide’s employees to work from remote locations. During these periods, Nationwide could experience decreased productivity, and a significant number of Nationwide’s workforce or certain key personnel may be unable to fulfill their duties if Nationwide’s data or systems are disabled or destroyed. In addition, an extended period of remote work arrangements could introduce operational risk and impair Nationwide’s ability to administer the policy.

Nationwide outsources certain critical business functions to third parties and, in the event of a natural or man-made disaster, relies upon the successful implementation and execution of the business continuity planning of such entities. While Nationwide closely monitors the business continuity activities of these third parties, successful implementation and execution of their business continuity strategies are largely beyond Nationwide’s control. If one or more of the third parties to whom Nationwide outsources such critical business functions experience operational failures, Nationwide’s ability to administer the policy could be impaired.

Policy Owner and Beneficiaries

Policy Owner

The policy belongs to the owner named in the application or as a result of a valid assignment. The policy owner may name a contingent owner who will become the policy owner if the policy owner dies before Proceeds become payable. Otherwise, ownership will pass to the policy owner's estate, if the policy owner is not the Insured.

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.

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 dies, 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 dies 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.

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.

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To Purchase

The policy is available for Insureds between the issue ages of 0 and 85. 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 for non-preferred policies and $100,000 for preferred policies. The basic distinction between the non-preferred and preferred underwriting classifications is that Nationwide expects the Insured under a preferred policy to live longer. Nationwide reserves the right to modify the minimum Base Policy Specified Amount on a prospective basis for newly issued policies at any time.

Coverage

Nationwide will issue the policy only if the underwriting process has been completed, the application is approved, and the proposed Insured is alive and in the same condition of health as described in the application. However, full insurance coverage will take effect only after the minimum initial Premium is paid. Monthly charges are deducted from the policy’s Cash Value beginning on the Policy Date.

Coverage Effective Date

Insurance coverage will begin and be In Force on the Policy Date shown on the Policy Data Page. For a change in the Base Policy Specified Amount and/or Rider Specified Amount, the effective date will be on the next monthly anniversary from the Policy Date after Nationwide approves the request. It will end upon the Insured's death, once the Proceeds are paid or when the policy matures. Coverage will also end if the policy Lapses.

Temporary Insurance Coverage

Temporary Insurance Coverage

Temporary insurance coverage (of an amount equal to the Total Specified Amount, up to $1,000,000) may be available for no charge before full insurance coverage takes effect. Prospective purchasers must submit a temporary insurance agreement and make an initial Premium payment. The amount of this initial Premium payment will depend on the initial Total Specified Amount, choice of death benefit option, and any Riders elected. Temporary insurance coverage will remain In Force for no more than 60 days from the date of the temporary insurance agreement. If full coverage is denied, the temporary insurance coverage will terminate five days from the date Nationwide mails a termination notice (accompanied by a refund equal to the Premium payment made). If full coverage is approved, the temporary insurance coverage will terminate on the date that full insurance coverage takes effect. Allocation of the initial Net Premium will be determined by the right to examine law of the state in which the policy is issued.

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 "right to cancel" period). The length of the right to cancel period depends on state law and may vary depending on whether the policy was purchased to replace another policy. The minimum right to cancel period is 10 days.

In order to cancel the policy during the right to cancel 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 written cancellation requests received in good order by the last day of the right to cancel period (if returned by US mail, the request must be post-marked by the last day of the right to cancel period). If the policy is canceled during the right to cancel period, Nationwide will treat the policy as if it was never issued.

Written cancellation requests received after the close of business on the date the right to cancel period expires will not be canceled free of charge.

Within seven days of receipt of a written cancellation request, Nationwide will refund the amount prescribed by state law. The amount Nationwide refunds will be Cash Value and any charges deducted or, in certain states, the greater of the Premium paid or the policy's Cash Value plus any charges deducted.

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Allocation of Net Premium During Right to Cancel Period

Where state law requires the return of initial Premium for cancellations during the right to cancel period, 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 right to cancel period expires. At the expiration of the right to cancel 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

The policy does not require a scheduled payment of Premium to keep it In Force. The policy will remain in effect as long as the conditions that cause the policy to Lapse do not exist, see Unfavorable Investment Experience. Upon request, we will furnish Premium receipts.

Initial Premium

The amount of initial Premium will depend on the initial Total Specified Amount of insurance, the death benefit option, and any Riders elected. Generally, the higher the required initial Total Specified Amount, the higher the initial Premium will be. Similarly, because Death Benefit Option 2 and Death Benefit Option 3 provide for a potentially greater Death Benefit than Death Benefit Option 1, Death Benefit Option 2 and Death Benefit Option 3 may require a higher amount of initial Premium. Also, the age, health, and activities of the Insured will affect Nationwide’s determination of the risk of issuing the policy. In general, the greater this risk, the higher the initial Premium required.

Whether Nationwide will issue full insurance coverage depends on the Insured meeting all underwriting requirements, payment of the initial Premium, and delivery of the policy while the Insured is alive. Nationwide will not delay delivery of the policy to increase the likelihood that the Insured is not still living. Depending on the outcome of the underwriting process, more or less Premium may be necessary to issue the policy. If Nationwide does not issue the policy, the Premium payment will be returned within two business days.

The policy owner may pay the initial Premium to the Service Center or to an authorized representative. The initial Premium payment must be at least $50, equal to the minimum monthly Premium. The initial Premium payment will not be applied to the policy until the underwriting process is complete. Allocation of initial Net Premium will be determined by the right to examine law of the state or territory where the policy is issued, see Right to Cancel (Examination Right).

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

Subsequent Premiums

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 $50. 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.

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

Cash Value

Nationwide will determine the Cash Value at least monthly. Cash Value will fluctuate daily and there is no guaranteed Cash Value. At the end of any given Valuation Period, the Cash Value is equal to the sum of:

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• the value of the Accumulation Units allocated to the Sub-Accounts, see Valuation of Accumulation Units;

• amounts allocated to the Fixed Account, including credited interest; and

• amounts allocated to the policy loan account (only if a loan was taken), including credited interest, see Policy Loans.

Surrenders and policy charges and deductions will reduce the Cash Value of the policy. If Cash Value is a factor in calculating a benefit associated with the policy, such as the Death Benefit or a benefit associated with an elected Rider, the value of that benefit will also fluctuate, including being reduced due to surrenders and policy charge deductions. If the policy is surrendered or Lapses, the Cash Value will be reduced by the amount of any Indebtedness.

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 policy charges, plus or minus any investment results, and minus any partial surrenders.

To Change Coverage

After the first policy year, the policy owner may request to change the Total Specified Amount. To change the Total Specified Amount, the policy owner must submit a written request to the Service Center. Changes to the Total 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 or Lapse protection provided by the Guaranteed Policy Continuation Provision would be sufficient to keep the policy In Force for at least three months. Nationwide may limit the number of Total Specified Amount changes to one increase and one decrease each policy year. Changes to the Total Specified Amount will typically alter the Death Benefit.

Increases

To increase the Total Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be Attained Age 85 or younger at the time of the request. Any request to increase the Total Specified Amount must be at least $10,000. An increase in the Total 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 additional Surrender Charge schedule will also apply whenever the Base Policy Specified Amount is increased. An increase in the Base Policy Specified Amount and/or Rider Specified Amount may cause an increase to the amount of subsequent Premium payments needed to keep the policy from Lapsing, see Lapse.

Decreases

The policy owner may request to decrease the Total Specified Amount. Nationwide applies Total Specified Amount decreases to the most recent Base Policy Specified Amount and/or Rider Specified Amount increase and continues applying the decrease backwards while still maintaining the original Total Specified Amount. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Base Policy 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.

Exchanging the Policy

The policy owner has an exchange right under the policy. At any time within the first 24 months of coverage from the Policy Date, the policy owner may surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life without evidence of insurability.

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.

The new policy may be one of Nationwide’s available fixed benefit individual life insurance policies. The death benefit on the new policy may not be greater than the Death Benefit on this policy immediately prior to the exchange date. The new policy will have the same Total Specified Amount, Policy Date, and issue age. Nationwide will base Premium payments on the rates in effect for the same sex, Attained Age, and underwriting class of the Insured on the exchange date, unless otherwise required by state law. The policy owner may transfer Indebtedness to the new policy.

Exchange requests must be made on Nationwide forms and submitted to the Service Center. The policy must be In Force and not in a Grace Period. The policy owner must pay a surrender charge if applicable and surrender the policy to Nationwide. The policy owner must pay any money due on the exchange (any amount needed to ensure that the Cash

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Surrender Value of the new policy is the same as the Cash Surrender Value of this policy). The policy owner may request that any excess of the Cash Surrender Value of this policy over the Cash Surrender Value of the new policy be paid to the policy owner. The exchange may have adverse tax consequences. The new policy will take effect on the exchange date only if the Insured is alive. This policy will terminate when the new policy takes effect.

After the first 24 months of coverage, the policy owner may still surrender the policy and use the Cash Surrender Value to purchase a new permanent fixed life insurance policy on the Insured’s life. However, issuance of the new policy will depend on the Insured providing satisfactory evidence of insurability.

To Terminate or Surrender

There are several ways that the policy can terminate. The policy will automatically terminate when the Insured dies, the policy reaches the Maturity Date and is not extended (see Proceeds Upon Maturity), or the Grace Period ends. The policy will also terminate if it is fully surrendered.

Terminating the policy may result in adverse tax consequences.

Generally, if the policy has a Cash Surrender Value in excess of the Premiums paid, upon surrender the excess will be included in the policy owner’s income for federal tax purposes, see Taxes. The Cash Surrender Value will be reduced by outstanding Indebtedness, see Policy Loans.

To Assign

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.

Reminders, Reports and Illustrations

Nationwide will send scheduled Premium payment reminders and transaction confirmations to policy owners upon request. Nationwide will also send quarterly and annual statements that show:

• the Total Specified Amount;

• Premiums paid;

• all charges since the last report;

• the current Cash Value;

• the Cash Surrender Value; and

• Indebtedness.

Confirmations of individual financial transactions, such as transfers, partial surrenders, and loans are generated and mailed automatically. Copies may be obtained by contacting the Service Center. Alternatively, policy owners may receive information faster and reduce the amount of mail received by signing up for the eDelivery program. Go to www.nationwide.com/login to change the document delivery preferences.

Nationwide will send these reminders and reports to the address provided on the application unless directed otherwise. At any time after the first policy year, policy owners may ask for an illustration of future benefits and values under the policy, see Illustration Charge.

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IMPORTANT NOTICE REGARDING DELIVERY
OF SECURITY HOLDER DOCUMENTS

When multiple copies of the same disclosure document(s), such as prospectuses, supplements, proxy statements and semi-annual and annual reports are required to be mailed to multiple policy owners in the same household, Nationwide will mail only one copy of each document, unless notified otherwise by the policy owner(s). Household delivery will continue for the life of the policies. A policy owner can revoke their consent to household delivery and reinstitute individual delivery by contacting the Service Center. Individual delivery will resume within 30 days after receiving such notification.

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, except for the Mortality and Expense Risk Charge which is only deducted proportionally from the Sub-Accounts. 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. 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 classification based upon his/her age, sex (if not unisex classified), tobacco rate type, health, and any Substandard Ratings. 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, subject to the guaranteed maximum rates stated in the Policy Data Pages. Changes in policy and/or Rider charges and rates vary by changes in future expectations for factors including, but not limited to, Nationwide’s 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 Insureds of the same Issue Age, sex, rate class, rate type, any Substandard Rating, Base Policy Specified Amount, and Total Specified Amount (if applicable) 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.

Premium Load

Premium Load is comprised of the Sales Load and Premium Taxes. It will vary by policy based on the amount of Premium paid. It is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and Premium taxes, and other 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.

Sales Load

Sales Load (as part of the Premium Load) is deducted from each Premium payment to cover sales expenses. The current Sales Load is $5 per $1,000 of Premium. The guarantee maximum Sales Load is $25 per $1,000 of Premium.

Nationwide may waive the Sales Load on the initial Premium paid into this policy as part of a Nationwide sponsored exchange program to another Nationwide policy as permitted under the securities laws and/or rules or by order of the SEC.

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Premium Taxes

Premium Taxes (as part of the Premium Load) are deducted from each Premium payment to reimburse Nationwide for state and local premium taxes (at the estimated rate of 2.25%) and for federal premium taxes (at the estimated rate of 1.25%). The current (and guaranteed maximum) Premium Tax is $35 per $1,000 of Premium. This amount is not the actual amount of the tax liability Nationwide incurs. It is an estimated amount. If the actual tax liability is more or less, Nationwide will not adjust the charge retroactively.

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.

Partial Surrender Fee

The policy owner may request a partial surrender after the first year from the Policy Date while the policy is In Force. The charge for a partial surrender compensates Nationwide for the administrative costs in calculating and generating the surrender amount. The maximum fee is the lesser of $25 or 2% of the dollar amount of the partial surrender. However, currently, there is no charge for a partial surrender. The Cash Value available for a partial surrender is subject to any Indebtedness.

Surrender Charge

A surrender charge will apply if the policy is surrendered or Lapsed. A surrender charge may apply if the Base Policy Specified Amount is decreased. There are two components of the surrender charge meant to cover policy underwriting, or the underwriting component, and sales expenses, or the sales component, including processing the application, conducting any medical exams, determining insurability and the Insured's underwriting class, and establishing policy records. The surrender charge equals the underwriting component and 26.5% of the sales component. The Surrender Charge is deducted based on the following schedule:

Policy year calculated from the Policy Date or effective date of Base Policy Specified Amount increase:	Percentage of Initial Surrender Charge
1	100%
2	100%
3	90%
4	80%
5	70%
6	60%
7	50%
8	40%
9	30%
After 9	0

The underwriting component is the product of the Base Policy Specified Amount, divided by 1,000, and the administrative target premium. The administrative target premium is actuarially derived, and is used to determine how much to charge per Premium payment for underwriting expenses. The administrative target premium varies by the Insured's age when the policy was issued.

The sales expense component is the lesser of the following two amounts: The first amount is the product of the Base Policy Specified Amount, divided by 1,000, and the surrender target premium. The surrender target premium is actuarially derived, and is used to figure out how much to charge per Premium payment for sales expenses. The surrender target premium varies by: the Insured's sex; issue age; and the underwriting class. The second amount is the sum of all Premium payments made during the first year from the Policy Date.

Nationwide will calculate a separate surrender charge based on the initial Base Policy Specified Amount and each increase in the Base Policy Specified Amount, which are referred to as "segments". The surrender charge for each segment, when added together, will equal the total surrender charge. A surrender charge will also apply when the aggregate surrenders exceed 25% of a segment's Base Policy Specified Amount. Nationwide defers and accrues the

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charge on partial surrenders that do not exceed 25% of the segment's Base Policy Specified Amount. Once partial surrenders exceed 25%, the current and accrued charge will be assessed against the policy’s Cash Value. In determining the 25% level, Nationwide uses a last in-first out method, so that the latest segment reaches the 25% level first. Nationwide may change this practice and assess the surrender charge against all partial surrenders. The surrender charge for a decrease in the Base Policy Specified Amount will be calculated as if the policy was surrendered, though only a portion will be deducted from the policy's Cash Value. The amount of surrender charge deducted will be a product of the surrender charge and the decrease in Base Policy Specified Amount divided by the Base Policy Specified Amount before the decrease.

The surrender charge will typically be greater for a policy with: an older Insured; a male insured; a higher Specified Amount; more first year Premium; or a tobacco rate type. If the Death Benefit option is changed and the change does not result in a different Net Amount At Risk, no surrender charge will be deducted.

The surrender charge may be waived if the policy is surrendered in exchange for a plan of permanent fixed life insurance offered by Nationwide, subject to the following:

• the exchange and waiver may be subject to new evidence of insurability and underwriting approval; and

• the following Riders have not been invoked:

❍	Premium Waiver Rider;
❍	Deduction (of Fees and Expenses Waiver Rider); or
❍	Long-Term Care Rider.

A new surrender charge may apply to the policy received in the exchange.

Cost of Insurance Charge

A Cost of Insurance Charge is deducted proportionally from Sub-Account and Fixed Account allocations on the Policy Date and on each monthly anniversary of the Policy Date. This 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 is the product of the Net Amount At Risk and the cost of insurance rate. The cost of insurance rate will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, how long the policy has been In Force, and the Base Policy Specified Amount and Total Specified Amount (if applicable). The cost of insurance rates are based on Nationwide’s expectations as to future mortality and expense experience, investment earnings, persistency, and taxes. Current and guaranteed monthly cost of insurance rates established at issue generally increase year over year to reflect expectations that mortality and underwriting risks generally increase as the Insured's Attained Age and the length of time the Policy has been In Force increase.

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 and Total Specified Amount (if applicable), 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.

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Mortality and Expense Risk Charge

A Mortality and Expense Risk Charge is deducted monthly from the Cash Value allocated to the Sub-Accounts. The charge will vary by policy based on the amount of Cash Value allocated to the Sub-Accounts and the length of time the policy has been In Force. The charge compensates Nationwide for assuming the risk associated with mortality and expense risk costs. The mortality risk is that the Insured will not live as long as expected. The expense risk is that the costs of issuing and administering the policy will be more than expected. This charge is in addition to any charges assessed by the mutual funds underlying the Sub-Accounts.

Though the maximum guaranteed mortality and expense risk charge is higher, currently, Nationwide deductes this monthly charge according to the following schedule. During the first through 15 years from the Policy Date, the charge is $0.50 per $1,000 on the first $25,000 of Cash Value allocated to the Sub-Accounts, and $0.25 per $1,000 on $25,001 up to $250,000 of Cash Value allocated to the Sub-Accounts. This charge is $0.08 per $1,000 of Cash Value allocated to the Sub-Accounts over $250,000. Beginning in Policy year 16, this charge is: $0.50 per $1000 on the first $25,000 of the Cash Value allocated to the Sub-Accounts, and $0.08 per $1,000 of the Cash Value allocated to the Sub-Accounts over $25,000.

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. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. The charge is currently $10 per month through the first year from the Policy Date and $5 per month thereafter. The maximum guaranteed charge is $10 per month through the first year from the Policy Date and $7.50 per month thereafter.

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.

Reduction of Charges

The policy may be purchased by individuals, corporations, and other entities. Nationwide may reduce or eliminate certain charges (sales load, surrender charge, administrative charges, cost of insurance charge, or other charges) where the size or nature of the group allows Nationwide to realize savings with respect to sales, underwriting, administrative, or other costs. Where prohibited by state law, Nationwide will not reduce charges associated with the policy.

Nationwide determines the eligibility and the amount of any reduction by examining a number of factors, including: the number of policies owned with different insureds; the total premium Nationwide expects to receive; the total cash value of commonly owned policies; the nature of the relationship among individual insureds; the purpose for which the policies are being purchased; the length of time Nationwide expects the individual policies to be in force; and any other circumstances which are rationally related to the expected reduction in expenses.

Nationwide may lower commissions to the selling broker-dealer and/or increase charge back of commissions paid for policies sold with reduced or eliminated charges. Policy owners should consult with a financial professional about reductions available and, where appropriate, obtain an illustration demonstrating the impact of any reduced charges on the policy.

Nationwide may change both the extent and the nature of the charge reductions. Any charge reductions will be applied in a way that is not unfairly discriminatory to policy owners and will reflect the differences in costs of services provided.

Entities considering purchasing the policy should note that in 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that certain annuity benefits provided by employers' retirement and fringe benefit programs may not vary between men and women on the basis of sex. The policies are based upon actuarial tables that distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The

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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 Norris on any employment related insurance or benefit program before purchasing 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 paid to broker-dealer firms. Nationwide may vary the form of compensation paid or the percentage or amounts paid as commission, expense allowance, or marketing allowance, to the extent permitted by SEC and FINRA rules and other applicable laws and regulations. However, the total premium based compensation will not exceed the maximum, which is 99% of first year premiums and 3% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% 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, which may include but not be limited to, providing conferences or seminars, sales or training programs, advertising and sales campaigns regarding the policies, and payments to assist a firm in connection with its administrative systems, operations and marketing expenses and/or other events or activities sponsored by the firms.

Nationwide may also host training and/or educational meetings including the cost of travel, accommodations and meals for firms that sell the policies as well as assist such firms with marketing or advertisement costs.

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 financial professionals typically receive a portion of the commissions/total compensation paid, depending on their arrangement with their broker-dealer firm. Policy owners should consult the financial professional to know the exact compensation arrangement associated with this policy.

Information on Underlying Mutual Fund Service Fee 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.

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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 provided. Overall, Nationwide may receive more revenue with respect to affiliated underlying mutual funds than unaffiliated underlying mutual funds.

Nationwide took into consideration the anticipated mutual fund service fee 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 mutual fund service fee payments, Nationwide would have imposed higher charges under the policy.

Amount of Payments Nationwide Receives

For the year ended December 31, 2020, the underlying mutual fund service fee 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 the 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.

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 subject to ERISA, upon a plan trustee’s request, Nationwide will provide a best estimate of plan-specific, aggregate data regarding the amount of underlying mutual fund service fee 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, fund expenses, asset class coverage, the strength of the adviser’s or sub-adviser’s reputation and tenure, brand recognition, and the capability and qualification of each investment firm. Other factors Nationwide may consider during the identification process are: whether the underlying mutual fund's advisor or sub-advisor is a Nationwide affiliate; whether the underlying mutual fund or its service providers (e.g., the investment advisor or sub-advisors), or its affiliates will make mutual fund service fee payments to Nationwide or its affiliates in connection with certain administrative, marketing, and support services; or whether affiliates of the underlying mutual fund can provide marketing and distribution support for sales of the policies. For additional information on these arrangements, see Types of Payments Nationwide Receives. Nationwide reviews the funds periodically and may remove a fund or limit its availability to new contributions and/or transfers of account value if Nationwide determines that a fund no longer satisfies one or more of the selection criteria, and/or if the fund has not attracted significant allocations from policy owners.

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Nationwide does not recommend or endorse any particular fund and it does not provide investment advice.

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

Policy Riders and Rider Charges

Riders are available for purchase to design the policy to meet the policy owner’s specific needs. The policy owner may purchase any Rider (except for both the Premium Waiver and Deduction of Fees and Expenses Waiver Riders, simultaneously). Once the policy is In Force, to add a Rider, Nationwide may require further evidence of insurability. The policy owner may only elect the Adjusted Sales Load Life Insurance Rider when purchasing the policy.

The availability, operation, and benefits of the Riders may vary by the state where the policy is issued. The policy owner will be charged for a Rider: so long as the policy remains In Force and the Rider's term has not expired; until the benefit has been paid; or the policy owner decides he or she no longer need the benefit and contacts the Service Center in writing.

Adjusted Sales Load Life Insurance Rider

The benefit associated with the Adjusted Sales Load Life Insurance Rider is the replacement of all or a portion of the up-front Premium Load (comprised of the Sales Load and Premium Taxes) with a monthly Rider charge. A policy owner may elect the number of years (from one to seven) that Premium Load would be replaced. A Premium Load would be assessed on any amount that is not replaced by the Rider.

Availability

This Rider is only available to purchase at the time of application.

Adjusted Sales Load Life Insurance Rider Charge

A monthly Adjusted Sales Load Life Insurance Rider Charge is assessed to compensate Nationwide for the sales and premium tax expenses that it will not collect in the form of Premium Load. The aggregate monthly Rider charges will be greater than the amount Nationwide would have deducted as Premium Load. The monthly charge is the product of aggregate Premiums paid since the Policy Date, the portion of Premium Load replaced (expressed as a whole percentage of Premiums paid), and the factor of 0.0001354. The Rider's charge may vary. Each Premium payment made during the selected Rider period will cause the Rider's charge to increase. How long the Rider charge is assessed will also vary. The Rider charge will be assessed for nine policy years, plus the number of years (from one to seven) that Premium Load is replaced (with a maximum Rider charge period of 15 years). However, if a policy owner stops making Premium payments during that one to seven-year period, the Rider charge will only be assessed for nine policy years, plus the number of years that Premium payments were actually made.

For example, upon election, the policy owner anticipated making Premium payments for five years. Therefore, the policy owner could expect to have the Rider charge assessed for 14 years (nine years plus five years). However, the policy owner actually makes the last Premium payment in policy year three, and does not make any additional Premium payments. Since the policy owner did not get full "use" of the Rider (the policy owner only received three years worth of Premium Load replacement), the Rider charge will only be assessed for 12 policy years (nine years plus the three years' worth of benefit received).

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If the policy terminates within the first 10 policy years, Nationwide will deduct from the Cash Surrender Value an amount to compensate it for the Premium Load waived, but not recovered, as a Rider charge. The amount deducted from the Cash Surrender Value will equal the product of the actual Premium Load replaced by the Rider (in dollars) and the percentage from the following table that corresponds to the number of years the policy has been In Force.

Policy Year	Percentage
1	100%
2	90%
3	80%
4	70%
5	60%
6	50%
7	40%
8	30%
9	20%
10	10%
11 and later	0%

For example, the policy owner elected to replace the Premium Load for seven years. During the fifth policy year, the policy owner terminates the policy. During the five years the policy was In Force, $10,000 of Premium was paid. The amount of Premium Load that the Rider replaced is $400 ($40 for each $1,000 of Premium). Therefore, Nationwide will deduct $240 (60% of $400) from the policy’s Cash Surrender Value.

The Adjusted Sales Load Life Insurance Rider Charge is deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Adjusted Sales Load Life Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Children's Term Insurance Rider

Subject to underwriting approval, a policy owner may purchase term life insurance on the Insured's children at any time while the policy is In Force. If an insured child dies while the policy is In Force and before the Maturity Date, the policy pays a benefit to the named beneficiary. The insurance coverage for each insured child will continue (as long as the policy is In Force) until the earlier of: (1) the policy anniversary on or next following the date the Insured's child turns age 22; or (2) the policy anniversary on which the Insured reaches Attained Age 65. Subject to certain conditions specified in the Rider, the Rider may be converted into a policy on the life of the insured child without evidence of insurability. The Rider will be effective until the Rider's term expires, until the benefit is paid, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Children’s Term Insurance Rider Charge

A monthly Children's Term Insurance Rider Charge will be deducted if this Rider is elected. The Children’s Term Insurance Rider Charge compensates Nationwide for providing term insurance on the lives of each Insured child. The Rider charge is $0.43 per $1,000 of the Children's Term Insurance Rider's Specified Amount and will be assessed as long as the policy is In Force and the Rider is in effect. The Rider charge will be the same, even if the number of children covered under the Rider changes. Nationwide may decline a request to add another child based on underwriting standards.

The Children's Term Insurance Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Children’s Term Insurance Rider Charge is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Long-Term Care Rider

Availability

Subject to Nationwide's underwriting approval, the Long-Term Care Rider may be purchased at any time while the policy is In Force. If purchased six months or more after the Policy Date, Nationwide will require new evidence of insurability. Underwriting and approval of the Long-Term Care Rider are separate and distinct from underwriting and approval of the

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policy and Additional (insurance) Protection Rider. Therefore, it is possible that the underwriting risk class for the Long-Term Care Rider could differ from the policy and Additional (insurance) Protection Rider or that an Insured could qualify for the policy and Additional (insurance) Protection Rider and still be declined for the Long-Term Care Rider.

There is a right to cancel associated with this Rider. Within 30 days of receipt of the Rider, the policy owner may return it to the sales representative who sold it, or to the Service Center. The Rider will be void and related charges will be refunded as a credit to the policy, see Right to Cancel (Examination Right).

State regulation of long-term care benefits will result in differences in this Rider's name, covered services, criteria for eligibility of benefit payment, cost of insurance charge factors, maximum monthly benefit amounts, minimum monthly benefit amounts, and availability of the 10% residual Death Benefit. State variations are subject to change without notice at any time. Contact the Service Center to obtain a copy of the Long-Term Care Rider applicable to the policy, see Contacting the Service Center.

Long-Term Care Rider Benefit

The benefit associated with the Long-Term Care Rider is that, upon the Insured meeting certain eligibility requirements, the policy owner is paid a monthly benefit to assist with the Insured’s expenses associated with nursing home care or home health care. Benefit payments represent an advance of a portion of the Total Specified Amount which will ultimately reduce the Cash Surrender Value and Death Benefit. The Long-Term Care Rider has no Cash Surrender Value and no loan values.

The Long-Term Care Specified Amount elected must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount. The maximum monthly benefit, which is determined by Nationwide at the time a request for benefits under the terms of the Rider is submitted, will be the lesser of:

(1)	2% of Long-Term Care Specified Amount in effect; or
(2)	the per diem amount allowed by the Health Insurance Portability and Accountability Act times the number of days in the month.

The maximum lifetime benefit under any combination of home health care benefits and long-term care facility benefits is equal to the lesser of the Long-Term Care Specified Amount or the Total Specified Amount minus Indebtedness.

A policy owner may request to receive a monthly benefit less than the maximum subject to any minimum monthly benefit. Choosing a lesser amount could extend the length of the benefit period of the Long-Term Care Rider.

Decreases in the Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount only if the Total Specified Amount is less than the Long-Term Care Specified Amount after the decrease.

Invoking the Rider

To invoke this Rider, the Insured must be certified by a licensed health care practitioner as: (1) having a severe cognitive impairment or (2) unable to do at least two of the following activities of daily living: bathing, continence, dressing, eating, using the toilet facilities, or transferring (moving into or out of bed, chair, or wheelchair) for a period of at least 90 days. The Insured must also be receiving qualified long-term care services specified in a plan of care submitted to Nationwide.

In addition, a 90-day waiting period, referred to as an "elimination period," must be satisfied before benefits are paid. Benefits will not be retroactively paid for the elimination period. The elimination period can be satisfied by any combination of days of long-term care facility stay or days of home health care, as those terms are defined in the Rider. These days of care or services need not be continuous, but must be accumulated within a continuous period of 730 days. The elimination period has to be satisfied only once while the Rider is in effect. The benefit associated with the Rider may not cover all long-term care costs incurred. The benefits paid in association with the Rider are intended to be "qualified long-term care insurance" under federal tax law, and generally will not be taxable to the policy owner, see Taxes. See a tax advisor about the use of this Rider.

Note: The Rider does not provide benefits for chronic illness resulting from suicide attempts, the commission of felonies, alcoholism or drug addiction, non-organic mental or psychoneurotic disorders, or war. The Rider also does not cover preexisting conditions not disclosed in the application if the need for services begins during the first six months after the Rider effective date.

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Impact of Invoking the Long-Term Care Rider on the Policy and other Riders

While Long-Term Care Rider benefits are being paid, the following are not permitted: loans, partial surrenders, changes to the Base Policy Specified Amount or Total Specified Amount, changes in underwriting classification, addition of other Riders, or changes in death benefit option. In addition, the following are applicable:

• Waiver of the Long-Term Care Rider Charge: The Long-Term Care Rider charge will be waived while Long-Term Care Rider benefits are being paid; however, all other monthly deductions will continue to be charged as long as the policy’s Cash Surrender Value is sufficient.

• Policy Lapse Protection: To the extent the policy's Cash Surrender Value is insufficient to cover all other monthly deductions while benefits are being paid under the Rider, all monthly deductions will be waived and the policy will not Lapse. This includes monthly deductions for other In Force Riders. Premium requirements for any death benefit guarantee feature of the policy or any elected Rider are not waived. Once the Long-Term Care Rider benefit is no longer being paid, payment of additional Premium may be necessary to prevent the policy from Lapsing.

• Death Benefit: The total amount of Rider benefits paid will be subtracted from the Total Specified Amount in calculating the Death Benefit. If the remaining Death Benefit is less than 10% of: the base Policy Specified Amount minus any Indebtedness when the Insured dies and the Rider is In Force, a residual Death Benefit of: 10% of the base Policy Specified Amount minus any Indebtedness will be paid.

• Cash Surrender Value and Policy Loans: The Cash Surrender Value and the amount available for partial surrenders and policy loans will be reduced by the total amount of Long-Term Care benefits paid at the time a request is received.

• Specified Amount Decreases: Decreases in the Base Policy Specified Amount or Total Specified Amount will result in a corresponding decrease in the Long-Term Care Specified Amount if the Base Policy Specified Amount or Total Specified Amount would otherwise be less than the Long-Term Care Specified Amount after the decrease.

• Accelerated Death Benefit for Terminal Illness Rider: The total amount of long-term care benefits paid will be subtracted from the Death Benefit amount available to be accelerated if the Insured is terminally ill.

Terminating the Rider

This Rider will terminate when the policy matures, the Insured dies, the Policy Guard Rider is invoked, the policy is terminated, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Long-Term Care Referral Service

If the Rider is elected, the Insured will have access to a national long-term care services referral network via a toll-free telephone number. Services include free consultation and tailored information to assist in planning and implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.

If the Rider is elected, the policy owner will have access to a national long-term care services referral network via a toll-free telephone number. Services provided include free consultation and tailored information to assist in implementing a plan of care. There is no obligation to use these services which are currently provided through a third party. There is no separate additional charge for this service. This service is subject to availability and may be modified, suspended, or discontinued at any time upon 30 days written notice.

Claims

Written notice of a claim must be given within 30 days after the Insured begins receiving qualified long-term care services. Written proof of claim, consisting of detailed documentation that describes and confirms the Insured is chronically ill and is receiving qualified long-term care services, must be given within 90 days. If Nationwide determines that a benefit trigger has not been met, it will follow internal and external review processes consistent with applicable laws and regulations in the state of issue. The policy owner must give immediate notice when the receipt of qualified long-term care services has ceased or is no longer required. Nationwide, at its own expense, has the right to have the Insured examined as often as it may reasonably require while Long-Term Care Rider benefits are being paid.

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Nationwide may contest claims payments under the Rider for misrepresentations made in the application for the Rider, an application for an increase of the Long-Term Care Specified Amount, or an application to reinstate the Rider after a Lapse.

Long-Term Care Rider Charge

A monthly charge is deducted from the Cash Value if this Rider is elected. The charge compensates Nationwide for providing long-term care benefits upon the Insured meeting certain eligibility requirements. The Rider Charge is the product of a long-term care cost of insurance rate and the lesser of the Long-Term Care Rider's Specified Amount and the policy's Net Amount At Risk. The long-term care cost of insurance rate is based on Nationwide’s expectations as to the Insured’s potential need for long-term care over time and will vary by the Insured's sex, Attained Age (in some states Issue Age), underwriting classification, and any Substandard Ratings.

The Rider Charge will be deducted proportionally from the Sub-Accounts and Fixed Account allocations. Because the Rider Charge is deducted from the Cash Value, electing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value and Death Benefit.

Spouse Life Insurance Rider

The benefit associated with the Spouse Life Insurance Rider is a death benefit payable upon the death of the spouse named on the application ("Insured Spouse") to the designated beneficiary. If no beneficiary is designated, the benefit is payable to the Insured.

This Rider may be purchased at any time while the policy is In Force, subject to underwriting approval and the following age restrictions:

• the Insured must be between Attained Age 21 and 59 (this Rider is no longer available on or after the policy anniversary on which the Insured reaches Attained Age 59); and

• the Insured Spouse must be between Attained Age 18 and 69 at the time this Rider is elected.

This Rider will terminate on the earliest of: the policy anniversary on which the Insured Spouse reaches Attained Age 70, the date the Policy Guard Rider is invoked, the date the Rider is converted to a new policy, the date the policy matures or otherwise terminates, or the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

This Rider has a conversion right. The Insured Spouse may exchange this Rider's benefit for a level premium, level benefit, permanent plan of whole life insurance, subject to limitations.

Spouse Life Insurance Rider Charge

A monthly Rider charge is deducted if this Rider is elected. The Spouse Life Insurance Rider Charge compensates Nationwide for providing term insurance on the life of the Insured Spouse. The Rider charge is the product of the Spouse Life Insurance Rider's Specified Amount and the Insured Spouse life insurance cost of insurance rate. The Insured Spouse life insurance cost of insurance rate is based on Nationwide’s expectations as to the mortality of the Insured Spouse. The Insured Spouse life insurance cost of insurance rate will vary by the Insured Spouse's sex, Attained Age, underwriting class, any Substandard Ratings, and the Spouse Life Insurance Rider's Specified Amount.

The Spouse Life Insurance Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Spouse Life Insurance Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Decreases in the Base Policy Specified Amount may result in a corresponding decrease in the Spouse Life Insurance Rider's Specified Amount.

Accidental Death Benefit Rider

Subject to Nationwide’s underwriting approval, this Rider may be elected at any time. The Rider pays a benefit, in addition to the Death Benefit, to the named beneficiary upon the Insured's accidental death. The benefit continues until the Insured reaches Attained Age 70. The policy owner will be charged for this Rider: so long as the policy remains In Force and the Rider's term has not expired; the benefit has been paid, the policy matures or otherwise terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination

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will be effective on the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

The charge for this benefit is deducted from the policy's Cash Value, therefore this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Otherwise, the benefit of this Rider and the Death Benefit are independent of one another.

Accidental Death Benefit Rider Charge

The charge for this Rider compensates Nationwide for providing coverage in the event of the Insured's accidental death, meaning the Insured's death as a result of bodily injury caused by external, violent and accidental means from a cause other than a risk not assumed. The charge is the product of the Accidental Death Benefit Rider Specified Amount and the accidental death benefit cost of insurance rate. The accidental death benefit cost of insurance rate is based on Nationwide’s expectations as to the likelihood of the Insured's accidental death. The accidental death benefit cost of insurance rate will vary by the Insured's sex, Attained Age, underwriting class and any Substandard Ratings.

Premium Waiver Rider

Subject to Nationwide’s underwriting approval, the policy owner may purchase this Rider at any time.

Rider Benefit

The benefit associated with the Premium Waiver Rider is a monthly credit to the policy upon the Insured's total disability for six consecutive months not caused by a risk not assumed. Risks not assumed vary by state. Contact the Service Center to obtain a copy of the Premium Waiver Rider applicable to the policy.

The amount credited to the policy will be the lesser of:

• the Premium specified by the policy owner; or

• the average actual monthly Premiums paid over the last 36 months prior to the disability (or such shorter period of time that the policy has been In Force).

The monthly credit applied pursuant to the Rider may not be sufficient to keep the policy from Lapsing. Purchasing this Rider could help preserve the Death Benefit.

Benefit Duration

If the Insured is younger than Attained Age 63 at the time of the total disability, the Rider coverage continues until the Insured turns Attained Age 65. If the Insured is Attained Age 63 or older at the time of the total disability, the Rider coverage continues for two years. This Rider is effective until the Rider's term expires, the policy terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received in good order, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

Interaction with the Deduction (of Fees and Expenses) Waiver Rider

This Rider cannot be elected if the Deduction (of Fees and Expenses) Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under that Rider is sufficient to keep the policy from Lapsing where as the benefit payable under the Premium Waiver Rider is not sufficient to keep the policy from Lapsing, see Deduction (of Fees and Expenses) Waiver Rider.

Premium Waiver Rider Charge

A monthly Premium Waiver Rider Charge will be deducted if this Rider is elected. The Premium Waiver Rider Charge compensates Nationwide for crediting the policy with the amount of scheduled due and payable Premium payments upon the Insured's total disability for six consecutive months.

The Rider Charge is the product of the Rider's benefit (the monthly policy credit) and the premium waiver cost rate. The premium waiver cost rate is based on Nationwide’s expectations as to likelihood of the Insured's total disability for six consecutive months. The premium waiver cost rates will vary by policy based on the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.

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The Premium Waiver Rider Charge will be deducted proportionally from the Sub-Account allocations and Fixed Account. Because the Premium Waiver Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Change of Insured Rider

The Rider is only available in connection with policies issued to corporate entities or in other business contexts where the primary purpose is to provide protection or benefits to employees. The Rider is not available to individuals outside of these limited business purposes. The benefit associated with the Change of Insured Rider is that the policy owner may change the Insured at any time after the Policy Date, subject to insurability and the requirements below. There is no charge to change the Insured; however, the policy charges after the change will vary by characteristics of the new Insured including the new Insured’s Attained Age, sex, rate type and rate classification including any Substandard Ratings.

Change of Insured requirements:

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

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 requirements are met. The Policy Date will not change.

The Total Specified Amount of the policy will be as stated by the policy owner in the application for the change subject to the following:

(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 stated in the Policy Data Pages.

If the new Insured commits suicide, while sane or insane, within two years of the change date, Nationwide will not pay the Death Benefit. Instead, an amount will be paid equal to the Cash Value as of the change date, plus the sum of Premiums paid since the change date, less any Indebtedness, and less any partial surrenders.

After a change of Insured, Nationwide will not contest the policy after it has been In Force for two years from the change date.

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.

Additional (insurance) Protection Rider

The benefit associated with the Additional (insurance) Protection Rider is term life insurance on the Insured, in addition to that under the base policy. The Death Benefit Proceeds attributable to the Additional (insurance) Protection Rider are payable to the beneficiary upon the Insured's death if the Additional (insurance) Protection Rider is still In Force. The

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Additional (insurance) Protection Rider has no cash value and no loanable value nor does it modify any cash or loan values of the base policy. Policy owners should request illustrations showing the impact of purchasing coverage with and without the Additional (insurance) Protection Rider.

Subject to Nationwide’s underwriting approval, this Rider may be purchased at any time while the policy is In Force and until the Insured reaches Attained Age 85. If purchased after the Policy Date, Nationwide will require evidence of insurability. The death benefit option for the base policy will also be the death benefit option for the Additional (insurance) Protection Rider.

The Additional (insurance) Protection Rider coverage terminates on the earliest of the following dates:

• the date the Insured dies;

• the original Maturity Date of the base policy;

• the date the policy Lapses;

• the date the policy terminates for any reason; or

• the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center.

Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

The policy owner cannot extend the Additional (insurance) Protection Rider coverage beyond the policy's Maturity Date, see Extending Coverage Beyond the Maturity Date.

Additional (insurance) Protection Rider Impact

Cost of Insurance Charges

Electing coverage under the Additional (insurance) Protection Rider, as opposed to electing coverage only under the base policy, should lower the policy owner's overall cost of insurance. This is due in part to the broker-dealer firm receiving less overall compensation for selling a policy with the Additional (insurance) Protection Rider. It is also possible that less Premium may be required to maintain to the Death Benefit over the life of the policy or that increased Premium may be needed if the Additional (insurance) Protection Rider is not purchased.

Guaranteed Policy Continuation Provision

This provision protects the policy from Lapse under certain conditions, see Guaranteed Policy Continuation Provision. However, coverage elected under the Additional (insurance) Protection Rider is not covered by this provision beyond the fifth policy year. In comparison, the base policy may provide longer coverage, see Lapse.

Additional (insurance) Protection Rider Charge

A monthly Additional (insurance) Protection Rider Charge will be deducted if the Rider is elected. The Additional (insurance) Protection Rider Charge compensates Nationwide for providing term life insurance on the Insured.

The monthly cost of insurance charge for this Rider is determined by multiplying the Rider monthly cost of insurance rate by the Rider death benefit. The Rider death benefit will be based on the elected Death Benefit and may vary monthly. The Additional (insurance) Protection Rider cost of insurance rate is based on Nationwide’s expectation as to the Insured's mortality and expense experience. The Additional (insurance) Protection Rider cost of insurance rate will vary by the Insured's sex, Attatined Age, underwriting class, any Substandard Ratings, and the Total Specified Amount.

The Additional (insurance) Protection Rider Charge will be deducted proportionally from the Sub-Account and Fixed Account allocations. Because the Additional (insurance) Protection Rider Charge is deducted from Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on the Cash Value.

Deduction (of Fees and Expenses) Waiver Rider

Subject to Nationwide’s underwriting approval, this Rider can be elected at any time so long as the policy is In Force and it is before the Policy Date on or following the date the Insured reaches age 59.

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Rider Benefit

The benefit associated with this Rider is a waiver of the policy's monthly deductions if the Insured becomes totally disabled, as defined in the Rider, for at least six consecutive months. No benefit is available if total disability results from a risk not assumed; risks not assumed may vary by state. Contact the Service Center to obtain a copy of the Deduction (of Fees and Expenses) Waiver Rider applicable to the policy.

Disability During the First Three Years from the Policy Date

If the Insured becomes totally disabled for six consecutive months within the first three years from the Policy Date, the benefit is a credit to the policy in an amount necessary to keep the policy In Force as opposed to a waiver of the monthly deductions. The Cash Value will increase by the amount in which the minimum monthly premium exceeds the monthly deductions, just as if the minimum monthly premium had been paid.

Disability Following the First Three Years from the Policy Date

If the Insured becomes totally disabled for six consecutive months any time after the first three years from the Policy Date, the benefit is a waiver of the policy's monthly deductions. For example, if the policy owner becomes totally disabled for six consecutive months two years and eight months from the Policy Date, for the first four months, the benefit would be a credit equal to the amount necessary to keep the policy In Force. After that, the Rider's benefit becomes a waiver of the policy's monthly charges.

Following the third year from the Policy Date, the Rider's benefit alone may not be sufficient to keep the policy from Lapsing. The policy owner may need to make additional premium payments to prevent Lapse. However, while the Rider's benefit is being paid, it will cost less on a monthly basis to keep the policy In Force.

Benefit Duration

The benefit duration depends on the Insured's age when total disability begins. Before age 60, the benefit continues for as long as the Insured is totally disabled (even if that disability extends past when the Insured reaches age 65). The benefit will end if you invoke the Policy Guard Rider. Between ages 60 and 63, the benefit continues until the Insured turns age 65. From age 63, the benefit lasts only for two years.

Interaction with Premium Waiver Rider

This Rider cannot be elected if the Premium Waiver Rider is elected. During the first three years from the Policy Date, the benefit payable under this Rider appears to be the same as the benefit payable under the Premium Waiver Rider, i.e., both Riders credit amounts to the policy. However, the monthly credit under this Rider will be sufficient to keep the policy from Lapsing but only during the first three years from the Policy Date. The benefit under the Premium Waiver Rider is not guaranteed to be sufficient to keep the policy from Lapsing, see Premium Waiver Rider.

Deduction (of Fees and Expenses) Waiver Rider Charge

The charge for this Rider compensates Nationwide for the risks assumed in crediting and/or waiving policy charges during the Insured's total disability. The charge is the product of the amount of periodic charges deducted from the policy on a monthly basis (excluding the cost for this Rider) and the deduction waiver cost rate. The deduction waiver cost rate is based on Nationwide’s expectations as to the likelihood of the Insured's total disability for six consecutive months. The deduction waiver cost rate varies by the Insured's sex, Attained Age, underwriting class, and any Substandard Ratings.

The charge for this Rider is deducted proportionately from the Sub-Account and Fixed Account allocations; therefore, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Policy Guard Rider

A policy owner is able to prevent the policy from Lapsing due to Indebtedness by invoking the Policy Guard Rider, which provides a guaranteed paid-up insurance benefit. The Rider is designed to enable the policy owner of a policy with a substantially depleted Cash Value, due to Indebtedness, to potentially avoid the negative tax consequences associated with Lapsing the policy.

Note: Neither the IRS nor the courts have ruled on the tax consequences of invoking the Policy Guard Rider. It is possible that the IRS or a court could assert that the Indebtedness should be treated as a distribution, all or a portion of which could be taxable when the Rider is invoked. Consult with a tax advisor regarding the risks associated with invoking this Rider.

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Availability

All policies for which the guideline premium/cash value corridor life insurance qualification test is elected will automatically receive the Policy Guard Rider (state law permitting). The Rider is dormant until specifically invoked by the policy owner, at which time a one-time charge is assessed.

This Rider is not available for policies for which the cash value accumulation life insurance qualification test was elected.

Eligibility

The policy owner is eligible to invoke the Rider upon meeting the following conditions:

• Indebtedness reaches a certain percentage of the policy's Cash Value (the percentage will range from 95% to 99% based upon the life insurance qualification test and the Insured's Attained Age);

• The Insured is Attained Age 75 or older;

• The policy is currently In Force and has been In Force for at least 15 years;

• The policy's Cash Value is at least $100,000; and

• All amounts available for partial surrender not subject to federal income tax have been taken.

The first time the policy's Indebtedness reaches the percentage that makes the policy eligible for the Rider, Nationwide will notify the policy owner of the policy's eligibility to invoke the Rider. The letter will also describe the Rider, its cost, and its guaranteed benefits. The Rider may be invoked at any time, provided that the above conditions are met.

Impact on Other Riders and the Policy

The Long-Term Care Rider, the Spouse Life Insurance Rider, and the Deduction (of Fees and Expenses) Waiver Rider will terminate or will need to be terminated by the policy owner prior to invoking the Policy Guard Rider. An election to invoke the Policy Guard Rider is irrevocable.

Additionally, Nationwide will adjust the policy as follows:

(1)	If not already in effect, the death benefit option will be changed to Death Benefit Option 1.
(2)	The Total Specified Amount will be adjusted to equal the lesser of: (1) the Total Specified Amount immediately before the Rider was invoked; or (2) the Total Specified Amount that will cause the Death Benefit to equal the Minimum Required Death Benefit immediately after the charge for the Rider is deducted. This "new" Total Specified Amount will be used to calculate the Death Benefit pursuant to The Death Benefit provision.
(3)	Any non-loaned Cash Value (after deduction of the Policy Guard Rider charge) will be transferred to the Fixed Account, where it will earn the minimum guaranteed fixed interest rate of the base policy (shown in the Policy Data Pages).

After the above adjustments are made, the Indebtedness will continue to grow at the policy's loan charged rate, and the amount in the policy loan account will continue to earn interest at the policy's loan crediting rate. No additional policy charges will be assessed. No further loans may be taken from the policy and no withdrawals may be taken from the policy (except for a full policy surrender). Cash Value may not be transferred out of the Fixed Account. The Death Benefit will be the greater of the Total Specified Amount or the Minimum Required Death Benefit. The policy will remain as described above for the duration of the policy.

Policy Guard Rider Charge

The Policy Guard Rider Charge is a one-time charge deducted at the time the Rider is invoked, and is assessed against the Cash Value allocated to the Sub-Accounts and the Fixed Account. The charge is intended to cover the administrative costs and to compensate Nationwide for the risks associated with the Rider's guaranteed paid-up death benefit. The charge is the product of the policy's Cash Value and an age-based factor ranging from 0.15% to 15.70% as shown in the Policy Data Pages.

If the Cash Value less Indebtedness is insufficient to satisfy the charge, the Rider cannot be invoked without repaying enough Indebtedness to cover the charge.

Invoking the Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value. Additionally, any benefits paid pursuant to this Rider will reduce the Cash Surrender Value.

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Policy Owner Services

Dollar Cost Averaging

Dollar cost averaging is an investment strategy designed to reduce the investment risks associated with market fluctuations and promote a more stable Cash Value and Death Benefit over time. A policy owner may elect to participate in the dollar cost averaging program at the time of application or at a later date by submitting an election form to the Service Center. An election to participate in the program that is submitted after application will be effective at the end of the Valuation Period coinciding with the date requested or, if that date has passed or no date is specified, at the end of the Valuation Period during which the request was received, or the end of the right to cancel period, whichever is later.

There is no charge for dollar cost averaging and dollar cost averaging transfers do not count as transfer events. Dollar cost averaging transfers will continue to be processed until there is no more Cash Value left in the originating investment option(s) or until a policy owner instructs Nationwide to terminate the service. Policy owners may direct Nationwide to automatically transfer specific amounts from the Fixed Account and the:

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

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

• Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

to any other Sub-Account. Certain Sub-Accounts may or may not be available depending on when the policy was purchased, see Appendix A: Underlying Mutual Fund Information for details on Sub-Account availability. Transfers from the Fixed Account must be no more than 1/30th of the Fixed Account value at the time the program is elected.

Nationwide does not assure the success of these strategies and cannot guarantee that dollar cost averaging will result in a profit or protect against a loss. A policy owner should carefully consider his or her financial ability to continue these programs over a long enough period of time to purchase Accumulation Units when their value is low, as well as when their value is high. Nationwide may modify, suspend, or discontinue these programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.

Enhanced Dollar Cost Averaging

Periodically, Nationwide may offer enhanced dollar cost averaging programs. When offered, these programs will be available only at the time of application. All or a portion of the initial Premium may be applied to a program. Subsequent Premium is not eligible for inclusion in the program. Under an enhanced dollar cost averaging program, the interest rate credited to the initial Premium allocated to the Fixed Account will be greater than the interest rate credited to standard Fixed Account allocations. Enhanced dollar cost averaging programs will last for one year and Cash Value attributable to the enhanced dollar cost averaging program will be transferred from the Fixed Account to the selected Sub-Account(s) based on the following schedule:

Beginning of Month	Fraction of Cash Value Transferred
2	1/11
3	1/10
4	1/9
5	1/8
6	1/7
7	1/6
8	1/5
9	1/4
10	1/3
11	1/2
12	Remaining Amount

Enhanced Dollar Cost Averaging transfers are not considered transfer events.

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Asset Rebalancing

A policy owner may elect to participate in an asset rebalancing program. Asset rebalancing involves the automatic rebalancing of the Cash Value in the chosen Sub-Accounts (up to 20) on a periodic basis. Cash Value allocated to the Fixed Account is not eligible for asset rebalancing. A policy owner can schedule asset rebalancing to occur every three, six, or 12 months on days when Nationwide prices Accumulation Units. There is no charge for asset rebalancing and it does not count as a transfer event.

A policy owner may elect to participate in an asset rebalancing program at the time of application or at a later date by submitting an election form to the Service Center. Unless elected otherwise, asset rebalancing will not affect the allocation of Premiums paid after beginning the program. Manual transfers will not automatically terminate the program. As long as a policy with asset rebalancing elected remains In Force, termination of asset rebalancing will only occur as a result of specific instruction by a policy owner to do so. Nationwide may modify, suspend, or discontinue asset rebalancing programs at any time.

Automated Income Monitor

Automated Income Monitor is an optional systematic partial surrender and/or policy loan program that may be elected at any time, at no additional cost. This program is only available to policies that are not modified endowment contracts.

Automated Income Monitor programs are intended for policy owners who wish to take an income stream of scheduled payments from the Cash Value of the policy. The income stream is generated via partial surrenders until the policy cost basis is depleted, then through policy loans. Taking partial surrenders and/or policy loans may result in adverse tax consequences, will reduce policy values and therefore limit the ability to accumulate Cash Value, and may increase the likelihood the policy will Lapse. Before requesting the Automated Income Monitor program, policy owners should consult with financial and tax advisors.

At the time of application for a program, Nationwide will provide policy owners with an illustration of the proposed income stream and impacts to the Cash Value, Cash Surrender Value, and Death Benefit. Policy owners must submit this illustration along with an application when electing an Automated Income Monitor program. Programs will commence at the beginning of the next monthly anniversary after Nationwide receives the election form and illustration. On each policy anniversary thereafter Nationwide will provide an updated In Force illustration to assist policy owners in determining whether to continue, modify, or discontinue an elected program. Policy owners may request modification or termination of a program at any time by written request to the Service Center.

A policy owner’s program will be based on the policy's Cash Surrender Value at the time of election and each succeeding policy anniversary, and on the following elections:

(1) Payment type:

(a)	Fixed Amount: If a policy owner elected payments of a fixed amount, the amount received will not vary with policy Investment Experience; however, the length of time the elected payment amount can be sustained will vary based on the illustration assumptions below and the policy's Investment Experience; or
(b)	Fixed Duration: If a policy owner elected payments for a fixed duration, the amount received during the first year will be based on the illustration assumptions below. After the first year, the amount will vary based on the illustration assumptions and policy Investment Experience to maintain the elected duration.

(2) Illustration assumptions:

(a)	an assumed variable rate of return specified by the policy owner from the available options stated in the election form;
(b)	minimum Cash Surrender Value targeted by the policy owner to have remaining on the policy's Maturity Date, or other date specified by the policy owner. This dollar amount is used to calculate available income. It is not guaranteed to be the Cash Surrender Value on the specified date;
(c)	a policy owner may also request a change of death benefit option, or a decrease in Base Policy Specified Amount to be effective in conjunction with commencing a program or to occur at a future date; and
(d)	payment frequency: monthly; quarterly; semi-annually; or annually. Payments on a monthly basis are made by direct deposit (electronic funds transfer) only.

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Generally, higher variable rate of return assumptions, a lower target Cash Surrender Value, and Death Benefit Option 1, will result in larger projected payments or longer projected durations. However, larger payments or longer duration may increase the likelihood the policy will Lapse.

Note: Policy owners are responsible for monitoring the policy to prevent Lapse. Nationwide will provide annual In Force illustrations based on current Cash Surrender Values and the elected illustration assumptions to assist policy owners with preventing Lapse. Policy owners may request modification or termination of a program at any time by written request to the Service Center.

Automated Income Monitor programs are subject to the following additional conditions:

(1) To prevent adverse tax consequences, a policy owner can authorize Nationwide to make scheduled payments via policy loan when:

(a)	the policy's cost basis is reduced to zero;
(b)	a partial surrender within the first 15 policy years would be a taxable event;
(c)	or to prevent the policy from becoming a MEC, see Taxes.
	Note: Partial surrenders and policy loans taken under the Automated Income Monitor program are subject to the same terms and conditions as other partial surrenders and policy loans, see Partial Surrender and Policy Loans.

(2)	While a program is in effect, no Premium payment reminder notices will be sent unless requested; however, Premium payments will be accepted.
(3)	Programs will terminate on the earliest of the following:

(a)	Nationwide’s receipt at the Service Center of a written request to terminate participation;
(b)	at the time the policy enters a Grace Period or terminates for any reason;
(c)	at the time of a requested partial surrender or policy loan outside the program;
(d)	upon a change of policy owner;
(e)	for income based on a fixed duration, the end of the period the policy owner specified at the time of election;
(f)	on any policy anniversary when the current Cash Surrender Value is less than or equal to the target Cash Surrender Value assumption the policy owner specified;
(g)	at any time the scheduled partial surrender or policy loan would cause the policy to fail to qualify as life insurance under Section 7702 of the Code; or
(h)	the policy's Maturity Date.

Additionally, the program will terminate when one of the following Riders is invoked or begins providing benefits: the Policy Guard Rider and the Long-Term Care Rider.

Nationwide will notify policy owners upon termination of an Automated Income Monitor program. In addition, Nationwide may modify, suspend, or discontinue Automated Income Monitor programs at any time. Nationwide will notify policy owners in writing 30 days before doing so.

Policy Loans

After the expiration of the right to cancel 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. Notwithstanding anything to the contrary set forth in this prospectus, Nationwide may accept requests submitted via telephone, subject to dollar amount limitations and payment and other restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice. Contact the Service Center for current limitations and restrictions, see Contacting the Service Center.

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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 $200. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value allocated to the Sub-Accounts plus 100% of the Cash Value allocated to the Fixed Account, plus 100% of the policy loan account, less any surrender charge. 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 transfers an amount equal to the policy loan from the policy's investment options. 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. Interest credited to the policy loan account is an obligation of Nationwide’s general account and is dependent on Nationwide’s financial strength and claims paying ability. 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 maximum interest rate Nationwide may charge against Indebtedness is 3.90% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. 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 transfer an amount equal to the unpaid interest from the policy's investment options 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 transferred from the policy's investment options as unpaid interest charges will be transferred to the policy loan 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.

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 Surrender, Lapse, Maturity in Taxes.

When Interest is Charged and Credited

Interest charged against Indebtedness accrues daily. Interest earned on collateral also accrues daily. Nationwide will transfer interest charged on Indebtedness from the policy's investment options to the collateral account, and transfer interest credited on collateral from the policy loan account to the investment options:

• Annually, at the end of a policy year;

• At the time a new loan is requested;

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• 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 will be less and in some cases, significantly less, than the interest charged against the Indebtedness.

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 monthly policy charges, including Rider charges, see Unfavorable Investment Experience. A policy owner can avoid Lapsing the policy by paying the amount required by the Guaranteed Policy Continuation Provision or by invoking the Policy Guard Rider to prevent the policy from Lapsing due to Indebtedness. Before any Lapse, there is a Grace Period during which a policy owner can take action to prevent the Lapse. Subject to certain conditions, a policy owner may reinstate a policy that has Lapsed.

Guaranteed Policy Continuation Provision

The policy provides for a Guaranteed Policy Continuation Period. The policy will not Lapse during the Guaranteed Policy Continuation Period if the policy owner pays the Policy Continuation Premium amount shown on the Policy Data Pages.

The Policy Continuation Premium required is stated in the Policy Data Pages and will vary by the Insured's issue age, sex, underwriting classification, any Substandard Ratings, the Total Specified Amount and any Riders elected.

The Policy Continuation Premium can only change due to action taken by the policy owner. If a policy owner has made any changes to the policy after it is issued, including any policy loans or partial surrenders, increases or decreases to the Total Specified Amount, adding or terminating a Rider, and/or changing the death benefit option, the Policy Continuation Premium may change. A change will result in reissued Policy Data Pages which will show the new Policy Continuation Premium. Upon request and for no charge, Nationwide will determine whether Premium payments, minus any Indebtedness and partial surrenders, are sufficient to keep the Guaranteed Policy Continuation Provision in effect.

The Guaranteed Policy Continuation Period will begin when Nationwide issues the policy and will continue for the lesser of 30 years, or the number of years until the Insured reaches Attained Age 65, from the Policy Date. For policies issued on Insured's age 55 or older on the Policy Date, the Guaranteed Policy Continuation Period is 10 years.

When the Guaranteed Policy Continuation Period ends, if the Cash Surrender Value remains insufficient to cover the monthly policy charges, the policy is at risk of Lapsing and a Grace Period will begin. There is no separate additional charge for the Guaranteed Policy Continuation Provision.

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Grace Period

If the Cash Surrender Value on any monthly anniversary 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. If the required Premium is not paid within 61 days, the policy and all Riders will Lapse. The amount is equal to the lesser of:

• the amount of Premium required to pay any due and unpaid policy charges plus three times the current monthly deductions; or

• the amount of Premium that will bring the Guaranteed Policy Continuation Provision back into effect, if applicable.

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

Reinstatement

A policy owner may request reinstatement of a Lapsed policy by:

(1)	submitting, at any time within three years after the end of the Grace Period (or longer if required by state law) and before the Maturity Date, a written request to the Service Center to reinstate the policy;
(2)	providing evidence of insurability satisfactory to Nationwide;
(3)	paying sufficient Premium to keep the policy In Force for three months (or less if required by state law) from the date of reinstatement, or, if the policy is in the Guaranteed Policy Continuation Period, paying the lesser of (a) and (b) where:

(a)	is the amount of Premium sufficient to keep the policy In Force for three months from the date of reinstatement; and
(b)	is the amount of Premium sufficient to bring the Guaranteed Policy Continuation Provision into effect;

(4)	paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period; and
(5)	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.

If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any reinstated Riders, will be the coinciding or next monthly anniversary of the Policy Date 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 lesser of the surrender charge corresponding to the policy year in which the policy is reinstated or 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 in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Any applicable surrender charges will be deducted from the policy’s Cash Value, see Surrender Charge. See Payment of Policy Proceeds for additional information.

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Policy Restoration after a Full Surrender

Prior to the Insured's death, Nationwide will permit restoration of a surrendered policy pursuant to established procedures to meet the requirements of state insurance law regarding the replacement of life insurance (i.e., use of the Proceeds from a surrendered policy to purchase a new policy). Restored policies will be treated as if they were never surrendered for all purposes, including Investment Experience, interest, and deduction of charges, see Policy Restoration Procedure in the Statement of Additional Information.

Partial Surrender

After the policy has been In Force for one year, the policy owner may request a partial surrender of the policy's Cash Surrender Value. During the first 10 policy years, the amount of a partial surrender cannot exceed 10% of the Cash Surrender Value as of the beginning of the policy year. Nationwide may limit partial surrenders to one per year from the Policy Date. The minimum amount of any partial surrender request is $200.

When a partial surrender is taken, Nationwide will reduce the Cash Value by the partial surrender amount. The Base Policy Specified Amount will also be reduced by the amount necessary to prevent an increase in the Net Amount At Risk. However, the reduction to the Base Policy Specified Amount will not be greater than the excess of the partial surrender amount over the preferred partial surrender amount (a preferred partial surrender is a partial surrender that occurs before the 15th policy anniversary and does not exceed 10% of the Cash Surrender Value as of the beginning of the policy year). In any event, a partial surrender will reduce the Cash Value in each Sub-Account the same proportion as the current allocations.

Partial surrenders may be subject to income tax penalties. They could also cause the policy to become a "modified endowment contract" under the Code, which could change the income tax treatment of any distribution from the policy, see Periodic Withdrawals, Non-Periodic Withdrawals, and Loans. See Payment of Policy Proceeds for additional information.

Notwithstanding anything to the contrary set forth in this prospectus, requests submitted via telephone will be accepted subject to dollar amount limitations and payment restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice to the policy owner. Contact the Service Center for current limitations and restrictions on partial surrenders.

Reduction of Base Policy Specified Amount on a Partial Surrender

Nationwide will reduce the Cash Value of the policy by the amount of any partial surrender in the same proportion as how Cash Value is allocated among the Sub-Accounts. Nationwide will only reduce the Cash Value attributable to the Fixed Account when allocations in the Sub-Accounts are insufficient to cover the amount of the partial surrender.

Nationwide may reduce the Base Policy Specified Amount to ensure that the Net Amount At Risk does not increase due to a partial surrender. Because the policy’s Net Amount At Risk is the same before and after the reduction, a partial surrender by itself does not alter the policy's cost of insurance. The policy's charges going forward will be based on a new Base Policy Specified Amount that will change the calculation of those charges. Depending on changes in variables such as the Cash Value, these charges may increase or decrease after the reduction in Base Policy Specified Amount. However, Nationwide will not reduce the Base Policy Specified Amount when a preferred partial surrender is taken. A preferred partial surrender is a surrender taken before the 15th year from the Policy Date, the maximum aggregate annual amount of which is no more than 10% of the policy's Cash Surrender Value as of the beginning of that year.

Any reduction to the Base Policy Specified Amount will be made in the following order:

• against the most recent increase in the Base Policy Specified Amount;

• against the next most recent increases in the Base Policy Specified Amount in succession; and

• against the Base Policy Specified Amount under the original application.

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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, if the Insured dies by suicide, or benefits were paid under a Rider that accelerated all or a portion of the Death Benefit.

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.

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, up to the maximum stated in the Policy Data Pages, plus interest), less any partial surrenders, as of the Insured's date of death.

The interest rate attributable to the accumulated premium account is referred to as the Death Benefit Option 3 Interest Rate and is stated in the Policy Data Pages. The amount of the accumulated premium account will be no less than zero and no greater than twice the Total Specified Amount.

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 the policy is issued, 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.

If a specific test is not elected, Nationwide will issue the policy with the guideline premium/cash value corridor test. If the cash value accumulation test is elected, the Policy Guard Rider is not available.

Cash Value Accumulation Test

The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, sex, 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.

Guideline Premium/Cash Value Corridor Test

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.

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In deciding which test to elect for the policy, consider the following:

• The cash value accumulation test generally allows flexibility to pay more Premium, subject to Nationwide's approval of any increase in the policy's Net Amount At Risk that would result from higher Premium payments. Premium payments under the guideline premium/cash value corridor test are limited by Section 7702 of the Code.

• Generally, the guideline premium/cash value corridor test produces a higher Death Benefit in the early years of the policy while the cash value accumulation test produces a higher Death Benefit in the policy's later years.

• Monthly cost of insurance charges that vary with the amount of the Death Benefit may be greater during the years when the elected test produces a higher Death Benefit.

Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code. As a result, the Proceeds payable under a 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 so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.

Changes in the Death Benefit Option

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

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 remains the same before 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.

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 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.

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, partial surrenders, and any benefits paid as an acceleration of the Base Policy Specified Amount or Total Specified Amount. Similarly, if the Insured dies by suicide within two years from the date an application for an increase in the Total Specified Amount as 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.

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Proceeds Upon Maturity

If the policy is In Force on the Maturity Date, Nationwide will pay the Proceeds to the policy owner.

Normally, the Proceeds will be paid within seven days after receipt of the policy owner’s written request for payment of Proceeds 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.

Extending Coverage Beyond the Maturity Date

Nationwide may offer to extend coverage beyond the Maturity Date to coincide with the Insured's death, at which time the Proceeds will be paid to the beneficiary. During this coverage extension, the policy owner will still be able to request partial surrenders, and if elected, the Long-Term Care Rider will remain in effect (though there will be no charge for it). The termination of some policy and/or Rider benefits will coincide with the policy's Maturity Date (unless the policy owner decides otherwise). The extension of coverage will be for the Cash Value (as defined below) or for the Total Specified Amount (subject to the law of the state in which the policy owner lived at the time the policy was purchased).

If coverage is extended beyond the policy's Maturity Date, Nationwide will endorse the policy so that:

(1)	if extended for the Total Specified Amount, the policy's Total Specified Amount will be equal to the Base Policy Specified Amount and will be adjusted to what it was when the Insured reached Attained Age 70, subject to any partial surrenders;
(2)	no changes to the Base Policy Specified Amount and/or Total Specified Amount will be permitted (as they are the same);
(3)	no changes to the death benefit option will be allowed;
(4)	no additional Premium payments will be allowed;
(5)	no additional monthly periodic charges will be deducted; however, loan interest will continue to be charged on Indebtedness;
(6)	100% of the policy's Cash Value will be transferred to the Fixed Account;
(7)	if coverage is extended for the policy’s Cash Value, the policy's Death Benefit will become the Cash Value, regardless of the previous death benefit option choice;
(8)	if the Policy Guard Rider is in effect prior to the extension of coverage beyond the Maturity Date, the Total Specified Amount will continue to be defined as the adjusted Total Specified Amount; and
(9)	if the Additional (insurance) Protection Rider is in effect, the extension of coverage beyond the Maturity Date will not apply to the Rider Specified Amount.

Note: Partial surrenders will affect the Base Policy Specified Amount (and thus Total Specified Amount) of a policy with Death Benefit Option 1 based on the Insured's Attained Age at the time the partial surrender is requested. While the Insured is between the Attained Age of 71 and 90, a partial surrender will decrease the Base Policy Specified Amount proportionately. If the Insured is Attained Age 91 or older, a partial surrender will reduce the Proceeds by an amount proportionate to the ratio of the partial surrender to the Cash Value prior to the partial surrender.

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

The primary purpose of 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 Surrendering the Policy; Maturity.

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

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Payment of Policy Proceeds

Normally, Nationwide will make a lump sum payment of the Proceeds within seven days after the written request for payment is received at the Service Center. However, Nationwide may postpone payment of the Proceeds from:

• the general account options for up to six months;

• on the days that it is unable to price Sub-Account Accumulation Units, see Valuation of Accumulation Units; and/or

• as permitted or required by federal securities laws and rules and regulations of the SEC.

Death Benefit Proceeds are paid from Nationwide’s general account. For payout options other than lump sum, Nationwide will issue a settlement contract in exchange for the policy, see Policy Settlement Options.

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, the Death Benefit will be surrendered and placed in a non-interest bearing account. While in the non-interest bearing account, Nationwide will continue to perform due diligence required by state law. Once the state mandated period has expired, 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.

Policy Settlement Options

Proceeds (Death Benefit, maturity Proceeds, or Cash Surrender Value) may be paid out in a lump sum, or in another form that is elected at application.

At any time before the Proceeds become payable, a policy owner may request to change the payout option by writing to the Service Center.

If more than one payout option is elected, at least $2,000 must be apportioned to each option and each payment (made at the specified interval) must be at least $20. The settlement options below are based on predetermined fixed payments.

If the policy owner does not make an election as to the form of the Proceeds, upon the Insured's death, the beneficiary may make the election. Changing the beneficiary of the policy will revoke the payout option(s) in effect at that time. Proceeds are neither assignable nor subject to claims of creditors or legal process. If the beneficiary does not make an election, Nationwide will pay the Proceeds in a lump sum.

Note that for the remainder of Payment of Policy Proceeds provision, "payee" means the person(s) entitled to the Proceeds.

Interest Income Option

If the Interest Income Option is elected, Nationwide retains the Proceeds and credits the Proceeds with interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually whether any interest in excess of 2.5% will be credited. The interest can be credited at the end of 12-, six, three, or one month intervals.

At any time, the policy owner can withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.

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Income for a Fixed Period Option

If the Income for a Fixed Period Option is elected, Nationwide retains the Proceeds and makes payments to the payee at specified intervals over a certain number of years, not to exceed 30. Each payment will consist of a portion of the Proceeds plus interest at an annually determined rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The payments can be paid at the beginning of 12-, six, three, or one month intervals.

At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, the remaining Proceeds and accumulated interest will be paid to the payee’s estate.

Life Income with Payments Guaranteed Option

If the Life Income with Payments Guaranteed Option is elected, Nationwide will retain the Proceeds and make payments to the payee at specified intervals for a guaranteed period (10, 15, or 20 years) and, if the payee is still living at the end of the guaranteed period, the payments will continue for the rest of the payee’s life. During the guaranteed period, Nationwide will pay interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be paid. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

Once payments begin under this option, withdrawals are not permitted. If a payee dies before the guaranteed period has elapsed, Nationwide will make the remaining payments to the payee’s estate. If the payee dies after the guaranteed period has elapsed, no further payments will be made.

Fixed Income for Varying Periods Option

If the Fixed Income for Varying Periods Option is elected, Nationwide will retain the Proceeds and pay a fixed amount at specified intervals until the Proceeds and accumulated interest have been exhausted. The total amount payable each year may not be less than 5% of the original Proceeds. Nationwide will credit interest on the remaining Proceeds at a rate of at least 2.5% per annum, compounded annually. Nationwide will determine annually if any interest in excess of 2.5% will be credited. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

At any time, the payee may withdraw any remaining Proceeds and accumulated interest by submitting a written request to the Service Center. Upon the payee’s death, Nationwide will pay the remaining Proceeds and accumulated interest to the payee’s estate.

Joint and Survivor Life Option

If the Joint and Survivor Life Option was elected, Nationwide will retain the Proceeds and make equal payments to the payees at specified intervals for the life of the last surviving payee. The Proceeds can be paid at the beginning of 12-, six, three, or one month intervals.

Once payments begin under this option, withdrawals are not permitted. Payments will cease upon the death of the last surviving payee. Nationwide will make no payments to the last surviving payee's estate. It is possible that only one payment will be made under this option if both payees die prior to the first payment.

Alternate Life Income Option

If the Alternate Life Income Option is elected, Nationwide will use the Proceeds to purchase an annuity with the payee as annuitant. The amount payable will be 102% of the current individual immediate annuity purchase rate on the date of the individual immediate annuity is elected. The Proceeds can be paid at the end of 12-, six, three, or one month intervals. Since the payments are based on the payee’s lifetime, the payee may not withdraw any amount designated to this option once payments begin. Payments will cease upon the payee’s death. No payments will be made to the payee’s estate.

Payments to Minors

Nationwide will not make payments directly to minors. Contact a legal advisor for options to facilitate payment of Policy Proceeds intended for a minor’s benefit.

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Taxes

The tax treatment of life insurance policies under the Internal Revenue Code ("Code") is complex and 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.

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.

Federal Transfer Tax

In addition to the income tax, the United States also assesses a tax on some or all of the value of certain transfers of property made by gift while a person is living (the federal gift tax), and by bequest or otherwise at the time of a person's death (the federal estate tax).

The federal gift tax is imposed on the value of the property (including cash) transferred by gift. Each donor is allowed to exclude an amount per recipient from the value of present interest gifts. An unlimited marital deduction may be available for certain lifetime gifts made by the donor to the donor's spouse as well as for certain amounts that pass to the decedent’s surviving spouse.

The Tax Cuts and Jobs Act (the "Act") of 2017, doubled the basic estate and gift tax exclusion amount from $5 million to $10 million for estates of persons dying and gifts occurring after December 31, 2017. The exclusion amount is adjusted annually for inflation.

