NATIONWIDE

VL SEPARATE

ACCOUNT-C

Annual Report

to

Contract Owners

December 31, 2014

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, 2014, and the related statements of operations for the period then ended, the statements of changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2014, by correspondence with the transfer agents of the underlying mutual funds or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2014, the results of their operations for the period then ended, the changes in contract owners’ equity for each of the periods in the two-year period then ended, and the financial highlights for each of the periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Columbus, Ohio

March 13, 2015

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Assets:
Investments at fair value:
Global Small Capitalization Fund - Class 2 (AMVGS2)
	88 shares (cost $2,108)	$	2,254
Growth Fund - Class 2 (AMVGR2)
	12,295 shares (cost $764,293)		981,606
International Fund - Class 2 (AMVI2)
	2,184 shares (cost $43,621)		44,314
VP S&P 500 Index Portfolio (CVSPIP)
	19 shares (cost $2,116)		2,097
VIP Small Cap Value Series: Service Class (DWVSVS)
	42 shares (cost $1,761)		1,698
Stock Index Fund, Inc. - Initial Shares (DSIF)
	448,259 shares (cost $16,181,759)		20,167,159
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
	2,239 shares (cost $97,929)		102,915
Floating-Rate Income Fund (ETVFR)
	43,798 shares (cost $412,056)		402,500
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
	14,153 shares (cost $267,053)		262,673
Mid Cap Value Portfolio: Class 1 (JPMMV1)
	6,037 shares (cost $67,212)		68,885
Balanced Portfolio: Service Shares (JABS)
	6,730 shares (cost $208,646)		221,872
Forty Portfolio: Service Shares (JACAS)
	3,067 shares (cost $111,498)		120,273
Global Technology Portfolio: Service Shares (JAGTS)
	912,118 shares (cost $7,245,620)		7,807,728
Overseas Portfolio: Service Shares (JAIGS)
	49,938 shares (cost $1,892,445)		1,575,549
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
	10,362 shares (cost $220,160)		206,829
Research International Series - Service Class (MVRISC)
	6,773 shares (cost $74,920)		88,993
Value Series - Service Class (MVFSC)
	5,889 shares (cost $70,533)		118,068
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
	81,053 shares (cost $1,400,209)		1,737,777
Emerging Markets Debt Portfolio - Class I (MSEM)
	66,378 shares (cost $555,844)		527,702
Global Real Estate Portfolio - Class II (VKVGR2)
	24,622 shares (cost $255,082)		260,253
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)
	10,516 shares (cost $126,013)		133,863
U.S. Real Estate Portfolio - Class I (MSVRE)
	2,286 shares (cost $37,740)		46,018
Federated NVIT High Income Bond Fund - Class I (HIBF)
	142,434 shares (cost $960,578)		947,186
NVIT Emerging Markets Fund - Class I (GEM)
	74,709 shares (cost $1,227,157)		822,551
NVIT International Equity Fund - Class I (GIG)
	122 shares (cost $1,268)		1,256
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
	58 shares (cost $613)		628

