NATIONWIDE

VL SEPARATE

ACCOUNT-C

Annual Report

to

Contract Owners

December 31, 2012

NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life and Annuity Insurance Company and Subsidiary and

Contract Owners of Nationwide VL Separate Account-C:

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of Nationwide VL Separate Account-C (comprised of the sub-accounts listed in note 1(b), (collectively, “the Accounts”)) as of December 31, 2012, and the related statements of operations for the period then ended, the statements of changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2012, by correspondence with the transfer agents of the underlying mutual funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2012, the results of their operations for the period then ended, the changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

March 13, 2013

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2012

Assets:
Investments at fair value:
Global Small Capitalization Fund - Class 2 (AMVGS2)
	41 shares (cost $794)	$	820
Growth Fund - Class 2 (AMVGR2)
	19,608 shares (cost $1,088,421)		1,185,317
International Fund - Class 2 (AMVI2)
	639 shares (cost $10,190)		11,258
Calvert VP SRI Equity Portfolio (CVSSE)
	297 shares (cost $5,719)		6,340
Stock Index Fund, Inc. - Initial Shares (DSIF)
	524,720 shares (cost $16,054,981)		16,717,580
The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)
	582 shares (cost $17,601)		19,349
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)
	917 shares (cost $3,657)		3,593
Mid Cap Growth Portfolio- Class 1 (OGGO)
	49,782 shares (cost $760,446)		906,528
Janus Aspen Series - Balanced Portfolio - Service Shares (JABS)
	3,662 shares (cost $101,154)		104,065
Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)
	4,055 shares (cost $140,031)		163,355
Janus Aspen Series - Global Technology Portfolio - Service Shares (JAGTS)
	30,815 shares (cost $184,275)		189,820
Janus Aspen Series - Overseas Portfolio - Service Shares (JAIGS)
	57,535 shares (cost $2,428,250)		2,130,521
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
	10,674 shares (cost $217,992)		237,185
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)
	336 shares (cost $4,996)		6,056
Research International Series - Service Class (MVRISC)
	7,030 shares (cost $77,590)		86,393
Value Series - Service Class (MVFSC)
	6,922 shares (cost $79,851)		98,432
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
	106,250 shares (cost $1,585,633)		1,821,122
Emerging Markets Debt Portfolio - Class I (MSEM)
	38,064 shares (cost $319,257)		362,369
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)
	9,649 shares (cost $107,944)		103,915
U.S. Real Estate Portfolio - Class I (MSVRE)
	57,206 shares (cost $725,436)		891,841
Federated NVIT High Income Bond Fund - Class I (HIBF)
	160,206 shares (cost $1,049,161)		1,105,420
NVIT Emerging Markets Fund - Class I (GEM)
	84,610 shares (cost $1,420,484)		1,002,627
NVIT International Equity Fund - Class I (GIG)
	8,609 shares (cost $75,463)		78,941
NVIT Nationwide Fund - Class I (TRF)
	10,351 shares (cost $95,602)		105,475
NVIT Government Bond Fund - Class I (GBF)
	268,084 shares (cost $3,154,319)		3,117,820
American Century NVIT Growth Fund - Class I (CAF)
	2,807 shares (cost $42,079)		43,788
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
	280 shares (cost $2,477)		2,794
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
	589 shares (cost $5,660)		6,122
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
	4,863 shares (cost $52,329)		54,753
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
	6,143 shares (cost $64,061)		68,560

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2012

NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
	622 shares (cost $6,382)	6,835
NVIT Mid Cap Index Fund - Class I (MCIF)
	306,276 shares (cost $5,354,659)	5,828,424
NVIT Money Market Fund - Class I (SAM)
	314,203 shares (cost $314,203)	314,203
NVIT Money Market Fund - Class V (SAM5)
	59,252,010 shares (cost $59,252,010)	59,252,010
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
	12,787 shares (cost $120,445)	134,776
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
	4,780 shares (cost $40,897)	44,793
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
	707 shares (cost $7,209)	7,526
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
	14,236 shares (cost $227,351)	247,563
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
	26,028 shares (cost $233,938)	307,132
NVIT Multi-Manager Small Company Fund - Class I (SCF)
	78,167 shares (cost $1,188,472)	1,529,720
NVIT Multi-Sector Bond Fund - Class I (MSBF)
	16,731 shares (cost $157,453)	158,781
Van Kampen NVIT Comstock Value Fund - Class I (EIF)
	1,634 shares (cost $15,341)	18,661
VPS Growth and Income Portfolio - Class A (ALVGIA)
	73,333 shares (cost $1,414,937)	1,531,187
VPS International Value Portfolio - Class A (ALVIVA)
	3,929 shares (cost $48,184)	50,917
VP Balanced Fund - Class I (ACVB)
	38,707 shares (cost $215,483)	275,977
VP Capital Appreciation Fund - Class I (ACVCA)
	30,222 shares (cost $319,112)	439,432
VP Income & Growth Fund - Class I (ACVIG)
	70,440 shares (cost $428,845)	486,038
VP International Fund - Class I (ACVI)
	116,038 shares (cost $985,812)	1,036,219
VP Mid Cap Value Fund - Class I (ACVMV1)
	10,275 shares (cost $137,769)	149,815
VP Ultra(R) Fund - Class I (ACVU1)
	3,186 shares (cost $31,354)	34,414
VP Value Fund - Class I (ACVV)
	121,778 shares (cost $726,533)	793,993
VP Vista(SM) Fund - Class I (ACVVS1)
	2,774 shares (cost $33,697)	48,269
MidCap Stock Portfolio - Initial Shares (DVMCS)
	1,304 shares (cost $18,585)	20,450
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
	431,324 shares (cost $5,132,615)	5,848,759
Appreciation Portfolio - Initial Shares (DCAP)
	12,875 shares (cost $502,498)	521,061
Growth and Income Portfolio - Initial Shares (DGI)
	7,372 shares (cost $121,126)	162,700
International Value Portfolio - Initial Shares (DVIV)
	35,383 shares (cost $359,615)	347,464
Quality Bond Fund II - Primary Shares (FQB)
	268,953 shares (cost $3,045,596)	3,173,651
Equity-Income Portfolio - Initial Class (FEIP)
	2,396 shares (cost $37,483)	47,777
High Income Portfolio - Initial Class (FHIP)
	9,393 shares (cost $47,928)	54,576
VIP Asset Manager Portfolio - Initial Class (FAMP)
	174,787 shares (cost $2,154,344)	2,651,512
VIP Contrafund Portfolio - Initial Class (FCP)
	6,305 shares (cost $126,842)	166,692
VIP Contrafund Portfolio - Service Class (FCS)
	23,186 shares (cost $573,519)	611,184
VIP Equity-Income Portfolio - Service Class (FEIS)
	13,202 shares (cost $244,542)	262,322

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2012

VIP Growth Opportunities Portfolio - Initial Class (FGOP)
	820 shares (cost $11,447)	17,884
VIP Growth Opportunities Portfolio - Service Class (FGOS)
	66,082 shares (cost $1,247,779)	1,437,938
VIP Growth Portfolio - Initial Class (FGP)
	1,288 shares (cost $46,226)	54,177
VIP Growth Portfolio - Service Class (FGS)
	15,904 shares (cost $557,207)	667,172
VIP High Income Portfolio - Service Class (FHIS)
	12,974 shares (cost $72,879)	74,987
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
	11,544 shares (cost $150,091)	149,383
VIP Mid Cap Portfolio - Service Class (FMCS)
	16,725 shares (cost $514,114)	508,280
VIP Overseas Portfolio - Initial Class (FOP)
	1,752 shares (cost $24,618)	28,188
VIP Overseas Portfolio - Service Class (FOS)
	3,889 shares (cost $56,754)	62,299
VIP Value Strategies Portfolio - Service Class (FVSS)
	2,076 shares (cost $20,259)	23,003
Franklin Small Cap Value Securities Fund - Class 2 (FTVSV2)
	187,613 shares (cost $3,073,108)	3,420,179
Templeton Foreign Securities Fund - Class 2 (TIF2)
	12,905 shares (cost $170,731)	185,443
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)
	18,035 shares (cost $335,232)	351,136
Mid Cap Value- Institutional Shares (GVMCE)
	96,734 shares (cost $1,145,104)	1,482,925
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
	1,164 shares (cost $20,601)	20,439
Growth Opportunities Funds - Service Class (BNCAI)
	1,927 shares (cost $62,866)	67,609
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)
	8,204 shares (cost $89,636)	89,830
Growth Portfolio - I Class Shares (AMTG)
	10,371 shares (cost $119,744)	216,862
Guardian Portfolio - I Class Shares (AMGP)
	2,182 shares (cost $40,116)	44,503
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
	867 shares (cost $22,339)	26,857
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
	29,375 shares (cost $253,572)	340,744
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
	356 shares (cost $3,875)	4,694
Balanced Fund/VA - Non-Service Shares (OVMS)
	26,395 shares (cost $284,388)	330,471
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
	13,424 shares (cost $418,365)	604,891
Core Bond Fund/VA - Non-Service Shares (OVB)
	36,667 shares (cost $283,112)	302,870
Global Securities Fund/VA - Non-Service Shares (OVGS)
	39,255 shares (cost $921,355)	1,277,742
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
	5,654 shares (cost $103,359)	135,516
Mid-Cap Growth Fund/VA - Non-Service Shares (OVAG)
	2,614 shares (cost $99,369)	143,272
All Asset Portfolio - Administrative Class (PMVAAA)
	4,319 shares (cost $45,382)	49,150
Low Duration Portfolio - Administrative Class (PMVLDA)
	392,130 shares (cost $4,145,472)	4,227,158
Real Return Portfolio - Administrative Class (PMVRRA)
	326,434 shares (cost $4,343,232)	4,651,686
Total Return Portfolio - Administrative Class (PMVTRA)
	2,356,894 shares (cost $26,853,529)	27,222,120
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
	4,249 shares (cost $42,467)	44,487
Van Kampen V.I. Growth and Income Fund - Series I Shares (ACGI)
	13,105 shares (cost $230,367)	263,009

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2012

Van Kampen V.I. Value Opportunities Fund: Series I Shares (AVBVI)
	724 shares (cost $4,422)		5,139
V.I. International Growth Fund - Series I (AVIE)
	1,769 shares (cost $47,412)		53,129
Micro-Cap Portfolio - Investment Class (ROCMC)
	96,088 shares (cost $1,131,446)		1,052,165
Equity Income Portfolio - II (TREI2)
	61,685 shares (cost $1,148,561)		1,370,646
Mid-Cap Growth Portfolio - II (TRMCG2)
	9,984 shares (cost $225,616)		214,562
New America Growth Portfolio (TRNAG1)
	2,813 shares (cost $59,340)		63,774
VIP Trust - Global Bond Fund: Initial Class (VWBF)
	31,120 shares (cost $344,740)		370,950
VIP Trust - Emerging Markets Fund: Initial Class (VWEM)
	105,700 shares (cost $1,469,314)		1,426,947
VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)
	15,773 shares (cost $503,488)		459,469
Variable Insurance Portfolios - Growth (WRGP)
	294 shares (cost $2,813)		3,119
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
	1,605 shares (cost $10,638)		12,670
Advantage VT Discovery Fund (SVDF)
	1,323 shares (cost $20,181)		33,290
Advantage VT Opportunity Fund - Class 2 (SVOF)
	2,892 shares (cost $38,208)		57,993
Total Investments		$	170,847,749
Other Accounts Payable			(1,508)
Accounts Payable-Global Small Capitalization Fund - Class 2 (AMVGS2)			(4)
Accounts Payable-NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)			(4)
Accounts Payable-Variable Insurance Portfolios - Growth (WRGP)			(5)
		$	170,846,228
Contract Owners’ Equity:
Accumulation units			170,846,228
Total Contract Owners’ Equity (note 8)		$	170,846,228

See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		Total	AMVGS2		AMVGR2		AMVI2		MLVLC2		CVSSE		DSIF		DSRG
Reinvested dividends	$	1,813,272		57		9,474		224		-		6		325,427		158
Asset charges (note 3)		(402,364)		(12)		(3,199)		(157)		-		(15)		(34,228)		(52)
Net investment income (loss)		1,410,908		45		6,275		67		-		(9)		291,199		106
Realized gain (loss) on investments		4,630,593		759		(13,303)		(1,496)		(3)		163		360,408		1,114
Change in unrealized gain (loss) on investments		4,589,124		34		227,677		21,345		20		518		849,119		515
Net gain (loss) on investments		9,219,717		793		214,374		19,849		17		681		1,209,527		1,629
Reinvested capital gains		2,658,342		-		-		-		-		209		760,988		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	13,288,967		838		220,649		19,916		17		881		2,261,714		1,735
Investment Activity:		IVKMG1	OGGO		JABS		JACAS		JAGTS		JAIGS		LZREMS		LOVMCV
Reinvested dividends	$	-		-		3,181		944		-		12,497		3,712		39
Asset charges (note 3)		(6)		(2,195)		(332)		(393)		(1,861)		(5,102)		(1,057)		(66)
Net investment income (loss)		(6)		(2,195)		2,849		551		(1,861)		7,395		2,655		(27)
Realized gain (loss) on investments		(5)		154,907		(4,309)		8,379		(158,126)		(21,811)		(45,034)		3,687
Change in unrealized gain (loss) on investments		(64)		(57,078)		8,930		24,193		29,099		43,178		178,112		(281)
Net gain (loss) on investments		(69)		97,829		4,621		32,572		(129,027)		21,367		133,078		3,406
Reinvested capital gains		1		11,094		8,997		-		-		218,344		2,695		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	(74)		106,728		16,467		33,123		(130,888)		247,106		138,428		3,379

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		MVRISC		MVFSC		MVIVSC		MSEM		MSVMG		MSVRE		HIBF		GEM
Reinvested dividends	$		1,745		1,357		26,416		10,264		-		7,584		85,041		4,911
Asset charges (note 3)			(205)		(253)		(5,057)		(1,027)		(251)		(2,496)		(2,822)		(2,389)
Net investment income (loss)			1,540		1,104		21,359		9,237		(251)		5,088		82,219		2,522
Realized gain (loss) on investments			(1,003)		4,433		131,490		17,551		2,333		237,903		68,188		(16,353)
Change in unrealized gain (loss) on investments			11,142		9,473		177,045		42,424		(5,872)		(77,077)		6,255		161,117
Net gain (loss) on investments			10,139		13,906		308,535		59,975		(3,539)		160,826		74,443		144,764
Reinvested capital gains			-		721		-		-		11,725		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		11,679		15,731		329,894		69,212		7,935		165,914		156,662		147,286
Investment Activity:		GIG		TRF		GBF		CAF		GVIX2		GVIDA		GVIDC		GVIDM
Reinvested dividends	$		665		1,483		69,087		246		-		42		106		896
Asset charges (note 3)			(209)		(346)		(9,071)		(93)		(1)		(7)		(15)		(119)
Net investment income (loss)			456		1,137		60,016		153		(1)		35		91		777
Realized gain (loss) on investments			1,702		40,432		38,992		6,891		(118)		38		17		300
Change in unrealized gain (loss) on investments			7,726		(15,291)		(102,030)		(2,802)		-		320		101		3,219
Net gain (loss) on investments			9,428		25,141		(63,038)		4,089		(118)		358		118		3,519
Reinvested capital gains			-		-		98,656		-		-		-		83		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		9,884		26,278		95,634		4,242		(119)		393		292		4,296

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		GVDMA	GVDMC		MCIF		SAM		SAM5		NVMLG1		NVMLV1		NVMMG1
Reinvested dividends	$	1,102		116		60,135		-		-		660		583		-
Asset charges (note 3)		(183)		(17)		(11,273)		(798)		(150,306)		(383)		(115)		(18)
Net investment income (loss)		919		99		48,862		(798)		(150,306)		277		468		(18)
Realized gain (loss) on investments		1,804		33		643,927		-		-		6,971		(127)		106
Change in unrealized gain (loss) on investments		5,620		336		(184,003)		-		-		8,513		7,262		164
Net gain (loss) on investments		7,424		369		459,924		-		-		15,484		7,135		270
Reinvested capital gains		-		28		372,780		-		-		3,405		-		699
Net increase (decrease) in contract owners’ equity resulting from operations	$	8,343		496		881,566		(798)		(150,306)		19,166		7,603		951
Investment Activity:		SCGF	SCVF		SCF		MSBF		EIF		ALVGIA		ALVIVA		ACVB
Reinvested dividends	$	-		2,511		2,342		3,141		227		23,194		855		5,649
Asset charges (note 3)		(638)		(730)		(3,983)		(141)		(46)		(2,926)		(561)		(686)
Net investment income (loss)		(638)		1,781		(1,641)		3,000		181		20,268		294		4,963
Realized gain (loss) on investments		1,071		2,770		226,586		788		531		103,789		(58,773)		1,526
Change in unrealized gain (loss) on investments		28,602		48,140		12,897		1,700		2,325		109,593		114,820		23,024
Net gain (loss) on investments		29,673		50,910		239,483		2,488		2,856		213,382		56,047		24,550
Reinvested capital gains		-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	29,035		52,691		237,842		5,488		3,037		233,650		56,341		29,513

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		ACVCA		ACVIG		ACVI		ACVMV1		ACVU1		ACVV		ACVVS1		DVMCS
Reinvested dividends	$		-		10,110		8,447		3,298		-		24,148		-		92
Asset charges (note 3)			(1,107)		(1,198)		(2,462)		(467)		(89)		(2,993)		(120)		(1,420)
Net investment income (loss)			(1,107)		8,912		5,985		2,831		(89)		21,155		(120)		(1,328)
Realized gain (loss) on investments			7,235		67,002		(67,214)		10,305		3,877		235,261		(180)		(23,141)
Change in unrealized gain (loss) on investments			31,550		(11,031)		244,267		7,564		1,473		(92,649)		6,916		(1,335)
Net gain (loss) on investments			38,785		55,971		177,053		17,869		5,350		142,612		6,736		(24,476)
Reinvested capital gains			24,301		-		-		10,806		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		61,979		64,883		183,038		31,506		5,261		163,767		6,616		(25,804)
Investment Activity:		DVSCS		DCAP		DGI		DVIV		FQB		FEIP		FHIP		FAMP
Reinvested dividends	$		24,830		76,362		2,287		9,502		11,113		1,451		3,070		40,318
Asset charges (note 3)			(11,251)		(3,493)		(395)		(820)		(4,060)		(116)		(133)		(6,873)
Net investment income (loss)			13,579		72,869		1,892		8,682		7,053		1,335		2,937		33,445
Realized gain (loss) on investments			796,738		286,369		566		2,611		1,683		25		(73)		101,174
Change in unrealized gain (loss) on investments			(202,215)		(87,592)		22,816		27,240		130,809		2,862		4,006		184,912
Net gain (loss) on investments			594,523		198,777		23,382		29,851		132,492		2,887		3,933		286,086
Reinvested capital gains			192,636		-		-		-		-		2,924		-		19,305
Net increase (decrease) in contract owners’ equity resulting from operations	$		800,738		271,646		25,274		38,533		139,545		7,146		6,870		338,836

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		FCP		FCS		FEIS		FGOP		FGOS		FGP		FGS		FHIS
Reinvested dividends	$		2,210		7,531		7,966		72		4,227		327		3,345		4,148
Asset charges (note 3)			(411)		(2,389)		(668)		(45)		(3,386)		(137)		(1,722)		(182)
Net investment income (loss)			1,799		5,142		7,298		27		841		190		1,623		3,966
Realized gain (loss) on investments			816		45,998		44,243		116		101,143		176		121,633		(239)
Change in unrealized gain (loss) on investments			21,308		196,407		(25,461)		2,866		110,530		6,753		(22,058)		5,901
Net gain (loss) on investments			22,124		242,405		18,782		2,982		211,673		6,929		99,575		5,662
Reinvested capital gains			-		-		18,248		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		23,923		247,547		44,328		3,009		212,514		7,119		101,198		9,628
Investment Activity:		FIGBS		FMCS		FOP		FOS		FVSS		FTVSV2		TIF2		FTVGI2
Reinvested dividends	$		3,341		2,706		528		1,370		110		26,635		5,024		23,996
Asset charges (note 3)			(288)		(1,880)		(67)		(173)		(1,427)		(8,370)		(424)		(1,058)
Net investment income (loss)			3,053		826		461		1,197		(1,317)		18,265		4,600		22,938
Realized gain (loss) on investments			(145)		249,240		(404)		(10,907)		(18,213)		(14,272)		(586)		3,154
Change in unrealized gain (loss) on investments			405		(126,772)		4,729		26,819		(1,727)		553,357		24,826		37,437
Net gain (loss) on investments			260		122,468		4,325		15,912		(19,940)		539,085		24,240		40,591
Reinvested capital gains			3,211		41,395		91		249		-		-		-		602
Net increase (decrease) in contract owners’ equity resulting from operations	$		6,524		164,689		4,877		17,358		(21,257)		557,350		28,840		64,131