If the transfer is made to someone two or more generations younger than the transferor, the transfer may be subject to the federal generation-skipping transfer tax ("GSTT"). The GSTT provisions generally apply to the same transfers that are subject to estate or gift taxes. The GSTT is imposed at a flat rate equal to the maximum estate tax rate of 40% subject to any applicable exemptions.

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.

Federal Transfer Tax

Generally, the Code treats the payment of premiums on a life insurance policy as a gift when the premium payment benefits someone else (such as when premium payments are paid by someone other than the policy owner). Gifts are not generally included in the recipient's taxable income. If the policy owner (whether or not they are the insured) transfers ownership of the policy to another person, the transfer may be subject to a federal gift, estate and income tax.

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Investment Gain in the Policy

The income tax treatment of increases 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 believes the policy meets the statutory requirements of Code Section 7702 and will monitor the policy’s compliance with 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 currently taxed as 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 favorable tax treatment. In 2003, the IRS issued formal guidance, in Revenue Ruling 2003-91, which provides 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 favorable 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 favorable tax treatment. The revenue ruling did not indicate the number of underlying investment options, if any, that would cause the policy to not provide favorable tax treatment. Should the U.S. Secretary of the Treasury issue additional rules or regulations that would limit: 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, then 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.

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 in order 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 and loans from the policy depends on whether the policy is also considered 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.

Depending on the policy owner's circumstances, the use of the cash value of the policy to pay for the cost of any rider to the base life 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 taking into account the policy owner's individual facts and circumstances.

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.

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Section 7702A of the Code defines a modified endowment contract as those life insurance policies issued or materially changed on or after June 21, 1988 where the total premiums paid at any time during the first 7 contract years exceed the amount that would have been paid at that point if the policy provided for paid up benefits after the payment of 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 because 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 partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are treated first as a distribution of gain to the extent that 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 an exception to the 10% penalty applies.

A Life Insurance Policy that is NOT a Modified Endowment Contract

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 contract. Otherwise, Nationwide will reject the requested action or refund any premium paid that exceeds the modified endowment limits.

Distributions from a life insurance policy that is not a modified endowment contract is generally treated as being first a return of nontaxable premiums paid or investment in the contract, and then taxable income after full recovery of the investment in the contract. Distributions not in excess of investment in the contract will reduce the owner's investment in the contract.

However, in certain circumstances a distribution from a policy that is not a modified endowment contract may not be treated as being first a return of investment in the contract as previously described. Pursuant to Section 7702(f)(7), a cash distribution during the first 15 years after a policy is issued and a reduction in the face amount of the death benefit may result in the cash distribution being fully or partially taxable to the policy owner. The policy owner should consult a competent tax advisor to carefully consider this potential tax consequence and seek further information before requesting any changes in the terms of the policy.

In general, interest paid on a policy loan will not be deductible. In addition, unlike a modified endowment contract, 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.

Surrender, Lapse, 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 is 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 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 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.

Additional Medicare Tax

Section 1411 of the Code imposes a surtax of 3.8% on certain net investment income received by individuals and certain trusts and estates. The surtax is imposed on the lesser of (a) net investment income or (b) the excess of the modified adjusted gross income over a threshold amount. For individuals, the threshold amount is $250,000 (married filing jointly); $125,000 (married filing separately); or $200,000 (other individuals). The threshold for an estate or trust is $7,500.

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Modified adjusted gross income is equal to adjusted gross income with several modifications; the policy owner should consult with a tax advisor regarding how to determine the policy owner’s modified adjusted gross income for purposes of determining the applicability of the surtax.

Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable gain from the sale or surrender of a life insurance policy.

Net investment income includes, but is not limited to, interest, dividends, capital gains, rent and royalty income, and income from nonqualified annuities; and may include taxable distributions from, and gain from the sale or surrenders of, life insurance policies.

Sale of a Life Insurance Policy

If a life insurance policy is transferred or sold it may be taxable to the extent of the gain in the policy and, all or a portion of the gain will be treated as ordinary income. The Tax Cuts and Jobs Act of 2017, provides that for purposes of calculating gain on the sale of a life insurance policy, the owner’s investment in the contract is not reduced for cost of insurance (COI) charges. This reverses the IRS’s position in Revenue Ruling 2009-13 that on the sale of a cash value life insurance policy, the seller’s investment in the contract is reduced by previously imposed COI charges.

Under the transfer for value rule, the sale of the policy may result in a portion of the death benefit proceeds being taxable income when paid to the beneficiary. However, exceptions to the transfer for value rule will preclude taxation of the death benefit proceeds if the transfer is to the insured under the policy, a partner of the insured, a partnership of which the insured is a partner, or to a corporation in which the insured is a shareholder or officer.

However, the Tax Cuts and Jobs Act of 2017 provides that the exceptions to the transfer for value rule noted above are not available if the life insurance policy was transferred in a reportable policy sale. Therefore, in a reportable policy sale some portion of the death benefit proceeds will be taxable.

The Tax Cuts and Jobs Act of 2017 also provides special tax reporting requirements that apply to the sale of a life insurance policy in a reportable policy sale or the transfer of a life insurance policy to a foreign person. Under these reporting requirements the buyer of a life insurance policy in a reportable policy sale must report the amount of the sales proceeds to the IRS as well as the insurance company that issued the policy. Upon receipt of 1) the report of sale from the buyer or 2) any notice of a transfer of a life insurance policy to a foreign person, the insurance company is then required to report information related to the sale or transfer of the life insurance policy to the IRS. A policy owner contemplating the transfer or sale of the policy or a transfer of the policy to a foreign person should consult a qualified tax advisor.

Exchanging the Policy for Another Life Insurance Policy

Generally, policy owners will be taxed on amounts received in excess of the investment in the contract when the policy is surrendered in full. However, if the policy is exchanged for another life insurance policy, endowment contract, or annuity contract, the policy owner will not be taxed on the excess amount if the exchange meets the requirements of Code Section 1035. To satisfy Section 1035, the insured named in the policy must be the insured under the new policy.

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.

Federal Income Taxation of Death Benefits

Death of Insured

Under Section 101 of the Code, the death benefit is generally excludable from the beneficiary’s gross income by reason of the insured’s death. 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 (see, Sale of Life Insurance Policy).

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

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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.

Accelerated Death Benefits

The death benefit under a life insurance policy may be distributed at a time earlier than the death of the insured, and all or a portion of the distribution may still be excludable from gross income under the Code.

Terminal Illness

The death benefit under a life insurance policy may be distributed when the insured is considered a "terminally ill individual" as that term is defined under the Internal Revenue Code. In this situation the distribution is treated as paid by reason of death of the insured and will generally be excluded from the policy owner’s gross income under Section 101 of the Code, see Federal Income Taxation of Death Benefits.

Long-Term Care

A long-term care rider issued with a life insurance policy or one that is subsequently added to the policy may allow for acceleration of all or a portion of the death benefit upon the insured being certified as a "chronically ill individual" as that term is defined under the Internal Revenue Code. If the long-term care rider meets the requirements of a qualified long-term care insurance contract as defined under Section 7702B of the Internal Revenue Code, then a distribution of all or a portion of the death benefit will generally be excluded from income under the Code. The long-term care rider issued with this life insurance policy is intended to be a qualified long-term care insurance contract under Section 7702B of the Internal Revenue Code.

The amount of the long-term care benefit that is excludable from gross income on an annual basis is limited to the greater of (1) the HIPAA per diem amount or (2) the amount of actual qualifying long-term care expenses incurred, reduced by any reimbursements received for qualifying long-term care services provided for the insured. While the long-term care rider issued with this life insurance policy may or may not pay a long-term care benefit that is limited to the HIPAA per diem amount , Nationwide cannot guarantee that the long-term care benefit will be treated as tax free. If multiple indemnity contracts are owned on a single insured, the payments received from these contracts are aggregated for purposes of determining whether the amounts received exceed the greater of the HIPAA per diem amount or the amount of actual qualifying long-term care expenses incurred.

The Tax Cuts and Jobs Act of 2017 changed the methodology used to calculate the annual inflation adjustments to the HIPAA per diem amount. The change will result in a lower rate of increase in the annual HIPAA per diem. Therefore, it is highly recommended that the policy owner consults their tax advisor when contemplating the amount of long-term care benefit to be taken under the long-term care rider.

The long-term care rider may pay benefits if the insured is receiving qualified long-term care services outside of the United States. It is the responsibility of the policy owner to determine if collecting benefits while outside the United States will subject the policy owner to taxation in the United States, the country of residence, or any other foreign jurisdiction.

Payment of long-term care rider charges will be made through deductions from the cash value of the life policy. These deductions from the cash value are considered to be distributions from the life policy for federal tax purposes and will not be included in income even if the policy owner has fully recovered their investment in the contract.

The payment of long-term care benefits made to the policy owner of the long-term care rider will be reported on a Form 1099-LTC. In addition, deductions from the cash value of the life insurance policy to pay for long-term care rider charges during the calendar year will also be reported on Form 1099-R.

This discussion of the tax treatment of the long-term care rider is not meant to be all inclusive. 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 Transfer (Estate, Gift and Generation Skipping Transfer) Taxes

When the insured dies, the death benefit will generally be included in the insured's federal gross estate if: (1) the proceeds were payable to or for the benefit of the insured's estate; or (2) the insured held any "incident of ownership" in the policy at death or at any time within three years of death. An incident of ownership, in general, is any right in the policy that may be exercised by the policy owner, such as the right to borrow on the policy or the right to name a new beneficiary.

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If the beneficiary is two or more generations younger than the insured, the death benefit may be subject to the GSTT. Pursuant to regulations issued by the Treasury, Nationwide may be required to withhold a portion of the proceeds and pay them directly to the IRS as the GSTT payment.

If the policy owner is not the insured or a beneficiary, then payment of the death benefit to the beneficiary will be treated as a gift to the beneficiary from the policy owner.

Special Considerations for Corporations

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 originally 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 to the employer that may be excluded from income cannot exceed the sum of premiums paid and other payments made by the policy owner for the policy. Consequently, under this general rule, some portion of the death benefit will be taxable.

The general rule of taxability will not apply if the statutory notice and consent requirements are satisfied before the policy is issued and one of the following apply:

1.	The insured was an employee at any time during the 12-month period before the insured’s death.
2.	At the time that the policy is issued, the insured is either a director, a "highly compensated employee" (as defined in the Code), or a "highly compensated individual" (as defined in the Code).
3.	The death benefit is paid to a family member of the insured (as defined under the Code), an individual who is a designated beneficiary (other than the employee) of the insured, a trust established for either the family member’s or beneficiary’s benefit, or the insured’s estate, or
4.	The death benefit is used to buy an equity interest in the employer from the family member of the insured, beneficiary, trust or estate.

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 employer-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.

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.

Limitation on interest and other business deductions

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.

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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.

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.

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.

FATCA

Under Sections 1471 through 1474 of the Internal Revenue Code (commonly referred to as FATCA), distributions from a policy to a foreign financial institution or to a nonfinancial foreign entity, each as described by FATCA, may be subject to United States tax withholding at a flat rate equal to 30% of the taxable amount of the distribution, irrespective of the status of any beneficial owner of the policy or of the distribution. Nationwide may require you to provide certain information or documentation (e.g., Form W-9 or Form W-8BEN) to determine its withholding requirements under FATCA.

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.

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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.

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 professional.

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 makes no representation as to the likelihood of the continuation of these current laws, interpretations, and policies.

The Consolidated Appropriations Act, 2021 that was enacted into law on December 27, 2020 changed the interest rate assumption used under Section 7702 to determine the amount of premium allowed to fund a policy. The change is generally favorable and only applies to life insurance policies issued on or after January 1, 2021.

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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, Guam, the U.S. Virgin Islands, 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 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.

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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.

Nationwide will not substitute shares of any underlying mutual fund in which the Sub-Accounts invest without any necessary prior approval of the appropriate state and/or federal regulatory authorities. All affected policy owners will be notified in writing by U.S. mail, or any other means permitted by law, 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.

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 separate account from participation in the underlying mutual fund(s) involved in the conflict.

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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. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company maintains Professional Liability Insurance and Director and Officer Liability insurance policies that may cover losses for certain legal and regulatory proceedings. The Company will make adequate provision for any probable and reasonably estimable recoveries under such policies.

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 Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or their affiliates, the Company is cooperating with regulators.

Nationwide Investment Services Corporation

The general distributor, NISC (the "Company"), is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial position. The Company has agreements with Nationwide Life Insurance Company (NLIC) under which, NLIC pays all litigation costs on behalf of the Company. Should NLIC be unable or unwilling to pay these costs in the future, the Company would be liable for such costs.

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 Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Financial Statements

The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-4 and the financial statements and schedules of Nationwide Life Insurance Company (the "Company"). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the 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 financial statements of the Company as affecting the investment performance of the assets of the separate account.

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Appendix A: Underlying Mutual Fund Information

This appendix contains information about the underlying mutual funds in which the Sub-Accounts 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:
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.
MF:	The underlying mutual fund operates as a "feeder fund", which means it invests all of its investment assets in another mutual fund, the "master fund". Investors in this underlying mutual fund will bear the fees and expenses of both this underlying mutual fund and the "master fund" in which it invests. Therefore, this may result in higher expenses than those of other underlying mutual funds that invest directly in individual securities. Refer to the prospectus for this underlying mutual fund for more information.
VOL:	The underlying mutual fund uses a volatility management strategy to reduce a policy owner’s exposure to equity investments when equity markets are volatile which may limit investment losses in a down market. However, use of such a strategy may also limit the growth of the policy’s Cash Value. Allocation to this type of investment option may result in foregone investment gains that could otherwise be realized by investing in riskier investment options.

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

This Sub-Account is only available in policies issued before May 1, 2004

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

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 II

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 Disciplined Core Value Fund: Class I

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Capital growth by investing in common stocks. Income is a secondary objective.

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.

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II

Investment Advisor:	BlackRock Advisors, LLC
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	Seek high total investment return.

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Investment Objective:	The fund seeks to match the performance of the Standard & Poor's® SmallCap 600 Index (S&P SmallCap 600 Index).

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BNY Mellon Stock Index Fund, Inc.: Initial Shares

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The fund seeks to match the total return of the S&P 500® Index.

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2003

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Sub-advisor:	Newton Investment Management Limited
Investment Objective:	The fund seeks long-term capital appreciation.

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2016

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
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.

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Investment Objective:	The fund seeks capital growth.

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares

Investment Advisor:	Federated Equity Management Company of Pennsylvania
Sub-advisor:	Federated Investment Management Company, Federated Advisory Services Company, Fed Global
Investment Objective:	To achieve high current income and moderate capital appreciation.

Designation: VOL

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

This Sub-Account is only available in policies issued before May 1, 2008

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

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 2020 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 2030 Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
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 Energy Portfolio: Service Class 2

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Reasonable income.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

This Sub-Account is only available in policies issued before May 1, 2015

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High level of current income while also considering growth of capital.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High level of current income.

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

This Sub-Account is only available in policies issued before May 1, 2017

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Long-term growth of capital.

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Sub-advisor:	FMR Co., Inc. (FMRC), FMR Investment Management (UK) Limited (FMR UK), and other investment advisers serve as sub-advisers for the fund.
Investment Objective:	Long-term growth of capital.

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class

This Sub-Account is only available in policies issued before May 1, 2006

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	Capital appreciation.

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

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks capital appreciation with income as a secondary goal.

Designation: FF

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

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks to maximize income while maintaining prospects for capital appreciation.

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1

This Sub-Account is only available in policies issued before May 1, 2006

Investment Advisor:	Franklin Advisers, Inc.
Investment Objective:	Seeks long-term capital appreciation, with preservation of capital as an important consideration.

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1

Investment Advisor:	Franklin Mutual Advisers, LLC
Investment Objective:	Seeks long-term total return.

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

This Sub-Account is only available in policies issued before April 30, 2014

Investment Advisor:	Templeton Asset Management, Ltd.
Investment Objective:	Seeks long-term capital appreciation.

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

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2005

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

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

This Sub-Account is only available in policies issued before April 30, 2014

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

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

This Sub-Account is only available in policies issued before May 1, 2019

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

Invesco - Invesco V.I. American Franchise Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Seeks capital growth.

Invesco - Invesco V.I. Discovery Mid Cap Growth Fund: Series I (formerly, Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I)

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

Invesco - Invesco V.I. Global Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Invesco - Invesco V.I. Global Strategic Income Fund: Series I (formerly, Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks total return.

Invesco - Invesco V.I. Main Street Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Fund: Series I)

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	The Fund seeks capital appreciation.

Invesco - Invesco V.I. Main Street Small Cap Fund: Series I (formerly, Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I)

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

Ivy Variable Insurance Portfolios - Asset Strategy: Class II

This Sub-Account is only available in policies issued before May 1, 2017

Investment Advisor:	Ivy Investment Management Company
Investment Objective:	To seek to provide total return.

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2004

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 - Janus Henderson Forty Portfolio: Service Shares

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

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Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares

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

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2004

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

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

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

MFS® Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class

This Sub-Account is only available in policies issued before March 27, 2015

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

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I

This Sub-Account is only available in policies issued before May 1, 2009

Investment Advisor:	Morgan Stanley Investment Management Inc.
Investment Objective:	Above-average total return over a market cycle of three to five years by investing primarily in a diversified portfolio of fixed income securities.

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I

This Sub-Account is only available in policies issued before May 1, 2004

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.

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Allianz Global Investors U.S. LLC
Investment Objective:	The Fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT American Funds Asset Allocation Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The fund seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Bond Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide as high a level of current income as is consistent with the preservation of capital.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Global Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide long-term growth of capital.

Designation: MF

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Nationwide Variable Insurance Trust - NVIT American Funds Growth Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The Fund seeks to provide growth of capital.

Designation: MF

Nationwide Variable Insurance Trust - NVIT American Funds Growth-Income Fund: Class II (formerly, Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II)

Investment Advisor:	Capital Research and Management Company, Nationwide Fund Advisors
Investment Objective:	The fund seeks to achieve long-term growth of capital and income.

Designation: MF

Nationwide Variable Insurance Trust - NVIT Amundi Multi Sector Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Amundi Pioneer Institutional Asset Management, Inc.
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 AQR Large Cap Defensive Style Fund: Class I

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

Nationwide Variable Insurance Trust - NVIT BlackRock Equity Dividend Fund: Class I (formerly, Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks capital growth and income through investments in equity securities, including common stocks and securities convertible into common stocks.

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

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

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint(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 Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint(SM) Funds.

Designation: FF

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks a high level of total return consistent with a moderate level of risk as compared to other Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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 Blueprint (SM) Funds.

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(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

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I

This Sub-Account is no longer available to receive transfers or new premium payments effective October 16, 2020

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Columbia Management Investment Advisers, LLC
Investment Objective:	The Fund seeks to maximize total return consisting of capital appreciation and/or current income.

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Columbia Management Investment Advisers, LLC
Investment Objective:	The fund seeks to maximize total return consisting of capital appreciation and/or current income.

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

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

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The fund seeks long-term total return consistent with reasonable risk.

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Lazard Asset Management LLC and Standard Life Investments (Corporate Funds) Limited
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 Federated High Income Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I)

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 Government Bond Fund: Class I

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

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Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I

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. The Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share.

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

This Sub-Account is only available in policies issued before May 1, 2020

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 Equity Fund: Class II

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2011

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 II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the 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 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 Balanced Fund: Class II

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 Investor Destinations Capital Appreciation Fund: Class II

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 NVIT Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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 Investor Destinations Funds.

Designation: FF

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

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

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Jacobs Levy Equity Management, Inc.
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The Fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I

This Sub-Account is no longer available to receive transfers or new premium payments effective September 11, 2020

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The Fund seeks capital appreciation, and secondarily current income.

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Mellon Investments Corporation
Investment Objective:	The fund seeks capital appreciation, and secondarily current income.

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 Multi-Manager Mid Cap Value Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	American Century Investment Management, Inc. and Thompson, Siegel & Walmsley LLC
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:	Invesco Advisers, Inc. and 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:	Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC
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:	Jacobs Levy Equity Management, Inc. and Invesco Advisers, Inc.
Investment Objective:	The Fund seeks long-term growth of capital.

74

Nationwide Variable Insurance Trust - NVIT Neuberger Berman Multi Cap Opportunities Fund: Class I (formerly, Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The fund seeks long-term capital growth.

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Newton Investment Management Limited
Investment Objective:	The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the fund's financial criteria and social policy.

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Wellington Management Company LLP
Investment Objective:	The Fund seeks current income and long-term capital appreciation.

Nationwide Variable Insurance Trust - NVIT S&P 500® Index Fund: Class I

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

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

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.

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Wells Capital Management, Inc.
Investment Objective:	The Fund seeks long-term capital growth. The fund invests at least 80% of its net assets in equity securities issued by small- and medium-sized companies with market capitalization similar to those of companies included in the Russell 2500 index.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares

This Sub-Account is only available in policies issued before November 6, 2015

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks growth of capital.

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks the highest available current income consistent with liquidity and low risk to principal; total return is a secondary goal.

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: I Class Shares

This Sub-Account is only available in policies issued before May 1, 2008

Investment Advisor:	Neuberger Berman Investment Advisers LLC
Investment Objective:	The Fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund's environmental, social and governance (ESG) criteria.

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

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

75

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB

This Sub-Account is only available in policies issued before November 19, 2016

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

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB

This Sub-Account is only available in policies issued before May 1, 2004

Investment Advisor:	Putnam Investment Management, LLC
Sub-advisor:	The Putnam Advisory Company, LLC
Investment Objective:	Seeks capital appreciation.

Putnam Variable Trust - Putnam VT Large Cap Value Fund: Class IB (formerly, Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB)

This Sub-Account is only available in policies issued before May 12, 2017

Investment Advisor:	Putnam Investment Management, LLC
Sub-advisor:	Putnam Investments Limited
Investment Objective:	Seeks capital growth and current income.

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

Investment Advisor:	T. Rowe Price Associates, Inc.
Investment Objective:	The fund seeks long-term capital appreciation.

VanEck VIP Trust - Emerging Markets Fund: Initial Class

This Sub-Account is only available in policies issued before May 1, 2002

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Seeks long-term capital appreciation by investing primarily in equity securities in emerging markets around the world.

VanEck VIP Trust - Global Resources Fund: Initial Class (formerly, VanEck VIP Trust - Global Hard Assets Fund: Initial Class)

This Sub-Account is only available in policies issued before May 1, 2002

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Seeks long-term capital appreciation by investing primarily in global resource securities. Income is a secondary consideration.

Wells Fargo Variable Trust - 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.

76

Appendix B: Definitions

Accumulation Unit – An accounting unit of 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 Cash Value minus Indebtedness and any surrender charge.

Cash Value – The total amount 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, reduction for any long-term care benefits paid, or due and unpaid policy charges.

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.

Long-Term Care Specified Amount – The elected Long-Term Care Rider benefit amount adjusted for any post issue increases and decreases. This amount must be at least 10% of the Total Specified Amount and no more than 100% of the Total Specified Amount.

Maturity Date – The policy anniversary on which the Insured reaches Attained Age 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.

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) are issued as part of the policy and contain information specific to the policy and the Insured, including coverage and Rider elections. Updated Policy Data Page(s) will be issued if the policy owner makes any changes to coverage elections after the policy is issued.

Policy Date – The date the policy takes effect as shown in the Policy Data Pages. Policy years, months, and anniversaries are measured from this date.

Policy owner or Owner – The person or entity named as the owner on the application, or the person or entity assigned ownership rights.

77

Policy Proceeds or Proceeds – Policy Proceeds may constitute the Death Benefit, or the amount payable if the policy matures or is surrendered, adjusted to account for any unpaid charges, Indebtedness and Rider benefits.

Premium – Amount(s) paid to purchase and maintain the policy.

Premium Load – The aggregate of the sales load and premium tax charges.

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 Additional (insurance) Protection Rider.

SEC – 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. Information on how to contact the Service Center is in the Contacting the Service Center provision.

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 tobacco 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.

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 as of the close of regular trading on the New York Stock Exchange.

78

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, Cash Surrender Values, and Cash Values, and to request other information about the policy contact the Service Center:

• by telephone at 1-800-848-6331

• by mail to Nationwide Life Insurance Company

P.O. Box 182835
Columbus, OH 43218-2835

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.

Investment Company Act of 1940 Registration File No. 811-08301

Securities Act of 1933 Registration File No. 333-31725

Nationwide VLI Separate Account-4

(Registrant)

Nationwide Life Insurance Company

(Depositor)

Service Center

P.O. Box 182835

Columbus, OH 43218-2835
1-800-848-6331

TDD: 1-800-238-3035

STATEMENT OF ADDITIONAL INFORMATION

Individual Flexible Premium Variable Universal Life Insurance Policies

This Statement of Additional Information ("SAI") contains additional information regarding Individual 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, 2021 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, 2021.

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
Policy Restoration Procedure	3
Maximum Surrender Charge Calculation	4
Illustrations	6
Advertising	6
Tax Definition of Life Insurance	7

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 under the laws of the State of Ohio in March of 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, Guam, the U.S. Virgin Islands, 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 $273 billion as of December 31, 2020.

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 May 21, 1998 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.

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).

Gross first year commissions plus any expense allowance payments paid by Nationwide on the sale of these policies provided by NISC will not exceed the maximum, which is 99% of first year premiums and 5% of renewal premium after the first year. Commission may also be paid on an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned cash value per year.

No underwriting commissions were paid to NISC for each of this Variable 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 will maintain a record of all purchases and redemption of shares of the mutual funds.

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 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 5.00% of the Commissionable Target Premium 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.

2

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.

When Nationwide is made aware that a Qualified Plan has been orphaned, commission payments payable with respect to that Qualified Plan will cease and commission payments that would have been due will not be sent to the Qualified Plan. An orphaned Qualified Plan is a plan without an agent or firm of record.

Independent Registered Public Accounting Firm

The financial statements of Nationwide VLI Separate Account-4 and the statutory financial statements and schedules of Nationwide Life Insurance Company 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.

The KPMG LLP report dated March 19, 2021 of Nationwide Life Insurance Company includes explanatory language that states that the financial statements are prepared by Nationwide Life Insurance Company using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report states that the financial statements are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

Underwriting Procedure

Nationwide underwrites the policies issued through Nationwide VLI Separate Account-4. The policy's cost of insurance depends upon the Insured's sex, issue age, risk class and length of time the policy has been In Force. 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. Guaranteed cost of insurance rates for policies issued on Specified Amounts less than $100,000 are based on the 1980 Commissioners’ Extended Term Mortality Table, Age Last Birthday ("1980 CET"). Guaranteed cost of insurance rates for policies issued on Specified Amounts $100,000 or more are based on the 1980 Commissioners’ Standard Ordinary Mortality Table, Age Last Birthday ("1980 CSO"). Guaranteed cost of insurance rates for policies issued on a substandard basis are based on appropriate percentage multiples of the standard guaranteed cost of insurance rate on a standard basis. That is, standard guaranteed cost of insurance rates for substandard risks are guaranteed cost of insurance rates for standard risks times a percentage greater than 100%. These mortality tables are sex distinct. In addition, separate mortality tables will be used for tobacco and non-tobacco.

Mortality tables are unisex for:

• policies issued in the State of Montana; and

• group or sponsored arrangements (including our employees and their family members).

The rate class of an insured may affect the cost of insurance rate. We currently place insureds into both standard rate classes and substandard rate classes that involve a higher mortality risk. In an otherwise identical policy, an insured in the standard rate class will have a lower cost of insurance than an insured in a rate class with higher mortality risks. Any change in the cost of insurance rates will apply to all insureds of the same age, gender, risk class and whose policies have been in effect for the same length of time. The cost of insurance rates, policy charges, and payment options for policies issued in some states or in connection with certain employee benefit arrangements may be issued on a gender-neutral (unisex) basis. The unisex rates will be higher than those applicable to females and lower than those applicable to males. If the rating class for any increase in the Specified Amount of insurance coverage is not the same as the rating class at issue, the cost of insurance rate used after such increase will be a composite rate based upon a weighted average of the rates of the different rating classes. The actual charges made during the policy year will be shown in the annual report delivered to policy owners.

Policy Restoration Procedure

Requests to restore a surrendered policy must meet the following requirements:

3

• the request must be in writing and signed by the policy owner (if the surrender was a Code Section 1035 exchange to a new policy with a different insurer, the signature of an officer of the replacing insurer is also required);

• the written request must be received at the Service Center within 30 days of the date the policy was surrendered (periods up to 60 days will be permitted based on the right to examine period applicable to replaced life insurance policies in the state where the policy was issued);

• the surrender Proceeds must be returned in their entirety; and

• the insured must be alive on the date the restoration request is received.

No proof of insurability or additional underwriting will be required for requests to restore a surrendered policy that meet the above requirements.

A restored policy will be treated as if it had never been surrendered for all purposes, including Investment Experience, accrual of interest, and deduction of charges, resulting in the following:

• the returned surrender proceeds and any amount taken as a surrender charge will be used to purchase Accumulation Units according to the allocations currently in effect on, and priced as of, the surrender date;

• any charges that would otherwise have been assessed during the period of surrender will be assessed as of the date(s) they were due resulting in the cancellation of Accumulation Units priced as of the applicable date(s);

• interest will be credited on any allocation to a fixed investment option at the rate(s) in effect during the period of surrender;

• interest charged and credited on any Indebtedness will accrue at the rates in effect for the period of surrender; and

• any transfer of loan interest charged or credited that would have occurred during the period of surrender will be transferred as of the date(s) such transfers would have otherwise occurred.

Policy restoration is not a contract right of the policy; it is an administrative procedure based on requirements of state insurance law and the terms are subject to change without notice at any time.

Maximum Surrender Charge Calculation

The maximum surrender charge under the policy is based on the following calculation.

Maximum Surrender Charge equals 26.50% multiplied by the lesser of (a) or (b), where:
(a)	=	the Specified Amount multiplied by the rate indicated on the chart "Surrender Target Factor" below divided by 1,000; and
(b)	=	Premiums paid by the policy owner during the first policy year
Plus (c) multiplied by (d) where:
(c)	=	the Specified Amount divided by 1,000; and
(d)	=	the applicable rate from the "Administrative Target Factor" chart below.

The Surrender Target Factor allows the company to account for the probability that our costs incurred in the sales process will not be recouped. The Administrative Target Factor allows the company to account for the probability (at various ages) that death will occur and no surrender charge will be recouped.

Surrender Target Factor

Age	Male Non-Tobacco	Male Tobacco	Female Non-Tobacco	Female Tobacco
0	0.00	3.35	0.00	2.54
1	0.00	3.38	0.00	2.57
2	0.00	3.50	0.00	2.66
3	0.00	3.64	0.00	2.75
4	0.00	3.78	0.00	2.86
5	0.00	3.93	0.00	2.96
6	0.00	4.09	0.00	3.08
7	0.00	4.27	0.00	3.20
8	0.00	4.45	0.00	3.34

4

Age	Male Non-Tobacco	Male Tobacco	Female Non-Tobacco	Female Tobacco
9	0.00	4.65	0.00	3.47
10	0.00	4.87	0.00	3.62
11	0.00	5.09	0.00	3.78
12	0.00	5.33	0.00	3.94
13	0.00	5.57	0.00	4.12
14	0.00	5.82	0.00	4.30
15	0.00	6.07	0.00	4.48
16	0.00	6.31	0.00	4.67
17	0.00	6.55	0.00	4.87
18	5.11	6.80	4.27	5.08
19	5.30	7.05	4.45	5.29
20	5.50	7.32	4.64	5.52
21	5.71	7.60	4.83	5.76
22	5.93	7.90	5.04	6.01
23	6.17	8.22	5.26	6.28
24	6.42	8.57	5.49	6.56
25	6.69	8.94	5.73	6.86
26	6.99	9.34	5.99	7.17
27	7.30	9.77	6.25	7.50
28	7.63	10.22	6.54	7.85
29	7.98	10.71	6.84	8.22
30	8.36	11.23	7.16	8.61
31	8.76	11.79	7.49	9.02
32	9.19	12.38	7.85	9.45
33	9.64	13.01	8.22	9.91
34	10.12	13.67	8.62	10.39
35	10.63	14.38	9.04	10.90
36	11.16	15.12	9.48	11.44
37	11.73	15.92	9.95	12.01
38	12.34	16.75	10.44	12.60
39	12.97	17.64	10.96	13.22
40	13.65	18.58	11.50	13.87
41	14.36	19.56	12.07	14.55
42	15.12	20.60	12.67	15.26
43	15.93	21.70	13.30	16.01
44	16.78	22.87	13.97	16.79
45	17.68	24.09	14.68	17.60
46	18.65	25.39	15.42	18.47
47	19.67	26.76	16.21	19.37
48	20.76	28.21	17.05	20.33
49	21.92	29.76	17.93	21.34
50	23.15	31.40	18.87	22.40
51	24.47	33.13	19.87	23.53
52	25.87	34.98	20.93	24.72
53	27.37	36.93	22.05	25.97
54	28.97	38.99	23.25	27.30
55	30.67	41.17	24.51	28.70
56	32.49	43.48	25.86	30.18
57	34.42	45.92	27.31	31.76
58	36.49	48.52	28.86	33.46
59	38.71	51.28	30.52	35.28
60	41.09	54.23	32.32	37.25
61	43.63	57.36	34.26	39.37
62	46.36	60.70	36.35	41.65
63	49.28	64.24	38.59	44.09

5

Age	Male Non-Tobacco	Male Tobacco	Female Non-Tobacco	Female Tobacco
64	52.40	67.98	40.99	46.69
65	55.75	71.92	43.56	49.46
66	59.32	76.10	46.32	52.41
67	63.16	80.52	49.30	55.57
68	67.28	85.23	52.52	58.99
69	71.73	90.27	56.04	62.72
70	76.52	95.66	59.88	66.80
71	81.69	101.41	64.08	71.26
72	87.24	107.54	68.67	76.11
73	93.18	114.01	73.64	81.35
74	99.50	120.81	79.03	86.97
75	106.21	127.90	84.84	92.97
76	113.33	135.27	91.10	99.39
77	120.92	142.94	97.88	106.27
78	129.04	150.99	105.24	113.68
79	137.79	159.53	113.28	121.73
80	147.23	168.60	122.07	130.49
81	147.23	168.60	122.07	130.49
82	147.23	168.60	122.07	130.49
83	147.23	168.60	122.07	130.49
84	147.23	168.60	122.07	130.49
85	147.23	168.60	122.07	130.49

Administrative Target Factor

Issue Age	Administrative Target Component With Specified Amount Less Than $100,000	Administrative Target Component With Specified Amount Of $100,000 And More
0 through 35	6.00	4.00
36 through 55	7.50	5.00
56 through 85	7.50	6.50

Illustrations

Nationwide will provide illustrations of future benefits under the policy before the policy is purchased and upon request thereafter. Nationwide may assess a $25 fee for this service to persons who request more than one policy illustration during a policy year.

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.

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

6

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.

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%

Attained Age of Insured	Percentage of Cash Value
59	134%
60	130%
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%

Attained Age of Insured	Percentage of Cash Value
78	105%
79	105%
80	105%
81	105%
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%

7

Attained Age of Insured	Percentage of Cash Value
97	101%
98	101%

Attained Age of Insured	Percentage of Cash Value
99	101%
100	100%

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 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 of applicable percentages for the Cash Value Accumulation Test. This example is for a male preferred non-tobacco issue age 55.

Policy Year	Percentage of Cash Value
1	302%
2	290%
3	279%
4	269%
5	259%
6	249%
7	240%
8	231%
9	223%
10	215%
11	207%
12	200%
13	193%
14	186%
15	180%

Policy Year	Percentage of Cash Value
16	174%
17	169%
18	164%
19	159%
20	154%
21	150%
22	146%
23	142%
24	139%
25	136%
26	133%
27	130%
28	127%
29	125%
30	123%

Policy Year	Percentage of Cash Value
31	121%
32	119%
33	118%
34	116%
35	115%
36	113%
37	112%
38	111%
39	110%
40	108%
41	107%
42	106%
43	104%
44	103%
45	102%

8

NATIONWIDE VLI

SEPARATE

ACCOUNT-4

Annual Report

To

Policyholders

December 31, 2020

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-4:

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of the sub-accounts listed in the Appendix that comprise the Nationwide VLI Separate Account-4 (the Separate Account) as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix and the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/     KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 2, 2021

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

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

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

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

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

AMERICAN CENTURY INVESTORS, INC.

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

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG) ⁽¹⁾

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

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

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI PIONEER

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert VP S&P 500 Index Portfolio (CVSPIP)

2

DAVIS FUNDS

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

DELAWARE FUNDS BY MACQUARIE

Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

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

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB) ⁽¹⁾

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2) ⁽¹⁾

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

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

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

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

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

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

3

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

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

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

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

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

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

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

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

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)

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

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

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

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IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)

Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI) ⁽¹⁾

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS) ⁽¹⁾

LAZARD FUNDS

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

LEGG MASON

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

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

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

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

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

5

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

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

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

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

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

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

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

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

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

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

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

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

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

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

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

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1) ⁽¹⁾

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

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

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

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1) ⁽¹⁾

6

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

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

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

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

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF) ⁽¹⁾

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

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

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

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

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

7

T. ROWE PRICE

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

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

WELLS FARGO FUNDS

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from November 16, 2020 (inception) to December 31, 2020.

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 23, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 16, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from September 11, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

8

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from September 4, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from August 26, 2020 (inception) to December 31, 2020.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from June 29, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from May 15, 2020 (inception) to December 31, 2020.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Statements of operations and changes in contract owners’ equity for the period from May 11, 2020 (inception) to October 23, 2020 (liquidation).

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class II (NVLCA2)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from May 1, 2020 (inception) to December 31, 2020.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2) ⁽¹⁾

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from March 2, 2020 (inception) to December 31, 2020.

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

9

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from February 11, 2020 (inception) to December 31, 2020.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from January 16, 2020 (inception) to December 31, 2020.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from September 18, 2019 (inception) to December 31, 2019.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from September 13, 2019 (inception) to December 31, 2019.

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 10, 2019 (inception) to December 31, 2019.

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 8, 2019 (inception) to December 31, 2019.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 5, 2019 (inception) to December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from April 1, 2019 (inception) to December 31, 2019.

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from January 17, 2019 (inception) to December 31, 2019.

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2) ⁽¹⁾

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from January 7, 2019 (inception) to December 31, 2019.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Statement of operations for the period from January 1, 2020 to August 6, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to August 6, 2020 (liquidation) and the year ended December 31, 2019.

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon International Value (DVIV)

Statement of changes in contract owners’ equity for the period from January 1, 2019 to April 30, 2019 (liquidation).

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)

Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)

Statement of operations for the period from January 1, 2020 to April 30, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to April 30, 2020 (liquidation) and the year ended December 31, 2019.

INVESCO INVESTMENTS

Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)

11

Statement of operations for the period from January 1, 2020 to October 16, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 16, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)

Statement of operations for the period from January 1, 2020 to October 23, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 23, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)

Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)

Statement of operations for the period from January 1, 2020 to September 11, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to September 11, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020 and the related statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)

⁽¹⁾  See Note 1 to the financial statements for the former name of the sub-account.

12

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ALVDAA		1,665	$	21,042	$	23,125	$	-	$	23,125	$	6	$	23,119
ALVGIA		897,175		25,032,383		25,991,172		85		25,991,257		-		25,991,257
ALVIVA		269,498		3,632,334		3,894,247		9		3,894,256		-		3,894,256
ALVSVA		819,749		14,743,186		14,255,442		44		14,255,486		-		14,255,486
ACVCA		45,590		683,051		878,513		15		878,528		-		878,528
ACVI		161,094		1,768,498		2,271,429		18,451		2,289,880		-		2,289,880
ACVIG		2,097,889		18,861,124		21,566,301		228		21,566,529		-		21,566,529
ACVIP1		2,490,513		25,712,906		27,669,595		35		27,669,630		-		27,669,630
ACVIP2		683,149		7,071,333		7,576,120		4		7,576,124		-		7,576,124
ACVMV1		496,354		9,617,364		10,195,120		16		10,195,136		-		10,195,136
ACVV		1,246,086		12,422,581		13,918,781		2,747		13,921,528		-		13,921,528
AMVAA2		524,752		12,072,823		13,753,753		7		13,753,760		-		13,753,760
AMVBD2		5,197,197		57,367,049		60,963,124		20		60,963,144		-		60,963,144
AMVGB2		229,899		2,834,235		2,951,903		4		2,951,907		-		2,951,907
AMVGI2		21,402		1,042,513		1,169,813		-		1,169,813		5		1,169,808
AMVGR2		415,838		32,796,060		49,555,397		123		49,555,520		-		49,555,520
AMVGS2		88,552		2,134,510		2,794,712		14		2,794,726		-		2,794,726
AMVI2		1,269,675		24,379,895		29,888,143		71		29,888,214		-		29,888,214
AMVNW2		1,399,753		42,086,756		43,742,281		2		43,742,283		-		43,742,283
PIHYB1		429,276		3,762,809		3,992,267		-		3,992,267		550		3,991,717
BRVHYI		2,728,694		19,558,363		20,628,923		79,530		20,708,453		-		20,708,453
MLVGA2		571,651		9,524,397		11,095,747		-		11,095,747		8		11,095,739
MLVLC2		32,124		855,439		962,121		3		962,124		-		962,124
DCAP		523,845		20,291,344		24,715,017		-		24,715,017		517		24,714,500
DSC		26,112		1,144,986		1,296,743		8		1,296,751		-		1,296,751
DSIF		12,618,817		648,701,186		811,011,355		30,947		811,042,302		-		811,042,302
DSRG		331,538		11,515,025		15,661,843		23,674		15,685,517		-		15,685,517
DVMCS		137,701		2,402,525		2,744,384		19		2,744,403		-		2,744,403
DVSCS		7,771,915		128,878,680		148,132,708		303		148,133,011		-		148,133,011
CVSPIP		4,270		602,248		708,692		8		708,700		-		708,700
SASP5I		1,585,010		72,412,973		87,825,405		176		87,825,581		-		87,825,581
DAVVL		513,689		4,037,914		4,710,526		5		4,710,531		-		4,710,531
DWVEMS		232,205		5,248,144		6,805,929		19		6,805,948		-		6,805,948
DWVSVS		530,813		16,788,728		18,037,034		75		18,037,109		-		18,037,109
DFVGMI		13,429		171,453		194,583		-		194,583		5		194,578
DFVIPS		669,614		7,005,209		7,573,333		7		7,573,340		-		7,573,340
DFVIS		1,861		19,647		24,589		-		24,589		2		24,587
DFVIV		4,170		45,345		49,127		2		49,129		-		49,129
DFVULV		407,445		10,457,455		10,805,442		-		10,805,442		12,870		10,792,572
DFVUTV		121,314		2,163,749		2,233,385		20		2,233,405		-		2,233,405
DSGIBA		7,865		181,311		197,175		6		197,181		-		197,181
SVSLVB		1,975		22,429		25,619		1		25,620		-		25,620
SVSSVB		9,786		119,776		117,334		-		117,334		4		117,330
ETVFR		2,809,293		25,608,370		25,367,916		15		25,367,931		-		25,367,931
FQB		1,898,525		21,144,354		22,440,564		13		22,440,577		-		22,440,577
FVU2		68,559		727,847		760,316		-		760,316		2		760,314
FVUS2		167,826		1,869,523		1,872,937		-		1,872,937		10		1,872,927
FCS		833,051		29,401,140		39,894,791		371,177		40,265,968		-		40,265,968
FEIS		2,580,033		55,695,070		61,249,981		5,651		61,255,632		-		61,255,632
FEMS		967,167		10,958,096		14,285,053		33		14,285,086		-		14,285,086
FF05S		114,436		1,429,159		1,568,918		12		1,568,930		-		1,568,930

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
FF10S		244,587		3,201,701		3,487,815		17		3,487,832		-		3,487,832
FF15S		583,539		7,312,170		8,216,230		16		8,216,246		-		8,216,246
FF20S		2,032,610		27,379,881		30,428,179		322		30,428,501		-		30,428,501
FF25S		2,102,216		30,725,567		35,296,210		63		35,296,273		-		35,296,273
FF30S		3,045,947		44,068,054		51,141,446		61		51,141,507		-		51,141,507
FF35S		251,383		5,801,094		6,855,222		17		6,855,239		-		6,855,239
FF40S		978,967		21,053,873		25,365,031		34		25,365,065		-		25,365,065
FF45S		29,394		640,091		765,133		-		765,133		1		765,132
FF50S		94,903		1,899,677		2,219,781		16		2,219,797		-		2,219,797
FF55S		1,690		21,120		21,400		-		21,400		7		21,393
FF60S		27,277		312,550		345,059		4		345,063		-		345,063
FFINS		151,814		1,819,986		1,932,598		-		1,932,598		2		1,932,596
FGOS		8,762		317,506		677,947		451,269		1,129,216		-		1,129,216
FGS		1,604,466		112,578,121		164,329,400		317,318		164,646,718		-		164,646,718
FHIS		2,043,993		10,759,361		10,751,404		12		10,751,416		-		10,751,416
FIGBS		12,612,838		162,481,991		175,570,710		309		175,571,019		-		175,571,019
FIP		3,687		1,178,751		1,369,982		-		1,369,982		10		1,369,972
FMCS		937,818		30,319,025		35,899,676		165		35,899,841		-		35,899,841
FMMP		7,431,848		7,431,848		7,431,848		-		7,431,848		3		7,431,845
FNRS2		295,934		4,882,603		3,068,840		-		3,068,840		1		3,068,839
FOS		765,297		15,684,453		20,203,839		175		20,204,014		-		20,204,014
FRESS		202,151		3,561,536		3,507,320		8		3,507,328		-		3,507,328
FVMIS		15,326		171,545		215,643		-		215,643		1		215,642
FVSS		235,653		2,945,620		3,183,671		183		3,183,854		-		3,183,854
FTVDM2		311,759		2,818,393		3,628,875		11		3,628,886		-		3,628,886
FTVFA2		110,431		684,482		599,639		-		599,639		1		599,638
FTVGB1		948,605		15,331,818		13,745,291		6		13,745,297		-		13,745,297
FTVGI2		396,359		6,373,749		5,477,679		12		5,477,691		-		5,477,691
FTVIS2		353,215		5,279,968		5,312,346		7		5,312,353		-		5,312,353
FTVMD2		38,817		578,937		656,403		-		656,403		5		656,398
FTVRDI		616,532		16,287,059		18,600,777		-		18,600,777		-		18,600,777
FTVSV2		578,045		7,848,705		8,381,647		15		8,381,662		-		8,381,662
FTVSVI		640,130		10,482,424		9,729,972		36		9,730,008		-		9,730,008
TIF		56,717		768,732		769,643		1		769,644		-		769,644
TIF2		864,691		11,562,425		11,483,092		13		11,483,105		-		11,483,105
GVCSE		114,960		1,289,347		1,553,106		-		1,553,106		664		1,552,442
GVGMNS		1,813		20,895		22,824		-		22,824		-		22,824
GVGOPS		92,732		1,106,234		1,223,141		6		1,223,147		-		1,223,147
GVMCE		572,284		8,353,129		9,860,454		-		9,860,454		145		9,860,309
GVMSAS		1,049		9,291		9,915		2		9,917		-		9,917
RVARS		24,272		595,231		621,611		6		621,617		-		621,617
ACEG		32,049		2,351,787		2,855,593		-		2,855,593		4		2,855,589
ACGI		305,475		5,719,423		5,718,488		20		5,718,508		-		5,718,508
AVBVI		2		11		12		-		12		12		-
AVHY1		225,755		1,098,633		1,187,471		10		1,187,481		-		1,187,481
AVIE		862,559		32,222,872		36,676,027		76		36,676,103		-		36,676,103
AVMCCI		24,638		273,129		260,418		18		260,436		-		260,436
AVSCE		6,985		123,271		144,024		-		144,024		4		144,020
IVBRA1		161,334		1,701,537		1,690,775		-		1,690,775		7		1,690,768
OVAG		449,758		32,152,504		48,092,617		946,686		49,039,303		-		49,039,303
OVGI		1,348,891		36,878,877		40,345,334		-		40,345,334		24		40,345,310

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
OVGR		183,593		10,179,382		12,913,964		60,361		12,974,325		-		12,974,325
OVGS		1,857,421		74,938,394		96,808,758		1,347		96,810,105		-		96,810,105
OVIG		7,645,403		17,783,783		22,248,123		40		22,248,163		-		22,248,163
OVSB		3,862,508		19,830,355		18,694,538		-		18,694,538		4		18,694,534
OVSC		291,176		6,673,230		7,984,040		167		7,984,207		-		7,984,207
WRASP		668,759		5,862,865		6,983,454		5		6,983,459		-		6,983,459
WRGP		383,122		4,101,339		4,866,421		21		4,866,442		-		4,866,442
WRHIP		4,281,438		14,150,530		14,536,338		23		14,536,361		-		14,536,361
WRMCG		360,749		4,589,009		6,307,328		-		6,307,328		13		6,307,315
WRRESP		833,400		5,773,946		5,811,131		-		5,811,131		7		5,811,124
WRSTP		270,558		8,073,859		9,705,493		12		9,705,505		-		9,705,505
JPMMV1		4,162,739		42,473,121		45,332,231		109		45,332,340		-		45,332,340
JPSCE1		22,032		386,136		531,196		-		531,196		1		531,195
JABS		947,116		35,377,287		43,662,045		48		43,662,093		-		43,662,093
JACAS		1,245,869		45,296,592		65,981,244		146		65,981,390		-		65,981,390
JAEI		26,343		2,029,633		2,481,770		10		2,481,780		-		2,481,780
JAFBS		528,527		7,051,760		7,388,806		1		7,388,807		-		7,388,807
JAGTS		2,147,285		29,274,909		44,019,343		271		44,019,614		-		44,019,614
JAIGS		652,475		20,151,740		23,867,541		-		23,867,541		83		23,867,458
JAMGS		479,879		33,520,010		41,970,238		61		41,970,299		-		41,970,299
JAMVS		54,100		850,260		834,218		10		834,228		-		834,228
LZREMS		609,686		11,655,686		12,882,671		33		12,882,704		-		12,882,704
SBVSG		767,711		21,507,349		28,098,230		81		28,098,311		-		28,098,311
BNCAI		85,503		4,657,177		6,747,543		-		6,747,543		42		6,747,501
LOVBD		339,968		4,060,662		4,246,200		11		4,246,211		-		4,246,211
LOVMCV		45		909		1,076		-		1,076		15		1,061
LOVSDC		1,687,980		24,221,719		24,171,878		32		24,171,910		-		24,171,910
LOVTRC		2,147,038		36,193,691		37,251,112		43		37,251,155		-		37,251,155
MNVFRS		5,040		43,906		44,445		-		44,445		2		44,443
MMCGSC		127,666		1,248,548		1,471,984		-		1,471,984		6		1,471,978
MNDIC		88,643		1,844,278		2,389,805		15		2,389,820		-		2,389,820
MNDSC		149,368		2,812,668		3,526,584		16		3,526,600		-		3,526,600
MV2IGI		191,745		3,705,325		4,805,130		4		4,805,134		-		4,805,134
MV2RIS		2,096,576		37,227,007		37,528,717		-		37,528,717		-		37,528,717
MV3MVI		1,725		14,584		14,816		7		14,823		-		14,823
MV3MVS		161,078		1,263,630		1,369,167		7		1,369,174		-		1,369,174
MVBRES		30,675		1,518,262		1,738,655		9		1,738,664		-		1,738,664
MVFIC		525,733		9,950,440		10,724,958		22		10,724,980		-		10,724,980
MVFSC		4,862,634		91,517,289		97,058,170		209		97,058,379		-		97,058,379
MVIGIC		18,825		254,978		302,889		-		302,889		5		302,884
MVIVSC		3,225,973		82,719,067		111,199,295		147		111,199,442		-		111,199,442
MVRBSS		256,949		3,464,624		3,561,313		12		3,561,325		-		3,561,325
MSEM		1,017,792		7,652,448		7,877,711		-		7,877,711		-		7,877,711
MSVEG		159,960		7,134,967		11,233,987		42		11,234,029		-		11,234,029
MSVFI		223,240		2,477,900		2,616,375		58		2,616,433		-		2,616,433
MSVMG		163,118		3,032,657		4,810,342		-		4,810,342		36		4,810,306
MSVRE		304,239		5,855,810		5,211,606		-		5,211,606		38		5,211,568
VKVGR2		535,016		4,650,913		4,579,733		12		4,579,745		-		4,579,745
DTRTFB		14,689		149,084		149,531		4		149,535		-		149,535
EIF		757,799		12,566,879		14,693,720		310		14,694,030		-		14,694,030
GBF		10,268,681		109,999,252		115,933,403		189		115,933,592		-		115,933,592

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
GEM		975,767		12,176,993		14,597,477		777		14,598,254		-		14,598,254
GIG		1,433,393		15,411,606		16,641,694		257		16,641,951		-		16,641,951
GVAAA2		468,625		11,657,299		12,507,606		15		12,507,621		-		12,507,621
GVABD2		158,060		1,891,605		1,996,297		6		1,996,303		-		1,996,303
GVAGG2		274,366		8,359,716		11,043,251		-		11,043,251		16		11,043,235
GVAGI2		87,854		4,700,734		4,957,611		-		4,957,611		12		4,957,599
GVAGR2		160,901		13,796,497		19,440,109		97		19,440,206		-		19,440,206
GVDMA		8,881,069		112,169,774		116,786,060		8,161		116,794,221		-		116,794,221
GVDMC		2,066,394		21,890,887		23,246,931		138		23,247,069		-		23,247,069
GVEX1		486,679		9,077,286		10,882,154		-		10,882,154		12		10,882,142
GVIDA		3,461,220		43,679,837		45,168,919		1,815		45,170,734		-		45,170,734
GVIDC		1,592,466		15,877,267		16,784,591		19		16,784,610		-		16,784,610
GVIDM		6,775,341		81,734,958		81,778,365		168		81,778,533		-		81,778,533
GVIX2		378,370		3,514,673		3,935,048		-		3,935,048		4		3,935,044
HIBF		3,368,382		22,056,945		22,062,904		1,273		22,064,177		-		22,064,177
IDPG		1,274		14,314		15,304		4		15,308		-		15,308
IDPGI		738		8,036		8,448		1		8,449		-		8,449
MCIF		5,391,976		119,460,847		123,638,003		235		123,638,238		-		123,638,238
MSBF		1,148,274		10,422,714		10,564,117		3		10,564,120		-		10,564,120
NCPG		8,195		85,089		92,769		7		92,776		-		92,776
NCPGI		1,743		18,631		19,226		1		19,227		-		19,227
NJMMA2		5,500		53,437		54,997		3		55,000		-		55,000
NJMMAY		77,426		749,582		780,458		1		780,459		-		780,459
NVAMV1		2,380,571		37,383,437		35,589,537		2,611		35,592,148		-		35,592,148
NVAMVX		1,362,770		17,535,255		20,332,526		13		20,332,539		-		20,332,539
NVBX		34,134,391		361,688,608		381,622,489		236		381,622,725		-		381,622,725
NVCBD1		325,298		3,612,773		3,724,659		9		3,724,668		-		3,724,668
NVCCA1		421,647		4,155,422		4,477,896		-		4,477,896		14		4,477,882
NVCCN1		394,495		4,015,187		4,303,936		9		4,303,945		-		4,303,945
NVCMA1		812,295		7,803,765		7,741,169		-		7,741,169		4		7,741,165
NVCMC1		259,739		2,676,355		2,877,907		-		2,877,907		1		2,877,906
NVCMD1		784,809		8,522,432		8,530,872		19		8,530,891		-		8,530,891
NVCRA1		303,981		2,882,665		3,304,274		11		3,304,285		-		3,304,285
NVCRB1		570,507		5,906,974		6,423,913		3		6,423,916		-		6,423,916
NVDBL2		133,189		2,049,886		2,157,669		-		2,157,669		3		2,157,666
NVDCA2		43,806		768,610		802,525		5		802,530		-		802,530
NVDCAP		8,768		147,968		159,920		-		159,920		3		159,917
NVFIII		22,229		249,711		251,183		4		251,187		-		251,187
NVGEII		2,796		33,151		37,769		2		37,771		-		37,771
NVIDMP		87,888		1,013,916		1,056,413		1		1,056,414		-		1,056,414
NVIE6		18,353		163,695		211,064		3		211,067		-		211,067
NVIX		2,974,057		28,026,160		30,959,933		46		30,959,979		-		30,959,979
NVLCP1		186,039		2,131,525		2,277,113		-		2,277,113		6		2,277,107
NVMIG1		1,859,038		20,428,678		22,475,766		4		22,475,770		-		22,475,770
NVMIVX		469,336		4,287,590		5,050,058		3		5,050,061		-		5,050,061
NVMLG1		1,973,415		20,157,586		17,642,328		44		17,642,372		-		17,642,372
NVMMG1		4,921,823		52,522,191		68,167,252		25		68,167,277		-		68,167,277
NVMMV1		1,035,147		7,333,888		8,001,688		17		8,001,705		-		8,001,705
NVMMV2		1,569,727		15,329,143		12,228,176		-		12,228,176		4		12,228,172
NVNMO1		1,573,715		15,789,250		19,262,267		-		19,262,267		8		19,262,259
NVNSR1		12,719		167,828		179,089		-		179,089		4		179,085

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NVOLG1		11,002,726		194,759,320		207,291,356		-		207,291,356		7		207,291,349
NVRE1		4,106,522		27,202,153		29,813,349		12		29,813,361		-		29,813,361
NVSIX2		170,792		1,644,635		1,557,621		3		1,557,624		-		1,557,624
NVSTB1		3,075,505		32,274,348		32,108,273		55		32,108,328		-		32,108,328
NVSTB2		311,609		3,213,368		3,237,617		1		3,237,618		-		3,237,618
NVTIV3		77,822		883,169		837,359		5		837,364		-		837,364
SAM		38,662,778		38,662,778		38,662,778		-		38,662,778		167,712		38,495,066
SAM5		225,618,984		225,618,984		225,618,984		177		225,619,161		-		225,619,161
SCF		2,466,813		47,344,436		49,311,584		2,516		49,314,100		-		49,314,100
SCGF		1,743,089		29,314,299		34,251,696		89		34,251,785		-		34,251,785
SCVF		4,318,557		44,929,827		37,873,743		78		37,873,821		-		37,873,821
TRF		2,039,134		37,439,303		47,980,813		28,044		48,008,857		-		48,008,857
AMCG		46,809		1,392,661		1,863,010		2,359		1,865,369		-		1,865,369
AMMCGS		30,768		809,211		1,109,485		5		1,109,490		-		1,109,490
AMRI		1,865		26,752		28,713		3		28,716		-		28,716
AMSRS		86,654		2,161,760		2,659,400		525		2,659,925		-		2,659,925
AMTB		266,497		2,812,021		2,846,191		-		2,846,191		4		2,846,187
NOTB3		4,137		48,120		49,019		-		49,019		6		49,013
NOTG3		4,271		47,462		50,017		-		50,017		6		50,011
NOTMG3		12,097		140,247		147,709		1		147,710		-		147,710
PMVAAA		469,241		4,665,425		5,194,494		11		5,194,505		-		5,194,505
PMVFBA		154,195		1,527,111		1,623,673		39		1,623,712		-		1,623,712
PMVFHA		33,540		378,407		376,990		4		376,994		-		376,994
PMVGBA		51,139		566,997		623,383		5		623,388		-		623,388
PMVHYA		108,491		818,777		869,012		70		869,082		-		869,082
PMVLDA		3,966,493		40,587,391		41,172,199		610		41,172,809		-		41,172,809
PMVLGA		1,260,948		18,097,925		18,624,199		571		18,624,770		-		18,624,770
PMVRRA		3,745,120		47,627,703		52,132,065		2,871		52,134,936		-		52,134,936
PMVRSA		24,834		163,071		150,243		-		150,243		1		150,242
PMVTRA		7,007,025		77,228,213		81,211,417		2,817		81,214,234		-		81,214,234
PVEIB		66,600		1,586,597		1,698,976		6		1,698,982		-		1,698,982
PVGOB		248,177		3,138,373		3,610,974		-		3,610,974		-		3,610,974
PVTIGB		73,116		1,031,107		1,204,950		-		1,204,950		7		1,204,943
PVTSCB		104,010		795,533		1,041,136		5		1,041,141		-		1,041,141
ROCMC		213,037		1,959,958		2,537,274		-		2,537,274		26		2,537,248
TRBCGP		2,560,739		96,738,212		129,855,076		201		129,855,277		-		129,855,277
TREI2		771,086		19,531,145		20,125,337		63		20,125,400		-		20,125,400
TRHS2		278,133		12,717,492		16,120,568		5		16,120,573		-		16,120,573
TRLT1		2,599,403		12,887,051		12,997,016		-		12,997,016		400		12,996,616
TRMCG2		1,145,944		31,068,249		36,246,217		122		36,246,339		-		36,246,339
TRNAG1		1,944,838		62,957,819		77,132,287		105		77,132,392		-		77,132,392
TRPSB1		406,067		8,455,425		9,307,066		2		9,307,068		-		9,307,068
VWEM		682,864		9,230,152		11,533,567		411		11,533,978		-		11,533,978
VWHA		724,734		12,264,465		16,292,021		73		16,292,094		-		16,292,094
VVB		539,997		12,190,142		13,867,118		44		13,867,162		-		13,867,162
VVCG		427,412		14,166,314		19,323,298		41		19,323,339		-		19,323,339
VVEI		7,192		141,755		165,920		1		165,921		-		165,921
VVEIX		1,943		78,998		104,433		-		104,433		4		104,429
VVHGB		4,824,089		57,765,009		61,796,576		69		61,796,645		-		61,796,645
VVI		418,912		11,189,567		18,251,982		37		18,252,019		-		18,252,019
VVMCI		1,129,392		23,522,278		29,104,443		76		29,104,519		-		29,104,519

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
VVREI		238,127		2,895,294		2,959,921		7		2,959,928		-		2,959,928
VVSCG		348,399		7,402,261		8,532,301		15		8,532,316		-		8,532,316
VVSTC		2,157		23,217		23,990		1		23,991		-		23,991
VVTISI		867,508		16,420,822		19,935,330		47		19,935,377		-		19,935,377
VRVDRI		145,390		2,182,577		2,573,408		16		2,573,424		-		2,573,424
SVDF		669,258		20,710,302		32,612,929		18		32,612,947		-		32,612,947
SVOF		285,165		7,348,446		8,449,446		198		8,449,644		-		8,449,644
WFVSCG		688,096		7,199,222		10,128,774		-		10,128,774		17		10,128,757
Total (unaudited)					$	6,233,810,008	$	2,372,868	$	6,236,182,876	$	183,403	$	6,235,999,473

* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

** For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no policyholders were invested at December 31, 2020, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	Total (unaudited)			ALVDAA			ALVGIA			ALVIVA			ALVIVB			ALVSVA			ACVCA			ACVI
Reinvested dividends	$	76,744,716			378			382,072			64,829			283			128,061			-			10,478
Mortality and expense risk charges (note 3)		(6,593,375	)		-			(41,113	)		(2,917	)		-			(7,526	)		(1,582	)		(2,287	)
Net investment income (loss)		70,151,341			378			340,959			61,912			283			120,535			(1,582	)		8,191
Realized gain (loss) on investments		60,011,207			790			(2,578,599	)		(89,796	)		(1,482	)		(564,331	)		77,352			(26,376	)
Change in unrealized gain (loss) on investments		434,974,239			-			1,024,105			163,706			(1,038	)		417,255			133,874			392,493
Net gain (loss) on investments		494,985,446			790			(1,554,494	)		73,910			(2,520	)		(147,076	)		211,226			366,117
Reinvested capital gains		233,748,104			-			1,297,893			-			-			586,193			80,548			31,603
Net increase (decrease) in contract owners’ equity resulting from operations	$	798,884,891			1,168			84,358			135,822			(2,237	)		559,652			290,192			405,911
Investment Activity:	ACVIG			ACVIP1			ACVIP2			ACVMV1			ACVV			AMVAA2			AMVBD2			AMVGB2
Reinvested dividends	$	380,240			415,866			102,686			166,106			304,493			206,526			1,240,196			29,244
Mortality and expense risk charges (note 3)		(5,117	)		(50,891	)		-			(5,723	)		(21,316	)		(21,007	)		(61,454	)		(775	)
Net investment income (loss)		375,123			364,975			102,686			160,383			283,177			185,519			1,178,742			28,469
Realized gain (loss) on investments		1,035,003			432,059			35,286			(866,012	)		(689,206	)		(109,896	)		194,143			13,003
Change in unrealized gain (loss) on investments		(635,925	)		1,568,930			564,246			665,420			(365,047	)		1,175,357			3,675,400			117,668
Net gain (loss) on investments		399,078			2,000,989			599,532			(200,592	)		(1,054,253	)		1,065,461			3,869,543			130,671
Reinvested capital gains		1,057,848			-			-			-			375,258			56,537			573,430			4,294
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,832,049			2,365,964			702,218			(40,209	)		(395,818	)		1,307,517			5,621,715			163,434

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	AMVGI2			AMVGR2			AMVGS2			AMVI2			AMVNW2			PIHYB1			BRVHYI			MLVGA2
Reinvested dividends	$	10,305			121,616			4,308			167,691			3,216			183,420			972,657			113,283
Mortality and expense risk charges (note 3)		1,381			(79,007	)		(5,216	)		(42,992	)		(7,683	)		(5,209	)		(31,153	)		(2,638	)
Net investment income (loss)		11,686			42,609			(908	)		124,699			(4,467	)		178,211			941,504			110,645
Realized gain (loss) on investments		(5,116	)		1,914,347			115,145			(674,497	)		(680	)		(91,784	)		(255,147	)		43,866
Change in unrealized gain (loss) on investments		127,045			14,448,815			334,781			4,472,413			1,355,758			148,241			490,603			1,176,416
Net gain (loss) on investments		121,929			16,363,162			449,926			3,797,916			1,355,078			56,457			235,456			1,220,282
Reinvested capital gains		2,516			901,275			160,861			-			47,453			-			-			521,339
Net increase (decrease) in contract owners’ equity resulting from operations	$	136,131			17,307,046			609,879			3,922,615			1,398,064			234,668			1,176,960			1,852,266
Investment Activity:	MLVLC2			DCAP			DSC			DSIF			DSRG			DVMCS			DVSCS			CVSPIP
Reinvested dividends	$	7,919			169,969			6,362			10,836,797			145,787			23,879			1,013,917			10,176
Mortality and expense risk charges (note 3)		(2,012	)		(4,172	)		-			(891,948	)		(493	)		(5,541	)		(162,392	)		(2,026	)
Net investment income (loss)		5,907			165,797			6,362			9,944,849			145,294			18,338			851,525			8,150
Realized gain (loss) on investments		(217,305	)		(579,817	)		(177,483	)		32,544,740			408,326			(285,379	)		(7,053,976	)		(98,464	)
Change in unrealized gain (loss) on investments		214,297			3,534,230			364,623			29,486,305			2,367,096			430,357			12,290,864			29,013
Net gain (loss) on investments		(3,008	)		2,954,413			187,140			62,031,045			2,775,422			144,978			5,236,888			(69,451	)
Reinvested capital gains		76,680			1,763,790			-			44,623,318			158,207			-			5,773,387			20,046
Net increase (decrease) in contract owners’ equity resulting from operations	$	79,579			4,884,000			193,502			116,599,212			3,078,923			163,316			11,861,800			(41,255	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	SASP5I			DAVVL			DWVEMS			DWVSVS			DFVGMI			DFVIPS			DFVIS			DFVIV
Reinvested dividends	$	893,376			29,833			26,755			156,254			2,138			81,289			449			1,059
Mortality and expense risk charges (note 3)		(135,744	)		(5,860	)		(11,107	)		(27,891	)		-			(11,310	)		31			42
Net investment income (loss)		757,632			23,973			15,648			128,363			2,138			69,979			480			1,101
Realized gain (loss) on investments		1,516,802			(533,946	)		267,880			(2,834,446	)		1,264			40,183			22			(274	)
Change in unrealized gain (loss) on investments		15,412,432			854,213			996,980			1,531,979			14,023			504,822			4,942			3,782
Net gain (loss) on investments		16,929,234			320,267			1,264,860			(1,302,467	)		15,287			545,005			4,964			3,508
Reinvested capital gains		141,940			119,331			100,391			890,893			2,312			42,904			396			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	17,828,806			463,571			1,380,899			(283,211	)		19,737			657,888			5,840			4,609
Investment Activity:	DFVULV			DFVUTV			DSGIBA			SVSLVB			SVSSVB			ETVFR			FQB			FVU2
Reinvested dividends	$	210,836			33,962			5,234			564			1,838			814,794			613,791			19,224
Mortality and expense risk charges (note 3)		(19,487	)		(3,815	)		-			(57	)		(206	)		(55,932	)		(15,508	)		-
Net investment income (loss)		191,349			30,147			5,234			507			1,632			758,862			598,283			19,224
Realized gain (loss) on investments		(106,646	)		(191,206	)		(4,730	)		(5,508	)		(43,749	)		(469,544	)		(9,694	)		(1,854	)
Change in unrealized gain (loss) on investments		(278,586	)		199,650			10,485			116			16,633			57,428			1,030,542			(16,510	)
Net gain (loss) on investments		(385,232	)		8,444			5,755			(5,392	)		(27,116	)		(412,116	)		1,020,848			(18,364	)
Reinvested capital gains		-			-			3,855			1,447			13,527			-			65,741			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(193,883	)		38,591			14,844			(3,438	)		(11,957	)		346,746			1,684,872			860

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	FVUS2			FCS			FEIS			FEMS			FF05S			FF10S			FF15S			FF20S
Reinvested dividends	$	2,598			49,456			940,638			87,404			17,954			38,768			95,040			332,432
Mortality and expense risk charges (note 3)		(1,026	)		(64,571	)		(17,740	)		(18,797	)		(2,716	)		(681	)		(10,964	)		(37,948	)
Net investment income (loss)		1,572			(15,115	)		922,898			68,607			15,238			38,087			84,076			294,484
Realized gain (loss) on investments		9,010			981,287			(345,869	)		346,349			12,402			72,518			65,688			350,487
Change in unrealized gain (loss) on investments		3,207			8,554,248			507,176			2,058,637			75,818			113,641			626,599			1,721,073
Net gain (loss) on investments		12,217			9,535,535			161,307			2,404,986			88,220			186,159			692,287			2,071,560
Reinvested capital gains		-			169,281			2,489,437			1,082,815			35,955			98,524			372,566			1,730,222
Net increase (decrease) in contract owners’ equity resulting from operations	$	13,789			9,689,701			3,573,642			3,556,408			139,413			322,770			1,148,929			4,096,266
Investment Activity:	FF25S			FF30S			FF35S			FF40S			FF45S			FF50S			FF55S			FF60S
Reinvested dividends	$	363,104			516,185			60,356			193,945			6,051			15,409			151			2,530
Mortality and expense risk charges (note 3)		(59,330	)		(61,457	)		(10,633	)		(41,602	)		(1,258	)		(2,790	)		(35	)		(157	)
Net investment income (loss)		303,774			454,728			49,723			152,343			4,793			12,619			116			2,373
Realized gain (loss) on investments		444,288			831,911			141,187			294,826			30,850			2,281			(2,091	)		2,265
Change in unrealized gain (loss) on investments		2,533,478			4,107,391			795,258			2,525,972			109,951			247,829			236			32,465
Net gain (loss) on investments		2,977,766			4,939,302			936,445			2,820,798			140,801			250,110			(1,855	)		34,730
Reinvested capital gains		1,383,590			1,950,826			176,285			1,012,443			18,143			45,076			533			9,147
Net increase (decrease) in contract owners’ equity resulting from operations	$	4,665,130			7,344,856			1,162,453			3,985,584			163,737			307,805			(1,206	)		46,250

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	FFINS			FGOS			FGS			FHIS			FIGBS			FIP			FMCS			FMMP
Reinvested dividends	$	21,339			34			77,581			530,618			3,587,975			287,180			170,217			35,215
Mortality and expense risk charges (note 3)		(3,441	)		(616	)		(81,123	)		(11,035	)		(250,535	)		(27,490	)		(18,116	)		(23,464	)
Net investment income (loss)		17,898			(582	)		(3,542	)		519,583			3,337,440			259,690			152,101			11,751
Realized gain (loss) on investments		(8,985	)		6,689			7,277,485			(264,399	)		2,337,162			15,108,637			(193,552	)		-
Change in unrealized gain (loss) on investments		75,010			240,048			30,242,235			3,530			8,410,670			(18,751,795	)		5,343,594			-
Net gain (loss) on investments		66,025			246,737			37,519,720			(260,869	)		10,747,832			(3,643,158	)		5,150,042			-
Reinvested capital gains		34,328			28,229			12,088,285			-			59,752			259,387			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	118,251			274,384			49,604,463			258,714			14,145,024			(3,124,081	)		5,302,143			11,751
Investment Activity:	FNRS2			FOS			FRESS			FVMIS			FVSS			FTVDM2			FTVFA2			FTVGB1
Reinvested dividends	$	76,876			60,442			66,496			2,499			32,750			124,155			7,914			1,366,382
Mortality and expense risk charges (note 3)		-			(2,155	)		(4,201	)		214			(44	)		-			-			(30,007	)
Net investment income (loss)		76,876			58,287			62,295			2,713			32,706			124,155			7,914			1,336,375
Realized gain (loss) on investments		(496,184	)		135,592			(78,060	)		(1	)		(323,121	)		162,658			(17,692	)		(1,379,400	)
Change in unrealized gain (loss) on investments		(1,095,934	)		2,317,521			(233,020	)		44,098			317,535			121,880			(69,108	)		(899,632	)
Net gain (loss) on investments		(1,592,118	)		2,453,113			(311,080	)		44,097			(5,586	)		284,538			(86,800	)		(2,279,032	)
Reinvested capital gains		-			79,531			119,793			-			165,021			77,916			141,008			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(1,515,242	)		2,590,931			(128,992	)		46,810			192,141			486,609			62,122			(942,657	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	FTVGI2			FTVIS2			FTVMD2			FTVRDI			FTVSV2			FTVSVI			TIF			TIF2
Reinvested dividends	$	484,516			316,702			16,745			246,171			115,267			140,876			24,902			355,407
Mortality and expense risk charges (note 3)		(158	)		-			(1,412	)		-			(14,740	)		-			-			(14,310	)
Net investment income (loss)		484,358			316,702			15,333			246,171			100,527			140,876			24,902			341,097
Realized gain (loss) on investments		(182,901	)		(177,223	)		(207,050	)		274,039			(1,804,901	)		(836,155	)		(16,247	)		(647,531	)
Change in unrealized gain (loss) on investments		(616,521	)		(190,344	)		90,071			1,241,688			1,413,787			642,288			(22,720	)		(232,670	)
Net gain (loss) on investments		(799,422	)		(367,567	)		(116,979	)		1,515,727			(391,114	)		(193,867	)		(38,967	)		(880,201	)
Reinvested capital gains		-			4,486			13,412			850,640			490,263			504,812			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(315,064	)		(46,379	)		(88,234	)		2,612,538			199,676			451,821			(14,065	)		(539,104	)
Investment Activity:	GVCSE			GVGMNS			GVGOPS			GVMCE			GVMSAS			RVARS			ACEG			ACGI
Reinvested dividends	$	2,953			62			-			53,281			181			7,983			1,246			115,013
Mortality and expense risk charges (note 3)		(1,845	)		-			(1,721	)		(19,645	)		-			-			-			(8,316	)
Net investment income (loss)		1,108			62			(1,721	)		33,636			181			7,983			1,246			106,697
Realized gain (loss) on investments		(196,813	)		(2,649	)		31,050			(784,027	)		4			3,731			61,355			(1,054,983	)
Change in unrealized gain (loss) on investments		322,325			2,337			114,335			1,117,680			657			21,699			429,376			790,117
Net gain (loss) on investments		125,512			(312	)		145,385			333,653			661			25,430			490,731			(264,866	)
Reinvested capital gains		18,361			319			199,586			135,336			-			-			130,022			84,671
Net increase (decrease) in contract owners’ equity resulting from operations	$	144,981			69			343,250			502,625			842			33,413			621,999			(73,498	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	AVBVI			AVHY1			AVIE			AVMCCI			AVSCE			IVBRA1			OVAG			OVGI
Reinvested dividends	$	-			50,662			748,155			1,630			405			126,650			13,219			546,178
Mortality and expense risk charges (note 3)		-			(2,305	)		(64,479	)		(123	)		(295	)		-			(11,718	)		(16,653	)
Net investment income (loss)		-			48,357			683,676			1,507			110			126,650			1,501			529,525
Realized gain (loss) on investments		(9,533	)		(127,404	)		658,721			(32,002	)		(8,195	)		(29,384	)		2,151,785			1,597,793
Change in unrealized gain (loss) on investments		9,192			80,945			2,167,850			5,048			23,025			(22,542	)		9,332,399			(774,760	)
Net gain (loss) on investments		(341	)		(46,459	)		2,826,571			(26,954	)		14,830			(51,926	)		11,484,184			823,033
Reinvested capital gains		-			-			720,790			46,133			10,083			81,646			2,755,710			3,596,896
Net increase (decrease) in contract owners’ equity resulting from operations	$	(341	)		1,898			4,231,037			20,686			25,023			156,370			14,241,395			4,949,454
Investment Activity:	OVGR			OVGS			OVIG			OVSB			OVSC			WRASP			WRGP			WRHIP
Reinvested dividends	$	-			566,473			174,147			1,036,707			39,511			127,786			-			1,101,975
Mortality and expense risk charges (note 3)		(23,238	)		(89,544	)		(32,376	)		-			(917	)		(1,146	)		(4,221	)		(29,212	)
Net investment income (loss)		(23,238	)		476,929			141,771			1,036,707			38,594			126,640			(4,221	)		1,072,763
Realized gain (loss) on investments		75,997			520,792			480,580			(415,329	)		(364,633	)		(20,200	)		(120,343	)		(894,847	)
Change in unrealized gain (loss) on investments		1,633,738			16,967,868			3,412,401			(58,199	)		1,537,233			598,047			752,340			458,761
Net gain (loss) on investments		1,709,735			17,488,660			3,892,981			(473,528	)		1,172,600			577,847			631,997			(436,086	)
Reinvested capital gains		1,560,764			2,951,486			257,213			-			89,495			106,027			522,207			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,247,261			20,917,075			4,291,965			563,179			1,300,689			810,514			1,149,983			636,677