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

NVIT Cardinal Conservative Fund - Class I (NVCCN1)
	3,008 shares (cost $32,351)	$	32,035
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
	122 shares (cost $1,450)		1,466
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
	4,368 shares (cost $47,760)		48,575
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
	201 shares (cost $2,304)		2,303
NVIT Nationwide Fund - Class I (TRF)
	8,924 shares (cost $83,869)		130,463
NVIT Government Bond Fund - Class I (GBF)
	46,421 shares (cost $531,475)		513,880
American Century NVIT Growth Fund - Class I (CAF)
	2,506 shares (cost $40,116)		55,905
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
	6,244 shares (cost $76,887)		83,421
NVIT Mid Cap Index Fund - Class I (MCIF)
	400,314 shares (cost $9,360,912)		10,043,874
NVIT Money Market Fund - Class I (SAM)
	11,375 shares (cost $11,375)		11,375
NVIT Money Market Fund - Class V (SAM5)
	72,204,395 shares (cost $72,204,395)		72,204,395
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
	2,635 shares (cost $34,057)		35,384
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
	959 shares (cost $11,038)		11,306
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
	40 shares (cost $831)		838
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
	21,442 shares (cost $310,868)		340,069
NVIT Multi-Manager Small Company Fund - Class I (SCF)
	52,903 shares (cost $1,336,050)		1,240,567
NVIT Multi-Sector Bond Fund - Class I (MSBF)
	1,184 shares (cost $11,004)		10,802
Invesco NVIT Comstock Value Fund - Class I (EIF)
	88 shares (cost $1,121)		1,466
NVIT Real Estate Fund - Class I (NVRE1)
	33,243 shares (cost $305,456)		281,569
VPS Growth and Income Portfolio - Class A (ALVGIA)
	2,060 shares (cost $59,795)		61,870
VPS International Value Portfolio - Class A (ALVIVA)
	6,969 shares (cost $94,598)		94,288
VP Capital Appreciation Fund - Class I (ACVCA)
	26 shares (cost $391)		409
VP Income & Growth Fund - Class I (ACVIG)
	76,939 shares (cost $513,280)		777,857
VP International Fund - Class I (ACVI)
	84,369 shares (cost $663,090)		842,006
VP Mid Cap Value Fund - Class I (ACVMV1)
	6,852 shares (cost $104,108)		135,952
VP Ultra(R) Fund - Class I (ACVU1)
	1,683 shares (cost $18,303)		27,141
VP Value Fund - Class I (ACVV)
	90,388 shares (cost $560,196)		850,548
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
	237,340 shares (cost $4,080,597)		4,367,049

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Appreciation Portfolio - Initial Shares (DCAP)
	11,624 shares (cost $466,327)	$	575,482
International Value Portfolio - Initial Shares (DVIV)
	50,827 shares (cost $562,093)		536,220
Quality Bond Fund II - Primary Shares (FQB)
	238 shares (cost $2,722)		2,721
VIP Asset Manager Portfolio - Initial Class (FAMP)
	188,202 shares (cost $3,044,907)		3,227,665
VIP Contrafund(R) Portfolio - Service Class (FCS)
	15,780 shares (cost $415,280)		587,474
VIP Equity-Income Portfolio - Service Class (FEIS)
	8,891 shares (cost $181,980)		214,990
VIP Growth Opportunities Portfolio - Service Class (FGOS)
	8,199 shares (cost $179,056)		274,325
VIP Growth Portfolio - Service Class (FGS)
	13,776 shares (cost $594,298)		872,268
VIP High Income Portfolio - Service Class (FHIS)
	4,462 shares (cost $25,067)		24,496
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
	19,501 shares (cost $247,801)		246,879
VIP Mid Cap Portfolio - Service Class (FMCS)
	14,109 shares (cost $460,725)		528,259
VIP Overseas Portfolio - Service Class (FOS)
	4,609 shares (cost $79,352)		85,863
VIP Value Strategies Portfolio - Service Class (FVSS)
	1,091 shares (cost $15,987)		16,538
Small Cap Value Securities Fund - Class 2 (FTVSV2)
	129,796 shares (cost $2,332,189)		2,897,054
Templeton Foreign Securities Fund - Class 2 (TIF2)
	2,316 shares (cost $38,321)		34,855
Mid Cap Value- Institutional Shares (GVMCE)
	92,085 shares (cost $1,417,341)		1,605,046
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
	4,228 shares (cost $94,497)		94,716
Baron Growth Opportunities Fund Service Class (BNCAI)
	1,718 shares (cost $66,042)		80,810
Guardian Portfolio - I Class Shares (AMGP)
	3,964 shares (cost $91,075)		95,499
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
	43 shares (cost $1,155)		1,048
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
	25,211 shares (cost $224,825)		413,208
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
	8,973 shares (cost $317,557)		582,053
Global Securities Fund/VA - Non-Service Shares (OVGS)
	26,349 shares (cost $949,796)		1,040,766
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
	220 shares (cost $4,995)		7,393
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
	205 shares (cost $10,648)		16,127
All Asset Portfolio - Administrative Class (PMVAAA)
	36,354 shares (cost $405,252)		376,631
Low Duration Portfolio - Administrative Class (PMVLDA)
	157,957 shares (cost $1,689,471)		1,671,180
Real Return Portfolio - Administrative Class (PMVRRA)
	229,913 shares (cost $3,214,074)		2,945,182