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		GVMCE		SBVSG		BNCAI		AMTB		AMTG		AMGP		AMCG		AMTP
Reinvested dividends	$		16,842		70		749		2,698		-		233		-		1,372
Asset charges (note 3)			(3,778)		(41)		(254)		(228)		(545)		(210)		(73)		(810)
Net investment income (loss)			13,064		29		495		2,470		(545)		23		(73)		562
Realized gain (loss) on investments			131,958		(25)		69,659		(636)		2,038		16,941		3,101		5,406
Change in unrealized gain (loss) on investments			94,496		(162)		(53,722)		2,022		23,061		(8,028)		915		42,896
Net gain (loss) on investments			226,454		(187)		15,937		1,386		25,099		8,913		4,016		48,302
Reinvested capital gains			-		837		3,230		-		-		667		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		239,518		679		19,662		3,856		24,554		9,603		3,943		48,864
Investment Activity:		AMFAS		OVMS		OVGR		OVB		OVGS		OVGI		OVAG		PMVAAA
Reinvested dividends	$		-		4,321		4,299		14,621		32,170		1,244		-		2,436
Asset charges (note 3)			(11)		(809)		(1,603)		(748)		(3,454)		(331)		(358)		(375)
Net investment income (loss)			(11)		3,512		2,696		13,873		28,716		913		(358)		2,061
Realized gain (loss) on investments			77		(6,164)		56,263		(6,957)		158,772		(125)		3,432		17,551
Change in unrealized gain (loss) on investments			283		39,222		25,180		21,435		69,867		18,833		17,543		31,454
Net gain (loss) on investments			360		33,058		81,443		14,478		228,639		18,708		20,975		49,005
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		349		36,570		84,139		28,351		257,355		19,621		20,617		51,066

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		PMVLDA		PMVRRA		PMVTRA		PIHYB1		ACGI		AVBVI		AVIE		ROCMC
Reinvested dividends	$		48,687		45,905		616,712		2,159		4,403		75		1,437		-
Asset charges (note 3)			(6,753)		(11,045)		(50,885)		(99)		(829)		(13)		(242)		(3,387)
Net investment income (loss)			41,934		34,860		565,827		2,060		3,574		62		1,195		(3,387)
Realized gain (loss) on investments			3,799		241,052		209,476		305		25,152		123		4,602		(24,661)
Change in unrealized gain (loss) on investments			84,234		(150,945)		819,020		1,654		23,850		660		7,949		145,816
Net gain (loss) on investments			88,033		90,107		1,028,496		1,959		49,002		783		12,551		121,155
Reinvested capital gains			-		229,186		518,624		1,573		-		-		-		23,181
Net increase (decrease) in contract owners’ equity resulting from operations	$		129,967		354,153		2,112,947		5,592		52,576		845		13,746		140,949
Investment Activity:		TREI2		TRMCG2		TRNAG1		VWBF		VWEM		VWHA		WRGP		WRRESP
Reinvested dividends	$		26,344		-		458		8,255		-		2,984		2		102
Asset charges (note 3)			(3,441)		(470)		(311)		(930)		(3,302)		(1,290)		(8)		(40)
Net investment income (loss)			22,903		(470)		147		7,325		(3,302)		1,694		(6)		62
Realized gain (loss) on investments			87,566		(18,524)		14,712		234		(24,152)		(41,337)		199		4,139
Change in unrealized gain (loss) on investments			102,087		21,967		6,262		6,366		360,778		20,541		(113)		(1,329)
Net gain (loss) on investments			189,653		3,443		20,974		6,600		336,626		(20,796)		86		2,810
Reinvested capital gains			-		19,685		583		5,207		-		51,084		272		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		212,556		22,658		21,704		19,132		333,324		31,982		352		2,872

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2012

Investment Activity:		SVDF		SVOF		AVCDI
Reinvested dividends	$		-		53	-
Asset charges (note 3)			(82)		(142)	(3)
Net investment income (loss)			(82)		(89)	(3)
Realized gain (loss) on investments			354		1,771	1,373
Change in unrealized gain (loss) on investments			4,808		6,147	(896)
Net gain (loss) on investments			5,162		7,918	477
Reinvested capital gains			-		20	-
Net increase (decrease) in contract owners’ equity resulting from operations	$		5,080		7,849	474
See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		Total			AMVGS2				AMVGR2				AMVI2
		2012	2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$	1,410,908		1,712,485		45		(1)		6,275		5,874		67		3,177
Realized gain (loss) on investments		4,630,593		5,158,382		759		-		(13,303)		(15,541)		(1,496)		(339)
Change in unrealized gain (loss) on investments		4,589,124		(11,506,115)		34		(9)		227,677		(130,781)		21,345		(20,277)
Reinvested capital gains		2,658,342		1,027,172		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		13,288,967		(3,608,076)		838		(10)		220,649		(140,448)		19,916		(17,439)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,101,954		2,072,874		-		-		1		-		-		-
Transfers between funds		-		-		(2,690)		6,033		(190,301)		1,527,897		(7,794)		212,329
Surrenders (note 6)		(15,889,860)		(2,738,285)		(3,080)		-		(198,800)		-		(193,753)		-
Death Benefits (note 4)		(155,804)		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(365)		(657)		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)		(2,614,565)		(2,800,390)		(254)		(21)		(24,979)		(8,709)		(1,358)		(644)
Adjustments to maintain reserves		3,793		527		(7)		7		9		(4)		2		(1)
Net equity transactions		(17,554,847)		(3,465,931)		(6,031)		6,019		(414,070)		1,519,184		(202,903)		211,684
Net change in contract owners’ equity		(4,265,880)		(7,074,007)		(5,193)		6,009		(193,421)		1,378,736		(182,987)		194,245
Contract owners’ equity beginning of period		175,112,108		182,186,115		6,009		-		1,378,736		-		194,245		-
Contract owners’ equity end of period	$	170,846,228		175,112,108		816		6,009		1,185,315		1,378,736		11,258		194,245
CHANGES IN UNITS:
Beginning units		12,651,243		13,007,535		668		-		138,625		-		24,773		-
Units purchased		965,078		3,067,042		98		670		12,380		142,005		-		24,857
Units redeemed		(2,089,220)		(3,423,334)		(689)		(2)		(49,660)		(3,380)		(23,553)		(84)
Ending units		11,527,101		12,651,243		77		668		101,345		138,625		1,220		24,773

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		MLVLC2				CVSSE				DSIF				DSRG
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		-		(125)		(9)		(16)		291,199		371,347		106		109
Realized gain (loss) on investments			(3)		(363,309)		163		277		360,408		(282,671)		1,114		2,643
Change in unrealized gain (loss) on investments			20		(56)		518		(317)		849,119		(943,818)		515		(2,388)
Reinvested capital gains			-		-		209		-		760,988		205,511		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			17		(363,490)		881		(56)		2,261,714		(649,631)		1,735		364
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		75,246		118,570		-		-
Transfers between funds			(625)		371,437		(267)		(1,013)		631,385		(13,410,099)		750		(9,426)
Surrenders (note 6)			-		-		-		-		(1,062,985)		(155,429)		-		-
Death Benefits (note 4)			-		-		-		-		(4,933)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		177		(233)		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(6)		(7,768)		(169)		(187)		(225,797)		(328,483)		(660)		(557)
Adjustments to maintain reserves			1		(5)		(2)		(5)		107		(15)		(5)		-
Net equity transactions			(630)		363,664		(438)		(1,205)		(586,800)		(13,775,689)		85		(9,983)
Net change in contract owners’ equity			(613)		174		443		(1,261)		1,674,914		(14,425,320)		1,820		(9,619)
Contract owners’ equity beginning of period			613		439		5,899		7,160		15,042,689		29,468,009		17,527		27,146
Contract owners’ equity end of period	$		-		613		6,342		5,899		16,717,603		15,042,689		19,347		17,527
CHANGES IN UNITS:
Beginning units			52		38		355		424		1,210,300		2,455,050		1,537		2,396
Units purchased			-		708		-		-		98,515		150,259		35		25
Units redeemed			(52)		(694)		(25)		(69)		(136,470)		(1,395,009)		(53)		(884)
Ending units			-		52		330		355		1,172,345		1,210,300		1,519		1,537

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		IVKMG1				OGGO				JABS				JACAS
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(6)		-		(2,195)		(2,196)		2,849		2,375		551		41
Realized gain (loss) on investments			(5)		-		154,907		127,405		(4,309)		1,380		8,379		27,684
Change in unrealized gain (loss) on investments			(64)		-		(57,078)		(159,810)		8,930		(7,302)		24,193		(35,457)
Reinvested capital gains			1		-		11,094		-		8,997		4,343		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(74)		-		106,728		(34,601)		16,467		796		33,123		(7,732)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		(1)		33,993		22,077		22,444
Transfers between funds			3,790		-		178,113		(248,412)		(19,922)		54,348		(31,436)		(72,410)
Surrenders (note 6)			-		-		(275)		(90,482)		(26,231)		(12)		(6,196)		(6)
Death Benefits (note 4)			-		-		-		-		-		-		(1,109)		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(124)		-		(9,867)		(9,754)		(4,364)		(3,217)		(5,310)		(5,929)
Adjustments to maintain reserves			(1)		-		13		7		(4)		(16)		(5)		10
Net equity transactions			3,665		-		167,984		(348,641)		(50,522)		85,096		(21,979)		(55,891)
Net change in contract owners’ equity			3,591		-		274,712		(383,242)		(34,055)		85,892		11,144		(63,623)
Contract owners’ equity beginning of period			-		-		631,827		1,015,069		138,114		52,222		152,210		215,833
Contract owners’ equity end of period	$		3,591		-		906,539		631,827		104,059		138,114		163,354		152,210
CHANGES IN UNITS:
Beginning units			-		-		32,145		48,346		7,544		2,884		15,106		19,884
Units purchased			379		-		10,929		70		58		4,836		1,806		2,536
Units redeemed			(13)		-		(3,252)		(16,271)		(2,576)		(176)		(3,790)		(7,314)
Ending units			366		-		39,822		32,145		5,026		7,544		13,122		15,106

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		JAGTS				JAIGS				LZREMS				LOVMCV
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(1,861)		(1,693)		7,395		3,533		2,655		17,458		(27)		(8)
Realized gain (loss) on investments			(158,126)		209,115		(21,811)		(13,931)		(45,034)		(5,842)		3,687		903
Change in unrealized gain (loss) on investments			29,099		(184,782)		43,178		(977,474)		178,112		(158,919)		(281)		(1,783)
Reinvested capital gains			-		-		218,344		26,090		2,695		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(130,888)		22,640		247,106		(961,782)		138,428		(147,303)		3,379		(888)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		608		14,389		56,451		90,071		-		-
Transfers between funds			142,126		(1,491,629)		(5,289)		(65,612)		(32,230)		953,752		(31,246)		12
Surrenders (note 6)			-		-		-		-		(793,090)		-		-		-
Death Benefits (note 4)			-		-		(1,498)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		(437)		(582)		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(11,371)		(10,457)		(43,800)		(47,092)		(15,565)		(13,329)		(811)		(984)
Adjustments to maintain reserves			17		622		23		(29)		11		(8)		(8)		3
Net equity transactions			130,772		(1,501,464)		(50,393)		(98,926)		(784,423)		1,030,486		(32,065)		(969)
Net change in contract owners’ equity			(116)		(1,478,824)		196,713		(1,060,708)		(645,995)		883,183		(28,686)		(1,857)
Contract owners’ equity beginning of period			189,938		1,668,762		1,933,817		2,994,525		883,183		-		34,736		36,593
Contract owners’ equity end of period	$		189,822		189,938		2,130,530		1,933,817		237,188		883,183		6,050		34,736
CHANGES IN UNITS:
Beginning units			37,279		298,426		148,031		154,714		94,810		-		2,998		3,024
Units purchased			-		810		337		1,487		17,767		97,607		-		41
Units redeemed			(5,932)		(261,957)		(3,911)		(8,170)		(91,660)		(2,797)		(2,541)		(67)
Ending units			31,347		37,279		144,457		148,031		20,917		94,810		457		2,998

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		MVRISC				MVFSC				MVIVSC				MSEM
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		1,540		1,315		1,104		825		21,359		16,470		9,237		772
Realized gain (loss) on investments			(1,003)		(975)		4,433		419		131,490		10,303		17,551		3,535
Change in unrealized gain (loss) on investments			11,142		(10,514)		9,473		309		177,045		(84,598)		42,424		(2,363)
Reinvested capital gains			-		-		721		332		-		-		-		337
Net increase (decrease) in contract owners’ equity resulting from operations			11,679		(10,174)		15,731		1,885		329,894		(57,825)		69,212		2,281
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			(342)		-		(404)		-		40		-		-		-
Transfers between funds			7,620		(3,864)		(13,686)		26,496		(766,370)		644,183		(18,587)		547,537
Surrenders (note 6)			-		-		-		-		(319,449)		(6,880)		(243,320)		-
Death Benefits (note 4)			(4,195)		-		(6,328)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(3,781)		(3,843)		(4,681)		(3,713)		(40,146)		(25,383)		(20,187)		(4,735)
Adjustments to maintain reserves			2		2		7		(6)		20		2,139		(13)		12
Net equity transactions			(696)		(7,705)		(25,092)		22,777		(1,125,905)		614,059		(282,107)		542,814
Net change in contract owners’ equity			10,983		(17,879)		(9,361)		24,662		(796,011)		556,234		(212,895)		545,095
Contract owners’ equity beginning of period			75,410		93,289		107,797		83,135		2,617,140		2,060,906		575,258		30,163
Contract owners’ equity end of period	$		86,393		75,410		98,436		107,797		1,821,129		2,617,140		362,363		575,258
CHANGES IN UNITS:
Beginning units			9,778		10,732		12,156		9,308		187,079		144,340		20,882		1,169
Units purchased			882		-		-		3,262		12,936		53,783		7,989		21,585
Units redeemed			(1,013)		(954)		(2,553)		(414)		(87,444)		(11,044)		(17,692)		(1,872)
Ending units			9,647		9,778		9,603		12,156		112,571		187,079		11,179		20,882

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		MSVMG				MSVRE				HIBF				GEM
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(251)		21		5,088		7,198		82,219		115,604		2,522		4,739
Realized gain (loss) on investments			2,333		23,259		237,903		51,964		68,188		121,377		(16,353)		(9,406)
Change in unrealized gain (loss) on investments			(5,872)		(27,235)		(77,077)		(5,710)		6,255		(178,436)		161,117		(254,031)
Reinvested capital gains			11,725		22		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			7,935		(3,933)		165,914		53,452		156,662		58,545		147,286		(258,698)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			44		-		38,969		52,939		35,819		68,132		-		-
Transfers between funds			5,961		30,769		4,918		279,259		33,535		(486,916)		(80)		6,683
Surrenders (note 6)			-		-		(509,837)		-		(435,909)		-		-		-
Death Benefits (note 4)			(1,094)		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		(105)		8		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(3,032)		(1,791)		(18,082)		(31,330)		(19,093)		(22,097)		(27,112)		(23,796)
Adjustments to maintain reserves			5		(21)		2		5		17		(3)		(3)		7
Net equity transactions			1,884		28,957		(484,030)		300,873		(385,736)		(440,876)		(27,195)		(17,106)
Net change in contract owners’ equity			9,819		25,024		(318,116)		354,325		(229,074)		(382,331)		120,091		(275,804)
Contract owners’ equity beginning of period			94,095		69,071		1,209,966		855,641		1,334,503		1,716,834		882,528		1,158,332
Contract owners’ equity end of period	$		103,914		94,095		891,850		1,209,966		1,105,429		1,334,503		1,002,619		882,528
CHANGES IN UNITS:
Beginning units			8,177		5,561		40,069		29,662		69,521		92,350		39,554		40,199
Units purchased			495		2,757		1,436		11,365		3,519		3,643		1		289
Units redeemed			(343)		(141)		(16,147)		(958)		(22,747)		(26,472)		(1,123)		(934)
Ending units			8,329		8,177		25,358		40,069		50,293		69,521		38,432		39,554

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		GIG				TRF				GBF				CAF
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		456		863		1,137		2,168		60,016		130,358		153		92
Realized gain (loss) on investments			1,702		12,549		40,432		(461)		38,992		11,500		6,891		5,849
Change in unrealized gain (loss) on investments			7,726		(22,571)		(15,291)		(580)		(102,030)		175,302		(2,802)		(5,988)
Reinvested capital gains			-		-		-		-		98,656		14,521		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			9,884		(9,159)		26,278		1,127		95,634		331,681		4,242		(47)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		7,764		17,570		228,365		498,372		356		-
Transfers between funds			(11,364)		33,410		(92,245)		69,785		23,895		186,429		25,946		(7,587)
Surrenders (note 6)			-		-		(116,765)		-		(2,147,542)		(55)		(12,008)		-
Death Benefits (note 4)			-		-		-		-		(3,570)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(2,230)		(1,694)		(2,744)		(3,963)		(58,114)		(125,034)		(1,277)		(1,072)
Adjustments to maintain reserves			4		5		(4)		7		15		7		(1)		(2)
Net equity transactions			(13,590)		31,721		(203,994)		83,399		(1,956,951)		559,719		13,016		(8,661)
Net change in contract owners’ equity			(3,706)		22,562		(177,716)		84,526		(1,861,317)		891,400		17,258		(8,708)
Contract owners’ equity beginning of period			82,654		60,092		283,188		198,662		4,979,130		4,087,730		26,530		35,238
Contract owners’ equity end of period	$		78,948		82,654		105,472		283,188		3,117,813		4,979,130		43,788		26,530
CHANGES IN UNITS:
Beginning units			6,959		4,554		24,150		17,101		257,571		216,088		3,316		4,363
Units purchased			19		4,908		634		7,490		17,754		38,869		2,948		41
Units redeemed			(1,214)		(2,503)		(16,837)		(441)		(123,678)		2,614		(1,452)		(1,088)
Ending units			5,764		6,959		7,947		24,150		151,647		257,571		4,812		3,316

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		GVIX2				GVIDA				GVIDC				GVIDM
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(1)		(1)		35		50		91		126		777		6,724
Realized gain (loss) on investments			(118)		(64)		38		358		17		4		300		81,016
Change in unrealized gain (loss) on investments			-		-		320		(423)		101		2		3,219		(74,765)
Reinvested capital gains			-		-		-		-		83		21		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(119)		(65)		393		(15)		292		153		4,296		12,975
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(949)		1,032		(69)		(1,839)		194		510		29,243		(423,299)
Surrenders (note 6)			-		-		-		-		-		-		(11,283)		(54,551)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(10)		(4)		(112)		(120)		(305)		(262)		(1,559)		(13,543)
Adjustments to maintain reserves			108		7		(9)		7		(9)		5		4		8
Net equity transactions			(851)		1,035		(190)		(1,952)		(120)		253		16,405		(491,385)
Net change in contract owners’ equity			(970)		970		203		(1,967)		172		406		20,701		(478,410)
Contract owners’ equity beginning of period			970		-		2,587		4,554		5,948		5,542		34,057		512,467
Contract owners’ equity end of period	$		-		970		2,790		2,587		6,120		5,948		54,758		34,057
CHANGES IN UNITS:
Beginning units			141		-		179		302		416		398		2,310		34,662
Units purchased			-		142		-		2		13		37		1,872		553
Units redeemed			(141)		(1)		(12)		(125)		(21)		(19)		(822)		(32,905)
Ending units			-		141		167		179		408		416		3,360		2,310

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		GVDMA				GVDMC				MCIF				SAM
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		919		964		99		124		48,862		34,512		(798)		(809)
Realized gain (loss) on investments			1,804		257		33		57		643,927		397,342		-		-
Change in unrealized gain (loss) on investments			5,620		(3,555)		336		(49)		(184,003)		(709,585)		-		-
Reinvested capital gains			-		-		28		-		372,780		96,280		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			8,343		(2,334)		496		132		881,566		(181,451)		(798)		(809)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(8,550)		32,925		111		840		(333,593)		(464,898)		-		-
Surrenders (note 6)			-		-		-		-		-		-		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(1,739)		(1,392)		(242)		(204)		(47,992)		(49,549)		(6,205)		(5,724)
Adjustments to maintain reserves			6		(6)		(6)		2		52		(38)		8		1
Net equity transactions			(10,283)		31,527		(137)		638		(381,533)		(514,485)		(6,197)		(5,723)
Net change in contract owners’ equity			(1,940)		29,193		359		770		500,033		(695,936)		(6,995)		(6,532)
Contract owners’ equity beginning of period			70,499		41,306		6,474		5,704		5,328,405		6,024,341		321,202		327,734
Contract owners’ equity end of period	$		68,559		70,499		6,833		6,474		5,828,438		5,328,405		314,207		321,202
CHANGES IN UNITS:
Beginning units			4,776		2,732		437		392		282,523		310,712		23,658		24,079
Units purchased			-		2,136		7		59		8		3,759		-		-
Units redeemed			(683)		(92)		(16)		(14)		(18,802)		(31,948)		(457)		(421)
Ending units			4,093		4,776		428		437		263,729		282,523		23,201		23,658