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	WRMCG			WRRESP			WRSTP			JPMMV1			JPSCE1			JABS			JACAS			JAEI
Reinvested dividends	$	-			93,906			-			589,470			5,055			587,049			91,566			1,608
Mortality and expense risk charges (note 3)		(7,834	)		(6,989	)		(4,963	)		(76,992	)		(649	)		(58,054	)		(20,462	)		-
Net investment income (loss)		(7,834	)		86,917			(4,963	)		512,478			4,406			528,995			71,104			1,608
Realized gain (loss) on investments		439,073			3,910			998,269			(1,609,807	)		(160,993	)		1,880,396			2,178,918			25,202
Change in unrealized gain (loss) on investments		1,231,811			(689,289	)		880,377			13,931			172,989			2,046,614			12,512,978			182,969
Net gain (loss) on investments		1,670,884			(685,379	)		1,878,646			(1,595,876	)		11,996			3,927,010			14,691,896			208,171
Reinvested capital gains		336,771			429,752			1,025,078			2,459,433			33,288			576,692			4,197,214			159,852
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,999,821			(168,710	)		2,898,761			1,376,035			49,690			5,032,697			18,960,214			369,631
Investment Activity:	JAFBS			JAGTS			JAIGS			JAMGS			JAMVS			LZREMS			SBVSG			BNCAI
Reinvested dividends	$	166,815			1,031			241,549			-			7,991			281,724			-			-
Mortality and expense risk charges (note 3)		(9,329	)		(12,758	)		(9,028	)		(56,957	)		(1,536	)		(19,484	)		(37,157	)		(10,940	)
Net investment income (loss)		157,486			(11,727	)		232,521			(56,957	)		6,455			262,240			(37,157	)		(10,940	)
Realized gain (loss) on investments		329,283			4,155,349			(509,310	)		1,380,127			(12,115	)		(1,518,101	)		(105,684	)		846,888
Change in unrealized gain (loss) on investments		151,405			7,227,338			3,470,078			4,241,519			(28,446	)		880,413			6,697,997			675,201
Net gain (loss) on investments		480,688			11,382,687			2,960,768			5,621,646			(40,561	)		(637,688	)		6,592,313			1,522,089
Reinvested capital gains		-			2,993,656			-			2,645,470			15,152			-			1,864,361			113,979
Net increase (decrease) in contract owners’ equity resulting from operations	$	638,174			14,364,616			3,193,289			8,210,159			(18,954	)		(375,448	)		8,419,517			1,625,128

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	LOVBD			LOVMCV			LOVSDC			LOVTRC			MNVFRS			MMCGSC			MNDIC			MNDSC
Reinvested dividends	$	153,748			11			650,115			850,548			160			-			-			-
Mortality and expense risk charges (note 3)		(7,570	)		(1	)		(41,271	)		(67,708	)		(11	)		(716	)		-			(284	)
Net investment income (loss)		146,178			10			608,844			782,840			149			(716	)		-			(284	)
Realized gain (loss) on investments		72,232			(2,320	)		(205,731	)		279,420			-			44,318			(9,082	)		3,569
Change in unrealized gain (loss) on investments		54,045			711			227,598			546,300			539			219,819			557,401			702,736
Net gain (loss) on investments		126,277			(1,609	)		21,867			825,720			539			264,137			548,319			706,305
Reinvested capital gains		-			-			-			676,850			-			96,190			155,504			168,125
Net increase (decrease) in contract owners’ equity resulting from operations	$	272,455			(1,599	)		630,711			2,285,410			688			359,611			703,823			874,146
Investment Activity:	MV2IGI			MV2RIS			MV3MVI			MV3MVS			MVBRES			MVFIC			MVFSC			MVIGIC
Reinvested dividends	$	19,362			30,494			8			3,976			18,977			160,875			1,082,434			3,494
Mortality and expense risk charges (note 3)		-			(16,126	)		-			(592	)		(3,544	)		-			(166,796	)		-
Net investment income (loss)		19,362			14,368			8			3,384			15,433			160,875			915,638			3,494
Realized gain (loss) on investments		180,219			734,708			-			(1,015	)		(96,639	)		14,479			(347,986	)		(1,187	)
Change in unrealized gain (loss) on investments		245,786			(994,515	)		232			104,969			167,050			(317,781	)		(151,513	)		43,913
Net gain (loss) on investments		426,005			(259,807	)		232			103,954			70,411			(303,302	)		(499,499	)		42,726
Reinvested capital gains		410,118			58,183			27			16,423			70,927			450,878			3,637,672			3,178
Net increase (decrease) in contract owners’ equity resulting from operations	$	855,485			(187,256	)		267			123,761			156,771			308,451			4,053,811			49,398

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	MVIVSC			MVRBSS			MSEM			MSVEG			MSVFI			MSVMG			MSVRE			VKVGR2
Reinvested dividends	$	763,205			51,149			341,023			-			69,103			-			146,854			213,004
Mortality and expense risk charges (note 3)		(197,874	)		(3,272	)		(8,100	)		(9,921	)		-			(6,449	)		(9,723	)		(9,625	)
Net investment income (loss)		565,331			47,877			332,923			(9,921	)		69,103			(6,449	)		137,131			203,379
Realized gain (loss) on investments		4,350,810			30,519			(195,195	)		756,195			45,782			752,176			(1,116,019	)		(914,985	)
Change in unrealized gain (loss) on investments		11,773,879			89,031			209,085			3,839,911			39,231			1,838,774			(983,750	)		(165,459	)
Net gain (loss) on investments		16,124,689			119,550			13,890			4,596,106			85,013			2,590,950			(2,099,769	)		(1,080,444	)
Reinvested capital gains		1,996,613			-			-			719,874			25,261			377,455			145,795			100,464
Net increase (decrease) in contract owners’ equity resulting from operations	$	18,686,633			167,427			346,813			5,306,059			179,377			2,961,956			(1,816,843	)		(776,601	)
Investment Activity:	DTRTFB			EIF			GBF			GEM			GIG			GVAAA2			GVABD2			GVAGG2
Reinvested dividends	$	3,386			231,548			2,407,149			237,577			179,395			207,398			44,175			62,698
Mortality and expense risk charges (note 3)		-			(2,465	)		(135,743	)		(5,916	)		(10,436	)		-			-			-
Net investment income (loss)		3,386			229,083			2,271,406			231,661			168,959			207,398			44,175			62,698
Realized gain (loss) on investments		622			772,428			1,469,123			511,734			58,499			254,258			31,152			89,082
Change in unrealized gain (loss) on investments		1,309			(1,020,478	)		3,305,635			501,294			619,621			(24,811	)		70,222			1,836,516
Net gain (loss) on investments		1,931			(248,050	)		4,774,758			1,013,028			678,120			229,447			101,374			1,925,598
Reinvested capital gains		-			566,861			-			-			-			1,072,347			1,426			639,200
Net increase (decrease) in contract owners’ equity resulting from operations	$	5,317			547,894			7,046,164			1,244,689			847,079			1,509,192			146,975			2,627,496

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	GVAGI2			GVAGR2			GVDMA			GVDMC			GVEX1			GVIDA			GVIDC			GVIDM
Reinvested dividends	$	72,723			101,246			228,785			30,323			182,448			88,482			15,771			102,072
Mortality and expense risk charges (note 3)		-			-			(59,585	)		(15,367	)		-			(40,524	)		(15,961	)		(38,639	)
Net investment income (loss)		72,723			101,246			169,200			14,956			182,448			47,958			(190	)		63,433
Realized gain (loss) on investments		21,649			468,715			1,736,323			(659,610	)		290,572			(435,580	)		(34,273	)		621,021
Change in unrealized gain (loss) on investments		32,158			4,534,648			4,229,027			2,140,077			998,877			2,754,168			911,200			2,809,058
Net gain (loss) on investments		53,807			5,003,363			5,965,350			1,480,467			1,289,449			2,318,588			876,927			3,430,079
Reinvested capital gains		449,012			1,325,855			6,512,852			644,105			170,222			2,607,851			150,171			4,213,803
Net increase (decrease) in contract owners’ equity resulting from operations	$	575,542			6,430,464			12,647,402			2,139,528			1,642,119			4,974,397			1,026,908			7,707,315
Investment Activity:	GVIX2			HIBF			IDPG			IDPGI			MCIF			MSBF			NCPG			NCPGI
Reinvested dividends	$	80,346			1,123,967			18			10			1,232,476			341,652			1,268			116
Mortality and expense risk charges (note 3)		-			(25,790	)		-			-			(143,516	)		(3,582	)		-			-
Net investment income (loss)		80,346			1,098,177			18			10			1,088,960			338,070			1,268			116
Realized gain (loss) on investments		(24,353	)		(101,296	)		(135	)		(1	)		(4,765,478	)		(151,837	)		(266	)		19
Change in unrealized gain (loss) on investments		203,770			34,387			563			301			12,688,213			127,054			7,982			485
Net gain (loss) on investments		179,417			(66,909	)		428			300			7,922,735			(24,783	)		7,716			504
Reinvested capital gains		105,317			-			265			90			5,249,551			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	365,080			1,031,268			711			400			14,261,246			313,287			8,984			620

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NJMMA2			NJMMAY			NVAMV1			NVAMVX			NVBX			NVCBD1		NVCCA1			NVCCN1
Reinvested dividends	$	86			-			552,932			238,640			8,231,084			95,414		38,203			8,713
Mortality and expense risk charges (note 3)		(48	)		1,033			-			(2,995	)		(420,593	)		-		(75	)		(1,536	)
Net investment income (loss)		38			1,033			552,932			235,645			7,810,491			95,414		38,128			7,177
Realized gain (loss) on investments		76			41			(256,804	)		16,917			829,654			9,198		(160,564	)		(40,914	)
Change in unrealized gain (loss) on investments		1,559			30,876			(1,296,221	)		2,797,271			16,185,049			95,469		526,025			287,329
Net gain (loss) on investments		1,635			30,917			(1,553,025	)		2,814,188			17,014,703			104,667		365,461			246,415
Reinvested capital gains		-			2,530			907,118			-			-			8,043		149,476			8,508
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,673			34,480			(92,975	)		3,049,833			24,825,194			208,124		553,065			262,100
Investment Activity:	NVCMA1			NVCMC1			NVCMD1			NVCRA1			NVCRB1			NVDBL2		NVDCA2			NVDCAP
Reinvested dividends	$	76,637			11,923			64,457			32,239			36,891			2,410		1,419			-
Mortality and expense risk charges (note 3)		(503	)		(317	)		(3,045	)		(320	)		(1,160	)		-		-			-
Net investment income (loss)		76,134			11,606			61,412			31,919			35,731			2,410		1,419			-
Realized gain (loss) on investments		(179,273	)		(52,199	)		(129,886	)		(65,901	)		(301,539	)		1,124		(6,971	)		12
Change in unrealized gain (loss) on investments		820,087			253,462			694,991			462,745			725,606			122,028		45,461			11,951
Net gain (loss) on investments		640,814			201,263			565,105			396,844			424,067			123,152		38,490			11,963
Reinvested capital gains		151,940			15,036			216,212			-			75,031			53,162		45,973			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	868,888			227,905			842,729			428,763			534,829			178,724		85,882			11,963

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NVFIII			NVGEII			NVIDMP			NVIE6			NVIX			NVLCP1			NVMIG1			NVMIVX
Reinvested dividends	$	2,877			441			-			1,774			651,768			62,926			170,143			-
Mortality and expense risk charges (note 3)		-			-			-			-			(44,973	)		-			-			-
Net investment income (loss)		2,877			441			-			1,774			606,795			62,926			170,143			-
Realized gain (loss) on investments		4,314			1,078			-			1,022			(1,320,444	)		16,930			(78,775	)		9,767
Change in unrealized gain (loss) on investments		2,537			3,797			42,497			11,845			2,352,195			100,316			2,182,052			762,468
Net gain (loss) on investments		6,851			4,875			42,497			12,867			1,031,751			117,246			2,103,277			772,235
Reinvested capital gains		445			1			-			-			713,044			-			5,313,125			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	10,173			5,317			42,497			14,641			2,351,590			180,172			7,586,545			772,235
Investment Activity:	NVMLG1			NVMMG1			NVMMV1			NVMMV2			NVNMO1			NVNSR1			NVOLG1			NVRE1
Reinvested dividends	$	-			-			155,664			224,835			72,582			1,273			2,490,774			444,280
Mortality and expense risk charges (note 3)		(4,505	)		(4,601	)		(6,031	)		-			-			-			(2,732	)		(13,209	)
Net investment income (loss)		(4,505	)		(4,601	)		149,633			224,835			72,582			1,273			2,488,042			431,071
Realized gain (loss) on investments		(792,024	)		(246,078	)		(2,411,497	)		(860,941	)		284,603			(7,090	)		1,829,411			(1,135,355	)
Change in unrealized gain (loss) on investments		(2,510,313	)		18,764,097			2,243,367			388,016			458,792			9,121			9,974,154			(1,240,836	)
Net gain (loss) on investments		(3,302,337	)		18,518,019			(168,130	)		(472,925	)		743,395			2,031			11,803,565			(2,376,191	)
Reinvested capital gains		7,477,665			6,719,538			-			-			1,425,087			11,260			18,809,132			138,145
Net increase (decrease) in contract owners’ equity resulting from operations	$	4,170,823			25,232,956			(18,497	)		(248,090	)		2,241,064			14,564			33,100,739			(1,806,975	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NVSIX2			NVSTB1			NVSTB2			NVTIV3			SAM			SAM5			SCF			SCGF
Reinvested dividends	$	11,158			3,553,378			52,051			12,733			102,880			621,549			7,974			-
Mortality and expense risk charges (note 3)		(9	)		(155,933	)		-			-			(64	)		(445,455	)		(28,135	)		(18,326	)
Net investment income (loss)		11,149			3,397,445			52,051			12,733			102,816			176,094			(20,161	)		(18,326	)
Realized gain (loss) on investments		(64,530	)		947,566			4,759			(47,967	)		-			-			(3,247,065	)		(42,131	)
Change in unrealized gain (loss) on investments		264,489			6,065			29,152			62,618			-			-			10,469,700			6,829,915
Net gain (loss) on investments		199,959			953,631			33,911			14,651			-			-			7,222,635			6,787,784
Reinvested capital gains		55,242			-			-			-			-			-			1,683,638			3,545,415
Net increase (decrease) in contract owners’ equity resulting from operations	$	266,350			4,351,076			85,962			27,384			102,816			176,094			8,886,112			10,314,873
Investment Activity:	SCVF			TRF			AMCG			AMMCGS			AMRI			AMSRS			AMTB			NOTB3
Reinvested dividends	$	23,835			507,781			-			-			306			13,908			64,937			993
Mortality and expense risk charges (note 3)		(10,583	)		(3,722	)		(3,856	)		-			(26	)		(273	)		-			-
Net investment income (loss)		13,252			504,059			(3,856	)		-			280			13,635			64,937			993
Realized gain (loss) on investments		(5,615,653	)		13,092,184			120,627			127,234			(2,439	)		236,305			(9,346	)		(211	)
Change in unrealized gain (loss) on investments		7,369,812			(11,660,660	)		276,758			177,084			124			(53,172	)		33,192			1,181
Net gain (loss) on investments		1,754,159			1,431,524			397,385			304,318			(2,315	)		183,133			23,846			970
Reinvested capital gains		159,995			3,261,012			70,902			53,499			-			95,535			-			639
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,927,406			5,196,595			464,431			357,817			(2,035	)		292,303			88,783			2,602

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NOTG3			NOTMG3			PMVAAA			PMVFBA			PMVFHA			PMVGBA			PMVHYA			PMVLDA
Reinvested dividends	$	921			1,228			639,336			74,540			22,774			13,963			35,887			468,689
Mortality and expense risk charges (note 3)		-			-			(19,544	)		(1,762	)		(901	)		(1,352	)		(1,693	)		(71,309	)
Net investment income (loss)		921			1,228			619,792			72,778			21,873			12,611			34,194			397,380
Realized gain (loss) on investments		54			78			(829,352	)		(84,463	)		3,815			5,547			(20,205	)		145,589
Change in unrealized gain (loss) on investments		1,561			3,978			66,099			107,363			(14,315	)		48,155			36,887			548,008
Net gain (loss) on investments		1,615			4,056			(763,253	)		22,900			(10,500	)		53,702			16,682			693,597
Reinvested capital gains		-			486			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	2,536			5,770			(143,461	)		95,678			11,373			66,313			50,876			1,090,977
Investment Activity:	PMVLGA			PMVRRA			PMVRSA			PMVTRA			PVEIB			PVGOB			PVTIGB			PVTSCB
Reinvested dividends	$	205,777			692,419			8,391			1,660,908			24,979			1,004			17,113			9,084
Mortality and expense risk charges (note 3)		(5,199	)		(90,350	)		-			(116,191	)		-			-			-			(1,922	)
Net investment income (loss)		200,578			602,069			8,391			1,544,717			24,979			1,004			17,113			7,162
Realized gain (loss) on investments		535,797			1,378,126			(3,579	)		1,222,867			6,513			550,068			(4,775	)		(139,701	)
Change in unrealized gain (loss) on investments		(319,224	)		3,327,696			(3,152	)		2,578,141			(1,792	)		237,299			102,716			255,228
Net gain (loss) on investments		216,573			4,705,822			(6,731	)		3,801,008			4,721			787,367			97,941			115,527
Reinvested capital gains		67,562			-			-			885,171			100,574			141,971			-			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	484,713			5,307,891			1,660			6,230,896			130,274			930,342			115,054			122,689

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	ROCMC			TRBCGP			TREI2			TRHS2			TRLT1			TRMCG2			TRNAG1			TRPSB1
Reinvested dividends	$	-			-			399,320			-			526,730			-			-			117,143
Mortality and expense risk charges (note 3)		(3,901	)		(182,261	)		(37,377	)		-			(60,691	)		(68,133	)		(102,729	)		(12,514	)
Net investment income (loss)		(3,901	)		(182,261	)		361,943			-			466,039			(68,133	)		(102,729	)		104,629
Realized gain (loss) on investments		(898,414	)		9,456,157			(2,501,150	)		933,933			993,787			402,860			6,907,981			(236,974	)
Change in unrealized gain (loss) on investments		828,780			19,266,798			1,306,053			1,684,031			(175,716	)		3,852,026			6,126,639			685,674
Net gain (loss) on investments		(69,634	)		28,722,955			(1,195,097	)		2,617,964			818,071			4,254,886			13,034,620			448,700
Reinvested capital gains		33,085			4,013,456			433,446			896,572			-			2,341,247			11,578,313			293,281
Net increase (decrease) in contract owners’ equity resulting from operations	$	(40,450	)		32,554,150			(399,708	)		3,514,536			1,284,110			6,528,000			24,510,204			846,610
Investment Activity:	VWEM			VWHA			VVB			VVCG			VVEI			VVEIX			VVHGB			VVI
Reinvested dividends	$	202,786			125,309			325,929			247,929			1,021			-			1,070,468			162,324
Mortality and expense risk charges (note 3)		(7,911	)		(18,711	)		(24,939	)		(35,645	)		193			151			(111,284	)		(27,723	)
Net investment income (loss)		194,875			106,598			300,990			212,284			1,214			151			959,184			134,601
Realized gain (loss) on investments		197,551			(2,355,464	)		68,906			1,129,408			(4,656	)		850			1,011,956			969,250
Change in unrealized gain (loss) on investments		823,117			5,181,247			659,327			615,843			24,165			25,435			1,434,608			5,338,619
Net gain (loss) on investments		1,020,668			2,825,783			728,233			1,745,251			19,509			26,285			2,446,564			6,307,869
Reinvested capital gains		304,582			-			397,482			527,865			1,275			-			-			296,680
Net increase (decrease) in contract owners’ equity resulting from operations	$	1,520,125			2,932,381			1,426,705			2,485,400			21,998			26,436			3,405,748			6,739,150

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	VVMCI			VVREI			VVSCG			VVSTC			VVTISI			VRVDRI			SVDF			SVOF
Reinvested dividends	$	421,728			72,106			46,220			-			369,969			30,409			-			31,689
Mortality and expense risk charges (note 3)		(53,742	)		(5,183	)		(14,241	)		32			(35,614	)		(3,388	)		(17,603	)		(16,386	)
Net investment income (loss)		367,986			66,923			31,979			32			334,355			27,021			(17,603	)		15,303
Realized gain (loss) on investments		448,773			129,969			(129,989	)		46			424,655			(444,256	)		825,915			(219,322	)
Change in unrealized gain (loss) on investments		2,612,180			(177,173	)		1,136,011			773			1,678,705			500,156			9,575,170			1,072,764
Net gain (loss) on investments		3,060,953			(47,204	)		1,006,022			819			2,103,360			55,900			10,401,085			853,442
Reinvested capital gains		1,579,028			45,343			667,934			-			104,533			47,824			1,952,725			547,845
Net increase (decrease) in contract owners’ equity resulting from operations	$	5,007,967			65,062			1,705,935			851			2,542,248			130,745			12,336,207			1,416,590
Investment Activity:	WFVSCG			DVIV			IVKMG1			GVDIVI			NVMLV1			NVLCA2			NVLCAP			NVLMP
Reinvested dividends	$	-			121,436			-			426,607			223,630			-			522			574
Mortality and expense risk charges (note 3)		(10,783	)		(1,525	)		(225	)		-			(7,043	)		-			-			-
Net investment income (loss)		(10,783	)		119,911			(225	)		426,607			216,587			-			522			574
Realized gain (loss) on investments		93,231			(494,384	)		(1,120,793	)		(2,576,823	)		(12,569,993	)		506			(130	)		(4,807	)
Change in unrealized gain (loss) on investments		3,295,113			(395,652	)		(57,507	)		1,416,446			4,246,355			-			(6,762	)		(2,132	)
Net gain (loss) on investments		3,388,344			(890,036	)		(1,178,300	)		(1,160,377	)		(8,323,638	)		506			(6,892	)		(6,939	)
Reinvested capital gains		440,668			-			985,439			-			5,966,559			-			1,856			6,127
Net increase (decrease) in contract owners’ equity resulting from operations	$	3,818,229			(770,125	)		(193,086	)		(733,770	)		(2,140,492	)		506			(4,514	)		(238	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	Total (unaudited)						ALVDAA						ALVGIA						ALVIVA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	70,151,341			92,524,801			378			555			340,959			268,393			61,912			27,934
Realized gain (loss) on investments		60,011,207			158,442,154			790			382			(2,578,599	)		2,507			(89,796	)		(156,208	)
Change in unrealized gain (loss) on investments		434,974,239			466,668,363			-			2,657			1,024,105			2,382,004			163,706			841,047
Reinvested capital gains		233,748,104			309,168,057			-			31			1,297,893			2,677,061			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		798,884,891			1,026,803,375			1,168			3,625			84,358			5,329,965			135,822			712,773
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		194,912,481			248,864,982			325			6,464			1,119,299			999,863			35,997			58,500
Transfers between funds		(1	)		-			-			(3,411	)		(2,812,639	)		4,394,147			108,629			(1,253,877	)
Surrenders (notes 2, 3, 4, 5 and 6)		(379,042,006	)		(486,067,219	)		(5,277	)		(1,651	)		(1,742,971	)		(3,087,401	)		(92,174	)		(721,276	)
Adjustments to maintain reserves		1,192,510			252,204			(11	)		6			128			(39	)		24			(11	)
Net equity transactions		(182,937,016	)		(236,950,033	)		(4,963	)		1,408			(3,436,183	)		2,306,570			52,476			(1,916,664	)
Net change in contract owners’ equity		615,947,875			789,853,342			(3,795	)		5,033			(3,351,825	)		7,636,535			188,298			(1,203,891	)
Contract owners’ equity at beginning of period		5,620,051,598			4,830,198,256			26,914			21,881			29,343,082			21,706,547			3,705,958			4,909,849
Contract owners’ equity at end of period	$	6,235,999,473			5,620,051,598			23,119			26,914			25,991,257			29,343,082			3,894,256			3,705,958
CHANGE IN UNITS:
Beginning units		240,534,324			242,066,823			1,774			1,666			670,740			613,461			383,564			598,205
Units purchased		59,840,090			60,925,938			95			395			109,716			167,821			52,726			16,528
Units surrendered		(56,225,954	)		(62,458,437	)		(417	)		(287	)		(203,229	)		(110,542	)		(42,728	)		(231,169	)
Ending units		244,148,460			240,534,324			1,452			1,774			577,227			670,740			393,562			383,564

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ALVIVB						ALVSVA						ACVCA						ACVI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	283			248			120,535			71,358			(1,582	)		(1,922	)		8,191			16,038
Realized gain (loss) on investments		(1,482	)		(472	)		(564,331	)		(515,265	)		77,352			(19,173	)		(26,376	)		52,682
Change in unrealized gain (loss) on investments		(1,038	)		3,491			417,255			1,896,312			133,874			120,062			392,493			331,605
Reinvested capital gains		-			-			586,193			1,499,919			80,548			131,409			31,603			118,217
Net increase (decrease) in contract owners’ equity resulting from operations		(2,237	)		3,267			559,652			2,952,324			290,192			230,376			405,911			518,542
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,449			-			66,065			638,276			(5,128	)		1,059			(18,691	)		41,441
Transfers between funds		41,046			(1,436	)		382,990			(4,436,416	)		(138,077	)		15,555			(187,731	)		(61,519	)
Surrenders (notes 2, 3, 4, 5 and 6)		(73,021	)		14,005			(403,926	)		(2,545,346	)		(139,620	)		(9,157	)		(184,062	)		(71,440	)
Adjustments to maintain reserves		(3	)		8			5,235			(5,176	)		19			(7	)		3,812			3,236
Net equity transactions		(26,529	)		12,577			50,364			(6,348,662	)		(282,806	)		7,450			(386,672	)		(88,282	)
Net change in contract owners’ equity		(28,766	)		15,844			610,016			(3,396,338	)		7,386			237,826			19,239			430,260
Contract owners’ equity at beginning of period		28,766			12,922			13,645,470			17,041,808			871,142			633,316			2,270,641			1,840,381
Contract owners’ equity at end of period	$	-			28,766			14,255,486			13,645,470			878,528			871,142			2,289,880			2,270,641
CHANGE IN UNITS:
Beginning units		2,377			1,247			256,880			386,451			48,363			47,564			97,122			123,291
Units purchased		2,948			1,472			27,210			19,162			4,850			5,515			14,344			91,386
Units surrendered		(5,325	)		(342	)		(23,945	)		(148,733	)		(18,935	)		(4,716	)		(33,895	)		(117,555	)
Ending units		-			2,377			260,145			256,880			34,278			48,363			77,571			97,122

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ACVIG						ACVIP1						ACVIP2						ACVMV1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	375,123			428,918			364,975			534,026			102,686			175,160			160,383			220,037
Realized gain (loss) on investments		1,035,003			795,635			432,059			(72,679	)		35,286			(105,746	)		(866,012	)		(282,613	)
Change in unrealized gain (loss) on investments		(635,925	)		1,437,281			1,568,930			1,406,176			564,246			573,090			665,420			1,805,807
Reinvested capital gains		1,057,848			1,771,122			-			-			-			-			-			1,189,553
Net increase (decrease) in contract owners’ equity resulting from operations		1,832,049			4,432,956			2,365,964			1,867,523			702,218			642,504			(40,209)			2,932,784
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		274,694			517,214			813,056			918,655			173,034			198,904			1,255,586			1,338,556
Transfers between funds		(1,367,905	)		468,520			1,024,857			1,719,912			(519,248	)		(83,186	)		(1,342,300	)		(762,232	)
Surrenders (notes 2, 3, 4, 5 and 6)		(1,465,867	)		(1,887,939	)		(1,414,657	)		(536,515	)		(470,555	)		(521,777	)		(2,049,532	)		(2,400,070	)
Adjustments to maintain reserves		10			(103	)		19			12			(42	)		(12	)		3			11
Net equity transactions		(2,559,068	)		(902,308	)		423,275			2,102,064			(816,811	)		(406,071	)		(2,136,243	)		(1,823,735	)
Net change in contract owners’ equity		(727,019	)		3,530,648			2,789,239			3,969,587			(114,593	)		236,433			(2,176,452	)		1,109,049
Contract owners’ equity at beginning of period		22,293,548			18,762,900			24,880,391			20,910,804			7,690,717			7,454,284			12,371,588			11,262,539
Contract owners’ equity at end of period	$	21,566,529			22,293,548			27,669,630			24,880,391			7,576,124			7,690,717			10,195,136			12,371,588
CHANGE IN UNITS:
Beginning units		571,931			596,221			2,341,496			2,146,672			431,303			455,259			301,093			353,741
Units purchased		38,680			132,177			530,178			345,627			17,209			16,632			37,196			36,191
Units surrendered		(128,164	)		(156,467	)		(496,585	)		(150,803	)		(60,689	)		(40,588	)		(93,930	)		(88,839	)
Ending units		482,447			571,931			2,375,089			2,341,496			387,823			431,303			244,359			301,093

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ACVV						AMVAA2						AMVBD2						AMVGB2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	283,177			475,819			185,519			222,601			1,178,742			1,722,067			28,469			-
Realized gain (loss) on investments		(689,206	)		943,164			(109,896	)		152,435			194,143			(446,095	)		13,003			-
Change in unrealized gain (loss) on investments		(365,047	)		2,868,612			1,175,357			1,322,899			3,675,400			4,829,260			117,668			-
Reinvested capital gains		375,258			1,486,154			56,537			602,875			573,430			-			4,294			-
Net increase (decrease) in contract owners’ equity resulting from operations		(395,818)			5,773,749			1,307,517			2,300,810			5,621,715			6,105,232			163,434			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		212,654			354,563			1,716,236			1,815,679			773			17			934,389			-
Transfers between funds		(8,185,957	)		(1,102,151	)		(1,655,768	)		986,383			(14,378,239	)		(7,450,289	)		1,876,911			-
Surrenders (notes 2, 3, 4, 5 and 6)		(2,234,718	)		(3,467,590	)		(1,703,903	)		(1,512,273	)		(855,558	)		(651,614	)		(22,830	)		-
Adjustments to maintain reserves		(539	)		1,941			(21	)		43			1			6			3			-
Net equity transactions		(10,208,560	)		(4,213,237	)		(1,643,456	)		1,289,832			(15,233,023	)		(8,101,880	)		2,788,473			-
Net change in contract owners’ equity		(10,604,378	)		1,560,512			(335,939	)		3,590,642			(9,611,308	)		(1,996,648	)		2,951,907			-
Contract owners’ equity at beginning of period		24,525,906			22,965,394			14,089,699			10,499,057			70,574,452			72,571,100			-			-
Contract owners’ equity at end of period	$	13,921,528			24,525,906			13,753,760			14,089,699			60,963,144			70,574,452			2,951,907			-
CHANGE IN UNITS:
Beginning units		522,839			656,692			662,559			597,801			4,889,291			5,492,418			-			-
Units purchased		36,649			187,956			178,271			259,203			4,371			3,736			262,259			-
Units surrendered		(261,875	)		(321,809	)		(267,400	)		(194,445	)		(1,040,779	)		(606,863	)		(6,411	)		-
Ending units		297,613			522,839			573,430			662,559			3,852,883			4,889,291			255,848			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AMVGI2						AMVGR2						AMVGS2						AMVI2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	11,686			56			42,609			154,896			(908	)		(1,062	)		124,699			329,319
Realized gain (loss) on investments		(5,116	)		119			1,914,347			717,323			115,145			9,913			(674,497	)		388,089
Change in unrealized gain (loss) on investments		127,045			255			14,448,815			3,705,482			334,781			425,340			4,472,413			3,703,458
Reinvested capital gains		2,516			-			901,275			3,080,841			160,861			139,166			-			630,511
Net increase (decrease) in contract owners’ equity resulting from operations		136,131			430			17,307,046			7,658,542			609,879			573,357			3,922,615			5,051,377
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		943,690			3,866			2,173,771			1,865,439			232,694			184,089			1,987,333			1,290,323
Transfers between funds		90,414			2,639			(1,561,048	)		(1,080,725	)		(35,913	)		313,664			(2,491,677	)		677,167
Surrenders (notes 2, 3, 4, 5 and 6)		(7,108	)		(248	)		(1,407,744	)		(732,731	)		(678,601	)		(38,939	)		(1,204,532	)		(1,638,250	)
Adjustments to maintain reserves		(2	)		(4	)		131			6			13			(1	)		70			11
Net equity transactions		1,026,994			6,253			(794,890	)		51,989			(481,807	)		458,813			(1,708,806	)		329,251
Net change in contract owners’ equity		1,163,125			6,683			16,512,156			7,710,531			128,072			1,032,170			2,213,809			5,380,628
Contract owners’ equity at beginning of period		6,683			-			33,043,364			25,332,833			2,666,654			1,634,484			27,674,405			22,293,777
Contract owners’ equity at end of period	$	1,169,808			6,683			49,555,520			33,043,364			2,794,726			2,666,654			29,888,214			27,674,405
CHANGE IN UNITS:
Beginning units		609			-			1,167,629			1,167,950			144,805			116,395			1,839,312			1,818,914
Units purchased		93,910			633			169,703			123,124			40,126			32,868			235,539			397,594
Units surrendered		(794	)		(24	)		(185,830	)		(123,445	)		(67,899	)		(4,458	)		(330,273	)		(377,196	)
Ending units		93,725			609			1,151,502			1,167,629			117,032			144,805			1,744,578			1,839,312

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AMVNW2						PIHYB1						BRVHYI						MLVGA2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(4,467	)		27,638			178,211			165,616			941,504			818,680			110,645			105,725
Realized gain (loss) on investments		(680	)		(66,368	)		(91,784	)		36,717			(255,147	)		(85,481	)		43,866			(143,614	)
Change in unrealized gain (loss) on investments		1,355,758			567,377			148,241			270,452			490,603			1,347,758			1,176,416			1,255,436
Reinvested capital gains		47,453			104,595			-			-			-			-			521,339			319,328
Net increase (decrease) in contract owners’ equity resulting from operations		1,398,064			633,242			234,668			472,785			1,176,960			2,080,957			1,852,266			1,536,875
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,257,274			142,015			11,804			63,554			758,946			718,103			319,103			316,985
Transfers between funds		37,433,128			1,859,200			504,747			(804,700	)		10,148			6,853,433			185,077			(411,866	)
Surrenders (notes 2, 3, 4, 5 and 6)		(327,686	)		(192,472	)		(147,560	)		(216,381	)		(910,307	)		(1,058,089	)		(1,032,212	)		(762,149	)
Adjustments to maintain reserves		24			(29	)		(362	)		(189	)		31			(54	)		(2	)		(2	)
Net equity transactions		38,362,740			1,808,714			368,629			(957,716	)		(141,182	)		6,513,393			(528,034	)		(857,032	)
Net change in contract owners’ equity		39,760,804			2,441,956			603,297			(484,931	)		1,035,778			8,594,350			1,324,232			679,843
Contract owners’ equity at beginning of period		3,981,479			1,539,523			3,388,420			3,873,351			19,672,675			11,078,325			9,771,507			9,091,664
Contract owners’ equity at end of period	$	43,742,283			3,981,479			3,991,717			3,388,420			20,708,453			19,672,675			11,095,739			9,771,507
CHANGE IN UNITS:
Beginning units		268,304			133,700			98,275			129,139			1,556,089			1,008,812			509,702			548,347
Units purchased		2,159,972			157,752			58,814			52,642			238,983			766,093			61,808			37,784
Units surrendered		(48,391	)		(23,148	)		(44,670	)		(83,506	)		(265,843	)		(218,816	)		(91,352	)		(76,429	)
Ending units		2,379,885			268,304			112,419			98,275			1,529,229			1,556,089			480,158			509,702

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MLVLC2						DCAP						DSC						DSIF
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	5,907			16,866			165,797			232,524			6,362			-			9,944,849			9,734,326
Realized gain (loss) on investments		(217,305	)		(24,977	)		(579,817	)		(316,446	)		(177,483	)		(108,065	)		32,544,740			56,214,224
Change in unrealized gain (loss) on investments		214,297			298,846			3,534,230			3,999,840			364,623			116,796			29,486,305			70,854,341
Reinvested capital gains		76,680			90,074			1,763,790			2,249,210			-			221,820			44,623,318			32,402,967
Net increase (decrease) in contract owners’ equity resulting from operations		79,579			380,809			4,884,000			6,165,128			193,502			230,551			116,599,212			169,205,858
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		61,566			106,140			482,830			518,863			65,925			28,911			14,397,148			23,528,760
Transfers between funds		(720,618	)		(35,591	)		(1,164,657	)		(450,284	)		8,030			23,251			49,231,001			(82,443,561	)
Surrenders (notes 2, 3, 4, 5 and 6)		(214,891	)		(32,811	)		(1,726,316	)		(1,812,833	)		(157,061	)		(139,455	)		(38,738,908	)		(42,598,551	)
Adjustments to maintain reserves		13			2,302			(88	)		(129	)		20			(9	)		5,197			2,371
Net equity transactions		(873,930	)		40,040			(2,408,231	)		(1,744,383	)		(83,086	)		(87,302	)		24,894,438			(101,510,981	)
Net change in contract owners’ equity		(794,351	)		420,849			2,475,769			4,420,745			110,416			143,249			141,493,650			67,694,877
Contract owners’ equity at beginning of period		1,756,475			1,335,626			22,238,731			17,817,986			1,186,335			1,043,086			669,548,652			601,853,775
Contract owners’ equity at end of period	$	962,124			1,756,475			24,714,500			22,238,731			1,296,751			1,186,335			811,042,302			669,548,652
CHANGE IN UNITS:
Beginning units		54,258			53,409			482,959			527,909			37,209			39,841			18,394,093			21,793,980
Units purchased		5,482			29,566			31,233			29,193			2,748			2,446			3,097,633			2,618,901
Units surrendered		(34,828	)		(28,717	)		(77,736	)		(74,143	)		(6,034	)		(5,078	)		(2,595,941	)		(6,018,788	)
Ending units		24,912			54,258			436,456			482,959			33,923			37,209			18,895,785			18,394,093

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DSRG						DVMCS						DVSCS						CVSPIP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	145,294			177,229			18,338			13,147			851,525			740,137			8,150			25,836
Realized gain (loss) on investments		408,326			128,077			(285,379	)		(61,478	)		(7,053,976	)		536,420			(98,464	)		13,947
Change in unrealized gain (loss) on investments		2,367,096			2,840,579			430,357			356,155			12,290,864			11,089,550			29,013			257,720
Reinvested capital gains		158,207			393,424			-			218,650			5,773,387			8,924,513			20,046			106,948
Net increase (decrease) in contract owners’ equity resulting from operations		3,078,923			3,539,309			163,316			526,474			11,861,800			21,290,620			(41,255)			404,451
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		554,531			524,498			203,746			171,664			2,402,041			3,313,651			43			6,449
Transfers between funds		28,135			(101,908	)		(653,769	)		(19,044	)		28,339,874			1,480,880			(689,720	)		150,211
Surrenders (notes 2, 3, 4, 5 and 6)		(1,352,468	)		(1,065,886	)		(183,770	)		(130,874	)		(6,120,848	)		(12,405,621	)		(330,986	)		(33,708	)
Adjustments to maintain reserves		4,636			5,129			58			(21	)		(1	)		(82	)		(26	)		36
Net equity transactions		(765,166	)		(638,167	)		(633,735	)		21,725			24,621,066			(7,611,172	)		(1,020,689	)		122,988
Net change in contract owners’ equity		2,313,757			2,901,142			(470,419	)		548,199			36,482,866			13,679,448			(1,061,944	)		527,439
Contract owners’ equity at beginning of period		13,371,760			10,470,618			3,214,822			2,666,623			111,650,145			97,970,697			1,770,644			1,243,205
Contract owners’ equity at end of period	$	15,685,517			13,371,760			2,744,403			3,214,822			148,133,011			111,650,145			708,700			1,770,644
CHANGE IN UNITS:
Beginning units		366,776			386,790			75,349			74,955			2,550,810			2,735,357			94,734			87,276
Units purchased		25,574			30,489			25,375			10,618			920,370			377,676			2,622			35,039
Units surrendered		(45,827	)		(50,503	)		(41,238	)		(10,224	)		(418,810	)		(562,223	)		(65,100	)		(27,581	)
Ending units		346,523			366,776			59,486			75,349			3,052,370			2,550,810			32,256			94,734

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SASP5I					DAVVL						DWVEMS						DWVSVS
	2020			2019		2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	757,632			-		23,973			64,622			15,648			8,364			128,363			97,160
Realized gain (loss) on investments		1,516,802			-		(533,946	)		(88,705	)		267,880			116,320			(2,834,446	)		(433,865	)
Change in unrealized gain (loss) on investments		15,412,432			-		854,213			900,966			996,980			764,318			1,531,979			3,010,562
Reinvested capital gains		141,940			-		119,331			221,944			100,391			99,385			890,893			1,333,184
Net increase (decrease) in contract owners’ equity resulting from operations		17,828,806			-		463,571			1,098,827			1,380,899			988,387			(283,211)			4,007,041
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		185,190			-		150,564			92,051			295,200			799,690			706,348			1,948,076
Transfers between funds		73,263,236			-		(449,604	)		694,448			(372,524	)		(95,725	)		(900,003	)		(1,004,180	)
Surrenders (notes 2, 3, 4, 5 and 6)		(3,454,829	)		-		(174,073	)		(601,234	)		(271,254	)		(144,220	)		(701,232	)		(445,005	)
Adjustments to maintain reserves		3,178			-		21			(16	)		12			13			199			(104	)
Net equity transactions		69,996,775			-		(473,092	)		185,249			(348,566	)		559,758			(894,688	)		498,787
Net change in contract owners’ equity		87,825,581			-		(9,521	)		1,284,076			1,032,333			1,548,145			(1,177,899	)		4,505,828
Contract owners’ equity at beginning of period		-			-		4,720,052			3,435,976			5,773,615			4,225,470			19,215,008			14,709,180
Contract owners’ equity at end of period	$	87,825,581			-		4,710,531			4,720,052			6,805,948			5,773,615			18,037,109			19,215,008
CHANGE IN UNITS:
Beginning units		-			-		229,390			218,345			401,894			358,976			933,346			911,599
Units purchased		7,805,810			-		34,107			50,802			86,811			112,367			115,986			214,313
Units surrendered		(319,333	)		-		(58,692	)		(39,757	)		(108,183	)		(69,449	)		(152,580	)		(192,566	)
Ending units		7,486,477			-		204,805			229,390			380,522			401,894			896,752			933,346

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DFVGMI						DFVIPS						DFVIS					DFVIV
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	2,138			2,628			69,979			57,260			480			-		1,101			-
Realized gain (loss) on investments		1,264			3,991			40,183			(27,238	)		22			-		(274	)		-
Change in unrealized gain (loss) on investments		14,023			23,606			504,822			270,033			4,942			-		3,782			-
Reinvested capital gains		2,312			864			42,904			-			396			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		19,737			31,089			657,888			300,055			5,840			-		4,609			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,100			3,836			14,082			2,171			348			-		20,700			-
Transfers between funds		54,224			(68,935	)		3,140,938			(308,236	)		18,596			-		24,565			-
Surrenders (notes 2, 3, 4, 5 and 6)		(2,723	)		(6,276	)		(313,073	)		(265,369	)		(195	)		-		(747	)		-
Adjustments to maintain reserves		(8	)		-			8			(7	)		(2	)		-		2			-
Net equity transactions		55,593			(71,375	)		2,841,955			(571,441	)		18,747			-		44,520			-
Net change in contract owners’ equity		75,330			(40,286	)		3,499,843			(271,386	)		24,587			-		49,129			-
Contract owners’ equity at beginning of period		119,248			159,534			4,073,497			4,344,883			-			-		-			-
Contract owners’ equity at end of period	$	194,578			119,248			7,573,340			4,073,497			24,587			-		49,129			-
CHANGE IN UNITS:
Beginning units		9,936			15,702			376,703			434,932			-			-		-			-
Units purchased		4,959			344			276,990			608			1,712			-		4,854			-
Units surrendered		(327	)		(6,110	)		(26,741	)		(58,837	)		(16	)		-		(88	)		-
Ending units		14,568			9,936			626,952			376,703			1,696			-		4,766			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DFVULV						DFVUTV						DSGIBA						SVSLVB
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	191,349			231,979			30,147			31,488			5,234			5,509			507			355
Realized gain (loss) on investments		(106,646	)		5,170			(191,206	)		(21,811	)		(4,730	)		(572	)		(5,508	)		631
Change in unrealized gain (loss) on investments		(278,586	)		626,573			199,650			384,075			10,485			20,817			116			4,762
Reinvested capital gains		-			123,449			-			64,346			3,855			165			1,447			2,119
Net increase (decrease) in contract owners’ equity resulting from operations		(193,883	)		987,171			38,591			458,098			14,844			25,919			(3,438)			7,867
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		187,986			-			20,859			667			8,162			8,393			-			50
Transfers between funds		(586,770	)		11,461,129			(289,337	)		228,152			28,079			7,464			(264	)		(2,436	)
Surrenders (notes 2, 3, 4, 5 and 6)		(423,396	)		(626,795	)		(118,081	)		(158,694	)		(12,672	)		(7,210	)		(1,249	)		(950	)
Adjustments to maintain reserves		(17,516	)		4,646			30			(2	)		10			(7	)		(14	)		12
Net equity transactions		(839,696	)		10,838,980			(386,529	)		70,123			23,579			8,640			(1,527	)		(3,324	)
Net change in contract owners’ equity		(1,033,579	)		11,826,151			(347,938	)		528,221			38,423			34,559			(4,965	)		4,543
Contract owners’ equity at beginning of period		11,826,151			-			2,581,343			2,053,122			158,758			124,199			30,585			26,042
Contract owners’ equity at end of period	$	10,792,572			11,826,151			2,233,405			2,581,343			197,181			158,758			25,620			30,585
CHANGE IN UNITS:
Beginning units		1,081,191			-			197,182			191,812			11,797			11,090			1,665			1,875
Units purchased		17,739			1,140,456			3,894			17,906			3,026			1,529			586			30
Units surrendered		(96,408	)		(59,265	)		(36,714	)		(12,536	)		(1,292	)		(822	)		(659	)		(240	)
Ending units		1,002,522			1,081,191			164,362			197,182			13,531			11,797			1,592			1,665

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SVSSVB						ETVFR						FQB						FVU2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,632			279			758,862			1,059,487			598,283			621,234			19,224			12,045
Realized gain (loss) on investments		(43,749	)		(4,108	)		(469,544	)		199,476			(9,694	)		(42,809	)		(1,854	)		(346	)
Change in unrealized gain (loss) on investments		16,633			26,973			57,428			1,426,199			1,030,542			1,360,919			(16,510	)		100,137
Reinvested capital gains		13,527			13,650			-			-			65,741			834			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(11,957)			36,794			346,746			2,685,162			1,684,872			1,940,178			860			111,836
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			154			399,445			765,607			509,564			524,029			20,861			14,761
Transfers between funds		(59,579	)		(10,133	)		679,869			(42,132,311	)		(833,625	)		193,778			49,180			85,610
Surrenders (notes 2, 3, 4, 5 and 6)		(9,627	)		(12,926	)		(1,487,780	)		(1,095,164	)		(1,043,915	)		(1,719,095	)		(29,334	)		(21,399	)
Adjustments to maintain reserves		(9	)		(2	)		519			8,353			(6	)		26			(1	)		(5	)
Net equity transactions		(69,215	)		(22,907	)		(407,947	)		(42,453,515	)		(1,367,982	)		(1,001,262	)		40,706			78,967
Net change in contract owners’ equity		(81,172	)		13,887			(61,201	)		(39,768,353	)		316,890			938,916			41,566			190,803
Contract owners’ equity at beginning of period		198,502			184,615			25,429,132			65,197,485			22,123,687			21,184,771			718,748			527,945
Contract owners’ equity at end of period	$	117,330			198,502			25,367,931			25,429,132			22,440,577			22,123,687			760,314			718,748
CHANGE IN UNITS:
Beginning units		10,664			11,981			1,943,147			5,289,996			870,739			911,169			65,636			57,964
Units purchased		6,557			236			258,932			261,899			186,658			47,162			8,188			10,224
Units surrendered		(10,921	)		(1,553	)		(298,092	)		(3,608,748	)		(245,067	)		(87,592	)		(5,033	)		(2,552	)
Ending units		6,300			10,664			1,903,987			1,943,147			812,330			870,739			68,791			65,636

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FVUS2						FCS						FEIS						FEMS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,572			425			(15,115	)		42,531			922,898			1,079,877			68,607			112,062
Realized gain (loss) on investments		9,010			575			981,287			728,272			(345,869	)		630,680			346,349			107,807
Change in unrealized gain (loss) on investments		3,207			207			8,554,248			4,072,037			507,176			8,488,676			2,058,637			1,340,171
Reinvested capital gains		-			-			169,281			3,911,420			2,489,437			3,828,453			1,082,815			-
Net increase (decrease) in contract owners’ equity resulting from operations		13,789			1,207			9,689,701			8,754,260			3,573,642			14,027,686			3,556,408			1,560,040
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		493			19			(155,116	)		52,975			1,540,289			1,973,321			274,841			199,288
Transfers between funds		2,280,419			60,871			1,195,572			(4,212,060	)		105,821			(3,319,721	)		1,819,260			3,964,275
Surrenders (notes 2, 3, 4, 5 and 6)		(480,570	)		(3,290	)		(2,805,096	)		(3,531,556	)		(4,806,999	)		(5,918,821	)		(395,058	)		(314,743	)
Adjustments to maintain reserves		(3	)		(8	)		86,649			67,932			187			1,338			38			7
Net equity transactions		1,800,339			57,592			(1,677,991	)		(7,622,709	)		(3,160,702	)		(7,263,883	)		1,699,081			3,848,827
Net change in contract owners’ equity		1,814,128			58,799			8,011,710			1,131,551			412,940			6,763,803			5,255,489			5,408,867
Contract owners’ equity at beginning of period		58,799			-			32,254,258			31,122,707			60,842,692			54,078,889			9,029,597			3,620,730
Contract owners’ equity at end of period	$	1,872,927			58,799			40,265,968			32,254,258			61,255,632			60,842,692			14,285,086			9,029,597
CHANGE IN UNITS:
Beginning units		5,444			-			713,280			911,259			1,602,889			1,839,288			841,122			435,283
Units purchased		201,223			5,757			123,805			272,124			98,560			218,808			238,705			492,377
Units surrendered		(42,396	)		(313	)		(163,317	)		(470,103	)		(184,654	)		(455,207	)		(63,786	)		(86,538	)
Ending units		164,271			5,444			673,768			713,280			1,516,795			1,602,889			1,016,041			841,122

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FF05S						FF10S						FF15S						FF20S
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	15,238			22,457			38,087			41,388			84,076			132,429			294,484			524,242
Realized gain (loss) on investments		12,402			12,495			72,518			18,665			65,688			(158,834	)		350,487			385,207
Change in unrealized gain (loss) on investments		75,818			97,417			113,641			158,721			626,599			663,316			1,721,073			2,492,992
Reinvested capital gains		35,955			21,180			98,524			87,090			372,566			446,040			1,730,222			1,391,095
Net increase (decrease) in contract owners’ equity resulting from operations		139,413			153,549			322,770			305,864			1,148,929			1,082,951			4,096,266			4,793,536
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		166			95			42,336			37,736			998,533			407,013			1,071,168			1,577,707
Transfers between funds		223,367			89,204			1,320,690			(16,831	)		(977,125	)		395,774			(2,943,563	)		1,275,249
Surrenders (notes 2, 3, 4, 5 and 6)		(103,070	)		(77,691	)		(357,438	)		(143,068	)		(483,906	)		(432,607	)		(2,345,058	)		(1,442,882	)
Adjustments to maintain reserves		(2	)		18			24			(22	)		14			(21	)		70			(94	)
Net equity transactions		120,461			11,626			1,005,612			(122,185	)		(462,484	)		370,159			(4,217,383	)		1,409,980
Net change in contract owners’ equity		259,874			165,175			1,328,382			183,679			686,445			1,453,110			(121,117	)		6,203,516
Contract owners’ equity at beginning of period		1,309,056			1,143,881			2,159,450			1,975,771			7,529,801			6,076,691			30,549,618			24,346,102
Contract owners’ equity at end of period	$	1,568,930			1,309,056			3,487,832			2,159,450			8,216,246			7,529,801			30,428,501			30,549,618
CHANGE IN UNITS:
Beginning units		81,637			80,945			92,267			97,923			402,085			384,349			1,214,585			1,161,074
Units purchased		12,581			5,638			55,009			2,148			111,457			107,396			179,076			188,284
Units surrendered		(5,946	)		(4,946	)		(14,734	)		(7,804	)		(126,907	)		(89,660	)		(339,706	)		(134,773	)
Ending units		88,272			81,637			132,542			92,267			386,635			402,085			1,053,955			1,214,585

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FF25S						FF30S						FF35S						FF40S
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	303,774			504,440			454,728			637,648			49,723			53,673			152,343			275,203
Realized gain (loss) on investments		444,288			1,662,022			831,911			751,730			141,187			9,073			294,826			609,322
Change in unrealized gain (loss) on investments		2,533,478			2,783,730			4,107,391			4,505,876			795,258			368,294			2,525,972			2,722,229
Reinvested capital gains		1,383,590			810,175			1,950,826			1,063,213			176,285			46,457			1,012,443			568,750
Net increase (decrease) in contract owners’ equity resulting from operations		4,665,130			5,760,367			7,344,856			6,958,467			1,162,453			477,497			3,985,584			4,175,504
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,057,302			1,010,737			2,576,736			4,161,456			1,103,967			765,815			751,747			1,018,406
Transfers between funds		519,416			(207,585	)		3,976,199			2,690,473			1,621,484			1,499,237			1,497,212			397,769
Surrenders (notes 2, 3, 4, 5 and 6)		(2,528,568	)		(1,204,762	)		(2,591,267	)		(1,124,782	)		(756,753	)		(84,590	)		(955,658	)		(656,248	)
Adjustments to maintain reserves		27			(9	)		42			982			8			8			44			410
Net equity transactions		(951,823	)		(401,619	)		3,961,710			5,728,129			1,968,706			2,180,470			1,293,345			760,337
Net change in contract owners’ equity		3,713,307			5,358,748			11,306,566			12,686,596			3,131,159			2,657,967			5,278,929			4,935,841
Contract owners’ equity at beginning of period		31,582,966			26,224,218			39,834,941			27,148,345			3,724,080			1,066,113			20,086,136			15,150,295
Contract owners’ equity at end of period	$	35,296,273			31,582,966			51,141,507			39,834,941			6,855,239			3,724,080			25,365,065			20,086,136
CHANGE IN UNITS:
Beginning units		1,583,389			1,597,869			1,438,640			1,217,467			320,893			116,705			849,519			820,514
Units purchased		173,040			245,212			343,590			502,756			242,151			227,471			178,584			152,414
Units surrendered		(227,121	)		(259,692	)		(199,835	)		(281,583	)		(62,265	)		(23,283	)		(126,817	)		(123,409	)
Ending units		1,529,308			1,583,389			1,582,395			1,438,640			500,779			320,893			901,286			849,519

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FF45S						FF50S						FF55S						FF60S
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,793			4,506			12,619			13,919			116			14			2,373			14
Realized gain (loss) on investments		30,850			8,360			2,281			19,182			(2,091	)		3			2,265			3
Change in unrealized gain (loss) on investments		109,951			15,091			247,829			189,007			236			44			32,465			44
Reinvested capital gains		18,143			1,114			45,076			27,949			533			6			9,147			5
Net increase (decrease) in contract owners’ equity resulting from operations		163,737			29,071			307,805			250,057			(1,206)			67			46,250			66
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		211,715			176,703			381,279			34,947			2,811			732			2,422			732
Transfers between funds		166,687			130,629			523,366			57,941			20,458			469			296,297			469
Surrenders (notes 2, 3, 4, 5 and 6)		(106,631	)		(6,778	)		(48,950	)		(96,632	)		(1,889	)		(40	)		(1,136	)		(40	)
Adjustments to maintain reserves		(4	)		3			11			3			(4	)		(5	)		7			(4	)
Net equity transactions		271,767			300,557			855,706			(3,741	)		21,376			1,156			297,590			1,157
Net change in contract owners’ equity		435,504			329,628			1,163,511			246,316			20,170			1,223			343,840			1,223
Contract owners’ equity at beginning of period		329,628			-			1,056,286			809,970			1,223			-			1,223			-
Contract owners’ equity at end of period	$	765,132			329,628			2,219,797			1,056,286			21,393			1,223			345,063			1,223
CHANGE IN UNITS:
Beginning units		27,896			-			81,668			80,264			111			-			111			-
Units purchased		38,012			29,064			66,327			18,672			1,675			115			26,303			115
Units surrendered		(10,536	)		(1,168	)		(3,670	)		(17,268	)		(152	)		(4	)		(98	)		(4	)
Ending units		55,372			27,896			144,325			81,668			1,634			111			26,316			111

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FFINS						FGOS						FGS						FHIS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	17,898			30,778			(582	)		(626	)		(3,542	)		97,286			519,583			611,828
Realized gain (loss) on investments		(8,985	)		5,836			6,689			10,679			7,277,485			10,634,264			(264,399	)		(171,632	)
Change in unrealized gain (loss) on investments		75,010			77,137			240,048			83,436			30,242,235			14,632,990			3,530			1,149,129
Reinvested capital gains		34,328			24,168			28,229			31,211			12,088,285			7,302,649			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		118,251			137,919			274,384			124,700			49,604,463			32,667,189			258,714			1,589,325
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		126			111			-			24			2,273,870			4,590,431			194,050			235,022
Transfers between funds		154,660			622,383			4,771			(23,655	)		5,128,520			(9,420,267	)		(1,719,692	)		913,921
Surrenders (notes 2, 3, 4, 5 and 6)		(86,159	)		(99,918	)		(10,504	)		(9,469	)		(9,784,637	)		(14,864,556	)		(650,860	)		(802,565	)
Adjustments to maintain reserves		(2	)		(4	)		183,414			77,499			95,410			48,541			(1	)		(68	)
Net equity transactions		68,625			522,572			177,681			44,399			(2,286,837	)		(19,645,851	)		(2,176,503	)		346,310
Net change in contract owners’ equity		186,876			660,491			452,065			169,099			47,317,626			13,021,338			(1,917,789	)		1,935,635
Contract owners’ equity at beginning of period		1,745,720			1,085,229			677,151			508,052			117,329,092			104,307,754			12,669,205			10,733,570
Contract owners’ equity at end of period	$	1,932,596			1,745,720			1,129,216			677,151			164,646,718			117,329,092			10,751,416			12,669,205
CHANGE IN UNITS:
Beginning units		120,811			83,843			15,533			15,899			2,682,726			3,346,655			480,498			467,620
Units purchased		6,181			43,997			6,270			4,475			388,596			373,563			27,968			67,417
Units surrendered		(5,576	)		(7,029	)		(5,762	)		(4,841	)		(445,679	)		(1,037,492	)		(106,461	)		(54,539	)
Ending units		121,416			120,811			16,041			15,533			2,625,643			2,682,726			402,005			480,498

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FIGBS						FIP						FMCS						FMMP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	3,337,440			4,293,587			259,690			1,363,605			152,101			255,906			11,751			133,521
Realized gain (loss) on investments		2,337,162			(208,071	)		15,108,637			4,974,238			(193,552	)		(1,554,050	)		-			-
Change in unrealized gain (loss) on investments		8,410,670			11,616,076			(18,751,795	)		13,451,543			5,343,594			4,824,010			-			-
Reinvested capital gains		59,752			-			259,387			1,171,212			-			3,984,389			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		14,145,024			15,701,592			(3,124,081)			20,960,598			5,302,143			7,510,255			11,751			133,521
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,484,327			1,910,576			765,913			20,545			667,152			957,850			1,039			117
Transfers between funds		(4,500,972	)		(8,072,530	)		(76,409,083	)		(2,987,680	)		(4,412,218	)		(1,069,662	)		(5,222,495	)		5,086,122
Surrenders (notes 2, 3, 4, 5 and 6)		(6,057,898	)		(10,389,505	)		(291,030	)		(5,054,450	)		(2,491,557	)		(4,955,310	)		(525,130	)		(646,881	)
Adjustments to maintain reserves		(10	)		383			(46	)		83			54			350			(832	)		833
Net equity transactions		(8,074,553	)		(16,551,076	)		(75,934,246	)		(8,021,502	)		(6,236,569	)		(5,066,772	)		(5,747,418	)		4,440,191
Net change in contract owners’ equity		6,070,471			(849,484	)		(79,058,327	)		12,939,096			(934,426	)		2,443,483			(5,735,667	)		4,573,712
Contract owners’ equity at beginning of period		169,500,548			170,350,032			80,428,299			67,489,203			36,834,267			34,390,784			13,167,512			8,593,800
Contract owners’ equity at end of period	$	175,571,019			169,500,548			1,369,972			80,428,299			35,899,841			36,834,267			7,431,845			13,167,512
CHANGE IN UNITS:
Beginning units		8,807,134			9,699,249			2,881,385			3,169,190			609,632			702,092			1,268,832			843,109
Units purchased		1,031,905			772,334			41,154			-			36,202			43,847			-			488,246
Units surrendered		(1,479,065	)		(1,664,449	)		(2,882,048	)		(287,805	)		(144,150	)		(136,307	)		(553,522	)		(62,523	)
Ending units		8,359,974			8,807,134			40,491			2,881,385			501,684			609,632			715,310			1,268,832

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FNRS2						FOS						FRESS						FVMIS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	76,876			87,186			58,287			279,696			62,295			43,306			2,713			-
Realized gain (loss) on investments		(496,184	)		(277,953	)		135,592			51,986			(78,060	)		49,639			(1	)		-
Change in unrealized gain (loss) on investments		(1,095,934	)		646,531			2,317,521			3,244,486			(233,020	)		332,014			44,098			-
Reinvested capital gains		-			3,249			79,531			637,720			119,793			46,333			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(1,515,242)			459,013			2,590,931			4,213,888			(128,992)			471,292			46,810			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		241,957			345,780			483,903			510,114			378,105			46,957			170,596			-
Transfers between funds		(71,044	)		(178,232	)		85,448			(555,267	)		304,041			631,363			-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(322,589	)		(598,016	)		(1,441,788	)		(1,700,954	)		(90,210	)		(31,020	)		(1,764	)		-
Adjustments to maintain reserves		(6	)		(430	)		32			(154	)		16			(14	)		-			-
Net equity transactions		(151,682	)		(430,898	)		(872,405	)		(1,746,261	)		591,952			647,286			168,832			-
Net change in contract owners’ equity		(1,666,924	)		28,115			1,718,526			2,467,627			462,960			1,118,578			215,642			-
Contract owners’ equity at beginning of period		4,735,763			4,707,648			18,485,488			16,017,861			3,044,368			1,925,790			-			-
Contract owners’ equity at end of period	$	3,068,839			4,735,763			20,204,014			18,485,488			3,507,328			3,044,368			215,642			-
CHANGE IN UNITS:
Beginning units		281,564			307,387			654,246			740,247			252,550			196,032			-			-
Units purchased		37,097			27,681			42,242			52,663			87,682			99,666			16,547			-
Units surrendered		(46,824	)		(53,504	)		(81,812	)		(138,664	)		(27,792	)		(43,148	)		(164	)		-
Ending units		271,837			281,564			614,676			654,246			312,440			252,550			16,383			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FVSS						FTVDM2						FTVFA2						FTVGB1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	32,706			59,440			124,155			30,248			7,914			20,934			1,336,375			1,159,834
Realized gain (loss) on investments		(323,121	)		(29,346	)		162,658			55,655			(17,692	)		(9,920	)		(1,379,400	)		293,409
Change in unrealized gain (loss) on investments		317,535			627,618			121,880			652,038			(69,108	)		56,088			(899,632	)		(1,122,660	)
Reinvested capital gains		165,021			305,955			77,916			-			141,008			38,593			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		192,141			963,667			486,609			737,941			62,122			105,695			(942,657)			330,583
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		110,192			147,385			159,043			148,239			26,575			29,543			536,784			694,301
Transfers between funds		(1,027,817	)		547,751			(39,597	)		52,139			180			11,081			(3,342,046	)		1,546,808
Surrenders (notes 2, 3, 4, 5 and 6)		(355,881	)		(214,695	)		(439,244	)		(339,136	)		(105,514	)		(67,000	)		(879,374	)		(1,054,761	)
Adjustments to maintain reserves		(1	)		33			4			4			(9	)		13			1			15
Net equity transactions		(1,273,507	)		480,474			(319,794	)		(138,754	)		(78,768	)		(26,363	)		(3,684,635	)		1,186,363
Net change in contract owners’ equity		(1,081,366	)		1,444,141			166,815			599,187			(16,646	)		79,332			(4,627,292	)		1,516,946
Contract owners’ equity at beginning of period		4,265,220			2,821,079			3,462,071			2,862,884			616,284			536,952			18,372,589			16,855,643
Contract owners’ equity at end of period	$	3,183,854			4,265,220			3,628,886			3,462,071			599,638			616,284			13,745,297			18,372,589
CHANGE IN UNITS:
Beginning units		114,054			101,371			259,597			271,977			34,651			36,186			1,733,956			1,622,403
Units purchased		4,666			22,868			23,243			21,640			1,897			2,844			128,646			364,108
Units surrendered		(40,044	)		(10,185	)		(50,639	)		(34,020	)		(6,376	)		(4,379	)		(495,717	)		(252,555	)
Ending units		78,676			114,054			232,201			259,597			30,172			34,651			1,366,885			1,733,956

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FTVGI2						FTVIS2						FTVMD2						FTVRDI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	484,358			436,880			316,702			323,687			15,333			15,766			246,171			253,035
Realized gain (loss) on investments		(182,901	)		(155,912	)		(177,223	)		(46,090	)		(207,050	)		(45,039	)		274,039			92,994
Change in unrealized gain (loss) on investments		(616,521	)		(142,210	)		(190,344	)		508,732			90,071			156,955			1,241,688			1,446,258
Reinvested capital gains		-			-			4,486			97,830			13,412			113,228			850,640			2,563,862
Net increase (decrease) in contract owners’ equity resulting from operations		(315,064	)		138,758			(46,379)			884,159			(88,234)			240,910			2,612,538			4,356,149
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		177,592			208,410			170,319			200,123			1,449			821			1,148,884			1,678,565
Transfers between funds		2,927			(644,044	)		(141,503	)		189,449			(327,093	)		(20,129	)		(731,921	)		(1,225,505	)
Surrenders (notes 2, 3, 4, 5 and 6)		(347,798	)		(562,951	)		(1,036,008	)		(474,982	)		(56,286	)		(255,920	)		(2,257,087	)		(2,908,167	)
Adjustments to maintain reserves		(7	)		14			17			(18	)		(11	)		16			(2,989	)		(2	)
Net equity transactions		(167,286	)		(998,571	)		(1,007,175	)		(85,428	)		(381,941	)		(275,212	)		(1,843,113	)		(2,455,109	)
Net change in contract owners’ equity		(482,350	)		(859,813	)		(1,053,554	)		798,731			(470,175	)		(34,302	)		769,425			1,901,040
Contract owners’ equity at beginning of period		5,960,041			6,819,854			6,365,907			5,567,176			1,126,573			1,160,875			17,831,352			15,930,312
Contract owners’ equity at end of period	$	5,477,691			5,960,041			5,312,353			6,365,907			656,398			1,126,573			18,600,777			17,831,352
CHANGE IN UNITS:
Beginning units		329,117			384,666			286,791			291,083			60,561			77,118			372,542			431,290
Units purchased		20,560			13,793			8,055			25,852			1,569			4,195			9,926			10,700
Units surrendered		(30,390	)		(69,342	)		(57,169	)		(30,144	)		(25,202	)		(20,752	)		(48,111	)		(69,448	)
Ending units		319,287			329,117			237,677			286,791			36,928			60,561			334,357			372,542

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FTVSV2						FTVSVI						TIF						TIF2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	100,527			85,407			140,876			115,111			24,902			16,333			341,097			230,489
Realized gain (loss) on investments		(1,804,901	)		(661,645	)		(836,155	)		(37,198	)		(16,247	)		(44,686	)		(647,531	)		(235,723	)
Change in unrealized gain (loss) on investments		1,413,787			981,673			642,288			622,420			(22,720	)		115,870			(232,670	)		1,441,737
Reinvested capital gains		490,263			1,674,774			504,812			1,445,334			-			8,335			-			150,757
Net increase (decrease) in contract owners’ equity resulting from operations		199,676			2,080,209			451,821			2,145,667			(14,065)			95,852			(539,104)			1,587,260
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		237,886			350,857			218,612			228,095			-			-			86,231			202,098
Transfers between funds		(549,165	)		(1,323,723	)		(248,766	)		113,398			(17,835	)		(6,447	)		(763,281	)		(1,933,692	)
Surrenders (notes 2, 3, 4, 5 and 6)		(897,869	)		(529,006	)		(740,798	)		(812,303	)		(20,410	)		(90,687	)		(1,023,268	)		(564,110	)
Adjustments to maintain reserves		1			30			2			(24	)		(10	)		15			5			(422	)
Net equity transactions		(1,209,147	)		(1,501,842	)		(770,950	)		(470,834	)		(38,255	)		(97,119	)		(1,700,313	)		(2,296,126	)
Net change in contract owners’ equity		(1,009,471	)		578,367			(319,129	)		1,674,833			(52,320	)		(1,267	)		(2,239,417	)		(708,866	)
Contract owners’ equity at beginning of period		9,391,133			8,812,766			10,049,137			8,374,304			821,964			823,231			13,722,522			14,431,388
Contract owners’ equity at end of period	$	8,381,662			9,391,133			9,730,008			10,049,137			769,644			821,964			11,483,105			13,722,522
CHANGE IN UNITS:
Beginning units		293,223			347,426			184,863			195,223			28,545			32,259			538,139			638,100
Units purchased		32,900			42,614			10,415			10,395			-			-			44,829			107,244
Units surrendered		(77,461	)		(96,817	)		(25,468	)		(20,755	)		(1,570	)		(3,714	)		(128,063	)		(207,205	)
Ending units		248,662			293,223			169,810			184,863			26,975			28,545			454,905			538,139

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVCSE						GVGMNS						GVGOPS						GVMCE
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,108			4,608			62			780			(1,721	)		(1,476	)		33,636			55,437
Realized gain (loss) on investments		(196,813	)		(163,277	)		(2,649	)		(2,403	)		31,050			(273,400	)		(784,027	)		120,423
Change in unrealized gain (loss) on investments		322,325			413,114			2,337			7,414			114,335			325,389			1,117,680			2,382,736
Reinvested capital gains		18,361			28,042			319			2,281			199,586			149,022			135,336			382,100
Net increase (decrease) in contract owners’ equity resulting from operations		144,981			282,487			69			8,072			343,250			199,535			502,625			2,940,696
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		84,447			64,410			1,729			(333	)		17,447			110,006			(4,606	)		38,856
Transfers between funds		26,695			(176,036	)		24,911			(79,486	)		119,284			(116,077	)		(806,704	)		(1,767,376	)
Surrenders (notes 2, 3, 4, 5 and 6)		(72,638	)		(38,028	)		(58,602	)		(270	)		(40,022	)		(10,441	)		(799,657	)		(476,925	)
Adjustments to maintain reserves		(649	)		(25	)		4			(9	)		13			(5	)		(147	)		144
Net equity transactions		37,855			(149,679	)		(31,958	)		(80,098	)		96,722			(16,517	)		(1,611,114	)		(2,205,301	)
Net change in contract owners’ equity		182,836			132,808			(31,889	)		(72,026	)		439,972			183,018			(1,108,489	)		735,395
Contract owners’ equity at beginning of period		1,369,606			1,236,798			54,713			126,739			783,175			600,157			10,968,798			10,233,403
Contract owners’ equity at end of period	$	1,552,442			1,369,606			22,824			54,713			1,223,147			783,175			9,860,309			10,968,798
CHANGE IN UNITS:
Beginning units		67,651			75,898			3,776			9,791			32,955			33,790			223,376			274,092
Units purchased		22,418			16,835			1,981			156			11,173			6,088			27,764			34,929
Units surrendered		(19,518	)		(25,082	)		(4,245	)		(6,171	)		(8,417	)		(6,923	)		(65,805	)		(85,645	)
Ending units		70,551			67,651			1,512			3,776			35,711			32,955			185,335			223,376