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2014

Total Return Portfolio - Administrative Class (PMVTRA)
	1,869,868 shares (cost $21,384,172)	$	20,942,524
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
	37,942 shares (cost $403,668)		366,138
VI Growth and Income Fund - Series I Shares (ACGI)
	6,529 shares (cost $140,255)		164,206
VI International Growth Fund - Series I Shares (AVIE)
	228 shares (cost $7,170)		7,957
Micro-Cap Portfolio - Investment Class (ROCMC)
	13,429 shares (cost $159,153)		152,691
Equity Income Portfolio - II (TREI2)
	51,778 shares (cost $1,543,749)		1,550,247
Limited-Term Bond Portfolio (TRLT1)
	74,977 shares (cost $367,542)		365,888
Mid-Cap Growth Portfolio - II (TRMCG2)
	9,300 shares (cost $225,372)		251,839
New America Growth Portfolio (TRNAG1)
	252 shares (cost $6,521)		6,282
Blue Chip Growth Portfolio (TRBCGP)
	3,639 shares (cost $65,136)		75,395
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
	116,652 shares (cost $1,559,717)		1,510,642
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
	10,888 shares (cost $314,537)		276,222
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)
	76,413 shares (cost $829,780)		828,660
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
	10,735 shares (cost $97,439)		102,897
Advantage VT Opportunity Fund - Class 2 (SVOF)
	36 shares (cost $910)		1,047
Total Investments		$	174,516,843
Accounts Receivable-VP Ultra(R) Fund - Class I (ACVU1)			7
Accounts Receivable-Mid-Cap Growth Portfolio - I Class Shares (AMCG)			14
Accounts Receivable-Global Small Capitalization Fund - Class 2 (AMVGS2)			1
Accounts Receivable-U.S. Real Estate Portfolio - Class I (MSVRE)			17
Accounts Receivable-NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)			6
Accounts Receivable-Advantage VT Opportunity Fund - Class 2 (SVOF)			6
Accounts Payable-VP Capital Appreciation Fund - Class I (ACVCA)			(16)
Accounts Payable-Invesco NVIT Comstock Value Fund - Class I (EIF)			(9)
Accounts Payable-Quality Bond Fund II - Primary Shares (FQB)			(2)
Accounts Payable-NVIT International Equity Fund - Class I (GIG)			(7)
Accounts Payable-NVIT Cardinal Moderate Fund - Class I (NVCMD1)			(7)
Accounts Payable-NVIT Cardinal Aggressive Fund - Class I (NVCRA1)			(1)
Accounts Payable-Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)			(7)
Accounts Payable-Main Street Fund(R)/VA - Non-Service Shares (OVGI)			(2)
Accounts Payable-NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)			(2)
Other Accounts Payable			(1,657)
		$	174,515,184
Contract Owners’ Equity:
Accumulation units			174,515,184
Total Contract Owners’ Equity (note 8)		$	174,515,184

See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		Total		AMVGS2		AMVGR2		AMVI2		CVSPIP		DWVSVS		DSIF		DSRG
Reinvested dividends	$		1,713,941		3		7,839		617		32		6		334,055		119
Asset charges (note 3)			(400,466)		(7)		(2,509)		(51)		(3)		(3)		(39,575)		(43)
Net investment income (loss)			1,313,475		(4)		5,330		566		29		3		294,480		76
Realized gain (loss) on investments			7,372,912		163		175,367		1,069		16		(11)		1,723,917		380
Change in unrealized gain (loss) on investments			(5,825,344)		(120)		(143,913)		(2,724)		(19)		(63)		110,692		2,269
Net gain (loss) on investments			1,547,568		43		31,454		(1,655)		(3)		(74)		1,834,609		2,649
Reinvested capital gains			3,283,519		12		44,700		-		172		141		223,999		781
Net increase (decrease) in contract owners’ equity resulting from operations	$		6,144,562		51		81,484		(1,089)		198		70		2,353,088		3,506
Investment Activity:		ETVFR		FTVGB1		OGGO		JPMMV1		JABS		JACAS		JAGTS		JAIGS
Reinvested dividends	$		6,866		-		-		-		2,499		35		-		116,975
Asset charges (note 3)			(534)		(337)		(1,910)		(7)		(409)		(285)		(4,558)		(4,989)
Net investment income (loss)			6,332		(337)		(1,910)		(7)		2,090		(250)		(4,558)		111,986
Realized gain (loss) on investments			(79)		(56)		105,170		132		2,337		2,003		31,034		(111,047)
Change in unrealized gain (loss) on investments			(9,557)		(4,380)		(267,947)		1,672		5,017		(27,507)		521,439		(394,010)
Net gain (loss) on investments			(9,636)		(4,436)		(162,777)		1,804		7,354		(25,504)		552,473		(505,057)
Reinvested capital gains			-		-		253,323		-		4,132		34,991		8,807		144,018
Net increase (decrease) in contract owners’ equity resulting from operations	$		(3,304)		(4,773)		88,636		1,797		13,576		9,237		556,722		(249,053)