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		SAM5				NVMLG1				NVMLV1				NVMMG1
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(150,306)		(135,130)		277		(363)		468		433		(18)		(51)
Realized gain (loss) on investments			-		-		6,971		1,718		(127)		(616)		106		6,518
Change in unrealized gain (loss) on investments			-		-		8,513		(5,943)		7,262		(4,283)		164		(7,350)
Reinvested capital gains			-		-		3,405		-		-		1,725		699		-
Net increase (decrease) in contract owners’ equity resulting from operations			(150,306)		(135,130)		19,166		(4,588)		7,603		(2,741)		951		(883)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			47		1,236		-		-		-		-		-		37
Transfers between funds			1,731,446		8,766,391		(25,573)		3,194		(9,147)		5,042		427		(15,385)
Surrenders (note 6)			(890,275)		(1,011,641)		-		-		-		-		-		-
Death Benefits (note 4)			(22,179)		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(773,431)		(699,740)		(4,060)		(3,604)		(1,899)		(1,800)		(367)		(648)
Adjustments to maintain reserves			433		(357)		5		(8)		1		(4)		(4)		2
Net equity transactions			46,041		7,055,889		(29,628)		(418)		(11,045)		3,238		56		(15,994)
Net change in contract owners’ equity			(104,265)		6,920,759		(10,462)		(5,006)		(3,442)		497		1,007		(16,877)
Contract owners’ equity beginning of period			59,356,352		52,435,593		145,239		150,245		48,233		47,736		6,514		23,391
Contract owners’ equity end of period	$		59,252,087		59,356,352		134,777		145,239		44,791		48,233		7,521		6,514
CHANGES IN UNITS:
Beginning units			5,173,120		4,560,736		15,823		15,853		4,891		4,547		678		2,326
Units purchased			189,045		971,652		-		345		25		518		40		31
Units redeemed			(185,359)		(359,268)		(3,172)		(375)		(1,051)		(174)		(35)		(1,679)
Ending units			5,176,806		5,173,120		12,651		15,823		3,865		4,891		683		678

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		SCGF				SCVF				SCF				MSBF
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(638)		(1,335)		1,781		263		(1,641)		6,527		3,000		15,885
Realized gain (loss) on investments			1,071		125,601		2,770		575,052		226,586		222,080		788		33,308
Change in unrealized gain (loss) on investments			28,602		(34,409)		48,140		(537,771)		12,897		(376,442)		1,700		(18,633)
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			29,035		89,857		52,691		37,544		237,842		(147,835)		5,488		30,560
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		1,194		1,410		-		-
Transfers between funds			(6,532)		(91,818)		(2,066)		(3,405,523)		(391,871)		(256,737)		116,697		(487,032)
Surrenders (note 6)			-		-		-		-		(8,248)		(169,459)		(3,360)		(167,940)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(7,704)		(10,426)		(10,655)		(12,938)		(21,547)		(55,052)		(3,432)		(17,110)
Adjustments to maintain reserves			7		(9)		14		(3)		29		(9)		1		(10)
Net equity transactions			(14,229)		(102,253)		(12,707)		(3,418,464)		(420,443)		(479,847)		109,906		(672,092)
Net change in contract owners’ equity			14,806		(12,396)		39,984		(3,380,920)		(182,601)		(627,682)		115,394		(641,532)
Contract owners’ equity beginning of period			232,763		245,159		267,153		3,648,073		1,712,323		2,340,005		43,383		684,915
Contract owners’ equity end of period	$		247,569		232,763		307,137		267,153		1,529,722		1,712,323		158,777		43,383
CHANGES IN UNITS:
Beginning units			14,809		15,458		11,349		146,751		75,903		97,696		2,326		38,663
Units purchased			17		39		4		-		113		4,230		6,806		-
Units redeemed			(906)		(688)		(493)		(135,402)		(17,161)		(26,023)		(1,529)		(36,337)
Ending units			13,920		14,809		10,860		11,349		58,855		75,903		7,603		2,326

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		EIF				ALVGIA				ALVIVA				ACVB
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		181		251		20,268		327		294		31,540		4,963		4,331
Realized gain (loss) on investments			531		16,711		103,789		1,588		(58,773)		(6,981)		1,526		397
Change in unrealized gain (loss) on investments			2,325		(15,118)		109,593		(423)		114,820		(191,213)		23,024		8,239
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			3,037		1,844		233,650		1,492		56,341		(166,654)		29,513		12,967
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		1,194		8,992		66,803		128,685		-		-
Transfers between funds			(1,938)		(39,191)		1,286,578		4,845		(8,298)		(228,726)		(1,005)		(54)
Surrenders (note 6)			-		-		(18,448)		(11)		(745,827)		-		-		(1)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(712)		(1,398)		(15,100)		(1,963)		(4,861)		(15,054)		(13,658)		(11,710)
Adjustments to maintain reserves			-		-		(3)		13		3		9		6		4
Net equity transactions			(2,650)		(40,589)		1,254,221		11,876		(692,180)		(115,086)		(14,657)		(11,761)
Net change in contract owners’ equity			387		(38,745)		1,487,871		13,368		(635,839)		(281,740)		14,856		1,206
Contract owners’ equity beginning of period			18,270		57,015		43,312		29,944		686,756		968,496		261,127		259,921
Contract owners’ equity end of period	$		18,657		18,270		1,531,183		43,312		50,917		686,756		275,983		261,127
CHANGES IN UNITS:
Beginning units			1,531		4,655		2,684		1,968		108,779		123,777		17,669		18,479
Units purchased			-		103		80,162		840		9,847		15,663		-		-
Units redeemed			(208)		(3,227)		(1,899)		(124)		(111,578)		(30,661)		(924)		(810)
Ending units			1,323		1,531		80,947		2,684		7,048		108,779		16,745		17,669

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		ACVCA				ACVIG				ACVI				ACVMV1
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(1,107)		(1,093)		8,912		5,876		5,985		14,319		2,831		1,020
Realized gain (loss) on investments			7,235		11,653		67,002		(12,795)		(67,214)		(72,444)		10,305		43
Change in unrealized gain (loss) on investments			31,550		(39,358)		(11,031)		12,637		244,267		(79,355)		7,564		4,482
Reinvested capital gains			24,301		-		-		-		-		-		10,806		-
Net increase (decrease) in contract owners’ equity resulting from operations			61,979		(28,798)		64,883		5,718		183,038		(137,480)		31,506		5,545
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		81,260		2,726		1,481		4,833		4		-
Transfers between funds			1,508		(3,621)		38,946		(11,776)		(90,891)		(150,771)		(24,566)		273,165
Surrenders (note 6)			-		-		(133,553)		-		(10,522)		(42)		(124,880)		-
Death Benefits (note 4)			-		-		(3,045)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(21,959)		(19,724)		(9,718)		(8,285)		(26,283)		(38,056)		(9,239)		(1,722)
Adjustments to maintain reserves			2		(21)		11		(5)		12		(17)		(2)		4
Net equity transactions			(20,449)		(23,366)		(26,099)		(17,340)		(126,203)		(184,053)		(158,683)		271,447
Net change in contract owners’ equity			41,530		(52,164)		38,784		(11,622)		56,835		(321,533)		(127,177)		276,992
Contract owners’ equity beginning of period			397,896		450,060		447,257		458,879		979,393		1,300,926		276,992		-
Contract owners’ equity end of period	$		439,426		397,896		486,041		447,257		1,036,228		979,393		149,815		276,992
CHANGES IN UNITS:
Beginning units			18,298		19,302		33,414		35,261		76,433		89,078		26,309		-
Units purchased			61		-		8,225		239		102		370		9,550		28,599
Units redeemed			(895)		(1,004)		(9,914)		(2,086)		(9,623)		(13,015)		(23,596)		(2,290)
Ending units			17,464		18,298		31,725		33,414		66,912		76,433		12,263		26,309

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		ACVU1				ACVV				ACVVS1				DVMCS
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(89)		(86)		21,155		14,033		(120)		(115)		(1,328)		47
Realized gain (loss) on investments			3,877		2,106		235,261		44,093		(180)		(668)		(23,141)		476
Change in unrealized gain (loss) on investments			1,473		(1,785)		(92,649)		(54,469)		6,916		(2,830)		(1,335)		(543)
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			5,261		235		163,767		3,657		6,616		(3,613)		(25,804)		(20)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			879		6,562		-		-		-		-		-		-
Transfers between funds			(2,252)		(4,758)		(70,399)		(112,244)		446		(205)		35,300		1,108
Surrenders (note 6)			(5,672)		(3)		-		(22,495)		-		-		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(1,350)		(1,321)		(29,175)		(24,642)		(2,378)		(2,072)		(7,497)		(801)
Adjustments to maintain reserves			6		(6)		12		(23)		5		(5)		(1)		(8)
Net equity transactions			(8,389)		474		(99,562)		(159,404)		(1,927)		(2,282)		27,802		299
Net change in contract owners’ equity			(3,128)		709		64,205		(155,747)		4,689		(5,895)		1,998		279
Contract owners’ equity beginning of period			37,546		36,837		729,794		885,541		43,583		49,478		18,444		18,165
Contract owners’ equity end of period	$		34,418		37,546		793,999		729,794		48,272		43,583		20,442		18,444
CHANGES IN UNITS:
Beginning units			3,135		3,101		39,691		48,529		3,534		3,686		1,020		1,006
Units purchased			62		605		-		134		33		97		310		59
Units redeemed			(668)		(571)		(1,907)		(8,972)		(173)		(249)		(383)		(45)
Ending units			2,529		3,135		37,784		39,691		3,394		3,534		947		1,020

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		DVSCS				DCAP				DGI				DVIV
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		13,579		25,939		72,869		6,431		1,892		1,549		8,682		15,137
Realized gain (loss) on investments			796,738		21,221		286,369		851		566		(96)		2,611		(77,660)
Change in unrealized gain (loss) on investments			(202,215)		(65,854)		(87,592)		32,788		22,816		(6,179)		27,240		(68,355)
Reinvested capital gains			192,636		15,143		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			800,738		(3,551)		271,646		40,070		25,274		(4,726)		38,533		(130,878)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			(320)		-		10,051		12,588		-		-		-		-
Transfers between funds			(173,307)		(665,521)		(209,008)		34,330		513		(41)		2,297		(304,856)
Surrenders (note 6)			(560)		(900)		(39,974)		(40)		-		-		-		(109,980)
Death Benefits (note 4)			(315)		-		(1,955)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(46,986)		(48,221)		(22,442)		(12,214)		(7,845)		(6,851)		(10,851)		(24,035)
Adjustments to maintain reserves			44		(23)		8		6		2		(4)		4		36
Net equity transactions			(221,444)		(714,665)		(263,320)		34,670		(7,330)		(6,896)		(8,550)		(438,835)
Net change in contract owners’ equity			579,294		(718,216)		8,326		74,740		17,944		(11,622)		29,983		(569,713)
Contract owners’ equity beginning of period			5,269,485		5,987,701		512,732		437,992		144,758		156,380		317,479		887,192
Contract owners’ equity end of period	$		5,848,779		5,269,485		521,058		512,732		162,702		144,758		347,462		317,479
CHANGES IN UNITS:
Beginning units			312,895		356,829		31,920		29,630		13,415		14,052		21,062		47,861
Units purchased			4,677		11,173		544		3,084		43		-		140		2,579
Units redeemed			(16,905)		(55,107)		(3,044)		(794)		(656)		(637)		(691)		(29,378)
Ending units			300,667		312,895		29,420		31,920		12,802		13,415		20,511		21,062

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		FQB				FEIP				FHIP				FAMP
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		7,053		23,878		1,335		1,009		2,937		3,381		33,445		61,014
Realized gain (loss) on investments			1,683		18,559		25		(151)		(73)		(72)		101,174		(97,811)
Change in unrealized gain (loss) on investments			130,809		(30,852)		2,862		(533)		4,006		(1,524)		184,912		(59,387)
Reinvested capital gains			-		-		2,924		-		-		-		19,305		17,065
Net increase (decrease) in contract owners’ equity resulting from operations			139,545		11,585		7,146		325		6,870		1,785		338,836		(79,119)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		89		-		-		-		-		-		-
Transfers between funds			2,786,732		(229,846)		47		3,007		(358)		4,516		(1,036,883)		(969,141)
Surrenders (note 6)			-		-		-		-		-		-		-		(1)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(23,773)		(12,279)		(2,294)		(1,846)		(2,638)		(2,157)		(45,461)		(52,511)
Adjustments to maintain reserves			8		12		9		(10)		11		(4)		21		-
Net equity transactions			2,762,967		(242,024)		(2,238)		1,151		(2,985)		2,355		(1,082,323)		(1,021,653)
Net change in contract owners’ equity			2,902,512		(230,439)		4,908		1,476		3,885		4,140		(743,487)		(1,100,772)
Contract owners’ equity beginning of period			271,143		501,582		42,873		41,397		50,701		46,561		3,395,004		4,495,776
Contract owners’ equity end of period	$		3,173,655		271,143		47,781		42,873		54,586		50,701		2,651,517		3,395,004
CHANGES IN UNITS:
Beginning units			14,557		27,472		3,384		3,291		2,722		2,594		238,337		306,766
Units purchased			142,328		67		4		238		-		245		-		-
Units redeemed			(1,207)		(12,982)		(165)		(145)		(150)		(117)		(72,435)		(68,429)
Ending units			155,678		14,557		3,223		3,384		2,572		2,722		165,902		238,337

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		FCP				FCS				FEIS				FGOP
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		1,799		1,245		5,142		11,894		7,298		7,756		27		(12)
Realized gain (loss) on investments			816		255		45,998		563,162		44,243		51,992		116		4
Change in unrealized gain (loss) on investments			21,308		(5,907)		196,407		(914,826)		(25,461)		(52,558)		2,866		293
Reinvested capital gains			-		-		-		-		18,248		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			23,923		(4,407)		247,547		(339,770)		44,328		7,190		3,009		285
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		142,549		213,972		20,921		22,191		-		-
Transfers between funds			187		15,594		(131,460)		(447,568)		(141,817)		(91,034)		13		1,175
Surrenders (note 6)			-		-		(1,540,635)		(17)		-		-		-		-
Death Benefits (note 4)			-		-		(6,631)		-		(1,905)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(8,156)		(6,609)		(22,197)		(51,958)		(6,247)		(7,468)		(884)		(686)
Adjustments to maintain reserves			(3)		(34)		13		(36)		(10)		3		7		(5)
Net equity transactions			(7,972)		8,951		(1,558,361)		(285,607)		(129,058)		(76,308)		(864)		484
Net change in contract owners’ equity			15,951		4,544		(1,310,814)		(625,377)		(84,730)		(69,118)		2,145		769
Contract owners’ equity beginning of period			150,736		146,192		1,921,999		2,547,376		347,046		416,164		15,742		14,973
Contract owners’ equity end of period	$		166,687		150,736		611,185		1,921,999		262,316		347,046		17,887		15,742
CHANGES IN UNITS:
Beginning units			9,281		8,752		102,095		121,657		24,684		29,780		1,426		1,384
Units purchased			10		922		7,311		9,785		1,305		1,681		1		103
Units redeemed			(453)		(393)		(82,806)		(29,347)		(10,028)		(6,777)		(69)		(61)
Ending units			8,838		9,281		26,600		102,095		15,961		24,684		1,358		1,426

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		FGOS				FGP				FGS				FHIS
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		841		(2,287)		190		70		1,623		(39)		3,966		5,306
Realized gain (loss) on investments			101,143		23,333		176		(145)		121,633		(9,924)		(239)		(47,578)
Change in unrealized gain (loss) on investments			110,530		(13,909)		6,753		(140)		(22,058)		6,369		5,901		73,244
Reinvested capital gains			-		-		-		176		-		2,461		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			212,514		7,137		7,119		(39)		101,198		(1,133)		9,628		30,972
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		4,397		-		-		593		6,931		-		-
Transfers between funds			101,362		250,963		(103)		3,646		(16,129)		(75,021)		(13,757)		(1,562,082)
Surrenders (note 6)			(37,078)		-		-		-		(31,695)		(28,322)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		150		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(25,665)		(37,044)		(2,719)		(3,918)		(19,094)		(22,185)		(1,336)		(10,110)
Adjustments to maintain reserves			2		(8)		9		(8)		10		4		6		111
Net equity transactions			38,621		218,308		(2,813)		(130)		(66,315)		(118,593)		(15,087)		(1,572,081)
Net change in contract owners’ equity			251,135		225,445		4,306		(169)		34,883		(119,726)		(5,459)		(1,541,109)
Contract owners’ equity beginning of period			1,186,801		961,356		49,876		50,045		632,298		752,024		80,454		1,621,563
Contract owners’ equity end of period	$		1,437,936		1,186,801		54,182		49,876		667,181		632,298		74,995		80,454
CHANGES IN UNITS:
Beginning units			116,596		96,266		5,137		5,152		46,936		55,697		5,829		121,792
Units purchased			7,123		23,883		-		564		37		647		-		1
Units redeemed			(5,169)		(3,553)		(259)		(579)		(3,694)		(9,408)		(1,059)		(115,964)
Ending units			118,550		116,596		4,878		5,137		43,279		46,936		4,770		5,829

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		FIGBS				FMCS				FOP				FOS
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		3,053		1,262		826		(653)		461		335		1,197		1,627
Realized gain (loss) on investments			(145)		148		249,240		30,282		(404)		(515)		(10,907)		14,889
Change in unrealized gain (loss) on investments			405		111		(126,772)		(185,841)		4,729		(4,631)		26,819		(46,204)
Reinvested capital gains			3,211		1,025		41,395		2,535		91		54		249		449
Net increase (decrease) in contract owners’ equity resulting from operations			6,524		2,546		164,689		(153,677)		4,877		(4,757)		17,358		(29,239)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			(96)		-		77,025		110,982		-		-		21,713		22,481
Transfers between funds			104,307		2,806		(43,680)		202,722		312		(20)		(107,994)		(101,840)
Surrenders (note 6)			-		-		(1,001,166)		-		-		-		(5,687)		(26)
Death Benefits (note 4)			-		-		-		-		-		-		(173)		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(4,486)		(1,188)		(25,860)		(27,988)		(1,332)		(1,249)		(2,557)		(7,283)
Adjustments to maintain reserves			3		(3)		8		(13)		3		7		(3)		1
Net equity transactions			99,728		1,615		(993,673)		285,703		(1,017)		(1,262)		(94,701)		(86,667)
Net change in contract owners’ equity			106,252		4,161		(828,984)		132,026		3,860		(6,019)		(77,343)		(115,906)
Contract owners’ equity beginning of period			43,134		38,973		1,337,260		1,205,234		24,329		30,348		139,638		255,544
Contract owners’ equity end of period	$		149,386		43,134		508,276		1,337,260		28,189		24,329		62,295		139,638
CHANGES IN UNITS:
Beginning units			3,082		2,978		88,464		71,093		2,213		2,281		11,827		17,869
Units purchased			7,359		192		11,551		26,739		25		-		1,612		1,989
Units redeemed			(324)		(88)		(70,613)		(9,368)		(109)		(68)		(9,051)		(8,031)
Ending units			10,117		3,082		29,402		88,464		2,129		2,213		4,388		11,827