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVMSAS						RVARS						ACEG						ACGI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	181			114			7,983			8,868			1,246			-			106,697			127,511
Realized gain (loss) on investments		4			83			3,731			511			61,355			57,078			(1,054,983	)		(112,316	)
Change in unrealized gain (loss) on investments		657			(32	)		21,699			8,496			429,376			162,658			790,117			831,683
Reinvested capital gains		-			-			-			-			130,022			188,905			84,671			863,602
Net increase (decrease) in contract owners’ equity resulting from operations		842			165			33,413			17,875			621,999			408,641			(73,498)			1,710,480
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		474			19,716			2,473			2,030			175,531			54,562			75,276			45,366
Transfers between funds		4,910			1,947			222,200			45,170			718,236			(40,580	)		(2,394,113	)		(432,576	)
Surrenders (notes 2, 3, 4, 5 and 6)		(499	)		(17,639	)		(49,406	)		(50,695	)		(128,798	)		(163,758	)		(149,716	)		(162,261	)
Adjustments to maintain reserves		(2	)		3			4			-			(18	)		7			34			169
Net equity transactions		4,883			4,027			175,271			(3,495	)		764,951			(149,769	)		(2,468,519	)		(549,302	)
Net change in contract owners’ equity		5,725			4,192			208,684			14,380			1,386,950			258,872			(2,542,017	)		1,161,178
Contract owners’ equity at beginning of period		4,192			-			412,933			398,553			1,468,639			1,209,767			8,260,525			7,099,347
Contract owners’ equity at end of period	$	9,917			4,192			621,617			412,933			2,855,589			1,468,639			5,718,508			8,260,525
CHANGE IN UNITS:
Beginning units		406			-			37,683			38,194			54,996			61,953			222,627			367,294
Units purchased		637			2,219			20,016			4,823			24,611			2,928			129,772			11,597
Units surrendered		(143	)		(1,813	)		(4,875	)		(5,334	)		(4,488	)		(9,885	)		(121,734	)		(156,264	)
Ending units		900			406			52,824			37,683			75,119			54,996			230,665			222,627

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AVBVI						AVHY1						AVIE						AVMCCI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	-			20			48,357			80,652			683,676			423,307			1,507			1,143
Realized gain (loss) on investments		(9,533	)		(1,802	)		(127,404	)		(58,997	)		658,721			1,255,639			(32,002	)		(2,459	)
Change in unrealized gain (loss) on investments		9,192			4,571			80,945			473,356			2,167,850			4,392,625			5,048			29,756
Reinvested capital gains		-			7,531			-			-			720,790			1,985,608			46,133			29,605
Net increase (decrease) in contract owners’ equity resulting from operations		(341)			10,320			1,898			495,011			4,231,037			8,057,179			20,686			58,045
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			10,674			46,808			286,470			371,264			97,104			36,971
Transfers between funds		(37,944	)		(7,963	)		(163,487	)		(4,763,899	)		155,420			751,916			(58,581	)		3,161
Surrenders (notes 2, 3, 4, 5 and 6)		(33	)		(512	)		(213,672	)		(136,055	)		(1,315,653	)		(4,658,947	)		(88,949	)		(34,789	)
Adjustments to maintain reserves		8			(22	)		(5	)		(41	)		34			9			13			7
Net equity transactions		(37,969	)		(8,497	)		(366,490	)		(4,853,187	)		(873,729	)		(3,535,758	)		(50,413	)		5,350
Net change in contract owners’ equity		(38,310	)		1,823			(364,592	)		(4,358,176	)		3,357,308			4,521,421			(29,727	)		63,395
Contract owners’ equity at beginning of period		38,310			36,487			1,552,073			5,910,249			33,318,795			28,797,374			290,163			226,768
Contract owners’ equity at end of period	$	-			38,310			1,187,481			1,552,073			36,676,103			33,318,795			260,436			290,163
CHANGE IN UNITS:
Beginning units		1,339			1,704			91,988			397,389			1,085,856			1,205,012			10,468			10,244
Units purchased		(1	)		1,465			13,276			8,051			132,612			114,815			1,982			1,671
Units surrendered		(1,338	)		(1,830	)		(36,991	)		(313,452	)		(168,265	)		(233,971	)		(3,904	)		(1,447	)
Ending units		-			1,339			68,273			91,988			1,050,203			1,085,856			8,546			10,468

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AVSCE						IVBRA1						OVAG						OVGI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	110			(473	)		126,650			-			1,501			(10,445	)		529,525			357,499
Realized gain (loss) on investments		(8,195	)		(16,777	)		(29,384	)		(14,408	)		2,151,785			1,705,185			1,597,793			1,373,847
Change in unrealized gain (loss) on investments		23,025			49,770			(22,542	)		237,190			9,332,399			4,051,276			(774,760	)		2,207,291
Reinvested capital gains		10,083			17,830			81,646			-			2,755,710			3,883,315			3,596,896			5,624,209
Net increase (decrease) in contract owners’ equity resulting from operations		25,023			50,350			156,370			222,782			14,241,395			9,629,331			4,949,454			9,562,846
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			17			41,953			381,961			596,013			873,067			826,513			875,107
Transfers between funds		(6,627	)		(113,287	)		(194,815	)		(4,823	)		3,747,668			(562,811	)		(1,051,357	)		(168,009	)
Surrenders (notes 2, 3, 4, 5 and 6)		(33,582	)		(1,642	)		(108,124	)		(56,838	)		(2,945,136	)		(2,709,256	)		(2,417,527	)		(2,957,203	)
Adjustments to maintain reserves		-			40			(2	)		-			804,657			40,142			31			(3,841	)
Net equity transactions		(40,209	)		(114,872	)		(260,988	)		320,300			2,203,202			(2,358,858	)		(2,642,340	)		(2,253,946	)
Net change in contract owners’ equity		(15,186	)		(64,522	)		(104,618	)		543,082			16,444,597			7,270,473			2,307,114			7,308,900
Contract owners’ equity at beginning of period		159,206			223,728			1,795,386			1,252,304			32,594,706			25,324,233			38,038,196			30,729,296
Contract owners’ equity at end of period	$	144,020			159,206			1,690,768			1,795,386			49,039,303			32,594,706			40,345,310			38,038,196
CHANGE IN UNITS:
Beginning units		11,678			20,724			136,958			110,056			807,590			890,299			1,029,257			1,096,146
Units purchased		-			3			3,949			31,715			128,953			63,951			47,991			36,448
Units surrendered		(3,355	)		(9,049	)		(23,894	)		(4,813	)		(76,326	)		(146,660	)		(117,379	)		(103,337	)
Ending units		8,323			11,678			117,013			136,958			860,217			807,590			959,869			1,029,257

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	OVGR						OVGS						OVIG						OVSB
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(23,238	)		(17,609	)		476,929			611,411			141,771			129,091			1,036,707			720,503
Realized gain (loss) on investments		75,997			(168,710	)		520,792			(44,819	)		480,580			283,331			(415,329	)		(77,976	)
Change in unrealized gain (loss) on investments		1,633,738			2,287,240			16,967,868			9,611,117			3,412,401			2,875,308			(58,199	)		1,309,460
Reinvested capital gains		1,560,764			960,672			2,951,486			11,180,425			257,213			776,075			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		3,247,261			3,061,593			20,917,075			21,358,134			4,291,965			4,063,805			563,179			1,951,987
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		6,759			12,114			2,388,947			3,475,123			1,652,425			1,396,839			122,788			306,719
Transfers between funds		364,060			(2,545,754	)		(6,161,353	)		(1,570,713	)		(27,396	)		(1,330,228	)		(274,359	)		(210,615	)
Surrenders (notes 2, 3, 4, 5 and 6)		(231,888	)		(631,665	)		(6,781,874	)		(8,639,886	)		(1,226,771	)		(2,145,968	)		(1,445,135	)		(596,058	)
Adjustments to maintain reserves		16,186			12,689			68			814			32			19			(2	)		-
Net equity transactions		155,117			(3,152,616	)		(10,554,212	)		(6,734,662	)		398,290			(2,079,338	)		(1,596,708	)		(499,954	)
Net change in contract owners’ equity		3,402,378			(91,023	)		10,362,863			14,623,472			4,690,255			1,984,467			(1,033,529	)		1,452,033
Contract owners’ equity at beginning of period		9,571,947			9,662,970			86,447,242			71,823,770			17,557,908			15,573,441			19,728,063			18,276,030
Contract owners’ equity at end of period	$	12,974,325			9,571,947			96,810,105			86,447,242			22,248,163			17,557,908			18,694,534			19,728,063
CHANGE IN UNITS:
Beginning units		340,202			477,720			2,419,546			2,649,183			1,248,270			1,421,451			1,229,876			1,262,443
Units purchased		23,985			27,932			313,790			190,974			262,715			314,925			32,856			39,883
Units surrendered		(31,528	)		(165,450	)		(615,520	)		(420,611	)		(207,466	)		(488,106	)		(135,620	)		(72,450	)
Ending units		332,659			340,202			2,117,816			2,419,546			1,303,519			1,248,270			1,127,112			1,229,876

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	OVSC						WRASP						WRGP						WRHIP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	38,594			11,830			126,640			131,404			(4,221	)		(3,500	)		1,072,763			893,041
Realized gain (loss) on investments		(364,633	)		(120,174	)		(20,200	)		(15,925	)		(120,343	)		(113,348	)		(894,847	)		(242,731	)
Change in unrealized gain (loss) on investments		1,537,233			1,085,709			598,047			874,739			752,340			220,118			458,761			851,083
Reinvested capital gains		89,495			553,160			106,027			253,639			522,207			948,465			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,300,689			1,530,525			810,514			1,243,857			1,149,983			1,051,735			636,677			1,501,393
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,014,488			1,487,789			302,293			320,970			219,620			239,892			216,657			326,992
Transfers between funds		(48,124	)		73,569			(55,673	)		(391,867	)		(545,336	)		521,976			(2,713,698	)		1,971,902
Surrenders (notes 2, 3, 4, 5 and 6)		(1,439,054	)		(2,267,689	)		(602,758	)		(495,965	)		(138,658	)		(197,215	)		(459,790	)		(500,098	)
Adjustments to maintain reserves		25			39			(3	)		6			(6	)		19			16			6
Net equity transactions		(472,665	)		(706,292	)		(356,141	)		(566,856	)		(464,380	)		564,672			(2,956,815	)		1,798,802
Net change in contract owners’ equity		828,024			824,233			454,373			677,001			685,603			1,616,407			(2,320,138	)		3,300,195
Contract owners’ equity at beginning of period		7,156,183			6,331,950			6,529,086			5,852,085			4,180,839			2,564,432			16,856,499			13,556,304
Contract owners’ equity at end of period	$	7,984,207			7,156,183			6,983,459			6,529,086			4,866,442			4,180,839			14,536,361			16,856,499
CHANGE IN UNITS:
Beginning units		125,648			140,428			359,396			392,480			87,159			73,043			1,104,637			985,689
Units purchased		10,892			8,434			30,468			23,324			6,405			24,439			78,698			207,812
Units surrendered		(19,419	)		(23,214	)		(52,381	)		(56,408	)		(15,742	)		(10,323	)		(283,114	)		(88,864	)
Ending units		117,121			125,648			337,483			359,396			77,822			87,159			900,221			1,104,637

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	WRMCG						WRRESP						WRSTP						JPMMV1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(7,834	)		(8,026	)		86,917			106,635			(4,963	)		(5,731	)		512,478			576,417
Realized gain (loss) on investments		439,073			273,116			3,910			(24,774	)		998,269			(237,353	)		(1,609,807	)		704,396
Change in unrealized gain (loss) on investments		1,231,811			372,223			(689,289	)		1,420,969			880,377			2,205,172			13,931			5,637,760
Reinvested capital gains		336,771			789,864			429,752			32,748			1,025,078			747,332			2,459,433			2,740,619
Net increase (decrease) in contract owners’ equity resulting from operations		1,999,821			1,427,177			(168,710)			1,535,578			2,898,761			2,709,420			1,376,035			9,659,192
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		232,836			93,990			414,756			754,292			1,360,464			1,165,802			587,098			831,397
Transfers between funds		(538,977	)		57,263			(1,075,449	)		(615,029	)		(2,482,556	)		971,264			80,551			(1,661,866	)
Surrenders (notes 2, 3, 4, 5 and 6)		(547,335	)		(250,211	)		(487,065	)		(844,638	)		(962,836	)		(1,662,727	)		(1,327,273	)		(1,873,626	)
Adjustments to maintain reserves		(8	)		(4	)		17			(26	)		71			(46	)		138			36
Net equity transactions		(853,484	)		(98,962	)		(1,147,741	)		(705,401	)		(2,084,857	)		474,293			(659,486	)		(2,704,059	)
Net change in contract owners’ equity		1,146,337			1,328,215			(1,316,451	)		830,177			813,904			3,183,713			716,549			6,955,133
Contract owners’ equity at beginning of period		5,160,978			3,832,763			7,127,575			6,297,398			8,891,601			5,707,888			44,615,791			37,660,658
Contract owners’ equity at end of period	$	6,307,315			5,160,978			5,811,124			7,127,575			9,705,505			8,891,601			45,332,340			44,615,791
CHANGE IN UNITS:
Beginning units		209,954			214,776			258,676			284,575			229,430			220,024			1,104,013			1,180,431
Units purchased		33,804			30,974			28,060			57,157			43,417			83,126			160,838			139,265
Units surrendered		(71,611	)		(35,796	)		(69,294	)		(83,056	)		(88,425	)		(73,720	)		(146,806	)		(215,683	)
Ending units		172,147			209,954			217,442			258,676			184,422			229,430			1,118,045			1,104,013

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	JPSCE1						JABS						JACAS						JAEI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,406			1,206			528,995			526,171			71,104			(18,496	)		1,608			4,165
Realized gain (loss) on investments		(160,993	)		6,183			1,880,396			694,319			2,178,918			298,454			25,202			43,446
Change in unrealized gain (loss) on investments		172,989			44,182			2,046,614			4,718,833			12,512,978			11,058,797			182,969			389,978
Reinvested capital gains		33,288			55,942			576,692			902,222			4,197,214			4,393,377			159,852			114,719
Net increase (decrease) in contract owners’ equity resulting from operations		49,690			107,513			5,032,697			6,841,545			18,960,214			15,732,132			369,631			552,308
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		284,642			47,716			3,411,480			1,420,534			1,840,092			1,860,070			59,897			50,953
Transfers between funds		(339,354	)		21,187			(324,183	)		2,150,319			(2,110,233	)		(1,384,329	)		(300,230	)		580,260
Surrenders (notes 2, 3, 4, 5 and 6)		(56,778	)		(8,509	)		(2,891,038	)		(2,102,920	)		(5,697,033	)		(8,402,402	)		(71,910	)		(125,080	)
Adjustments to maintain reserves		9			(9	)		91			(9	)		6			65			15			(10	)
Net equity transactions		(111,481	)		60,385			196,350			1,467,924			(5,967,168	)		(7,926,596	)		(312,228	)		506,123
Net change in contract owners’ equity		(61,791	)		167,898			5,229,047			8,309,469			12,993,046			7,805,536			57,403			1,058,431
Contract owners’ equity at beginning of period		592,986			425,088			38,433,046			30,123,577			52,988,344			45,182,808			2,424,377			1,365,946
Contract owners’ equity at end of period	$	531,195			592,986			43,662,093			38,433,046			65,981,390			52,988,344			2,481,780			2,424,377
CHANGE IN UNITS:
Beginning units		42,359			37,754			943,328			903,670			1,418,018			1,660,305			154,605			118,018
Units purchased		25,332			8,658			147,403			195,198			75,116			131,029			4,540			45,129
Units surrendered		(34,156	)		(4,053	)		(150,057	)		(155,540	)		(224,692	)		(373,316	)		(26,676	)		(8,542	)
Ending units		33,535			42,359			940,674			943,328			1,268,442			1,418,018			132,469			154,605

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	JAFBS						JAGTS						JAIGS						JAMGS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	157,486			181,860			(11,727	)		108,583			232,521			365,001			(56,957	)		(29,222	)
Realized gain (loss) on investments		329,283			16,397			4,155,349			3,670,592			(509,310	)		(220,252	)		1,380,127			840,597
Change in unrealized gain (loss) on investments		151,405			367,849			7,227,338			4,459,902			3,470,078			4,669,338			4,241,519			5,176,150
Reinvested capital gains		-			-			2,993,656			2,036,413			-			-			2,645,470			1,757,806
Net increase (decrease) in contract owners’ equity resulting from operations		638,174			566,106			14,364,616			10,275,490			3,193,289			4,814,087			8,210,159			7,745,331
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		352,487			559,288			1,065,054			493,495			523,468			665,522			1,104,804			2,580,459
Transfers between funds		(224,610	)		(751,672	)		3,122,536			(1,353,081	)		(129,508	)		(754,612	)		647,580			1,392,757
Surrenders (notes 2, 3, 4, 5 and 6)		(555,528	)		(80,596	)		(3,409,242	)		(3,952,332	)		(1,501,264	)		(1,506,128	)		(1,007,731	)		(604,205	)
Adjustments to maintain reserves		(4	)		3			123			18			(36	)		(2,402	)		(58	)		131
Net equity transactions		(427,655	)		(272,977	)		778,471			(4,811,900	)		(1,107,340	)		(1,597,620	)		744,595			3,369,142
Net change in contract owners’ equity		210,519			293,129			15,143,087			5,463,590			2,085,949			3,216,467			8,954,754			11,114,473
Contract owners’ equity at beginning of period		7,178,288			6,885,159			28,876,527			23,412,937			21,781,509			18,565,042			33,015,545			21,901,072
Contract owners’ equity at end of period	$	7,388,807			7,178,288			44,019,614			28,876,527			23,867,458			21,781,509			41,970,299			33,015,545
CHANGE IN UNITS:
Beginning units		628,541			658,022			1,245,624			1,466,235			1,200,849			1,298,483			1,803,875			1,614,203
Units purchased		68,935			109,700			184,635			79,668			107,439			132,849			443,767			426,673
Units surrendered		(109,853	)		(139,181	)		(168,176	)		(300,279	)		(174,498	)		(230,483	)		(319,503	)		(237,001	)
Ending units		587,623			628,541			1,262,083			1,245,624			1,133,790			1,200,849			1,928,139			1,803,875

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	JAMVS						LZREMS						SBVSG						BNCAI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	6,455			12,122			262,240			105,689			(37,157	)		(34,744	)		(10,940	)		(13,447	)
Realized gain (loss) on investments		(12,115	)		(9,532	)		(1,518,101	)		528,113			(105,684	)		1,845,162			846,888			443,716
Change in unrealized gain (loss) on investments		(28,446	)		170,005			880,413			2,411,242			6,697,997			783,554			675,201			1,376,306
Reinvested capital gains		15,152			77,364			-			-			1,864,361			1,812,424			113,979			170,064
Net increase (decrease) in contract owners’ equity resulting from operations		(18,954)			249,959			(375,448)			3,045,044			8,419,517			4,406,396			1,625,128			1,976,639
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,960			2,344			711,623			733,167			1,035,434			1,536,993			(97,591	)		2,417
Transfers between funds		(33,570	)		(187,750	)		(2,081,608	)		(7,978,674	)		(701,168	)		(1,884,210	)		(736,634	)		(562,149	)
Surrenders (notes 2, 3, 4, 5 and 6)		(9,856	)		(75,624	)		(651,155	)		(2,027,403	)		(1,126,270	)		(1,347,465	)		(367,220	)		(1,265,955	)
Adjustments to maintain reserves		10			4			17			17			(17	)		94			(63	)		20
Net equity transactions		(41,456	)		(261,026	)		(2,021,123	)		(9,272,893	)		(792,021	)		(1,694,588	)		(1,201,508	)		(1,825,667	)
Net change in contract owners’ equity		(60,410	)		(11,067	)		(2,396,571	)		(6,227,849	)		7,627,496			2,711,808			423,620			150,972
Contract owners’ equity at beginning of period		894,638			905,705			15,279,275			21,507,124			20,470,815			17,759,007			6,323,881			6,172,909
Contract owners’ equity at end of period	$	834,228			894,638			12,882,704			15,279,275			28,098,311			20,470,815			6,747,501			6,323,881
CHANGE IN UNITS:
Beginning units		40,695			53,472			1,217,379			2,023,340			652,734			717,325			103,709			138,622
Units purchased		125			1,943			153,760			166,152			110,593			140,600			5,309			34,891
Units surrendered		(2,330	)		(14,720	)		(330,341	)		(972,113	)		(137,614	)		(205,191	)		(26,334	)		(69,804	)
Ending units		38,490			40,695			1,040,798			1,217,379			625,713			652,734			82,684			103,709

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	LOVBD						LOVMCV						LOVSDC						LOVTRC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	146,178			146,876			10			98			608,844			667,631			782,840			737,704
Realized gain (loss) on investments		72,232			41,185			(2,320	)		(43	)		(205,731	)		(195,814	)		279,420			(45,527	)
Change in unrealized gain (loss) on investments		54,045			213,120			711			1,873			227,598			448,622			546,300			1,275,233
Reinvested capital gains		-			-			-			197			-			-			676,850			-
Net increase (decrease) in contract owners’ equity resulting from operations		272,455			401,181			(1,599)			2,125			630,711			920,439			2,285,410			1,967,410
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		402,920			81,906			-			212			(397,107	)		2,083,389			2,050,379			2,336,901
Transfers between funds		(489,083	)		750,067			(3,606	)		294			2,510,908			1,418,353			3,229,237			5,868,052
Surrenders (notes 2, 3, 4, 5 and 6)		(46,535	)		(140,198	)		(5,639	)		66			16,676			(1,884,023	)		(1,454,824	)		(1,655,769	)
Adjustments to maintain reserves		18			(15	)		(14	)		(9	)		(6,922	)		6,961			26			36
Net equity transactions		(132,680	)		691,760			(9,259	)		563			2,123,555			1,624,680			3,824,818			6,549,220
Net change in contract owners’ equity		139,775			1,092,941			(10,858	)		2,688			2,754,266			2,545,119			6,110,228			8,516,630
Contract owners’ equity at beginning of period		4,106,436			3,013,495			11,919			9,231			21,417,644			18,872,525			31,140,927			22,624,297
Contract owners’ equity at end of period	$	4,246,211			4,106,436			1,061			11,919			24,171,910			21,417,644			37,251,155			31,140,927
CHANGE IN UNITS:
Beginning units		313,730			260,383			491			467			1,956,169			1,808,605			2,753,771			2,164,849
Units purchased		101,835			86,640			61			215			474,179			1,216,000			530,619			982,718
Units surrendered		(113,404	)		(33,293	)		(508	)		(191	)		(287,003	)		(1,068,436	)		(211,243	)		(393,796	)
Ending units		302,161			313,730			44			491			2,143,345			1,956,169			3,073,147			2,753,771

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MNVFRS					MMCGSC						MNDIC						MNDSC
	2020			2019		2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	149			-		(716	)		(297	)		-			-			(284	)		(286	)
Realized gain (loss) on investments		-			-		44,318			29,967			(9,082	)		(91,007	)		3,569			1,994
Change in unrealized gain (loss) on investments		539			-		219,819			5,820			557,401			218,796			702,736			75,600
Reinvested capital gains		-			-		96,190			22,790			155,504			243,374			168,125			143,954
Net increase (decrease) in contract owners’ equity resulting from operations		688			-		359,611			58,280			703,823			371,163			874,146			221,262
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-		429,313			27,048			83,978			55,561			707,111			17,838
Transfers between funds		43,823			-		490,401			129,441			308,819			272,315			1,151,093			52,689
Surrenders (notes 2, 3, 4, 5 and 6)		(67	)		-		(56,575	)		(128,964	)		(150,581	)		(137,329	)		(22,161	)		(5,361	)
Adjustments to maintain reserves		(1	)		-		(8	)		(6	)		12			7			29			(332	)
Net equity transactions		43,755			-		863,131			27,519			242,228			190,554			1,836,072			64,834
Net change in contract owners’ equity		44,443			-		1,222,742			85,799			946,051			561,717			2,710,218			286,096
Contract owners’ equity at beginning of period		-			-		249,236			163,437			1,443,769			882,052			816,382			530,286
Contract owners’ equity at end of period	$	44,443			-		1,471,978			249,236			2,389,820			1,443,769			3,526,600			816,382
CHANGE IN UNITS:
Beginning units		-			-		18,803			17,017			56,254			48,699			32,582			29,829
Units purchased		3,992			-		95,358			12,936			13,156			18,446			65,331			3,001
Units surrendered		(6	)		-		(32,536	)		(11,150	)		(5,583	)		(10,891	)		(803	)		(248	)
Ending units		3,986			-		81,625			18,803			63,827			56,254			97,110			32,582

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MV2IGI						MV2RIS						MV3MVI					MV3MVS
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	19,362			22,899			14,368			6,003			8			-		3,384			(5	)
Realized gain (loss) on investments		180,219			100,311			734,708			4,963			-			-		(1,015	)		-
Change in unrealized gain (loss) on investments		245,786			812,800			(994,515	)		1,359,931			232			-		104,969			568
Reinvested capital gains		410,118			305,917			58,183			41,256			27			-		16,423			-
Net increase (decrease) in contract owners’ equity resulting from operations		855,485			1,241,927			(187,256)			1,412,153			267			-		123,761			563
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		92,499			137,451			35,178			50,760			-			-		5,283			202
Transfers between funds		(149,117	)		233,226			10,291,564			25,321,888			14,585			-		1,233,077			9,171
Surrenders (notes 2, 3, 4, 5 and 6)		(370,016	)		(344,350	)		(212,653	)		(47,925	)		(36	)		-		(2,863	)		(26	)
Adjustments to maintain reserves		(5	)		10			8			(5	)		7			-		4			2
Net equity transactions		(426,639	)		26,337			10,114,097			25,324,718			14,556			-		1,235,501			9,349
Net change in contract owners’ equity		428,846			1,268,264			9,926,841			26,736,871			14,823			-		1,359,262			9,912
Contract owners’ equity at beginning of period		4,376,288			3,108,024			27,601,876			865,005			-			-		9,912			-
Contract owners’ equity at end of period	$	4,805,134			4,376,288			37,528,717			27,601,876			14,823			-		1,369,174			9,912
CHANGE IN UNITS:
Beginning units		230,941			229,541			2,182,472			87,513			-			-		902			-
Units purchased		11,448			24,215			477,814			2,107,770			1,079			-		119,892			904
Units surrendered		(35,435	)		(22,815	)		(24,795	)		(12,811	)		(3	)		-		(380	)		(2	)
Ending units		206,954			230,941			2,635,491			2,182,472			1,076			-		120,414			902

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MVBRES						MVFIC						MVFSC						MVIGIC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	15,433			26,544			160,875			225,308			915,638			1,310,828			3,494			211
Realized gain (loss) on investments		(96,639	)		(109,165	)		14,479			67,665			(347,986	)		1,596,478			(1,187	)		(247	)
Change in unrealized gain (loss) on investments		167,050			460,259			(317,781	)		2,003,125			(151,513	)		13,706,576			43,913			3,998
Reinvested capital gains		70,927			195,288			450,878			474,197			3,637,672			3,549,727			3,178			1,888
Net increase (decrease) in contract owners’ equity resulting from operations		156,771			572,926			308,451			2,770,295			4,053,811			20,163,609			49,398			5,850
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		132,489			128,676			259,645			279,947			2,365,146			3,373,497			4,199			126
Transfers between funds		(866,372	)		(402,431	)		(525,872	)		(506,635	)		7,685,400			(6,166,426	)		147,410			117,485
Surrenders (notes 2, 3, 4, 5 and 6)		(138,911	)		(136,242	)		(726,919	)		(1,137,118	)		(2,594,249	)		(4,668,041	)		(18,962	)		(2,615	)
Adjustments to maintain reserves		15			(7	)		6			36			185			(747	)		(4	)		(3	)
Net equity transactions		(872,779	)		(410,004	)		(993,140	)		(1,363,770	)		7,456,482			(7,461,717	)		132,643			114,993
Net change in contract owners’ equity		(716,008	)		162,922			(684,689	)		1,406,525			11,510,293			12,701,892			182,041			120,843
Contract owners’ equity at beginning of period		2,454,672			2,291,750			11,409,669			10,003,144			85,548,086			72,846,194			120,843			-
Contract owners’ equity at end of period	$	1,738,664			2,454,672			10,724,980			11,409,669			97,058,379			85,548,086			302,884			120,843
CHANGE IN UNITS:
Beginning units		144,468			173,610			230,589			262,410			3,683,177			4,057,097			11,023			-
Units purchased		20,062			52,830			9,695			7,476			830,715			550,741			14,724			11,271
Units surrendered		(75,610	)		(81,972	)		(30,812	)		(39,297	)		(463,126	)		(924,661	)		(1,895	)		(248	)
Ending units		88,920			144,468			209,472			230,589			4,050,766			3,683,177			23,852			11,023

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MVIVSC						MVRBSS						MSEM						MSVEG
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	565,331			1,185,166			47,877			4,709			332,923			407,200			(9,921	)		(5,021	)
Realized gain (loss) on investments		4,350,810			2,638,689			30,519			11,892			(195,195	)		(40,681	)		756,195			73,589
Change in unrealized gain (loss) on investments		11,773,879			13,803,302			89,031			8,184			209,085			665,212			3,839,911			511,246
Reinvested capital gains		1,996,613			2,894,693			-			-			-			-			719,874			143,467
Net increase (decrease) in contract owners’ equity resulting from operations		18,686,633			20,521,850			167,427			24,785			346,813			1,031,731			5,306,059			723,281
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,814,032			2,563,614			200,237			2,072			184,237			308,099			682,921			218,780
Transfers between funds		(3,801,379	)		(1,635,185	)		2,015,271			956,564			(385,980	)		(189,981	)		1,509,020			1,418,514
Surrenders (notes 2, 3, 4, 5 and 6)		(4,237,506	)		(4,850,903	)		(31,983	)		(5,904	)		(421,702	)		(566,483	)		(477,186	)		(289,730	)
Adjustments to maintain reserves		(126	)		301			10			3			22			(66	)		238			(179	)
Net equity transactions		(6,224,979	)		(3,922,173	)		2,183,535			952,735			(623,423	)		(448,431	)		1,714,993			1,347,385
Net change in contract owners’ equity		12,461,654			16,599,677			2,350,962			977,520			(276,610	)		583,300			7,021,052			2,070,666
Contract owners’ equity at beginning of period		98,737,788			82,138,111			1,210,363			232,843			8,154,321			7,571,021			4,212,977			2,142,311
Contract owners’ equity at end of period	$	111,199,442			98,737,788			3,561,325			1,210,363			7,877,711			8,154,321			11,234,029			4,212,977
CHANGE IN UNITS:
Beginning units		3,016,906			3,148,318			109,591			23,116			192,075			207,015			105,709			70,519
Units purchased		375,596			279,492			243,940			87,031			19,059			23,905			39,953			46,684
Units surrendered		(564,353	)		(410,904	)		(55,385	)		(556	)		(36,580	)		(38,845	)		(16,064	)		(11,494	)
Ending units		2,828,149			3,016,906			298,146			109,591			174,554			192,075			129,598			105,709

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MSVFI						MSVMG						MSVRE						VKVGR2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	69,103			86,624			(6,449	)		(11,073	)		137,131			170,115			203,379			117,194
Realized gain (loss) on investments		45,782			15,012			752,176			471,679			(1,116,019	)		148,698			(914,985	)		101,072
Change in unrealized gain (loss) on investments		39,231			117,876			1,838,774			247,010			(983,750	)		988,416			(165,459	)		467,731
Reinvested capital gains		25,261			-			377,455			713,714			145,795			372,290			100,464			240,835
Net increase (decrease) in contract owners’ equity resulting from operations		179,377			219,512			2,961,956			1,421,330			(1,816,843)			1,679,519			(776,601)			926,832
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		152,256			107,139			1,825			11,560			89,104			113,627			256,589			370,332
Transfers between funds		419,659			170,108			(331,964	)		(86,137	)		(3,391,169	)		(162,179	)		(433,163	)		(72,918	)
Surrenders (notes 2, 3, 4, 5 and 6)		(406,501	)		(317,424	)		(177,228	)		(2,838,171	)		(262,874	)		(238,199	)		(214,486	)		(670,279	)
Adjustments to maintain reserves		1			19			(18	)		(13	)		9			(299	)		12			15
Net equity transactions		165,415			(40,158	)		(507,385	)		(2,912,761	)		(3,564,930	)		(287,050	)		(391,048	)		(372,850	)
Net change in contract owners’ equity		344,792			179,354			2,454,571			(1,491,431	)		(5,381,773	)		1,392,469			(1,167,649	)		553,982
Contract owners’ equity at beginning of period		2,271,641			2,092,287			2,355,735			3,847,166			10,593,341			9,200,872			5,747,394			5,193,412
Contract owners’ equity at end of period	$	2,616,433			2,271,641			4,810,306			2,355,735			5,211,568			10,593,341			4,579,745			5,747,394
CHANGE IN UNITS:
Beginning units		115,319			117,770			73,374			168,880			160,729			174,180			421,903			449,700
Units purchased		30,388			14,618			19,514			29,591			4,004			39,065			72,021			75,476
Units surrendered		(22,494	)		(17,069	)		(33,322	)		(125,097	)		(69,393	)		(52,516	)		(98,985	)		(103,273	)
Ending units		123,213			115,319			59,566			73,374			95,340			160,729			394,939			421,903

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DTRTFB						EIF						GBF						GEM
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	3,386			3,850			229,083			245,303			2,271,406			3,007,433			231,661			340,536
Realized gain (loss) on investments		622			(7	)		772,428			763,669			1,469,123			(358,108	)		511,734			251,700
Change in unrealized gain (loss) on investments		1,309			(807	)		(1,020,478	)		1,677,908			3,305,635			5,204,066			501,294			2,461,993
Reinvested capital gains		-			-			566,861			528,380			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		5,317			3,036			547,894			3,215,260			7,046,164			7,853,391			1,244,689			3,054,229
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,807			14,937			312,727			327,138			2,595,622			3,644,874			441,749			396,109
Transfers between funds		26,594			124,722			1,595			112,005			(24,878,891	)		61,333,474			(1,337,255	)		(975,491	)
Surrenders (notes 2, 3, 4, 5 and 6)		(14,950	)		(14,499	)		(766,949	)		(931,290	)		(6,371,267	)		(5,613,973	)		(888,361	)		(1,566,802	)
Adjustments to maintain reserves		9			(4	)		(26	)		101			73			23			88			123
Net equity transactions		13,460			125,156			(452,653	)		(492,046	)		(28,654,463	)		59,364,398			(1,783,779	)		(2,146,061	)
Net change in contract owners’ equity		18,777			128,192			95,241			2,723,214			(21,608,299	)		67,217,789			(539,090	)		908,168
Contract owners’ equity at beginning of period		130,758			2,566			14,598,789			11,875,575			137,541,891			70,324,102			15,137,344			14,229,176
Contract owners’ equity at end of period	$	149,535			130,758			14,694,030			14,598,789			115,933,592			137,541,891			14,598,254			15,137,344
CHANGE IN UNITS:
Beginning units		12,047			252			419,411			432,609			6,370,399			3,491,610			459,444			532,915
Units purchased		2,607			13,208			20,284			23,768			1,127,189			3,429,201			31,158			52,554
Units surrendered		(1,375)			(1,413)			(32,202)			(36,966)			(2,429,625)			(550,412)			(100,167)			(126,025)
Ending units		13,279			12,047			407,493			419,411			5,067,963			6,370,399			390,435			459,444

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GIG						GVAAA2						GVABD2						GVAGG2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	168,959			435,710			207,398			208,863			44,175			31,693			62,698			56,766
Realized gain (loss) on investments		58,499			(105,460	)		254,258			198,730			31,152			2,577			89,082			146,658
Change in unrealized gain (loss) on investments		619,621			1,958,692			(24,811	)		1,064,228			70,222			97,576			1,836,516			1,644,577
Reinvested capital gains		-			755,603			1,072,347			870,629			1,426			5,617			639,200			743,103
Net increase (decrease) in contract owners’ equity resulting from operations		847,079			3,044,545			1,509,192			2,342,450			146,975			137,463			2,627,496			2,591,104
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		516,246			732,516			783,580			587,391			81,779			70,781			267,469			402,749
Transfers between funds		(851,977	)		(793,156	)		(1,316,883	)		191,147			170,171			216,290			(263,256	)		(584,168	)
Surrenders (notes 2, 3, 4, 5 and 6)		(2,172,996	)		(1,350,880	)		(1,992,384	)		(859,811	)		(171,988	)		(160,701	)		(952,365	)		(989,839	)
Adjustments to maintain reserves		244			30			26			(6	)		7			(8	)		(8	)		(8	)
Net equity transactions		(2,508,483	)		(1,411,490	)		(2,525,661	)		(81,279	)		79,969			126,362			(948,160	)		(1,171,266	)
Net change in contract owners’ equity		(1,661,404	)		1,633,055			(1,016,469	)		2,261,171			226,944			263,825			1,679,336			1,419,838
Contract owners’ equity at beginning of period		18,303,355			16,670,300			13,524,090			11,262,919			1,769,359			1,505,534			9,363,899			7,944,061
Contract owners’ equity at end of period	$	16,641,951			18,303,355			12,507,621			13,524,090			1,996,303			1,769,359			11,043,235			9,363,899
CHANGE IN UNITS:
Beginning units		882,785			959,672			562,207			565,512			117,649			109,099			315,449			360,690
Units purchased		55,162			151,597			28,415			36,722			34,555			21,237			12,359			15,147
Units surrendered		(195,397	)		(228,484	)		(126,369	)		(40,027	)		(30,654	)		(12,687	)		(41,482	)		(60,388	)
Ending units		742,550			882,785			464,253			562,207			121,550			117,649			286,326			315,449

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVAGI2						GVAGR2						GVDMA						GVDMC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	72,723			58,224			101,246			40,991			169,200			2,027,259			14,956			450,731
Realized gain (loss) on investments		21,649			94,363			468,715			734,550			1,736,323			2,306,585			(659,610	)		(244,197	)
Change in unrealized gain (loss) on investments		32,158			424,698			4,534,648			685,459			4,229,027			5,331,921			2,140,077			1,137,216
Reinvested capital gains		449,012			401,546			1,325,855			1,677,469			6,512,852			9,476,552			644,105			931,860
Net increase (decrease) in contract owners’ equity resulting from operations		575,542			978,831			6,430,464			3,138,469			12,647,402			19,142,317			2,139,528			2,275,610
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		188,609			254,688			272,663			329,971			4,358,395			5,810,693			980,609			724,061
Transfers between funds		(126,901	)		105,952			1,307,709			(940,602	)		1,121,062			(157,445	)		255,138			3,863,901
Surrenders (notes 2, 3, 4, 5 and 6)		(516,603	)		(339,489	)		(1,353,211	)		(939,248	)		(7,514,657	)		(8,321,622	)		(1,919,773	)		(1,381,584	)
Adjustments to maintain reserves		(21	)		14			15			9			945			3,811			5			33
Net equity transactions		(454,916	)		21,165			227,176			(1,549,870	)		(2,034,255	)		(2,664,563	)		(684,021	)		3,206,411
Net change in contract owners’ equity		120,626			999,996			6,657,640			1,588,599			10,613,147			16,477,754			1,455,507			5,482,021
Contract owners’ equity at beginning of period		4,836,973			3,836,977			12,782,566			11,193,967			106,181,074			89,703,320			21,791,562			16,309,541
Contract owners’ equity at end of period	$	4,957,599			4,836,973			19,440,206			12,782,566			116,794,221			106,181,074			23,247,069			21,791,562
CHANGE IN UNITS:
Beginning units		192,818			192,213			400,269			456,682			3,434,675			3,530,534			920,683			780,720
Units purchased		6,994			14,549			43,327			15,528			313,680			268,953			207,517			235,922
Units surrendered		(25,042	)		(13,944	)		(41,769	)		(71,941	)		(380,653	)		(364,812	)		(219,372	)		(95,959	)
Ending units		174,770			192,818			401,827			400,269			3,367,702			3,434,675			908,828			920,683

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVEX1						GVIDA						GVIDC						GVIDM
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	182,448			152,201			47,958			760,902			(190	)		291,481			63,433			1,541,768
Realized gain (loss) on investments		290,572			274,825			(435,580	)		1,090,778			(34,273	)		(78,366	)		621,021			1,611,150
Change in unrealized gain (loss) on investments		998,877			1,129,344			2,754,168			2,630,658			911,200			728,466			2,809,058			1,928,033
Reinvested capital gains		170,222			299,451			2,607,851			3,536,047			150,171			296,034			4,213,803			6,716,237
Net increase (decrease) in contract owners’ equity resulting from operations		1,642,119			1,855,821			4,974,397			8,018,385			1,026,908			1,237,615			7,707,315			11,797,188
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		544,137			134,118			1,483,360			1,231,381			654,008			545,661			2,276,424			2,446,358
Transfers between funds		1,847,619			16,196			(197,252	)		1,972,648			2,142,717			1,756,434			2,221,853			1,135,929
Surrenders (notes 2, 3, 4, 5 and 6)		(630,477	)		(613,530	)		(3,513,497	)		(2,819,339	)		(1,316,537	)		(2,058,389	)		(5,147,796	)		(8,052,418	)
Adjustments to maintain reserves		(2	)		1			261			327			38			(17	)		25			(8,789	)
Net equity transactions		1,761,277			(463,215	)		(2,227,128	)		385,017			1,480,226			243,689			(649,494	)		(4,478,920	)
Net change in contract owners’ equity		3,403,396			1,392,606			2,747,269			8,403,402			2,507,134			1,481,304			7,057,821			7,318,268
Contract owners’ equity at beginning of period		7,478,746			6,086,140			42,423,465			34,020,063			14,277,476			12,796,172			74,720,712			67,402,444
Contract owners’ equity at end of period	$	10,882,142			7,478,746			45,170,734			42,423,465			16,784,610			14,277,476			81,778,533			74,720,712
CHANGE IN UNITS:
Beginning units		324,557			346,411			1,302,019			1,291,051			728,384			714,180			2,741,076			2,908,368
Units purchased		101,759			11,608			106,707			134,658			182,046			185,632			274,960			229,400
Units surrendered		(26,753	)		(33,462	)		(179,388	)		(123,690	)		(106,392	)		(171,428	)		(292,984	)		(396,692	)
Ending units		399,563			324,557			1,229,338			1,302,019			804,038			728,384			2,723,052			2,741,076

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVIX2						HIBF						IDPG						IDPGI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	80,346			92,038			1,098,177			1,320,836			18			560			10			181
Realized gain (loss) on investments		(24,353	)		(686	)		(101,296	)		(309,631	)		(135	)		(1,484	)		(1	)		1
Change in unrealized gain (loss) on investments		203,770			420,746			34,387			2,366,426			563			4,492			301			111
Reinvested capital gains		105,317			5,587			-			-			265			689			90			157
Net increase (decrease) in contract owners’ equity resulting from operations		365,080			517,685			1,031,268			3,377,631			711			4,257			400			450
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		133,018			88,913			261,729			299,411			576			20,878			202			-
Transfers between funds		513,131			181,383			(1,817,747	)		(249,548	)		-			-			535			7,327
Surrenders (notes 2, 3, 4, 5 and 6)		(100,761	)		(67,140	)		(1,051,336	)		(3,671,559	)		(5,535	)		(32,949	)		(375	)		(91	)
Adjustments to maintain reserves		(6	)		(3	)		22			254			(3	)		11			(1	)		2
Net equity transactions		545,382			203,153			(2,607,332	)		(3,621,442	)		(4,962	)		(12,060	)		361			7,238
Net change in contract owners’ equity		910,462			720,838			(1,576,064	)		(243,811	)		(4,251	)		(7,803	)		761			7,688
Contract owners’ equity at beginning of period		3,024,582			2,303,744			23,640,241			23,884,052			19,559			27,362			7,688			-
Contract owners’ equity at end of period	$	3,935,044			3,024,582			22,064,177			23,640,241			15,308			19,559			8,449			7,688
CHANGE IN UNITS:
Beginning units		249,031			230,301			689,566			798,649			1,464			2,366			599			-
Units purchased		74,251			27,047			36,822			27,615			128			1,735			59			606
Units surrendered		(21,434	)		(8,317	)		(117,688	)		(136,698	)		(517	)		(2,637	)		(30	)		(7	)
Ending units		301,848			249,031			608,700			689,566			1,075			1,464			628			599

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MCIF						MSBF						NCPG						NCPGI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,088,960			1,355,833			338,070			583,907			1,268			2,921			116			77
Realized gain (loss) on investments		(4,765,478	)		(2,696,479	)		(151,837	)		(107,573	)		(266	)		1,376			19			14
Change in unrealized gain (loss) on investments		12,688,213			8,676,399			127,054			548,179			7,982			7,052			485			109
Reinvested capital gains		5,249,551			17,485,729			-			-			-			3,541			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		14,261,246			24,821,482			313,287			1,024,513			8,984			14,890			620			200
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,242,262			5,017,684			267,217			235,056			58,058			56,786			488			-
Transfers between funds		(5,197,849	)		1,969,702			(355,601	)		2,206,351			(881	)		(2,868	)		18,423			4,670
Surrenders (notes 2, 3, 4, 5 and 6)		(5,670,127	)		(13,776,024	)		(811,208	)		(3,397,867	)		(92,695	)		(38,439	)		(5,158	)		(18	)
Adjustments to maintain reserves		(622	)		950			(18	)		24			5			7			4			(2	)
Net equity transactions		(7,626,336	)		(6,787,688	)		(899,610	)		(956,436	)		(35,513	)		15,486			13,757			4,650
Net change in contract owners’ equity		6,634,910			18,033,794			(586,323	)		68,077			(26,529	)		30,376			14,377			4,850
Contract owners’ equity at beginning of period		117,003,328			98,969,534			11,150,443			11,082,366			119,305			88,929			4,850			-
Contract owners’ equity at end of period	$	123,638,238			117,003,328			10,564,120			11,150,443			92,776			119,305			19,227			4,850
CHANGE IN UNITS:
Beginning units		2,062,940			2,209,081			416,531			456,560			9,171			7,902			385			-
Units purchased		179,394			372,548			20,999			187,933			5,809			4,735			1,479			387
Units surrendered		(328,483	)		(518,689	)		(58,418	)		(227,962	)		(8,349	)		(3,466	)		(416	)		(2	)
Ending units		1,913,851			2,062,940			379,112			416,531			6,631			9,171			1,448			385

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NJMMA2					NJMMAY					NVAMV1						NVAMVX
	2020			2019		2020			2019		2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	38			-		1,033			-		552,932			1,023,797			235,645			-
Realized gain (loss) on investments		76			-		41			-		(256,804	)		326,053			16,917			-
Change in unrealized gain (loss) on investments		1,559			-		30,876			-		(1,296,221	)		3,514,514			2,797,271			-
Reinvested capital gains		-			-		2,530			-		907,118			4,232,718			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,673			-		34,480			-		(92,975)			9,097,082			3,049,833			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-		-			-		725,220			1,095,416			376,175			-
Transfers between funds		53,840			-		749,579			-		(3,526,019	)		(688,578	)		16,970,200			-
Surrenders (notes 2, 3, 4, 5 and 6)		(517	)		-		(3,600	)		-		(2,681,363	)		(3,684,708	)		(63,693	)		-
Adjustments to maintain reserves		4			-		-			-		283			13			24			-
Net equity transactions		53,327			-		745,979			-		(5,481,879	)		(3,277,857	)		17,282,706			-
Net change in contract owners’ equity		55,000			-		780,459			-		(5,574,854	)		5,819,225			20,332,539			-
Contract owners’ equity at beginning of period		-			-		-			-		41,167,002			35,347,777			-			-
Contract owners’ equity at end of period	$	55,000			-		780,459			-		35,592,148			41,167,002			20,332,539			-
CHANGE IN UNITS:
Beginning units		-			-		-			-		1,163,109			1,267,871			-			-
Units purchased		-			-		76,448			-		31,701			48,869			1,765,470			-
Units surrendered		-			-		(360	)		-		(204,008	)		(153,631	)		(50,117	)		-
Ending units		-			-		76,088			-		990,802			1,163,109			1,715,353			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVBX						NVCBD1						NVCCA1						NVCCN1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	7,810,491			7,295,959			95,414			76,063			38,128			117,807			7,177			73,638
Realized gain (loss) on investments		829,654			(263,881	)		9,198			6,618			(160,564	)		(115,888	)		(40,914	)		(16,278	)
Change in unrealized gain (loss) on investments		16,185,049			12,414,319			95,469			113,002			526,025			344,434			287,329			127,600
Reinvested capital gains		-			-			8,043			-			149,476			379,416			8,508			48,737
Net increase (decrease) in contract owners’ equity resulting from operations		24,825,194			19,446,397			208,124			195,683			553,065			725,769			262,100			233,697
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		695,854			532,763			95,631			82,897			541,289			779,460			495,423			554,093
Transfers between funds		63,671,822			107,579,725			1,054,776			513,259			(758,610	)		(364,016	)		970,204			367,841
Surrenders (notes 2, 3, 4, 5 and 6)		(10,478,321	)		(5,089,706	)		(245,092	)		(218,626	)		85,238			(1,334,219	)		(421,698	)		(535,568	)
Adjustments to maintain reserves		114			81			6			4			(1	)		(11	)		19			(9	)
Net equity transactions		53,889,469			103,022,863			905,321			377,534			(132,084	)		(918,786	)		1,043,948			386,357
Net change in contract owners’ equity		78,714,663			122,469,260			1,113,445			573,217			420,981			(193,017	)		1,306,048			620,054
Contract owners’ equity at beginning of period		302,908,062			180,438,802			2,611,223			2,038,006			4,056,901			4,249,918			2,997,897			2,377,843
Contract owners’ equity at end of period	$	381,622,725			302,908,062			3,724,668			2,611,223			4,477,882			4,056,901			4,303,945			2,997,897
CHANGE IN UNITS:
Beginning units		22,483,412			16,799,978			160,810			136,733			209,609			264,163			189,973			167,055
Units purchased		9,883,886			9,665,071			69,889			38,658			66,753			52,379			111,989			76,376
Units surrendered		(1,764,022	)		(3,981,637	)		(16,348	)		(14,581	)		(68,571	)		(106,933	)		(50,135	)		(53,458	)
Ending units		30,603,276			22,483,412			214,351			160,810			207,791			209,609			251,827			189,973

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVCMA1						NVCMC1						NVCMD1						NVCRA1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	76,134			199,411			11,606			58,992			61,412			201,025			31,919			84,014
Realized gain (loss) on investments		(179,273	)		(191,717	)		(52,199	)		(84,112	)		(129,886	)		(64,935	)		(65,901	)		(9,724	)
Change in unrealized gain (loss) on investments		820,087			661,196			253,462			190,852			694,991			458,821			462,745			349,875
Reinvested capital gains		151,940			671,295			15,036			103,030			216,212			533,686			-			223,448
Net increase (decrease) in contract owners’ equity resulting from operations		868,888			1,340,185			227,905			268,762			842,729			1,128,597			428,763			647,613
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		246,557			189,897			353,100			412,591			960,761			997,137			581,475			588,949
Transfers between funds		(321,719	)		(199,279	)		331,933			113,157			(258,313	)		(246,316	)		(161,018	)		(568,532	)
Surrenders (notes 2, 3, 4, 5 and 6)		(219,871	)		(418,556	)		(360,055	)		(802,398	)		(473,462	)		(444,119	)		(590,289	)		(730,893	)
Adjustments to maintain reserves		(8	)		-			(4	)		8			36			(8	)		23			(26	)
Net equity transactions		(295,041	)		(427,938	)		324,974			(276,642	)		229,022			306,694			(169,809	)		(710,502	)
Net change in contract owners’ equity		573,847			912,247			552,879			(7,880	)		1,071,751			1,435,291			258,954			(62,889	)
Contract owners’ equity at beginning of period		7,167,318			6,255,071			2,325,027			2,332,907			7,459,140			6,023,849			3,045,331			3,108,220
Contract owners’ equity at end of period	$	7,741,165			7,167,318			2,877,906			2,325,027			8,530,891			7,459,140			3,304,285			3,045,331
CHANGE IN UNITS:
Beginning units		360,913			383,832			133,143			152,838			388,182			375,704			149,689			190,615
Units purchased		17,750			14,366			45,662			33,629			51,398			51,008			35,013			35,603
Units surrendered		(31,616	)		(37,285	)		(26,989	)		(53,324	)		(42,705	)		(38,530	)		(41,134	)		(76,529	)
Ending units		347,047			360,913			151,816			133,143			396,875			388,182			143,568			149,689

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVCRB1						NVDBL2						NVDCA2						NVDCAP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	35,731			165,295			2,410			40,672			1,419			16,159			-			-
Realized gain (loss) on investments		(301,539	)		(210,805	)		1,124			3,886			(6,971	)		(5,984	)		12			-
Change in unrealized gain (loss) on investments		725,606			555,209			122,028			97,298			45,461			69,291			11,951			-
Reinvested capital gains		75,031			368,679			53,162			105,637			45,973			56,683			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		534,829			878,378			178,724			247,493			85,882			136,149			11,963			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,072,608			1,503,561			65,185			70,317			21,495			96,022			4,892			-
Transfers between funds		(1,057,179	)		(44,204	)		87,045			77,936			(62,432	)		(35,769	)		142,696			-
Surrenders (notes 2, 3, 4, 5 and 6)		(725,745	)		(1,821,110	)		(83,487	)		(93,595	)		(44,718	)		(100,835	)		368			-
Adjustments to maintain reserves		(10	)		3			(6	)		2			21			(21	)		(2	)		-
Net equity transactions		(710,326	)		(361,750	)		68,737			54,660			(85,634	)		(40,603	)		147,954			-
Net change in contract owners’ equity		(175,497	)		516,628			247,461			302,153			248			95,546			159,917			-
Contract owners’ equity at beginning of period		6,599,413			6,082,785			1,910,205			1,608,052			802,282			706,736			-			-
Contract owners’ equity at end of period	$	6,423,916			6,599,413			2,157,666			1,910,205			802,530			802,282			159,917			-
CHANGE IN UNITS:
Beginning units		362,954			391,200			88,203			85,642			30,410			32,130			-			-
Units purchased		78,980			133,462			7,384			7,315			1,176			3,598			14,844			-
Units surrendered		(122,680	)		(161,708	)		(4,522	)		(4,754	)		(4,333	)		(5,318	)		(69	)		-
Ending units		319,254			362,954			91,065			88,203			27,253			30,410			14,775			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVFIII						NVGEII						NVIDMP					NVIE6
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	2,877			1,164			441			101			-			-		1,774			4,546
Realized gain (loss) on investments		4,314			127			1,078			216			-			-		1,022			7,644
Change in unrealized gain (loss) on investments		2,537			(1,065	)		3,797			821			42,497			-		11,845			13,268
Reinvested capital gains		445			631			1			113			-			-		-			8,568
Net increase (decrease) in contract owners’ equity resulting from operations		10,173			857			5,317			1,251			42,497			-		14,641			34,026
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,070			1,068			586			222			241,878			-		-			-
Transfers between funds		162,423			120,812			29,821			17,187			739,913			-		-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(46,531	)		(1,689	)		(16,464	)		(151	)		32,123			-		(4,166	)		(25,836	)
Adjustments to maintain reserves		2			2			1			1			3			-		2			1
Net equity transactions		119,964			120,193			13,944			17,259			1,013,917			-		(4,164	)		(25,835	)
Net change in contract owners’ equity		130,137			121,050			19,261			18,510			1,056,414			-		10,477			8,191
Contract owners’ equity at beginning of period		121,050			-			18,510			-			-			-		200,590			192,399
Contract owners’ equity at end of period	$	251,187			121,050			37,771			18,510			1,056,414			-		211,067			200,590
CHANGE IN UNITS:
Beginning units		11,457			-			1,703			-			-			-		16,404			18,710
Units purchased		15,124			11,717			2,785			1,718			101,291			-		-			-
Units surrendered		(4,388	)		(260	)		(1,486	)		(15	)		(2,787	)		-		(375	)		(2,306	)
Ending units		22,193			11,457			3,002			1,703			98,504			-		16,029			16,404

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVIX						NVLCP1						NVMIG1						NVMIVX
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	606,795			831,791			62,926			63,179			170,143			182,361			-			-
Realized gain (loss) on investments		(1,320,444	)		365,972			16,930			(3,932	)		(78,775	)		(240,676	)		9,767			-
Change in unrealized gain (loss) on investments		2,352,195			3,673,691			100,316			124,132			2,182,052			3,313,655			762,468			-
Reinvested capital gains		713,044			51,078			-			-			5,313,125			946,674			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		2,351,590			4,922,532			180,172			183,379			7,586,545			4,202,014			772,235			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,099,380			1,006,889			79,324			61,529			560,692			476,600			31,381			-
Transfers between funds		1,233,268			761,795			63,078			(81,741	)		(267,728	)		(557,942	)		4,450,741			-
Surrenders (notes 2, 3, 4, 5 and 6)		(2,039,561	)		(1,773,754	)		(76,236	)		(137,362	)		(1,429,738	)		(1,312,571	)		(204,300	)		-
Adjustments to maintain reserves		(21	)		84			(12	)		(4	)		(200	)		202			4			-
Net equity transactions		293,066			(4,986	)		66,154			(157,578	)		(1,136,974	)		(1,393,711	)		4,277,826			-
Net change in contract owners’ equity		2,644,656			4,917,546			246,326			25,801			6,449,571			2,808,303			5,050,061			-
Contract owners’ equity at beginning of period		28,315,323			23,397,777			2,030,781			2,004,980			16,026,199			13,217,896			-			-
Contract owners’ equity at end of period	$	30,959,979			28,315,323			2,277,107			2,030,781			22,475,770			16,026,199			5,050,061			-
CHANGE IN UNITS:
Beginning units		2,374,544			2,384,652			117,469			127,441			1,200,666			1,318,529			-			-
Units purchased		689,438			323,187			19,404			6,695			48,444			59,740			436,313			-
Units surrendered		(649,014	)		(333,295	)		(16,370	)		(16,667	)		(134,283	)		(177,603	)		(7,682	)		-
Ending units		2,414,968			2,374,544			120,503			117,469			1,114,827			1,200,666			428,631			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVMLG1						NVMMG1						NVMMV1						NVMMV2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(4,505	)		585,585			(4,601	)		(4,826	)		149,633			188,957			224,835			286,069
Realized gain (loss) on investments		(792,024	)		26,584			(246,078	)		(640,415	)		(2,411,497	)		(902,544	)		(860,941	)		(335,752	)
Change in unrealized gain (loss) on investments		(2,510,313	)		1,275,530			18,764,097			2,730,446			2,243,367			903,976			388,016			458,961
Reinvested capital gains		7,477,665			1,905,114			6,719,538			10,495,120			-			1,475,143			-			2,263,981
Net increase (decrease) in contract owners’ equity resulting from operations		4,170,823			3,792,813			25,232,956			12,580,325			(18,497)			1,665,532			(248,090)			2,673,259
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		457,992			2,116,296			1,187,727			1,123,496			1,288,891			1,509,664			291,640			334,288
Transfers between funds		(997,888	)		(786,452	)		2,151,786			(1,941,483	)		(1,333,082	)		(679,263	)		(242,215	)		(392,820	)
Surrenders (notes 2, 3, 4, 5 and 6)		(1,075,419	)		(2,946,632	)		(3,485,271	)		(3,505,287	)		(681,068	)		(1,079,487	)		(887,763	)		(881,847	)
Adjustments to maintain reserves		70			(17,069	)		23			(4,125	)		(7	)		19			(7	)		(6	)
Net equity transactions		(1,615,245	)		(1,633,857	)		(145,735	)		(4,327,399	)		(725,266	)		(249,067	)		(838,345	)		(940,385	)
Net change in contract owners’ equity		2,555,578			2,158,956			25,087,221			8,252,926			(743,763	)		1,416,465			(1,086,435	)		1,732,874
Contract owners’ equity at beginning of period		15,086,794			12,927,838			43,080,056			34,827,130			8,745,468			7,329,003			13,314,607			11,581,733
Contract owners’ equity at end of period	$	17,642,372			15,086,794			68,167,277			43,080,056			8,001,705			8,745,468			12,228,172			13,314,607
CHANGE IN UNITS:
Beginning units		542,567			606,571			1,543,482			1,712,714			326,265			338,667			500,340			539,003
Units purchased		52,530			30,291			116,002			74,334			75,064			94,605			18,902			18,987
Units surrendered		(107,957	)		(94,295	)		(141,226	)		(243,566	)		(99,220	)		(107,007	)		(54,410	)		(57,650	)
Ending units		487,140			542,567			1,518,258			1,543,482			302,109			326,265			464,832			500,340

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVNMO1						NVNSR1						NVOLG1						NVRE1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	72,582			112,065			1,273			1,741			2,488,042			2,923,871			431,071			531,750
Realized gain (loss) on investments		284,603			224,348			(7,090	)		(3,923	)		1,829,411			3,092,963			(1,135,355	)		(499,794	)
Change in unrealized gain (loss) on investments		458,792			2,404,941			9,121			31,257			9,974,154			2,957,530			(1,240,836	)		8,139,301
Reinvested capital gains		1,425,087			1,392,831			11,260			21,377			18,809,132			44,233,441			138,145			-
Net increase (decrease) in contract owners’ equity resulting from operations		2,241,064			4,134,185			14,564			50,452			33,100,739			53,207,805			(1,806,975)			8,171,257
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		377,099			517,369			10,703			10,926			4,559,948			4,399,348			836,049			903,033
Transfers between funds		(402,375	)		45,140			(33,526	)		(14,410	)		(2,421,795	)		(2,118,699	)		690,183			1,939,566
Surrenders (notes 2, 3, 4, 5 and 6)		(1,458,213	)		(1,271,338	)		(27,945	)		(38,472	)		(14,479,175	)		(15,822,073	)		(2,457,049	)		(5,602,055	)
Adjustments to maintain reserves		(24	)		21			(12	)		8			(538	)		(14,180	)		10			32
Net equity transactions		(1,483,513	)		(708,808	)		(50,780	)		(41,948	)		(12,341,560	)		(13,555,604	)		(930,807	)		(2,759,424	)
Net change in contract owners’ equity		757,551			3,425,377			(36,216	)		8,504			20,759,179			39,652,201			(2,737,782	)		5,411,833
Contract owners’ equity at beginning of period		18,504,708			15,079,331			215,301			206,797			186,532,170			146,879,969			32,551,143			27,139,310
Contract owners’ equity at end of period	$	19,262,259			18,504,708			179,085			215,301			207,291,349			186,532,170			29,813,361			32,551,143
CHANGE IN UNITS:
Beginning units		744,674			777,174			8,372			10,147			4,099,182			4,451,457			1,372,936			1,473,675
Units purchased		21,704			33,494			822			730			185,573			146,400			99,027			136,705
Units surrendered		(83,717	)		(65,994	)		(3,050	)		(2,505	)		(419,062	)		(498,675	)		(153,976	)		(237,444	)
Ending units		682,661			744,674			6,144			8,372			3,865,693			4,099,182			1,317,987			1,372,936

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVSIX2						NVSTB1						NVSTB2						NVTIV3
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	11,149			10,028			3,397,445			2,404,965			52,051			63,644			12,733			26,029
Realized gain (loss) on investments		(64,530	)		(31,402	)		947,566			(64,843	)		4,759			(6,713	)		(47,967	)		(8,355	)
Change in unrealized gain (loss) on investments		264,489			(122,145	)		6,065			1,637,427			29,152			49,635			62,618			12,923
Reinvested capital gains		55,242			390,059			-			-			-			-			-			93,961
Net increase (decrease) in contract owners’ equity resulting from operations		266,350			246,540			4,351,076			3,977,549			85,962			106,566			27,384			124,558
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		77,702			29,097			216,687			1,588,282			294,529			114,364			14,555			24,541
Transfers between funds		131,439			(28,356	)		(70,529,302	)		19,556,208			468,450			316,469			(223,804	)		(26,110	)
Surrenders (notes 2, 3, 4, 5 and 6)		(31,050	)		(149,068	)		(4,758,602	)		(2,985,687	)		(552,485	)		(280,643	)		(75,766	)		(40,740	)
Adjustments to maintain reserves		11			(8	)		(6,762	)		6,814			4			1			5			(8	)
Net equity transactions		178,102			(148,335	)		(75,077,979	)		18,165,617			210,498			150,191			(285,010	)		(42,317	)
Net change in contract owners’ equity		444,452			98,205			(70,726,903	)		22,143,166			296,460			256,757			(257,626	)		82,241
Contract owners’ equity at beginning of period		1,113,172			1,014,967			102,835,231			80,692,065			2,941,158			2,684,401			1,094,990			1,012,749
Contract owners’ equity at end of period	$	1,557,624			1,113,172			32,108,328			102,835,231			3,237,618			2,941,158			837,364			1,094,990
CHANGE IN UNITS:
Beginning units		57,737			65,783			8,069,491			6,606,604			234,739			223,003			60,476			62,918
Units purchased		12,779			2,080			132,014			2,734,573			60,617			36,763			1,176			1,854
Units surrendered		(2,613	)		(10,126	)		(5,747,968	)		(1,271,686	)		(44,072	)		(25,027	)		(17,683	)		(4,296	)
Ending units		67,903			57,737			2,453,537			8,069,491			251,284			234,739			43,969			60,476

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SAM						SAM5						SCF						SCGF
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	102,816			732,482			176,094			3,893,762			(20,161	)		(5,569	)		(18,326	)		(16,752	)
Realized gain (loss) on investments		-			-			-			-			(3,247,065	)		(617,034	)		(42,131	)		(499,473	)
Change in unrealized gain (loss) on investments		-			-			-			-			10,469,700			5,413,096			6,829,915			1,283,550
Reinvested capital gains		-			-			-			-			1,683,638			4,894,419			3,545,415			6,434,502
Net increase (decrease) in contract owners’ equity resulting from operations		102,816			732,482			176,094			3,893,762			8,886,112			9,684,912			10,314,873			7,201,827
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,479,403			3,357,170			45,559,035			72,150,874			761,450			814,315			935,675			585,717
Transfers between funds		5,211,486			14,614,367			(11,776,647	)		36,397,565			(2,167,601	)		(2,327,358	)		(2,043,890	)		(836,374	)
Surrenders (notes 2, 3, 4, 5 and 6)		(13,919,451	)		(19,997,044	)		(32,005,043	)		(71,765,534	)		(2,298,749	)		(3,482,511	)		(1,480,174	)		(1,468,784	)
Adjustments to maintain reserves		(410	)		(2,183	)		453			(700	)		544			635			68			6
Net equity transactions		(5,228,972	)		(2,027,690	)		1,777,798			36,782,205			(3,704,356	)		(4,994,919	)		(2,588,321	)		(1,719,435	)
Net change in contract owners’ equity		(5,126,156	)		(1,295,208	)		1,953,892			40,675,967			5,181,756			4,689,993			7,726,552			5,482,392
Contract owners’ equity at beginning of period		43,621,222			44,916,430			223,665,269			182,989,302			44,132,344			39,442,351			26,525,233			21,042,841
Contract owners’ equity at end of period	$	38,495,066			43,621,222			225,619,161			223,665,269			49,314,100			44,132,344			34,251,785			26,525,233
CHANGE IN UNITS:
Beginning units		2,945,259			3,087,242			18,952,580			15,777,823			795,273			916,577			578,711			622,751
Units purchased		691,318			1,304,225			8,469,222			12,042,651			36,527			45,940			44,396			36,601
Units surrendered		(1,044,031	)		(1,446,208	)		(8,298,959	)		(8,867,894	)		(119,338	)		(167,244	)		(92,350	)		(80,641	)
Ending units		2,592,546			2,945,259			19,122,843			18,952,580			712,462			795,273			530,757			578,711

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SCVF						TRF						AMCG						AMMCGS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	13,252			370,599			504,059			798,502			(3,856	)		(4,532	)		-			-
Realized gain (loss) on investments		(5,615,653	)		147,610			13,092,184			52,878,470			120,627			147,516			127,234			37,390
Change in unrealized gain (loss) on investments		7,369,812			(5,595,636	)		(11,660,660	)		(26,741,554	)		276,758			274,327			177,084			153,508
Reinvested capital gains		159,995			11,356,217			3,261,012			4,143,699			70,902			126,303			53,499			82,329
Net increase (decrease) in contract owners’ equity resulting from operations		1,927,406			6,278,790			5,196,595			31,079,117			464,431			543,614			357,817			273,227
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		971,429			1,145,175			1,805,718			1,907,070			23,593			5,463			19,583			19,048
Transfers between funds		(339,380	)		(841,567	)		(32,634,083	)		(86,530,285	)		(466,407	)		92,872			(233,440	)		171,769
Surrenders (notes 2, 3, 4, 5 and 6)		(2,059,820	)		(3,310,081	)		(4,250,105	)		(5,016,658	)		(175,498	)		(461,801	)		(202,288	)		(72,038	)
Adjustments to maintain reserves		(169	)		239			2,652			1,835			(8,719	)		9,705			(78	)		82
Net equity transactions		(1,427,940	)		(3,006,234	)		(35,075,818	)		(89,638,038	)		(627,031	)		(353,761	)		(416,223	)		118,861
Net change in contract owners’ equity		499,466			3,272,556			(29,879,223	)		(58,558,921	)		(162,600	)		189,853			(58,406	)		392,088
Contract owners’ equity at beginning of period		37,374,355			34,101,799			77,888,080			136,447,001			2,027,969			1,838,116			1,167,896			775,808
Contract owners’ equity at end of period	$	37,873,821			37,374,355			48,008,857			77,888,080			1,865,369			2,027,969			1,109,490			1,167,896
CHANGE IN UNITS:
Beginning units		605,244			666,577			2,069,600			4,994,776			58,523			73,877			75,744			66,658
Units purchased		53,903			63,222			56,589			78,711			3,244			11,653			2,082			21,234
Units surrendered		(77,508	)		(124,555	)		(1,067,790	)		(3,003,887	)		(21,420	)		(27,007	)		(26,322	)		(12,148	)
Ending units		581,639			605,244			1,058,399			2,069,600			40,347			58,523			51,504			75,744

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AMRI						AMSRS						AMTB						NOTB3
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	280			3,423			13,635			11,749			64,937			57,801			993			953
Realized gain (loss) on investments		(2,439	)		(5,770	)		236,305			165,041			(9,346	)		(4,689	)		(211	)		(147	)
Change in unrealized gain (loss) on investments		124			183,057			(53,172	)		232,093			33,192			50,371			1,181			3,762
Reinvested capital gains		-			106,189			95,535			167,389			-			-			639			1,276
Net increase (decrease) in contract owners’ equity resulting from operations		(2,035)			286,899			292,303			576,272			88,783			103,483			2,602			5,844
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,497			3,229			46,254			74,952			73,641			86,393			3,526			3,526
Transfers between funds		(12,518	)		(1,619,938	)		(737,598	)		863,824			88,198			185,787			-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(452	)		(876,018	)		(236,414	)		(244,427	)		(297,916	)		(258,784	)		(3,383	)		(3,186	)
Adjustments to maintain reserves		(2	)		13			147			(88	)		(79	)		73			(4	)		5
Net equity transactions		(7,475	)		(2,492,714	)		(927,611	)		694,261			(136,156	)		13,469			139			345
Net change in contract owners’ equity		(9,510	)		(2,205,815	)		(635,308	)		1,270,533			(47,373	)		116,952			2,741			6,189
Contract owners’ equity at beginning of period		38,226			2,244,041			3,295,233			2,024,700			2,893,560			2,776,608			46,272			40,083
Contract owners’ equity at end of period	$	28,716			38,226			2,659,925			3,295,233			2,846,187			2,893,560			49,013			46,272
CHANGE IN UNITS:
Beginning units		1,756			122,620			73,644			56,641			218,350			217,249			3,618			3,588
Units purchased		318			1,185			2,183			45,894			14,892			23,274			280			293
Units surrendered		(724	)		(122,049	)		(26,366	)		(28,891	)		(25,645	)		(22,173	)		(271	)		(263	)
Ending units		1,350			1,756			49,461			73,644			207,597			218,350			3,627			3,618

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NOTG3						NOTMG3						PMVAAA						PMVFBA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	921			803			1,228			1,131			619,792			407,587			72,778			33,236
Realized gain (loss) on investments		54			394			78			318			(829,352	)		496,814			(84,463	)		(23,309	)
Change in unrealized gain (loss) on investments		1,561			2,583			3,978			4,380			66,099			1,037,494			107,363			102,413
Reinvested capital gains		-			2,869			486			2,310			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		2,536			6,649			5,770			8,139			(143,461)			1,941,895			95,678			112,340
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,456			2,549			3,561			3,408			265,467			333,645			65,093			37,850
Transfers between funds		-			(13)			84,110			(3,000)			(9,143,002)			(8,412,533)			194,779			(68,695)
Surrenders (notes 2, 3, 4, 5 and 6)		(2,225	)		(1,583	)		(2,946	)		(2,393	)		(784,315	)		(809,890	)		(324,917	)		(67,809	)
Adjustments to maintain reserves		(7	)		2			5			(5	)		13			(43	)		131			2
Net equity transactions		1,224			955			84,730			(1,990	)		(9,661,837	)		(8,888,821	)		(64,914	)		(98,652	)
Net change in contract owners’ equity		3,760			7,604			90,500			6,149			(9,805,298	)		(6,946,926	)		30,764			13,688
Contract owners’ equity at beginning of period		46,251			38,647			57,210			51,061			14,999,803			21,946,729			1,592,948			1,579,260
Contract owners’ equity at end of period	$	50,011			46,251			147,710			57,210			5,194,505			14,999,803			1,623,712			1,592,948
CHANGE IN UNITS:
Beginning units		3,493			3,413			4,296			4,454			675,872			1,106,937			114,171			121,129
Units purchased		275			208			6,447			311			33,935			49,071			34,034			45,207
Units surrendered		(176	)		(128	)		(269	)		(469	)		(495,427	)		(480,136	)		(43,391	)		(52,165	)
Ending units		3,592			3,493			10,474			4,296			214,380			675,872			104,814			114,171

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	PMVFHA						PMVGBA						PMVHYA						PMVLDA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	21,873			5,632			12,611			9,597			34,194			13,589			397,380			894,694
Realized gain (loss) on investments		3,815			2,412			5,547			(28,462	)		(20,205	)		5,263			145,589			(67,765	)
Change in unrealized gain (loss) on investments		(14,315	)		13,654			48,155			42,164			36,887			16,753			548,008			468,050
Reinvested capital gains		-			2,432			-			-			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		11,373			24,130			66,313			23,299			50,876			35,605			1,090,977			1,294,979
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		16,882			10,143			72,227			80,690			1,992			24,000			514,430			435,473
Transfers between funds		(45,065)			(8,472)			10,790			96,767			224,491			372,821			7,528,821			2,280,211
Surrenders (notes 2, 3, 4, 5 and 6)		(8,928	)		(12,018	)		(12,581	)		(8,464	)		(10,184	)		(5,617	)		(2,718,914	)		(4,014,775	)
Adjustments to maintain reserves		17			3			40			(23	)		152			(49	)		3,101			454
Net equity transactions		(37,094	)		(10,344	)		70,476			168,970			216,451			391,155			5,327,438			(1,298,637	)
Net change in contract owners’ equity		(25,721	)		13,786			136,789			192,269			267,327			426,760			6,418,415			(3,658	)
Contract owners’ equity at beginning of period		402,715			388,929			486,599			294,330			601,755			174,995			34,754,394			34,758,052
Contract owners’ equity at end of period	$	376,994			402,715			623,388			486,599			869,082			601,755			41,172,809			34,754,394
CHANGE IN UNITS:
Beginning units		36,396			37,522			45,894			29,386			53,595			17,836			2,169,008			2,259,303
Units purchased		15,054			5,751			11,795			17,325			37,268			37,658			732,619			387,849
Units surrendered		(19,127	)		(6,877	)		(4,173	)		(817	)		(17,513	)		(1,899	)		(402,892	)		(478,144	)
Ending units		32,323			36,396			53,516			45,894			73,350			53,595			2,498,735			2,169,008