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		LZREMS		LOVMCV		MVRISC		MVFSC		MVIVSC		MSEM		VKVGR2		MSVMG
Reinvested dividends	$		3,706		-		1,295		1,515		33,307		29,937		1,828		-
Asset charges (note 3)			(514)		(1)		(240)		(292)		(4,751)		(3,000)		(336)		(325)
Net investment income (loss)			3,192		(1)		1,055		1,223		28,556		26,937		1,492		(325)
Realized gain (loss) on investments			6,915		137		518		7,792		194,508		(87,962)		13		617
Change in unrealized gain (loss) on investments			(21,485)		(91)		(8,635)		(1,809)		(200,967)		(18,135)		5,170		(16,174)
Net gain (loss) on investments			(14,570)		46		(8,117)		5,983		(6,459)		(106,097)		5,183		(15,557)
Reinvested capital gains			1,966		-		-		3,554		-		4,119		-		17,597
Net increase (decrease) in contract owners’ equity resulting from operations	$		(9,412)		45		(7,062)		10,760		22,097		(75,041)		6,675		1,715
Investment Activity:		MSVRE		HIBF		GEM		GIG		NVCRA1		NVCCN1		NVCMD1		NVCMA1
Reinvested dividends	$		634		72,597		11,604		765		8		481		22		728
Asset charges (note 3)			(83)		(2,918)		(2,201)		(51)		-		(30)		(1)		(23)
Net investment income (loss)			551		69,679		9,403		714		8		451		21		705
Realized gain (loss) on investments			1,688		22,259		(20,177)		9,334		1		583		1		63
Change in unrealized gain (loss) on investments			8,315		(65,084)		(39,360)		(7,304)		15		(316)		15		816
Net gain (loss) on investments			10,003		(42,825)		(59,537)		2,030		16		267		16		879
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		10,554		26,854		(50,134)		2,744		24		718		37		1,584

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		NVCMC1		TRF		GBF		CAF		GVIDA		GVIDC		GVIDM		GVDMA
Reinvested dividends	$		35		1,457		10,553		191		1		370		1,362		159
Asset charges (note 3)			(1)		(309)		(1,252)		(126)		-		(258)		(155)		(115)
Net investment income (loss)			34		1,148		9,301		65		1		112		1,207		44
Realized gain (loss) on investments			1		603		(7,917)		700		177		(1,584)		672		13,381
Change in unrealized gain (loss) on investments			(1)		12,156		21,159		4,574		(175)		886		1,099		(12,136)
Net gain (loss) on investments			-		12,759		13,242		5,274		2		(698)		1,771		1,245
Reinvested capital gains			-		-		-		-		-		3,950		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		34		13,907		22,543		5,339		3		3,364		2,978		1,289
Investment Activity:		GVDMC		MCIF		SAM		SAM5		NVMLG1		NVMLV1		SCGF		SCVF
Reinvested dividends	$		9		106,803		-		-		171		136		-		1,607
Asset charges (note 3)			(7)		(16,972)		(44)		(163,242)		(162)		(30)		(49)		(766)
Net investment income (loss)			2		89,831		(44)		(163,242)		9		106		(49)		841
Realized gain (loss) on investments			92		1,056,508		-		738		19,521		3,082		8,429		5,183
Change in unrealized gain (loss) on investments			(57)		(623,437)		-		-		(16,367)		(3,210)		(9,892)		(16,603)
Net gain (loss) on investments			35		433,071		-		738		3,154		(128)		(1,463)		(11,420)
Reinvested capital gains			59		391,687		-		-		2,763		1,057		275		30,868
Net increase (decrease) in contract owners’ equity resulting from operations	$		96		914,589		(44)		(162,504)		5,926		1,035		(1,237)		20,289