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		FVSS				FTVSV2				TIF2				FTVGI2
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(1,317)		138		18,265		19,416		4,600		2,196		22,938		(243)
Realized gain (loss) on investments			(18,213)		655		(14,272)		46,401		(586)		920		3,154		(128)
Change in unrealized gain (loss) on investments			(1,727)		(2,535)		553,357		(327,776)		24,826		(22,361)		37,437		(21,533)
Reinvested capital gains			-		-		-		-		-		-		602		-
Net increase (decrease) in contract owners’ equity resulting from operations			(21,257)		(1,742)		557,350		(261,959)		28,840		(19,245)		64,131		(21,904)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		32,303		55,898		1,481		377		40		-
Transfers between funds			33,296		2,012		(240,747)		3,150,403		9,604		30,874		(12,007)		636,108
Surrenders (note 6)			-		-		(403,153)		-		(8,111)		(27)		(290,640)		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(7,503)		(809)		(34,671)		(39,653)		(5,575)		(6,639)		(20,978)		(3,615)
Adjustments to maintain reserves			17		(10)		28		(18)		12		-		6		(6)
Net equity transactions			25,810		1,193		(646,240)		3,166,630		(2,589)		24,585		(323,579)		632,487
Net change in contract owners’ equity			4,553		(549)		(88,890)		2,904,671		26,251		5,340		(259,448)		610,583
Contract owners’ equity beginning of period			18,458		19,007		3,509,080		604,409		159,199		153,859		610,583		-
Contract owners’ equity end of period	$		23,011		18,458		3,420,190		3,509,080		185,450		159,199		351,135		610,583
CHANGES IN UNITS:
Beginning units			1,256		1,176		257,331		42,559		8,964		7,723		42,354		-
Units purchased			438		131		3,517		234,502		639		1,574		18,644		42,600
Units redeemed			(459)		(51)		(48,423)		(19,730)		(749)		(333)		(39,777)		(246)
Ending units			1,235		1,256		212,425		257,331		8,854		8,964		21,221		42,354

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		GVMCE				SBVSG				BNCAI				AMTB
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		13,064		6,528		29		-		495		(593)		2,470		3,497
Realized gain (loss) on investments			131,958		215,991		(25)		-		69,659		63,927		(636)		(1,050)
Change in unrealized gain (loss) on investments			94,496		(336,789)		(162)		-		(53,722)		(54,539)		2,022		(2,410)
Reinvested capital gains			-		-		837		-		3,230		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			239,518		(114,270)		679		-		19,662		8,795		3,856		37
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		21		-		593		34,367		-		-
Transfers between funds			(132,676)		(533,657)		20,437		-		(141,094)		(105,314)		(219)		769
Surrenders (note 6)			(250)		(188,209)		-		-		(19,076)		(23)		-		-
Death Benefits (note 4)			-		-		(315)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(18,742)		(30,739)		(383)		-		(3,147)		(5,218)		(4,534)		(4,207)
Adjustments to maintain reserves			6		2		6		-		8		(9)		11		(5)
Net equity transactions			(151,662)		(752,603)		19,766		-		(162,716)		(76,197)		(4,742)		(3,443)
Net change in contract owners’ equity			87,856		(866,873)		20,445		-		(143,054)		(67,402)		(886)		(3,406)
Contract owners’ equity beginning of period			1,395,075		2,261,948		-		-		210,665		278,067		90,722		94,128
Contract owners’ equity end of period	$		1,482,931		1,395,075		20,445		-		67,611		210,665		89,836		90,722
CHANGES IN UNITS:
Beginning units			67,330		101,953		-		-		9,949		13,627		6,903		7,165
Units purchased			4,514		-		1,688		-		45		1,568		-		57
Units redeemed			(11,279)		(34,623)		(57)		-		(7,287)		(5,246)		(352)		(319)
Ending units			60,565		67,330		1,631		-		2,707		9,949		6,551		6,903

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		AMTG				AMGP				AMCG				AMTP
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(545)		(529)		23		200		(73)		(184)		562		(877)
Realized gain (loss) on investments			2,038		1,926		16,941		4,768		3,101		26,547		5,406		20,685
Change in unrealized gain (loss) on investments			23,061		(2,453)		(8,028)		(7,863)		915		(17,612)		42,896		(57,272)
Reinvested capital gains			-		-		667		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			24,554		(1,056)		9,603		(2,895)		3,943		8,751		48,864		(37,464)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		41		74		-		-		-		-
Transfers between funds			1,760		(2,435)		(41,234)		10,790		(10,701)		(139,248)		(12,490)		(44,746)
Surrenders (note 6)			-		-		-		(1)		-		-		-		-
Death Benefits (note 4)			-		-		(1,100)		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(10,833)		(9,509)		(2,439)		(2,133)		(1,031)		(3,202)		(6,383)		(7,458)
Adjustments to maintain reserves			(4)		10		(9)		12		(3)		3		6		(3)
Net equity transactions			(9,077)		(11,934)		(44,741)		8,742		(11,735)		(142,447)		(18,867)		(52,207)
Net change in contract owners’ equity			15,477		(12,990)		(35,138)		5,847		(7,792)		(133,696)		29,997		(89,671)
Contract owners’ equity beginning of period			201,385		214,375		79,633		73,786		34,655		168,351		310,755		400,426
Contract owners’ equity end of period	$		216,862		201,385		44,495		79,633		26,863		34,655		340,752		310,755
CHANGES IN UNITS:
Beginning units			16,821		17,823		5,520		4,952		1,814		8,832		24,296		27,682
Units purchased			132		1		-		710		-		42		24		187
Units redeemed			(826)		(1,003)		(2,777)		(142)		(560)		(7,060)		(1,414)		(3,573)
Ending units			16,127		16,821		2,743		5,520		1,254		1,814		22,906		24,296

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		AMFAS				OVMS				OVGR				OVB
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(11)		(14)		3,512		6,459		2,696		4,089		13,873		15,787
Realized gain (loss) on investments			77		2,219		(6,164)		(7,634)		56,263		202,412		(6,957)		(11,868)
Change in unrealized gain (loss) on investments			283		(1,789)		39,222		2,982		25,180		(139,611)		21,435		18,222
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			349		416		36,570		1,807		84,139		66,890		28,351		22,141
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		(538)		118		-		-
Transfers between funds			446		(3,928)		(1,245)		1,488		(106,120)		(1,352,106)		(2,676)		2,689
Surrenders (note 6)			-		-		-		-		-		(35,359)		-		-
Death Benefits (note 4)			-		-		-		-		(8,680)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(239)		(337)		(16,096)		(14,476)		(23,602)		(38,328)		(14,881)		(13,027)
Adjustments to maintain reserves			(3)		(10)		7		(6)		1		(16)		(4)		6
Net equity transactions			204		(4,275)		(17,334)		(12,994)		(138,939)		(1,425,691)		(17,561)		(10,332)
Net change in contract owners’ equity			553		(3,859)		19,236		(11,187)		(54,800)		(1,358,801)		10,790		11,809
Contract owners’ equity beginning of period			4,138		7,997		311,237		322,424		659,694		2,018,495		292,079		280,270
Contract owners’ equity end of period	$		4,691		4,138		330,473		311,237		604,894		659,694		302,869		292,079
CHANGES IN UNITS:
Beginning units			314		599		26,839		27,934		45,765		138,075		25,148		26,061
Units purchased			31		24		-		137		44		289		-		248
Units redeemed			(17)		(309)		(1,408)		(1,232)		(8,945)		(92,599)		(1,445)		(1,161)
Ending units			328		314		25,431		26,839		36,864		45,765		23,703		25,148

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		OVGS				OVGI				OVAG				PMVAAA
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		28,716		17,754		913		711		(358)		(571)		2,061		92,614
Realized gain (loss) on investments			158,772		1,618		(125)		(677)		3,432		72,734		17,551		171
Change in unrealized gain (loss) on investments			69,867		(157,449)		18,833		(331)		17,543		(49,655)		31,454		(27,362)
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			257,355		(138,077)		19,621		(297)		20,617		22,508		51,066		65,423
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		146		-		-
Transfers between funds			(359,689)		(175,204)		(614)		(148)		(2,254)		(213,893)		(3,188,435)		3,100,063
Surrenders (note 6)			(6,066)		(5,098)		-		-		-		-		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(18,521)		(21,146)		(3,319)		(2,740)		(3,845)		(7,351)		(4,308)		(7,144)
Adjustments to maintain reserves			10		(5)		9		-		7		2		(4)		(583)
Net equity transactions			(384,266)		(201,453)		(3,924)		(2,888)		(6,092)		(221,096)		(3,192,747)		3,092,336
Net change in contract owners’ equity			(126,911)		(339,530)		15,697		(3,185)		14,525		(198,588)		(3,141,681)		3,157,759
Contract owners’ equity beginning of period			1,404,651		1,744,181		119,821		123,006		128,750		327,338		3,190,826		33,067
Contract owners’ equity end of period	$		1,277,740		1,404,651		135,518		119,821		143,275		128,750		49,145		3,190,826
CHANGES IN UNITS:
Beginning units			101,503		115,302		10,556		10,808		10,534		27,008		203,903		2,149
Units purchased			3,325		2,897		27		98		25		156		1		202,211
Units redeemed			(28,496)		(16,696)		(342)		(350)		(467)		(16,630)		(201,165)		(457)
Ending units			76,332		101,503		10,241		10,556		10,092		10,534		2,739		203,903

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		PMVLDA				PMVRRA				PMVTRA				PIHYB1
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		41,934		19,579		34,860		87,983		565,827		461,639		2,060		1,516
Realized gain (loss) on investments			3,799		8,294		241,052		117,579		209,476		182,859		305		667
Change in unrealized gain (loss) on investments			84,234		(16,786)		(150,945)		156,485		819,020		(445,902)		1,654		(2,505)
Reinvested capital gains			-		-		229,186		150,651		518,624		415,552		1,573		-
Net increase (decrease) in contract owners’ equity resulting from operations			129,967		11,087		354,153		512,698		2,112,947		614,148		5,592		(322)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			2,938		52,510		871		15,246		45,923		163,295		-		-
Transfers between funds			2,847,570		(51,006)		135,261		(54,245)		(1,037,726)		13,182,818		8,872		3,747
Surrenders (note 6)			(13,041)		(33)		(940,146)		-		(2,547,034)		(79,187)		-		-
Death Benefits (note 4)			(25,454)		-		(33,566)		-		(25,417)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(52,177)		(38,240)		(79,266)		(76,880)		(275,414)		(196,188)		(1,468)		(1,122)
Adjustments to maintain reserves			(78)		(3)		24		185		2,659		(2,258)		7		8
Net equity transactions			2,759,758		(36,772)		(916,822)		(115,694)		(3,837,009)		13,068,480		7,411		2,633
Net change in contract owners’ equity			2,889,725		(25,685)		(562,669)		397,004		(1,724,062)		13,682,628		13,003		2,311
Contract owners’ equity beginning of period			1,337,226		1,362,911		5,214,348		4,817,344		28,944,662		15,262,034		31,493		29,182
Contract owners’ equity end of period	$		4,226,951		1,337,226		4,651,679		5,214,348		27,220,600		28,944,662		44,496		31,493
CHANGES IN UNITS:
Beginning units			95,127		97,785		287,234		295,591		1,675,293		912,976		1,537		1,397
Units purchased			195,938		3,803		25		19,930		25,533		788,393		415		193
Units redeemed			(6,291)		(6,461)		(51,055)		(28,287)		(260,902)		(26,076)		(76)		(53)
Ending units			284,774		95,127		236,204		287,234		1,439,924		1,675,293		1,876		1,537

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		ACGI				AVBVI				AVIE				ROCMC
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		3,574		(198)		62		28		1,195		842		(3,387)		42,294
Realized gain (loss) on investments			25,152		167		123		768		4,602		(1,022)		(24,661)		863,866
Change in unrealized gain (loss) on investments			23,850		8,792		660		(638)		7,949		(5,668)		145,816		(1,170,632)
Reinvested capital gains			-		-		-		-		-		-		23,181		-
Net increase (decrease) in contract owners’ equity resulting from operations			52,576		8,761		845		158		13,746		(5,848)		140,949		(264,472)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			35		-		-		-		46		-		88,335		282,733
Transfers between funds			(48,676)		489,489		(940)		(4,141)		(41,625)		65,699		(532,264)		(880,689)
Surrenders (note 6)			(219,800)		-		-		-		(6,720)		(12,600)		(465,628)		(163,371)
Death Benefits (note 4)			-		-		-		-		(1,012)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(16,439)		(2,939)		(251)		(396)		(2,732)		(2,164)		(23,080)		(54,814)
Adjustments to maintain reserves			2		(4)		(3)		(10)		(13)		1		16		2
Net equity transactions			(284,878)		486,546		(1,194)		(4,547)		(52,056)		50,936		(932,621)		(816,139)
Net change in contract owners’ equity			(232,302)		495,307		(349)		(4,389)		(38,310)		45,088		(791,672)		(1,080,611)
Contract owners’ equity beginning of period			495,307		-		5,483		9,872		91,431		46,343		1,843,832		2,924,443
Contract owners’ equity end of period	$		263,005		495,307		5,134		5,483		53,121		91,431		1,052,160		1,843,832
CHANGES IN UNITS:
Beginning units			49,129		-		425		740		5,302		2,500		76,287		106,154
Units purchased			16,561		49,425		-		13		35		4,250		3,392		11,148
Units redeemed			(42,876)		(296)		(86)		(328)		(2,664)		(1,448)		(39,103)		(41,015)
Ending units			22,814		49,129		339		425		2,673		5,302		40,576		76,287

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		TREI2				TRMCG2				TRNAG1				VWBF
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		22,903		24,536		(470)		(2,541)		147		(671)		7,325		27,753
Realized gain (loss) on investments			87,566		199,363		(18,524)		313,431		14,712		177,610		234		92
Change in unrealized gain (loss) on investments			102,087		(308,136)		21,967		(344,041)		6,262		(191,688)		6,366		(7,488)
Reinvested capital gains			-		-		19,685		24,614		583		18,481		5,207		7,313
Net increase (decrease) in contract owners’ equity resulting from operations			212,556		(84,237)		22,658		(8,537)		21,704		3,732		19,132		27,670
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			879		362		38,580		3,806		76		-		-		-
Transfers between funds			(142,828)		(940,845)		(1,718)		(665,610)		(188,720)		(275,001)		(3,040)		2,122
Surrenders (note 6)			(7,205)		(97,503)		(46,607)		(255,060)		-		(83,520)		-		-
Death Benefits (note 4)			-		-		-		-		(1,330)		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(17,542)		(33,106)		(6,944)		(33,588)		(2,887)		(11,175)		(18,563)		(16,763)
Adjustments to maintain reserves			(6)		10		(17)		14		7		(6)		2		17
Net equity transactions			(166,702)		(1,071,082)		(16,706)		(950,438)		(192,854)		(369,702)		(21,601)		(14,624)
Net change in contract owners’ equity			45,854		(1,155,319)		5,952		(958,975)		(171,150)		(365,970)		(2,469)		13,046
Contract owners’ equity beginning of period			1,324,782		2,480,101		208,601		1,167,576		234,929		600,899		373,428		360,382
Contract owners’ equity end of period	$		1,370,636		1,324,782		214,553		208,601		63,779		234,929		370,959		373,428
CHANGES IN UNITS:
Beginning units			81,188		150,067		8,144		44,778		15,840		39,982		18,236		18,984
Units purchased			104		74		1,342		718		-		-		-		91
Units redeemed			(9,271)		(68,953)		(2,095)		(37,352)		(12,029)		(24,142)		(1,030)		(839)
Ending units			72,021		81,188		7,391		8,144		3,811		15,840		17,206		18,236

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		VWEM				VWHA				WRGP				WRRESP
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(3,302)		9,760		1,694		18,120		(6)		4		62		28
Realized gain (loss) on investments			(24,152)		439,583		(41,337)		270,504		199		338		4,139		292
Change in unrealized gain (loss) on investments			360,778		(937,216)		20,541		(341,490)		(113)		(368)		(1,329)		636
Reinvested capital gains			-		-		51,084		22,357		272		114		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			333,324		(487,873)		31,982		(30,509)		352		88		2,872		956
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		38		-		-		-		1		-
Transfers between funds			(57,829)		(1,457,347)		39,943		(1,130,259)		(17)		(622)		(4,417)		12,815
Surrenders (note 6)			-		-		(233,520)		-		-		-		(4,760)		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(36,410)		(49,141)		(24,066)		(20,075)		(154)		(136)		(814)		(326)
Adjustments to maintain reserves			16		(67)		39		926		(6)		(1)		(8)		2
Net equity transactions			(94,223)		(1,506,555)		(217,566)		(1,149,408)		(177)		(759)		(9,998)		12,491
Net change in contract owners’ equity			239,101		(1,994,428)		(185,584)		(1,179,917)		175		(671)		(7,126)		13,447
Contract owners’ equity beginning of period			1,187,840		3,182,268		645,069		1,824,986		2,939		3,610		19,791		6,344
Contract owners’ equity end of period	$		1,426,941		1,187,840		459,485		645,069		3,114		2,939		12,665		19,791
CHANGES IN UNITS:
Beginning units			50,207		99,639		18,335		43,231		207		259		1,501		504
Units purchased			10		303		7,267		11,907		40		13		-		1,022
Units redeemed			(3,637)		(49,735)		(12,938)		(36,803)		(52)		(65)		(683)		(25)
Ending units			46,580		50,207		12,664		18,335		195		207		818		1,501

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		SVDF				SVOF				AVCDI				GEF
		2012		2011		2012		2011		2012		2011		2012		2011
Investment activity:
Net investment income (loss)	$		(82)		(72)		(89)		(123)		(3)		(9)		-		293
Realized gain (loss) on investments			354		275		1,771		27,718		1,373		110		-		35,094
Change in unrealized gain (loss) on investments			4,808		(342)		6,147		(23,439)		(896)		(345)		-		(34,379)
Reinvested capital gains			-		-		20		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			5,080		(139)		7,849		4,156		474		(244)		-		1,008
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			370		2,260		(79)		(100,510)		(3,857)		(64)		-		(158,622)
Surrenders (note 6)			-		-		-		-		-		(1)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(1,630)		(1,292)		(2,712)		(2,587)		(60)		(167)		-		(2,350)
Adjustments to maintain reserves			(4)		(21)		5		(4)		(1)		10		-		6
Net equity transactions			(1,264)		947		(2,786)		(103,101)		(3,918)		(222)		-		(160,966)
Net change in contract owners’ equity			3,816		808		5,063		(98,945)		(3,444)		(466)		-		(159,958)
Contract owners’ equity beginning of period			29,460		28,652		52,935		151,880		3,444		3,910		-		159,958
Contract owners’ equity end of period	$		33,276		29,460		57,998		52,935		-		3,444		-		-
CHANGES IN UNITS:
Beginning units			1,204		1,173		3,619		9,786		195		205		-		11,059
Units purchased			13		83		20		234		-		-		-		3
Units redeemed			(59)		(52)		(198)		(6,401)		(195)		(10)		-		(11,062)
Ending units			1,158		1,204		3,441		3,619		-		195		-		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2012 and 2011

		WSCP					CSIEF3					PMVFBA
		2012		2011			2012		2011			2012		2011
Investment activity:
Net investment income (loss)	$		-		905			-		9,100			-		1,830
Realized gain (loss) on investments			-		78,289			-		(14,605	)		-		(17,748	)
Change in unrealized gain (loss) on investments			-		(93,843	)		-		(43,725	)		-		21,164
Reinvested capital gains			-		-			-		-			-		-
Net increase (decrease) in contract owners’ equity resulting from operations			-		(14,649	)		-		(49,230	)		-		5,246
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		(647	)		-		(3	)		-		-
Transfers between funds			-		(277,892	)		-		(305,513	)		-		(437,456	)
Surrenders (note 6)			-		-			-		-			-		-
Death Benefits (note 4)			-		-			-		-			-		-
Net policy repayments (loans) (note 5)			-		-			-		-			-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			-		(10,650	)		-		(5,299	)		-		(1,015	)
Adjustments to maintain reserves			-		45			-		2			-		26
Net equity transactions			-		(289,144	)		-		(310,813	)		-		(438,445	)
Net change in contract owners’ equity			-		(303,793	)		-		(360,043	)		-		(433,199	)
Contract owners’ equity beginning of period			-		303,793			-		360,043			-		433,199
Contract owners’ equity end of period	$		-		-			-		-			-		-
CHANGES IN UNITS:
Beginning units			-		33,463			-		31,819			-		36,057
Units purchased			-		-			-		-			-		-
Units redeemed			-		(33,463	)		-		(31,819	)		-		(36,057	)
Ending units			-		-			-		-			-		-

See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

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

(b) The Contracts

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

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

AMERICAN CENTURY INVESTORS, INC.

  VP Inflation Protection Fund - Class I (ACVIP1)*

AMERICAN FUNDS GROUP (THE)

  Asset Allocation Fund - Class 2 (AMVAA2)*

  Bond Fund - Class 2 (AMVBD2)*

  Global Small Capitalization Fund - Class 2 (AMVGS2)

  Growth Fund - Class 2 (AMVGR2)

  International Fund - Class 2 (AMVI2)

BLACKROCK FUNDS

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

CALVERT FUNDS

  Calvert VP SRI Equity Portfolio (CVSSE)

DAVIS FUNDS

  Value Portfolio (DAVVL)*

DELAWARE GROUP FUNDS

  VIP Emerging Markets Series: Service Class (DWVEMS)*

  VIP Small Cap Value Series: Service Class (DWVSVS)*

DREYFUS CORPORATION FUNDS

  Stock Index Fund, Inc. - Initial Shares (DSIF)

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

EATON VANCE FUNDS

  Floating-Rate Income Fund (ETVFR)*

INVESCO AIM INVESTMENTS

  Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)

J.P. MORGAN INVESTMENT MANAGEMENT INC.