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	PMVLGA						PMVRRA						PMVRSA						PMVTRA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	200,578			205,492			602,069			715,973			8,391			6,014			1,544,717			1,975,602
Realized gain (loss) on investments		535,797			30,868			1,378,126			151,486			(3,579	)		(441	)		1,222,867			(42,414	)
Change in unrealized gain (loss) on investments		(319,224	)		723,789			3,327,696			2,990,607			(3,152	)		8,403			2,578,141			3,434,899
Reinvested capital gains		67,562			-			-			-			-			-			885,171			-
Net increase (decrease) in contract owners’ equity resulting from operations		484,713			960,149			5,307,891			3,858,066			1,660			13,976			6,230,896			5,368,087
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		58,718			92,152			485,293			1,016,915			3,029			3,474			2,291,343			3,078,248
Transfers between funds		9,578,736			(11,739,107)			2,549,998			(2,182,828)			11,044			5,787			5,580,392			3,002,205
Surrenders (notes 2, 3, 4, 5 and 6)		(136,340	)		(352,187	)		(3,407,226	)		(4,439,628	)		(6,390	)		(2,644	)		(4,720,303	)		(6,503,234	)
Adjustments to maintain reserves		1,050			1,047			6,218			(936	)		(1	)		-			8,680			(1,028	)
Net equity transactions		9,502,164			(11,998,095	)		(365,717	)		(5,606,477	)		7,682			6,617			3,160,112			(423,809	)
Net change in contract owners’ equity		9,986,877			(11,037,946	)		4,942,174			(1,748,411	)		9,342			20,593			9,391,008			4,944,278
Contract owners’ equity at beginning of period		8,637,893			19,675,839			47,192,762			48,941,173			140,900			120,307			71,823,226			66,878,948
Contract owners’ equity at end of period	$	18,624,770			8,637,893			52,134,936			47,192,762			150,242			140,900			81,214,234			71,823,226
CHANGE IN UNITS:
Beginning units		474,406			1,221,413			2,292,172			2,580,241			22,676			21,575			3,204,002			3,238,199
Units purchased		409,896			12,279			293,085			337,722			2,560			2,250			746,962			1,001,581
Units surrendered		(13,749	)		(759,286	)		(316,337	)		(625,791	)		(1,379	)		(1,149	)		(619,169	)		(1,035,778	)
Ending units		870,553			474,406			2,268,920			2,292,172			23,857			22,676			3,331,795			3,204,002

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	PVEIB						PVGOB						PVTIGB						PVTSCB
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	24,979			29,266			1,004			2,859			17,113			15,273			7,162			3,032
Realized gain (loss) on investments		6,513			17,288			550,068			189,209			(4,775	)		(2,973	)		(139,701	)		(181,314	)
Change in unrealized gain (loss) on investments		(1,792	)		205,157			237,299			121,290			102,716			233,874			255,228			253,594
Reinvested capital gains		100,574			125,070			141,971			289,533			-			1,960			-			74,856
Net increase (decrease) in contract owners’ equity resulting from operations		130,274			376,781			930,342			602,891			115,054			248,134			122,689			150,168
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		38,056			26,892			187,484			55,298			20,963			22,832			143,254			123,897
Transfers between funds		121,964			(88,574)			865,962			(420,135)			(44,273)			15,721			25,630			(19,336)
Surrenders (notes 2, 3, 4, 5 and 6)		(92,486	)		(104,379	)		(268,191	)		(212,413	)		(109,588	)		(53,665	)		(26,484	)		(86,407	)
Adjustments to maintain reserves		10			(1	)		(11	)		5			5			(1	)		7			19
Net equity transactions		67,544			(166,062	)		785,244			(577,245	)		(132,893	)		(15,113	)		142,407			18,173
Net change in contract owners’ equity		197,818			210,719			1,715,586			25,646			(17,839	)		233,021			265,096			168,341
Contract owners’ equity at beginning of period		1,501,164			1,290,445			1,895,388			1,869,742			1,222,782			989,761			776,045			607,704
Contract owners’ equity at end of period	$	1,698,982			1,501,164			3,610,974			1,895,388			1,204,943			1,222,782			1,041,141			776,045
CHANGE IN UNITS:
Beginning units		110,712			124,107			101,955			137,529			45,519			46,112			42,112			40,721
Units purchased		16,956			13,705			52,942			17,533			1,263			1,992			16,503			14,306
Units surrendered		(9,239	)		(27,100	)		(14,862	)		(53,107	)		(6,767	)		(2,585	)		(4,147	)		(12,915	)
Ending units		118,429			110,712			140,035			101,955			40,015			45,519			54,468			42,112

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ROCMC						TRBCGP						TREI2						TRHS2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(3,901	)		(8,782	)		(182,261	)		(158,548	)		361,943			424,641			-			-
Realized gain (loss) on investments		(898,414	)		69,906			9,456,157			8,461,368			(2,501,150	)		(270,704	)		933,933			638,021
Change in unrealized gain (loss) on investments		828,780			292,113			19,266,798			13,306,821			1,306,053			3,568,959			1,684,031			1,814,004
Reinvested capital gains		33,085			370,585			4,013,456			2,405,450			433,446			1,428,838			896,572			555,914
Net increase (decrease) in contract owners’ equity resulting from operations		(40,450)			723,822			32,554,150			24,015,091			(399,708)			5,151,734			3,514,536			3,007,939
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		(25,582)			77,589			5,072,803			6,685,907			147,801			348,780			607,526			468,882
Transfers between funds		(1,386,885)			(711,414)			(1,815,347)			(7,434,461)			(1,853,820)			(903,024)			1,383,035			(1,479,454)
Surrenders (notes 2, 3, 4, 5 and 6)		(173,358	)		(253,172	)		(7,071,485	)		(7,475,658	)		(1,808,300	)		(1,194,701	)		(1,610,535	)		(1,046,388	)
Adjustments to maintain reserves		(10	)		(63	)		(523	)		130			84			862			3			(1	)
Net equity transactions		(1,585,835	)		(887,060	)		(3,814,552	)		(8,224,082	)		(3,514,235	)		(1,748,083	)		380,029			(2,056,961	)
Net change in contract owners’ equity		(1,626,285	)		(163,238	)		28,739,598			15,791,009			(3,913,943	)		3,403,651			3,894,565			950,978
Contract owners’ equity at beginning of period		4,163,533			4,326,771			101,115,679			85,324,670			24,039,343			20,635,692			12,226,008			11,275,030
Contract owners’ equity at end of period	$	2,537,248			4,163,533			129,855,277			101,115,679			20,125,400			24,039,343			16,120,573			12,226,008
CHANGE IN UNITS:
Beginning units		114,963			144,169			3,244,814			3,549,101			632,019			683,732			239,216			283,769
Units purchased		16,084			62,613			149,347			729,588			81,863			78,314			31,284			12,748
Units surrendered		(74,480	)		(91,819	)		(286,620	)		(1,033,875	)		(189,887	)		(130,027	)		(26,497	)		(57,301	)
Ending units		56,567			114,963			3,107,541			3,244,814			523,995			632,019			244,003			239,216

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	TRLT1						TRMCG2						TRNAG1						TRPSB1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	466,039			519,778			(68,133	)		(67,935	)		(102,729	)		117,015			104,629			161,251
Realized gain (loss) on investments		993,787			(19,603	)		402,860			(104,377	)		6,907,981			1,345,658			(236,974	)		(209,197	)
Change in unrealized gain (loss) on investments		(175,716	)		444,239			3,852,026			5,367,195			6,126,639			9,659,062			685,674			1,474,788
Reinvested capital gains		-			-			2,341,247			2,263,095			11,578,313			3,641,720			293,281			229,757
Net increase (decrease) in contract owners’ equity resulting from operations		1,284,110			944,414			6,528,000			7,457,978			24,510,204			14,763,455			846,610			1,656,599
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,221,229			3,032,331			(54,795)			448			1,800,997			2,083,483			589,534			347,158
Transfers between funds		(9,400,206)			1,909,756			(1,581,588)			786,727			(1,618,506)			(138,170)			(588,048)			(601,112)
Surrenders (notes 2, 3, 4, 5 and 6)		(8,693,832	)		(912,051	)		(879,554	)		(307,506	)		(5,025,328	)		(3,222,534	)		(601,914	)		(1,383,644	)
Adjustments to maintain reserves		3,170			(217	)		151			(126	)		97			189			5			(8	)
Net equity transactions		(15,869,639	)		4,029,819			(2,515,786	)		479,543			(4,842,740	)		(1,277,032	)		(600,423	)		(1,637,606	)
Net change in contract owners’ equity		(14,585,529	)		4,974,233			4,012,214			7,937,521			19,667,464			13,486,423			246,187			18,993
Contract owners’ equity at beginning of period		27,582,145			22,607,912			32,234,125			24,296,604			57,464,928			43,978,505			9,060,881			9,041,888
Contract owners’ equity at end of period	$	12,996,616			27,582,145			36,246,339			32,234,125			77,132,392			57,464,928			9,307,068			9,060,881
CHANGE IN UNITS:
Beginning units		2,482,744			2,121,125			407,648			402,726			1,133,445			1,173,553			398,214			480,068
Units purchased		757,102			842,321			10,006			73,244			119,332			283,777			69,975			230,400
Units surrendered		(2,122,415	)		(480,702	)		(45,708	)		(68,322	)		(199,216	)		(323,885	)		(110,929	)		(312,254	)
Ending units		1,117,431			2,482,744			371,946			407,648			1,053,561			1,133,445			357,260			398,214

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	VWEM						VWHA						VVB						VVCG
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	194,875			42,204			106,598			(22,478	)		300,990			257,955			212,284			164,231
Realized gain (loss) on investments		197,551			77,634			(2,355,464	)		(1,635,307	)		68,906			26,078			1,129,408			841,928
Change in unrealized gain (loss) on investments		823,117			2,436,270			5,181,247			3,930,325			659,327			1,300,668			615,843			2,683,593
Reinvested capital gains		304,582			256,173			-			-			397,482			563,628			527,865			493,983
Net increase (decrease) in contract owners’ equity resulting from operations		1,520,125			2,812,281			2,932,381			2,272,540			1,426,705			2,148,329			2,485,400			4,183,735
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		189,364			244,145			713,449			1,107,324			72,037			1,773			2,935			4,728
Transfers between funds		(717,846)			(291,925)			(1,257,952)			(6,968,303)			1,299,731			632,717			(1,916,187)			687,344
Surrenders (notes 2, 3, 4, 5 and 6)		(727,829	)		(1,225,685	)		(1,346,773	)		(1,237,698	)		(852,586	)		(716,609	)		(1,012,250	)		(1,185,470	)
Adjustments to maintain reserves		94			39			62			7			47			19			30			17
Net equity transactions		(1,256,217	)		(1,273,426	)		(1,891,214	)		(7,098,670	)		519,229			(82,100	)		(2,925,472	)		(493,381	)
Net change in contract owners’ equity		263,908			1,538,855			1,041,167			(4,826,130	)		1,945,934			2,066,229			(440,072	)		3,690,354
Contract owners’ equity at beginning of period		11,270,070			9,731,215			15,250,927			20,077,057			11,921,228			9,854,999			19,763,411			16,073,057
Contract owners’ equity at end of period	$	11,533,978			11,270,070			16,292,094			15,250,927			13,867,162			11,921,228			19,323,339			19,763,411
CHANGE IN UNITS:
Beginning units		217,323			244,574			539,484			785,577			496,895			502,080			1,124,585			1,154,543
Units purchased		10,764			17,764			102,309			84,038			59,638			25,915			-			41,390
Units surrendered		(37,378	)		(45,015	)		(162,632	)		(330,131	)		(33,562	)		(31,100	)		(186,649	)		(71,348	)
Ending units		190,709			217,323			479,161			539,484			522,971			496,895			937,936			1,124,585

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	VVDV						VVEI					VVEIX					VVHGB
	2020			2019			2020			2019		2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	-			333,571			1,214			-		151			-		959,184			1,166,455
Realized gain (loss) on investments		-			(555,923	)		(4,656	)		-		850			-		1,011,956			94,132
Change in unrealized gain (loss) on investments		-			1,216,271			24,165			-		25,435			-		1,434,608			2,726,320
Reinvested capital gains		-			687,054			1,275			-		-			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		-			1,680,973			21,998			-		26,436			-		3,405,748			3,986,907
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		883			2,080			41,746			-		1,544			-		8,796			2,959
Transfers between funds		13,531			(12,546,166)			105,192			-		77,408			-		11,972,112			14,663,063
Surrenders (notes 2, 3, 4, 5 and 6)		(14,415	)		(106,463	)		(3,015	)		-		(954	)		-		(2,889,465	)		(3,142,129	)
Adjustments to maintain reserves		1			18			-			-		(5	)		-		45			23
Net equity transactions		-			(12,650,531	)		143,923			-		77,993			-		9,091,488			11,523,916
Net change in contract owners’ equity		-			(10,969,558	)		165,921			-		104,429			-		12,497,236			15,510,823
Contract owners’ equity at beginning of period		-			10,969,558			-			-		-			-		49,299,409			33,788,586
Contract owners’ equity at end of period	$	-			-			165,921			-		104,429			-		61,796,645			49,299,409
CHANGE IN UNITS:
Beginning units		-			639,958			-			-		-			-		3,770,243			2,802,309
Units purchased		696			143			15,148			-		8,113			-		838,620			1,210,810
Units surrendered		(696	)		(640,101	)		(308	)		-		(82	)		-		(206,986	)		(242,876	)
Ending units		-			-			14,840			-		8,031			-		4,401,877			3,770,243

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	VVI						VVMCI						VVREI						VVSCG
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	134,601			133,345			367,986			349,967			66,923			64,736			31,979			25,092
Realized gain (loss) on investments		969,250			463,167			448,773			460,427			129,969			91,849			(129,989	)		107,287
Change in unrealized gain (loss) on investments		5,338,619			2,091,066			2,612,180			4,245,351			(177,173	)		348,672			1,136,011			779,682
Reinvested capital gains		296,680			341,596			1,579,028			2,098,579			45,343			126,595			667,934			902,252
Net increase (decrease) in contract owners’ equity resulting from operations		6,739,150			3,029,174			5,007,967			7,154,324			65,062			631,852			1,705,935			1,814,313
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		142,605			3,344			327,585			9,960			3,468			1,460			34,936			3,749
Transfers between funds		(1,561)			(875,637)			(2,373,515)			(1,804,959)			679,819			(327,401)			(541,385)			11,696
Surrenders (notes 2, 3, 4, 5 and 6)		(788,271	)		(731,743	)		(1,604,263	)		(1,751,573	)		(245,980	)		(165,467	)		(442,863	)		(477,443	)
Adjustments to maintain reserves		21			11			85			1			(2	)		12			40			(13	)
Net equity transactions		(647,206	)		(1,604,025	)		(3,650,108	)		(3,546,571	)		437,305			(491,396	)		(949,272	)		(462,011	)
Net change in contract owners’ equity		6,091,944			1,425,149			1,357,859			3,607,753			502,367			140,456			756,663			1,352,302
Contract owners’ equity at beginning of period		12,160,075			10,734,926			27,746,660			24,138,907			2,457,561			2,317,105			7,775,653			6,423,351
Contract owners’ equity at end of period	$	18,252,019			12,160,075			29,104,519			27,746,660			2,959,928			2,457,561			8,532,316			7,775,653
CHANGE IN UNITS:
Beginning units		684,174			790,875			1,017,241			1,155,762			100,637			121,963			278,570			294,192
Units purchased		9,067			-			11,220			-			37,730			-			2,434			2,236
Units surrendered		(40,452	)		(106,701	)		(123,166	)		(138,521	)		(10,833	)		(21,326	)		(32,385	)		(17,858	)
Ending units		652,789			684,174			905,295			1,017,241			127,534			100,637			248,619			278,570

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	VVSTC					VVTISI						VRVDRI						SVDF
	2020			2019		2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	32			-		334,355			280,868			27,021			15,140			(17,603	)		(17,118	)
Realized gain (loss) on investments		46			-		424,655			347,170			(444,256	)		1,726			825,915			56,459
Change in unrealized gain (loss) on investments		773			-		1,678,705			2,228,861			500,156			(109,325	)		9,575,170			3,793,985
Reinvested capital gains		-			-		104,533			1,805			47,824			88,834			1,952,725			1,967,143
Net increase (decrease) in contract owners’ equity resulting from operations		851			-		2,542,248			2,858,704			130,745			(3,625)			12,336,207			5,800,469
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,358			-		518			526			89,600			4,454			913,405			415,579
Transfers between funds		22,234			-		2,325,323			3,612,204			1,422,903			989,075			74,618			52,963
Surrenders (notes 2, 3, 4, 5 and 6)		(453	)		-		(816,464	)		(1,000,018	)		(40,827	)		(18,915	)		(836,920	)		(1,428,893	)
Adjustments to maintain reserves		1			-		48			-			11			3			54			(27	)
Net equity transactions		23,140			-		1,509,425			2,612,712			1,471,687			974,617			151,157			(960,378	)
Net change in contract owners’ equity		23,991			-		4,051,673			5,471,416			1,602,432			970,992			12,487,364			4,840,091
Contract owners’ equity at beginning of period		-			-		15,883,704			10,412,288			970,992			-			20,125,583			15,285,492
Contract owners’ equity at end of period	$	23,991			-		19,935,377			15,883,704			2,573,424			970,992			32,612,947			20,125,583
CHANGE IN UNITS:
Beginning units		-			-		1,386,663			1,102,651			89,155			-			647,369			683,178
Units purchased		1,622			-		252,930			375,011			192,550			90,933			63,214			64,007
Units surrendered		(30	)		-		(70,979	)		(90,999	)		(41,940	)		(1,778	)		(65,849	)		(99,816	)
Ending units		1,592			-		1,568,614			1,386,663			239,765			89,155			644,734			647,369

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SVOF						WFVSCG						DVIV						IVKMG1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	15,303			3,766			(10,783	)		(10,339	)		119,911			68,364			(225	)		(747	)
Realized gain (loss) on investments		(219,322	)		(40,498	)		93,231			387,561			(494,384	)		(29,920	)		(1,120,793	)		(58,385	)
Change in unrealized gain (loss) on investments		1,072,764			1,091,017			3,295,113			28,801			(395,652	)		666,554			(57,507	)		532,629
Reinvested capital gains		547,845			800,351			440,668			1,197,062			-			-			985,439			511,498
Net increase (decrease) in contract owners’ equity resulting from operations		1,416,590			1,854,636			3,818,229			1,603,085			(770,125)			704,998			(193,086)			984,995
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		(150,424)			27,118			338,815			80,920			10,278			8,442			37,330			77,728
Transfers between funds		(439,911)			251,855			(426,535)			(1,072,119)			(2,911,111)			(271,126)			(3,254,376)			(2,554)
Surrenders (notes 2, 3, 4, 5 and 6)		(121,444	)		(164,272	)		(400,884	)		(602,096	)		(32,712	)		(114,187	)		(155,761	)		(556,829	)
Adjustments to maintain reserves		22			38			(29	)		9			(17	)		20			(7	)		4
Net equity transactions		(711,757	)		114,739			(488,633	)		(1,593,286	)		(2,933,562	)		(376,851	)		(3,372,814	)		(481,651	)
Net change in contract owners’ equity		704,833			1,969,375			3,329,596			9,799			(3,703,687	)		328,147			(3,565,900	)		503,344
Contract owners’ equity at beginning of period		7,744,811			5,775,436			6,799,161			6,789,362			3,703,687			3,375,540			3,565,900			3,062,556
Contract owners’ equity at end of period	$	8,449,644			7,744,811			10,128,757			6,799,161			-			3,703,687			-			3,565,900
CHANGE IN UNITS:
Beginning units		201,520			197,765			251,278			312,243			156,626			176,384			154,966			178,780
Units purchased		15,606			40,101			29,311			12,685			23,509			70,091			2,215			8,911
Units surrendered		(34,944	)		(36,346	)		(43,498	)		(73,650	)		(180,135	)		(89,849	)		(157,181	)		(32,725	)
Ending units		182,182			201,520			237,091			251,278			-			156,626			-			154,966

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVDIVI						NVMLV1						NVLCA2					NVLCAP
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	426,607			1,182,190			216,587			3,964,604			-			-		522			2,384
Realized gain (loss) on investments		(2,576,823	)		(70,699	)		(12,569,993	)		(335,076	)		506			-		(130	)		5,966
Change in unrealized gain (loss) on investments		1,416,446			(548,006	)		4,246,355			(840,318	)		-			-		(6,762	)		16,393
Reinvested capital gains		-			210,168			5,966,559			1,359,362			-			-		1,856			2,794
Net increase (decrease) in contract owners’ equity resulting from operations		(733,770)			773,653			(2,140,492)			4,148,572			506			-		(4,514)			27,537
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		122,538			152,931			263,670			336,203			-			-		3,485			820
Transfers between funds		(4,385,718)			119,101			(17,160,840)			(1,736,895)			(500)			-		(142,855)			4,766
Surrenders (notes 2, 3, 4, 5 and 6)		(322,007	)		(435,073	)		(352,503	)		(821,201	)		(5	)		-		(4,489	)		(25,361	)
Adjustments to maintain reserves		(3	)		11			94			(103	)		(1	)		-		(1	)		2
Net equity transactions		(4,585,190	)		(163,030	)		(17,249,579	)		(2,221,996	)		(506	)		-		(143,860	)		(19,773	)
Net change in contract owners’ equity		(5,318,960	)		610,623			(19,390,071	)		1,926,576			-			-		(148,374	)		7,764
Contract owners’ equity at beginning of period		5,318,960			4,708,337			19,390,071			17,463,495			-			-		148,374			140,610
Contract owners’ equity at end of period	$	-			5,318,960			-			19,390,071			-			-		-			148,374
CHANGE IN UNITS:
Beginning units		236,586			244,083			821,925			926,784			-			-		9,118			10,360
Units purchased		13,547			17,114			16,007			43,025			-			-		229			766
Units surrendered		(250,133	)		(24,611	)		(837,932	)		(147,884	)		-			-		(9,347	)		(2,008	)
Ending units		-			236,586			-			821,925			-			-		-			9,118

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVLMP						AMGP					AMTP
	2020			2019			2020		2019			2020		2019
Investment activity:
Net investment income (loss)	$	574			1,488			-		1,529			-		9,093
Realized gain (loss) on investments		(4,807	)		329			-		(166,593	)		-		(91,191	)
Change in unrealized gain (loss) on investments		(2,132	)		5,770			-		69,203			-		24,509
Reinvested capital gains		6,127			1,636			-		184,669			-		100,671
Net increase (decrease) in contract owners’ equity resulting from operations		(238)			9,223			-		88,808			-		43,082
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		6,664			30,250			-		39			-		2,151
Transfers between funds		(89,205	)		37,527			-		(534,269	)		-		(365,894	)
Surrenders (notes 2, 3, 4, 5 and 6)		(4,450	)		(25,874	)		-		(2,484	)		-		(2,701	)
Adjustments to maintain reserves		-			(5	)		-		(166	)		-		597
Net equity transactions		(86,991	)		41,898			-		(536,880	)		-		(365,847	)
Net change in contract owners’ equity		(87,229	)		51,121			-		(448,072	)		-		(322,765	)
Contract owners’ equity at beginning of period		87,229			36,108			-		448,072			-		322,765
Contract owners’ equity at end of period	$	-			87,229			-		-			-		-
CHANGE IN UNITS:
Beginning units		5,726			2,790			-		16,218			-		11,004
Units purchased		556			4,818			-		1,255			-		3,750
Units surrendered		(6,282	)		(1,882	)		-		(17,473	)		-		(14,754	)
Ending units		-			5,726			-		-			-		-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-4 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on December 3, 1997. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate 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, Corporate, and Survivorship Life Variable Life Insurance Policies through the Separate Account.

(b) The Policies

The Separate Account offers variable investment options through life insurance policies intended to provide benefits to the policyholder and/or the beneficiary named by the policyholder. Policy features are described in the applicable prospectus.

With certain exceptions, policyholders may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

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

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

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)*

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

AMERICAN CENTURY INVESTORS, INC.

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

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)*

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

AMERICAN FUNDS GROUP (THE)

American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)

American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)

American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)

American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)

American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)

American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)

American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)

American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)

AMUNDI PIONEER

Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

CALVERT GROUP

Calvert VP S&P 500 Index Portfolio (CVSPIP)

CHARLES SCHWAB FUNDS

Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)

DAVIS FUNDS

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

DELAWARE FUNDS BY MACQUARIE

Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - VA Equity Allocation Portfolio: Institutional Class (DFVEA)*

DFA Investment Dimensions Group Inc. - VA Global Bond Portfolio (DFVGB)*

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)

DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)

DFA Investment Dimensions Group Inc. - VA Short-Term Fixed Portfolio (DFVSTF)*

DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)

DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

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

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)

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

EATON VANCE FUNDS

Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

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

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)

Fidelity Variable Insurance Products Fund - VIP Growth & Income Portfolio: Service Class (FGIS)*

Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)

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

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)

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

Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)

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

Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Bond Index Portfolio: Service Class (FVBIS)*

Fidelity Variable Insurance Products Fund - VIP Extended Market Index Portfolio: Service Class (FVEMIS)*

Fidelity Variable Insurance Products Fund - VIP International Index Portfolio: Service Class (FVIIS)*

Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

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

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

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

Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

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

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)*

Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)

Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)

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

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

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco - Invesco V.I. American Value Fund: Series I Shares (MSVMV)*

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)

Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)

JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)

Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)

LAZARD FUNDS

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

LEGG MASON

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

LINCOLN FUNDS

Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)

LORD ABBETT FUNDS

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

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MAINSTAY FUNDS

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Initial Class (MNVFRI)*

MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Initial Class (MV2EEI)*

MFS(R) Variable Insurance Trust II - MFS Emerging Markets Equity Portfolio: Service Class (MV2EES)*

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)

MFS(R) Variable Insurance Trust II - MFS Corporate Bond Portfolio: Service Class (MVBDS)*

MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)

MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

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

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

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

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

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

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

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

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

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

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

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

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

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)

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

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

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

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)

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

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class Y (NVSIXD)*

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)

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

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

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

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)

PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)

PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

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

PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

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

ROYCE CAPITAL FUNDS

Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)

Royce Capital Fund - Royce Small-Cap Portfolio: Investment Class (ROCSC)*

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio: II (TRBCG2)*

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

T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)

T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)

T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

VANGUARD GROUP OF INVESTMENT COMPANIES

Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)

Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)

Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)*

Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)

Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)

Vanguard Variable Insurance Fund - Growth Portfolio (VVG)*

Vanguard Variable Insurance Fund-Global Bond Index Portfolio (VVGBI)*

Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)

Vanguard Variable Insurance Fund - High Yield Bond Portfolio (VVHYB)*

Vanguard Variable Insurance Fund - International Portfolio (VVI)

Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)

Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)

Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)

Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)

Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)

Vanguard Variable Insurance Fund - Total Stock Market Index Portfolio (VVTSM)*

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

WELLS FARGO FUNDS

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

* At December 31, 2020, policyholders were not invested in this fund.

The Contract Owners’ Equity is affected by the investment results of each fund, equity transactions by policyholders and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only policyholders’ purchase payments pertaining to the variable portions of their policies and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A policyholder 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 or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

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

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

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the policyholder. Shares of the subaccounts 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 policy.

Unless listed below, the financial statements presented are as of December 31, 2020 and for each of the years in the two-year period ended December 31, 2020. For the subaccounts listed below with inception or liquidation dates in 2020, the financial statements are as of December 31, 2020 and for the period from the inception date to December 31, 2020 or from January 1, 2020 to the liquidation date. For the subaccounts listed below with inception or liquidation dates in 2019, the financial statements are as of December 31, 2020 and for the period from inception date to December 31, 2019 or from January 1, 2019 to the liquidation date:

	Inception Date		Liquidation Date
MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)		11/16/2020
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)		10/23/2020
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)		10/23/2020
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)		10/16/2020
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)		9/11/2020
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)		9/4/2020
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)		8/26/2020
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)		6/29/2020
Vanguard VIF Equity Index (VVEIX)		5/15/2020
NVIT DFA Capital Appreciation II (NVLCA2)		5/11/2020
American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)		5/1/2020
Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)		3/2/2020
Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)		2/11/2020
DFA VA International Value (DFVIV)		1/16/2020
Vanguard VIF Equity Income (VVEI)		1/16/2020
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)		9/18/2019
American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)		9/13/2019
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)		9/13/2019
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)		9/13/2019
DFA VA U.S. Large Value (DFVULV)		7/10/2019
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)		7/8/2019
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)		7/8/2019
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)		7/5/2019
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)		7/5/2019
Goldman Sachs VIT Multi-Strat Alts Svc (GVMSAS)		4/1/2019
Federated Insurance Series - Federated Fund for U.S. Government Securities II (FVUS2)		1/17/2019
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)		1/7/2019
BNY Mellon Variable Investment Fund - International Value Portfolio: Initial Shares (DVIV)				8/6/2020
Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)				4/30/2019
Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)				4/30/2019

For the one-year period ended December 31, 2020, the following subaccount mergers occurred. The subaccounts that were acquired during the year are no longer available as of December 31, 2020.

Acquired Subaccount Abbreviation	Acquired Subaccount	Acquiring Subaccount Abbreviation	Acquiring Subaccount	Effective Date
IVKMG1	Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)	OVAG	Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I		4/30/2020
GVDIVI	Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)	NVMIVX	Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X		10/16/2020
NVLCA2	Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class II (NVLCA2)	NVDCA2	Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II		10/23/2020
NVLCAP	Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)	NVDCAP	Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P		10/23/2020
NVLMP	Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)	NVIDMP	Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P		10/23/2020
NVMLV1	Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)	NVAMVX	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X		9/11/2020

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

For the one-year period ended December 31, 2020, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
ACVIG	American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I	American Century Variable Portfolios, Inc. - American Century VP Income & Growth Fund: Class I		9/25/2020
AMVGB2	American Funds Insurance Series(R) - Capital World Bond Fund: Class 2	American Funds Insurance Series(R) - Global Bond Fund: Class 2		5/1/2020
FQB	Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares	Federated Insurance Series - Federated Quality Bond Fund II: Primary Shares		5/1/2020
FVU2	Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares	Federated Insurance Series - Federated Managed Volatility Fund II: Primary Shares		5/1/2020
FVUS2	Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II	Federated Insurance Series - Federated Fund for U.S. Government Securities II		5/1/2020
JABS	Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares	Janus Henderson VIT Balanced Portfolio: Service Shares		5/1/2020
JACAS	Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares	Janus Henderson VIT Forty Portfolio: Service Shares		5/1/2020
JAEI	Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares	Janus Henderson VIT Enterprise Portfolio: Institutional Shares		5/1/2020
JAFBS	Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares	Janus Henderson VIT Flexible Bond Portfolio: Service Shares		5/1/2020
JAGTS	Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares	Janus Henderson VIT Global Technology Portfolio: Service Shares		5/1/2020
JAIGS	Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares	Janus Henderson VIT Overseas Portfolio: Service Shares		5/1/2020
JAMGS	Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares	Janus Henderson VIT Enterprise Portfolio: Service Shares		5/1/2020
JAMVS	Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares	Janus Henderson VIT Mid Cap Value Portfolio: Service Shares		5/1/2020
NCPG	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth Fund: Class I		5/1/2020
NCPGI	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth & Income Fund: Class I		5/1/2020
NVAMV1	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I	Nationwide Variable Insurance Trust - American Century NVIT Multi Cap Value Fund: Class I		5/1/2020
NVCCA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Capital Appreciation Fund: Class I		5/1/2020
NVCCN1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Conservative Fund: Class I		5/1/2020
NVCMA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Aggressive Fund: Class I		5/1/2020
NVCMC1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Conservative Fund: Class I		5/1/2020
NVCMD1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderate Fund: Class I		5/1/2020
NVCRA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Aggressive Fund: Class I		5/1/2020
NVCRB1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Balanced Fund: Class I		5/1/2020
NVMIG1	Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager International Growth Fund: Class I		5/1/2020
NVMLG1	Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Growth Fund: Class I		1/21/2020
NVMMG1	Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Growth Fund: Class I		1/21/2020
NVNSR1	Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I	Nationwide Variable Insurance Trust - Neuberger Berman NVIT Socially Responsible Fund: Class I		5/1/2020
NVOLG1	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I	Nationwide Variable Insurance Trust - NVIT Dynamic U.S. Growth Fund: Class I		5/1/2020
NVTIV3	Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I	Nationwide Variable Insurance Trust - Templeton NVIT International Value Fund: Class I		5/1/2020
TRF	Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I	Nationwide Variable Insurance Trust - NVIT Nationwide Fund: Class I		5/1/2020

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(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, 2020 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 Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the policyholder 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) COVID-19

Equity and financial markets have experienced significant volatility and interest rates have experienced significant declines primarily driven by the COVID-19 pandemic. These conditions have and may continue to impact the Company’s operations and financial condition. The extent to which the COVID-19 pandemic may impact the Company’s operations and financial condition will depend on future developments which are evolving and uncertain.

(g) Subsequent Events

The company evaluated subsequent events through the date the financial statements were available to be issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Policy Charges

The Separate Account assesses charges associated with the policy. These charges are either assessed as a direct deduction from premium payments or through a surrender of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the policy and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each product are described in detail in the applicable prospectus.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Policy Charges
Mortality and Expense Risk Charge/Variable Account Asset Charge - assessed through a surrender of units	Equal, on an annual basis, to 0.05% - 1.25% of the daily value of the assets invested in each fund
Sales Charge/Percent of Premium Charge - assessed through a deduction from premium payments	0.0% - 12% of each premium paid
Premium Tax Charge - assessed through a deduction from premium payments	3.5% of each premium payment
Cost of Insurance Charges (including any flat extra charge) - assessed through a surrender of units	$0.01 - $83.33 per $1,000 of a policy’s net amount at risk
Administrative Charge - assessed through a surrender of units	$5 - $10 per policy, per month
Administrative/Specified Amount Charge	$0.01 - $0.40 per $1,000 of specified amount
Tax Expense Charge	$0.42 per $1,000 of cash value
Administrative Expense Charge	$0.25 per $1,000 of cash value
Surrender Charge - assessed through a surrender of units	$0.00 - $124.65 per $1,000 of a policy’s specified amount; for single premium policies 0.00% - 10.00% of premium
Policy Loan Interest Charge - assessed through a surrender of units	2% - 6% of an outstanding policy loan
Partial Surrender Fees - assessed through a surrender of units	$0.00 - $25.00 per request
Rider Charges - assessed through a surrender of units monthly, unless otherwise specified.
Long-Term Care Rider Charge	$0.02 - $28.65 per $1,000 of the rider’s net amount risk; or $1.946 per $1,000 of the rider’s specified amount
Estate Protection Rider Charge	$0.01 - $83.33 per $1,000 of the rider’s death benefit
Policy Split Option Rider Charge	$0.01 - $0.03 of policy and Additional Term Insurance Rider specified amount
Policy Guard/Overloan Lapse Protection Rider Charge	$1.50 - $157.00 per $1,000 of the policy’s cash value at the time the rider is invoked
Adjusted Sales Load Life Insurance Rider Charge	$0.14 for each $1,000 of premium for each 1% of sales load reduction elected
Additional Protection Rider Charge/Supplemental Insurance Rider Charge	$0.01 - $125.00 per $1,000 of the rider’s death benefit
Cost of Insurance Charge	$0.01-$125.00
Variable Account Asset Charge	0.16% - 1.25%
Specified Amount Charge	$0.01 - $0.40 per $1,000 of specified amount
Children’s Term Insurance Rider Charge	$0.43 per $1,000 of the rider’s specified amount
Spouse Life Insurance Rider Charge	$0.10 - $12.02 per $1,000 of the rider’s specified amount
Accidental Death Benefit Rider Charge	$0.05 - $0.75 per $1,000 of the rider’s specified amount
Premium Waiver Rider Charge	$42 - $315 per $1,000 of the rider’s benefit amount
Waiver of Monthly Deductions Rider Charge	$85 - $860 per $1,000 of the rider’s benefit amount

For the years ended December 31, 2020 and 2019, total front-end sales charge deductions were $8,308,916 and $10,845,193, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk. Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(a) Modified Single Premium Policies (MSP)

For modified single premium policies, the Company deducts a charge equal to an annualized rate of 0.70% of the cash surrender value of the subaccounts. 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 subaccounts as reimbursement for taxes imposed by federal, state and local governments. These charges are assessed monthly against each policy by liquidating units.

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

For Best of America^® The Next Generation and ChoiceLifeSM policies, during the first fifteen policy years, the Company deducts a charge of $0.50 per $1,000 on the first $25,000 of cash value attributable to the variable account, $0.25 per $1,000 on $25,001 up to $250,000 of cash value attributable to the variable account and $0.08 per $1,000 over $250,000 of cash 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 value attributable to the variable account, and $0.08 per $1,000 over $25,000 of cash value attributable to the variable account. This charge is assessed monthly against each policy by liquidating units. For Choice Life ProtectionSM policies and Best of America^® ProtectionSM policies, 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 policy by liquidating units.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(c) Survivorship Life Policies (SL)

For The Best of America^® Last Survivorship II and The Best of America^® ChoiceLife Survivorship policies, 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 policy by liquidating units.

For The Best of America^® ChoiceLifeSM Survivorship II and Next GenerationSM Survivorship Life policies, 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 policy by liquidating units.

For The Best of America^® ProtectionSM Survivorship and ChoiceLife ProtectionSM Survivorship Life policies, 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 policy by liquidating units.

(d) Corporate Policies (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 Separate 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 Separate 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 policies 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 Separate 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 policy 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 Separate Account. Currently, this rate will not exceed 0.60%. This charge is assessed monthly against each policy 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 surrender of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account. Death benefits are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders 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 Separate 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 Separate Account. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Separate 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.

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Policyholders may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the policyholder executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Separate Account are included in purchase payments received from policyholders, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the policyholder, also result in transfers between the Separate Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the years ended December 31, 2020 and 2019, total transfers to the Separate Account from the fixed account were $48,732,969 and $50,620,793, respectively, and total transfers from the Separate Account to the fixed account were $59,260,515 and $79,042,106, 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 Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Separate 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 Separate 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 following table summarizes assets measured at fair value on a recurring basis as of December 31, 2020:

	Level 1		Level 2		Level 3		Total
Separate Account Investments	$	6,233,810,008	$	-	$	-	$	6,233,810,008

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2020 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ALVDAA	$	1,950	$	6,522
ALVGIA		9,139,598		10,937,058
ALVIVA		483,287		368,924
ALVIVB		47,860		74,103
ALVSVA		3,486,177		2,734,319
ACVCA		913,500		1,117,359
ACVI		658,604		1,009,295
ACVIG		2,579,708		3,705,816
ACVIP1		14,503,897		13,715,666
ACVIP2		829,472		1,543,606
ACVMV1		2,767,733		4,743,597
ACVV		5,989,886		15,539,473
AMVAA2		4,302,776		5,704,156
AMVBD2		2,598,533		16,079,385
AMVGB2		3,236,865		415,633
AMVGI2		1,120,620		79,422
AMVGR2		10,218,695		10,069,832
AMVGS2		1,187,352		1,509,220
AMVI2		7,266,010		8,850,187
AMVNW2		40,177,163		1,771,460
PIHYB1		2,429,677		1,882,476
BRVHYI		8,670,819		7,869,151
MLVGA2		1,765,359		1,661,407
MLVLC2		164,576		955,932
DCAP		4,036,057		4,514,614
DSC		165,965		242,710
DSIF		240,246,520		160,789,111
DSRG		527,157		993,458
DVMCS		1,031,144		1,646,598
DVSCS		80,098,773		48,852,793
CVSPIP		801,238		1,793,704
SASP5I		84,813,373		13,917,202
DAVVL		1,627,028		1,956,837
DWVEMS		1,267,316		1,499,855
DWVSVS		6,584,526		6,460,156
DFVGMI		74,155		14,105
DFVIPS		3,504,812		549,982
DFVIS		19,752		127
DFVIV		46,608		989
DFVULV		1,554,174		2,185,004
DFVUTV		323,921		680,333
DSGIBA		65,285		32,628
SVSLVB		167,305		166,864
SVSSVB		29,845		83,891
ETVFR		5,808,738		5,458,341
FQB		1,139,050		1,843,001
FVU2		164,146		104,216
FVUS2		3,103,935		1,302,022
FCS		11,051,979		12,662,452
FEIS		6,528,756		6,277,310
FEMS		6,502,813		3,652,347
FF05S		420,254		248,597
FF10S		1,647,215		505,017
FF15S		5,787,334		5,793,190
FF20S		8,942,803		11,135,550

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

FF25S	9,500,114	8,764,601
FF30S	13,578,080	7,210,859
FF35S	4,219,219	2,024,512
FF40S	7,863,019	5,404,932
FF45S	1,131,559	836,853
FF50S	2,069,884	1,156,493
FF55S	112,423	90,395
FF60S	330,644	21,541
FFINS	947,947	827,096
FGOS	43,032	21,117
FGS	35,633,276	25,930,782
FHIS	1,368,579	3,025,498
FIGBS	44,409,986	49,087,337
FIP	2,463,298	77,878,420
FMCS	2,993,075	9,077,597
FMMP	10,974,093	16,708,927
FNRS2	669,366	744,165
FOS	1,283,243	2,017,862
FRESS	1,697,419	923,394
FVMIS	172,976	1,430
FVSS	503,058	1,578,837
FTVDM2	534,559	652,288
FTVFA2	169,030	98,866
FTVGB1	7,536,083	9,884,345
FTVGI2	1,020,888	703,810
FTVIS2	447,236	1,133,240
FTVMD2	564,043	917,228
FTVRDI	2,254,731	3,001,044
FTVSV2	2,392,683	3,011,041
FTVSVI	1,155,373	1,280,637
TIF	24,902	38,245
TIF2	3,153,637	4,512,858
GVCSE	474,016	416,044
GVGMNS	26,407	57,989
GVGOPS	808,970	514,397
GVMCE	4,119,348	5,561,343
GVMSAS	5,834	767
RVARS	271,530	88,279
ACEG	1,193,578	297,341
ACGI	1,386,909	3,664,094
AVBVI	-	37,977
AVHY1	1,314,318	1,632,448
AVIE	8,573,509	8,042,805
AVMCCI	171,666	174,453
AVSCE	205,445	235,460
IVBRA1	268,738	321,429
OVAG	8,165,545	4,009,789
OVGI	5,275,313	3,791,262
OVGR	3,596,610	1,920,153
OVGS	11,328,197	18,454,062
OVIG	5,466,896	4,669,654
OVSB	2,151,112	2,711,111
OVSC	1,481,763	1,826,364
WRASP	822,074	945,546
WRGP	1,812,172	1,758,559
WRHIP	5,659,847	7,543,915
WRMCG	2,573,418	3,097,956
WRRESP	3,131,057	3,762,144
WRSTP	6,176,221	7,241,035
JPMMV1	15,231,145	12,918,858

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

JPSCE1	369,659	443,455
JABS	9,422,602	8,120,656
JACAS	9,461,993	11,160,850
JAEI	384,392	535,175
JAFBS	4,198,862	4,469,027
JAGTS	12,113,066	8,352,792
JAIGS	1,329,498	2,204,281
JAMGS	13,831,839	10,498,673
JAMVS	37,517	57,376
LZREMS	4,999,888	6,758,788
SBVSG	9,809,734	8,774,534
BNCAI	1,917,451	3,015,858
LOVBD	1,003,537	990,056
LOVMCV	1,018	10,254
LOVSDC	10,654,150	7,914,827
LOVTRC	13,656,196	8,371,714
MNVFRS	43,983	77
MMCGSC	1,470,803	512,190
MNDIC	828,047	430,326
MNDSC	2,036,984	33,101
MV2IGI	963,036	960,192
MV2RIS	35,904,616	25,717,976
MV3MVI	14,620	36
MV3MVS	1,268,249	12,945
MVBRES	856,374	1,642,807
MVFIC	1,221,780	1,603,173
MVFSC	32,782,883	20,773,276
MVIGIC	155,972	16,653
MVIVSC	15,209,263	18,872,172
MVRBSS	3,112,882	881,480
MSEM	1,722,872	2,013,394
MSVEG	4,706,498	2,281,789
MSVFI	906,487	646,708
MSVMG	3,048,663	3,185,025
MSVRE	1,729,538	5,011,552
VKVGR2	2,770,240	2,857,455
DTRTFB	32,689	15,853
EIF	2,118,527	1,775,211
GBF	21,252,157	47,635,288
GEM	1,697,305	3,249,510
GIG	2,156,977	4,496,741
GVAAA2	2,715,968	3,961,910
GVABD2	804,887	679,324
GVAGG2	1,284,282	1,530,538
GVAGI2	824,377	757,537
GVAGR2	3,462,369	1,808,108
GVDMA	14,311,351	9,664,501
GVDMC	12,170,620	12,195,585
GVEX1	3,711,738	1,597,788
GVIDA	7,056,964	6,628,543
GVIDC	9,779,372	8,149,202
GVIDM	12,808,304	9,180,585
GVIX2	1,228,236	497,185
HIBF	3,236,960	4,746,135
IDPG	951	5,629
IDPGI	837	375
MCIF	21,528,513	22,815,716
MSBF	1,730,832	2,292,354
NCPG	73,998	108,248
NCPGI	18,989	5,121

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

NJMMA2	75,204	21,843
NJMMAY	752,109	2,568
NVAMV1	1,775,246	5,799,681
NVAMVX	17,747,226	228,888
NVBX	93,528,094	31,828,247
NVCBD1	1,668,251	659,477
NVCCA1	1,550,176	1,494,655
NVCCN1	3,114,508	2,054,894
NVCMA1	431,937	498,896
NVCMC1	1,375,052	1,023,431
NVCMD1	1,089,188	582,577
NVCRA1	1,054,676	1,192,588
NVCRB1	2,063,319	2,662,873
NVDBL2	249,408	125,093
NVDCA2	56,403	94,664
NVDCAP	148,211	255
NVFIII	196,779	73,494
NVGEII	34,225	19,840
NVIDMP	1,013,916	-
NVIE6	1,774	4,166
NVIX	14,033,509	12,420,583
NVLCP1	585,923	456,832
NVMIG1	6,074,469	1,727,976
NVMIVX	4,609,504	331,681
NVMLG1	9,278,848	3,421,003
NVMMG1	11,315,966	4,746,788
NVMMV1	3,706,808	4,282,433
NVMMV2	421,760	1,035,263
NVNMO1	1,588,074	1,573,894
NVNSR1	22,959	61,194
NVOLG1	23,300,488	14,344,847
NVRE1	4,094,838	4,456,439
NVSIX2	337,414	92,931
NVSTB1	94,693,722	166,367,495
NVSTB2	996,849	734,303
NVTIV3	38,911	311,194
SAM	18,607,649	23,733,397
SAM5	197,597,979	195,644,540
SCF	3,285,056	5,326,478
SCGF	6,529,941	5,591,243
SCVF	3,729,809	4,984,333
TRF	3,943,185	35,256,585
AMCG	503,366	1,054,722
AMMCGS	96,555	459,201
AMRI	9,353	16,546
AMSRS	125,110	943,697
AMTB	411,009	482,149
NOTB3	5,158	3,383
NOTG3	4,319	2,167
NOTMG3	88,881	2,442
PMVAAA	4,086,568	13,128,626
PMVFBA	899,017	891,284
PMVFHA	254,181	269,420
PMVGBA	441,135	358,087
PMVHYA	690,108	439,616
PMVLDA	24,409,820	18,688,101
PMVLGA	13,071,714	3,302,460
PMVRRA	26,468,429	26,238,294
PMVRSA	24,666	8,592
PMVTRA	31,732,356	26,151,036

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

PVEIB		384,906		191,819
PVGOB		2,970,924		2,042,695
PVTIGB		108,083		223,868
PVTSCB		540,069		390,507
ROCMC		826,208		2,382,848
TRBCGP		36,047,029		36,029,863
TREI2		6,331,048		9,049,978
TRHS2		5,038,080		3,761,481
TRLT1		22,023,329		37,428,254
TRMCG2		8,733,044		8,975,869
TRNAG1		29,562,238		22,929,491
TRPSB1		5,044,808		5,247,325
VWEM		859,531		1,616,385
VWHA		4,827,265		6,611,944
VVB		2,487,537		1,269,882
VVCG		1,864,966		4,050,319
VVEI		164,517		18,106
VVEIX		85,359		7,211
VVHGB		23,713,767		13,663,142
VVI		2,600,351		2,816,297
VVMCI		3,937,921		5,641,100
VVREI		1,121,370		571,797
VVSCG		1,873,235		2,122,634
VVSTC		24,704		1,533
VVTISI		5,827,228		3,878,963
VRVDRI		3,292,295		1,745,776
SVDF		6,355,642		4,269,416
SVOF		981,268		1,129,898
WFVSCG		2,627,236		2,685,956
	$	2,003,778,648	$	1,863,359,859

* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

(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 insurance policies as of December 31, 2020, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2020. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)
2020		0.00%				1,451		$15.93			$	23,119		1.74%		5.02%
2019		0.00%				1,774		15.17				26,914		2.15%		15.51%
2018		0.00%				1,666		13.13				21,881		1.80%		-7.07%
2017		0.00%				1,959		14.13				27,685		1.97%		14.67%
2016		0.00%				2,379		12.32				29,320		0.53%		3.59%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)
2020		0.00%	to	0.25%		577,227		46.41	to	44.34		25,991,257		1.57%		2.72%	to	2.46%
2019		0.00%	to	0.25%		670,740		45.18	to	43.27		29,343,082		1.24%		23.91%	to	23.60%
2018		0.00%	to	0.25%		613,461		36.46	to	35.01		21,706,547		1.01%		-5.61%	to	-5.84%
2017		0.00%	to	0.25%		618,577		38.63	to	37.18		23,253,399		1.31%		18.92%	to	18.63%
2016		0.00%	to	0.25%		781,559		32.48	to	31.34		24,692,434		1.00%		11.30%	to	11.02%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class A (ALVIVA)
2020		0.00%	to	0.25%		393,562		10.02	to	9.66		3,894,256		1.98%		2.47%	to	2.21%
2019		0.00%	to	0.25%		383,564		9.78	to	9.45		3,705,958		0.76%		17.14%	to	16.84%
2018		0.00%	to	0.25%		598,205		8.35	to	8.09		4,909,849		1.41%		-22.79%	to	-22.98%
2017		0.00%	to	0.25%		761,593		10.81	to	10.50		8,084,125		2.20%		25.42%	to	25.11%
2016		0.00%	to	0.25%		1,068,396		8.62	to	8.39		9,032,273		1.39%		-0.50%	to	-0.75%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)
2019		0.00%				2,377		12.10				28,766		1.17%		16.79%
2018		0.00%				1,247		10.36				12,922		1.48%		-22.98%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
2020		0.00%	to	0.25%		260,144		55.35	to	52.96		14,255,486		1.06%		3.37%	to	3.11%
2019		0.00%	to	0.25%		256,880		53.55	to	51.36		13,645,470		0.52%		20.10%	to	19.80%
2018		0.00%	to	0.25%		386,451		44.59	to	42.87		17,041,808		0.48%		-15.03%	to	-15.24%
2017		0.00%	to	0.25%		410,273		52.47	to	50.58		21,278,969		0.45%		13.15%	to	12.87%
2016		0.00%	to	0.25%		460,947		46.38	to	44.82		21,145,299		0.59%		25.09%	to	24.78%
American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)
2020		0.00%	to	0.25%		34,278		26.01	to	25.58		878,528		0.00%		42.46%	to	42.10%
2019		0.00%	to	0.25%		48,363		18.26	to	18.00		871,142		0.00%		35.56%	to	35.23%
2018		0.00%	to	0.25%		47,564		13.47	to	13.31		633,316		0.00%		-5.20%	to	-5.43%
2017		0.00%	to	0.25%		50,552		14.21	to	14.08		711,879		0.00%		21.79%	to	21.49%
2016		0.00%	to	0.25%		55,448		11.67	to	11.59		642,966		0.00%		3.23%	to	2.97%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2020		0.00%	to	0.20%		77,571		38.58	to	24.05		2,289,880		0.54%		25.88%	to	25.63%
2019		0.00%	to	0.25%		97,122		30.65	to	18.96		2,270,641		0.90%		28.42%	to	28.10%
2018		0.00%	to	0.25%		123,291		23.86	to	14.80		1,840,381		1.16%		-15.22%	to	-15.43%
2017		0.00%	to	0.25%		72,406		28.15	to	17.50		1,277,260		0.86%		31.21%	to	30.88%
2016		0.00%	to	0.25%		267,024		21.45	to	13.37		3,579,842		0.99%		-5.50%	to	-5.73%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2020		0.00%	to	0.25%		482,447		46.99	to	33.82		21,566,529		1.93%		11.81%	to	11.53%
2019		0.00%	to	0.25%		571,931		42.02	to	30.32		22,293,548		2.09%		23.95%	to	23.64%
2018		0.00%	to	0.25%		596,221		33.90	to	24.52		18,762,900		1.93%		-6.87%	to	-7.10%
2017		0.00%	to	0.25%		607,215		36.40	to	26.40		20,764,699		2.36%		20.49%	to	20.19%
2016		0.00%	to	0.25%		671,446		30.21	to	21.97		19,116,463		2.36%		13.48%	to	13.20%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class I (ACVIP1)
2020		0.00%	to	0.25%		2,375,089		12.34	to	11.59		27,669,630		1.63%		9.81%	to	9.53%
2019		0.00%	to	0.25%		2,341,496		11.23	to	10.58		24,880,391		2.56%		9.16%	to	8.88%
2018		0.00%	to	0.25%		2,146,672		10.29	to	9.72		20,910,804		3.06%		-2.57%	to	-2.82%
2017		0.00%	to	0.25%		2,131,092		10.56	to	10.00		21,353,805		2.85%		3.92%	to	3.67%
2016		0.00%	to	0.25%		1,956,661		10.16	to	9.65		18,906,113		2.18%		4.71%	to	4.44%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2020		0.00%				387,824		19.53				7,576,124		1.32%		9.55%
2019		0.00%				431,303		17.83				7,690,717		2.31%		8.90%
2018		0.00%				455,259		16.37				7,454,284		2.80%		-2.82%
2017		0.00%				540,339		16.85				9,103,962		2.60%		3.67%
2016		0.00%				573,519		16.25				9,320,785		1.82%		4.39%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2020		0.00%	to	0.25%		244,358		42.07	to	40.45		10,195,136		1.80%		1.21%	to	0.96%
2019		0.00%	to	0.25%		301,093		41.57	to	40.07		12,371,588		2.04%		29.15%	to	28.83%
2018		0.00%	to	0.25%		353,741		32.18	to	31.10		11,262,539		1.40%		-12.84%	to	-13.05%
2017		0.00%	to	0.25%		403,277		36.92	to	35.77		14,745,572		1.49%		11.69%	to	11.42%
2016		0.00%	to	0.25%		573,834		33.06	to	32.11		18,828,526		1.70%		22.85%	to	22.55%
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2017		0.25%				10,496		29.74				312,162		0.29%		31.90%
2016		0.25%				25,536		22.55				575,807		0.36%		4.19%
American Century Variable Portfolios, Inc. - American Century VP Value Fund: Class I (ACVV)
2020		0.00%	to	0.25%		297,613		53.14	to	43.51		13,921,528		2.21%		0.98%	to	0.73%
2019		0.00%	to	0.25%		522,839		52.62	to	43.20		24,525,906		2.13%		27.03%	to	26.72%
2018		0.00%	to	0.25%		656,692		41.42	to	34.09		22,965,394		1.69%		-9.15%	to	-9.38%
2017		0.00%	to	0.25%		668,081		45.60	to	37.62		25,745,004		1.66%		8.75%	to	8.48%
2016		0.00%	to	0.25%		721,213		41.93	to	34.68		25,652,949		1.81%		20.48%	to	20.18%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
American Funds Insurance Series(R) - Asset Allocation Fund: Class 2 (AMVAA2)
2020		0.00%	to	0.25%		573,430		24.48	to	23.69		13,753,760		1.63%		12.46%	to	12.18%
2019		0.00%	to	0.25%		662,559		21.77	to	21.12		14,089,699		2.03%		21.23%	to	20.93%
2018		0.00%	to	0.25%		597,801		17.96	to	17.46		10,499,057		1.61%		-4.60%	to	-4.84%
2017		0.00%	to	0.25%		657,734		18.83	to	18.35		12,132,971		1.71%		16.23%	to	15.94%
2016		0.00%	to	0.25%		511,756		16.20	to	15.83		8,143,235		1.78%		9.41%	to	9.14%
American Funds Insurance Series(R) - Bond Fund: Class 2 (AMVBD2)
2020		0.10%	to	0.25%		3,852,883		15.83	to	15.51		60,963,144		2.05%		9.62%	to	9.46%
2019		0.00%	to	0.25%		4,889,291		14.61	to	14.17		70,574,452		2.57%		9.36%	to	9.08%
2018		0.00%	to	0.25%		5,492,418		13.36	to	12.99		72,571,100		2.45%		-0.71%	to	-0.96%
2017		0.00%	to	0.20%		5,515,445		13.46	to	13.19		73,478,481		1.93%		3.66%	to	3.46%
2016		0.00%	to	0.20%		5,580,079		12.98	to	12.75		71,783,173		1.68%		2.94%	to	2.74%
American Funds Insurance Series(R) - Capital World Bond Fund: Class 2 (AMVGB2)
2020		0.00%	to	0.25%		255,848		11.57	to	11.52		2,951,907		2.41%		9.90%	to	9.62%	****
American Funds Insurance Series(R) - Growth-Income Fund: Class 2 (AMVGI2)
2020		0.00%	to	0.25%		93,725		12.48	to	12.43		1,169,808		2.16%		13.55%	to	13.26%
2019		0.25%				609		10.97				6,683		1.01%		9.75%			****
American Funds Insurance Series(R) - Growth Fund: Class 2 (AMVGR2)
2020		0.00%	to	0.25%		1,151,502		44.22	to	42.81		49,555,520		0.32%		52.08%	to	51.70%
2019		0.00%	to	0.25%		1,167,629		29.08	to	28.22		33,043,364		0.76%		30.77%	to	30.45%
2018		0.00%	to	0.25%		1,167,950		22.24	to	21.63		25,332,833		0.45%		-0.25%	to	-0.50%
2017		0.00%	to	0.25%		1,212,032		22.29	to	21.74		26,407,760		0.54%		28.29%	to	27.97%
2016		0.00%	to	0.25%		1,038,111		17.38	to	16.99		17,654,348		0.78%		9.49%	to	9.21%
American Funds Insurance Series(R) - Global Small Capitalization Fund: Class 2 (AMVGS2)
2020		0.00%	to	0.25%		117,032		24.54	to	23.76		2,794,726		0.18%		29.72%	to	29.40%
2019		0.00%	to	0.25%		144,805		18.92	to	18.36		2,666,654		0.17%		31.52%	to	31.19%
2018		0.00%	to	0.25%		116,395		14.39	to	14.00		1,634,484		0.09%		-10.55%	to	-10.77%
2017		0.00%	to	0.25%		93,070		16.08	to	15.69		1,465,090		0.41%		25.89%	to	25.58%
2016		0.00%	to	0.25%		103,367		12.77	to	12.49		1,294,587		0.25%		2.10%	to	1.84%
American Funds Insurance Series(R) - International Fund: Class 2 (AMVI2)
2020		0.00%	to	0.25%		1,744,578		17.42	to	17.01		29,888,214		0.67%		13.97%	to	13.69%
2019		0.00%	to	0.25%		1,839,312		15.29	to	14.96		27,674,405		1.51%		22.88%	to	22.58%
2018		0.00%	to	0.25%		1,818,914		12.44	to	12.20		22,293,777		2.55%		-13.13%	to	-13.35%
2017		0.00%	to	0.25%		834,512		14.32	to	14.08		11,778,016		1.41%		32.14%	to	31.82%
2016		0.00%	to	0.25%		574,103		10.84	to	10.68		6,141,890		1.46%		3.53%	to	3.27%
American Funds Insurance Series(R) - New World Fund: Class 2 (AMVNW2)
2020		0.00%	to	0.25%		2,379,885		18.48	to	18.26		43,742,283		0.06%		23.58%	to	23.27%
2019		0.00%	to	0.25%		268,304		14.95	to	14.81		3,981,479		1.22%		29.14%	to	28.82%
2018		0.00%	to	0.25%		133,700		11.58	to	11.50		1,539,523		1.01%		-14.04%	to	-14.25%
2017		0.00%	to	0.25%		69,651		13.47	to	13.41		934,502		0.93%		29.44%	to	29.12%
2016		0.00%	to	0.25%		36,783		10.40	to	10.39		382,165		1.16%		4.03%	to	3.86%	****
Pioneer Variable Contracts Trust - Pioneer High Yield VCT Portfolio: Class I (PIHYB1)
2020		0.00%	to	0.25%		112,418		36.43	to	34.80		3,991,717		5.39%		2.48%	to	2.23%
2019		0.00%	to	0.25%		98,275		35.55	to	34.04		3,388,420		4.91%		14.45%	to	14.16%
2018		0.00%	to	0.25%		129,139		31.06	to	29.82		3,873,351		4.71%		-3.33%	to	-3.57%
2017		0.00%	to	0.25%		123,896		32.13	to	30.92		3,868,606		4.49%		7.26%	to	6.99%
2016		0.00%	to	0.25%		162,466		29.96	to	28.90		4,732,309		4.91%		14.25%	to	13.96%
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)
2020		0.00%	to	0.25%		1,529,228		13.68	to	13.47		20,708,453		5.28%		7.27%	to	7.00%
2019		0.00%	to	0.25%		1,556,089		12.76	to	12.59		19,672,675		5.46%		15.29%	to	15.00%
2018		0.00%	to	0.25%		1,008,812		11.07	to	10.95		11,078,325		5.52%		-2.66%	to	-2.90%
2017		0.00%	to	0.25%		674,468		11.37	to	11.27		7,624,278		5.15%		7.34%	to	7.07%
2016		0.00%	to	0.25%		468,168		10.59	to	10.53		4,940,997		5.47%		12.92%	to	12.64%
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2020		0.00%	to	0.25%		480,157		25.61	to	14.02		11,095,739		1.17%		20.80%	to	20.50%
2019		0.00%	to	0.25%		509,702		21.20	to	11.64		9,771,507		1.16%		17.83%	to	17.54%
2018		0.00%	to	0.25%		548,347		17.99	to	9.90		9,091,664		0.77%		-7.52%	to	-7.75%
2017		0.00%	to	0.25%		553,607		19.45	to	10.73		10,403,504		1.21%		13.74%	to	7.31%	****
2016		0.00%				530,848		17.10				9,079,551		1.09%		3.96%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
BlackRock Variable Series Funds, Inc. - BlackRock Advantage Large Cap Core V.I. Fund: Class II (MLVLC2)
2020		0.00%	to	0.20%		24,912		39.75	to	38.53		962,124		0.80%		19.66%	to	19.42%
2019		0.00%	to	0.25%		54,258		33.22	to	32.03		1,756,475		1.29%		28.67%	to	28.34%
2018		0.00%	to	0.25%		53,409		25.82	to	24.95		1,335,626		1.39%		-5.37%	to	-5.60%
2017		0.00%	to	0.25%		50,795		27.28	to	26.43		1,344,649		1.11%		22.08%	to	21.77%
2016		0.00%	to	0.25%		76,545		22.35	to	21.71		1,663,555		0.99%		10.41%	to	10.13%
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)
2020		0.00%	to	0.25%		436,455		59.52	to	39.26		24,714,500		0.78%		23.69%	to	23.38%
2019		0.00%	to	0.25%		482,959		48.12	to	31.82		22,238,731		1.17%		36.10%	to	35.76%
2018		0.00%	to	0.25%		527,909		35.36	to	23.44		17,817,986		1.26%		-6.85%	to	-7.09%
2017		0.00%	to	0.25%		624,328		37.96	to	25.23		22,335,911		1.34%		27.33%	to	27.01%
2016		0.00%	to	0.25%		680,407		29.81	to	19.86		18,964,648		1.63%		7.90%	to	7.63%
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2020		0.00%				33,924		38.23				1,296,751		0.62%		19.89%
2019		0.00%				37,209		31.88				1,186,335		0.00%		21.78%
2018		0.00%				39,841		26.18				1,043,086		0.00%		-19.08%
2017		0.00%				44,940		32.35				1,453,941		0.00%		24.68%
2016		0.00%				40,468		25.95				1,050,101		0.00%		17.07%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2020		0.00%	to	0.25%		18,895,784		56.41	to	38.43		811,042,302		1.60%		18.01%	to	17.71%
2019		0.00%	to	0.25%		18,394,093		47.80	to	32.65		669,548,652		1.70%		31.18%	to	30.86%
2018		0.00%	to	0.25%		21,793,980		36.44	to	24.95		601,853,775		1.67%		-4.63%	to	-4.87%
2017		0.00%	to	0.25%		21,680,304		38.21	to	26.23		633,309,526		1.75%		21.54%	to	21.24%
2016		0.00%	to	0.25%		19,688,978		31.44	to	21.64		478,455,050		2.03%		11.71%	to	11.43%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2020		0.00%	to	0.10%		346,524		45.81	to	32.68		15,685,517		1.08%		24.14%	to	24.02%
2019		0.00%	to	0.25%		366,776		36.90	to	23.53		13,371,760		1.46%		34.36%	to	34.02%
2018		0.00%	to	0.25%		386,790		27.47	to	17.56		10,470,618		1.76%		-4.40%	to	-4.64%
2017		0.00%	to	0.25%		411,484		28.73	to	18.41		11,685,824		1.15%		15.33%	to	15.05%
2016		0.00%	to	0.25%		461,676		24.91	to	16.00		11,294,775		1.28%		10.37%	to	10.10%
BNY Mellon Investment Portfolios - MidCap Stock Portfolio: Initial Shares (DVMCS)
2020		0.00%	to	0.25%		59,486		47.91	to	45.76		2,744,403		0.89%		8.11%	to	7.84%
2019		0.00%	to	0.25%		75,349		44.32	to	42.44		3,214,822		0.66%		20.18%	to	19.88%
2018		0.00%	to	0.25%		74,955		36.87	to	35.40		2,666,623		0.57%		-15.49%	to	-15.70%
2017		0.00%	to	0.25%		79,253		43.63	to	41.99		3,337,867		1.05%		15.38%	to	15.09%
2016		0.00%	to	0.25%		70,707		37.82	to	36.49		2,583,205		1.08%		15.47%	to	15.18%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2020		0.00%	to	0.25%		3,052,369		49.94	to	47.66		148,133,011		1.06%		10.64%	to	10.36%
2019		0.00%	to	0.25%		2,550,810		45.14	to	43.19		111,650,145		0.87%		22.21%	to	21.91%
2018		0.00%	to	0.25%		2,735,357		36.93	to	35.43		97,970,697		0.80%		-8.97%	to	-9.20%
2017		0.00%	to	0.25%		2,723,622		40.57	to	39.02		107,428,413		0.67%		12.40%	to	12.12%
2016		0.00%	to	0.25%		3,029,148		36.10	to	34.80		106,432,931		0.90%		25.73%	to	25.41%
Calvert VP S&P 500 Index Portfolio (CVSPIP)
2020		0.10%	to	0.25%		32,256		22.17	to	21.95		708,700		1.07%		17.98%	to	17.81%
2019		0.10%	to	0.25%		94,734		18.79	to	18.64		1,770,644		1.88%		31.02%	to	30.82%
2018		0.25%				87,276		14.24				1,243,205		2.20%		-4.97%
2017		0.25%				60,975		14.99				914,006		1.50%		21.16%
2016		0.25%				57,324		12.37				709,205		1.43%		11.30%
Schwab Annuity Portfolios - Schwab(R) S&P 500 Index Portfolio (SASP5I)
2020		0.00%	to	0.25%		7,486,477		13.02	to	11.72		87,825,581		1.14%		18.28%	to	17.22%	****
Davis Variable Account Fund, Inc. - Davis Value Portfolio (DAVVL)
2020		0.00%	to	0.25%		204,804		23.42	to	22.65		4,710,531		0.72%		11.72%	to	11.44%
2019		0.00%	to	0.25%		229,390		20.96	to	20.33		4,720,052		1.71%		31.17%	to	30.84%
2018		0.00%	to	0.25%		218,345		15.98	to	15.54		3,435,976		0.87%		-13.60%	to	-13.82%
2017		0.00%	to	0.25%		214,201		18.50	to	18.03		3,912,966		0.72%		22.63%	to	22.32%
2016		0.00%	to	0.25%		243,210		15.08	to	14.74		3,623,452		1.51%		11.88%	to	11.60%
Delaware Variable Insurance Product Trust - Delaware VIP Emerging Markets Series: Service Class (DWVEMS)
2020		0.00%	to	0.25%		380,523		18.20	to	17.81		6,805,948		0.48%		24.69%	to	24.38%
2019		0.00%	to	0.25%		401,894		14.59	to	14.32		5,773,615		0.39%		22.25%	to	21.95%
2018		0.00%	to	0.25%		358,976		11.94	to	11.74		4,225,470		3.05%		-16.03%	to	-16.24%
2017		0.00%	to	0.25%		337,421		14.22	to	14.02		4,744,381		0.36%		40.23%	to	39.88%
2016		0.00%	to	0.25%		308,163		10.14	to	10.02		3,089,001		0.73%		13.68%	to	13.40%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2020		0.00%	to	0.25%		896,753		20.48	to	19.99		18,037,109		1.06%		-2.18%	to	-2.42%
2019		0.00%	to	0.25%		933,346		20.93	to	20.48		19,215,008		0.78%		27.72%	to	27.40%
2018		0.00%	to	0.25%		911,599		16.39	to	16.08		14,709,180		0.60%		-16.94%	to	-17.15%
2017		0.00%	to	0.25%		1,154,411		19.73	to	19.41		22,460,622		0.65%		11.76%	to	11.48%
2016		0.00%	to	0.25%		1,068,310		17.66	to	17.41		18,632,616		0.71%		31.08%	to	30.76%
DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)
2020		0.00%				14,568		13.36				194,578		1.52%		11.29%
2019		0.00%				9,936		12.00				119,248		1.28%		18.12%
2018		0.00%				15,702		10.16				159,534		2.20%		-6.90%
2017		0.00%				14,405		10.91				157,198		2.07%		9.13%			****
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2020		0.00%	to	0.25%		626,952		12.32	to	12.02		7,573,340		1.31%		11.72%	to	11.44%
2019		0.00%	to	0.25%		376,703		11.03	to	10.79		4,073,497		1.60%		8.46%	to	8.19%
2018		0.00%	to	0.25%		434,932		10.17	to	9.97		4,344,883		2.14%		-1.33%	to	-1.58%
2017		0.00%	to	0.25%		397,385		10.31	to	10.13		4,031,136		2.32%		3.27%	to	3.01%
2016		0.00%	to	0.25%		520,430		9.98	to	9.84		5,121,644		2.57%		-0.19%	to	-1.63%	****
DFA Investment Dimensions Group Inc. - VA International Small Portfolio (DFVIS)
2020		0.00%				1,696		14.50				24,587		3.61%		9.41%
2017		0.20%	to	0.25%		101,477		13.26	to	13.24		1,345,228		2.68%		29.69%	to	29.62%
2016		0.20%	to	0.25%		85,815		10.22				877,242		2.28%		6.02%	to	5.97%
DFA Investment Dimensions Group Inc. - VA International Value Portfolio (DFVIV)
2020		0.00%				4,766		10.31				49,129		4.53%		-1.76%			****
DFA Investment Dimensions Group Inc. - VA U.S. Large Value Portfolio (DFVULV)
2020		0.00%	to	0.25%		1,002,523		10.77	to	10.76		10,792,572		2.20%		-1.37%	to	-1.62%
2019		0.20%	to	0.25%		1,081,191		10.94				11,826,151		2.13%		9.38%	to	9.36%	****
DFA Investment Dimensions Group Inc. - VA U.S. Targeted Value Portfolio (DFVUTV)
2020		0.00%	to	0.25%		164,361		13.74	to	13.55		2,233,405		1.82%		3.98%	to	3.72%
2019		0.20%	to	0.25%		197,182		13.10	to	13.06		2,581,343		1.48%		22.31%	to	22.25%
2018		0.20%	to	0.25%		191,812		10.71	to	10.69		2,053,122		0.92%		-16.04%	to	-16.08%
2017		0.20%	to	0.25%		196,060		12.75	to	12.73		2,499,660		0.92%		9.55%	to	9.49%
2016		0.20%	to	0.25%		239,703		11.64	to	11.63		2,789,935		1.09%		27.24%	to	27.17%
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2020		0.00%				13,532		14.57				197,181		3.12%		8.28%
2019		0.00%				11,797		13.46				158,758		3.80%		20.16%
2018		0.00%				11,090		11.20				124,199		3.31%		-7.66%
2017		0.00%				6,616		12.13				80,243		2.16%		16.54%
2016		0.00%				2,350		10.41				24,457		0.00%		4.07%			****
Deutsche DWS Variable Series II - DWS CROCI(R) U.S. VIP: Class B (SVSLVB)
2020		0.10%	to	0.25%		1,592		16.22	to	15.99		25,620		1.74%		-12.50%	to	-12.63%
2019		0.20%	to	0.25%		1,665		18.38	to	18.30		30,585		1.51%		32.22%	to	32.15%
2018		0.20%	to	0.25%		1,875		13.90	to	13.85		26,042		2.04%		-10.89%	to	-10.93%
2017		0.20%	to	0.25%		1,517		15.60	to	15.55		23,643		0.85%		22.21%	to	22.15%
2016		0.20%	to	0.25%		6,208		12.77	to	12.73		79,090		0.72%		-4.81%	to	-4.86%
Deutsche DWS Variable Series II - DWS Small Mid Cap Value VIP: Class B (SVSSVB)
2020		0.00%	to	0.20%		6,299		18.89	to	18.39		117,330		1.22%		-1.11%	to	-1.30%
2019		0.00%	to	0.25%		10,664		19.10	to	18.52		198,502		0.35%		20.99%	to	20.69%
2018		0.00%	to	0.25%		11,981		15.79	to	15.35		184,615		0.97%		-16.32%	to	-16.54%
2017		0.00%	to	0.25%		11,693		18.87	to	18.39		215,626		0.36%		10.13%	to	9.86%
2016		0.00%	to	0.25%		13,045		17.13	to	16.74		219,472		0.22%		16.47%	to	16.18%
Eaton Vance Variable Trust - Eaton Vance VT Floating-Rate Income Fund: Initial Class (ETVFR)
2020		0.00%	to	0.25%		1,903,987		13.61	to	13.29		25,367,931		3.30%		2.00%	to	1.74%
2019		0.00%	to	0.25%		1,943,147		13.35	to	13.06		25,429,132		3.95%		7.08%	to	6.81%
2018		0.00%	to	0.25%		5,289,996		12.46	to	12.23		65,197,485		3.77%		-0.09%	to	-0.34%
2017		0.00%	to	0.25%		5,871,380		12.47	to	12.27		72,550,538		3.26%		3.44%	to	3.18%
2016		0.00%	to	0.25%		5,996,803		12.06	to	11.89		71,736,301		3.48%		8.95%	to	8.67%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2020		0.00%	to	0.25%		812,330		28.04	to	26.56		22,440,577		2.78%		8.12%	to	7.85%
2019		0.00%	to	0.25%		870,739		25.93	to	24.63		22,123,687		2.94%		9.44%	to	9.17%
2018		0.00%	to	0.25%		911,169		23.69	to	22.56		21,184,771		3.12%		-0.59%	to	-0.84%
2017		0.00%	to	0.25%		1,006,559		23.84	to	22.75		23,572,442		3.30%		4.04%	to	3.78%
2016		0.00%	to	0.25%		1,087,537		22.91	to	21.92		24,488,403		3.57%		3.82%	to	3.57%
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)
2020		0.00%				68,791		11.05				760,314		2.64%		0.93%
2019		0.00%				65,636		10.95				718,748		1.97%		20.23%
2018		0.00%				57,964		9.11				527,945		0.00%		-8.92%			****
Federated Hermes Insurance Series - Federated Hermes Fund for U.S. Government Securities II (FVUS2)
2020		0.00%	to	0.25%		164,271		11.41	to	11.34		1,872,927		0.34%		5.21%	to	4.95%
2019		0.20%	to	0.25%		5,444		10.81	to	10.80		58,799		2.02%		5.69%	to	5.63%	****
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)
2020		0.00%	to	0.25%		673,767		86.90	to	56.77		40,265,968		0.14%		30.43%	to	30.10%
2019		0.00%	to	0.25%		713,280		66.62	to	43.63		32,254,258		0.34%		31.45%	to	31.12%
2018		0.00%	to	0.25%		911,259		50.68	to	33.28		31,122,707		0.61%		-6.49%	to	-6.72%
2017		0.00%	to	0.25%		945,591		54.20	to	35.67		34,366,401		0.86%		21.76%	to	21.46%
2016		0.00%	to	0.25%		1,007,437		44.51	to	29.37		30,100,223		0.69%		7.91%	to	7.64%
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Service Class (FEIS)
2020		0.00%	to	0.25%		1,516,795		42.20	to	32.60		61,255,632		1.74%		6.55%	to	6.28%
2019		0.00%	to	0.25%		1,602,889		39.61	to	30.68		60,842,692		1.89%		27.32%	to	27.01%
2018		0.00%	to	0.25%		1,839,288		31.11	to	24.15		54,078,889		2.12%		-8.40%	to	-8.63%
2017		0.00%	to	0.25%		2,048,261		33.96	to	26.43		65,333,485		1.63%		12.80%	to	12.52%
2016		0.00%	to	0.25%		2,126,322		30.11	to	23.49		60,289,878		2.21%		17.90%	to	17.61%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2020		0.00%	to	0.25%		1,016,041		14.13	to	14.03		14,285,086		0.87%		31.17%	to	30.85%
2019		0.00%	to	0.25%		841,122		10.77	to	10.73		9,029,597		1.94%		29.30%	to	28.98%
2018		0.00%	to	0.25%		435,283		8.33	to	8.32		3,620,730		1.85%		-16.70%	to	-16.84%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2005 Portfolio: Service Class (FF05S)
2020		0.20%	to	0.25%		88,272		17.79	to	17.70		1,568,930		1.37%		10.85%	to	10.80%
2019		0.20%	to	0.25%		81,637		16.05	to	15.97		1,309,056		2.03%		13.48%	to	13.42%
2018		0.20%	to	0.25%		80,945		14.14	to	14.08		1,143,881		1.82%		-3.21%	to	-3.26%
2017		0.20%	to	0.25%		39,100		14.61	to	14.56		570,897		1.55%		10.68%	to	10.62%
2016		0.20%	to	0.25%		25,154		13.20	to	13.16		331,860		1.68%		4.68%	to	4.63%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2020		0.00%	to	0.25%		132,543		26.41	to	25.39		3,487,832		1.58%		12.39%	to	12.11%
2019		0.00%	to	0.25%		92,267		23.49	to	22.65		2,159,450		2.02%		16.00%	to	15.71%
2018		0.00%	to	0.25%		97,923		20.25	to	19.57		1,975,771		1.48%		-4.10%	to	-4.34%
2017		0.00%	to	0.25%		112,612		21.12	to	20.46		2,371,326		1.46%		12.99%	to	12.71%
2016		0.00%	to	0.25%		123,827		18.69	to	18.16		2,307,272		1.47%		5.28%	to	5.02%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2015 Portfolio: Service Class (FF15S)
2020		0.00%	to	0.25%		386,635		21.65	to	20.97		8,216,246		1.19%		13.62%	to	13.33%
2019		0.00%	to	0.25%		402,085		19.05	to	18.51		7,529,801		2.19%		18.21%	to	17.92%
2018		0.00%	to	0.25%		384,349		16.12	to	15.69		6,076,691		1.18%		-5.11%	to	-5.35%
2017		0.00%	to	0.25%		620,101		16.99	to	16.58		10,323,285		1.45%		14.93%	to	14.65%
2016		0.00%	to	0.25%		559,667		14.78	to	14.46		8,116,942		1.35%		5.81%	to	5.55%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2020		0.00%	to	0.25%		1,053,955		29.45	to	28.32		30,428,501		1.12%		14.92%	to	14.63%
2019		0.00%	to	0.25%		1,214,585		25.63	to	24.71		30,549,618		2.07%		20.01%	to	19.71%
2018		0.00%	to	0.25%		1,161,074		21.36	to	20.64		24,346,102		1.24%		-5.98%	to	-6.21%
2017		0.00%	to	0.25%		1,599,123		22.72	to	22.01		35,613,470		1.51%		16.47%	to	16.18%
2016		0.00%	to	0.25%		1,731,090		19.50	to	18.94		33,032,291		1.57%		6.04%	to	5.78%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2025 Portfolio: Service Class (FF25S)
2020		0.00%	to	0.25%		1,529,307		23.63	to	22.90		35,296,273		1.16%		15.83%	to	15.54%
2019		0.00%	to	0.25%		1,583,389		20.40	to	19.82		31,582,966		1.84%		21.70%	to	21.39%
2018		0.00%	to	0.25%		1,597,869		16.77	to	16.32		26,224,218		1.45%		-6.61%	to	-6.85%
2017		0.00%	to	0.25%		1,324,262		17.95	to	17.52		23,303,561		1.49%		17.84%	to	17.54%
2016		0.00%	to	0.25%		1,193,459		15.24	to	14.91		17,836,355		1.59%		6.11%	to	5.85%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2020		0.00%	to	0.25%		1,582,394		33.05	to	31.78		51,141,507		1.22%		16.76%	to	16.47%
2019		0.00%	to	0.25%		1,438,640		28.31	to	27.29		39,834,941		2.03%		24.37%	to	24.06%
2018		0.00%	to	0.25%		1,217,467		22.76	to	22.00		27,148,345		1.36%		-7.88%	to	-8.12%
2017		0.00%	to	0.25%		1,041,787		24.71	to	23.94		25,261,893		1.58%		20.82%	to	20.52%
2016		0.00%	to	0.25%		788,851		20.45	to	19.86		15,880,362		1.52%		6.52%	to	6.25%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2035 Portfolio: Service Class (FF35S)
2020		0.00%	to	0.25%		500,779		13.77	to	13.67		6,855,239		1.22%		18.15%	to	17.85%
2019		0.00%	to	0.25%		320,893		11.65	to	11.60		3,724,080		2.87%		27.33%	to	27.01%
2018		0.20%	to	0.25%		116,705		9.14				1,066,113		1.64%		-8.62%	to	-8.65%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2040 Portfolio: Service Class (FF40S)
2020		0.00%	to	0.25%		901,286		28.75	to	28.00		25,365,065		0.96%		19.16%	to	18.86%
2019		0.00%	to	0.25%		849,519		24.13	to	23.55		20,086,136		1.81%		28.39%	to	28.07%
2018		0.00%	to	0.25%		820,514		18.79	to	18.39		15,150,295		1.14%		-9.94%	to	-10.17%
2017		0.00%	to	0.25%		694,673		20.87	to	20.47		14,265,216		1.36%		23.42%	to	23.11%
2016		0.00%	to	0.25%		507,853		16.91	to	16.63		8,463,559		1.31%		6.75%	to	6.48%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2045 Portfolio: Service Class (FF45S)
2020		0.00%	to	0.25%		55,372		13.90	to	13.81		765,132		1.12%		19.18%	to	18.88%
2019		0.00%	to	0.25%		27,896		11.67	to	11.62		329,628		2.87%		28.40%	to	28.08%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2050 Portfolio: Service Class (FF50S)
2020		0.00%	to	0.25%		144,326		15.50	to	15.36		2,219,797		1.21%		19.17%	to	18.88%
2019		0.00%	to	0.25%		81,668		13.01	to	12.92		1,056,286		1.72%		28.39%	to	28.07%
2018		0.00%	to	0.25%		80,264		10.13	to	10.09		809,970		1.27%		-10.03%	to	-10.26%
2017		0.25%				1,422		11.24				15,987		0.00%		12.42%			****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2055 Portfolio: Service Class (FF55S)
2020		0.00%	to	0.25%		1,635		13.14	to	13.09		21,393		1.02%		19.11%	to	18.81%
2019		0.25%				111		11.02				1,223		1.70%		10.16%			****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2060 Portfolio: Service Class (FF60S)
2020		0.00%	to	0.25%		26,316		13.16	to	13.10		345,063		2.95%		19.22%	to	18.92%
2019		0.25%				111		11.02				1,223		1.72%		10.18%			****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Income Fund Portfolio: Service Class (FFINS)
2020		0.20%	to	0.25%		121,417		15.93	to	15.85		1,932,596		1.29%		10.16%	to	10.11%
2019		0.20%	to	0.25%		120,811		14.46	to	14.39		1,745,720		2.49%		11.65%	to	11.59%
2018		0.20%	to	0.25%		83,843		12.95	to	12.90		1,085,229		1.63%		-2.31%	to	-2.36%
2017		0.20%	to	0.25%		96,302		13.26	to	13.21		1,276,144		1.91%		8.28%	to	8.22%
2016		0.20%	to	0.25%		78,879		12.24	to	12.21		965,432		1.37%		4.11%	to	4.06%
Fidelity Variable Insurance Products Fund - VIP Growth Opportunities Portfolio: Service Class (FGOS)
2020		0.00%	to	0.10%		16,041		81.21	to	64.67		1,129,216		0.01%		68.49%	to	68.33%
2019		0.00%	to	0.25%		15,533		48.20	to	43.11		677,151		0.05%		40.70%	to	40.35%
2018		0.00%	to	0.25%		15,899		34.26	to	30.72		508,052		0.10%		12.35%	to	12.06%
2017		0.00%	to	0.25%		15,375		30.49	to	27.41		438,543		0.19%		34.40%	to	34.06%
2016		0.00%	to	0.25%		16,574		22.69	to	20.45		351,314		0.21%		0.25%	to	0.00%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Service Class (FGS)
2020		0.00%	to	0.25%		2,625,642		78.23	to	43.82		164,646,718		0.06%		43.75%	to	43.39%
2019		0.00%	to	0.25%		2,682,726		54.42	to	30.56		117,329,092		0.16%		34.18%	to	33.85%
2018		0.00%	to	0.25%		3,346,655		40.56	to	22.83		104,307,754		0.15%		-0.27%	to	-0.53%
2017		0.00%	to	0.25%		3,385,354		40.67	to	22.95		107,147,743		0.12%		35.00%	to	34.67%
2016		0.00%	to	0.25%		3,646,974		30.12	to	17.04		86,005,841		0.00%		0.71%	to	0.46%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Service Class (FHIS)
2020		0.00%	to	0.25%		402,005		24.77	to	30.09		10,751,416		4.82%		2.65%	to	2.39%
2019		0.00%	to	0.25%		480,498		24.13	to	29.39		12,669,205		5.21%		14.92%	to	14.63%
2018		0.00%	to	0.25%		467,620		20.99	to	25.64		10,733,570		5.51%		-3.60%	to	-3.84%
2017		0.00%	to	0.25%		518,507		21.78	to	26.66		12,325,334		5.01%		7.07%	to	6.80%
2016		0.00%	to	0.25%		607,022		20.34	to	24.96		13,483,822		5.26%		14.37%	to	14.09%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)
2020		0.00%	to	0.25%		8,359,975		21.56	to	20.63		175,571,019		2.15%		9.25%	to	8.98%
2019		0.00%	to	0.25%		8,807,134		19.74	to	18.93		169,500,548		2.61%		9.58%	to	9.31%
2018		0.00%	to	0.25%		9,699,249		18.01	to	17.32		170,350,032		2.39%		-0.63%	to	-0.88%
2017		0.00%	to	0.25%		10,397,837		18.13	to	17.47		183,915,056		2.30%		4.16%	to	3.90%
2016		0.00%	to	0.25%		10,948,211		17.40	to	16.82		186,155,320		2.38%		4.63%	to	4.37%
Fidelity Variable Insurance Products Fund - VIP Index 500 Portfolio: Initial Class (FIP)
2020		0.00%				40,491		33.83				1,369,972		2.05%		18.24%
2019		0.20%	to	0.25%		2,881,385		27.94	to	27.77		80,428,299		1.95%		31.09%	to	31.02%
2018		0.20%	to	0.25%		3,169,190		21.31	to	21.19		67,489,203		1.89%		-4.68%	to	-4.73%
2017		0.20%	to	0.25%		2,545,030		22.36	to	22.25		56,866,293		1.76%		21.47%	to	21.41%
2016		0.20%	to	0.25%		2,755,616		18.41	to	18.32		50,693,063		1.45%		11.64%	to	11.58%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2020		0.00%	to	0.25%		501,684		72.21	to	69.09		35,899,841		0.56%		18.04%	to	17.74%
2019		0.00%	to	0.25%		609,632		61.18	to	58.68		36,834,267		0.77%		23.35%	to	23.04%
2018		0.00%	to	0.25%		702,092		49.60	to	47.69		34,390,784		0.55%		-14.64%	to	-14.85%
2017		0.00%	to	0.25%		765,171		58.10	to	56.01		43,909,359		0.62%		20.70%	to	20.40%
2016		0.00%	to	0.25%		843,557		48.14	to	46.52		40,121,821		0.40%		12.11%	to	11.83%
Fidelity Variable Insurance Products Fund - VIP Government Money Market Portfolio: Initial Class (FMMP)
2020		0.20%	to	0.25%		715,310		10.39	to	10.37		7,431,845		0.31%		0.12%	to	0.07%
2019		0.20%	to	0.25%		1,268,832		10.38	to	10.36		13,167,512		1.89%		1.82%	to	1.77%
2018		0.20%	to	0.25%		843,109		10.19	to	10.18		8,593,800		1.61%		1.44%	to	1.39%
2017		0.20%	to	0.25%		564,836		10.05	to	10.04		5,675,977		0.61%		0.48%	to	0.43%
2016		0.20%	to	0.25%		935,135		10.00				9,352,900		0.06%		0.02%	to	0.00%	****
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2020		0.00%				271,837		11.29				3,068,839		2.53%		-32.88%
2019		0.00%				281,564		16.82				4,735,763		1.79%		9.82%
2018		0.00%				307,387		15.32				4,707,648		0.68%		-24.77%
2017		0.00%				322,002		20.36				6,554,925		1.34%		-2.78%
2016		0.00%				389,722		20.94				8,159,951		0.51%		33.51%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2020		0.00%	to	0.25%		614,677		33.41	to	24.55		20,204,014		0.35%		15.49%	to	15.21%
2019		0.00%	to	0.25%		654,246		28.93	to	21.31		18,485,488		1.63%		27.67%	to	27.35%
2018		0.00%	to	0.25%		740,247		22.66	to	16.73		16,017,861		1.51%		-14.88%	to	-15.10%
2017		0.00%	to	0.25%		730,959		26.62	to	19.71		18,847,240		1.34%		30.10%	to	29.78%
2016		0.00%	to	0.25%		778,504		20.46	to	15.19		15,330,538		1.31%		-5.12%	to	-5.36%
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2020		0.00%	to	0.25%		312,440		11.09	to	11.25		3,507,328		2.29%		-6.61%	to	-6.84%
2019		0.00%	to	0.25%		252,550		11.88	to	12.08		3,044,368		1.84%		23.09%	to	22.78%
2018		0.00%	to	0.25%		196,032		9.65	to	9.84		1,925,790		8.21%		-6.31%	to	-1.63%
2017		0.00%				1,061		10.30				10,926		1.93%		2.98%			****
Fidelity Variable Insurance Products Fund - VIP Total Market Index Portfolio: Service Class (FVMIS)
2020		0.00%				16,383		13.16				215,642		1.48%		20.20%			****
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)
2020		0.00%				78,676		40.47				3,183,854		1.13%		8.18%
2019		0.00%	to	0.10%		114,054		37.41	to	36.75		4,265,220		1.74%		34.29%	to	34.16%
2018		0.00%	to	0.25%		101,371		27.86	to	26.72		2,821,079		0.86%		-17.33%	to	-17.54%
2017		0.00%	to	0.25%		110,394		33.70	to	32.40		3,716,625		1.39%		19.21%	to	18.91%
2016		0.00%	to	0.25%		121,726		28.27	to	27.25		3,438,169		1.04%		9.48%	to	9.21%
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)
2020		0.00%				232,202		15.63				3,628,886		4.04%		17.18%
2019		0.00%				259,597		13.34				3,462,071		0.98%		26.70%
2018		0.00%				271,977		10.53				2,862,884		0.84%		-15.79%
2017		0.00%				315,423		12.50				3,942,967		0.98%		40.41%
2016		0.00%				271,041		8.90				2,413,106		0.80%		17.44%
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2020		0.00%				30,172		19.87				599,638		1.46%		11.74%
2019		0.00%				34,651		17.79				616,284		3.51%		19.86%
2018		0.00%				36,186		14.84				536,952		2.82%		-9.65%
2017		0.00%				44,376		16.42				728,797		2.69%		11.98%
2016		0.00%				44,251		14.67				649,006		3.82%		13.18%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
2020		0.00%	to	0.25%		1,366,885		11.27	to	9.97		13,745,297		8.75%		-5.07%	to	-5.31%
2019		0.00%	to	0.25%		1,733,956		11.88	to	10.52		18,372,589		6.96%		2.26%	to	2.00%
2018		0.00%	to	0.25%		1,622,403		11.61	to	10.32		16,855,643		0.00%		2.21%	to	1.96%
2017		0.00%	to	0.25%		1,575,152		11.36	to	10.12		16,147,835		0.00%		2.15%	to	1.90%
2016		0.00%	to	0.25%		1,451,430		11.12	to	9.93		14,597,838		0.00%		3.21%	to	2.95%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2020		0.00%	to	0.20%		319,287		17.16	to	16.71		5,477,691		8.61%		-5.28%	to	-5.47%
2019		0.00%	to	0.25%		329,117		18.12	to	17.57		5,960,041		6.93%		2.01%	to	1.76%
2018		0.00%	to	0.25%		384,666		17.76	to	17.27		6,819,854		0.00%		1.94%	to	1.68%
2017		0.00%	to	0.25%		391,878		17.42	to	16.98		6,816,520		0.00%		1.93%	to	1.67%
2016		0.00%	to	0.25%		457,762		17.09	to	16.70		7,800,411		0.00%		2.94%	to	2.68%
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2020		0.00%				237,678		22.35				5,312,353		5.95%		0.69%
2019		0.00%				286,791		22.20				6,365,907		5.32%		16.06%
2018		0.00%				291,083		19.13				5,567,176		4.84%		-4.30%
2017		0.00%				312,146		19.99				6,238,515		4.00%		9.67%
2016		0.00%				369,466		18.22				6,732,869		5.10%		14.02%
Franklin Templeton Variable Insurance Products Trust - Franklin Mutual Global Discovery VIP Fund: Class 2 (FTVMD2)
2020		0.00%	to	0.25%		36,927		18.21	to	17.63		656,398		2.33%		-4.46%	to	-4.70%
2019		0.00%	to	0.25%		60,561		19.06	to	18.50		1,126,573		1.58%		24.37%	to	24.06%
2018		0.00%	to	0.25%		77,118		15.33	to	14.91		1,160,875		2.26%		-11.22%	to	-11.44%
2017		0.00%	to	0.25%		117,265		17.26	to	16.84		2,001,639		1.52%		8.60%	to	8.33%
2016		0.00%	to	0.25%		136,852		15.90	to	15.54		2,163,040		1.69%		12.18%	to	11.90%
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)
2020		0.00%				334,358		55.63				18,600,777		1.49%		16.23%
2019		0.00%				372,542		47.86				17,831,352		1.48%		29.58%
2018		0.00%				431,290		36.94				15,930,312		1.51%		-4.84%
2017		0.00%				468,247		38.82				18,175,344		1.73%		20.85%
2016		0.00%				517,880		32.12				16,634,002		1.58%		16.33%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 2 (FTVSV2)
2020		0.00%	to	0.25%		248,661		34.74	to	33.40		8,381,662		1.55%		5.19%	to	4.93%
2019		0.00%	to	0.25%		293,223		33.02	to	31.84		9,391,133		1.15%		26.35%	to	26.03%
2018		0.00%	to	0.25%		347,426		26.14	to	25.26		8,812,766		0.88%		-12.88%	to	-13.09%
2017		0.00%	to	0.25%		376,155		30.00	to	29.07		10,963,630		0.52%		10.65%	to	10.38%
2016		0.00%	to	0.25%		416,003		27.11	to	26.33		10,975,714		0.81%		30.19%	to	29.86%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2020		0.00%				169,810		57.30				9,730,008		1.72%		5.41%
2019		0.00%				184,863		54.36				10,049,137		1.27%		26.72%
2018		0.00%				195,223		42.90				8,374,304		1.12%		-12.69%
2017		0.00%				219,865		49.13				10,801,676		0.73%		10.92%
2016		0.00%				245,509		44.29				10,874,493		1.03%		30.54%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2020		0.00%				26,975		28.53				769,644		3.60%		-0.92%
2019		0.00%				28,545		28.80				821,964		2.00%		12.84%
2018		0.00%				32,259		25.52				823,231		2.91%		-15.27%
2017		0.00%				36,093		30.12				1,087,047		2.78%		17.02%
2016		0.00%				38,500		25.74				990,896		2.16%		7.49%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2020		0.00%	to	0.25%		454,905		25.83	to	24.68		11,483,105		3.33%		-1.16%	to	-1.40%
2019		0.00%	to	0.25%		538,139		26.14	to	25.03		13,722,522		1.76%		12.53%	to	12.25%
2018		0.00%	to	0.25%		638,100		23.23	to	22.30		14,431,388		2.90%		-15.44%	to	-15.65%
2017		0.00%	to	0.25%		909,729		27.47	to	26.44		24,380,084		2.61%		16.69%	to	16.40%
2016		0.00%	to	0.25%		1,063,433		23.54	to	22.71		24,424,763		1.95%		7.18%	to	6.91%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Small Cap Equity Insights Fund: Institutional Shares (GVCSE)
2020		0.00%	to	0.25%		70,551		22.24	to	21.82		1,552,442		0.24%		8.58%	to	8.31%
2019		0.00%	to	0.25%		67,651		20.48	to	20.14		1,369,606		0.46%		24.84%	to	24.53%
2018		0.00%	to	0.25%		75,898		16.41	to	16.18		1,236,798		0.65%		-8.62%	to	-8.85%
2017		0.00%	to	0.25%		32,500		17.95	to	17.75		581,670		0.47%		11.57%	to	11.29%
2016		0.00%	to	0.25%		35,339		16.09	to	15.95		567,983		0.78%		23.20%	to	22.89%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)
2020		0.00%				1,513		15.09				22,824		0.16%		4.11%
2019		0.00%				3,776		14.49				54,713		1.15%		11.94%
2018		0.00%				9,791		12.94				126,739		1.63%		-4.34%
2017		0.00%				2,321		13.53				31,406		0.37%		13.11%
2016		0.00%				1,580		11.96				18,901		0.21%		4.34%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Growth Opportunities Fund: Service Shares (GVGOPS)
2020		0.20%				35,712		34.25				1,223,147		0.00%		44.02%
2019		0.20%	to	0.25%		32,955		23.78	to	23.68		783,175		0.00%		33.80%	to	33.73%
2018		0.20%	to	0.25%		33,790		17.77	to	17.71		600,157		0.00%		-4.53%	to	-4.58%
2017		0.00%	to	0.25%		102,495		18.87	to	18.56		1,906,588		0.00%		26.92%	to	26.60%
2016		0.00%	to	0.25%		85,501		14.87	to	14.66		1,254,544		0.00%		1.42%	to	1.17%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Mid Cap Value Fund: Institutional Shares (GVMCE)
2020		0.10%	to	0.25%		185,335		54.40	to	52.92		9,860,309		0.61%		8.29%	to	8.13%
2019		0.10%	to	0.25%		223,376		50.23	to	48.94		10,968,798		0.75%		31.40%	to	31.20%
2018		0.20%	to	0.25%		274,092		37.61	to	37.30		10,233,403		1.20%		-10.64%	to	-10.68%
2017		0.20%	to	0.25%		332,513		42.09	to	41.77		13,897,514		0.56%		10.85%	to	10.79%
2016		0.20%	to	0.25%		646,194		37.97	to	37.70		24,384,347		0.95%		13.30%	to	13.25%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2020		0.00%				900		11.02				9,917		2.37%		6.72%
2019		0.00%				406		10.33				4,192		3.36%		8.82%			****
Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)
2020		0.00%				52,824		11.77				621,617		1.42%		7.39%
2019		0.00%				37,683		10.96				412,933		2.25%		5.01%
2018		0.00%				38,194		10.43				398,553		0.00%		-5.07%
2017		0.00%				20,603		10.99				226,485		0.00%		3.67%
2016		0.00%				50,046		10.60				530,647		0.11%		-0.48%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2020		0.00%				75,118		38.01				2,855,589		0.07%		42.35%
2019		0.00%				54,996		26.70				1,468,639		0.00%		36.76%
2018		0.00%				61,953		19.53				1,209,767		0.00%		-3.62%
2017		0.00%				65,426		20.26				1,325,620		0.08%		27.34%
2016		0.00%				69,572		15.91				1,106,971		0.00%		2.27%
Invesco - Invesco V.I. Growth and Income Fund: Series I Shares (ACGI)
2020		0.00%	to	0.25%		230,665		25.20	to	24.54		5,718,508		2.20%		2.09%	to	1.84%
2019		0.10%	to	0.25%		222,627		24.44	to	24.09		8,260,525		1.86%		25.07%	to	24.88%
2018		0.20%	to	0.25%		367,294		19.38	to	19.29		7,099,347		1.88%		-13.56%	to	-13.60%
2017		0.20%	to	0.25%		318,551		22.42	to	22.33		7,122,459		1.56%		14.09%	to	14.03%
2016		0.00%	to	0.25%		298,376		19.91	to	19.58		5,846,925		1.13%		19.69%	to	19.40%
Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)
2020		0.10%				-		30.16				-		0.01%		5.35%
2019		0.10%				1,339		28.63				38,310		0.22%		30.48%
2018		0.25%				1,704		21.41				36,487		0.31%		-19.38%
2017		0.25%				1,935		26.56				51,393		0.01%		17.14%
2016		0.25%				21		22.67				476		0.09%		18.04%
Invesco - Invesco V.I. High Yield Fund: Series I Shares (AVHY1)
2020		0.00%	to	0.25%		68,273		17.75	to	17.29		1,187,481		4.28%		3.32%	to	3.06%
2019		0.00%	to	0.25%		91,988		17.18	to	16.77		1,552,073		2.47%		13.51%	to	13.22%
2018		0.00%	to	0.25%		397,389		15.14	to	14.81		5,910,249		3.25%		-3.35%	to	-3.59%
2017		0.00%	to	0.25%		960,467		15.66	to	15.37		14,806,926		3.97%		6.30%	to	6.03%
2016		0.00%	to	0.25%		985,388		14.73	to	14.49		14,318,218		4.22%		11.21%	to	10.94%
Invesco - Invesco V.I. International Growth Fund: Series I Shares (AVIE)
2020		0.00%	to	0.25%		1,050,203		36.14	to	34.66		36,676,103		2.39%		14.00%	to	13.71%
2019		0.00%	to	0.25%		1,085,856		31.70	to	30.48		33,318,795		1.52%		28.57%	to	28.25%
2018		0.00%	to	0.25%		1,205,012		24.65	to	23.77		28,797,374		1.93%		-14.98%	to	-15.19%
2017		0.00%	to	0.25%		1,799,609		29.00	to	28.02		50,704,064		1.47%		23.00%	to	22.70%
2016		0.00%	to	0.25%		1,875,898		23.57	to	22.84		43,042,681		1.41%		-0.45%	to	-0.70%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)
2020		0.00%	to	0.20%		8,546		30.63	to	29.69		260,436		0.65%		9.25%	to	9.03%
2019		0.00%	to	0.20%		10,468		28.03	to	27.23		290,163		0.51%		25.28%	to	25.03%
2018		0.00%	to	0.20%		10,244		22.38	to	21.78		226,768		0.50%		-11.35%	to	-11.53%
2017		0.00%	to	0.25%		14,053		25.24	to	24.51		349,319		0.54%		14.92%	to	14.63%
2016		0.00%	to	0.25%		15,984		21.97	to	21.38		345,514		0.09%		13.43%	to	13.15%
Invesco - Invesco V.I. Small Cap Equity Fund: Series I Shares (AVSCE)
2020		0.25%				8,323		17.30				144,020		0.35%		26.93%
2019		0.25%				11,678		13.63				159,206		0.00%		26.28%
2018		0.25%				20,724		10.80				223,728		0.00%		-15.29%
2017		0.25%				23,971		12.74				305,502		0.00%		13.77%
2016		0.20%	to	0.25%		23,157		11.22	to	11.20		259,411		0.00%		11.84%	to	11.79%
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2020		0.00%				117,013		14.45				1,690,768		7.96%		10.22%
2019		0.00%				136,958		13.11				1,795,386		0.00%		15.21%
2018		0.00%				110,056		11.38				1,252,304		1.50%		-6.46%
2017		0.00%				122,601		12.16				1,491,397		3.90%		10.16%
2016		0.00%				134,610		11.04				1,486,483		0.47%		11.64%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)
2020		0.00%	to	0.25%		860,217		63.41	to	33.81		49,039,303		0.04%		48.27%	to	40.34%
2019		0.00%	to	0.25%		807,590		45.07	to	24.09		32,594,706		0.00%		39.36%	to	39.01%
2018		0.00%	to	0.25%		890,299		32.34	to	17.33		25,324,233		0.00%		-6.08%	to	-6.32%
2017		0.00%	to	0.25%		969,936		34.44	to	18.50		29,027,594		0.03%		28.79%	to	28.47%
2016		0.00%	to	0.25%		1,041,368		26.74	to	14.40		24,141,291		0.00%		2.33%	to	2.08%
Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)
2020		0.00%	to	0.25%		959,868		43.72	to	36.54		40,345,310		1.51%		13.94%	to	13.66%
2019		0.00%	to	0.25%		1,029,257		38.37	to	32.15		38,038,196		1.06%		32.08%	to	31.75%
2018		0.00%	to	0.25%		1,096,146		29.05	to	24.40		30,729,296		1.15%		-7.89%	to	-8.12%
2017		0.00%	to	0.25%		1,214,032		31.54	to	26.56		37,021,362		1.26%		16.91%	to	16.62%
2016		0.00%	to	0.25%		1,255,013		26.98	to	22.78		32,835,661		1.10%		11.62%	to	11.34%
Invesco Oppenheimer V.I. Capital Appreciation Fund: Series I (OVGR)
2020		0.00%	to	0.25%		332,659		66.60	to	37.32		12,974,325		0.00%		36.59%	to	36.25%
2019		0.00%	to	0.25%		340,202		48.76	to	27.39		9,571,947		0.06%		36.20%	to	35.86%
2018		0.00%	to	0.25%		477,720		35.80	to	20.16		9,662,970		0.32%		-5.73%	to	-5.97%
2017		0.00%	to	0.25%		512,531		37.98	to	21.44		11,032,892		0.23%		26.83%	to	26.52%
2016		0.00%	to	0.25%		604,021		29.94	to	16.95		10,273,193		0.42%		-2.20%	to	-2.45%
Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)
2020		0.00%	to	0.25%		2,117,816		46.72	to	44.36		96,810,105		0.70%		27.64%	to	27.32%
2019		0.00%	to	0.25%		2,419,546		36.60	to	34.84		86,447,242		0.89%		31.79%	to	31.46%
2018		0.00%	to	0.25%		2,649,183		27.77	to	26.51		71,823,770		0.99%		-13.18%	to	-13.40%
2017		0.00%	to	0.25%		2,846,007		31.99	to	30.61		88,981,251		0.94%		36.66%	to	36.32%
2016		0.00%	to	0.25%		3,013,243		23.41	to	22.45		69,044,951		1.05%		0.08%	to	-0.17%
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2020		0.00%	to	0.25%		1,303,519		17.30	to	16.97		22,248,163		0.96%		21.50%	to	21.20%
2019		0.00%	to	0.25%		1,248,270		14.24	to	14.00		17,557,908		0.99%		28.60%	to	28.28%
2018		0.00%	to	0.25%		1,421,451		11.07	to	10.91		15,573,441		0.89%		-19.42%	to	-19.62%
2017		0.00%	to	0.25%		1,611,171		13.74	to	13.58		21,945,501		1.45%		26.29%	to	25.98%
2016		0.00%	to	0.25%		1,248,548		10.88	to	10.78		13,484,747		1.14%		-2.12%	to	-2.36%
Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)
2020		0.00%				1,127,112		16.59				18,694,534		5.68%		3.40%
2019		0.00%				1,229,876		16.04				19,728,063		3.76%		10.80%
2018		0.00%				1,262,443		14.48				18,276,030		4.98%		-4.40%
2017		0.00%				1,257,556		15.14				19,042,650		2.28%		6.27%
2016		0.00%				1,230,121		14.25				17,527,847		4.88%		6.53%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)
2020		0.00%	to	0.25%		117,121		68.39	to	65.44		7,984,207		0.64%		19.93%	to	19.63%
2019		0.00%	to	0.25%		125,648		57.03	to	54.70		7,156,183		0.19%		26.47%	to	26.15%
2018		0.00%	to	0.25%		140,428		45.09	to	43.36		6,331,950		0.33%		-10.32%	to	-10.55%
2017		0.00%	to	0.25%		148,226		50.28	to	48.47		7,452,901		0.86%		14.16%	to	13.87%
2016		0.00%				160,970		44.05				7,090,228		0.52%		18.05%
Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)
2020		0.00%	to	0.25%		337,483		20.74	to	20.06		6,983,459		2.05%		13.88%	to	13.59%
2019		0.00%	to	0.25%		359,396		18.21	to	17.66		6,529,086		2.08%		21.78%	to	21.47%
2018		0.00%	to	0.25%		392,480		14.95	to	14.54		5,852,085		1.77%		-5.44%	to	-5.68%
2017		0.00%	to	0.25%		476,572		15.81	to	15.41		7,507,042		1.53%		18.27%	to	17.98%
2016		0.00%	to	0.25%		572,683		13.37	to	13.07		7,622,325		0.56%		-2.57%	to	-2.81%
Ivy Variable Insurance Portfolios - Growth: Class II (WRGP)
2020		0.00%	to	0.25%		77,822		63.55	to	61.11		4,866,442		0.00%		30.55%	to	30.22%
2019		0.00%	to	0.25%		87,159		48.68	to	46.93		4,180,839		0.00%		36.59%	to	36.24%
2018		0.00%	to	0.25%		73,043		35.64	to	34.44		2,564,432		0.05%		2.28%	to	2.03%
2017		0.00%	to	0.25%		465,216		34.85	to	33.76		15,991,759		0.24%		29.34%	to	29.02%
2016		0.00%	to	0.25%		615,761		26.94	to	26.17		16,376,320		0.03%		1.22%	to	0.97%
Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)
2020		0.00%	to	0.25%		900,221		16.43	to	16.08		14,536,361		7.41%		6.03%	to	5.76%
2019		0.00%	to	0.25%		1,104,637		15.49	to	15.20		16,856,499		6.24%		11.19%	to	10.91%
2018		0.00%	to	0.25%		985,689		13.94	to	13.70		13,556,304		9.55%		-2.11%	to	-2.36%
2017		0.00%	to	0.25%		2,901,171		14.24	to	14.04		40,979,338		5.48%		6.68%	to	6.41%
2016		0.00%	to	0.25%		2,885,082		13.34	to	13.19		38,252,688		7.49%		16.19%	to	15.90%
Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)
2020		0.00%	to	0.25%		172,147		37.10	to	36.30		6,307,315		0.00%		49.00%	to	48.63%
2019		0.00%	to	0.25%		209,954		24.90	to	24.43		5,160,978		0.00%		37.94%	to	37.60%
2018		0.00%	to	0.25%		214,776		18.05	to	17.75		3,832,763		0.00%		-0.06%	to	-0.31%
2017		0.00%	to	0.25%		237,680		18.06	to	17.81		4,246,448		0.00%		26.89%	to	26.58%
2016		0.00%	to	0.25%		297,974		14.23	to	14.07		4,199,956		0.00%		6.12%	to	5.85%
Ivy Variable Insurance Portfolios - Securian Real Estate Securities: Class II (WRRESP)
2020		0.00%	to	0.25%		217,442		27.23	to	26.18		5,811,124		1.68%		-3.13%	to	-3.37%
2019		0.00%	to	0.25%		258,676		28.10	to	27.09		7,127,575		1.59%		24.43%	to	24.12%
2018		0.00%	to	0.25%		284,575		22.59	to	21.83		6,297,398		1.69%		-5.57%	to	-5.81%
2017		0.00%	to	0.25%		315,454		23.92	to	23.17		7,430,087		1.29%		5.39%	to	5.12%
2016		0.00%	to	0.25%		390,460		22.70	to	22.04		8,724,567		1.05%		4.26%	to	4.01%
Ivy Variable Insurance Portfolios - Science and Technology: Class II (WRSTP)
2020		0.00%	to	0.25%		184,422		52.94	to	51.22		9,705,505		0.00%		35.36%	to	35.02%
2019		0.00%	to	0.25%		229,430		39.11	to	37.93		8,891,601		0.00%		49.48%	to	49.11%
2018		0.00%	to	0.25%		220,024		26.16	to	25.44		5,707,888		0.00%		-5.23%	to	-5.47%
2017		0.00%	to	0.25%		581,218		27.61	to	26.91		15,816,783		0.00%		32.12%	to	31.79%
2016		0.00%	to	0.25%		651,961		20.90	to	20.42		13,447,888		0.00%		1.54%	to	1.29%
JPMorgan Insurance Trust - JPMorgan Insurance Trust Mid Cap Value Portfolio: Class 1 (JPMMV1)
2020		0.00%	to	0.25%		1,118,044		41.85	to	40.15		45,332,340		1.50%		0.37%	to	0.12%
2019		0.00%	to	0.25%		1,104,013		41.70	to	40.10		44,615,791		1.58%		26.76%	to	26.44%
2018		0.00%	to	0.25%		1,180,431		32.90	to	31.71		37,660,658		0.98%		-11.84%	to	-12.06%
2017		0.00%	to	0.25%		1,224,199		37.31	to	36.06		44,377,807		0.81%		13.76%	to	13.48%
2016		0.00%	to	0.25%		1,056,953		32.80	to	31.78		33,768,491		0.66%		14.69%	to	14.41%
JPMorgan Insurance Trust - JPMorgan Insurance Trust Small Cap Core Portfolio 1 (JPSCE1)
2020		0.00%	to	0.25%		33,534		16.03	to	15.80		531,195		1.01%		13.69%	to	13.40%
2019		0.00%	to	0.25%		42,359		14.10	to	13.93		592,986		0.38%		24.58%	to	24.27%
2018		0.00%	to	0.25%		37,754		11.32	to	11.21		425,088		0.39%		-11.93%	to	-12.15%
2017		0.00%	to	0.25%		20,047		12.85	to	12.76		255,955		0.30%		15.23%	to	14.94%
2016		0.25%				9,466		11.10				105,109		0.47%		19.91%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2020		0.00%	to	0.25%		940,674		47.74	to	45.60		43,662,093		1.53%		14.03%	to	13.74%
2019		0.00%	to	0.25%		943,328		41.86	to	40.09		38,433,046		1.67%		22.27%	to	21.97%
2018		0.00%	to	0.25%		903,670		34.24	to	32.87		30,123,577		1.77%		0.43%	to	0.18%
2017		0.00%	to	0.25%		983,001		34.09	to	32.81		32,650,861		1.40%		18.13%	to	17.84%
2016		0.00%	to	0.25%		1,000,252		28.86	to	27.84		28,132,139		1.98%		4.32%	to	4.06%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2020		0.00%	to	0.25%		1,268,443		52.41	to	49.73		65,981,390		0.16%		39.03%	to	38.69%
2019		0.00%	to	0.25%		1,418,018		37.69	to	35.86		52,988,344		0.02%		36.85%	to	36.51%
2018		0.00%	to	0.25%		1,660,305		27.54	to	26.27		45,182,808		1.23%		1.72%	to	1.46%
2017		0.00%	to	0.25%		1,807,599		27.08	to	25.89		48,354,785		0.00%		29.99%	to	29.67%
2016		0.00%	to	0.25%		1,996,099		20.83	to	19.97		41,096,683		0.88%		1.94%	to	1.69%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2020		0.00%				132,469		18.73				2,481,780		0.07%		19.47%
2019		0.00%				154,605		15.68				2,424,377		0.21%		35.49%
2018		0.00%				118,018		11.57				1,365,946		0.28%		-0.41%
2017		0.00%				59,840		11.62				695,474		0.03%		16.22%			****
Janus Aspen Series - Janus Henderson Flexible Bond Portfolio: Service Shares (JAFBS)
2020		0.00%	to	0.25%		587,623		12.68	to	12.48		7,388,807		2.44%		10.25%	to	9.98%
2019		0.00%	to	0.25%		628,541		11.50	to	11.35		7,178,288		2.94%		9.28%	to	9.00%
2018		0.00%	to	0.25%		658,022		10.53	to	10.41		6,885,159		2.84%		-1.29%	to	-1.53%
2017		0.00%	to	0.25%		590,048		10.66	to	10.58		6,253,498		2.47%		3.35%	to	3.10%
2016		0.00%	to	0.25%		1,347,630		10.32	to	10.26		13,834,191		2.43%		2.22%	to	1.97%
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2020		0.00%	to	0.25%		1,262,083		35.21	to	33.42		44,019,614		0.00%		50.73%	to	50.35%
2019		0.00%	to	0.25%		1,245,624		23.36	to	22.23		28,876,527		0.43%		44.82%	to	44.46%
2018		0.00%	to	0.25%		1,466,235		16.13	to	15.39		23,412,937		1.05%		0.91%	to	0.66%
2017		0.00%	to	0.25%		1,474,567		15.99	to	15.29		23,375,459		0.44%		44.91%	to	44.55%
2016		0.00%	to	0.25%		1,367,724		11.03	to	10.57		14,991,999		0.09%		13.85%	to	13.57%
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2020		0.00%	to	0.25%		1,133,790		21.25	to	20.16		23,867,458		1.22%		16.02%	to	15.73%
2019		0.00%	to	0.25%		1,200,849		18.31	to	17.42		21,781,509		1.84%		26.71%	to	26.39%
2018		0.00%	to	0.25%		1,298,483		14.45	to	13.78		18,565,042		1.66%		-15.14%	to	-15.35%
2017		0.00%	to	0.25%		1,399,934		17.03	to	16.28		23,603,457		1.58%		30.80%	to	30.48%
2016		0.00%	to	0.25%		1,506,768		13.02	to	12.48		19,431,410		5.11%		-6.71%	to	-6.94%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Service Shares (JAMGS)
2020		0.00%	to	0.25%		1,928,138		21.94	to	21.69		41,970,299		0.00%		19.18%	to	18.89%
2019		0.00%	to	0.25%		1,803,875		18.41	to	18.24		33,015,545		0.05%		35.16%	to	34.82%
2018		0.00%	to	0.25%		1,614,203		13.62	to	13.53		21,901,072		0.13%		-0.66%	to	-0.91%
2017		0.00%	to	0.25%		1,484,183		13.71	to	13.66		20,303,080		0.74%		27.09%	to	26.77%
2016		0.00%	to	0.25%		457,212		10.79	to	10.77		4,926,666		0.40%		7.90%	to	7.72%	****
Janus Aspen Series - Janus Henderson Mid Cap Value Portfolio: Service Shares (JAMVS)
2020		0.20%	to	0.25%		38,491		21.68	to	21.56		834,228		1.06%		-1.41%	to	-1.46%
2019		0.20%	to	0.25%		40,695		21.99	to	21.88		894,638		1.46%		29.79%	to	29.72%
2018		0.20%	to	0.25%		53,472		16.94	to	16.87		905,705		0.83%		-13.99%	to	-14.04%
2017		0.20%	to	0.25%		80,340		19.70	to	19.62		1,582,383		0.65%		13.40%	to	13.35%
2016		0.00%	to	0.25%		82,367		17.60	to	17.31		1,432,096		0.82%		18.76%	to	18.47%
Lazard Retirement Series, Inc. - Lazard Retirement Emerging Markets Equity Portfolio: Service Shares (LZREMS)
2020		0.00%	to	0.25%		1,040,798		12.60	to	12.27		12,882,704		2.51%		-1.27%	to	-1.52%
2019		0.00%	to	0.25%		1,217,379		12.76	to	12.46		15,279,275		0.79%		18.14%	to	17.85%
2018		0.00%	to	0.25%		2,023,340		10.80	to	10.57		21,507,124		1.42%		-18.56%	to	-18.76%
2017		0.00%	to	0.25%		3,009,423		13.27	to	13.01		39,329,049		1.77%		27.82%	to	27.51%
2016		0.00%	to	0.25%		3,028,245		10.38	to	10.21		31,006,169		1.04%		20.78%	to	20.48%
Legg Mason Partners Variable Equity Trust - ClearBridge Variable Small Cap Growth Portfolio: Class I (SBVSG)
2020		0.00%	to	0.25%		625,712		45.95	to	44.45		28,098,311		0.00%		43.26%	to	42.90%
2019		0.00%	to	0.25%		652,734		32.07	to	31.10		20,470,815		0.00%		26.87%	to	26.56%
2018		0.00%	to	0.25%		717,325		25.28	to	24.58		17,759,007		0.00%		3.44%	to	3.18%
2017		0.00%	to	0.25%		602,145		24.44	to	23.82		14,408,860		0.00%		24.26%	to	23.96%
2016		0.00%	to	0.25%		634,718		19.67	to	19.22		12,235,290		0.00%		5.80%	to	5.54%
Lincoln Variable Insurance Products Trust - Baron Growth Opportunities Fund: Service Class (BNCAI)
2020		0.10%	to	0.25%		82,684		83.04	to	80.79		6,747,501		0.00%		33.95%	to	33.75%
2019		0.10%	to	0.25%		103,709		61.99	to	60.40		6,323,881		0.00%		36.25%	to	36.04%
2018		0.20%	to	0.25%		138,622		44.76	to	44.40		6,172,909		0.00%		-4.13%	to	-4.17%
2017		0.00%	to	0.25%		148,839		48.14	to	46.33		6,920,191		0.00%		27.24%	to	26.92%
2016		0.00%	to	0.25%		151,250		37.84	to	36.51		5,538,114		0.42%		5.57%	to	5.31%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Lord Abbett Series Fund, Inc. - Bond Debenture Portfolio: Class VC (LOVBD)
2020		0.00%	to	0.25%		302,161		14.24	to	14.00		4,246,211		3.85%		7.30%	to	7.04%
2019		0.00%	to	0.25%		313,730		13.27	to	13.08		4,106,436		4.58%		13.35%	to	13.07%
2018		0.00%	to	0.25%		260,383		11.71	to	11.57		3,013,495		4.66%		-4.02%	to	-4.26%
2017		0.00%	to	0.25%		248,802		12.20	to	12.09		3,007,551		4.42%		9.21%	to	8.94%
2016		0.20%	to	0.25%		226,991		11.11	to	11.09		2,518,441		5.09%		11.91%	to	11.85%
Lord Abbett Series Fund, Inc. - Mid Cap Stock Portfolio: Class VC (LOVMCV)
2020		0.10%				43		24.67				1,061		0.17%		2.39%
2019		0.00%	to	0.25%		491		24.45	to	23.57		11,919		0.97%		22.64%	to	22.34%
2018		0.00%	to	0.25%		467		19.94	to	19.27		9,231		0.67%		-15.04%	to	-15.25%
2017		0.00%	to	0.25%		497		23.46	to	22.73		11,571		0.25%		6.83%	to	6.56%
2016		0.00%	to	0.25%		5,533		21.96	to	21.33		118,289		0.51%		16.39%	to	16.10%
Lord Abbett Series Fund, Inc. - Short Duration Income Portfolio: Class VC (LOVSDC)
2020		0.00%	to	0.25%		2,143,345		11.37	to	11.24		24,171,910		2.93%		3.13%	to	2.87%
2019		0.00%	to	0.25%		1,956,169		11.03	to	10.93		21,417,644		3.53%		5.06%	to	4.79%
2018		0.00%	to	0.25%		1,808,605		10.50	to	10.43		18,872,525		3.81%		1.15%	to	0.90%
2017		0.20%	to	0.25%		1,393,388		10.35	to	10.34		14,405,924		3.55%		1.99%	to	1.93%
2016		0.20%	to	0.25%		1,181,419		10.14				11,980,773		4.09%		1.44%	to	1.40%	****
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2020		0.00%	to	0.25%		3,073,147		12.26	to	12.09		37,251,155		2.53%		7.43%	to	7.16%
2019		0.00%	to	0.25%		2,753,771		11.41	to	11.28		31,140,927		2.97%		8.41%	to	8.14%
2018		0.00%	to	0.25%		2,164,849		10.53	to	10.43		22,624,297		3.23%		-1.03%	to	-1.27%
2017		0.00%	to	0.25%		1,886,225		10.64	to	10.57		19,954,760		3.01%		3.86%	to	3.61%
2016		0.00%	to	0.25%		1,122,526		10.24	to	10.20		11,458,058		3.23%		4.26%	to	4.00%
MainStay VP Funds Trust - MainStay VP Floating Rate Portfolio: Service Class (MNVFRS)
2020		0.20%				3,986		11.15				44,443		0.38%		11.50%			****
MFS(R) Variable Insurance Trust - MFS Mid Cap Growth Series: Service Class (MMCGSC)
2020		0.00%	to	0.25%		81,625		18.10	to	17.98		1,471,978		0.00%		36.12%	to	35.78%
2019		0.00%	to	0.25%		18,803		13.29	to	13.24		249,236		0.00%		38.28%	to	37.93%
2018		0.00%	to	0.25%		17,017		9.61	to	9.60		163,437		0.00%		-3.86%	to	-4.02%	****
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2020		0.00%				63,827		37.44				2,389,820		0.00%		45.89%
2019		0.00%				56,254		25.67				1,443,769		0.00%		41.70%
2018		0.00%				48,699		18.11				882,052		0.00%		-1.48%
2017		0.00%				28,555		18.38				524,942		0.00%		26.65%
2016		0.00%				23,315		14.51				338,410		0.00%		9.05%
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Service Class (MNDSC)
2020		0.00%	to	0.25%		97,110		36.64	to	35.86		3,526,600		0.00%		45.58%	to	45.22%
2019		0.00%	to	0.25%		32,582		25.17	to	24.69		816,382		0.00%		41.27%	to	40.92%
2018		0.00%	to	0.25%		29,829		17.82	to	17.52		530,286		0.00%		-1.72%	to	-1.96%
2017		0.00%	to	0.25%		32,546		18.13	to	17.87		588,335		0.00%		26.33%	to	26.02%
2016		0.20%	to	0.25%		5,578		14.22	to	14.18		79,121		0.00%		8.58%	to	8.53%
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2020		0.00%				206,954		23.22				4,805,134		0.46%		22.53%
2019		0.00%				230,941		18.95				4,376,288		0.60%		39.95%
2018		0.00%				229,541		13.54				3,108,024		0.58%		0.81%
2017		0.00%				251,410		13.43				3,376,803		0.65%		28.42%
2016		0.00%				271,340		10.46				2,837,846		0.60%		6.08%
MFS(R) Variable Insurance Trust II - MFS Research International Portfolio: Service Class (MV2RIS)
2020		0.00%	to	0.25%		2,635,490		14.33	to	14.12		37,528,717		0.21%		12.71%	to	12.43%
2019		0.00%	to	0.25%		2,182,472		12.71	to	12.56		27,601,876		0.24%		27.67%	to	27.35%
2018		0.00%	to	0.25%		87,513		9.96	to	9.86		865,005		1.28%		-14.32%	to	-14.53%
2017		0.00%	to	0.25%		140,953		11.62	to	11.54		1,628,346		1.07%		27.90%	to	27.58%
2016		0.20%	to	0.25%		287,386		9.05				2,599,441		1.34%		-1.11%	to	-1.16%
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)
2020		0.00%				1,076		13.78				14,823		0.41%		37.76%			****
MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Service Class (MV3MVS)
2020		0.00%	to	0.25%		120,414		11.41	to	11.36		1,369,174		1.33%		3.67%	to	3.41%
2019		0.20%	to	0.25%		902		10.99				9,912		0.00%		9.90%	to	9.86%	****

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
MFS(R) Variable Insurance Trust II - MFS Blended Research(R) Core Equity Portfolio: Service Class (MVBRES)
2020		0.00%	to	0.25%		88,920		19.79	to	19.46		1,738,664		1.11%		15.06%	to	14.77%
2019		0.00%	to	0.25%		144,468		17.20	to	16.96		2,454,672		1.32%		28.87%	to	28.55%
2018		0.20%	to	0.25%		173,610		13.22	to	13.19		2,291,750		1.32%		-8.17%	to	-8.22%
2017		0.20%	to	0.25%		69,728		14.40	to	14.37		1,002,295		1.31%		20.23%	to	20.17%
2016		0.20%	to	0.25%		56,347		11.98	to	11.96		673,978		1.20%		7.96%	to	7.91%
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2020		0.00%				209,472		51.20				10,724,980		1.59%		3.48%
2019		0.00%				230,589		49.48				11,409,669		2.10%		29.80%
2018		0.00%				262,410		38.12				10,003,144		1.49%		-10.09%
2017		0.00%				318,782		42.40				13,515,237		1.92%		17.65%
2016		0.00%				332,771		36.04				11,991,713		2.16%		14.09%
MFS(R) Variable Insurance Trust - MFS Value Series: Service Class (MVFSC)
2020		0.00%	to	0.25%		4,050,767		24.60	to	23.80		97,058,379		1.31%		3.22%	to	2.96%
2019		0.00%	to	0.25%		3,683,177		23.83	to	23.11		85,548,086		1.87%		29.51%	to	29.18%
2018		0.00%	to	0.25%		4,057,097		18.40	to	17.89		72,846,194		1.32%		-10.36%	to	-10.58%
2017		0.00%	to	0.25%		4,097,326		20.53	to	20.01		82,242,780		1.81%		17.35%	to	17.06%
2016		0.00%	to	0.25%		3,786,227		17.49	to	17.09		64,920,421		2.00%		13.78%	to	13.49%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2020		0.00%				23,851		12.70				302,884		1.73%		15.84%
2019		0.00%				11,023		10.96				120,843		0.40%		9.63%			****
MFS(R) Variable Insurance Trust II - MFS International Intrinsic Value Portfolio: Service Class (MVIVSC)
2020		0.00%	to	0.25%		2,828,148		40.23	to	39.08		111,199,442		0.78%		20.21%	to	19.91%
2019		0.00%	to	0.25%		3,016,906		33.47	to	32.59		98,737,788		1.50%		25.65%	to	25.34%
2018		0.00%	to	0.25%		3,148,318		26.64	to	26.00		82,138,111		0.86%		-9.72%	to	-9.95%
2017		0.00%	to	0.25%		3,580,987		29.51	to	28.87		103,804,494		1.35%		26.82%	to	26.50%
2016		0.00%	to	0.25%		3,598,366		23.27	to	22.83		82,415,948		1.15%		3.84%	to	3.58%
MFS(R) Variable Insurance Trust - MFS Total Return Bond Series: Service Class (MVRBSS)
2020		0.00%	to	0.25%		298,146		12.03	to	11.92		3,561,325		2.76%		8.17%	to	7.90%
2019		0.25%				109,591		11.04				1,210,363		1.84%		9.65%
2018		0.25%				23,116		10.07				232,843		2.90%		-1.58%
2017		0.25%				9,484		10.23				97,060		0.00%		2.34%			****
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)
2020		0.00%	to	0.25%		174,553		44.88	to	42.72		7,877,711		4.42%		5.55%	to	5.28%
2019		0.00%	to	0.25%		192,075		42.52	to	40.58		8,154,321		5.29%		14.25%	to	13.97%
2018		0.00%	to	0.25%		207,015		37.22	to	35.61		7,571,021		7.47%		-6.94%	to	-7.18%
2017		0.00%	to	0.25%		524,587		39.99	to	38.36		24,398,279		5.49%		9.71%	to	9.44%
2016		0.00%	to	0.25%		507,033		36.45	to	35.05		21,693,860		6.88%		10.55%	to	10.28%
Morgan Stanley Variable Insurance Fund, Inc. - Growth Portfolio: Class I (MSVEG)
2020		0.00%	to	0.25%		129,598		88.53	to	85.65		11,234,029		0.00%		117.31%	to	116.77%
2019		0.00%	to	0.25%		105,709		40.74	to	39.51		4,212,977		0.00%		31.81%	to	31.48%
2018		0.00%	to	0.25%		70,519		30.91	to	30.05		2,142,311		0.00%		7.54%	to	7.27%
2017		0.00%	to	0.25%		91,342		28.74	to	28.02		2,577,089		0.00%		43.15%	to	42.79%
2016		0.00%	to	0.25%		81,298		20.08	to	19.62		1,601,538		0.00%		-1.64%	to	-1.88%
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)
2020		0.00%				123,213		21.24				2,616,433		2.90%		7.80%
2019		0.00%				115,319		19.70				2,271,641		4.03%		10.88%
2018		0.00%				117,770		17.77				2,092,287		2.53%		-0.65%
2017		0.00%				133,523		17.88				2,387,701		3.17%		6.24%
2016		0.00%				118,983		16.83				2,002,670		2.08%		6.11%
Morgan Stanley Variable Insurance Fund, Inc. - Discovery Portfolio: Class I (MSVMG)
2020		0.00%	to	0.25%		59,566		84.11	to	79.87		4,810,306		0.00%		152.30%	to	151.67%
2019		0.00%	to	0.25%		73,374		33.34	to	31.74		2,355,735		0.00%		40.11%	to	39.76%
2018		0.00%	to	0.25%		168,880		23.79	to	22.71		3,847,166		0.00%		10.65%	to	10.37%
2017		0.00%	to	0.25%		229,681		21.50	to	20.58		4,737,853		0.00%		38.76%	to	38.42%
2016		0.00%	to	0.25%		372,666		15.50	to	14.86		5,557,051		0.00%		-8.78%	to	-9.01%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2020		0.00%	to	0.25%		95,339		51.76	to	47.71		5,211,568		2.41%		-16.85%	to	-17.06%
2019		0.00%	to	0.25%		160,729		62.25	to	57.53		10,593,341		1.85%		18.94%	to	18.64%
2018		0.10%	to	0.25%		174,180		52.34	to	48.49		9,200,872		2.83%		-7.71%	to	-7.95%
2017		0.10%	to	0.25%		288,035		66.09	to	52.67		16,012,798		1.53%		3.01%	to	2.85%
2016		0.10%	to	0.25%		338,494		64.16	to	51.21		18,264,129		1.38%		6.71%	to	6.55%
Morgan Stanley Variable Insurance Fund, Inc. - Global Real Estate Portfolio: Class II (VKVGR2)
2020		0.00%	to	0.25%		394,939		11.90	to	11.52		4,579,745		4.58%		-14.85%	to	-15.06%
2019		0.00%	to	0.25%		421,903		13.98	to	13.56		5,747,394		2.42%		18.06%	to	17.76%
2018		0.00%	to	0.25%		449,700		11.84	to	11.51		5,193,412		3.12%		-8.20%	to	-8.43%
2017		0.00%	to	0.25%		395,703		12.90	to	12.57		4,985,540		2.33%		9.71%	to	9.43%
2016		0.00%	to	0.25%		422,599		11.76	to	11.49		4,870,267		1.40%		3.12%	to	2.86%
Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)
2020		0.00%				13,280		11.26				149,535		2.25%		3.74%
2019		0.00%				12,047		10.85				130,758		5.61%		6.59%
2018		0.00%				252		10.18				2,566		2.69%		1.83%			****
Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)
2020		0.00%	to	0.10%		407,494		37.49	to	30.98		14,694,030		1.79%		3.63%	to	3.53%
2019		0.00%	to	0.10%		419,411		36.18	to	29.93		14,598,789		1.84%		27.31%	to	27.18%
2018		0.00%	to	0.25%		432,609		28.41	to	22.80		11,875,575		1.82%		-7.26%	to	-7.49%
2017		0.00%	to	0.25%		422,158		30.64	to	24.65		12,592,208		3.11%		18.00%	to	17.70%
2016		0.00%	to	0.25%		449,740		25.97	to	20.94		11,423,040		2.70%		17.89%	to	17.59%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2020		0.00%	to	0.25%		5,067,964		25.53	to	20.67		115,933,592		2.07%		6.08%	to	5.82%
2019		0.00%	to	0.25%		6,370,399		24.07	to	19.53		137,541,891		2.47%		6.27%	to	6.00%
2018		0.00%	to	0.25%		3,491,610		22.65	to	18.43		70,324,102		2.63%		-0.05%	to	-0.30%
2017		0.00%	to	0.25%		2,620,662		22.66	to	18.48		52,579,295		2.14%		2.08%	to	1.83%
2016		0.00%	to	0.25%		2,681,148		22.20	to	18.15		53,132,962		1.93%		0.74%	to	0.49%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2020		0.00%	to	0.25%		390,436		37.72	to	35.86		14,598,254		1.91%		13.30%	to	13.02%
2019		0.00%	to	0.25%		459,444		33.29	to	31.73		15,137,344		2.40%		22.95%	to	22.64%
2018		0.00%	to	0.25%		532,915		27.08	to	25.87		14,229,176		0.68%		-17.42%	to	-17.62%
2017		0.00%	to	0.25%		564,747		32.79	to	31.40		18,301,969		1.42%		41.50%	to	41.15%
2016		0.00%	to	0.25%		533,999		23.17	to	22.25		12,233,957		0.82%		7.72%	to	7.45%
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2020		0.00%	to	0.25%		742,550		22.69	to	21.57		16,641,951		1.15%		7.95%	to	7.68%
2019		0.00%	to	0.25%		882,785		21.02	to	20.03		18,303,355		2.57%		19.12%	to	18.82%
2018		0.00%	to	0.25%		959,672		17.65	to	16.86		16,670,300		2.05%		-14.53%	to	-14.75%
2017		0.00%	to	0.25%		945,696		20.65	to	19.78		19,235,070		1.80%		27.45%	to	27.13%
2016		0.00%	to	0.25%		1,036,347		16.20	to	15.55		16,611,416		2.14%		0.87%	to	0.62%
Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)
2020		0.00%				464,253		26.94				12,507,621		1.56%		12.00%
2019		0.00%				562,207		24.06				13,524,090		1.66%		20.78%
2018		0.00%				565,512		19.92				11,262,919		1.19%		-4.98%
2017		0.00%				597,989		20.96				12,533,765		1.14%		15.79%
2016		0.00%				511,729		18.10				9,262,950		1.92%		9.00%
Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)
2020		0.00%				121,550		16.42				1,996,303		2.44%		9.21%
2019		0.00%				117,649		15.04				1,769,359		1.93%		8.98%
2018		0.00%				109,099		13.80				1,505,534		2.41%		-1.07%
2017		0.00%				93,773		13.95				1,308,080		1.22%		3.21%
2016		0.00%				101,604		13.52				1,373,217		2.37%		2.65%
Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)
2020		0.00%				286,326		38.57				11,043,235		0.65%		29.93%
2019		0.00%				315,449		29.68				9,363,899		0.65%		34.78%
2018		0.00%				360,690		22.02				7,944,061		0.23%		-9.42%
2017		0.00%				374,171		24.32				9,098,183		0.70%		30.97%
2016		0.00%				393,395		18.57				7,303,931		1.45%		0.19%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)
2020		0.00%				174,770		28.37				4,957,599		1.61%		13.08%
2019		0.00%				192,818		25.09				4,836,973		1.34%		25.67%
2018		0.00%				192,213		19.96				3,836,977		1.02%		-2.18%
2017		0.00%				187,941		20.41				3,835,490		1.40%		21.93%
2016		0.00%				195,828		16.74				3,277,768		1.12%		11.09%
Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)
2020		0.00%				401,826		48.38				19,440,206		0.69%		51.49%
2019		0.00%				400,269		31.93				12,782,566		0.34%		30.29%
2018		0.00%				456,682		24.51				11,193,967		0.31%		-0.66%
2017		0.00%				481,969		24.67				11,891,807		0.31%		27.80%
2016		0.00%				505,916		19.31				9,767,654		0.22%		9.06%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2020		0.00%	to	0.25%		3,367,702		35.08	to	33.46		116,794,221		0.22%		12.33%	to	12.05%
2019		0.00%	to	0.25%		3,434,675		31.23	to	29.86		106,181,074		2.12%		21.83%	to	21.52%
2018		0.00%	to	0.25%		3,530,534		25.64	to	24.57		89,703,320		1.62%		-7.73%	to	-7.96%
2017		0.00%	to	0.25%		3,649,477		27.78	to	26.70		100,601,959		1.65%		16.68%	to	16.39%
2016		0.00%	to	0.25%		3,657,818		23.81	to	22.94		86,550,055		1.78%		8.48%	to	8.21%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2020		0.00%	to	0.25%		908,828		25.99	to	24.79		23,247,069		0.14%		8.55%	to	8.28%
2019		0.00%	to	0.25%		920,683		23.94	to	22.89		21,791,562		2.50%		13.48%	to	13.20%
2018		0.00%	to	0.25%		780,720		21.10	to	20.22		16,309,541		1.94%		-3.73%	to	-3.97%
2017		0.00%	to	0.25%		807,105		21.91	to	21.06		17,560,149		1.86%		9.21%	to	8.94%
2016		0.00%	to	0.25%		847,141		20.07	to	19.33		16,894,695		2.02%		5.70%	to	5.44%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2020		0.00%				399,563		27.24				10,882,142		2.17%		34.11%
2019		0.00%				324,557		23.04				7,478,746		2.18%		31.16%
2018		0.00%				346,411		17.57				6,086,140		1.78%		-4.62%
2017		0.00%				349,606		18.42				6,439,645		1.82%		21.53%
2016		0.00%				333,583		15.16				5,056,016		2.31%		11.66%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2020		0.00%	to	0.25%		1,229,338		37.45	to	35.72		45,170,734		0.22%		12.82%	to	12.53%
2019		0.00%	to	0.25%		1,302,019		33.20	to	31.74		42,423,465		2.07%		23.73%	to	23.42%
2018		0.00%	to	0.25%		1,291,051		26.83	to	25.72		34,020,063		1.51%		-8.85%	to	-9.08%
2017		0.00%	to	0.25%		1,324,607		29.44	to	28.29		38,390,868		1.77%		18.43%	to	18.13%
2016		0.00%	to	0.25%		940,743		24.86	to	23.95		23,255,440		1.68%		9.47%	to	9.19%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2020		0.00%	to	0.25%		804,039		21.29	to	20.31		16,784,610		0.10%		6.71%	to	6.45%
2019		0.00%	to	0.25%		728,384		19.95	to	19.08		14,277,476		2.19%		9.53%	to	9.26%
2018		0.00%	to	0.25%		714,180		18.21	to	17.46		12,796,172		1.98%		-1.80%	to	-2.05%
2017		0.00%	to	0.25%		734,293		18.55	to	17.82		13,438,074		2.07%		5.68%	to	5.42%
2016		0.00%	to	0.25%		799,851		17.55	to	16.91		13,812,389		2.24%		4.26%	to	4.00%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2020		0.00%	to	0.25%		2,723,052		30.36	to	28.95		81,778,533		0.14%		10.34%	to	10.07%
2019		0.00%	to	0.25%		2,741,076		27.51	to	26.30		74,720,712		2.15%		17.74%	to	17.45%
2018		0.00%	to	0.25%		2,908,368		23.36	to	22.40		67,402,444		1.92%		-5.68%	to	-5.92%
2017		0.00%	to	0.25%		2,859,045		24.77	to	23.80		70,381,426		1.81%		12.93%	to	12.65%
2016		0.00%	to	0.25%		2,881,380		21.94	to	21.13		62,909,448		1.83%		7.14%	to	6.88%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2020		0.00%				301,847		13.04				3,935,044		2.48%		7.34%
2019		0.00%				249,031		12.15				3,024,582		3.42%		21.42%
2018		0.00%				230,301		10.00				2,303,744		2.48%		-13.90%
2017		0.00%				232,560		11.62				2,701,863		2.67%		24.56%
2016		0.00%	to	0.25%		247,534		9.33	to	9.10		2,308,841		2.46%		0.75%	to	0.50%
Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)
2020		0.00%	to	0.25%		608,701		36.85	to	36.05		22,064,177		5.31%		6.02%	to	5.75%
2019		0.00%	to	0.25%		689,566		34.76	to	34.09		23,640,241		5.42%		14.74%	to	14.45%
2018		0.00%	to	0.25%		798,649		30.29	to	29.78		23,884,052		6.16%		-3.00%	to	-3.24%
2017		0.00%	to	0.25%		760,714		31.23	to	30.78		23,508,545		5.56%		6.76%	to	6.49%
2016		0.00%	to	0.25%		764,369		29.25	to	28.90		22,163,019		5.76%		14.16%	to	13.87%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)
2020		0.00%				1,075		14.24				15,308		0.11%		6.59%
2019		0.00%				1,464		13.36				19,559		1.95%		15.52%
2018		0.00%				2,366		11.56				27,362		1.96%		-5.82%
2017		0.00%				3,468		12.28				42,586		3.31%		17.23%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)
2020		0.00%				628		13.45				8,449		0.13%		4.83%
2019		0.00%				599		12.83				7,688		2.77%		13.37%
2017		0.00%				7		11.96				84		1.18%		14.30%
2016		0.00%				77		10.47				806		12.37%		5.94%
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)
2020		0.00%	to	0.25%		1,913,851		83.25	to	55.06		123,638,238		1.19%		13.11%	to	12.83%
2019		0.00%	to	0.25%		2,062,940		73.60	to	48.80		117,003,328		1.37%		25.65%	to	25.34%
2018		0.00%	to	0.25%		2,209,081		58.57	to	38.94		98,969,534		1.32%		-11.38%	to	-11.61%
2017		0.00%	to	0.25%		2,365,493		66.10	to	44.05		120,817,110		1.08%		15.78%	to	15.49%
2016		0.00%	to	0.25%		2,420,022		57.09	to	38.14		107,613,758		1.29%		20.29%	to	19.99%
Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)
2020		0.00%	to	0.25%		379,111		28.36	to	25.34		10,564,120		3.47%		4.06%	to	3.80%
2019		0.00%	to	0.25%		416,531		27.26	to	24.41		11,150,443		4.93%		9.17%	to	8.90%
2018		0.00%	to	0.25%		456,560		24.97	to	22.42		11,082,366		2.78%		-2.34%	to	-2.59%
2017		0.00%	to	0.25%		481,385		25.57	to	23.01		12,023,718		4.65%		6.33%	to	6.07%
2016		0.00%	to	0.25%		505,737		24.04	to	21.70		11,910,627		3.30%		8.65%	to	8.38%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)
2020		0.00%				6,632		13.99				92,776		0.94%		7.53%
2019		0.00%				9,171		13.01				119,305		2.87%		15.59%
2018		0.00%				7,902		11.25				88,929		2.72%		-6.79%
2017		0.00%				4,793		12.07				57,867		1.81%		17.98%
2016		0.00%				4,715		10.23				48,251		3.18%		6.40%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)
2020		0.00%				1,449		13.27				19,227		0.62%		5.32%
2019		0.00%				385		12.60				4,850		1.59%		14.05%
2017		0.00%				8		11.85				95		1.12%		14.96%
2016		0.00%				78		10.31				804		0.88%		5.74%
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class II (NJMMA2)
2020		0.25%				5,403		10.18				55,000		0.45%		1.26%			****
Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)
2020		0.00%				76,088		10.26				780,459		0.00%		7.42%			****
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2020		0.00%				990,802		35.92				35,592,148		1.63%		1.49%
2019		0.00%				1,163,109		35.39				41,167,002		2.68%		26.95%
2018		0.00%				1,267,871		27.88				35,347,777		1.42%		-9.35%
2017		0.00%				1,357,653		30.75				41,754,065		1.69%		8.67%
2016		0.00%				1,455,365		28.30				41,186,313		2.38%		20.44%
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)
2020		0.00%	to	0.25%		1,715,353		11.86	to	11.85		20,332,539		1.38%		18.55%	to	18.46%	****
Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)
2020		0.00%	to	0.25%		30,603,276		12.57	to	12.36		381,622,725		2.21%		7.20%	to	6.93%
2019		0.00%	to	0.25%		22,483,412		11.72	to	11.56		302,908,062		3.06%		8.40%	to	8.13%
2018		0.00%	to	0.25%		16,799,978		10.81	to	10.69		180,438,802		2.58%		-0.36%	to	-0.61%
2017		0.00%	to	0.25%		16,764,981		10.85	to	10.75		181,026,501		3.00%		3.12%	to	2.86%
2016		0.00%	to	0.25%		9,423,378		10.53	to	10.46		98,726,317		2.31%		2.26%	to	2.01%
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2020		0.00%				214,351		17.38				3,724,668		3.03%		7.01%
2019		0.00%				160,810		16.24				2,611,223		3.18%		8.94%
2018		0.00%				136,733		14.91				2,038,006		3.51%		-0.42%
2017		0.00%				126,280		14.97				1,890,127		3.21%		4.40%
2016		0.00%				115,114		14.34				1,650,436		3.79%		5.35%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2020		0.00%	to	0.25%		207,791		21.55	to	28.56		4,477,882		0.97%		11.67%	to	11.39%
2019		0.00%	to	0.25%		209,609		19.30	to	25.64		4,056,901		2.90%		20.22%	to	19.92%
2018		0.00%	to	0.25%		264,163		16.05	to	21.38		4,249,918		2.03%		-8.04%	to	-8.27%
2017		0.00%	to	0.25%		352,112		17.46	to	23.31		6,176,724		1.63%		16.01%	to	15.72%
2016		0.00%	to	0.25%		414,927		15.05	to	20.14		6,261,130		2.87%		7.32%	to	7.05%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2020		0.00%	to	0.25%		251,827		16.90	to	17.52		4,303,945		0.26%		7.69%	to	7.42%
2019		0.00%	to	0.25%		189,973		15.69	to	16.31		2,997,897		3.06%		10.77%	to	10.50%
2018		0.00%	to	0.25%		167,055		14.17	to	14.76		2,377,843		2.02%		-2.51%	to	-2.75%
2017		0.00%	to	0.25%		259,595		14.53	to	15.17		3,788,844		2.12%		6.35%	to	6.09%
2016		0.00%	to	0.25%		290,101		13.66	to	14.30		3,980,590		2.61%		4.81%	to	4.55%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2020		0.00%	to	0.25%		347,046		22.06	to	30.87		7,741,165		1.11%		12.36%	to	12.08%
2019		0.00%	to	0.25%		360,913		19.63	to	27.54		7,167,318		2.97%		22.32%	to	22.02%
2018		0.00%	to	0.25%		383,832		16.05	to	22.57		6,255,071		2.04%		-9.39%	to	-9.62%
2017		0.00%	to	0.25%		445,041		17.71	to	24.97		8,032,341		1.63%		18.16%	to	17.86%
2016		0.00%	to	0.25%		448,324		14.99	to	21.19		6,816,853		2.72%		7.69%	to	7.42%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2020		0.00%	to	0.25%		151,817		18.86	to	21.46		2,877,906		0.55%		9.15%	to	8.88%
2019		0.00%	to	0.25%		133,143		17.28	to	19.71		2,325,027		2.90%		14.28%	to	13.99%
2018		0.00%	to	0.25%		152,838		15.12	to	17.29		2,332,907		1.78%		-4.68%	to	-4.92%
2017		0.00%	to	0.25%		266,273		15.87	to	18.19		4,259,683		1.89%		10.08%	to	9.80%
2016		0.00%	to	0.25%		300,175		14.41	to	16.56		4,358,449		2.66%		5.99%	to	5.73%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2020		0.00%	to	0.25%		396,875		20.68	to	26.00		8,530,891		0.86%		10.77%	to	10.49%
2019		0.00%	to	0.25%		388,182		18.67	to	23.53		7,459,140		2.94%		18.32%	to	18.03%
2018		0.00%	to	0.25%		375,704		15.78	to	19.94		6,023,849		2.20%		-7.07%	to	-7.30%
2017		0.00%	to	0.25%		380,324		16.98	to	21.51		6,483,856		1.79%		14.05%	to	13.77%
2016		0.00%	to	0.25%		463,170		14.89	to	18.91		6,922,714		2.75%		6.82%	to	6.55%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2020		0.00%	to	0.25%		143,568		22.52	to	34.14		3,304,285		1.16%		12.74%	to	12.46%
2019		0.00%	to	0.25%		149,689		19.98	to	30.36		3,045,331		2.84%		24.15%	to	23.84%
2018		0.00%	to	0.25%		190,615		16.09	to	24.51		3,108,220		1.88%		-10.72%	to	-10.95%
2017		0.00%	to	0.25%		256,531		18.03	to	27.53		4,685,958		1.35%		19.99%	to	19.69%
2016		0.00%	to	0.25%		257,360		15.02	to	23.00		3,902,437		2.47%		8.33%	to	8.06%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2020		0.00%	to	0.25%		319,255		19.69	to	23.52		6,423,916		0.66%		9.71%	to	9.44%
2019		0.00%	to	0.25%		362,954		17.95	to	21.50		6,599,413		2.84%		16.29%	to	16.00%
2018		0.00%	to	0.25%		391,200		15.44	to	18.53		6,082,785		1.65%		-6.04%	to	-6.28%
2017		0.00%	to	0.25%		1,908,299		16.43	to	19.77		36,270,215		0.60%		12.01%	to	11.73%
2016		0.00%	to	0.25%		10,166,375		14.67	to	17.70		179,948,748		2.76%		6.28%	to	6.02%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)
2020		0.00%				91,064		23.69				2,157,666		0.13%		9.41%
2019		0.00%				88,203		21.66				1,910,205		2.32%		15.34%
2018		0.00%				85,642		18.78				1,608,052		1.94%		-4.85%
2017		0.00%				88,042		19.73				1,737,360		1.86%		11.13%
2016		0.00%				89,591		17.76				1,590,862		1.94%		6.30%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2020		0.00%				27,253		29.45				802,530		0.18%		11.62%
2019		0.00%				30,410		26.38				802,282		2.09%		19.94%
2018		0.00%				32,130		22.00				706,736		1.74%		-6.47%
2017		0.00%				34,138		23.52				802,848		1.66%		14.81%
2016		0.00%				37,033		20.48				758,600		1.87%		7.74%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2020		0.00%				14,775		10.82				159,917		0.00%		8.24%			****
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)
2020		0.00%				22,193		11.32				251,187		1.49%		7.12%
2019		0.00%				11,457		10.57				121,050		1.08%		5.66%			****