  Mid Cap Growth Portfolio- Class 1 (OGGO)

  Mid Cap Value Portfolio: Class 1 (JPMMV1)*

JANUS FUNDS

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

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

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

  Janus Aspen Series - Overseas Portfolio - Service Shares (JAIGS)

  Janus Aspen Series - Perkins Mid Cap Value Portfolio - Service  Shares (JAMVS)*

LAZARD FUNDS

  Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)

LORD ABBETT FUNDS

  Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)

MASSACHUSETTS FINANCIAL SERVICES CO.

  New Discovery Series - Service Class (MNDSC)*

  Research International Series - Service Class (MVRISC)

  Value Series - Service Class (MVFSC)

  Variable Insurance Trust II - MFS International Value Portfolio -  Service Class (MVIVSC)

MORGAN STANLEY

  Emerging Markets Debt Portfolio - Class I (MSEM)

  Global Real Estate Portfolio - Class II (VKVGR2)*

  Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class  I (MSVMG)

  Universal Institutional Funds, Inc. - Growth Portfolio - Class I (MSVEG)*

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

NATIONWIDE FUNDS GROUP

  Federated NVIT High Income Bond Fund - Class I (HIBF)

  NVIT Emerging Markets Fund - Class I (GEM)

  NVIT International Equity Fund - Class I (GIG)

  NVIT Cardinal Aggressive Fund - Class I (NVCRA1)*

  NVIT Cardinal Balanced Fund - Class I (NVCRB1)*

  NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)*

  NVIT Cardinal Conservative Fund - Class I (NVCCN1)*

  NVIT Cardinal Moderate Fund - Class I (NVCMD1)*

  NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)*

  NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)*

  NVIT Nationwide Fund - Class I (TRF)

  NVIT Government Bond Fund - Class I (GBF)

  American Century NVIT Growth Fund - Class I (CAF)

  NVIT International Index Fund - Class II (GVIX2)*

  NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)

  NVIT Investor Destinations Conservative Fund - Class II (GVIDC)

  NVIT Investor Destinations Moderate Fund - Class II (GVIDM)

  NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)

  NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)

  NVIT Mid Cap Index Fund - Class I (MCIF)

  NVIT Money Market Fund - Class I (SAM)

  NVIT Money Market Fund - Class V (SAM5)

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

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

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

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

  NVIT Multi-Manager Mid Cap Value Fund - Class I (NVMMV1)*

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

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

  NVIT Multi-Manager Small Company Fund - Class I (SCF)

  NVIT Multi-Sector Bond Fund - Class I (MSBF)

  NVIT Short Term Bond Fund - Class I (NVSTB1)*

  Van Kampen NVIT Comstock Value Fund - Class I (EIF)

  NVIT Real Estate Fund - Class I (NVRE1)*

PORTFOLIOS OF THE ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC

  VPS Growth and Income Portfolio - Class A (ALVGIA)

  VPS International Value Portfolio - Class A (ALVIVA)

  VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)*

PORTFOLIOS OF THE AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.

  VP Balanced Fund - Class I (ACVB)

  VP Capital Appreciation Fund - Class I (ACVCA)

  VP Income & Growth Fund - Class I (ACVIG)

  VP International Fund - Class I (ACVI)

  VP Mid Cap Value Fund - Class I (ACVMV1)

  VP Ultra(R) Fund - Class I (ACVU1)

  VP Value Fund - Class I (ACVV)

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

PORTFOLIOS OF THE DREYFUS INVESTMENT PORTFOLIOS

  MidCap Stock Portfolio - Initial Shares (DVMCS)

  Small Cap Stock Index Portfolio - Service Shares (DVSCS)

PORTFOLIOS OF THE DREYFUS VARIABLE INVESTMENT FUND

  Appreciation Portfolio - Initial Shares (DCAP)

  Growth and Income Portfolio - Initial Shares (DGI)

  International Value Portfolio - Initial Shares (DVIV)

PORTFOLIOS OF THE DWS INVESTMENTS VARIABLE INSURANCE TRUST

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

  Variable Series II - DWS Large Cap Value VIP - Class B (SVSLVB)*

PORTFOLIOS OF THE FEDERATED INSURANCE SERIES

  Quality Bond Fund II - Primary Shares (FQB)

PORTFOLIOS OF THE FIDELITY(R) VARIABLE INSURANCE PRODUCTS

  Equity-Income Portfolio - Initial Class (FEIP)

  High Income Portfolio - Initial Class (FHIP)

  VIP Asset Manager Portfolio - Initial Class (FAMP)

  VIP Contrafund Portfolio - Initial Class (FCP)

  VIP Contrafund Portfolio - Service Class (FCS)

  VIP Equity-Income Portfolio - Service Class (FEIS)

  VIP Freedom Fund 2020 Portfolio - Service Class (FF20S)*

  VIP Freedom Fund 2030 Portfolio - Service Class (FF30S)*

  VIP Growth Opportunities Portfolio - Initial Class (FGOP)

  VIP Growth Opportunities Portfolio - Service Class (FGOS)

  VIP Growth Portfolio - Initial Class (FGP)

  VIP Growth Portfolio - Service Class (FGS)

  VIP High Income Portfolio - Service Class (FHIS)

  VIP Investment Grade Bond Portfolio - Service Class (FIGBS)

  VIP Mid Cap Portfolio - Service Class (FMCS)

  VIP Overseas Portfolio - Initial Class (FOP)

  VIP Overseas Portfolio - Service Class (FOS)

  VIP Value Strategies Portfolio - Service Class (FVSS)

  VIP Fidelity VIP Freedom Fund 2015 Portfolio - Service Class (FF15S)*

  VIP Fidelity VIP Freedom Fund 2025 Portfolio - Service Class (FF25S)*

  VIP Fidelity VIP Freedom Fund 2040 Portfolio - Service Class (FF40S)*

PORTFOLIOS OF THE FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRU

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

  Mutual Global Discovery Securities Fund - Class 2 (FTVMD2)*

  Templeton Foreign Securities Fund - Class 2 (TIF2)

  Templeton Global Bond Securities Fund - Class 2 (FTVGI2)

PORTFOLIOS OF THE GOLDMAN SACHS VARIABLE INSURANCE TRUST

  Mid Cap Value- Institutional Shares (GVMCE)

  VIT Growth Opportunities Fund - Service Shares (GVGOPS)*

PORTFOLIOS OF THE LEGG MASON PARTNERS VARIABLE EQUITY TRUST

  ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)

PORTFOLIOS OF THE LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

  Growth Opportunities Funds - Service Class (BNCAI)

PORTFOLIOS OF THE NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

  Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)

  Growth Portfolio - I Class Shares (AMTG)

  Guardian Portfolio - I Class Shares (AMGP)

  Mid-Cap Growth Portfolio - I Class Shares (AMCG)

  Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)

  Advisers Management Trust: Mid Cap Intrinsic Value Portfolio - Class  I (AMRI)*

  Small-Cap Growth Portfolio - S Class Shares (AMFAS)

PORTFOLIOS OF THE OPPENHEIMER VARIABLE ACCOUNT FUNDS

  Balanced Fund/VA - Non-Service Shares (OVMS)

  Capital Appreciation Fund/VA - Non-Service Shares (OVGR)

  Core Bond Fund/VA - Non-Service Shares (OVB)

  Global Securities Fund/VA - Non-Service Shares (OVGS)

  Main Street Fund(R)/VA - Non-Service Shares (OVGI)

  Mid-Cap Growth Fund/VA - Non-Service Shares (OVAG)

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

PORTFOLIOS OF THE PIMCO VARIABLE INSURANCE TRUST

  All Asset Portfolio - Administrative Class (PMVAAA)

  Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)*

  Long-Term U.S. Government Portfolio - Administrative Class (PMVLGA)*

  Low Duration Portfolio - Administrative Class (PMVLDA)

  Real Return Portfolio - Administrative Class (PMVRRA)

  Total Return Portfolio - Administrative Class (PMVTRA)

PORTFOLIOS OF THE PIONEER VARIABLE CONTRACTS TRUST

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

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

PORTFOLIOS OF THE PUTNAM VARIABLE TRUST

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

PORTFOLIOS OF THE VAN KAMPEN LIFE INVESTMENT TRUST

  Van Kampen V.I. Growth and Income Fund - Series I Shares (ACGI)

  Van Kampen V.I. Value Opportunities Fund: Series I Shares (AVBVI)

  V.I. High Yield Fund - Series I (AVHY1)*

  V.I. International Growth Fund - Series I (AVIE)

  Variable Insurance Funds - Invesco V.I. Mid Cap Core Equity -  Series I Shares (AVMCCI)*

ROYCE CAPITAL FUNDS

  Micro-Cap Portfolio - Investment Class (ROCMC)

T. ROWE PRICE

  Equity Income Portfolio - II (TREI2)

  Limited-Term Bond Portfolio (TRLT1)*

  Mid-Cap Growth Portfolio - II (TRMCG2)

  New America Growth Portfolio (TRNAG1)

  Personal Strategy Balanced Portfolio (TRPSB1)*

  Blue Chip Growth Portfolio (TRBCGP)*

VAN ECK ASSOCIATES CORPORATION

  VIP Trust - Global Bond Fund: Initial Class (VWBF)

  VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

  VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

WADDELL & REED, INC.

  Variable Insurance Portfolios - Asset Strategy (WRASP)*

  Variable Insurance Portfolios - Growth (WRGP)

  Variable Insurance Portfolios - High Income (WRHIP)*

  Variable Insurance Portfolios - Mid Cap Growth (WRMCG)*

  Variable Insurance Portfolios - Real Estate Securities (WRRESP)

  Variable Insurance Portfolios - Science and Technology (WRSTP)*

WELLS FARGO FUNDS

  Advantage VT Discovery Fund (SVDF)

  Advantage VT Opportunity Fund - Class 2 (SVOF)

  Advantage VT Small Cap Growth Fund - Class 2 (WFVSCG)*

*At December 31, 2012, contract owners were not invested in this fund.

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

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

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

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

The Company allocates purchase payments to sub-accounts and/or the fixed account as instructed by the contract owner. Shares of the sub-accounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the contract.

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing net asset value per share at December 31, 2012 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

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

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

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

(f) Recently Issued Accounting Standards

There are no recently issued accounting standards applicable to the Account.

(g) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were issued with the SEC.

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

(2) Policy Charges

(a) Deductions from Premium

The Company deducts a charge to cover the payment of premium taxes and some sale expenses not to exceed the following percentages of each premium received:

• For policies with applications signed on or after January 3, 2006, 8.5% plus 5% of Premium payments in excess of target Premium (reduced to 5.5% plus 3.5% of Premium payments in excess of target Premium at the beginning of the eighth policy year, then 3.5% at the beginning of the eleventh policy year).

• For policies issued on and after September 9, 2002 with applications signed before January 3, 2006, 9.0% plus 7% of Premium payments in excess of target Premium (reduced to 5.5% at the beginning of the eighth policy year, then 3.5% at the beginning of the eleventh policy year).

• For policies issued prior to September 9, 2002, 9.0% plus 6.5% of Premium payments for the base (non-rider) portion of the specified amount in excess of target Premium plus 6.5% of Premium payments for the rider portion of the specified amount (reduced to 3.5% at the beginning of the eighth policy year).

The Company may reduce this charge where the size or nature of the group results in savings in sales, underwriting, or administrative costs. Variations due to differences in costs are determined in a manner not unfairly discriminatory to policy owners. For the periods ended December 31, 2012 and 2011, total front-end sales charge deductions were $ 14,567 and $ 80,476, respectively and were recognized as a reduction of purchase payments on the Statement of Changes in Contract Owners’ Equity.

(b) Cost of Insurance

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

(c) Administrative Charges

The Company deducts a monthly administrative expense charge to recover policy maintenance, accounting, record keeping and other administrative expenses. This expense is assessed against each contract by liquidating units. Currently, this charge is $5.00 per month in all policy years (not to exceed $10.00 per month).

(3) Asset Charges

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

For corporate flexible premium contracts, the Company deducts a charge guaranteed not to exceed an annualized rate of 0.75% of the policy’s cash value.

On a current basis, this charge varies based on when the policy was issued and reduces based on how long the policy has been in force for most issues:

. For policies with applications signed on or after January 3, 2006:

Charge for policy years 1-4	Charge for policy years 5-15	Charge for policy years 16+
0.25% of daily net assets	0.20% of daily net assets	0.10% of daily net assets

. For policies with applications signed before January 3, 2006:

Charge for policy years 1-4	Charge for policy years 5-20	Charge for policy years 21+
0.40% of daily net assets	0.25% of daily net assets	0.10% of daily net assets

A reduced fee tier rate for corporate flexible premium contracts may apply as either 0.10%, 0.20% or 0.25% for all policy years. These charges are assessed through a reduction in the unit value. The Company may reduce or eliminate certain charges, where the size or nature of the group results in savings in sales, underwriting, administrative or other costs, to the Company. These charges may be reduced in certain group, sponsored arrangements or special exchange programs made available by the Company.

(4) Death Benefits

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

(5) Policy Loans (Net of Repayments)

Contract provisions allow contract owners to borrow 90% of a policy’s non-loaned sub-account cash value. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary, or when the loan is repaid or a new loan is effective. The interest rate is guaranteed not to exceed 3.75%. At the time the loan is granted, the amount of the loan is transferred from the Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made. Interest credited is paid by the Company’s general account to the Account. Loan repayments result in a transfer of collateral including interest credited back to the Account.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Change in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the contract owner, also result in transfers between the Account and the fixed account of the Company, but are included in Net Policy (Loans) Repayments. The fixed account assets are not reflected in the accompanying financial statements. For the periods ended December 31, 2012 and 2011, total transfers into the Account from the fixed account were $ 4,383 and $ 7,893, respectively, and total transfers from the Account to the fixed account were $ 3,582,884 and $ 482,856, respectively.

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

(7) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Account categorized its financial instruments into a three level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

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

• Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

• Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means.

• Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The Account recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between Level 1 and 2 as of December 31, 2012.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2012:

	Level 1		Level 2	Level 3	Total
Separate Account Investments	$	170,847,749	$0	$0	$	170,847,749

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2012 are as follows:

		Purchases of     Investments			Sales of     Investments
Global Small Capitalization Fund - Class 2 (AMVGS2)	$		1,781	$		7,761
Growth Fund - Class 2 (AMVGR2)			49,356			457,152
International Fund - Class 2 (AMVI2)			1,722			204,559
Large Cap Core V.I. Fund - Class II (MLVLC2)			2			635
Calvert VP SRI Equity Portfolio (CVSSE)			731			968
Stock Index Fund, Inc. - Initial Shares (DSIF)			4,862,880			4,397,520
The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)			6,536			6,341
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)			3,791			129
Mid Cap Growth Portfolio- Class 1 (OGGO)			484,798			307,924
Janus Aspen Series - Balanced Portfolio - Service Shares (JABS)			53,231			91,901
Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)			32,332			53,756
Janus Aspen Series - Global Technology Portfolio - Service Shares (JAGTS)			2,260,363			2,131,406
Janus Aspen Series - Overseas Portfolio - Service Shares (JAIGS)			247,440			72,112
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)			92,657			871,740
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)			929			33,013
Research International Series - Service Class (MVRISC)			9,828			8,985
Value Series - Service Class (MVFSC)			2,078			25,352
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)			285,853			1,390,410
Emerging Markets Debt Portfolio - Class I (MSEM)			64,151			337,005
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)			19,871			6,517
U.S. Real Estate Portfolio - Class I (MSVRE)			108,812			587,750
Federated NVIT High Income Bond Fund - Class I (HIBF)			160,165			463,694
NVIT Emerging Markets Fund - Class I (GEM)			4,913			29,579
NVIT International Equity Fund - Class I (GIG)			24,142			37,279
NVIT Nationwide Fund - Class I (TRF)			30,548			233,401
NVIT Government Bond Fund - Class I (GBF)			801,373			2,599,644
American Century NVIT Growth Fund - Class I (CAF)			34,173			21,003
NVIT International Index Fund - Class II (GVIX2)			1,134			1,017
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)			62			208
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)			383			320
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)			36,274			19,096
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)			12,730			22,099
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)			338			342
NVIT Mid Cap Index Fund - Class I (MCIF)			1,521,639			1,481,560
NVIT Money Market Fund - Class I (SAM)			-			7,003
NVIT Money Market Fund - Class V (SAM5)			18,796,198			18,900,611
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)			38,217			64,167
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)			2,724			13,302
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)			1,152			410
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)			22,926			37,799
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)			3,337			14,276
NVIT Multi-Manager Small Company Fund - Class I (SCF)			66,541			488,644
NVIT Multi-Sector Bond Fund - Class I (MSBF)			135,276			22,370
Van Kampen NVIT Comstock Value Fund - Class I (EIF)			681			3,150
VPS Growth and Income Portfolio - Class A (ALVGIA)			3,047,717			1,773,218
VPS International Value Portfolio - Class A (ALVIVA)			78,575			770,461
VP Balanced Fund - Class I (ACVB)			5,649			15,347
VP Capital Appreciation Fund - Class I (ACVCA)			25,800			23,055
VP Income & Growth Fund - Class I (ACVIG)			185,566			202,762
VP International Fund - Class I (ACVI)			22,823			143,050

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

VP Mid Cap Value Fund - Class I (ACVMV1)		25,162		170,204
VP Ultra(R) Fund - Class I (ACVU1)		13,912		22,395
VP Value Fund - Class I (ACVV)		1,648,700		1,727,111
VP Vista(SM) Fund - Class I (ACVVS1)		467		2,520
MidCap Stock Portfolio - Initial Shares (DVMCS)		2,207,975		2,181,496
Small Cap Stock Index Portfolio - Service Shares (DVSCS)		1,681,007		1,696,258
Appreciation Portfolio - Initial Shares (DCAP)		3,364,848		3,555,294
Growth and Income Portfolio - Initial Shares (DGI)		2,796		8,237
International Value Portfolio - Initial Shares (DVIV)		12,172		12,039
Quality Bond Fund II - Primary Shares (FQB)		2,807,910		37,892
Equity-Income Portfolio - Initial Class (FEIP)		4,421		2,409
High Income Portfolio - Initial Class (FHIP)		3,070		3,129
VIP Asset Manager Portfolio - Initial Class (FAMP)		88,430		1,118,009
VIP Contrafund Portfolio - Initial Class (FCP)		2,393		8,563
VIP Contrafund Portfolio - Service Class (FCS)		213,028		1,766,252
VIP Equity-Income Portfolio - Service Class (FEIS)		55,693		159,193
VIP Growth Opportunities Portfolio - Initial Class (FGOP)		86		928
VIP Growth Opportunities Portfolio - Service Class (FGOS)		402,940		363,473
VIP Growth Portfolio - Initial Class (FGP)		327		2,959
VIP Growth Portfolio - Service Class (FGS)		311,108		375,805
VIP High Income Portfolio - Service Class (FHIS)		6,282		17,409
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)		122,272		16,284
VIP Mid Cap Portfolio - Service Class (FMCS)		152,386		1,103,842
VIP Overseas Portfolio - Initial Class (FOP)		930		1,398
VIP Overseas Portfolio - Service Class (FOS)		30,213		123,465
VIP Value Strategies Portfolio - Service Class (FVSS)		2,203,297		2,178,818
Franklin Small Cap Value Securities Fund - Class 2 (FTVSV2)		318,000		945,987
Templeton Foreign Securities Fund - Class 2 (TIF2)		51,987		49,988
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)		51,131		351,174
Mid Cap Value- Institutional Shares (GVMCE)		169,926		308,523
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)		21,344		718
Growth Opportunities Funds - Service Class (BNCAI)		45,565		204,563
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)		2,698		4,981
Growth Portfolio - I Class Shares (AMTG)		1,755		11,374
Guardian Portfolio - I Class Shares (AMGP)		3,390		47,431
Mid-Cap Growth Portfolio - I Class Shares (AMCG)		490		12,296
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)		1,979		20,288
Small-Cap Growth Portfolio - S Class Shares (AMFAS)		445		252
Balanced Fund/VA - Non-Service Shares (OVMS)		4,321		18,149
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)		6,121		142,362
Core Bond Fund/VA - Non-Service Shares (OVB)		14,621		18,303
Global Securities Fund/VA - Non-Service Shares (OVGS)		159,431		514,983
Main Street Fund(R)/VA - Non-Service Shares (OVGI)		2,166		5,184
Mid-Cap Growth Fund/VA - Non-Service Shares (OVAG)		569		7,025
All Asset Portfolio - Administrative Class (PMVAAA)		7,762		3,198,446
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)		-		-
Low Duration Portfolio - Administrative Class (PMVLDA)		2,979,517		177,754
Real Return Portfolio - Administrative Class (PMVRRA)		1,003,516		1,656,311
Total Return Portfolio - Administrative Class (PMVTRA)		16,658,493		19,413,806
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)		12,825		1,785
Van Kampen V.I. Growth and Income Fund - Series I Shares (ACGI)		26,181		307,485
Van Kampen V.I. Value Opportunities Fund: Series I Shares (AVBVI)		75		1,204
V.I. International Growth Fund - Series I (AVIE)		16,514		67,364
Micro-Cap Portfolio - Investment Class (ROCMC)		252,945		1,165,780
Equity Income Portfolio - II (TREI2)		138,650		282,434
Mid-Cap Growth Portfolio - II (TRMCG2)		135,299		132,774
New America Growth Portfolio (TRNAG1)		4,548		196,679
VIP Trust - Global Bond Fund: Initial Class (VWBF)		13,462		22,532
VIP Trust - Emerging Markets Fund: Initial Class (VWEM)		15,569		113,021
VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)		141,380		306,061
Variable Insurance Portfolios - Growth (WRGP)		903		810
Variable Insurance Portfolios - Real Estate Securities (WRRESP)		4,691		14,620
Advantage VT Discovery Fund (SVDF)		370		1,711
Advantage VT Opportunity Fund - Class 2 (SVOF)		945		3,804
V.I. Capital Development Fund - Series I (obsolete) (AVCDI)		-		3,921
Total	$	71,281,607	$	84,769,067