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)
2020		0.00%				3,002		12.58				37,771		1.68%		15.76%
2019		0.00%				1,703		10.87				18,510		0.58%		8.69%			****
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)
2020		0.00%				98,504		10.72				1,056,414		0.00%		7.25%			****
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class II (NVIE6)
2020		0.00%				16,029		13.17				211,067		0.98%		7.69%
2019		0.00%				16,404		12.23				200,590		2.30%		18.91%
2018		0.00%				18,710		10.28				192,399		1.82%		-14.80%
2017		0.00%				19,184		12.07				231,546		1.53%		27.07%
2016		0.00%				19,769		9.50				187,771		1.93%		0.63%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)
2020		0.00%	to	0.25%		2,414,969		12.96	to	12.75		30,959,979		2.52%		7.53%	to	7.27%
2019		0.00%	to	0.25%		2,374,544		12.05	to	11.88		28,315,323		3.43%		21.77%	to	21.46%
2018		0.00%	to	0.25%		2,384,652		9.90	to	9.78		23,397,777		2.12%		-13.81%	to	-14.03%
2017		0.00%	to	0.25%		3,314,850		11.48	to	11.38		37,811,091		3.00%		24.88%	to	24.57%
2016		0.00%	to	0.25%		2,805,657		9.19	to	9.13		25,664,925		3.07%		0.92%	to	0.67%
Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)
2020		0.00%				120,503		18.90				2,277,107		3.04%		9.31%
2019		0.00%				117,469		17.29				2,030,781		3.22%		9.89%
2018		0.00%				127,441		15.73				2,004,980		2.77%		-1.20%
2017		0.00%				122,014		15.92				1,942,992		2.32%		3.94%
2016		0.00%				145,090		15.32				2,222,841		2.98%		3.70%
Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)
2020		0.00%				1,114,827		20.16				22,475,770		0.98%		51.04%
2019		0.00%				1,200,666		13.35				16,026,199		1.23%		33.15%
2018		0.00%				1,318,529		10.02				13,217,896		1.09%		-16.46%
2017		0.00%				1,364,483		12.00				16,373,011		1.23%		25.77%
2016		0.00%				1,476,548		9.54				14,087,207		1.44%		-2.12%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2020		0.00%				428,631		11.78				5,050,061		0.00%		17.82%			****
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)
2020		0.00%	to	0.25%		487,140		36.33	to	35.20		17,642,372		0.00%		30.09%	to	29.77%
2019		0.00%	to	0.25%		542,567		27.93	to	27.12		15,086,794		4.06%		30.53%	to	30.20%
2018		0.00%	to	0.25%		606,571		21.39	to	20.83		12,927,838		0.31%		-3.08%	to	-3.32%
2017		0.00%	to	0.25%		624,433		22.07	to	21.55		13,741,353		0.35%		30.20%	to	29.88%
2016		0.00%	to	0.25%		702,223		16.95	to	16.59		11,876,806		0.89%		2.19%	to	1.94%
Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)
2020		0.00%	to	0.25%		1,518,258		44.97	to	43.57		68,167,277		0.00%		60.90%	to	60.50%
2019		0.00%	to	0.25%		1,543,482		27.95	to	27.14		43,080,056		0.00%		37.25%	to	36.91%
2018		0.00%	to	0.25%		1,712,714		20.36	to	19.83		34,827,130		0.00%		-6.85%	to	-7.08%
2017		0.00%	to	0.25%		1,786,642		21.86	to	21.34		39,018,652		0.00%		27.74%	to	27.42%
2016		0.00%	to	0.25%		2,572,757		17.11	to	16.75		43,899,908		0.00%		6.47%	to	6.20%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class I (NVMMV1)
2020		0.00%	to	0.25%		302,109		26.78	to	25.94		8,001,705		2.18%		-1.07%	to	-1.32%
2019		0.00%	to	0.25%		326,265		27.07	to	26.29		8,745,468		2.38%		23.97%	to	23.66%
2018		0.00%	to	0.25%		338,667		21.83	to	21.26		7,329,003		1.30%		-13.12%	to	-13.33%
2017		0.00%	to	0.25%		321,257		25.13	to	24.53		8,020,943		1.93%		13.95%	to	13.66%
2016		0.00%	to	0.25%		60,062		22.05	to	21.58		1,306,453		1.61%		17.72%	to	17.43%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2020		0.00%				464,832		26.31				12,228,172		2.08%		-1.14%
2019		0.00%				500,340		26.61				13,314,607		2.25%		23.85%
2018		0.00%				539,003		21.49				11,581,733		1.06%		-13.15%
2017		0.00%				595,604		24.74				14,736,438		1.10%		13.84%
2016		0.00%				655,772		21.73				14,252,796		1.41%		17.59%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)
2020		0.00%				682,660		28.22				19,262,259		0.43%		13.55%
2019		0.00%				744,674		24.85				18,504,708		0.66%		28.07%
2018		0.00%				777,174		19.40				15,079,331		0.54%		-4.76%
2017		0.00%				885,441		20.37				18,039,591		0.52%		24.85%
2016		0.00%				970,413		16.32				15,835,198		0.80%		13.60%
Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)
2020		0.00%				6,143		29.15				179,085		0.72%		13.36%
2019		0.00%				8,372		25.72				215,301		0.81%		26.01%
2018		0.00%	to	0.25%		10,147		20.41	to	12.03		206,797		0.66%		-5.79%	to	-6.03%
2017		0.00%				10,377		21.66				224,801		0.54%		18.62%
2016		0.00%				13,923		18.26				254,278		0.79%		10.11%
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2020		0.00%	to	0.20%		3,865,693		54.92	to	21.16		207,291,349		1.36%		18.90%	to	18.66%
2019		0.00%	to	0.25%		4,099,182		46.19	to	17.80		186,532,170		1.73%		37.62%	to	37.27%
2018		0.00%	to	0.25%		4,451,457		33.57	to	12.97		146,879,969		0.78%		-1.27%	to	-1.52%
2017		0.00%	to	0.25%		4,775,384		34.00	to	13.17		160,027,861		0.48%		27.31%	to	26.99%
2016		0.00%	to	0.25%		5,059,454		26.71	to	10.37		135,005,393		0.76%		3.63%	to	3.68%	****
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2020		0.00%	to	0.25%		1,317,987		20.25	to	39.46		29,813,361		1.55%		-5.39%	to	-5.62%
2019		0.00%	to	0.25%		1,372,936		21.40	to	41.81		32,551,143		1.72%		30.70%	to	30.38%
2018		0.00%	to	0.25%		1,473,675		16.37	to	32.07		27,139,310		1.82%		-3.92%	to	-4.16%
2017		0.00%	to	0.25%		1,662,999		17.04	to	33.46		32,188,831		2.18%		6.50%	to	6.23%
2016		0.00%	to	0.25%		1,769,718		16.00	to	31.50		32,029,409		2.01%		7.35%	to	7.08%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2020		0.00%	to	0.25%		67,904		23.00	to	15.76		1,557,624		1.01%		57.85%	to	57.59%
2019		0.00%				57,737		19.28				1,113,172		0.94%		24.96%
2018		0.00%				65,783		15.43				1,014,967		1.23%		-11.34%
2017		0.00%				55,447		17.40				964,941		0.89%		14.18%
2016		0.00%				60,309		15.24				919,207		1.37%		20.87%
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class I (NVSTB1)
2020		0.00%	to	0.25%		2,453,534		13.33	to	12.92		32,108,328		2.50%		3.20%	to	2.95%
2019		0.00%	to	0.25%		8,069,491		12.92	to	12.55		102,835,231		2.57%		4.33%	to	4.07%
2018		0.00%	to	0.25%		6,606,604		12.38	to	12.06		80,692,065		3.17%		0.98%	to	0.73%
2017		0.00%	to	0.25%		3,643,728		12.26	to	11.97		44,065,574		2.28%		1.95%	to	1.70%
2016		0.00%	to	0.25%		2,715,651		12.03	to	11.77		32,219,057		2.63%		2.75%	to	2.49%
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)
2020		0.00%				251,284		12.88				3,237,618		1.66%		2.83%
2019		0.00%				234,739		12.53				2,941,158		2.37%		4.09%
2018		0.00%				223,003		12.04				2,684,401		2.79%		0.82%
2017		0.00%				135,228		11.94				1,614,564		1.87%		1.58%
2016		0.00%				103,139		11.75				1,212,293		1.48%		2.49%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2020		0.00%				43,970		19.04				837,364		1.40%		5.18%
2019		0.00%				60,476		18.11				1,094,990		2.48%		12.49%
2018		0.00%				62,918		16.10				1,012,749		2.00%		-15.69%
2017		0.00%				60,833		19.09				1,161,395		2.42%		22.72%
2016		0.00%				36,585		15.56				569,167		2.03%		1.12%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2020		0.00%	to	0.10%		2,592,546		14.85	to	13.65		38,495,066		0.24%		0.24%	to	0.14%
2019		0.00%	to	0.25%		2,945,259		14.81	to	12.13		43,621,222		1.77%		1.78%	to	1.53%
2018		0.00%	to	0.25%		3,087,242		14.55	to	11.95		44,916,430		1.39%		1.39%	to	1.14%
2017		0.00%	to	0.25%		2,720,878		14.35	to	11.81		39,022,347		0.42%		0.42%	to	0.17%
2016		0.00%	to	0.25%		3,214,145		14.29	to	11.79		45,893,151		0.01%		0.01%	to	-0.24%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class V (SAM5)
2020		0.00%	to	0.25%		19,122,843		12.21	to	11.67		225,619,161		0.26%		0.26%	to	0.01%
2019		0.00%	to	0.25%		18,952,580		12.18	to	11.67		223,665,269		1.83%		1.83%	to	1.58%
2018		0.00%	to	0.25%		15,777,823		11.96	to	11.48		182,989,302		1.43%		1.44%	to	1.19%
2017		0.00%	to	0.25%		15,049,008		11.79	to	11.35		172,496,303		0.47%		0.47%	to	0.22%
2016		0.00%	to	0.25%		13,128,527		11.73	to	11.33		149,888,173		0.03%		0.03%	to	-0.22%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*						Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**			Total Return***
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2020		0.00	%	to	0.25	%		712,462		78.70	to	51.56		49,314,100		0.02	%		22.69	%	to	22.38	%
2019		0.00	%	to	0.25	%		795,273		64.14	to	42.13		44,132,344		0.07	%		25.65	%	to	25.33	%
2018		0.00	%	to	0.25	%		916,577		51.05	to	33.61		39,442,351		0.01	%		-12.63	%	to	-12.85	%
2017		0.00	%	to	0.25	%		970,377		58.43	to	38.57		48,099,161		0.00	%		13.49	%	to	13.20	%
2016		0.00	%	to	0.25	%		1,059,980		51.49	to	34.07		46,370,729		0.33	%		22.83	%	to	22.53	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2020		0.00	%	to	0.25	%		530,757		65.51	to	62.06		34,251,785		0.00	%		40.89	%	to	40.54	%
2019		0.00	%	to	0.25	%		578,711		46.50	to	44.16		26,525,233		0.00	%		35.71	%	to	35.37	%
2018		0.00	%	to	0.25	%		622,751		34.26	to	32.62		21,042,841		0.00	%		-7.94	%	to	-8.17	%
2017		0.00	%	to	0.25	%		634,458		37.22	to	35.52		23,303,149		0.00	%		24.92	%	to	24.61	%
2016		0.00	%	to	0.25	%		614,860		29.79	to	28.50		18,116,126		0.00	%		8.30	%	to	8.04	%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2020		0.00	%	to	0.25	%		581,640		66.62	to	49.44		37,873,821		0.08	%		5.15	%	to	4.89	%
2019		0.00	%	to	0.25	%		605,244		63.35	to	47.13		37,374,355		1.06	%		19.00	%	to	18.70	%
2018		0.00	%	to	0.25	%		666,577		53.24	to	39.71		34,101,799		0.68	%		-16.95	%	to	-17.16	%
2017		0.00	%	to	0.25	%		717,085		64.11	to	47.93		44,148,210		0.51	%		9.06	%	to	8.79	%
2016		0.00	%	to	0.25	%		778,121		58.78	to	44.06		43,757,132		0.64	%		25.93	%	to	25.62	%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2020		0.00	%	to	0.25	%		1,058,400		45.43	to	35.17		48,008,857		1.08	%		10.35	%	to	10.08	%
2019		0.00	%	to	0.25	%		2,069,600		41.17	to	31.95		77,888,080		0.77	%		29.31	%	to	28.98	%
2018		0.00	%	to	0.25	%		4,994,776		31.84	to	24.77		136,447,001		1.08	%		0.00	%	to	-0.25	%
2017		0.00	%	to	0.25	%		5,166,790		31.84	to	24.84		141,543,651		0.98	%		20.52	%	to	20.22	%
2016		0.00	%	to	0.25	%		5,801,396		26.42	to	20.66		131,664,747		1.45	%		11.39	%	to	11.11	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)
2020		0.00	%	to	0.25	%		40,347		89.81	to	45.99		1,865,369		0.00	%		39.98	%	to	39.63	%
2019		0.00	%	to	0.25	%		58,523		64.16	to	32.94		2,027,969		0.00	%		32.75	%	to	32.42	%
2018		0.00	%	to	0.25	%		73,877		48.33	to	24.87		1,838,116		0.00	%		-6.40	%	to	-6.64	%
2017		0.00	%	to	0.25	%		79,235		51.64	to	26.64		2,111,578		0.00	%		25.29	%	to	24.98	%
2016		0.00	%	to	0.25	%		88,094		41.22	to	21.32		1,878,424		0.00	%		4.40	%	to	4.14	%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)
2020		0.00	%					51,504		21.54				1,109,490		0.00	%		39.71	%
2019		0.00	%					75,744		15.42				1,167,896		0.00	%		32.48	%
2018		0.00	%					66,658		11.64				775,808		0.00	%		-6.56	%
2017		0.00	%					88,306		12.46				1,099,883		0.00	%		24.56	%
2016		0.00	%					102,493		10.00				1,024,861		0.00	%		4.16	%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: I Class Shares (AMRI)
2020		0.00	%	to	0.10	%		1,350		21.46	to	21.15		28,716		1.05	%		-2.62	%	to	-2.72	%
2019		0.00	%	to	0.20	%		1,756		22.04	to	21.44		38,226		0.51	%		16.74	%	to	16.51	%
2018		0.00	%	to	0.25	%		122,620		18.88	to	18.29		2,244,041		0.60	%		-15.28	%	to	-15.49	%
2017		0.00	%	to	0.25	%		196,232		22.28	to	21.64		4,248,282		0.79	%		16.74	%	to	16.44	%
2016		0.00	%	to	0.25	%		301,368		19.09	to	18.58		5,601,936		0.67	%		16.17	%	to	15.88	%
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2020		0.00	%	to	0.25	%		49,461		53.80	to	51.48		2,659,925		0.56	%		19.56	%	to	19.26	%
2019		0.00	%	to	0.25	%		73,644		45.00	to	43.16		3,295,233		0.44	%		25.88	%	to	25.57	%
2018		0.00	%					56,641		35.75				2,024,700		0.48	%		-5.73	%
2017		0.00	%					62,085		37.92				2,354,080		0.52	%		18.43	%
2016		0.00	%					63,947		32.02				2,047,381		0.70	%		9.86	%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)
2020		0.00	%					207,597		13.71				2,846,187		2.33	%		3.46	%
2019		0.00	%					218,350		13.25				2,893,560		2.01	%		3.69	%
2018		0.00	%					217,249		12.78				2,776,608		1.59	%		1.02	%
2017		0.00	%					228,876		12.65				2,895,650		1.31	%		0.89	%
2016		0.00	%					315,280		12.54				3,953,563		1.14	%		1.22	%
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2020		0.00	%					3,627		13.51				49,013		2.18	%		5.66	%
2019		0.00	%					3,618		12.79				46,272		2.19	%		14.48	%
2018		0.00	%					3,588		11.17				40,083		1.64	%		-6.15	%
2017		0.00	%					3,552		11.90				42,281		1.52	%		10.58	%
2016		0.00	%					3,491		10.76				37,578		1.34	%		6.02	%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*						Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**			Total Return***
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2020		0.00	%					3,591		13.93				50,011		2.07	%		5.18	%
2019		0.00	%					3,493		13.24				46,251		1.88	%		16.93	%
2018		0.00	%					3,413		11.32				38,647		1.54	%		-8.84	%
2017		0.00	%					2,874		12.42				35,698		1.59	%		17.45	%
2016		0.00	%					2,939		10.58				31,081		1.58	%		5.51	%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2020		0.00	%					10,474		14.10				147,710		1.93	%		5.90	%
2019		0.00	%					4,296		13.32				57,210		2.09	%		16.16	%
2018		0.00	%					4,454		11.46				51,061		1.60	%		-7.38	%
2017		0.00	%					4,249		12.38				52,590		1.60	%		13.83	%
2016		0.00	%					4,003		10.87				43,524		1.90	%		6.14	%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2020		0.00	%	to	0.25	%		214,380		24.65	to	23.64		5,194,505		5.47	%		8.01	%	to	7.74	%
2019		0.00	%	to	0.25	%		675,872		22.82	to	21.94		14,999,803		2.81	%		11.90	%	to	11.62	%
2018		0.00	%	to	0.25	%		1,106,937		20.39	to	19.66		21,946,729		3.18	%		-5.41	%	to	-5.64	%
2017		0.00	%	to	0.25	%		1,251,381		21.56	to	20.83		26,275,407		4.77	%		13.54	%	to	13.26	%
2016		0.00	%	to	0.25	%		1,190,145		18.99	to	18.39		22,052,007		2.69	%		12.93	%	to	12.65	%
PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)
2020		0.00	%	to	0.25	%		104,814		15.70	to	15.21		1,623,712		5.60	%		10.77	%	to	10.50	%
2019		0.00	%	to	0.25	%		114,171		14.18	to	13.77		1,592,948		2.03	%		7.02	%	to	6.76	%
2018		0.00	%	to	0.25	%		121,129		13.25	to	12.90		1,579,260		5.27	%		-3.98	%	to	-4.22	%
2017		0.00	%	to	0.25	%		107,560		13.80	to	13.47		1,463,348		1.60	%		10.85	%	to	10.57	%
2016		0.00	%	to	0.25	%		108,659		12.45	to	12.18		1,334,432		1.18	%		3.01	%	to	2.75	%
PIMCO Variable Insurance Trust - International Bond Portfolio (U.S. Dollar-Hedged): Administrative Class (PMVFHA)
2020		0.00	%	to	0.25	%		32,324		11.76	to	11.65		376,994		5.79	%		5.55	%	to	5.29	%
2019		0.00	%	to	0.25	%		36,396		11.14	to	11.06		402,715		1.75	%		7.01	%	to	6.74	%
2018		0.20	%	to	0.25	%		37,522		10.37				388,929		1.40	%		1.91	%	to	1.86	%
2017		0.20	%	to	0.25	%		1,364		10.18				13,882		4.07	%		1.79	%	to	1.76	%****
PIMCO Variable Insurance Trust - Global Bond Opportunities Portfolio (Unhedged): Administrative Class (PMVGBA)
2020		0.10	%	to	0.25	%		53,516		11.71	to	11.64		623,388		2.49	%		10.00	%	to	9.84	%
2019		0.20	%	to	0.25	%		45,894		10.61	to	10.60		486,599		2.48	%		5.91	%	to	5.86	%
2018		0.20	%	to	0.25	%		29,386		10.02	to	10.01		294,330		6.77	%		-4.39	%	to	-4.44	%
2017		0.20	%	to	0.25	%		29,861		10.48				312,923		2.87	%		4.82	%	to	4.78	%****
PIMCO Variable Insurance Trust - High Yield Portfolio: Administrative Class (PMVHYA)
2020		0.00	%	to	0.25	%		73,350		11.92	to	11.84		869,082		4.80	%		5.72	%	to	5.45	%
2019		0.00	%	to	0.25	%		53,595		11.27	to	11.22		601,755		4.74	%		14.73	%	to	14.44	%
2018		0.00	%	to	0.25	%		17,836		9.82	to	9.81		174,995		0.60	%		-1.76	%	to	-1.92	%****
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2020		0.00	%	to	0.25	%		2,498,735		17.00	to	16.24		41,172,809		1.17	%		2.99	%	to	2.73	%
2019		0.00	%	to	0.25	%		2,169,008		16.51	to	15.81		34,754,394		2.76	%		4.03	%	to	3.77	%
2018		0.00	%	to	0.25	%		2,259,303		15.87	to	15.23		34,758,052		1.93	%		0.34	%	to	0.09	%
2017		0.00	%	to	0.25	%		2,337,915		15.82	to	15.22		35,880,442		1.31	%		1.35	%	to	1.10	%
2016		0.00	%	to	0.25	%		2,612,115		15.60	to	15.05		39,611,897		1.49	%		1.41	%	to	1.15	%
PIMCO Variable Insurance Trust - Long-Term U.S. Government Portfolio: Administrative Class (PMVLGA)
2020		0.00	%	to	0.25	%		870,552		21.46	to	20.89		18,624,770		1.63	%		17.38	%	to	17.09	%
2019		0.00	%	to	0.25	%		474,406		18.28	to	17.85		8,637,893		2.07	%		13.32	%	to	13.04	%
2018		0.00	%	to	0.25	%		1,221,413		16.13	to	15.79		19,675,839		2.28	%		-2.38	%	to	-2.63	%
2017		0.00	%	to	0.25	%		99,714		16.53	to	16.21		1,623,866		2.17	%		8.96	%	to	8.69	%
2016		0.00	%	to	0.25	%		87,777		15.17	to	14.92		1,312,706		2.00	%		0.68	%	to	0.43	%
PIMCO Variable Insurance Trust - Real Return Portfolio: Administrative Class (PMVRRA)
2020		0.00	%	to	0.25	%		2,268,919		23.77	to	22.70		52,134,936		1.43	%		11.72	%	to	11.44	%
2019		0.00	%	to	0.25	%		2,292,172		21.28	to	20.37		47,192,762		1.67	%		8.44	%	to	8.16	%
2018		0.00	%	to	0.25	%		2,580,241		19.62	to	18.84		48,941,173		2.45	%		-2.21	%	to	-2.46	%
2017		0.00	%	to	0.25	%		2,621,163		20.07	to	19.31		50,833,643		2.37	%		3.66	%	to	3.40	%
2016		0.00	%	to	0.25	%		2,947,950		19.36	to	18.67		55,376,645		2.28	%		5.19	%	to	4.92	%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*						Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**			Total Return***
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2020		0.00	%					23,857		6.30				150,242		6.51	%		1.35	%
2019		0.00	%					22,676		6.21				140,900		4.51	%		11.43	%
2018		0.00	%					21,575		5.58				120,307		1.88	%		-14.13	%
2017		0.00	%					24,328		6.49				157,984		11.82	%		2.15	%
2016		0.00	%					26,588		6.36				169,022		1.17	%		15.16	%
PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)
2020		0.00	%	to	0.25	%		3,331,795		25.03	to	23.90		81,214,234		2.11	%		8.64	%	to	8.37	%
2019		0.00	%	to	0.25	%		3,204,002		23.04	to	22.06		71,823,226		3.01	%		8.35	%	to	8.08	%
2018		0.00	%	to	0.25	%		3,238,199		21.26	to	20.41		66,878,948		2.53	%		-0.54	%	to	-0.79	%
2017		0.00	%	to	0.25	%		3,625,131		21.37	to	20.57		75,462,939		2.03	%		4.92	%	to	4.66	%
2016		0.00	%	to	0.25	%		3,991,985		20.37	to	19.65		79,322,917		2.08	%		2.69	%	to	2.43	%
Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)
2020		0.00	%					118,429		14.35				1,698,982		1.72	%		5.80	%
2019		0.00	%					110,712		13.56				1,501,164		2.06	%		30.40	%
2018		0.00	%					124,107		10.40				1,290,445		0.55	%		-8.49	%
2017		0.00	%					87,969		11.36				999,528		0.00	%		13.62	%			****
Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)
2020		0.00	%					140,034		25.79				3,610,974		0.03	%		38.71	%
2019		0.00	%					101,955		18.59				1,895,388		0.15	%		36.74	%
2018		0.00	%					137,529		13.60				1,869,742		0.00	%		2.38	%
2017		0.00	%					110,820		13.28				1,471,597		0.10	%		30.90	%
2016		0.00	%					114,741		10.14				1,163,974		0.00	%		1.44	%			****
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2020		0.00	%					40,015		30.11				1,204,943		1.60	%		12.10	%
2019		0.00	%					45,519		26.86				1,222,782		1.37	%		25.15	%
2018		0.00	%					46,112		21.46				989,761		1.40	%		-19.11	%
2017		0.00	%					39,804		26.54				1,056,240		2.24	%		26.58	%
2016		0.00	%					39,642		20.96				831,053		3.39	%		-2.45	%
Putnam Variable Trust - Putnam VT Small Cap Value Fund: Class IB (PVTSCB)
2020		0.20	%	to	0.25	%		54,468		19.21	to	19.08		1,041,141		1.12	%		3.76	%	to	3.70	%
2019		0.20	%	to	0.25	%		42,112		18.51	to	18.40		776,045		0.61	%		23.99	%	to	23.93	%
2018		0.00	%	to	0.25	%		40,721		15.27	to	14.85		607,704		0.40	%		-19.93	%	to	-20.13	%
2017		0.00	%	to	0.25	%		51,534		19.07	to	18.59		961,350		0.75	%		7.87	%	to	7.60	%
2016		0.00	%	to	0.25	%		57,699		17.68	to	17.28		998,748		1.18	%		27.49	%	to	27.18	%
Royce Capital Fund - Royce Micro-Cap Portfolio: Investment Class (ROCMC)
2020		0.00	%	to	0.25	%		56,567		46.05	to	43.99		2,537,248		0.00	%		23.79	%	to	23.48	%
2019		0.00	%	to	0.25	%		114,963		37.20	to	35.62		4,163,533		0.00	%		19.55	%	to	19.25	%
2018		0.00	%	to	0.25	%		144,169		31.12	to	29.87		4,326,771		0.00	%		-9.04	%	to	-9.27	%
2017		0.00	%	to	0.25	%		154,935		34.21	to	32.93		5,124,746		0.61	%		5.18	%	to	4.92	%
2016		0.00	%	to	0.25	%		199,081		32.53	to	31.38		6,274,296		0.72	%		19.71	%	to	19.41	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Blue Chip Growth Portfolio (TRBCGP)
2020		0.00	%	to	0.25	%		3,107,541		42.37	to	41.52		129,855,277		0.00	%		34.28	%	to	33.94	%
2019		0.00	%	to	0.25	%		3,244,814		31.56	to	31.00		101,115,679		0.00	%		29.89	%	to	29.56	%
2018		0.00	%	to	0.25	%		3,549,101		24.29	to	23.92		85,324,670		0.00	%		1.92	%	to	1.66	%
2017		0.00	%	to	0.25	%		2,734,104		23.84	to	23.53		64,558,274		0.00	%		36.17	%	to	35.83	%
2016		0.00	%	to	0.25	%		2,741,163		17.51	to	17.32		47,617,148		0.00	%		0.78	%	to	0.53	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Equity Income Portfolio: II (TREI2)
2020		0.00	%	to	0.25	%		523,995		39.74	to	37.96		20,125,400		2.06	%		0.96	%	to	0.70	%
2019		0.00	%	to	0.25	%		632,019		39.37	to	37.70		24,039,343		2.07	%		26.04	%	to	25.73	%
2018		0.00	%	to	0.25	%		683,732		31.23	to	29.98		20,635,692		1.77	%		-9.69	%	to	-9.92	%
2017		0.00	%	to	0.25	%		776,338		34.58	to	33.28		25,992,814		1.47	%		15.73	%	to	15.44	%
2016		0.00	%	to	0.25	%		959,441		29.88	to	28.83		27,774,880		1.78	%		18.85	%	to	18.56	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2020		0.00	%					244,003		66.07				16,120,573		0.00	%		29.27	%
2019		0.00	%					239,216		51.11				12,226,008		0.00	%		28.63	%
2018		0.00	%					283,769		39.73				11,275,030		0.00	%		0.86	%
2017		0.00	%	to	0.25	%		592,826		39.40	to	38.42		23,105,468		0.00	%		27.31	%	to	26.99	%
2016		0.00	%	to	0.25	%		719,025		30.95	to	30.26		22,036,233		0.00	%		-10.72	%	to	-10.94	%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*						Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**			Total Return***
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited-Term Bond Portfolio (TRLT1)
2020		0.00	%	to	0.25	%		1,117,432		11.87	to	11.58		12,996,616		1.95	%		4.70	%	to	4.44	%
2019		0.00	%	to	0.25	%		2,482,744		11.34	to	11.09		27,582,145		2.39	%		4.35	%	to	4.09	%
2018		0.00	%	to	0.25	%		2,121,125		10.87	to	10.65		22,607,912		2.02	%		1.18	%	to	0.92	%
2017		0.00	%	to	0.25	%		1,699,172		10.74	to	10.55		17,941,907		1.47	%		1.06	%	to	0.81	%
2016		0.00	%	to	0.25	%		1,472,159		10.63	to	10.47		15,419,311		1.36	%		1.37	%	to	1.11	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Mid-Cap Growth Portfolio: II (TRMCG2)
2020		0.10	%	to	0.25	%		371,947		99.72	to	97.02		36,246,339		0.00	%		23.35	%	to	23.17	%
2019		0.10	%	to	0.25	%		407,648		80.85	to	78.77		32,234,125		0.00	%		30.85	%	to	30.65	%
2018		0.10	%	to	0.25	%		402,726		61.79	to	60.29		24,296,604		0.00	%		-2.40	%	to	-2.54	%
2017		0.20	%	to	0.25	%		434,376		62.34	to	61.87		26,892,004		0.00	%		24.20	%	to	24.13	%
2016		0.20	%	to	0.25	%		458,552		50.20	to	49.84		22,859,346		0.00	%		5.82	%	to	5.77	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price New America Growth Portfolio (TRNAG1)
2020		0.00	%	to	0.25	%		1,053,561		75.21	to	72.14		77,132,392		0.00	%		44.37	%	to	44.01	%
2019		0.00	%	to	0.25	%		1,133,445		52.09	to	50.09		57,464,928		0.42	%		34.93	%	to	34.59	%
2018		0.00	%	to	0.25	%		1,173,553		38.61	to	37.22		43,978,505		0.16	%		1.16	%	to	0.90	%
2017		0.00	%	to	0.25	%		1,280,669		38.16	to	36.88		47,540,100		0.11	%		34.43	%	to	34.09	%
2016		0.00	%	to	0.25	%		1,270,514		28.39	to	27.51		35,110,559		0.04	%		1.31	%	to	1.06	%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Moderate Allocation Portfolio (TRPSB1)
2020		0.00	%	to	0.25	%		357,259		26.59	to	25.67		9,307,068		1.34	%		14.54	%	to	14.25	%
2019		0.00	%	to	0.25	%		398,214		23.22	to	22.47		9,060,881		1.93	%		19.80	%	to	19.50	%
2018		0.00	%	to	0.25	%		480,068		19.38	to	18.80		9,041,888		2.10	%		-5.08	%	to	-5.32	%
2017		0.00	%	to	0.25	%		258,877		20.42	to	19.86		5,154,799		1.47	%		17.41	%	to	17.12	%
2016		0.00	%	to	0.25	%		234,318		17.39	to	16.96		3,981,119		1.71	%		6.45	%	to	6.19	%
VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)
2020		0.00	%	to	0.25	%		190,708		56.11	to	67.86		11,533,978		2.02	%		17.25	%	to	16.96	%
2019		0.00	%	to	0.25	%		217,323		47.86	to	58.02		11,270,070		0.48	%		30.60	%	to	30.27	%
2018		0.00	%	to	0.25	%		244,574		36.65	to	44.54		9,731,215		0.29	%		-23.49	%	to	-23.68	%
2017		0.00	%	to	0.25	%		256,411		47.89	to	58.36		13,060,213		0.39	%		51.03	%	to	50.66	%
2016		0.00	%	to	0.25	%		232,376		31.71	to	38.74		7,894,612		0.45	%		0.10	%	to	-0.15	%
VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)
2020		0.00	%	to	0.25	%		479,161		30.43	to	34.82		16,292,094		0.93	%		19.11	%	to	18.81	%
2019		0.00	%	to	0.25	%		539,484		25.55	to	29.31		15,250,927		0.00	%		11.87	%	to	11.59	%
2018		0.00	%	to	0.25	%		785,577		22.84	to	26.26		20,077,057		0.00	%		-28.28	%	to	-28.46	%
2017		0.00	%	to	0.25	%		860,088		31.84	to	36.71		30,644,694		0.00	%		-1.70	%	to	-1.94	%
2016		0.00	%	to	0.25	%		890,301		32.39	to	37.44		32,061,348		0.38	%		43.71	%	to	43.35	%
Vanguard Variable Insurance Fund - Balanced Portfolio (VVB)
2020		0.00	%	to	0.25	%		522,971		27.22	to	26.35		13,867,162		2.63	%		10.68	%	to	10.40	%
2019		0.20	%	to	0.25	%		496,895		24.01	to	23.87		11,921,228		2.60	%		22.24	%	to	22.18	%
2018		0.20	%	to	0.25	%		502,080		19.64	to	19.54		9,854,999		2.31	%		-3.60	%	to	-3.65	%
2017		0.20	%	to	0.25	%		526,651		20.38	to	20.28		10,724,851		2.25	%		14.49	%	to	14.43	%
2016		0.20	%	to	0.25	%		525,315		17.80	to	17.72		9,344,611		2.34	%		10.79	%	to	10.74	%
Vanguard Variable Insurance Fund - Capital Growth Portfolio (VVCG)
2020		0.20	%	to	0.25	%		937,936		20.61	to	20.55		19,323,339		1.45	%		17.24	%	to	17.18	%
2019		0.20	%	to	0.25	%		1,124,585		17.58	to	17.54		19,763,411		1.10	%		26.25	%	to	26.18	%
2018		0.20	%	to	0.25	%		1,154,543		13.93	to	13.90		16,073,057		0.79	%		-1.38	%	to	-1.43	%
2017		0.20	%	to	0.25	%		1,112,691		14.12	to	14.10		15,707,835		1.10	%		28.58	%	to	28.51	%
2016		0.20	%	to	0.25	%		1,075,747		10.98	to	10.97		11,812,030		1.14	%		10.62	%	to	10.57	%
Vanguard Variable Insurance Fund - Diversified Value Portfolio (VVDV)
2018		0.20	%	to	0.25	%		639,958		17.15	to	17.06		10,969,558		2.56	%		-9.30	%	to	-9.34	%
2017		0.20	%	to	0.25	%		710,009		18.91	to	18.82		13,419,424		2.87	%		12.93	%	to	12.87	%
2016		0.20	%	to	0.25	%		823,155		16.75	to	16.67		13,777,631		2.74	%		12.74	%	to	12.68	%
Vanguard Variable Insurance Fund - Equity Income Portfolio (VVEI)
2020		0.00	%					14,840		11.18				165,921		1.10	%		3.25	%			****
Vanguard Variable Insurance Fund - Equity Index Portfolio (VVEIX)
2020		0.00	%					8,031		13.00				104,429		0.00	%		18.20	%			****

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*						Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**			Total Return***
Vanguard Variable Insurance Fund - Total Bond Market Index Portfolio (VVHGB)
2020		0.00	%	to	0.25	%		4,401,877		14.33	to	13.98		61,796,645		1.99	%		7.58	%	to	7.31	%
2019		0.20	%	to	0.25	%		3,770,243		13.08	to	13.02		49,299,409		2.57	%		8.46	%	to	8.40	%
2018		0.20	%	to	0.25	%		2,802,309		12.06	to	12.02		33,788,586		1.84	%		-0.33	%	to	-0.38	%
2017		0.20	%	to	0.25	%		2,158,608		12.10	to	12.06		26,115,804		2.27	%		3.28	%	to	3.22	%
2016		0.20	%	to	0.25	%		1,957,890		11.72	to	11.68		22,938,055		2.14	%		2.27	%	to	2.22	%
Vanguard Variable Insurance Fund - International Portfolio (VVI)
2020		0.00	%	to	0.25	%		652,790		28.71	to	27.79		18,252,019		1.20	%		57.58	%	to	57.19	%
2019		0.20	%	to	0.25	%		684,174		17.79	to	17.68		12,160,075		1.40	%		30.95	%	to	30.89	%
2018		0.20	%	to	0.25	%		790,875		13.58	to	13.51		10,734,926		0.75	%		-12.79	%	to	-12.83	%
2017		0.20	%	to	0.25	%		797,393		15.58	to	15.50		12,411,972		0.99	%		42.39	%	to	42.32	%
2016		0.20	%	to	0.25	%		737,202		10.94	to	10.89		8,059,541		1.45	%		1.67	%	to	1.62	%
Vanguard Variable Insurance Fund - Mid-Cap Index Portfolio (VVMCI)
2020		0.00	%	to	0.25	%		905,295		33.02	to	31.96		29,104,519		1.61	%		18.07	%	to	17.78	%
2019		0.20	%	to	0.25	%		1,017,241		27.30	to	27.14		27,746,660		1.48	%		30.61	%	to	30.55	%
2018		0.20	%	to	0.25	%		1,155,762		20.90	to	20.79		24,138,907		1.21	%		-9.51	%	to	-9.56	%
2017		0.20	%	to	0.25	%		1,281,420		23.10	to	22.98		29,579,690		1.18	%		18.84	%	to	18.78	%
2016		0.20	%	to	0.25	%		1,397,843		19.44	to	19.35		27,153,526		1.37	%		10.89	%	to	10.84	%
Vanguard Variable Insurance Fund - Real Estate Index Portfolio (VVREI)
2020		0.00	%	to	0.25	%		127,533		23.68	to	23.09		2,959,928		2.69	%		-4.85	%	to	-5.09	%
2019		0.20	%	to	0.25	%		100,637		24.44	to	24.33		2,457,561		2.74	%		28.55	%	to	28.48	%
2018		0.20	%	to	0.25	%		121,963		19.01	to	18.93		2,317,105		5.01	%		-5.54	%	to	-5.59	%
2017		0.20	%	to	0.25	%		418,417		20.12	to	20.05		8,416,439		2.48	%		4.57	%	to	4.52	%
2016		0.20	%	to	0.25	%		479,306		19.25	to	19.19		9,220,808		2.47	%		8.14	%	to	8.09	%
Vanguard Variable Insurance Fund - Small Company Growth Portfolio (VVSCG)
2020		0.00	%	to	0.25	%		248,618		34.93	to	34.19		8,532,316		0.67	%		23.18	%	to	22.88	%
2019		0.20	%	to	0.25	%		278,570		27.93	to	27.82		7,775,653		0.53	%		27.85	%	to	27.79	%
2018		0.20	%	to	0.25	%		294,192		21.84	to	21.77		6,423,351		0.32	%		-7.45	%	to	-7.50	%
2017		0.20	%	to	0.25	%		233,629		23.60	to	23.54		5,512,048		0.45	%		23.22	%	to	23.16	%
2016		0.20	%	to	0.25	%		236,916		19.15	to	19.11		4,536,674		0.33	%		14.71	%	to	14.65	%
Vanguard Variable Insurance Fund - Short-Term Investment-Grade Portfolio (VVSTC)
2020		0.00	%					1,592		15.07				23,991		0.00	%		5.49	%
2017		0.20	%	to	0.25	%		351,131		13.11	to	13.05		4,600,829		1.83	%		1.89	%	to	1.84	%
2016		0.20	%	to	0.25	%		466,816		12.87	to	12.81		6,003,838		1.79	%		2.51	%	to	2.46	%
Vanguard Variable Insurance Fund-Total International Stock Market Index Portfolio (VVTISI)
2020		0.20	%	to	0.25	%		1,568,615		12.71	to	12.70		19,935,377		2.16	%		10.96	%	to	10.90	%
2019		0.20	%	to	0.25	%		1,386,663		11.46	to	11.45		15,883,704		1.95	%		21.31	%	to	21.25	%
2018		0.20	%	to	0.25	%		1,102,651		9.44				10,412,288		0.00	%		-5.57	%	to	-5.58	%****
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)
2020		0.00	%	to	0.25	%		239,764		10.76	to	10.71		2,573,424		1.46	%		-1.33	%	to	-1.58	%
2019		0.00	%	to	0.25	%		89,155		10.90	to	10.89		970,992		2.55	%		9.04	%	to	8.86	%****
Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)
2020		0.00	%	to	0.25	%		644,734		51.13	to	49.46		32,612,947		0.00	%		62.65	%	to	62.24	%
2019		0.00	%	to	0.25	%		647,369		31.44	to	30.49		20,125,583		0.00	%		39.02	%	to	38.67	%
2018		0.00	%	to	0.25	%		683,178		22.61	to	21.98		15,285,492		0.00	%		-7.06	%	to	-7.30	%
2017		0.00	%	to	0.25	%		685,998		24.33	to	23.71		16,520,847		0.00	%		29.13	%	to	28.81	%
2016		0.00	%	to	0.25	%		748,933		18.84	to	18.41		13,994,736		0.00	%		7.65	%	to	7.38	%
Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2020		0.00	%	to	0.25	%		182,183		48.58	to	46.13		8,449,644		0.44	%		21.00	%	to	20.70	%
2019		0.00	%	to	0.25	%		201,520		40.14	to	38.22		7,744,811		0.28	%		31.46	%	to	31.14	%
2018		0.00	%	to	0.25	%		197,765		30.54	to	29.14		5,775,436		0.19	%		-7.15	%	to	-7.38	%
2017		0.00	%	to	0.25	%		219,564		32.89	to	31.47		6,924,848		0.67	%		20.44	%	to	20.14	%
2016		0.00	%	to	0.25	%		229,422		27.31	to	26.19		6,021,481		2.02	%		12.23	%	to	11.95	%
Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2020		0.00	%	to	0.25	%		237,092		43.48	to	42.07		10,128,757		0.00	%		57.78	%	to	57.39	%
2019		0.00	%	to	0.25	%		251,278		27.56	to	26.73		6,799,161		0.00	%		24.83	%	to	24.52	%
2018		0.00	%	to	0.25	%		312,243		22.08	to	21.46		6,789,362		0.00	%		1.31	%	to	1.06	%
2017		0.00	%	to	0.25	%		270,319		21.79	to	21.24		5,797,136		0.00	%		25.86	%	to	25.54	%
2016		0.00	%	to	0.25	%		270,148		17.32	to	16.92		4,612,821		0.00	%		7.75	%	to	7.48	%

NATIONWIDE VLI SEPARATE ACCOUNT-4 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

* 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 policyholder accounts through the surrender 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 policyholder 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 surrender 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 was initially added and funded during the period presented.

**** Subaccounts denoted indicate the underlying mutual fund option was initially added and funded during the period presented.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2020

TABLE OF CONTENTS

	Page
Independent Auditors’ Report		F-1
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus		F-3
Statutory Statements of Operations		F-4
Statutory Statements of Changes in Capital and Surplus		F-5
Statutory Statements of Cash Flow		F-6
Notes to Statutory Financial Statements		F-7
Schedule I – Consolidated Summary of Investments – Other Than Investments in Related Parties		F-47
Schedule III – Supplementary Insurance Information		F-48
Schedule IV – Reinsurance		F-49
Schedule V – Valuation and Qualifying Accounts		F-50

Independent Auditors’ Report

Audit Committee of the Board of Directors Nationwide Life Insurance Company:

We have audited the accompanying financial statements of Nationwide Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2020 and 2019, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2020, and the related notes to the statutory financial statements (“statutory financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using statutory accounting practices prescribed or permitted by the Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles.

The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the variances between statutory accounting practices and U.S. generally accepted accounting principles discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the financial statements referred to above do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities, capital and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2020, in accordance with statutory accounting practices prescribed or permitted by the Department described in Note 2.

Other Matter

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in Schedule I Consolidated Summary of Investments – Other Than Investments in Related Parties, Schedule III Supplementary Insurance Information, Schedule IV Reinsurance and Schedule V Valuation and Qualifying Accounts is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Columbus, Ohio

March 19, 2021

F-2

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

	December 31,
(in millions, except share amounts)	2020			2019
Admitted assets
Invested assets
Bonds	$	37,207		$	35,124
Stocks		2,835			2,622
Mortgage loans, net of allowance		7,783			7,655
Policy loans		888			903
Derivative assets		51			94
Cash, cash equivalents and short-term investments		461			556
Securities lending collateral assets		101			132
Other invested assets		955			958
Total invested assets	$	50,281		$	48,044
Accrued investment income		692			573
Deferred federal income tax assets, net		642			601
Federal income tax receivable		11			108
Other assets		184			152
Separate account assets		114,407			105,655
Total admitted assets	$	166,217		$	155,133
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	41,002		$	39,139
Policyholders dividend accumulation		430			452
Short-term debt		3			203
Asset valuation reserve		466			479
Payable for securities		177			113
Derivative liabilities		87			23
Securities lending payable		101			132
Other liabilities		1,929			1,682
Accrued transfers from separate accounts		(1,490	)		(1,567	)
Separate account liabilities		114,407			105,655
Total liabilities	$	157,112		$	146,311
Capital and surplus
Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4		$	4
Surplus notes		1,100			1,100
Additional paid-in capital		1,998			1,998
Unassigned surplus		6,003			5,720
Total capital and surplus	$	9,105		$	8,822
Total liabilities, capital and surplus	$	166,217		$	155,133

See accompanying notes to statutory financial statements.

F-3

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Operations

	Year ended December 31,
(in millions)	2020			2019			2018
Revenues
Premiums and annuity considerations	$	10,637		$	10,168		$	9,829
Net investment income		2,107			1,974			1,927
Amortization of interest maintenance reserve		-			(2	)		(1	)
Other revenues		2,372			2,312			2,240
Total revenues	$	15,116		$	14,452		$	13,995
Benefits and expenses
Benefits to policyholders and beneficiaries	$	15,013		$	14,782		$	13,961
Increase in reserves for future policy benefits and claims		1,627			1,501			736
Net transfers from separate accounts		(3,544	)		(3,747	)		(2,468	)
Commissions		646			674			670
Dividends to policyholders		36			38			40
Reserve adjustment on reinsurance assumed		(172	)		(246	)		(352	)
Other expenses		444			417			398
Total benefits and expenses	$	14,050		$	13,419		$	12,985
Income before federal income tax expense and net realized capital losses on investments	$	1,066		$	1,033		$	1,010
Federal income tax expense (benefit)		4			(73	)		64
Income before net realized capital losses on investments	$	1,062		$	1,106		$	946
Net realized capital (losses) on investments, net of federal income tax (benefit) expense of $(26), $7 and $8 in 2020, 2019 and 2018, respectively, and excluding $(4), $0 and $(1) of net realized capital (losses) transferred to the interest maintenance reserve in 2020, 2019 and 2018, respectively		(575	)		(477	)		(235	)
Net income	$	487		$	629		$	711

See accompanying notes to statutory financial statements.

F-4

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Changes in Capital and Surplus

(in millions)	Capital shares		Surplus notes		Additional paid-in capital		Unassigned surplus			Capital and surplus
Balance as of December 31, 2017	$	4	$	700	$	963	$	4,282		$	5,949
Net income		-		-		-		711			711
Change in asset valuation reserve		-		-		-		(12	)		(12	)
Change in deferred income taxes		-		-		-		72			72
Change in net unrealized capital gains and losses, net of tax expense of $88		-		-		-		(304	)		(304	)
Change in nonadmitted assets		-		-		-		(6	)		(6	)
Capital contribution from Nationwide
Financial Services, Inc.		-		-		435		-			435
Balance as of December 31, 2018	$	4	$	700	$	1,398	$	4,743		$	6,845
Net income		-		-		-		629			629
Change in asset valuation reserve		-		-		-		(107	)		(107	)
Change in deferred income taxes		-		-		-		(29	)		(29	)
Change in net unrealized capital gains and losses, net of tax (benefit) of ($29)		-		-		-		426			426
Change in nonadmitted assets		-		-		-		59			59
Change in surplus notes		-		400		-		-			400
Capital contribution from Nationwide Financial Services, Inc.		-		-		600		-			600
Other, net		-		-		-		(1	)		(1	)
Balance as of December 31, 2019	$	4	$	1,100	$	1,998	$	5,720		$	8,822
Change in reserve on account of change in valuation basis		-		-		-		78			78
Cumulative effect of change in accounting principle		-		-		-		5			5
Balance as of January 1, 2020	$	4	$	1,100	$	1,998	$	5,803		$	8,905
Net income		-		-		-		487			487
Change in asset valuation reserve		-		-		-		13			13
Change in deferred income taxes		-		-		-		41			41
Change in net unrealized capital gains and losses, net of tax (benefit) of ($3)		-		-		-		(313	)		(313	)
Change in nonadmitted assets		-		-		-		(21	)		(21	)
Other, net		-		-		-		(7	)		(7	)
Balance as of December 31, 2020	$	4	$	1,100	$	1,998	$	6,003		$	9,105

See accompanying notes to statutory financial statements.

F-5

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Cash Flow

	Years ended December 31,
(in millions)	2020			2019			2018
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	10,648		$	10,184		$	9,812
Net investment income		2,034			1,825			2,041
Other revenue		2,664			2,708			2,329
Policy benefits and claims paid		(14,886	)		(14,778	)		(13,947	)
Commissions, operating expenses and taxes, other than federal income tax paid		(885	)		(847	)		(710	)
Net transfers from separate accounts		3,620			3,805			2,606
Policyholders’ dividends paid		(38	)		(40	)		(45	)
Federal income taxes recovered		121			87			74
Net cash provided by operating activities	$	3,278		$	2,944		$	2,160
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	3,404		$	3,547		$	3,366
Stocks		37			58			1
Mortgage loans		640			910			580
Derivative assets		-			4			560
Other assets		905			381			190
Total investment proceeds	$	4,986		$	4,900		$	4,697
Cost of investments acquired:
Bonds	$	(5,527	)	$	(6,327	)	$	(4,499	)
Stocks		(517	)		(454	)		(608	)
Mortgage loans		(769	)		(800	)		(762	)
Derivative assets		(580	)		(687	)		-
Other assets		(837	)		(340	)		(610	)
Total investments acquired	$	(8,230	)	$	(8,608	)	$	(6,479	)
Net decrease in policy loans		15			2			36
Net cash used in investing activities	$	(3,229	)	$	(3,706	)	$	(1,746	)
Cash flows from financing activities and miscellaneous sources:
Surplus notes	$	-		$	400		$	-
Capital contribution from Nationwide Financial Services, Inc.		-			600			435
Net change in deposits on deposit-type contract funds and other insurance liabilities		160			(714	)		228
Net change in short-term debt		(200	)		(162	)		365
Derivative liabilities		65			2			(135	)
Other cash (used) provided		(169	)		93			(172	)
Net cash (used in) provided by financing activities and miscellaneous	$	(144	)	$	219		$	721
Net (decrease) increase in cash, cash equivalents and short-term investments	$	(95	)	$	(543	)	$	1,135
Cash, cash equivalents and short-term investments at beginning of year		556			1,099			(36	)
Cash, cash equivalents and short-term investments at end of year	$	461		$	556		$	1,099
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	799		$	592		$	573
Intercompany transfer of securities	$	-		$	6		$	108
Intercompany transfer of mortgages	$	-		$	-		$	155

See accompanying notes to statutory financial statements.

F-6

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “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, 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 wide range of products and services, which include fixed and variable individual annuities, private and public sector group retirement plans, life insurance, investment advisory services and other investment products. The Company is licensed to conduct business in all fifty states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

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, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Representatives of affiliates who market products directly to a customer base include Nationwide Retirement Solutions, Inc. and Nationwide Financial Network producers, which includes the agency distribution force of the Company’s ultimate parent company, NMIC. NMIC completed the transition away from utilizing the exclusive agent model in 2020. The Company believes its broad range of competitive products, strong distributor relationships and diverse distribution network position it to compete effectively under various economic conditions.

Wholly-owned subsidiaries of NLIC as of December 31, 2020 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Jefferson National Financial Corporation (“JNF”) and its wholly-owned subsidiaries, Jefferson National Securities Corporation (“JNSC”) and Jefferson National Life Insurance Company (“JNLIC”), and its wholly-owned subsidiary, Jefferson National Life Insurance Company of New York (“JNLNY”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisor, LLC (“NIA”). NLAIC primarily offers fixed indexed annuity contracts and individual annuity contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a Vermont domiciled special purpose financial captive insurance company. NWSBL offers a securities-based lending product and is an Ohio limited liability company and nonadmitted subsidiary. JNF is a distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve. JNSC is a registered broker-dealer. JNLIC and JNLNY are licensed to underwrite both fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2020 and 2019, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

(2) Summary of Significant Accounting Policies

Use of Estimates

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include legal and regulatory reserves, certain investment and derivative valuations, future policy benefits and claims, provision for income taxes and valuation of deferred tax assets. Actual results could differ significantly from those estimates.

Basis of Presentation

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Ohio Department of Insurance (“the Department”). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state, but allowed by the domiciliary state regulatory authority.

F-7

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company’s subsidiary, Eagle, applies a prescribed practice which values assumed guaranteed minimum death benefits (“GMDB”) and guaranteed lifetime withdrawal benefits (“GLWB”) risks on variable annuity contracts from NLIC and GLWB risks on fixed indexed annuity contracts from NLAIC using separate alternative reserving bases from the Statutory Accounting Principles detailed within the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) pursuant to Ohio Revised Code Chapter 3964 and approved by the Department. The prescribed practice related to NLIC guaranteed risks decreased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $711 million and $411 million as of December 31, 2020 and 2019, respectively. The prescribed practice related to NLAIC guaranteed risks, increased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $523 million and $226 million as of December 31, 2020 and 2019, respectively.

Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. (“UHRL”) on its statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value. This permitted practice increased NLAIC’s valuation of this subsidiary, included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus, by $67 million as of December 31, 2020 and 2019.

There was no difference in the Company’s net income as a result of prescribed or permitted practices. If the prescribed or permitted practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

(in millions)	SSAP #	F/S Page	State of domicile		As of December 31, 2020			As of December 31, 2019
Capital and Surplus
Statutory Capital and Surplus			OH	$	9,105		$	8,822
State Prescribed Practice:
Subsidiary valuation - Eagle: NLIC risks ceded	52	3	OH		711			411
Subsidiary valuation - Eagle: NLAIC risks ceded	52	3	OH		(523	)		(226	)
State Permitted Practice:
Subsidiary valuation - Olentangy	20	3	VT		(67	)		(67	)
Statutory Capital and Surplus, NAIC SAP				$	9,226		$	8,940

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

Financial Statements

● Statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the NAIC and state regulatory authorities;

● assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value and nonadmitted assets are excluded through a charge to capital and surplus;

● an asset valuation reserve (“AVR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

● an interest maintenance reserve (“IMR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and the amortization of the IMR is reported as revenue;

● the expense allowance associated with statutory reserving practices for investment contracts held in the separate accounts is reported in the general account as a negative liability;

● accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes when no better estimate in the range exists;

● surplus notes are accounted for as a component of capital and surplus;

● costs related to successful policy acquisitions are charged to operations in the year incurred;

● negative cash balances are reported as negative assets;

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

● certain income and expense items are charged or credited directly to capital and surplus;

● amounts on deposit in internal qualified cash pools are reported as cash equivalents;

● the statutory statements of cash flows are presented on the basis prescribed by the NAIC; and

● the statutory financial statements do not include accumulated other comprehensive income.

Future Policy Benefits and Claims

● Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

● future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

● Certain assets and liabilities are reported net of ceded reinsurance balances; and

● provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

Investments

● Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value;

● investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value;

● other-than-temporary impairments on bonds, excluding loan-backed and structured securities, are measured based on fair value and are not reversible;

● the proportional amortized cost method is utilized to determine the liquidation value of Low-Income Housing Tax Credit Funds (“Tax Credit Funds”);

● admitted subsidiary, controlled and affiliated entities are not consolidated; rather, those investments are generally carried at audited statutory capital and surplus or GAAP equity, as appropriate, and are recorded as an equity investment in stocks or other invested assets;

● equity in earnings of subsidiary companies is recognized directly in capital and surplus as net unrealized capital gains or losses, while dividends from unconsolidated companies are recorded in operations as net investment income;

● undistributed earnings and valuation adjustments from investments in joint ventures, partnerships and limited liability companies are recognized directly in capital and surplus as net unrealized capital gains or losses;

● changes in non-specific mortgage loan reserves are measured under an incurred loss model and are recorded directly in capital and surplus as net unrealized capital gains or losses; and

● gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent level until the related assets are paid down or an external sale occurs.

Separate Accounts

● Assets and liabilities of guaranteed separate accounts are reported as separate account assets and separate account liabilities, respectively.

Derivative Instruments

● Derivatives used in effective hedging transactions are valued in a manner consistent with the hedged asset or liability;

● unrealized gains and losses on derivatives that are not considered to be effective hedges are charged to capital and surplus;

● interest earned on derivatives is charged to net investment income; and

● embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Goodwill

● Goodwill is limited to 10% of the prior reporting period’s adjusted statutory surplus, with any goodwill in excess of this limitation nonadmitted through a charge to surplus; and

● goodwill is amortized and charged to surplus.

Federal Income Taxes

● Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of surplus); and

● uncertain tax positions are subject to a “more likely than not” standard for federal and foreign income tax loss contingencies only.

Nonadmitted Assets

● In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to capital and surplus. These include prepaid assets, certain software, disallowed IMR and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with SAP prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

Revenues and Benefits

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

Future Policy Benefits and Claims

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner’s Standard Ordinary (“CSO”) table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 4.0% and 3.5% and the 2017 CSO table at an interest rate of 3.5% and 4.5%. Beginning January 1, 2020, the Company has applied principles-based reserving to all new individual life business. For business subject to principles-based reserving, additional reserves may be held where the deterministic and/or stochastic reserves are in excess of net premium reserves, as defined by Valuation Manual 20, Requirements for Principle-Based Reserves for Life Products (“VM-20”).

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants’ contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner’s Reserve Valuation Method (“CRVM”). For business subject to principles-based reserving, the Company has calculated reserves under VM-20.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”).

As of 2019, the Company calculated its reserves for variable annuity products with guaranteed minimum death, accumulation and withdrawal benefits and other contracts involving guaranteed benefits similar to those offered with variable annuities under the standard scenario of Actuarial Guideline XLIII “CARVM for Variable Annuities”, which exceeded the stochastic 70th percentile Conditional Tail Expectations scenario. Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”) and as a result, the Company calculated its reserves using a stochastic reserve, which is floored at the cash surrender value.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner’s Disability Table (for policies issued prior to 1982) or the 1985 Commissioner’s Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner’s Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability (GLTD) Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner’s Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liabilities for such funding agreements are treated as annuities under Ohio law for life insurance companies and recorded in future policy benefits and claims. Refer to Note 9 for additional details.

Separate Accounts

Separate account assets represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are primarily recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public, privately-registered and non-registered mutual funds, whose fair value is primarily based on the funds’ net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets. In limited circumstances, other separate account assets are recorded at book value when the policyholder does not participate in the underlying portfolio experience.

Separate account liabilities, in conjunction with accrued transfers from separate accounts, represent contractholders’ funds adjusted for possible future surrender charges in accordance with the CARVM and the CRVM, respectively. The difference between full account value and CARVM/CRVM is reflected in accrued transfers to separate accounts, as prescribed by the NAIC, in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM/CRVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to separate accounts and federal income tax, respectively.

Retained Assets

The Company does not retain beneficiary assets. During a death benefit claim, the death benefit settlement method is payment to the beneficiary in the form of a check or electronic funds transfer.

Investments

Bonds and stocks of unaffiliated companies. Bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value. Preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

Loan-backed and structured securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security’s amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

For investments in loan-backed and structured securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, 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.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized, and compared to pricing from additional sources, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities are available. For these bonds and stocks, the Company obtains the pricing services’ methodologies and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate bonds. The corporate pricing matrix was developed using publicly available spreads for privately-placed corporate bonds with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular bond 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 bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or a corporate pricing matrix. These bonds 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.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and the extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

The Company periodically reviews loan-backed and structured securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security’s effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company’s ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC and Eagle, are carried using the equity method of accounting applicable to U.S. insurance subsidiary, controlled and affiliated (“SCA”) entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. In accordance with the “look through” provisions of Statements of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the valuation of JNF, an unaudited downstream noninsurance holding company, is based on the individual audited SCA entities owned by the holding company. Additionally, all non-affiliated liabilities, commitments, contingencies, guarantees or obligations of the holding company are reflected in the determination of the carrying value of the investments. The Company’s investment in NISC and NIA, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance subsidiary, controlled and affiliated entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, JNF and NISC are included in stocks, and the investment in Eagle is included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less a valuation allowance. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by the borrower’s common stock.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are obtained to support loaned amounts as the loans are collateral dependent or guaranteed.

The collectability and value of a mortgage loan is based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s 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. Loans are considered delinquent when contractual payments are 90 days past due.

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 the fair value of the collateral less costs to sell. Loan-specific reserve charges are recorded in net realized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized capital 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 estimates of probable credit losses inherent in the portfolio of loans without specific reserves as of the date of the statutory statements of admitted assets, liabilities, capital and surplus. 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 group of borrowers’ 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 directly in capital and surplus as net unrealized capital gains and losses.

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, loan-to-value (“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. These loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio. Based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible. This process identifies the risk profile and potential for loss individually and in the aggregate for the commercial mortgage loan portfolios. These factors are updated and evaluated at least annually. Due to the nature of the collateral underlying mortgage loans under development, these loans are not evaluated using the LTV and DSC ratios described above.

Interest income on performing mortgage loans is recognized in net investment income 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 restored to accrual status when the principal and interest is current and it is determined the future principal and interest payments are probable or the loan is modified.

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.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Cash and cash equivalents. Cash and cash equivalents include highly liquid investments with original maturities of less than three months and, effective December 31, 2020, amounts on deposit in internal qualified cash pools. 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 in the internal qualified cash pool.

Short-term investments. Short-term investments consist primarily of government agency discount notes with maturities of twelve months or less at acquisition. Short-term investments also include outstanding promissory notes with initial maturity dates of one-year or less with certain affiliates. The Company carries short-term investments at amortized cost, which approximates fair value. As of December 31, 2019, short-term investments also included amounts on deposit with NCMC.

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships and the investment in Eagle. Except for investments in certain tax credit funds, these investments are recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

The Company has sold $2.3 billion, $2.2 billion and $2.0 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2020, 2019 and 2018, respectively. The Company has guaranteed after-tax benefits to the third-party investors through periods ending in 2037. 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 $1.4 billion, 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, (3) the Company oversees the asset management of the deals and (4) changes in tax laws are explicitly excluded from the Company’s guarantees of after-tax benefits.

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 in 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 the 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 invested assets of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in bonds. A securities lending payable is recorded in other liabilities for the amount of cash collateral received. If the fair value of the collateral received (cash and/or securities) is less than the fair value of the securities loaned, the shortfall is nonadmitted. Net income received from securities lending activities is included in net investment income. Because the borrower or the Company may terminate a securities lending transaction at any time, if loans are terminated in advance of the reinvested collateral asset maturities, the Company would repay its securities lending obligations from operating cash flows or the proceeds of sales from its investment portfolio, which includes significant liquid securities.

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, cross-currency swaps, futures and options.

Derivative instruments used in hedging transactions considered to be effective hedges are reported in a manner consistent with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with changes in fair value recorded in capital and surplus as unrealized gains or losses.

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.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

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 forms of cash and marketable securities. Non-cash collateral received is recorded off-balance sheet.

Cash flows and payment accruals on derivatives are recorded in net investment income.

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, income and cost approaches.

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 statutory statements of admitted assets, liabilities, capital and surplus 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 estimates of 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. Primary inputs to this valuation technique include broker quotes and comparative trades.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in 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.

Asset Valuation Reserve

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Interest Maintenance Reserve

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and loan-backed and structured securities sold. The IMR is applied as follows:

• for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than one designation between the beginning of the holding period and the date of sale;

• the bond must never have been classified as a default security;

• for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

• for loan-backed and structured securities, all interest-related other-than-temporary impairments and interest-related realized gains or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as a net liability. This liability is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified as an asset and fully nonadmitted. The Company utilizes the grouped method for amortization. Under the grouped method, the liability is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus.

Unamortized goodwill totaled $100 million and $116 million as of December 31, 2020 and 2019, respectively. All unamortized goodwill as of December 31, 2020 and 2019, is related to the acquisition of JNF, which represents 55% and 69%, respectively, of JNF’s gross SCA value. All goodwill was admitted as of December 31, 2020 and 2019. Amortization of goodwill totaled $16 million for the years ended December 31, 2020, 2019 and 2018. No goodwill was impaired during these periods.

Federal Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. 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. The change in deferred taxes, excluding the impact of taxes on unrealized capital gains or losses and nonadmitted deferred taxes, is charged directly to surplus.

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 statutory 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 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. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service (“IRS”) examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

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 Company of 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 statutory statements of admitted assets, liabilities, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

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 2020 and 2019, and 50% of the number of life insurance policies in force in 2020 and 2019. The provision for policyholder dividends was based on the respective year’s dividend scales, as approved by the Board of Directors. Policyholder dividends are recognized when declared. No additional income was allocated to participating policyholders during 2020 and 2019.

Accounting Changes and Corrections of Errors

During 2020, the Company identified and corrected an error in the variable annuity ceded premium calculation under the intercompany 100% coinsurance agreement with Eagle. The error resulted in an understatement of ceded premiums for the years ended December 31, 2019 and 2018. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors, the total prior period correction of $9 million was reported in 2020 as a negative adjustment to unassigned funds (surplus) and consisted of $11 million of ceded premiums, offset by $2 million of taxes.

Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to VM-21. As a result of this change, the Company records stochastic reserves, floored at the cash surrender value, instead of reserves using the standard scenario previously required under Actuarial Guideline XLIII “CARVM for Variable Annuities”. The impacts of the valuation basis change were recognized as of January 1, 2020, resulting in an increase to statutory capital and surplus of $78 million. In addition, the Company changed its reserve valuation basis for stable value wraps covering certain group life insurance policies from Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts, to VM-21. There was no impact to statutory capital and surplus as a result of this change.

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020 the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a disaggregate approach and calculates reversal of the deferred tax assets for policyholder reserves on a product-by-product basis. The new method is more precise and better reflects how the deferred tax assets for policyholder reserves moves with the underlying reserve liability. SSAP No. 101 permits a company to modify its scheduling method so long as the modification is treated as change in accounting principle. The impact of the change increases the Company’s net admitted deferred tax asset $6 million and $5 million as of December 31, 2020 and January 1, 2020, respectively, with a commensurate increase in capital and surplus. There was no impact on net income.

Recently Adopted Accounting Standard

In December 2020, the Company adopted revisions to SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short-Term Investments (“SSAP No. 2R”). The adopted revisions require internal cash pooling arrangements to meet certain criteria to be considered qualified cash pools, with investments in qualifying pools reported as cash equivalents on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s cash pool meets the criteria to be considered a qualified cash pool under SSAP No. 2R. The internal cash pooling arrangement with NCMC was historically classified as short-term investments, resulting in a change in classification to cash equivalents.

COVID-19

On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The COVID-19 pandemic conditions create financial market volatility and uncertainty regarding whether and when certain customer behaviors will return to historical patterns, including sales of new and retention of existing policies, life insurance mortality and credit allowance exposure. Although impacting certain sales and revenues, none of the aforementioned items have had a material impact on the overall financial condition of the Company. The extent to which the COVID-19 pandemic may impact the Company’s ongoing operations and financial condition will depend on future developments that are evolving and uncertain.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Subsequent Events

The Company evaluated subsequent events through March 19, 2021, the date the statutory financial statements were issued.

The Department is in the process of implementing Ohio Administrative Code 3901-1-67, Alternative Derivative and Reserve Accounting Practices (“the Rule”). Once adopted and implemented, the Rule will constitute a prescribed practice as contemplated by the NAIC SAP. The prescribed practice is to allow Ohio-domiciled insurance companies to utilize certain alternative derivative and reserve accounting practices for eligible derivative instruments and indexed products, respectively, in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Effective March 15, 2021, the Department allows Ohio-domiciled insurance companies the option to immediately utilize the alternative derivative and reserve accounting practices contemplated by the Rule. The Company plans to adopt the prescribed practice allowed under the Rule effective January 1, 2021. The Company continues to evaluate the impact of the adoption.

On March 9, 2021, the Company’s Board of Directors declared an ordinary dividend of up to $550 million payable to NFS on or around March 24, 2021.

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(3) Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	190		$	162	$	-	$	352			0	%
At book value less current surrender charge of 5% or more		219			-		-		219			0	%
At fair value		-			-		65,990		65,990			92	%
Total with market value adjustment or at fair value	$	409		$	162	$	65,990	$	66,561			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,480			-		8		3,488			5	%
Not subject to discretionary withdrawal		1,755			-		62		1,817			3	%
Total, gross	$	5,644		$	162	$	66,060	$	71,866			100	%
Less: Reinsurance ceded		(112	)		-		-		(112	)
Total, net	$	5,532		$	162	$	66,060	$	71,754
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	67		$	-	$	-	$	67
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	19		$	181	$	29	$	229			0	%
At book value less current surrender charge of 5% or more		270			-		-		270			1	%
At fair value		-			-		61,535		61,535			91	%
Total with market value adjustment or at fair value	$	289		$	181	$	61,564	$	62,034			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,587			-		11		3,598			5	%
Not subject to discretionary withdrawal		1,761			-		56		1,817			3	%
Total, gross	$	5,637		$	181	$	61,631	$	67,449			100	%
Less: Reinsurance ceded		(104	)		-		-		(104	)
Total, net	$	5,533		$	181	$	61,631	$	67,345
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	128		$	-	$	-	$	128

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of group annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	17,393		$	2,483	$	-	$	19,876			43	%
At book value less current surrender charge of 5% or more		3			-		-		3			0	%
At fair value		-			-		19,670		19,670			43	%
Total with market value adjustment or at fair value	$	17,396		$	2,483	$	19,670	$	39,549			86	%
At book value without adjustment (minimal or no charge or adjustment)		6,000			-		-		6,000			13	%
Not subject to discretionary withdrawal		591			-		3		594			1	%
Total, gross	$	23,987		$	2,483	$	19,673	$	46,143			100	%
Less: Reinsurance ceded		(58	)		-		-		(58	)
Total, net	$	23,929		$	2,483	$	19,673	$	46,085
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	3		$	-	$	-	$	3
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	16,485		$	2,166	$	-	$	18,651			44	%
At book value less current surrender charge of 5% or more		1			-		-		1			0	%
At fair value		-			-		18,284		18,284			43	%
Total with market value adjustment or at fair value	$	16,486		$	2,166	$	18,284	$	36,936			87	%
At book value without adjustment (minimal or no charge or adjustment)		5,354			-		-		5,354			12	%
Not subject to discretionary withdrawal		584			2		-		586			1	%
Total, gross	$	22,424		$	2,168	$	18,284	$	42,876			100	%
Less: Reinsurance ceded		(60	)		-		-		(60	)
Total, net	$	22,364		$	2,168	$	18,284	$	42,816
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	1		$	-	$	-	$	1

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

(in millions)	General account		Separate account non- guaranteed		Total		% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	2	$	-	$	2		0	%
At fair value		12		-		12		0	%
Total with market value adjustment or at fair value	$	14	$	-	$	14		0	%
At book value without adjustment (minimal or no charge or adjustment)		728		3		731		22	%
Not subject to discretionary withdrawal		2,540		13		2,553		78	%
Total, gross	$	3,282	$	16	$	3,298		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,282	$	16	$	3,298
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	3	$	-	$	3		0	%
At fair value		13		-		13		0	%
Total with market value adjustment or at fair value	$	16	$	-	$	16		0	%
At book value without adjustment (minimal or no charge or adjustment)		775		4		779		25	%
Not subject to discretionary withdrawal		2,331		12		2,343		75	%
Total, gross	$	3,122	$	16	$	3,138		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,122	$	16	$	3,138

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

	December 31,
(in millions)	2020		2019
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	29,445	$	27,880
Supplemental contracts with life contingencies, net		16		17
Deposit-type contracts		3,282		3,122
Subtotal	$	32,743	$	31,019
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	88,378	$	82,264
Other contract deposit funds		16		16
Subtotal	$	88,394	$	82,280
Total annuity actuarial reserves and deposit fund liabilities, net	$	121,137	$	113,299

F-21

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics, as of the dates indicated:

	General account									Separate account - nonguaranteed1
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2020
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,585			2,600			2,764			-		-		-
Universal life with secondary guarantees		360			288			720			-		-		-
Indexed universal life with secondary guarantees		179			130			191			-		-		-
Other permanent cash value life insurance		-			1,300			2,607			-		-		-
Variable life		1,887			1,965			2,060			24,591		24,581		24,582
Miscellaneous reserves		-			-			-			-		-		9
Subtotal	$	5,011		$	6,294		$	8,353		$	24,591	$	24,581	$	24,591
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			275			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			13			-		-		-
Disability - disabled lives		-			-			58			-		-		-
Miscellaneous reserves		-			-			30			-		-		-
Total, gross	$	5,011		$	6,294		$	8,730		$	24,591	$	24,581	$	24,591
Less: reinsurance ceded		(10	)		(10	)		(240	)		-		-		-
Total, net	$	5,001		$	6,284		$	8,490		$	24,591	$	24,581	$	24,591

1 In 2020, the classification of certain group life insurance policies was changed from separate accounts with guarantees to separate accounts nonguaranteed as a result of a change in the reserve valuation basis, as described in Note 2.