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life contracts as of December 31, 2012, and the investment income ratio and total return for each of the periods in the five year period ended December 31, 2012. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract     Owners’ Equity		Investment   Income Ratio**			Total    Return***			Inception   Date****
Global Small Capitalization Fund - Class 2 (AMVGS2)
2012		0.25%		77	$	10.603877	$	816		1.26%			17.88%
2011		0.25%		668		8.995318		6,009		0.02%			-19.35%
Growth Fund - Class 2 (AMVGR2)
2012		0.25%		101,345		11.695843		1,185,315		0.74%			17.60%
2011		0.25%		138,625		9.945799		1,378,736		0.66%			-4.52%
International Fund - Class 2 (AMVI2)
2012		0.20%		1,220		9.227767		11,258		0.31%			17.67%
2011		0.20%		15,072		7.842030		118,195		1.62%			-21.58%		5/2/2011
2011		0.25%		9,701		7.839419		76,050		1.62%			-21.61%		5/2/2011
Large Cap Core V.I. Fund - Class II (MLVLC2)
2011		0.25%		52		11.782911		613		0.25%			1.95%
2010		0.25%		38		11.557561		439		0.75%			8.71%
2009		0.25%		42		10.631422		447		0.07%			22.05%
2008		0.25%		2,858		8.710851		24,896		0.17%			-38.99%
Calvert VP SRI Equity Portfolio (CVSSE)
2012		0.25%		330		19.219603		6,342		0.10%			15.66%
2011		0.25%		355		16.617281		5,899		0.00%			-1.59%
2010		0.25%		424		16.885673		7,160		0.04%			16.97%
2009		0.25%		844		14.435757		12,184		0.39%			33.92%
2008		0.25%		870		10.779017		9,378		0.00%			-35.95%
Stock Index Fund, Inc. - Initial Shares (DSIF)
2012		0.10%		32,958		13.561635		446,964		2.05%			15.62%
2012		0.20%		783,931		13.746295		10,776,147		2.05%			15.51%
2012		0.25%		355,456		15.457586		5,494,492		2.05%			15.45%
2011		0.10%		35,823		11.729321		420,179		1.62%			1.78%
2011		0.20%		741,013		11.900956		8,818,763		1.62%			1.67%
2011		0.25%		433,464		13.389225		5,803,747		1.62%			1.62%
2010		0.10%		38,692		11.524660		445,912		1.95%			14.72%
2010		0.20%		1,913,959		11.704974		22,402,840		1.95%			14.61%
2010		0.25%		502,399		13.175298		6,619,257		1.95%			14.55%
2009		0.10%		41,573		10.045645		417,628		2.08%			26.21%
2009		0.20%		905,049		10.213014		9,243,278		2.08%			26.08%
2009		0.25%		684,501		11.501671		7,872,905		2.08%			26.02%
2009		0.40%		5		11.302075		57		2.08%			25.83%
2008		0.10%		44,546		7.959597		354,568		2.02%			-37.20%
2008		0.20%		950,253		8.100298		7,697,332		2.02%			-37.27%
2008		0.25%		893,251		9.126944		8,152,652		2.02%			-37.30%
2008		0.40%		48		8.982024		431		2.02%			-37.39%
The Dreyfus Socially Responsible Growth Fund, Inc. - Initial Shares (DSRG)
2012		0.25%		1,519		12.736712		19,347		0.77%			11.69%
2011		0.25%		1,537		11.403159		17,527		0.84%			0.65%
2010		0.25%		2,396		11.329549		27,146		1.02%			14.53%
2009		0.25%		3,436		9.892320		33,990		1.63%			33.42%
2008		0.25%		9,406		7.414344		69,739		0.71%			-34.59%
Van Kampen V.I. Mid Cap Growth Fund - Series I Shares (IVKMG1)
2012		0.25%		366		9.810958		3,591		0.00%			-1.89%		4/27/2012
Mid Cap Growth Portfolio - Class 1 (OGGO)
2012		0.25%		39,822		22.764779		906,539		0.00	%		15.82	%
2011		0.25%		32,145		19.655518		631,827		0.00	%		-6.38	%
2010		0.25%		48,346		20.995929		1,015,069		0.00	%		25.32	%
2009		0.25%		82,943		16.754091		1,389,635		0.00	%		42.68	%
2008		0.25%		92,476		11.742244		1,085,876		0.00	%		-43.93	%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Janus Aspen Series - Balanced Portfolio - Service Shares (JABS)
2012		0.20%		28	$	20.810679	$	583		2.44%		13.15%
2012		0.25%		4,998		20.703503		103,476		2.44%		13.09%
2011		0.20%		85		18.392478		1,563		2.77%		1.15%
2011		0.25%		7,459		18.306924		136,551		2.77%		1.10%
2010		0.20%		5		18.182894		91		3.94%		7.90%
2010		0.25%		2,879		18.107344		52,131		3.94%		7.85%
2009		0.25%		5,883		16.789471		98,772		3.76%		25.27%
2009		0.40%		3		16.606015		50		3.76%		25.08%
2008		0.25%		4,246		13.402810		56,908		2.72%		-16.27%
2008		0.40%		2		13.276251		27		2.72%		-16.39%
Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)
2012		0.20%		37		12.529347		464		0.60%		23.61%
2012		0.25%		13,085		12.448610		162,890		0.60%		23.55%
2011		0.20%		43		10.136220		436		0.27%		-7.13%
2011		0.25%		15,063		10.075943		151,774		0.27%		-7.17%
2010		0.20%		13		10.914078		142		0.24%		6.27%
2010		0.25%		19,871		10.854583		215,691		0.24%		6.21%
2009		0.25%		19,748		10.219612		201,817		0.00%		45.65%
2009		0.40%		2		10.068481		20		0.00%		45.43%
2008		0.25%		13,570		7.016534		95,214		0.02%		-44.45%
2008		0.40%		64		6.923153		443		0.02%		-44.53%
Janus Aspen Series - Global Technology Portfolio - Service Shares (JAGTS)
2012		0.25%		31,347		6.055509		189,822		0.00%		18.85%
2011		0.25%		37,279		5.095046		189,938		0.00%		-8.88%
2010		0.25%		298,426		5.591880		1,668,762		0.00%		24.09%
2009		0.25%		394,308		4.506481		1,776,942		0.00%		56.51%
2008		0.25%		128,813		2.879447		370,910		0.08%		-44.11%
Janus Aspen Series - Overseas Portfolio - Service Shares (JAIGS)
2012		0.25%		144,457		14.748538		2,130,530		0.62%		12.90%
2011		0.25%		148,031		13.063595		1,933,817		0.38%		-32.51%
2010		0.25%		154,714		19.355227		2,994,525		0.51%		24.70%
2009		0.25%		192,694		15.520876		2,990,780		0.40%		78.62%
2008		0.25%		153,642		8.689119		1,335,014		2.69%		-52.35%
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
2012		0.20%		2,970		11.352455		33,717		0.81%		21.81%
2012		0.25%		17,947		11.337345		203,471		0.81%		21.75%
2011		0.20%		36,453		9.320058		339,744		2.69%		-18.16%
2011		0.25%		58,357		9.312320		543,439		2.69%		-18.20%
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)
2012		0.25%		457		13.238427		6,050		0.15%		14.26%
2011		0.25%		2,998		11.586400		34,736		0.22%		-4.25%
2010		0.25%		3,024		12.100786		36,593		0.14%		25.12%
2009		0.25%		10,880		9.671569		105,227		0.45%		26.30%
2008		0.25%		3,801		7.657684		29,107		1.63%		-39.51%
Research International Series - Service Class (MVRISC)
2012		0.25%		9,647		8.955409		86,393		2.13%		16.12%
2011		0.25%		9,778		7.712183		75,410		1.71%		-11.28%
2010		0.25%		10,732		8.692628		93,289		1.37%		10.20%
2009		0.25%		11,163		7.888076		88,055		1.90%		30.24%
2008		0.25%		59,353		6.056428		359,467		0.00%		-42.67%
Value Series - Service Class (MVFSC)
2012		0.25%		9,603		10.250498		98,436		1.34%		15.59%
2011		0.25%		12,156		8.867804		107,797		1.17%		-0.71%
2010		0.25%		9,308		8.931612		83,135		1.32%		10.94%
2009		0.25%		9,681		8.050967		77,941		0.00%		22.15%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
2012		0.25%		112,571	$	16.177603	$	1,821,129		1.31%		15.64%
2011		0.25%		187,079		13.989490		2,617,140		0.98%		-2.02%
2010		0.25%		144,340		14.278137		2,060,906		1.16%		8.51%
2009		0.25%		119,114		13.158607		1,567,374		0.00%		31.59%	5/1/2009
Emerging Markets Debt Portfolio - Class I (MSEM)
2012		0.25%		11,179		32.414641		362,363		2.47%		17.67%
2011		0.25%		20,882		27.548050		575,258		0.67%		6.77%
2010		0.25%		1,169		25.802224		30,163		4.11%		9.47%
2009		0.25%		1,001		23.569995		23,594		4.70%		29.88%
2008		0.25%		6,666		18.146989		120,968		5.75%		-15.19%
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio-Class I (MSVMG)
2012		0.25%		8,329		12.476126		103,914		0.00%		8.42%
2011		0.25%		8,177		11.507335		94,095		0.28%		-7.35%
2010		0.25%		5,561		12.420541		69,071		0.00%		31.98%
2009		0.25%		7,909		9.410608		74,428		0.00%		57.27%
2008		0.25%		23,748		5.983894		142,106		0.72%		-46.90%
U.S. Real Estate Portfolio - Class I (MSVRE)
2012		0.20%		827		33.823428		27,972		0.75%		15.60%
2012		0.25%		24,531		35.215760		863,878		0.75%		15.55%
2011		0.20%		9,222		29.258108		269,818		0.88%		5.71%
2011		0.25%		30,847		30.477778		940,148		0.88%		5.66%
2010		0.25%		29,662		28.846381		855,641		1.69%		29.64%
2009		0.25%		57,931		22.251750		1,289,066		2.74%		28.03%
2008		0.25%		40,876		17.379512		710,405		2.29%		-38.05%
Federated NVIT High Income Bond Fund - Class I (HIBF)
2012		0.20%		2,937		21.663994		63,627		7.41%		14.33%
2012		0.25%		47,356		21.999371		1,041,802		7.41%		14.27%
2011		0.20%		12,948		18.949115		245,353		8.33%		3.61%
2011		0.25%		56,573		19.252108		1,089,150		8.33%		3.56%
2010		0.25%		92,350		18.590518		1,716,834		8.65%		12.87%
2009		0.25%		94,725		16.470462		1,560,165		8.91%		45.63%
2008		0.25%		149,549		11.309571		1,691,335		9.29%		-28.17%
NVIT Emerging Markets Fund - Class I (GEM)
2012		0.25%		38,432		26.088139		1,002,619		0.52%		16.92%
2011		0.25%		39,554		22.311980		882,528		0.69%		-22.57%
2010		0.25%		40,199		28.814934		1,158,332		0.06%		15.88%
2009		0.25%		40,474		24.865174		1,006,393		1.30%		62.91%
2008		0.25%		41,975		15.263531		640,687		1.23%		-57.87%
NVIT International Equity Fund - Class I (GIG)
2012		0.25%		5,764		13.696713		78,948		0.80%		15.32%
2011		0.25%		6,959		11.877298		82,654		1.44%		-9.99%
2010		0.25%		4,554		13.195400		60,092		0.85%		13.01%
2009		0.25%		6,777		11.676578		79,132		1.04%		29.40%
2008		0.25%		23,223		9.023725		209,558		1.28%		-46.19%
NVIT Nationwide Fund - Class I (TRF)
2012		0.25%		7,947		13.271916		105,472		1.00%		13.93%
2011		0.20%		9,622		11.842189		113,946		1.31%		0.33%
2011		0.25%		14,528		11.649334		169,242		1.31%		0.28%
2010		0.25%		17,101		11.617005		198,662		1.02%		13.17%
2009		0.25%		19,379		10.265438		198,934		1.59%		25.78%
2008		0.25%		70,839		8.161290		578,138		1.47%		-41.70%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
NVIT Government Bond Fund - Class I (GBF)
2012		0.20%		11,350	$	17.509330	$	198,731		1.85%		2.85%
2012		0.25%		140,297		20.806449		2,919,082		1.85%		2.80%
2011		0.20%		72,792		17.024059		1,239,215		2.99%		7.04%
2011		0.25%		184,779		20.239936		3,739,915		2.99%		6.99%
2010		0.20%		76		15.904251		1,209		2.92%		4.57%
2010		0.25%		216,012		18.918030		4,086,521		2.92%		4.52%
2009		0.25%		233,386		18.099905		4,224,264		3.21%		2.43%
2009		0.40%		46		17.785926		818		3.21%		2.28%
2008		0.25%		292,623		17.670196		5,170,706		4.39%		7.45%
2008		0.40%		63		17.389732		1,096		4.39%		7.29%
American Century NVIT Growth Fund - Class I (CAF)
2012		0.25%		4,812		9.099714		43,788		0.67%		13.74%
2011		0.25%		3,316		8.000719		26,530		0.59%		-0.94%
2010		0.25%		4,363		8.076493		35,238		0.62%		18.95%
2009		0.25%		5,417		6.789878		36,781		0.56%		33.14%
2008		0.25%		15,651		5.099866		79,818		0.24%		-38.86%
NVIT International Index Fund - Class II (GVIX2)
2011		0.25%		141		6.876547		970		0.00%		-12.94%
2009		0.20%		623,586		7.374176		4,598,433		2.64%		28.33%
2008		0.20%		646,607		5.746412		3,715,670		1.83%		-43.22%
2008		0.25%		473		5.741605		2,716		1.83%		-43.25%
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
2012		0.25%		167		16.706332		2,790		1.55%		15.61%
2011		0.25%		179		14.450227		2,587		1.83%		-4.17%
2010		0.25%		302		15.079089		4,554		1.77%		14.34%
2009		0.25%		257		13.187693		3,389		1.22%		26.89%
2008		0.25%		203		10.393146		2,110		2.12%		-37.00%
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
2012		0.25%		408		14.999901		6,120		1.74%		4.91%
2011		0.25%		416		14.297532		5,948		2.41%		2.67%
2010		0.25%		398		13.925202		5,542		2.32%		5.63%
2009		0.25%		338		13.183237		4,456		1.92%		8.81%
2008		0.25%		360		12.115615		4,362		3.04%		-6.26%
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
2012		0.20%		75		16.384181		1,229		1.89%		10.59%
2012		0.25%		3,285		16.294844		53,529		1.89%		10.53%
2011		0.20%		49		14.815234		726		2.72%		-0.24%
2011		0.25%		2,261		14.741846		33,331		2.72%		-0.29%
2010		0.20%		17		14.850857		252		1.99%		10.69%
2010		0.25%		34,645		14.784666		512,215		1.99%		10.64%
2009		0.25%		49,703		13.363298		664,196		1.59%		18.84%
2009		0.40%		4		13.205276		53		1.59%		18.66%
2008		0.25%		41,282		11.244982		464,215		2.57%		-23.39%
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
2012		0.25%		4,093		16.750188		68,559		1.51%		13.48%
2011		0.25%		4,776		14.761085		70,499		2.00%		-2.37%
2010		0.25%		2,732		15.119471		41,306		1.97%		12.55%
2009		0.25%		2,835		13.433301		38,083		1.57%		24.08%
2008		0.25%		10,411		10.826159		112,711		2.64%		-31.56%
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
2012		0.25%		428		15.965491		6,833		1.72%		7.77%
2011		0.25%		437		14.814478		6,474		2.32%		1.81%
2010		0.25%		392		14.551412		5,704		2.25%		8.25%
2009		0.25%		368		13.443003		4,947		1.89%		14.28%
2008		0.25%		352		11.763719		4,141		3.24%		-15.26%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
NVIT Mid Cap Index Fund - Class I (MCIF)
2012		0.20%		261,974	$	22.056188	$	5,778,148		1.07%		17.24%
2012		0.25%		1,755		28.655096		50,290		1.07%		17.18%
2011		0.20%		280,177		18.813235		5,271,036		0.77%		-2.74%
2011		0.25%		2,346		24.454135		57,369		0.77%		-2.79%
2010		0.20%		308,257		19.342901		5,962,585		1.25%		25.95%
2010		0.25%		2,455		25.155173		61,756		1.25%		25.89%
2009		0.20%		313,690		15.357744		4,817,571		0.97%		36.48%
2009		0.25%		6,504		19.982487		129,966		0.97%		36.41%
2008		0.20%		327,416		11.252548		3,684,264		1.24%		-36.59%
2008		0.25%		9,996		14.648394		146,425		1.24%		-36.62%
NVIT Money Market Fund - Class I (SAM)
2012		0.25%		23,201		13.542829		314,207		0.00%		-0.25%
2011		0.25%		23,658		13.576905		321,202		0.00%		-0.25%
2010		0.25%		24,079		13.610786		327,734		0.00%		-0.25%
2009		0.25%		24,495		13.644862		334,231		0.04%		-0.21%
2008		0.25%		24,937		13.673319		340,972		2.06%		1.80%
NVIT Money Market Fund - Class V (SAM5)
2012		0.20%		893,950		11.494165		10,275,209		0.00%		-0.20%
2012		0.25%		4,282,856		11.435565		48,976,878		0.00%		-0.25%
2011		0.20%		950,693		11.517285		10,949,402		0.00%		-0.20%
2011		0.25%		4,222,427		11.464248		48,406,950		0.00%		-0.25%
2010		0.20%		408,271		11.540261		4,711,554		0.00%		-0.20%
2010		0.25%		4,152,465		11.492942		47,724,039		0.00%		-0.25%
2009		0.20%		642,094		11.563359		7,424,763		0.05%		-0.14%
2009		0.25%		4,307,135		11.521736		49,625,672		0.05%		-0.19%
2008		0.20%		753,266		11.579888		8,722,736		2.01%		1.94%
2008		0.25%		4,393,398		11.543990		50,717,343		2.01%		1.89%
2008		0.40%		26		11.436879		297		2.01%		1.73%
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2012		0.25%		12,651		10.653460		134,777		0.43%		16.06%
2011		0.25%		15,823		9.179010		145,239		0.01%		-3.15%
2010		0.25%		15,853		9.477375		150,245		0.05%		15.22%
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
2012		0.25%		3,865		11.588884		44,791		1.27%		17.52%
2011		0.25%		4,891		9.861595		48,233		1.14%		-6.06%
2010		0.25%		4,547		10.498264		47,736		0.48%		4.98%	4/30/2010
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2012		0.25%		683		11.011282		7,521		0.00%		14.62%
2011		0.25%		678		9.607082		6,514		0.00%		-4.47%
2010		0.25%		2,326		10.056395		23,391		0.00%		26.50%
2009		0.25%		2,520		7.949631		20,033		0.00%		26.80%
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
2012		0.25%		13,920		17.785105		247,569		0.00%		13.15%
2011		0.25%		14,809		15.717643		232,763		0.00%		-0.90%
2010		0.25%		15,458		15.859701		245,159		0.00%		25.13%
2009		0.25%		17,800		12.674135		225,600		0.00%		27.14%
2008		0.25%		27,020		9.968426		269,347		0.00%		-46.55%
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
2012		0.25%		10,860		28.281495		307,137		0.87%		20.14%
2011		0.25%		11,349		23.539764		267,153		0.23%		-5.31%
2010		0.25%		146,751		24.858931		3,648,073		0.59%		26.29%
2009		0.25%		163,056		19.684295		3,209,642		0.49%		25.90%
2008		0.25%		180,386		15.634824		2,820,303		1.09%		-32.32%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
NVIT Multi-Manager Small Company Fund - Class I (SCF)
2012		0.20%		65	$	19.600737	$	1,274		0.15%		15.27%
2012		0.25%		58,790		25.998430		1,528,448		0.15%		15.21%
2011		0.20%		83		17.004023		1,411		0.54%		-5.75%
2011		0.25%		75,820		22.565446		1,710,912		0.54%		-5.79%
2010		0.20%		23		18.040808		415		0.29%		25.07%
2010		0.25%		97,673		23.953296		2,339,590		0.29%		25.01%
2009		0.25%		111,831		19.161684		2,142,870		0.27%		34.37%
2009		0.40%		5		18.829123		94		0.27%		34.16%
2008		0.25%		171,052		14.260832		2,439,344		0.82%		-38.34%
2008		0.40%		31		14.034369		435		0.82%		-38.44%
NVIT Multi-Sector Bond Fund - Class I (MSBF)
2012		0.25%		7,603		20.883440		158,777		5.70%		11.97%
2011		0.25%		2,326		18.651135		43,383		3.46%		5.28%
2010		0.25%		38,663		17.714993		684,915		6.05%		10.31%
2009		0.25%		50,310		16.059107		807,934		9.85%		24.07%
2008		0.25%		52,365		12.943737		677,799		5.75%		-17.50%
Van Kampen NVIT Comstock Value Fund - Class I (EIF)
2012		0.25%		1,323		14.101749		18,657		1.23%		18.17%
2011		0.25%		1,531		11.933646		18,270		1.19%		-2.57%
2010		0.25%		4,655		12.248218		57,015		1.51%		15.48%
2009		0.25%		5,260		10.606083		55,788		1.19%		28.23%
2008		0.25%		7,188		8.271285		59,454		2.02%		-37.15%
VPS Growth and Income Portfolio - Class A (ALVGIA)
2012		0.25%		80,947		18.915871		1,531,183		2.06%		17.23%
2011		0.20%		51		16.210964		827		1.11%		6.10%
2011		0.25%		2,633		16.135567		42,485		1.11%		6.05%
2010		0.20%		13		15.278240		199		0.00%		12.87%
2010		0.25%		1,955		15.214771		29,745		0.00%		12.81%
2009		0.25%		1,961		13.487083		26,448		3.19%		20.52%
2009		0.40%		3		13.339666		40		3.19%		20.34%
2008		0.25%		4,857		11.190516		54,352		5.73%		-40.75%
2008		0.40%		60		11.084829		665		5.73%		-40.84%
VPS International Value Portfolio - Class A (ALVIVA)
2012		0.20%		7,048		7.224352		50,917		0.33%		14.30%
2011		0.20%		65,987		6.320359		417,062		3.99%		-19.41%
2011		0.25%		42,792		6.302451		269,694		3.99%		-19.45%
2010		0.25%		123,777		7.824523		968,496		1.62%		4.33%
2009		0.20%		616,550		7.513480		4,632,436		1.10%		34.41%
2009		0.25%		118,246		7.499685		886,808		1.10%		34.34%
2008		0.20%		642,526		5.589904		3,591,659		1.10%		-53.28%
2008		0.25%		416,942		5.582435		2,327,552		1.10%		-53.30%
VP Balanced Fund - Class I (ACVB)
2012		0.25%		16,745		16.481544		275,983		2.07%		11.52%
2011		0.25%		17,669		14.778814		261,127		1.90%		5.07%
2010		0.25%		18,479		14.065755		259,921		1.90%		11.36%
2009		0.25%		19,328		12.631253		244,137		5.71%		15.19%
2008		0.25%		19,854		10.965207		217,703		0.00%		-20.53%
VP Capital Appreciation Fund - Class I (ACVCA)
2012		0.25%		17,464		25.161820		439,426		0.00%		15.71%
2011		0.25%		18,298		21.745340		397,896		0.00%		-6.74%
2010		0.25%		19,302		23.316749		450,060		0.00%		30.96%
2009		0.25%		21,242		17.804024		378,193		0.92%		36.73%
2008		0.25%		23,619		13.021193		307,548		0.00%		-46.32%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
VP Income & Growth Fund - Class I (ACVIG)
2012		0.25%		31,725	$	15.320436	$	486,041		2.12%		14.46%
2011		0.25%		33,414		13.385322		447,257		1.53%		2.85%
2010		0.25%		35,261		13.013791		458,879		1.52%		13.86%
2009		0.25%		37,991		11.429510		434,219		4.80%		17.80%
2008		0.25%		48,311		9.702293		468,727		2.24%		-34.75%
VP International Fund - Class I (ACVI)
2012		0.25%		66,912		15.486435		1,036,228		0.86%		20.86%
2011		0.25%		76,433		12.813741		979,393		1.44%		-12.26%
2010		0.25%		89,078		14.604343		1,300,926		2.52%		13.01%
2009		0.25%		119,188		12.923118		1,540,281		2.22%		33.43%
2008		0.25%		157,354		9.685258		1,524,014		0.88%		-44.96%
2008		0.40%		8		9.531494		76		0.88%		-45.04%
VP Mid Cap Value Fund - Class I (ACVMV1)
2012		0.25%		12,263		12.216827		149,815		1.74%		16.04%
2011		0.25%		26,309		10.528412		276,992		0.40%		-0.94%
VP Ultra(R) Fund - Class I (ACVU1)
2012		0.25%		2,529		13.609145		34,418		0.00%		13.64%
2011		0.20%		23		12.033779		277		0.00%		0.86%
2011		0.25%		3,112		11.975768		37,269		0.00%		0.81%
2010		0.20%		4		11.930621		48		0.61%		15.85%
2010		0.25%		3,097		11.879037		36,789		0.61%		15.79%
2009		0.25%		13,824		10.258719		141,817		0.37%		34.14%
2009		0.40%		1		10.141367		10		0.37%		33.94%
2008		0.25%		28,954		7.647567		221,428		0.00%		-41.63%
VP Value Fund - Class I (ACVV)
2012		0.25%		37,784		21.014154		793,999		2.08%		14.29%
2011		0.25%		39,691		18.386879		729,794		2.02%		0.76%
2010		0.25%		48,529		18.247676		885,541		2.20%		13.14%
2009		0.25%		57,418		16.128480		926,065		5.97%		19.56%
2008		0.25%		40,598		13.489390		547,642		3.61%		-26.96%
VP Vista(SM) Fund - Class I (ACVVS1)
2012		0.25%		3,394		14.222632		48,272		0.00%		15.33%
2011		0.25%		3,534		12.332624		43,583		0.00%		-8.12%
2010		0.25%		3,686		13.423172		49,478		0.00%		23.57%
2009		0.25%		3,192		10.862560		34,673		0.00%		22.16%
2008		0.25%		3,225		8.891784		28,676		0.00%		-48.75%
MidCap Stock Portfolio - Initial Shares (DVMCS)
2012		0.25%		947		21.586376		20,442		0.02%		19.38%
2011		0.25%		1,020		18.082797		18,444		0.49%		0.14%
2010		0.25%		1,006		18.056676		18,165		0.55%		26.78%
2009		0.25%		3,955		14.242624		56,330		2.13%		35.17%
2008		0.25%		4,948		10.536775		52,136		0.00%		-40.57%
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
2012		0.20%		298,404		19.453459		5,804,990		0.44%		15.51%
2012		0.25%		2,263		19.349975		43,789		0.44%		15.45%
2011		0.20%		311,524		16.841422		5,246,507		0.63%		0.36%
2011		0.25%		1,371		16.760220		22,978		0.63%		0.31%
2010		0.20%		355,326		16.780615		5,962,589		0.59%		25.58%
2010		0.25%		1,503		16.708035		25,112		0.59%		25.51%
2009		0.20%		363,020		13.363002		4,851,037		2.36%		24.78%
2009		0.25%		2,197		13.311853		29,246		2.36%		24.71%
2008		0.20%		349,825		10.709488		3,746,447		0.80%		-31.05%
2008		0.25%		16,375		10.673834		174,784		0.80%		-31.09%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Appreciation Portfolio - Initial Shares (DCAP)
2012		0.25%		29,420	$	17.711000	$	521,058		5.74%		10.15%
2011		0.20%		221		13.851795		3,061		1.59%		8.79%
2011		0.25%		31,699		16.078450		509,671		1.59%		8.74%
2010		0.20%		59		12.732094		751		2.05%		15.09%
2010		0.25%		29,571		14.786142		437,241		2.05%		15.03%
2009		0.25%		27,278		12.854271		350,639		2.28%		22.25%
2009		0.40%		9		12.631233		114		2.28%		22.07%
2008		0.25%		64,205		10.514504		675,084		2.20%		-29.73%
2008		0.40%		30		10.347582		310		2.20%		-29.83%
Growth and Income Portfolio - Initial Shares (DGI)
2012		0.25%		12,802		12.709125		162,702		1.45%		17.78%
2011		0.25%		13,415		10.790773		144,758		1.25%		-3.04%
2010		0.25%		14,052		11.128665		156,380		1.23%		18.31%
2009		0.25%		14,547		9.406322		136,834		1.38%		28.46%
2008		0.25%		15,012		7.322121		109,920		0.51%		-40.56%
International Value Portfolio - Initial Shares (DVIV)
2012		0.25%		20,511		16.940266		347,462		2.91%		12.38%
2011		0.25%		21,062		15.073543		317,479		2.32%		-18.68%
2010		0.25%		47,861		18.536839		887,192		1.88%		4.19%
2009		0.25%		56,561		17.790702		1,006,260		4.31%		30.65%
2008		0.25%		69,377		13.617429		944,736		3.05%		-37.48%
Quality Bond Fund II - Primary Shares (FQB)
2012		0.25%		155,678		20.386022		3,173,655		0.70%		9.45%
2011		0.25%		14,557		18.626322		271,143		6.00%		2.02%
2010		0.25%		27,472		18.257953		501,582		4.56%		8.23%
2009		0.25%		25,113		16.869071		423,633		1.73%		20.13%
2008		0.25%		38,637		14.041907		542,537		4.99%		-7.52%
Equity-Income Portfolio - Initial Class (FEIP)
2012		0.25%		3,223		14.824905		47,781		3.15%		17.01%
2011		0.25%		3,384		12.669334		42,873		2.66%		0.72%
2010		0.25%		3,291		12.578769		41,397		1.95%		14.86%
2009		0.25%		2,785		10.951232		30,499		2.44%		29.88%
2008		0.25%		2,879		8.431569		24,274		2.34%		-42.80%
High Income Portfolio - Initial Class (FHIP)
2012		0.25%		2,572		21.223255		54,586		5.80%		13.94%
2011		0.25%		2,722		18.626329		50,701		7.24%		3.77%
2010		0.25%		2,594		17.949315		46,561		8.03%		13.54%
2009		0.25%		2,115		15.808925		33,436		8.93%		43.60%
2008		0.25%		1,726		11.009158		19,002		9.57%		-25.17%
VIP Asset Manager Portfolio - Initial Class (FAMP)
2012		0.25%		165,902		15.982432		2,651,517		1.47%		12.20%
2011		0.25%		238,337		14.244553		3,395,004		1.88%		-2.80%
2010		0.25%		306,766		14.655393		4,495,776		1.74%		13.98%
2009		0.25%		302,181		12.857966		3,885,433		2.33%		28.79%
2008		0.25%		339,211		9.983663		3,386,568		2.64%		-28.90%
VIP Contrafund Portfolio - Initial Class (FCP)
2012		0.25%		8,838		18.860264		166,687		1.35%		16.12%
2011		0.25%		9,281		16.241386		150,736		1.08%		-2.77%
2010		0.25%		8,752		16.703813		146,192		1.28%		16.92%
2009		0.25%		7,816		14.286022		111,660		1.45%		35.37%
2008		0.25%		7,839		10.553240		82,727		1.06%		-42.66%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense     Rate*		Units		Unit         Fair          Value		Contract     Owners’     Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
VIP Contrafund Portfolio - Service Class (FCS)
2012		0.20%		4,411	$	19.873131	$	87,660		0.73%		16.08%
2012		0.25%		22,189		23.593889		523,525		0.73%		16.02%
2011		0.20%		47,973		17.120921		821,342		0.67%		-2.83%
2011		0.25%		54,122		20.336584		1,100,657		0.67%		-2.88%
2010		0.20%		19		17.619725		335		1.08%		16.87%
2010		0.25%		121,638		20.939519		2,547,041		1.08%		16.82%
2009		0.25%		128,992		17.925263		2,312,216		1.20%		35.33%
2009		0.40%		7		17.614183		123		1.20%		35.12%
2008		0.25%		187,452		13.245967		2,482,983		0.83%		-42.76%
2008		0.40%		91		13.035628		1,186		0.83%		-42.84%
VIP Equity-Income Portfolio - Service Class (FEIS)
2012		0.25%		15,961		16.434813		262,316		2.95%		16.89%
2011		0.25%		24,684		14.059555		347,046		2.38%		0.61%
2010		0.25%		29,780		13.974628		416,164		1.98%		14.80%
2009		0.25%		37,804		12.172977		460,187		1.56%		29.71%
2008		0.25%		126,104		9.384986		1,183,484		2.16%		-42.85%
VIP Growth Opportunities Portfolio - Initial Class (FGOP)
2012		0.25%		1,358		13.171487		17,887		0.41%		19.31%
2011		0.25%		1,426		11.039438		15,742		0.17%		2.04%
2010		0.25%		1,384		10.818560		14,973		0.25%		23.43%
2009		0.25%		959		8.765173		8,406		0.48%		45.49%
2008		0.25%		1,208		6.024737		7,278		0.35%		-55.13%
VIP Growth Opportunities Portfolio - Service Class (FGOS)
2012		0.25%		118,550		12.129365		1,437,936		0.31%		19.16%
2011		0.25%		116,596		10.178749		1,186,801		0.05%		1.93%
2010		0.25%		96,266		9.986456		961,356		0.10%		23.34%
2009		0.25%		104,534		8.096367		846,346		0.39%		45.36%
2008		0.25%		111,197		5.570057		619,374		0.34%		-55.17%
VIP Growth Portfolio - Initial Class (FGP)
2012		0.25%		4,878		11.107411		54,182		0.60%		14.40%
2011		0.25%		5,137		9.709124		49,876		0.38%		-0.05%
2010		0.25%		5,152		9.713714		50,045		0.27%		23.86%
2009		0.25%		9,771		7.842315		76,627		0.46%		27.97%
2008		0.25%		10,255		6.128418		62,847		1.06%		-47.30%
VIP Growth Portfolio - Service Class (FGS)
2012		0.25%		43,279		15.415811		667,181		0.49%		14.26%
2011		0.20%		296		10.228245		3,028		0.24%		-0.06%
2011		0.25%		46,640		13.492068		629,270		0.24%		-0.11%
2010		0.20%		79		10.234229		809		0.16%		23.81%
2010		0.25%		55,618		13.506697		751,215		0.16%		23.75%
2009		0.25%		70,607		10.914824		770,663		0.27%		27.83%
2009		0.40%		15		10.725399		161		0.27%		27.64%
2008		0.25%		112,901		8.538686		964,026		0.22%		-47.37%
2008		0.40%		64		8.403086		538		0.22%		-47.44%
VIP High Income Portfolio - Service Class (FHIS)
2012		0.25%		4,770		15.722259		74,995		5.73%		13.91%
2011		0.25%		5,829		13.802358		80,454		2.08%		3.67%
2010		0.25%		121,792		13.314203		1,621,563		20.72%		13.50%
2009		0.25%		22,244		11.730220		260,927		12.21%		43.41%
2008		0.25%		32,098		8.179245		262,537		8.70%		-25.25%
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
2012		0.25%		10,117		14.765878		149,386		2.95%		5.50%
2011		0.25%		3,082		13.995522		43,134		3.53%		6.94%
2010		0.25%		2,978		13.087122		38,973		5.27%		7.41%
2009		0.25%		4,113		12.184238		50,114		8.40%		15.38%
2008		0.25%		6,382		10.559688		67,392		3.49%		-3.59%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract     Expense Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
VIP Mid Cap Portfolio - Service Class (FMCS)
2012		0.20%		2,202	$	17.348525	$	38,201		0.34%		14.52%
2012		0.25%		27,200		17.282185		470,075		0.34%		14.46%
2011		0.20%		31,565		15.148830		478,173		0.18%		-10.89%
2011		0.25%		56,899		15.098460		859,087		0.18%		-10.94%
2010		0.25%		71,093		16.952922		1,205,234		0.31%		28.38%
2009		0.25%		63,431		13.205147		837,616		0.62%		39.67%
2008		0.25%		48,480		9.454867		458,372		0.29%		-39.66%
VIP Overseas Portfolio - Initial Class (FOP)
2012		0.25%		2,129		13.240387		28,189		1.99%		20.44%
2011		0.25%		2,213		10.993482		24,329		1.44%		-17.37%
2010		0.25%		2,281		13.304487		30,348		1.43%		12.83%
2009		0.25%		1,927		11.791429		22,722		2.33%		26.21%
2008		0.25%		1,918		9.342405		17,919		2.68%		-43.95%
VIP Overseas Portfolio - Service Class (FOS)
2012		0.20%		33		14.039615		463		1.87%		20.30%
2012		0.25%		4,355		14.198038		61,832		1.87%		20.24%
2011		0.20%		125		11.670540		1,459		1.02%		-17.39%
2011		0.25%		11,702		11.808142		138,179		1.02%		-17.43%
2010		0.20%		39		14.127649		551		1.18%		12.77%
2010		0.25%		17,830		14.301363		254,993		1.18%		12.71%
2009		0.25%		30,392		12.688674		385,634		1.64%		26.12%
2009		0.40%		7		12.468464		87		1.64%		25.93%
2008		0.25%		95,011		10.060565		955,864		1.99%		-44.00%
2008		0.40%		91		9.900810		901		1.99%		-44.09%
VIP Value Strategies Portfolio - Service Class (FVSS)
2012		0.25%		1,235		18.632032		23,011		0.02%		26.78%
2011		0.25%		1,256		14.695999		18,458		0.96%		-9.07%
2010		0.25%		1,176		16.162748		19,007		0.51%		26.14%
2009		0.25%		1,063		12.813506		13,621		0.51%		57.00%
2008		0.25%		1,036		8.161269		8,455		1.27%		-51.30%
Franklin Small Cap Value Securities Fund - Class 2 (FTVSV2)
2012		0.20%		1,820		16.162056		29,415		0.80%		18.15%
2012		0.25%		210,605		16.100162		3,390,775		0.80%		18.09%
2011		0.20%		15,806		13.679206		216,214		0.77%		-3.95%
2011		0.25%		241,525		13.633645		3,292,866		0.77%		-4.00%
2010		0.25%		42,559		14.201682		604,409		0.67%		27.90%
2009		0.25%		32,968		11.103596		366,063		1.83%		28.83%
2008		0.25%		35,891		8.618488		309,326		0.63%		-33.18%
Templeton Foreign Securities Fund - Class 2 (TIF2)
2012		0.20%		74		21.052856		1,558		2.99%		18.00%
2012		0.25%		8,780		20.944427		183,892		2.99%		17.94%
2011		0.20%		90		17.842000		1,606		1.57%		-10.81%
2011		0.25%		8,874		17.759014		157,593		1.57%		-10.86%
2010		0.20%		29		20.004971		580		1.84%		8.19%
2010		0.25%		7,694		19.921879		153,279		1.84%		8.14%
2009		0.25%		6,164		18.423035		113,560		3.48%		36.70%
2009		0.40%		4		18.221708		73		3.48%		36.50%
2008		0.25%		7,294		13.476974		98,301		2.49%		-40.53%
2008		0.40%		56		13.349706		748		2.49%		-40.62%
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)
2012		0.25%		21,221		16.546601		351,135		5.61%		14.78%
2011		0.25%		42,354		14.416178		610,583		0.00%		-1.12%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense          Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Mid Cap Value- Institutional Shares (GVMCE)
2012		0.25%		60,565	$	24.484957	$	1,482,931		1.12%		18.17%
2011		0.25%		67,330		20.719959		1,395,075		0.57%		-6.61%
2010		0.25%		101,953		22.186180		2,261,948		0.65%		24.69%
2009		0.25%		125,459		17.793307		2,232,331		1.79%		32.82%
2008		0.25%		152,977		13.396598		2,049,371		1.05%		-37.21%
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
2012		0.25%		1,631		12.535151		20,445		0.36%		19.13%
Growth Opportunities Funds - Service Class (BNCAI)
2012		0.20%		56		25.102977		1,406		0.71%		18.01%
2012		0.25%		2,651		24.973675		66,205		0.71%		17.95%
2011		0.20%		80		21.272621		1,702		0.00%		3.82%
2011		0.25%		9,869		21.173648		208,963		0.00%		3.76%