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

	General account									Separate account -  nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2019
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,549			2,561			2,728			-		-		-
Universal life with secondary guarantees		335			265			613			-		-		-
Indexed universal life with secondary guarantees		140			99			146			-		-		-
Other permanent cash value life insurance		-			1,328			2,676			-		-		-
Variable life		1,903			1,992			2,080			21,853		21,840		19,596
Subtotal	$	4,927		$	6,256		$	8,254		$	21,853	$	21,840	$	19,596
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			299			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			12			-		-		-
Disability - disabled lives		-			-			57			-		-		-
Miscellaneous reserves		-			-			36			-		-		-
Total, gross	$	4,927		$	6,256		$	8,659		$	21,853	$	21,840	$	19,596
Less: reinsurance ceded		(10	)		(10	)		(272	)		-		-		-
Total, net	$	4,917		$	6,246		$	8,387		$	21,853	$	21,840	$	19,596

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

	December 31,
(in millions)	2020		2019
Life, accident and health annual statement:
Life Insurance, net	$	8,400	$	8,292
Accidental death benefits, net		1		1
Disability - active lives, net		12		10
Disability - disabled lives, net		51		52
Miscellaneous reserves, net		26		32
Subtotal	$	8,490	$	8,387
Separate accounts annual statement:
Life insurance1	$	24,884	$	22,138
Miscellaneous reserves		9		5
Subtotal	$	24,893	$	22,143
Total life actuarial reserves, net	$	33,383	$	30,530

1 In 2020, life insurance account value, cash value and reserve includes separate accounts with guarantees of $302 million for universal life. In 2019, life insurance account value, cash value and reserve includes separate accounts with guarantees of $297 million and $2.2 billion for universal life and variable life, respectively.

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Direct Premium Written by Managing General Agents and Third Party Administrators

The following table summarizes direct premium written by managing general agents and third party administrators as of December 31, 2020:

(in millions)
Managing general agent/ third party reserve	FEIN number		Exclusive contract	Types of business written	Types of authority granted1	Total Direct Premium
Meridian Management Group, LLC		22-3713596	Not Exclusive	Accident & health	U / P / B	$	42
RMTS - Manufacturers & Traders Trust Co.		20-1049240	Not Exclusive	Accident & health	C / CA / B / P / U		26
Fringe Insurance Benefits, Inc.		74-2616364	Not Exclusive	Accident & health	B / P / U		41
Star Line Group		04-3499188	Not Exclusive	Accident & health	C / CA / B / P / U		7
AccuRisk Solutions, LLC		31-1777676	Not Exclusive	Accident & health	C / CA / B / P /U		90
Merchants Benefit Administration, Inc.		86-0875918	Exclusive	Accident & health	B / C / CA / P		14
Roundstone Management, Ltd.		27-0371422	Not Exclusive	Accident & health	C / CA / B / P / U		75
Gilsbar, Inc.		72-0519951	Not Exclusive	Accident & health	B / P / U		75
Matrix		01-0544915	Not Exclusive	Accident & health	C / CA / B / P / U		19
IRC		74-2824053	Not Exclusive	Accident & health	C / CA / B / P / U		28
TMS RE Inc		65-0644164	Not Exclusive	Accident & health	C / CA / B / P / U		70
United Group Programs Inc.		59-1896277	Not Exclusive	Accident & health	C / CA / B / P / U		9
USMGU		46-4619917	Not Exclusive	Accident & health	C / CA / B / P / U		1
Total Direct Premiums Written and Produced						$	497

1 Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(4) Separate Accounts

The Company’s separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

	December 31, 2020				December 31, 2019
(in millions)	Separate account assets legally insulated		Separate account assets (not legally insulated)		Separate account assets legally insulated		Separate account assets (not legally insulated)
Product / Transaction:
Individual annuities	$	71,875	$	-	$	67,222	$	-
Group annuities		17,550		-		16,187		-
Life insurance		24,982		-		22,246		-
Total	$	114,407	$	-	$	105,655	$	-

The following table summarizes amounts paid towards separate account guarantees by the general account and related risk charges paid by the separate account for the years ended:

(in millions)	Total paid toward separate account guarantees		Risk charges paid to general account
2020	$	26	$	631
2019	$	58	$	612
2018	$	18	$	594
2017	$	13	$	559
2016	$	36	$	507

The Company does not engage in securities lending transactions within its separate accounts.

Most separate accounts held by the Company relate to individual and group variable annuity and variable universal life insurance contracts of a non-guaranteed return nature. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The individual variable annuity contracts generally provide an incidental death benefit of the greater of account value or premium paid (net of prior withdrawals). However, many individual variable annuity contracts also provide death benefits equal to (i) the most recent fifth-year anniversary account value, (ii) the highest account value on any previous anniversary, (iii) premiums paid increased 5% or certain combinations of these, all adjusted for prior withdrawals. The death benefit and cash value under the variable universal life policies may vary with the investment performance of the underlying investments in the separate accounts. The assets and liabilities of these separate accounts are carried at fair value and are non-guaranteed.

Certain other separate accounts offered by the Company contain groups of variable universal life policies wherein the assets supporting account values on the underlying policies reside in Private Placement Separate Accounts. They provide a quarterly interest rate based on a crediting formula that reflects the market value to book value ratio of the investments, investment portfolio yield and a specified duration.

Certain other separate accounts relate to a guaranteed term option, which provides a guaranteed interest rate that is paid over certain maturity durations ranging from three to ten years, so long as certain conditions are met. If amounts allocated to the guaranteed term option are distributed prior to the maturity period, a market value adjustment can be assessed. The assets and liabilities of these separate accounts are carried at fair value.

Another separate account offered by the Company contains a group of universal life policies wherein the assets supporting the account values on the underlying policies reside in a Private Placement Separate Account. It provides an annual interest rate guarantee, subject to a minimum guarantee of 3%. The interest rate declared each year reflects the anticipated investment experience of the account. The business has been included as a nonindexed guarantee less than or equal to 4%.

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

(in millions)	Indexed		Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2020
Premiums, considerations or deposits	$	-	$	417	$	-	$	5,392	$	5,809
Reserves
For accounts with assets at:
Fair value	$	-	$	2,480	$	166	$	110,340	$	112,986
Amortized cost		-		302		-		-		302
Total reserves	$	-	$	2,782	$	166	$	110,340	$	113,288
By withdrawal characteristics:
With market value adjustment	$	-	$	2,480	$	166	$	-	$	2,646
At book value without market value adjustment and with current surrender charge of 5% or more		-		-		-		-		-
At fair value		-		-		-		110,252		110,252
At book value without market value adjustment and with current surrender charge less than 5%		-		302		-		11		313
Subtotal	$	-	$	2,782	$	166	$	110,263	$	113,211
Not subject to discretionary withdrawal		-		-		-		77		77
Total reserves1	$	-	$	2,782	$	166	$	110,340	$	113,288

1 The total reserves balance does not equal the liabilities related to separate accounts of $114.4 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.1 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

			Nonindexed		Nonindexed
			guarantee		guarantee		Nonguaranteed
			less than or		more than		separate
(in millions)	Indexed		equal to 4%		4%		accounts		Total
December 31, 2019
Premiums, considerations or deposits	$	-	$	135	$	-	$	6,007	$	6,142
Reserves
For accounts with assets at:
Fair value	$	-	$	2,202	$	146	$	99,612	$	101,960
Amortized cost		-		2,463		-		-		2,463
Total reserves	$	-	$	4,665	$	146	$	99,612	$	104,423
By withdrawal characteristics:
With market value adjustment	$	-	$	2,202	$	146	$	29	$	2,377
At book value without market value adjustment and with current surrender charge of 5% or more		-		-		-		-		-
At fair value		-		-		-		99,499		99,499
At book value without market value adjustment and with current surrender charge less than 5%		-		2,463		-		13		2,476
Subtotal	$	-	$	4,665	$	146	$	99,541	$	104,352
Not subject to discretionary withdrawal		-		-		-		71		71
Total reserves1	$	-	$	4,665	$	146	$	99,612	$	104,423

1 The total reserves balance does not equal the liabilities related to separate accounts of $105.7 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.2 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

The following table is a reconciliation of net transfers to (from) separate accounts, as of the dates indicated:

			December 31,
(in millions)	2020		2019		2018
Transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	5,809	$	6,142	$	6,392
Transfers from separate accounts		(8,921)		(9,470)		(8,461)
Net transfers from separate accounts	$	(3,112)	$	(3,328)	$	(2,069)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(337)		(321)		(303)
Fees not included in general account transfers		(67)		(68)		(58)
Other miscellaneous adjustments not included in the general account balance		(28)		(30)		(38)
Transfers as reported in the statutory statements of operations	$	(3,544)	$	(3,747)	$	(2,468)

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(5) Investments

Bonds and Stocks

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

(in millions)	Carrying value		Fair value in excess of carrying value		Carrying value in excess of fair value		Fair value
December 31, 2020
Bonds:
U.S. Government	$	7	$	-	$	-	$	7
States, territories and possessions		370		59		-		429
Political subdivisions		343		71		-		414
Special revenues		2,763		564		-		3,327
Industrial and miscellaneous		26,583		3,656		46		30,193
Loan-backed and structured securities		7,141		336		37		7,440
Total bonds	$	37,207	$	4,686	$	83	$	41,810
Common stocks unaffiliated	$	142	$	-	$	-	$	142
Preferred stocks unaffiliated		97		12		-		109
Total unaffiliated stocks1	$	239	$	12	$	-	$	251
Total bonds and unaffiliated stocks1	$	37,446	$	4,698	$	83	$	42,061
December 31, 2019
Bonds:
U.S. Government	$	7	$	-	$	-	$	7
States, territories and possessions		398		42		1		439
Political subdivisions		344		52		1		395
Special revenues		2,702		370		5		3,067
Industrial and miscellaneous		26,240		2,012		65		28,187
Loan-backed and structured securities		5,433		238		31		5,640
Total bonds	$	35,124	$	2,714	$	103	$	37,735
Common stocks unaffiliated	$	181	$	-	$	-	$	181
Preferred stocks unaffiliated		55		4		-		59
Total unaffiliated stocks1	$	236	$	4	$	-	$	240
Total bonds and unaffiliated stocks1	$	35,360	$	2,718	$	103	$	37,975

1 Excludes affiliated common stocks with a carrying value of $2.6 billion and $2.4 billion as of December 31, 2020 and 2019, respectively. Affiliated common stocks includes investment in NLAIC and JNF of $2.4 billion and $180 million as of December 31, 2020, respectively, and $2.2 billion and $169 million as of December 31, 2019, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was $3 million as of December 31, 2020 and 2019.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2020. 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)	Carrying value		Fair value
Bonds:
Due in one year or less	$	1,314	$	1,331
Due after one year through five years		7,925		8,441
Due after five years through ten years		9,450		10,557
Due after ten years		11,377		14,041
Total bonds excluding loan-backed and structured securities	$	30,066	$	34,370
Loan-backed and structured securities		7,141		7,440
Total bonds	$	37,207	$	41,810

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, 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		Fair value		Unrealized losses
December 31, 2020
Bonds:
States, territories and possessions	$	1	$	-	$	-	$	-	$	1	$	-
Special revenues		14		-		-		-		14		-
Industrial and miscellaneous		636		27		408		38		1,044		65
Loan-backed and structured securities		1,454		15		870		23		2,324		38
Total bonds	$	2,105	$	42	$	1,278	$	61	$	3,383	$	103
Common stocks unaffiliated		21		4		-		-		21		4
Preferred stocks unaffiliated		9		-		-		-		9		-
Total bonds and stocks	$	2,135	$	46	$	1,278	$	61	$	3,413	$	107
December 31, 2019
Bonds:
States, territories and possessions	$	23	$	1	$	-	$	-	$	23	$	1
Political subdivisions		65		1		-		-		65		1
Special revenues		397		5		-		-		397		5
Industrial and miscellaneous		852		9		911		103		1,763		112
Loan-backed and structured securities		704		6		1,124		28		1,828		34
Total bonds	$	2,041	$	22	$	2,035	$	131	$	4,076	$	153
Common stocks unaffiliated		32		-		16		1		48		1
Preferred stocks unaffiliated		1		-		-		-		1		-
Total bonds and stocks	$	2,074	$	22	$	2,051	$	132	$	4,125	$	154

As of December 31, 2020, management evaluated securities in an unrealized loss position and all non-marketable securities for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

There was no intent to sell other-than-temporary impairments on loan-backed and structured securities for the years ended December 31, 2020 and 2019.

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory 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)	2020		2019
Amortized cost:
Loans with non-specific reserves	$	7,819	$	7,675
Loans with specific reserves		12		14
Total amortized cost	$	7,831	$	7,689
Valuation allowance:
Non-specific reserves	$	45	$	31
Specific reserves		3		3
Total valuation allowance1	$	48	$	34
Mortgage loans, net of allowance	$	7,783	$	7,655

1 Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2020, 2019, and 2018 were immaterial.

As of December 31, 2020 and 2019, 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 following table summarizes the LTV ratio and DSC ratio of the mortgage loan portfolio as of the dates indicated:

	LTV ratio												DSC ratio
(in millions)	Less than 90%				90% or greater				Total				Greater than 1.00				Less than or equal to 1.00				Total
December 31, 2020
Apartment		$	2,988			$	25			$	3,013			$	2,993			$	20			$	3,013
Industrial			1,026				-				1,026				1,005				21				1,026
Office			1,307				-				1,307				1,304				3				1,307
Retail			2,155				27				2,182				2,169				13				2,182
Other			218				-				218				218				-				218
Total1		$	7,694			$	52			$	7,746			$	7,689			$	57			$	7,746
Weighted average DSC ratio			2.21				1.52				2.20				2.21				0.91				2.20
Weighted average LTV ratio			57	%			98	%			57	%			57	%			65	%			57%
December 31, 2019
Apartment		$	2,906			$	124			$	3,030			$	3,018			$	12			$	3,030
Industrial			906				-				906				905				1				906
Office			1,306				-				1,306				1,291				15				1,306
Retail			2,162				9				2,171				2,151				20				2,171
Other			205				-				205				205				-				205
Total1		$	7,485			$	133			$	7,618			$	7,570			$	48			$	7,618
Weighted average DSC ratio			2.13				1.19				2.11				2.12				0.90				2.11
Weighted average LTV ratio			54	%			95	%			54	%			54	%			72	%			54%

1 Excludes $85 million and $71 million of commercial mortgage loans that were under development as of December 31, 2020 and 2019, respectively.

As of December 31, 2020 and 2019, the Company has a diversified mortgage loan portfolio with no more than 24% and 23%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2020 were 4.3% and 1.9%, respectively, and for those originated or acquired during 2019 were 12.0% and 3.1%, respectively. As of December 31, 2020 and 2019, the maximum LTV ratio of any one loan at the time of loan origination was 80% and 82%, respectively. As of December 31, 2020 and 2019, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $244 million and $306 million as of December 31, 2020 and 2019, respectively. The Company held $101 million and $132 million of cash collateral on securities lending as of December 31, 2020 and 2019, respectively. As of December 31, 2020, the carrying value and fair value of reinvested collateral assets was $101 million. As of December 31, 2019, the carrying value and fair value of reinvested collateral assets was $133 million. The fair value of bonds acquired with reinvested collateral assets was $103 million and $134 million as of December 31, 2020 and 2019, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $148 million and $180 million of non-cash collateral on securities lending as of December 31, 2020 and 2019, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

	December 31,
(in millions)	2020		2019		2018
Bonds	$	1,419	$	1,408	$	1,378
Mortgage loans		339		353		335
Other invested assets		384		225		228
Policy loans		43		45		54
Other		41		51		41
Gross investment income	$	2,226	$	2,082	$	2,036
Investment expenses		(119)		(108)		(109)
Net investment income	$	2,107	$	1,974	$	1,927

There was no investment income due and accrued that was nonadmitted as of December 31, 2020 and 2019.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

	December 31,
(in millions)	2020		2019		2018
Gross gains on sales	$	36	$	71	$	22
Gross losses on sales		(42)		(21)		(16)
Net realized (losses) gains on sales	$	(6)	$	50	$	6
Net realized derivative losses		(521)		(515)		(226)
Other-than-temporary impairments		(78)		(5)		(8)
Total net realized losses on sales	$	(605)	$	(470)	$	(228)
Tax (benefit) expense on net losses		(26)		7		8
Net realized capital losses, net of tax	$	(579)	$	(477)	$	(236)
Less: Realized losses transferred to the IMR		(4)		-		(1)
Net realized capital losses, net of tax and transfers to the IMR	$	(575)	$	(477)	$	(235)

For the year ended December 31, 2020, gross realized gains and gross realized losses on sales of bonds were $26 million and $38 million, respectively. For the year ended December 31, 2019, gross realized gains and gross realized losses on sales of bonds were $56 million and $19 million, respectively. For the year ended December 31, 2018, gross realized gains and gross realized losses on sales of bonds were $15 million and $13 million, respectively.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2020 and 2019.

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $483 million and $496 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, there were $21 million and $45 million of commitments to purchase private placement bonds and $114 million and $147 million of outstanding commitments to fund mortgage loans, respectively.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(6) 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. In the normal course of business, the Company enters into transactions that expose it to interest rate risk arising from mismatches between assets and liabilities. The Company may use interest rate swaps and futures to reduce or alter interest rate exposure.

Interest rate contracts 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 contracts are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa.

Equity market risk management. The Company issues a variety of insurance products that expose it to equity risks. To mitigate these risks, the Company enters into a variety of derivatives including equity index futures and options.

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 are intended to mitigate the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps.

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. The Company also considers the impact credit exposure could have on the effectiveness of the Company’s hedging relationships. As of December 31, 2020 and 2019, 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.

The following table summarizes the fair value, carrying value and related notional amounts of derivative instruments, as of the dates indicated:

(in millions)	Notional amount		Net Carrying Value		Fair value asset		Fair value liability		Average fair value
December 31, 2020
Interest rate swaps	$	7	$	(1)	$	-	$	(1)	$	(1)
Options		-		-		-		-		-
Cross currency swaps		1,524		(36)		75		(49)		-
Futures		3,342		-		-		-		-
Total	$	4,873	$	(37)	$	75	$	(50)	$	(1)
December 31, 2019
Interest rate swaps	$	7	$	(1)	$	-	$	(1)	$	-
Options		202		6		6		-		1
Cross currency swaps		1,537		66		99		(19)		1
Futures		3,153		-		-		-		-
Total	$	4,899	$	71	$	105	$	(20)	$	2

Of the $75 million and $105 million of fair value of derivative assets as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company received $35 million and $68 million of cash collateral and $22 million and $45 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Of the $50 million and $20 million of fair value of derivative liabilities as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company posted $28 million and $3 million of cash collateral, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $280 million and $128 million as of December 31, 2020 and 2019, respectively.

F-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

	Net realized (losses) gains recorded in operations						Unrealized (losses) gains recorded in capital and surplus
	December 31,						December 31,
(in millions)	2020		2019		2018		2020		2019		2018
Interest rate swaps	$	-	$	-	$	(5)	$	-	$	-	$	35
Options		-		3		(313)		(1)		4		244
Cross currency swaps		4		(1)		-		(102)		(13)		65
Futures		(525)		(517)		92		1		(169)		132
Total	$	(521)	$	(515)	$	(226)	$	(102)	$	(178)	$	476

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2020:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	4	$	1	$	-	$	5
Common stocks unaffiliated		53		88		1		-		142
Separate account assets		109,265		2,047		58		2,720		114,090
Assets at fair value	$	109,318	$	2,139	$	60	$	2,720	$	114,237
Liabilities
Derivative liabilities	$	-	$	1	$	-	$	-	$	1
Liabilities at fair value	$	-	$	1	$	-	$	-	$	1

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020:

(in millions)	Bonds		Common stocks unaffiliated		Derivative assets1		Separate account assets		Assets at fair value
Balance as of December 31, 2019	$	6	$	1	$	6	$	87	$	100
Net gains (losses):
In operations		(2)		-		-		-		(2)
In surplus		5		-		(1)		(17)		(13)
Purchases		2		-		-		-		2
Sales		(9)		-		(5)		(12)		(26)
Transfers into Level 3		1		-		-		-		1
Transfers out of Level 3		(2)		-		-		-		(2)
Balance as of December 31, 2020	$	1	$	1	$	-	$	58	$	60

1 Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bonds transfers into and/or out of Level 3 during the year ended December 31, 2020 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes assets and liabilities held at fair value as of December 31, 2019:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	3	$	6	$	-	$	9
Common stocks unaffiliated		68		112		1		-		181
Derivative assets		-		-		6		-		6
Separate account assets		101,312		1,857		87		2,091		105,347
Assets at fair value	$	101,380	$	1,972	$	100	$	2,091	$	105,543
Liabilities
Derivative liabilities	$	-	$	1	$	-	$	-	$	1
Liabilities at fair value	$	-	$	1	$	-	$	-	$	1

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019:

(in millions)	Bonds		Common stocks     unaffiliated		Derivative     assets1		Separate     account assets		Assets     at fair value
Balance as of December 31, 2018	$	8	$	1	$	2	$	80	$	91
Net gains (losses):
In operations		-		-		3		-		3
In surplus		(4)		-		4		7		7
Purchases		3		-		6		-		9
Sales		(5)		-		(9)		-		(14)
Transfers into Level 3		24		-		-		-		24
Transfers out of Level 3		(20)		-		-		-		(20)
Balance as of December 31, 2019	$	6	$	1	$	6	$	87		100

1 Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bond transfers into and/or out of Level 3 during the year ended December 31, 2019 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the carrying value and fair value of the Company’s assets and liabilities not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

	Fair Value
(in millions)	Level 1			Level 2		Level 3		Total fair value		Carrying value
December 31, 2020
Assets:
Bonds1	$	1,366		$	39,072	$	1,367	$	41,805	$	37,202
Preferred stocks unaffiliated		-			104		5		109		97
Mortgage loans, net of allowance		-			-		7,952		7,952		7,783
Policy loans		-			-		888		888		888
Derivative assets		-			75		-		75		51
Cash, cash equivalents and short-term investments		(90	)		551		-		461		461
Securities lending collateral assets		101			-		-		101		101
Separate account assets		7			368		-		375		317
Total assets	$	1,384		$	40,170	$	10,212	$	51,766	$	46,900
Liabilities:
Investment contracts	$	-		$	-	$	1,249	$	1,249	$	2,076
Derivative liabilities		-			48		-		48		86
Total liabilities	$	-		$	48	$	1,249	$	1,297	$	2,162
December 31, 2019
Assets:
Bonds1	$	1,494		$	35,302	$	930	$	37,726	$	35,115
Preferred stocks unaffiliated		-			59		-		59		55
Mortgage loans, net of allowance		-			-		7,856		7,856		7,655
Policy loans		-			-		903		903		903
Derivative assets		-			99		-		99		88
Short-term investments		7			615		-		622		622
Securities lending collateral assets		132			-		-		132		132
Separate account assets		3			334		-		337		308
Total assets	$	1,636		$	36,409	$	9,689	$	47,734	$	44,878
Liabilities:
Investment contracts²	$	-		$	-	$	953	$	953	$	1,801
Derivative liabilities		-			19		-		19		22
Total liabilities	$	-		$	19	$	953	$	972	$	1,823

1 Level 3 is primarily composed of industrial and miscellaneous bonds.

2 Prior period balances updated to conform to current period presentation.

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 statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

Securities lending collateral assets. These assets are comprised of bonds and short-term investments and the respective fair values are estimated based on the fair value methods described in Note 2.

F-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

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.

(8) Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

	December 31, 2020
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	770		$	16		$	786
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	770		$	16		$	786
Less: Deferred tax assets nonadmitted		(41	)		-			(41)
Net admitted deferred tax assets	$	729		$	16		$	745
Less: Deferred tax liabilities		(94	)		(9	)		(103)
Net admitted deferred tax assets	$	635		$	7		$	642
	December 31, 2019
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	730		$	44		$	774
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	730		$	44		$	774
Less: Deferred tax assets nonadmitted		(13	)		(24	)		(37)
Net admitted deferred tax assets	$	717		$	20		$	737
Less: Deferred tax liabilities		(134	)		(2	)		(136)
Net admitted deferred tax assets	$	583		$	18		$	601

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

	December 31,
(in millions)	2020			2019			Change
Adjusted gross deferred tax assets	$	786		$	774		$	12
Total deferred tax liabilities		(103	)		(136	)		33
Net deferred tax assets	$	683		$	638		$	45
Less: Tax effect of unrealized gains								3
Change in deferred income tax							$	42

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

	December 31, 2020
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	7	$	7
Adjusted gross deferred tax assets expected to be realized1		633		2		635
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		96		7		103
Admitted deferred tax assets	$	729	$	16	$	745

	December 31, 2019
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	6	$	6
Adjusted gross deferred tax assets expected to be realized1		583		12		595
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		134		2		136
Admitted deferred tax assets	$	717	$	20	$	737

1 Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet due date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2020 and 2019, the threshold limitation for adjusted capital and surplus was $1.3 billion and $1.2 billion, respectively.

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $8.4 billion and $8.1 billion as of December 31, 2020 and 2019, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,176% and 1,296% as of December 31, 2020 and 2019, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

	December 31, 2020
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		32.64	%		0.00	%		32.64	%

	December 31, 2019
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		35.23	%		0.00	%		35.23	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2020 and 2019.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2020 and 2019.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

	December 31,
(in millions)	2020			2019			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	108		$	108		$	-
Investments		116			88			28
Deferred acquisition costs		202			201			1
Policyholders’ dividends accumulation		5			5			-
Compensation and benefits accrual		10			10			-
Tax credit carry-forward		316			303			13
Other		13			15			(2	)
Subtotal	$	770		$	730		$	40
Nonadmitted		(41	)		(13	)		(28	)
Admitted ordinary deferred tax assets	$	729		$	717		$	12
Capital:
Investments		16			44			(28	)
Subtotal	$	16		$	44		$	(28	)
Nonadmitted		-			(24	)		24
Admitted capital deferred tax assets	$	16		$	20		$	(4	)
Admitted deferred tax assets	$	745		$	737		$	8
Deferred tax liabilities
Ordinary:
Investments	$	(2	)	$	(26	)	$	24
Deferred and uncollected premium		(6	)		(6	)		-
Future policy benefits and claims		(57	)		(58	)		1
Deferred acquisition costs		(28	)		(43	)		15
Other		(1	)		(1	)		-
Subtotal	$	(94	)	$	(134	)	$	40
Capital:
Investments		(9	)		(2	)		(7	)
Subtotal	$	(9	)	$	(2	)	$	(7	)
Deferred tax liabilities	$	(103	)	$	(136	)	$	33
Net deferred tax assets	$	642		$	601		$	41

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total 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 all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2020 and 2019.

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the Company’s income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income (loss) before tax as follows, for the years ended:

	December 31,
(in millions)	2020			2019			2018
Current income tax (benefit) expense	$	(22	)	$	(66	)	$	73
Change in deferred income tax (without tax on unrealized gains and losses)		(41	)		29			(72	)
Total income tax (benefit) expense reported	$	(63	)	$	(37	)	$	1
Income before income and capital gains taxes	$	465		$	563		$	783
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	98		$	118		$	164
Decrease in actual tax reported resulting from:
Dividends received deduction		(117	)		(101	)		(99	)
Change in tax reserves		16			-			16
Tax credits		(48	)		(53	)		(51	)
Tax (benefit) expense related to the Tax Cuts and Jobs Act1		-			-			(26	)
Loss carryback rate differential		(10	)		-			-
Other		(2	)		(1	)		(3	)
Total income tax (benefit) expense reported	$	(63	)	$	(37	)	$	1

1 Prior year amount represents the remeasurement of deferred tax assets revised after return filing as a result of the Tax Cuts and Jobs Act.

The Company incurred $6 million in federal income tax expense in 2019 which is available for recoupment in the event of future net losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the financial statements in the period the law was enacted. For year ended December 31, 2020, the CARES Act did not have a material impact on the Company’s financial statements.

The CARES Act amended the Tax Cuts and Jobs Act, to accelerate the ability of companies to fully recover AMT credits in 2020 versus 2021. The Company had $159 million of an income tax receivable that was previously AMT credit carryforwards as of December 31, 2019. In 2020, the Company received a refund of $158 million of its AMT credits.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2020:

(in millions)	Amount		Origination		Expiration
Business credits	$	5		2011		2031
Business credits	$	9		2012		2032
Business credits	$	6		2013		2033
Business credits	$	39		2014		2034
Business credits	$	47		2015		2035
Business credits	$	62		2016		2036
Business credits	$	62		2017		2037
Business credits	$	30		2018		2038
Business credits	$	27		2019		2039
Business credits	$	29		2020		2040

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

Nationwide Mutual Insurance Company AGMC Reinsurance, Ltd Allied Group, Inc. Allied Holding (Delaware), Inc. Allied Insurance Company of America Allied Property & Casualty Insurance Company Allied Texas Agency, Inc. AMCO Insurance Company American Marine Underwriters Crestbrook Insurance Company Depositors Insurance Company DVM Insurance Agency, Inc. Eagle Captive Reinsurance, LLC Freedom Specialty Insurance Company Harleysville Group Inc. Harleysville Insurance Co. of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Life Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Securities Corporation Lone Star General Agency, Inc. National Casualty Company Nationwide Advantage Mortgage Company Nationwide Affinity Insurance Company of America Nationwide Agent Risk Purchasing Group. Inc. Nationwide Agribusiness Insurance Company Nationwide Assurance Company Nationwide Cash Management Company Nationwide Corporation Nationwide Financial Assignment Company Nationwide Financial General Agency, Inc. Nationwide Financial Services, Inc. Nationwide General Insurance Company Nationwide Global Holdings, Inc. Nationwide Indemnity Company Nationwide Insurance Company of America Nationwide Insurance Company of Florida Nationwide Investment Services Corporation Nationwide Life and Annuity Ins. Company Nationwide Life Insurance Company Nationwide Lloyds Nationwide Property & Casualty Ins. Company Nationwide Retirement Solutions, Inc. Nationwide Sales Solutions, Inc. Nationwide Trust Company, FSB NBS Insurance Agency, Inc. NFS Distributors, Inc. NWD Investment Management, Inc. Registered Investment Advisors Services, Inc. Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company THI Holdings (Delaware), Inc. Titan Insurance Company Titan Insurance Services, Inc. Veterinary Pet Insurance Company Victoria Fire & Casualty Company Victoria National Insurance Company Victoria Select Insurance Company VPI Services, Inc.

The method of allocation among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2020 and 2019.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(9) Short-Term Debt and Federal Home Loan Bank Funding Agreement

Short-Term Debt

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)	2020		2019
$750 million commercial paper program (0.00%)	$	-	$	200
Accrued interest payable		3		3
Total short-term debt	$	3	$	203

The Company participates in a commercial paper program with a limit of $750 million. The rating agency guidelines recommend that the Company maintain minimum liquidity backup, which includes cash and liquid assets, as well as committed bank lines, equal to 50% of any amounts outstanding under the commercial paper program. The commercial paper will not be redeemed prior to maturity or be subject to voluntary prepayment. Proceeds from the sale of the commercial paper will be used to meet working capital requirements and for general corporate purposes, including the funding of acquisitions.

As of December 31, 2019, the Company had access to borrow up to $300 million from the FHLB to provide financing for operations that expired on March 22, 2020. In March 2020, the Company renewed the agreement with the FHLB until March 19, 2021. The Company had $4.3 billion and $4.0 billion in eligible collateral and no amounts outstanding under the agreement as of December 31, 2020 and 2019, respectively. In February 2021, the Company terminated this agreement and entered into a new agreement with the FHLB, which expires February 4, 2022, that allows the Company and NLAIC access to collectively borrow up to $1.1 billion in the aggregate, which would be collateralized by pledged securities.

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, 2020 and 2019.

The terms of certain debt instruments contain various restrictive covenants, including, but not limited to, minimum statutory surplus defined in the agreements. The Company was in compliance with all covenants as of December 31, 2020 and 2019.

The amount of interest paid on short-term debt was immaterial in 2020, 2019 and 2018.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB. Through its membership, the FHLB established the Company’s capacity for short-term borrowings and cash advances under the funding agreement program at up to 50% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $4.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. Membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $30 million in membership stock as of December 31, 2020 and 2019. As part of the agreement, the Company purchased and held an additional $58 million and $53 million in activity stock as of December 31, 2020 and 2019, respectively, which is included in the general account in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $2.1 billion and $1.8 billion as of December 31, 2020 and 2019, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. The advances were collateralized by bonds and mortgage loans with carrying values of $2.4 billion (1.5% of total admitted assets) as of December 31, 2020 and $2.2 billion (1.4% of total admitted assets) as of December 31, 2019, which are included in the general account in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(10) Surplus Notes

The following table summarizes the carrying value of surplus notes issued by the Company to NFS, as of the dates indicated:

(in millions)
Date issued	Interest rate			Par value		Carrying value		Interest and/ or principal paid in current year		Total interest and/ or principal paid		Unapproved interest and/ or principal		Date of maturity
December 31, 2020
12/19/2001		7.50	%	$	300	$	300	$	22	$	428	$	-		12/31/2031
6/27/2002		8.15	%		300		300		25		448		-		6/27/2032
12/23/2003		6.75	%		100		100		7		112		-		12/23/2033
12/20/2019		4.21	%		400		400		17		17		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,005	$	-
December 31, 2019
12/19/2001		7.50	%	$	300	$	300	$	23	$	406	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		423		-		6/27/2032
12/23/2003		6.75	%		100		100		7		105		-		12/23/2033
12/20/2019		4.21	%		400		400		-		-		-		12/19/2059
Total				$	1,100	$	1,100	$	54	$	934	$	-

The surplus notes were issued in accordance with Section 3901.72 of the Ohio Revised Code. The principal and interest on these surplus notes shall not be a liability or claim against NLIC, or any of its assets, except as provided in Section 3901.72 of the Ohio Revised Code. The Department must approve interest and principal payments before they are paid.

(11) Reinsurance

The Company has a 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC.

Amounts ceded to Eagle during 2020, 2019 and 2018 included premiums of $627 million, $529 million and $506 million, respectively, benefits and claims, net of third party reinsurance recoveries of $23 million, $17 million, and $14 million respectively, net investment earnings on funds withheld assets of $49 million, $33 million and $20 million, respectively, and an expense allowance for third party reinsurance premiums of $1 million, $1 million and $1 million, respectively. As of December 31, 2020 and 2019, the carrying value of the funds withheld assets was $965 million and $795 million, respectively, which consists of bonds and short-term investments that had a carrying value of $856 million and $722 million, respectively, and mortgage loans that had a carrying value of $108 million and $73 million, respectively. As of December 31, 2020 and 2019, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreement was $65 million and $275 million, respectively. Amounts payable to Eagle related to the reinsurance agreement were $402 million and $248 million as of as of December 31, 2020 and December 31, 2019, respectively.

The Company has a reinsurance agreement with NMIC whereby nearly all of the Company’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 the Company’s agreement, the investment risk associated with changes in interest rates is borne by the reinsurer. Risk of asset default is retained by the Company, although a fee is paid to the Company for the retention of such risk. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. Amounts ceded to NMIC include revenues of $281 million, $279 million and $257 million for the years ended December 31, 2020, 2019 and 2018, respectively, while benefits, claims and expenses ceded were $260 million, $273 million and $237 million, respectively.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statement of operations for 2020, 2019 and 2018 and include premiums of $12 million, $14 million and $14 million, respectively, net investment income of $46 million, $49 million and $58 million, respectively, and benefits, change in reserves and other expenses of $171 million, $251 million and $358 million, respectively. The reserve adjustment for 2020, 2019 and 2018 of $(172) million, $(246) million and $(352) million, respectively, represents changes in reserves related to this fixed block of business, offset by investment earnings on the underlying assets. Policy reserves assumed under this agreement totaled $1.1 billion and $1.2 billion as of December 31, 2020 and 2019, respectively, and amounts payable related to this agreement were $8 million and $0.4 million, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $37 million and $39 million as of December 31, 2020 and 2019, respectively. Total premiums assumed under this treaty were $8 million, $11 million and $8 million during 2020, 2019 and 2018, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby a certain life insurance contract is assumed on a 100% coinsurance basis. Policy reserves assumed under this agreement totaled $158 million and $157 million as of December 31, 2020 and 2019, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unrelated reinsurers. Total reserve credits taken as of December 31, 2020 and 2019 were $420 million and $438 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), SCOR Global Life Americas Reinsurance (“SGLAR”), and Security Life of Denver Insurance Company (“SLD”) as of December 31, 2020. Total reserve credits taken on these contracts as of December 31, 2020 and 2019 totaled $100 million and $90 million for each year, from SBL, $44 million and $0, respectively, from SGLAR and $36 million and $41 million, respectively, from SLD. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder. Under the terms of the contracts, SBL has established a trust as collateral for the recoveries, whereby the trust assets are invested in investment grade securities, the fair value of which must at all times be greater or equal to 100% of the reinsured reserves.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(12) Transactions with Affiliates

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, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees 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 pursuant to the Enterprise Cost Sharing Agreement. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC and NSC totaling $281 million, $220 million and $235 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 $3.7 billion, $3.5 billion and $3.4 billion as of December 31, 2020, 2019 and 2018, respectively. Total revenues from these contracts were $122 million, $120 million and $119 million for the years ended December 31, 2020, 2019 and 2018, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $115 million, $112 million and $107 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Under the Enterprise Cost Sharing Agreement, the Company has a cost sharing arrangement with NMIC to occupy office space. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC of $13 million, $11 million and $10 million, respectively.

The Company receives an annual fee payable from the Tax Credit Funds, for which it is a guarantor and Managing Member, for its services in connection with the oversight of the performance of the Investee Partnerships and the compliance by their managing members and managing agents thereof with the provisions of the various operating level agreements and applicable laws. The Company earned $2 million for the years ended December 31, 2020, 2019 and 2018.

Funds of Nationwide Funds Group (“NFG”), a group of Nationwide businesses that develops, sells and services mutual funds, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2020, 2019 and 2018, customer allocations to NFG funds totaled $69.2 billion, $66.8 billion and $60.7 billion, respectively. For the years ended December 31, 2020, 2019 and 2018, NFG paid the Company $229 million, $227 million and $227 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $551 million and $616 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020, amounts on deposit with NCMC were comprised of $547 million of cash equivalents, with remaining amounts in short-term investments.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates for the years ended December 31, 2020, 2019 and 2018 was $69 million, $71 million and $72 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.3% to 5.0% and maturity dates ranging from January 2022 to June 2041. As of December 31, 2020 and 2019, the Company had mortgage loans outstanding of $414 million and $348 million, respectively.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2020 and 2019, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2020 and 2019, there was no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2020, 2019 and 2018 were immaterial.

During 2020, 2019 and 2018, the Company received capital contributions of $0, $600 million and $435 million, respectively, from NFS.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

During 2020, the Company sold securities of $59 million to Nationwide Mutual Fire Insurance Company for cash, which resulted in a realized loss of $2 million.

During 2020, 2019 and 2018, the Company paid capital contributions of $500 million, $400 million and $565 million, respectively, to NLAIC.

On February 11, 2020, the Company entered into an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. As of December 31, 2020, no amounts were drawn on the note.

On November 21, 2019, NFS and the Company entered into a promissory note, where the Company borrowed $386 million from NFS at 1-month LIBOR plus 0.785%. This note was fully repaid on December 20, 2019.

During 2018, NLAIC borrowed $340 million from the Company at interest rates ranging from 3-month LIBOR plus 0.785% to 3.57% with maturity dates ranging from January 16, 2019 to March 21, 2019. During 2019, NLAIC made payments of principal and interest and, as of March 21, 2019, the promissory notes were repaid in full.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNLIC with the minimum capital and surplus required by each state in which NLAIC and JNLIC does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNLIC or provide any creditor of NLAIC or JNLIC with recourse to or against any of the assets of the Company.

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end.

During 2020 and 2019, the Company made surplus contributions to Eagle. On March 31, 2020 and April 17, 2020, the Company made surplus contributions to Eagle of $555 million and $50 million, respectively. On October 17, 2019, the Company made a surplus contribution to Eagle of $9 million.

During 2020 and 2019 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2021, the Company received a dividend distribution of $292 million from Eagle that was declared on December 31, 2020. The dividend receivable was recorded in accrued investment income on the December 31, 2020 statutory statement of admitted assets, liabilities, capital and surplus. On November 10, 2020 the Company received a total distribution of $267 million from Eagle that was declared on September 30, 2020 and consisted of a return of contributed surplus of $184 million and a dividend of $83 million. On August 10, 2020 the Company received a return of contributed surplus distribution of $421 million from Eagle that was declared on June 30, 2020. On February 10, 2020, the Company received a total distribution of $180 million from Eagle that was declared on December 31, 2019 and consisted of a return of contributed surplus of $9 million and a dividend of $171 million. The return of contributed surplus was recorded in other assets and the dividend receivable was recorded in accrued investment income on the December 31, 2019 statutory statement of admitted assets, liabilities, capital and surplus. On August 9, 2019, the Company received a dividend distribution of $41 million from Eagle that was declared on June 28, 2019. On May 10, 2019, the Company received a total distribution of $212 million from Eagle that was declared on March 26, 2019 and consisted of a return of contributed surplus of $190 million and a dividend of $22 million.

The Company utilizes the look-through approach in valuing its investment in Nationwide Real Estate Investors (NLIC), LLC (“NW REI (NLIC)”), a subsidiary of NMIC, at $90 million and $69 million as of December 31, 2020 and 2019, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited statutory financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

(13) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial condition.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

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 IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Guarantees

In accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, for all guarantees made to or on behalf of wholly-owned subsidiaries, no initial liability recognition has been made and there is no net financial statement impact related to these guarantees.

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force as of December 31, 2020 and 2019 were approximately $8 million and $9 million, respectively.

The Company has guaranteed the obligations and liabilities of NISC, including, without limitation, the full and prompt payment of all accounts payable to any party now or in the future. If for any reason NISC fails to satisfy any of its obligations, the Company will cause such obligation, loss or liability to be fully satisfied.

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.

(14) Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

The 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 the Company is 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. The Company exceeded the minimum RBC requirements for all periods presented.

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of 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 (i) 10% of statutory-basis capital and surplus as of the prior December 31 or (ii) the statutory-basis net income of the insurer for the prior year. During the years ended December 31, 2020, 2019 and 2018, the Company did not pay any dividends to NFS. The Company’s statutory capital and surplus as of December 31, 2020, was $9.1 billion and statutory net income for 2020 was $487 million. As of January 1, 2021, the Company has the ability to pay dividends to NFS totaling $911 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 capital and 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.

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule I     Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2020:

(in millions)	Column A	Column B		Column C		Column D
	Type of investment	Cost		Fair value		Amount at which is shown in the statutory statements of admitted assets, liabilities, capital and surplus
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations		$	2	$	2	$	2
U.S. government and agencies			120		150		120
Obligations of states and political subdivisions			3,323		3,988		3,323
Foreign governments			63		71		63
Public utilities			3,784		4,280		3,790
All other corporate, mortgage-backed and asset-backed securities			29,876		33,319		29,909
Total fixed maturity securities		$	37,168	$	41,810	$	37,207
Equity securities:
Common Stocks:
Banks, trust and insurance companies			30		33		33
Industrial, miscellaneous and all other			113		109		109
Nonredeemable preferred stocks			97		109		97
Total equity securities1		$	240	$	251	$	239
Mortgage loans2			7,831				7,783
Short-term investments			461				461
Policy loans			888				888
Other long-term investments3			950				950
Total invested assets		$	47,538			$	47,528

1 Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $2.6 billion are excluded.

2 Difference from Column B is attributable to valuation allowances on mortgage loans (see Note 5 to the audited statutory financial statements).

3 Includes derivatives, securities lending reinvested collateral assets and other invested assets. Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $157 million are excluded.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule III    Supplementary Insurance Information

As of December 31, 2020, 2019 and 2018 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 costs1	Future policy benefits, losses, claims and loss expenses		Unearned premiums2	Other policy claims and benefits payable2	Premium revenue
2020
Life Insurance		$	5,204			$	394
Annuities			7,837				3,443
Retirement Solutions			22,362				5,939
Corporate Solutions and Other			5,599				861
Total			$41,002				$10,637
2019
Life Insurance		$	5,125			$	413
Annuities			7,955				4,202
Retirement Solutions			20,781				4,324
Corporate Solutions and Other			5,278				1,229
Total		$	39,139			$	10,168
2018
Life Insurance		$	5,087			$	410
Annuities			7,934				3,868
Retirement Solutions			19,646				4,095
Corporate Solutions and Other			5,670				1,456
Total		$	38,337			$	9,829

Column A	Column G		Column H		Column I	Column J		Column K
Year: Segment	Net investment income3		Benefits, claims, losses and settlement expenses4		Amortization of deferred policy acquisition costs1	Other operating expenses		Premiums written
2020
Life Insurance	$	247	$	772		$	123
Annuities		338		7,539			55
Retirement Solutions		843		8,258			131
Corporate Solutions and Other		679		717			135
Total	$	2,107	$	17,286		$	444
2019
Life Insurance	$	262	$	807		$	133
Annuities		319		8,460			57
Retirement Solutions		824		6,539			122
Corporate Solutions and Other		569		1,151			105
Total	$	1,974	$	16,957		$	417
2018
Life Insurance	$	270	$	744		$	154
Annuities		319		8,203			48
Retirement Solutions		798		5,656			132
Corporate Solutions and Other		540		764			64
Total	$	1,927	$	15,367		$	398

1 Deferred policy acquisition costs and amortization of deferred policy acquisition costs are not applicable for statutory basis of accounting.

2 Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

3 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.

4 Benefits to policyholders and beneficiaries, reserves for future policy benefits and claims and commissions are included in Column H amounts.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV     Reinsurance

As of December 31, 2020, 2019 and 2018 and each of the years then ended:

(in millions)
Column A	Column B		Column C			Column D		Column E
			Ceded to			Assumed
	Gross		other			from other		Net
	amount		companies			companies		amount
2020
Life insurance in force	$	146,855	$	(31,055	)	$	686	$	116,486
Premiums:
Life Insurance1	$	1,378	$	(133	)	$	8	$	1,253
Accident and health insurance		441		(440	)		-		1
Total	$	1,819	$	(573	)	$	8	$	1,254
2019
Life insurance in force	$	146,044	$	(31,691	)	$	728	$	115,081
Premiums:
Life Insurance1	$	1,761	$	(661	)	$	10	$	1,110
Accident and health insurance		444		(445	)		2		1
Total	$	2,205	$	(1,106	)	$	12	$	1,111
2018
Life insurance in force	$	141,650	$	(32,380	)	$	788	$	110,058
Premiums:
Life Insurance1	$	1,985	$	(130	)	$	8	$	1,863
Accident and health insurance		289		(373	)		85		1
Total	$	2,274	$	(503	)	$	93	$	1,864

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 statutory financial statements and report of independent registered public accounting firm.

F-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2020, 2019 and 2018:

(in millions)
Column A	Column B		Column C		Column D		Column E
	Balance at		Charged to				Balance at
	beginning		costs and				end of
Description	of period		expenses		Deductions1		period
2020
Valuation allowances - mortgage loans	$	34	$	14	$	-	$	48
2019
Valuation allowances - mortgage loans	$	25	$	9	$	-	$	34
2018
Valuation allowances - mortgage loans	$	23	$	2	$	-	$	25

1 Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-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 initial registration statement (333-31725) and hereby incorporated by reference.
b)	Not Applicable
c)	Underwriting or Distribution of contracts between the Depositor and Principal Underwriter – Filed previously with the registration statement (333-27133) and hereby incorporated by reference.
d)	The form of the contract – Filed previously with initial registration statement (333-31725) and hereby incorporated by reference.
e)	The form of the contract application – Filed previously with initial registration statement (333-31725) 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)	Reinsurance Contracts -Not applicable.
h)	Form of Participation Agreements –

The following fund participation agreements were previously filed and are hereby incorporated by reference.

1)	Fund Participation Agreement with AIM Variable Insurance Funds, AIM Advisors, Inc., and AIM Distributors dated January 6, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimfpa99h1.htm
2)	Fund Participation Agreement (Amended and Restated) with Alliance Capital Management L.P. and Alliance-Bernstein Investment Research and Management, Inc. dated June 1, 2003 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document alliancebernsteinfpa.htm
3)	Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc., as amended, dated September 15, 2004 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document amcentfpa99h2.htm
4)	Fund Participation Agreement with American Funds Insurance Series and Capital Research and Management Company. dated July 20, 2005 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document americanfundsfpa.htm
5)	Fund Participation Agreement with BlackRock (formerly FAM Distributors, Inc. and FAM Variable Series Funds, Inc.), as amended, dated April 13, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document blackrockfpa.htm
6)	Participation Agreement with Calvert Asset Management Company Inc., and Calvert Distributor, Inc. dated September 5, 2002 with the registration statement under 333-104339, post-effective amendment number 6 filed on April 24, 2008 as document calvertfpa.htm
7)	Fund Participation Agreement with Davis Variable Account Fund and Davis Distributors, LLC. dated August 7, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document davisfpa.htm

8)	Fund Participation Agreement with Delaware Management Company and Delaware Distributors, L.P., as amended, dated February 5, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document delawarefpa.htm
9)	Fund Participation Agreement with DFA Investment Dimensions Group Inc.; Dimensional Fund Advisors LP; and DFA Securities LLC. dated February 8, 2012 with the registration statement under 333-149213, post-effective amendment number 7 filed on April 11, 2012 as document dfafpa.htm
10)	Restated and Amended Fund Participation Agreement with The Dreyfus Corporation, as amended, dated January 27, 2000 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document dreyfusfpa99h3.htm
11)	Fund Participation Agreement with BT Insurance Funds Trust and Bankers Trust Company dated January 1, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document dwsfpa.htm
12)	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 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document dwsfpa.htm
13)	Fund Participation Agreement with Eaton Vance Variable Trust and Eaton Vance Distributors, Inc. dated March 24, 2011 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document eatonvancefpa.htm
14)	Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp., as amended, dated April 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedfpa99h4.htm
15)	Fund Participation Agreement with Fidelity Variable Insurance Products Fund, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated May 1, 1988 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidifpa99h5.htm
16)	Fund Participation Agreement with Fidelity Variable Insurance Products Fund II dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated July 15, 1989 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiifpa99h6.htm
17)	Fund Participation Agreement with Fidelity Variable Insurance Products Fund III dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated November 22, 1994 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiifpa99h7.htm
18)	Amended and Restated Fund Participation Agreement with Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc., as amended, dated May 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document frankfpa99h8.htm
19)	Fund Participation Agreement with Goldman Sachs Variable Insurance Trust, and Goldman Sachs & Co. dated December 22, 1998 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document goldmansachsfpa.htm
20)	Fund Participation Agreement with J.P. Morgan Series Trust II dated February 18, 2003 with the registration statement under 333-59517, post-effective amendment number 42 filed on April 30, 2008 as document jpmorganfpa.htm
21)	Fund Participation Agreement, Service and Institutional Shares, with Janus Aspen Series dated December 31, 1999 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document janusfpa99h9a.htm
22)	Fund Participation Agreement with Lazard Retirement Series, Inc., and Lazard Asset Management Securities LLC dated April 13, 2009 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document lazardfpa.htm

23)	Fund Participation Agreement with Legg Mason Investor Services, LLC (formerly, Salomon Brothers Variable Series Funds Inc., Salomon Brothers Asset Management Inc.), as amended, dated September, 1999 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document leggmasonfpa.htm
24)	Fund Participation Agreement with Lincoln Variable Insurance Products Trust, Lincoln Financial Distributors, Inc., and Lincoln Investment Advisors Corporation. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lincolnfpa.htm
25)	Fund Participation Agreement with Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC, as amended, dated December 31, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lordabbettfpa.htm
26)	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 with the registration statement under 333-227783, post-effective amendment number 3 filed on September 9, 2019 as document d737458dex9924b24.htm
27)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12b.htm
28)	Fund Participation Agreement with Neuberger Berman Management Inc. dated January 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document neuberfpa99h13.htm
29)	Fund Participation Agreement with Northern Lights Variable Trust and Northern Lights Distributors, LLC. dated February 8, 2012 with the registration statement under 333-62692, post-effective amendment number 28 filed on June 11, 2012 as document northernlightsfpa.htm
30)	Fund Participation Agreement with Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. dated April 13, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document oppenfpa99h14.htm
31)	Fund Participation Agreement with PIMCO Variable Insurance Trust and PIMCO Funds Distributors, LLC, as amended, dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcofpa.htm
32)	Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Funds Distributor, Inc., as amended, dated September 27, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pioneerfpa.htm
33)	Fund Participation Agreement with Putnam Variable Trust and Putnam Retail Management, L.P. dated February 1, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document putnamfpa.htm
34)	Fund Participation Agreement with Royce & Associates, Inc., as amended, dated February 14, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document roycefpa.htm
35)	Fund Participation Agreement with Rydex Variable Trust & Rydex Distributors, Inc. dated September 10, 2001 with the registration statement under 333-62692, post-effective amendment number 20 filed on April 18, 2008 as document rydexfundpartagreement.htm
36)	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., as amended, dated October 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document trowefpa99h15.htm
37)	Fund Participation Agreement with The Universal Institutional Funds, Inc., Morgan Stanley & Co. Incorporated, and Morgan Stanley Investment Management, Inc., as amended, dated February 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document univfpa99h16.htm

38)	Fund Participation Agreement with Van Eck Investment Trust, Van Eck Associates Corporation, and Van Eck Securities Corporation, as amended, dated September 1, 1989 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document vaneckfpa.htm
39)	Fund Participation Agreement with Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation. dated February 28, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document vanguardfpa.htm
40)	Fund Participation Agreement with Waddell & Reed Services Company and Waddell & Reed, Inc, as amended, dated December 1, 2000 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document waddellreedfpa.htm
41)	Fund Participation Agreement with Wells Fargo Management, LLC, and Stephens, Inc., as amended, dated November 15, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document wellsfargofpa.htm
42)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly Gartmore Variable Insurance Trust, as amended. dated May 2, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12a.htm
43)	Fund Participation Agreement with Virtus Variable Insurance Trust and VP Distributors, LLC, dated October 1, 2018 with the registration statement under 333-215169, post-effective amendment number 5 filed on April 18, 2019 as document d674921dex9926h32.htm
44)	Fund Participation Agreement with Schwab Annuities Portfolio and Charles Schwab & Co., Inc. dated January 1, 2019 with the registration statement under 333-229640, pre-effective amendment number 1 filed on August 20, 2019 as document d771746dex9926h44.htm
i)	Form of Administrative Contracts –

The following administrative contracts were previously filed and are hereby incorporated by reference.

1)	Administrative Services Agreement with AIM Advisors, Inc. dated July 1, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimasa99i1a.htm
2)	Financial Support Agreement with AIM Distributors, Inc. dated July 1, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimasa99i1b.htm
3)	Administrative Services Agreement with Alliance Fund Distributors, Inc. dated June 3, 2003 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document alliancebersteinasa.htm
4)	Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc., as amended, dated September 15, 2004 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document amcentasa99i2.htm
5)	Business Agreement with American Funds Distributors, Inc. and Capital Research and Management Company. dated July 20, 2005 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document americanfundsasa.htm
6)	Administrative Services Agreement with BlackRock (formerly FAM Distributors, Inc., and Merrill Lynch Variable Series Funds, Inc.), as amended, dated April 13, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document blackrockasa.htm
7)	Administrative Services Agreement with Calvert Asset Management Company, Inc., and Calvert Distributors, Inc. dated September 5, 2002 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document calvertvariableasa.htm
8)	Administrative Service Agreement with Davis Distributors, LLC. dated August 7, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document davisasa.htm
9)	Administrative Services Agreement with Delaware Distributors, L.P., as amended, dated February 5, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document delawareasa.htm

10)	Fund Participation Agreement with DFA Investment Dimensions Group Inc.; Dimensional Fund Advisors LP; and DFA Securities LLC. dated February 8, 2012 with the registration statement under 333-149213, post-effective amendment number 7 filed on April 11, 2012 as document dfafpa.htm
11)	Restated Administrative Services Agreement with The Dreyfus Corporation, as amended, and 12b-1 letter agreement dated, as amended, dated June 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document dreyfusasa99i3.htm
12)	Administrative Services Agreement with Bankers Trust Company dated January 1, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document dwsasa.htm
13)	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 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document dwsfpa.htm
14)	Fund Participation Agreement with Eaton Vance Variable Trust dated March 24, 2011 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document eatonvanceasa.htm
15)	Dealer Agreement with Federated Securities Corp. dated October 26, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedasa99i4a.htm
16)	Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp., as amended dated April 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedasa99i4b.htm
17)	Administrative Service Agreement with Fidelity Investments Institutional Operations Company, Inc., as amended dated April 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiiasa99i5a.htm
18)	Service Contract, with Fidelity Distributors Corporation, as amended dated April 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiiasa99i5b.htm
19)	Administrative Services Agreement with Franklin Templeton Services, LLC, as amended dated May 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document frankasa99i6.htm
20)	Agreement with Goldman, Sachs & Co. dated January 6, 1999 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document goldmansachsasa.htm
21)	Distribution and Shareholder Services Agreement with Janus Distributors, Inc. dated December 31, 1999 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document janusasa99i7.htm
22)	Administrative Services Agreement with Lazard Retirement Series, Inc. dated April 13, 2009 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document lazardasa.htm
23)	Administrative Services Agreement with Legg Mason Partners Variable Portfolios I, Inc. (formerly Salomon Brothers Asset Management Inc.), as amended, dated September, 1999 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document leggmasonasa.htm
24)	Administrative Services Agreement with Lincoln Investment Advisors Corporation. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lincolnasaa.htm
25)	Distribution Services Agreement between Nationwide Investment Services Corporation (general distributor) and Lincoln Financial Distributors, Inc. dated June 5, 2007 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document linconasab.htm

26)	Administrative Services Agreement with Lord Abbett Series Fund, Inc., as amended dated December 31, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lordabbettasa.htm
27)	Letter Agreement between MFS Fund Distributors, Inc. ("MFD") and Nationwide Financial Services, Inc. dated January 30, 2013 with the registration statement under 333-227783, post-effective amendment number 3 filed on September 9, 2019 as document d737458dex9924b39.htm
28)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), as amended dated May 2, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwasa99i10.htm
29)	Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12b.htm
30)	Fund Participation Agreement with Neuberger Berman Management Inc. dated January 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document neuberfpa99h13.htm
31)	Service Agreement with Northern Lights Variable Trust. dated February 8, 2012 with the registration statement under 333-155153, post-effective amendment number 6 filed on April 19, 2013 as document d470080dex99i24.htm
32)	Revenue Sharing Agreement with Oppenheimer Funds, Inc. dated April 17, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document oppenasa99i12.htm
33)	Administrative Services Agreement with Pacific Investment Management Company LLC, as amended dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcoasaa.htm
34)	Administrative Services Agreement with PIMCO Variable Insurance Trust, as amended dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcoasab.htm
35)	Fund Participation Agreement with Pioneer Variable Contracts Trust, Pioneer Investment Management, Inc. and Pioneer Fund Distributor, Inc., as amended dated September 27, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pioneerfpa.htm
36)	Administrative Services Agreement with Putnam Retail Management Limited Partnership, as amended dated August 1, 2006 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document putnamasa.htm
37)	Fund Participation Agreement with Royce & Associates, as amended dated February 14, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document roycefpa.htm
38)	Fund Participation Agreement with Rydex Variable Trust & Rydex Distributors, Inc. dated September 10, 2001 with the registration statement under 333-62692, post-effective amendment number 20 filed on April 18, 2008 as document rydexfundpartagreement.htm
39)	Administrative Services Letter Agreement with T. Rowe Price Associates, Inc. and T. Rowe Price International, Inc., as amended dated October 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document troweasa99i13.htm
40)	Administrative Services Agreement with Morgan Stanley Distribution, Inc. (The Universal Institutional Funds, Inc.), as amended dated May 5, 2005 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document univasa99i14.htm
41)	Administrative Services Agreement with Van Eck Securities Corporation, as amended dated November 3, 1997 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document vaneckasa.htm

42)	Fund Participation Agreement with Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation. dated February 28, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document vanguardfpa.htm
43)	Administrative Services Agreement with Waddell & Reed, Inc., as amended dated December 1, 2000 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document waddellreedasa.htm
44)	Administrative Services Agreement with Wells Fargo Funds Management, LLC and Stephens, Inc., as amended dated November 15, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document wellsfargoasa.htm
45)	Fund Participation Agreement with J.P. Morgan Series Trust II dated February 18, 2003 with the registration statement under 333-59517, post-effective amendment number 42 filed on April 30, 2008 as document jpmorganfpa.htm
46)	Administrative Services Agreement with Virtus Variable Insurance Trust and VP Distributors, LLC, dated October 1, 2018 with the registration statement under 333-215169, post-effective amendment number 5 filed on April 18, 2019 as document d674921dex9926i36.htm
47)	Administrative Service Agreement with Charles Schwab & Co., Inc. dated January 1, 2019 with the registration statement under 333-229640, pre-effective amendment number 1 filed on August 20, 2019 as document d771746dex9926i47.htm

j)	Not Applicable
k)	Opinion of Counsel – Filed previously with Pre-Effective Amendment No. 1 to the registration statement (333-31725) and hereby incorporated by reference.
l)	Not Applicable
m)	Not Applicable
n)	Consent of Independent Registered Public Accounting Firm – Attached hereto.
o)	Not Applicable
p)	Not Applicable
q)	Redeemability Exemption – Filed previously with registration statement (333-31725) on December 21, 2009 under document "exhibit_26q.htm" and is 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	John L. Carter
Executive Vice President and Director	Mark R. Thresher
Executive Vice President - Chief Administrative Officer	Gale V. King
Executive Vice President - Chief Information Officer	James R. Fowler
Senior Vice President - Chief Financial Officer and Director	Timothy G. Frommeyer
Senior Vice President - Chief Financial Officer, Nationwide Financial and Director	Steven A. Ginnan
Senior Vice President - Individual Products & Solutions, Nationwide Annuity and Director	Eric S. Henderson
Senior Vice President - Investment Management Group - NF Strategic Customer Solutions	Tina S. Ambrozy
Senior Vice President - Marketing - Financial Services	Ann S. Bair
Senior Vice President - Head of Taxation	Pamela A. Biesecker
Senior Vice President - Chief Investment Officer	Joel L. Coleman
Senior Vice President - Nationwide Financial Services Legal	Rae Ann Dankovic
Senior Vice President - External Affairs	Steven M. English
Senior Vice President - Human Resources	Mia S. Hairston
Senior Vice President - Annuity Distribution	Craig A. Hawley

Senior Vice President and Treasurer	David LaPaul
Senior Vice President - IT Chief Financial Officer, Procurement & BTO	Kevin G. O'Brien
Senior Vice President - Corporate Solutions	Juan J. Perez
Senior Vice President - Retirement Plan Sales	Scott Ramey
Senior Vice President	Sandra L. Rich
Senior Vice President - Chief Technology Officer - Nationwide Financial	Michael A. Richardson
Senior Vice President - Nationwide Retirement Institute	Kristi L. Rodriguez
Senior Vice President - Chief Counsel - Emerging Businesses, Governance & Corporate Secretary	Denise L. Skingle
Senior Vice President - Nationwide Life	Holly R. Snyder
Senior Vice President - Investment Management Group	Michael S. Spangler
Senior Vice President - Retirement Plan Sales	Eric Stevenson
Director	Kirt A. Walker

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 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.
Nationwide Securities, LLC	Delaware	The company is a general purpose broker-dealer and investment adviser registered with the Securities and Exchange Commission.
Nationwide Trust Company, FSB	Federal	This is a federal savings bank chartered by the Office of Thrift Supervision in the United States Department of Treasury 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 Company 2	Ohio	The corporation provides individual life insurance, group and health insurance, fixed and variable annuity products and other life insurance products.
Jefferson National Financial Corporation3	Delaware	A stock corporation. The corporation is the holding company of Jefferson National Life Insurance Company, Jefferson National Life Insurance Company of New York, Jefferson National Securities Corporation, and JNF Advisors, Inc., offering annuity products and services.
Jefferson National Life Insurance Company2,3	Texas	The company provides life, health and annuity products.
Jefferson National Life Annuity Company C2,3		A separate account issuing variable annuity products.
Jefferson National Life Annuity Account E2,3		A separate account issuing variable annuity products.
Jefferson National Life Annuity Account F2,3		A separate account issuing variable annuity products.

Company	Jurisdiction of Domicile	Brief Description of Business
Jefferson National Life Annuity Account G2,3		A separate account issuing variable annuity products.
Jefferson National Life Insurance Company of New York2,3	New York	The company provides variable annuity products.
Jefferson National Life of New York Annuity Account 12,3		A separate account issuing variable annuity products.
Jefferson National Securities Corporation3	Delaware	The company is a limited purpose broker-dealer and distributor of variable annuities for Jefferson National Life Insurance Company and Jefferson National Life Insurance Company of New York.
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.
Nationwide Variable Account-142,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-152,3	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.
Eagle Captive Reinsurance, LLC3	Ohio	The company is engaged in the business of insurance
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.

Company	Jurisdiction of Domicile	Brief Description of Business
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-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.
Nationwide SBL, LLC	Ohio	The company is a lender offering securities-back lines of credit.
Registered Investment Advisors Services, Inc.	Texas	The company is a technology company that facilitates third-party money management services for registered investment advisors
Nationwide Fund Advisors4	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-C
Nationwide Variable Account-9	Nationwide VL Separate Account-D
Nationwide Variable Account-10	Nationwide VL Separate Account-G
Nationwide Variable Account-11	Nationwide Provident VA Separate Account 1
Nationwide Variable Account-12	Nationwide Provident VA Separate Account A
Nationwide Variable Account-13	Nationwide Provident VLI Separate Account 1
Nationwide Variable Account-14	Nationwide Provident VLI Separate Account A
Nationwide Variable Account-15
Nationwide VA Separate Account-A
Nationwide VA Separate Account-B

b) Directors and Officers of NISC:

President and Director	Tina S. Ambrozy
Senior Vice President - Head of Taxation	Pamela A. Biesecker
Vice President - Chief Compliance Officer	James J. Rabenstine
Vice President - Tax	Daniel P. Eppley
Vice President - Performance Management and Accounting and Financial Operations	Peter J. Rothermel
Associate Vice President and Treasurer	Ewan T. Roswell
Associate Vice President and Assistant Secretary	Mark E. Hartman
Associate Vice President and Assistant Treasurer	David A. Conner
Associate Vice President and Assistant Treasurer	Hope C. Hacker
Associate Vice President and Assistant Treasurer	John A. Reese
Assistant Secretary	Heidi Bowman
Director	Eric Stevenson
Director	Eric S. Henderson

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

Steven A. Ginnan
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 20, 2021.

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 20, 2021.

JOHN L. CARTER
John L. Carter, 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-Nationwide Annuity and Director
STEVEN A. GINNAN
Steven A. Ginnan, Senior Vice President-Chief Financial Officer-Nationwide Financial and Director
KIRT A. WALKER
Director
	By /s/ Jamie Ruff Casto
	Jamie Ruff Casto Attorney-in-Fact

EX-99.(N)

Consent of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and
Contract Owners of Nationwide VLI Separate Account-4:

We consent to the use of our report dated April 2, 2021, with respect to the financial statements of the sub-accounts that comprise the Nationwide VLI Separate Account-4, and the related notes (collectively, the financial statements), included herein and to the reference to our firm as experts under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information on Form N-6 (File No. 333-31725).

/s/ KPMG LLP

Columbus, Ohio
April 15, 2021

Consent of Independent Registered Public Accounting Firm

Audit Committee of the Board of Directors
Nationwide Life Insurance Company:

We consent to the use of our report on the statutory financial statements and financial statement schedules of Nationwide Life Insurance Company (the Company), dated March 19, 2021, included herein. We also consent to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information on Form N-6. (File No. 333-31725)

Our report relating to the Company’s statutory financial statements, dated March 19, 2021, states that the Company prepared its financial statements using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, our report states that the Company’s financial statements are not intended to be and, therefore, are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

/s/ KPMG LLP

Columbus, Ohio
April 15, 2021

EX-99.(99)

POWER OF ATTORNEY

Each of the undersigned as directors and/or officers of NATIONWIDE LIFE INSURANCE COMPANY and NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY, both Ohio corporations, which have filed or will file with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended; the Investment Company Act of 1940, as amended; and, if applicable, the Securities Exchange Act of 1934, various registration statements and amendments thereto for the registration of current, as well as any future, separate accounts established by said corporations for the purpose of registering under said Act(s) immediate or deferred variable annuity contracts, fixed interest rate options subject to a market value adjustment, group flexible fund retirement annuity contracts and variable life insurance policies in connection with the separate accounts and contracts listed below:

Variable Annuities and Variable Life Insurance Policies
Separate Account (1940 Act File No.)	1933 Act File Nos.
MFS Variable Account (811-02662)	002-73432
Nationwide Multi-Flex Variable Account (811-03338)	033-23905, 002-75174
Nationwide Variable Account (811-02716)	002-58043, 333-80481, 033-60239, 333-176908
Nationwide Variable Account-II (811-03330)	002-75059, 033-67636, 033-60063, 333-103093, 333-103094, 333-103095, 333-104513, 333-104511, 333-104512, 333-104510, 333-151990, 333-105992, 333-147273, 333-140621, 333-144053, 333-147198, 333-160635, 333-164886, 333-168818, 333-177934, 333-177581, 333-177582, 333-177316, 333-177319, 333-177439, 3333-177441, 333-177729, 333-177731, 333-173349, 333-177938, 333-182494, 333-235382, 333-235383
Nationwide Variable Account-3 (811-05405)	033-18422, 033-24434
Nationwide Variable Account-4 (811-05701)	033-25734, 033-26454, 333-62692, 333-135650, 333-140812, 333-201820, 333-240010, 333-240009
Nationwide Variable Account-5 (811-08142)	033-71440
Nationwide Variable Account-6 (811-08684)	033-82370, 333-21909
Nationwide Variable Account-7 (811-08666)	033-82190, 033-82174, 033-89560
Nationwide Variable Account-8 (811-07357)	033-62637, 033-62659
Nationwide Variable Account-9 (811-08241)	333-28995, 333-52579, 333-56073, 333-53023, 333-79327, 333-69014, 333-75360
Nationwide Variable Account-10 (811-09407)	333-81701
Nationwide Variable Account-11 (811-10591)	333-74904, 333-74908
Nationwide Variable Account-12 (811-21099)	333-88612, 333-108894, 333-178057, 333-178059
Nationwide Variable Account-13 (811-21139)	333-91890
Nationwide Variable Account-14 (811-21205)	333-104339
Nationwide Variable Account-15 (811-23386)	333-227783, 333-227780
Nationwide VA Separate Account-A (811-05606)	033-85164, 033-22940
Nationwide VA Separate Account-B (811-06399)	033-86408, 033-93482, 333-11415
Nationwide VA Separate Account-C (811-07908)	033-66496, 333-44485
Nationwide VA Separate Account-D (811-10139)	333-45976
Nationwide VLI Separate Account (811-04399)	033-00145, 033-44290, 033-35698
Nationwide VLI Separate Account-2 (811-05311)	033-16999, 033-62795, 033-42180, 033-35783, 033-63179, 333-27133
Nationwide VLI Separate Account-3 (811-06140)	033-44789, 033-44296
Nationwide VLI Separate Account-4 (811-08301)	333-31725, 333-43671, 333-52617, 333-94037, 333-52615, 333-53728, 333-69160, 333-83010, 333-137202, 333-153343, 333-169879, 333-229640
Nationwide VLI Separate Account-5 (811-10143)	333-46338, 333-46412, 333-66572, 333-121881, 333-125481, 333-125482
Nationwide VLI Separate Account-6 (811-21398)	333-106908
Nationwide VLI Separate Account-7 (811-21610)	333-117998, 333-121879, 333-146649, 333-140606, 333-149295, 333-156020, 333-182893, 333-182887

Variable Annuities and Variable Life Insurance Policies
Separate Account (1940 Act File No.)	1933 Act File Nos.
Nationwide VL Separate Account-A (811-06137)	033-44792, 033-44300, 033-35775, 333-27123, 333-22677
Nationwide VL Separate Account-B (811-07819)	333-12333
Nationwide VL Separate Account-C (811-08351)	333-43639, 333-36869
Nationwide VL Separate Account-D (811-08891)	333-59517
Nationwide VL Separate Account-G (811-21697)	333-121878, 333-140608, 333-146073, 333-146650, 333-149213, 333-155153, 333-182897, 333-182896, 333-215169, 333-215173, 333-223705, Nationwide Advisory VUL (1933 Act No. TBD)
Nationwide Provident VA Separate Account 1 (811-07708)	333-164127, 333-164125, 333-164126, 333-164124
Nationwide Provident VLI Separate Account 1 (811-04460)	333-164180, 333-164117, 333-164178, 333-164179, 333-164119, 333-164120, 333-164115, 333-164118, 333-164116
Nationwide Provident VA Separate Account A (811-06484)	333-164131, 333-164130, 333-164132, 333-164129, 333-164128
Nationwide Provident VLI Separate Account A (811-08722)	333-164188, 333-164123, 333-164185, 333-164122, 333-164121

General Account Products
Insurance Company	1933 Act File Nos.
Nationwide Life Insurance Company	333-149613, 333-160418, 333-229802, 333-237472, 333-237471, Select Retirement (re-registration 1933 Act No. TBD)
Nationwide Life and Annuity Insurance Company	333-47640

hereby constitute and appoint Kirt A. Walker, John L. Carter, Eric S. Henderson, Steven A. Ginnan, Jamie Ruff Casto, Paige L. Ryan, Stephen M. Jackson, and Benjamin W. Mischnick, and each of them with power to act without the others, as his/her attorney, with full power of substitution for and in his/her name, place and stead, in any and all capacities, to approve, and sign such Registration Statements, and any and all amendments thereto, with power to affix the corporate seal of said corporation thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have herewith set their names as of this 12^th day of January, 2021.

/s/ Timothy G. Frommeyer	/s/ Eric S. Henderson
TIMOTHY G. FROMMEYER, Director	ERIC S. HENDERSON, Director
/s/ Steven A. Ginnan	/s/ Mark R. Thresher
STEVEN A. GINNAN, Director	MARK R. THRESHER, Director
/s/ Kirt A. Walker	/s/ John L. Carter
KIRT A. WALKER, Director	JOHN L. CARTER, Director