2010		0.20%		14		20.490617		287		0.00%		26.13%
2010		0.25%		13,613		20.405470		277,780		0.00%		26.07%
2009		0.25%		24,993		16.186105		404,539		0.00%		37.98%
2009		0.40%		9		16.009192		144		0.00%		37.77%
2008		0.25%		76,333		11.730770		895,445		0.00%		-39.29%
2008		0.40%		77		11.619973		895		0.00%		-39.38%
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)
2012		0.25%		6,551		13.713252		89,836		2.97%		4.34%
2011		0.25%		6,903		13.142399		90,722		3.98%		0.04%
2010		0.25%		7,165		13.137264		94,128		5.22%		5.02%
2009		0.25%		7,568		12.509050		94,668		7.33%		13.04%
2008		0.25%		8,537		11.065682		94,468		4.36%		-13.64%
Growth Portfolio - I Class Shares (AMTG)
2012		0.25%		16,127		13.447150		216,862		0.00%		12.32%
2011		0.25%		16,821		11.972262		201,385		0.00%		-0.46%
2010		0.25%		17,823		12.028020		214,375		0.00%		31.01%
2009		0.25%		18,553		9.181242		170,340		0.00%		30.03%
2008		0.25%		22,768		7.060685		160,758		0.00%		-43.82%
Guardian Portfolio - I Class Shares (AMGP)
2012		0.25%		2,743		16.221440		44,495		0.29%		12.44%
2011		0.25%		5,520		14.426236		79,633		0.51%		-3.18%
2010		0.25%		4,952		14.900336		73,786		0.34%		18.72%
2009		0.25%		8,551		12.551274		107,326		0.76%		29.36%
2008		0.25%		20,227		9.702253		196,247		0.56%		-37.40%
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
2012		0.25%		1,254		21.421953		26,863		0.00%		12.13%
2011		0.25%		1,814		19.104154		34,655		0.00%		0.22%
2010		0.25%		8,832		19.061513		168,351		0.00%		28.77%
2009		0.25%		17,388		14.802282		257,382		0.00%		31.27%
2008		0.25%		41,787		11.276213		471,199		0.00%		-43.51%
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
2012		0.25%		22,906		14.876106		340,752		0.43%		16.31%
2011		0.25%		24,296		12.790357		310,755		0.00%		-11.58%
2010		0.25%		27,682		14.465228		400,426		0.54%		15.38%
2009		0.25%		41,218		12.537337		516,764		2.17%		55.68%
2008		0.25%		67,495		8.053019		543,539		0.53%		-52.51%
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
2012		0.25%		328		14.303271		4,691		0.00%		8.55%
2011		0.25%		314		13.176815		4,138		0.00%		-1.31%
2010		0.25%		599		13.351308		7,997		0.00%		19.31%
2009		0.25%		454		11.190284		5,080		0.00%		22.45%
2008		0.25%		1,396		9.138805		12,758		0.00%		-39.62%
2008		0.40%		2		9.052482		18		0.00%		-39.72%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Balanced Fund/VA - Non-Service Shares (OVMS)
2012		0.25%		25,431	$	12.994878	$	330,473		1.34%		12.06%
2011		0.25%		26,839		11.596444		311,237		2.24%		0.47%
2010		0.25%		27,934		11.542336		322,424		1.38%		12.63%
2009		0.25%		29,268		10.247784		299,932		0.00%		21.59%
2008		0.25%		29,567		8.428205		249,197		3.70%		-43.61%
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
2012		0.25%		36,864		16.408808		604,894		0.67%		13.83%
2011		0.25%		45,765		14.414807		659,694		0.56%		-1.40%
2010		0.25%		138,075		14.618833		2,018,495		0.21%		9.14%
2009		0.25%		186,596		13.394109		2,499,287		0.37%		44.16%
2008		0.25%		264,810		9.291336		2,460,439		0.15%		-45.65%
Core Bond Fund/VA - Non-Service Shares (OVB)
2012		0.25%		23,703		12.777653		302,869		4.90%		10.02%
2011		0.25%		25,148		11.614406		292,079		5.68%		8.00%
2010		0.25%		26,061		10.754380		280,270		1.81%		11.14%
2009		0.25%		27,417		9.676718		265,307		0.00%		9.34%
2008		0.25%		28,881		8.850218		255,603		6.02%		-39.20%
Global Securities Fund/VA - Non-Service Shares (OVGS)
2012		0.25%		76,332		16.739250		1,277,740		2.34%		20.96%
2011		0.25%		101,503		13.838516		1,404,651		1.27%		-8.52%
2010		0.25%		115,302		15.127070		1,744,181		1.76%		15.68%
2009		0.25%		167,720		13.077210		2,193,310		2.37%		39.42%
2008		0.25%		191,747		9.379518		1,798,494		1.42%		-40.34%
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
2012		0.25%		10,241		13.232864		135,518		0.95%		16.58%
2011		0.25%		10,556		11.351026		119,821		0.83%		-0.26%
2010		0.25%		10,808		11.381017		123,006		1.10%		15.82%
2009		0.25%		11,200		9.826673		110,059		1.76%		27.97%
2008		0.25%		11,211		7.679167		86,091		2.39%		-38.62%
Mid-Cap Growth Fund/VA - Non-Service Shares (OVAG)
2012		0.25%		10,092		14.196892		143,275		0.00%		16.16%
2011		0.25%		10,534		12.222308		128,750		0.00%		0.84%
2010		0.25%		27,008		12.120053		327,338		0.00%		27.15%
2009		0.25%		28,425		9.532345		270,957		0.00%		32.28%
2008		0.25%		46,886		7.206392		337,879		0.00%		-49.19%
All Asset Portfolio - Administrative Class (PMVAAA)
2012		0.25%		2,739		17.942540		49,145		0.85%		14.66%
2011		0.25%		203,903		15.648744		3,190,826		12.33%		1.70%
2010		0.25%		2,149		15.387057		33,067		6.15%		12.81%
2009		0.25%		2,845		13.639951		38,806		6.80%		21.27%
2008		0.25%		2,717		11.247576		30,560		1.31%		-16.05%
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)
2010		0.25%		36,057		12.014282		433,199		0.43%		9.21%
Low Duration Portfolio - Administrative Class (PMVLDA)
2012		0.20%		130		14.920147		1,940		1.82%		5.64%
2012		0.25%		284,644		14.843142		4,225,011		1.82%		5.59%
2011		0.20%		172		14.122982		2,429		1.68%		0.91%
2011		0.25%		94,955		14.057158		1,334,797		1.68%		0.86%
2010		0.20%		47		13.996078		658		1.56%		5.08%
2010		0.25%		97,738		13.937807		1,362,253		1.56%		5.03%
2009		0.25%		99,489		13.270656		1,320,284		3.19%		13.03%
2009		0.40%		7		13.125160		92		3.19%		12.86%
2008		0.25%		110,775		11.740354		1,300,538		4.25%		-0.70%
2008		0.40%		12		11.629122		140		4.25%		-0.85%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Real Return Portfolio - Administrative Class (PMVRRA)
2012		0.25%		236,204	$	19.693483	$	4,651,679		1.03%		8.48%
2011		0.25%		287,234		18.153657		5,214,348		2.05%		11.39%
2010		0.25%		295,591		16.297330		4,817,344		1.44%		7.84%
2009		0.25%		306,080		15.112339		4,625,585		2.99%		18.05%
2008		0.25%		235,840		12.801575		3,019,123		3.76%		-7.26%
Total Return Portfolio - Administrative Class (PMVTRA)
2012		0.20%		1,115,082		18.926252		21,104,323		2.54%		9.38%
2012		0.25%		324,842		18.828467		6,116,277		2.54%		9.33%
2011		0.20%		1,141,251		17.303112		19,747,194		2.63%		3.40%
2011		0.25%		534,042		17.222369		9,197,468		2.63%		3.35%
2010		0.20%		681,770		16.734465		11,409,056		2.42%		7.90%
2010		0.25%		231,206		16.664698		3,852,978		2.42%		7.84%
2009		0.20%		638,498		15.509642		9,902,875		5.13%		13.80%
2009		0.25%		374,451		15.452727		5,786,289		5.13%		13.74%
2009		0.40%		10		15.283042		153		5.13%		13.57%
2008		0.20%		503,145		13.628820		6,857,273		4.49%		4.54%
2008		0.25%		381,025		13.585613		5,176,458		4.49%		4.49%
2008		0.40%		82		13.456667		1,103		4.49%		4.33%
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
2012		0.25%		1,876		23.718546		44,496		5.47%		15.76%
2011		0.25%		1,537		20.490135		31,493		5.28%		-1.91%
2010		0.25%		1,397		20.889289		29,182		5.71%		17.75%
2009		0.25%		1,149		17.740695		20,384		16.90%		60.09%
2008		0.25%		848		11.081635		9,397		6.35%		-35.59%
Van Kampen V.I. Growth and Income Fund - Series I Shares (ACGI)
2012		0.25%		22,814		11.528209		263,005		1.31%		14.35%
2011		0.25%		49,129		10.081770		495,307		0.00%		-2.25%
Van Kampen V.I. Value Opportunities Fund: Series I Shares (AVBVI)
2012		0.25%		339		15.145833		5,134		1.42%		17.41%
2011		0.25%		425		12.900080		5,483		0.62%		-3.29%
2010		0.20%		4		13.394748		54		0.02%		7.14%
2010		0.25%		736		13.339087		9,818		0.02%		7.08%
2009		0.25%		77,825		12.456759		969,447		4.38%		47.63%
2009		0.40%		1		12.320545		12		4.38%		47.41%
2008		0.25%		438		8.437654		3,696		1.73%		-51.89%
V.I. International Growth Fund - Series I (AVIE)
2012		0.25%		2,673		19.873147		53,121		1.53%		15.24%
2011		0.25%		5,302		17.244564		91,431		1.51%		-6.97%
2010		0.25%		2,500		18.537223		46,343		2.29%		12.58%
2009		0.25%		1,802		16.465672		29,671		4.30%		34.90%
2008		0.25%		331		12.205427		4,040		0.50%		-40.53%
Micro-Cap Portfolio - Investment Class (ROCMC)
2012		0.20%		1,133		26.061067		29,527		0.00%		7.39%
2012		0.25%		39,443		25.926857		1,022,633		0.00%		7.34%
2011		0.20%		9,938		24.267837		241,174		1.70%		-12.28%
2011		0.25%		66,349		24.154962		1,602,658		1.70%		-12.32%
2010		0.20%		49		27.663928		1,356		2.08%		29.70%
2010		0.25%		106,105		27.549005		2,923,087		2.08%		29.64%
2009		0.25%		95,536		21.251012		2,030,237		0.00%		57.65%
2009		0.40%		14		21.018795		294		0.00%		57.41%
2008		0.25%		119,381		13.479984		1,609,254		2.26%		-43.41%
2008		0.40%		77		13.352691		1,028		2.26%		-43.50%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Equity Income Portfolio - II (TREI2)
2012		0.20%		52	$	19.129466	$	995		1.93%		16.69%
2012		0.25%		71,969		19.030987		1,369,641		1.93%		16.63%
2011		0.20%		73		16.393623		1,197		1.37%		-1.22%
2011		0.25%		81,115		16.317395		1,323,585		1.37%		-1.27%
2010		0.20%		15		16.595545		249		1.71%		14.51%
2010		0.25%		150,052		16.526617		2,479,852		1.71%		14.46%
2009		0.25%		148,660		14.439362		2,146,556		1.72%		24.94%
2009		0.40%		3		14.281536		43		1.72%		24.75%
2008		0.25%		208,609		11.557153		2,410,926		2.05%		-36.42%
2008		0.40%		58		11.447985		664		2.05%		-36.52%
Mid-Cap Growth Portfolio - II (TRMCG2)
2012		0.25%		7,391		29.028993		214,553		0.00%		13.33%
2011		0.25%		8,144		25.614079		208,601		0.00%		-1.77%
2010		0.25%		44,778		26.074777		1,167,576		0.00%		27.46%
2009		0.25%		63,884		20.457409		1,306,901		0.00%		45.00%
2008		0.25%		76,782		14.108326		1,083,265		0.00%		-40.09%
New America Growth Portfolio (TRNAG1)
2012		0.25%		3,811		16.735434		63,779		0.36%		12.84%
2011		0.25%		15,840		14.831357		234,929		0.11%		-1.32%
2010		0.25%		39,982		15.029245		600,899		0.18%		19.35%
2009		0.25%		54,891		12.592384		691,209		0.00%		49.39%
2008		0.25%		146,246		8.429140		1,232,728		0.00%		-38.40%
VIP Trust - Global Bond Fund: Initial Class (VWBF)
2012		0.25%		17,206		21.559852		370,959		2.22%		5.29%
2011		0.25%		18,236		20.477523		373,428		7.67%		7.87%
2010		0.25%		18,984		18.983449		360,382		4.20%		5.93%
2009		0.25%		27,754		17.920563		497,367		3.88%		5.72%
2008		0.25%		29,316		16.951478		496,950		0.00%		3.35%
VIP Trust - Emerging Markets Fund: Initial Class (VWEM)
2012		0.25%		46,580		30.634191		1,426,941		0.00%		29.48%
2011		0.25%		50,207		23.658853		1,187,840		0.62%		-25.92%
2010		0.25%		99,639		31.937979		3,182,268		0.71%		26.52%
2009		0.25%		125,304		25.242895		3,163,036		0.14%		112.64%
2008		0.25%		86,252		11.870996		1,023,897		0.00%		-64.87%
VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)
2012		0.25%		12,664		36.282807		459,485		0.58%		3.13%
2011		0.25%		18,335		35.182382		645,069		1.78%		-16.66%
2010		0.25%		43,231		42.214751		1,824,986		0.14%		28.91%
2009		0.25%		5,862		32.746823		191,962		0.37%		57.14%
2008		0.25%		17,384		20.838997		362,265		0.08%		-46.26%
Variable Insurance Portfolios - Growth (WRGP)
2012		0.25%		195		15.968332		3,114		0.07%		12.46%
2011		0.25%		207		14.198847		2,939		0.37%		1.87%
2010		0.25%		259		13.938364		3,610		0.62%		12.30%
2009		0.25%		225		12.411842		2,793		0.00%		26.76%
2008		0.25%		97		9.791882		950		0.00%		-36.43%
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
2012		0.25%		818		15.482465		12,665		0.63%		17.42%
2011		0.25%		1,501		13.185267		19,791		0.57%		4.75%
2010		0.25%		504		12.587772		6,344		1.80%		28.19%
2009		0.25%		440		9.819846		4,321		2.06%		23.31%
2008		0.25%		917		7.963301		7,302		0.71%		-36.20%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense         Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception   Date****
Advantage VT Discovery Fund (SVDF)
2012		0.25%		1,158	$	28.735472	$	33,276		0.00%		17.44%
2011		0.25%		1,204		24.468093		29,460		0.00%		0.17%
2010		0.25%		1,173		24.425922		28,652		0.00%		35.20%
2009		0.25%		886		18.066031		16,007		0.00%		39.95%
2008		0.25%		979		12.908594		12,638		0.00%		-44.50%
Advantage VT Opportunity Fund - Class 2 (SVOF)
2012		0.25%		3,441		16.855104		57,998		0.09%		15.23%
2011		0.25%		3,619		14.626997		52,935		0.09%		-5.75%
2010		0.25%		9,786		15.520123		151,880		0.78%		23.45%
2009		0.25%		36,207		12.572347		455,207		0.00%		47.37%
2008		0.25%		61,250		8.531293		522,542		1.86%		-40.25%
V.I. Capital Development Fund - Series I (obsolete) (AVCDI)
2011		0.25%		195		17.662531		3,444		0.00%		-7.39%
2010		0.25%		205		19.072022		3,910		0.00%		18.48%
2009		0.25%		146		16.097055		2,350		0.00%		42.02%
2008		0.25%		130		11.334726		1,474		0.00%		-47.16%
Credit Suisse Trust- International Equity Flex III Portfolio (obsolete) (CSIEF3)
2010		0.25%		31,819		11.315359		360,043		0.10%		11.95%
2009		0.25%		48,168		10.107469		486,857		0.00%		1.07%	12/11/2009
Gartmore NVIT Global Utilities Fund - Class I (obsolete) (GVGU1)
2009		0.25%		933		17.534069		16,359		0.32%		7.74%
2008		0.25%		770		16.274553		12,531		3.98%		-33.11%
NVIT Worldwide Leaders Fund - Class I (obsolete) (GEF)
2010		0.25%		11,059		14.464062		159,958		1.00%		11.18%
2009		0.25%		14,555		13.009466		189,353		0.93%		24.69%
2008		0.25%		23,402		10.433265		244,159		0.71%		-44.48%
International Equity Flex I Portfolio (obsolete) (WIEP)
2008		0.25%		15,749		8.993222		141,634		2.89%		-41.18%
International Equity Flex II Portfolio (obsolete) (WVCP)
2008		0.25%		47,447		6.456612		306,347		2.39%		-46.89%
J.P. Morgan NVIT Balanced Fund - Class I (obsolete) (BF)
2008		0.25%		18,652		9.556437		178,247		2.05%		-25.73%
NVIT Global Financial Services Fund - Class I (obsolete) (GVGF1)
2009		0.25%		2,433		13.625762		33,151		1.18%		31.42%
2008		0.25%		2,534		10.367711		26,272		1.61%		-46.41%
NVIT Health Sciences Fund - Class I (obsolete) (GVGH1)
2009		0.25%		6,814		13.548576		92,320		0.34%		18.87%
2008		0.25%		12,452		11.398285		141,931		0.06%		-25.40%
NVIT Leaders Fund - Class I (obsolete) (GVUS1)
2009		0.25%		629		11.820920		7,435		0.66%		33.45%
2008		0.25%		539		8.857680		4,774		0.81%		-50.03%
NVIT Mid Cap Growth Fund - Class I (obsolete) (SGRF)
2008		0.25%		7,172		8.073523		57,903		0.00%		-46.25%
NVIT Technology & Communications Fund - Class I (obsolete) (GGTC)
2009		0.25%		33,965		3.249860		110,381		0.00%		52.09%
2008		0.25%		81,631		2.136859		174,434		0.00%		-48.70%
NVIT U.S. Growth Leaders Fund - Class I (obsolete) (GVUG1)
2009		0.25%		855		13.942266		11,921		0.00%		25.52%
2008		0.25%		4,939		11.107192		54,858		0.00%		-41.44%
U.S. Equity Flex I Portfolio (obsolete) (WSCP)
2010		0.25%		33,463		9.078469		303,793		0.13%		14.17%
2009		0.25%		75,682		7.951497		601,785		1.14%		24.36%
2008		0.25%		74,511		6.394190		476,437		0.10%		-34.76%
U.S. Equity Flex II Portfolio (obsolete) (WGIP)
2008		0.25%		4,864		10.186075		49,545		3.11%		-36.35%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT - C NOTES TO FINANCIAL STATEMENTS

December 31, 2012

	Contract         Expense          Rate*		Units		Unit         Fair          Value		Contract         Owners’          Equity		Investment   Income Ratio**		Total    Return***		Inception    Date****
Variable Series II - Strategic Value VIP - Class B (obsolete) (SVSHEB)
2008		0.25%		22,579	$	5.898673	$	133,186		2.81%		-46.29%
2012		Contract owners equity:							$	170,846,228
2011		Contract owners equity:							$	175,112,108
2010		Contract owners equity:							$	182,186,115
2009		Contract owners equity:							$	179,342,661
2008		Contract owners equity:							$	166,504,391

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

   ** This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the contract owner accounts through reductions in unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

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

 **** This represents the date the underlying mutual fund option was initially added and funded.