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		SCF		MSBF		EIF		NVRE1		ALVGIA		ALVIVA		ACVCA		ACVIG
Reinvested dividends	$		2,154		788		42		7,619		25,185		3,503		-		14,611
Asset charges (note 3)			(3,128)		(67)		(8)		(634)		(1,136)		(163)		-		(1,777)
Net investment income (loss)			(974)		721		34		6,985		24,049		3,340		-		12,834
Realized gain (loss) on investments			95,906		(181)		871		(380)		(71,828)		531		7		8,567
Change in unrealized gain (loss) on investments			(269,052)		780		(703)		(7,183)		(15,192)		(11,071)		18		61,258
Net gain (loss) on investments			(173,146)		599		168		(7,563)		(87,020)		(10,540)		25		69,825
Reinvested capital gains			194,737		-		-		63,631		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		20,617		1,320		202		63,053		(62,971)		(7,200)		25		82,659
Investment Activity:		ACVI		ACVMV1		ACVU1		ACVV		DVSCS		DCAP		DVIV		FQB
Reinvested dividends	$		15,153		1,623		100		14,218		45,298		10,478		6,394		85
Asset charges (note 3)			(2,265)		(342)		(67)		(2,236)		(14,091)		(1,411)		(1,245)		(7)
Net investment income (loss)			12,888		1,281		33		11,982		31,207		9,067		5,149		78
Realized gain (loss) on investments			3,459		13,137		1,450		78,369		1,374,912		7,306		1,133		2
Change in unrealized gain (loss) on investments			(68,200)		(2,659)		1,055		23,019		(1,723,919)		11,772		(71,525)		(2)
Net gain (loss) on investments			(64,741)		10,478		2,505		101,388		(349,007)		19,078		(70,392)		-
Reinvested capital gains			-		8,873		-		-		430,205		14,904		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		(51,853)		20,632		2,538		113,370		112,405		43,049		(65,243)		78

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		FAMP		FCS		FEIS		FGOS		FGS		FHIS		FIGBS		FMCS
Reinvested dividends	$		48,943		4,734		5,831		304		798		1,454		5,318		838
Asset charges (note 3)			(8,382)		(1,737)		(721)		(674)		(2,421)		(62)		(518)		(1,416)
Net investment income (loss)			40,561		2,997		5,110		(370)		(1,623)		1,392		4,800		(578)
Realized gain (loss) on investments			163,017		93,726		25,336		11,006		116,422		346		(1,144)		36,731
Change in unrealized gain (loss) on investments			(186,578)		(31,179)		(12,111)		19,548		(9,079)		(1,547)		6,114		(12,956)
Net gain (loss) on investments			(23,561)		62,547		13,225		30,554		107,343		(1,201)		4,970		23,775
Reinvested capital gains			159,746		11,080		3,212		255		-		-		52		13,908
Net increase (decrease) in contract owners’ equity resulting from operations	$		176,746		76,624		21,547		30,439		105,720		191		9,822		37,105
Investment Activity:		FOS		FVSS		FTVSV2		TIF2		FTVGI2		GVMCE		SBVSG		BNCAI
Reinvested dividends	$		1,139		150		19,420		3,260		14,500		15,860		-		145
Asset charges (note 3)			(163)		(3,153)		(7,608)		(403)		(366)		(3,978)		(210)		(211)
Net investment income (loss)			976		(3,003)		11,812		2,857		14,134		11,882		(210)		(66)
Realized gain (loss) on investments			3,347		610,676		325,718		18,077		(3,299)		195,478		849		6,994
Change in unrealized gain (loss) on investments			(10,081)		(460,151)		(576,347)		(39,712)		(1,031)		(272,091)		(8,753)		(4,067)
Net gain (loss) on investments			(6,734)		150,525		(250,629)		(21,635)		(4,330)		(76,613)		(7,904)		2,927
Reinvested capital gains			16		-		234,179		-		-		264,123		10,027		454
Net increase (decrease) in contract owners’ equity resulting from operations	$		(5,742)		147,522		(4,638)		(18,778)		9,804		199,392		1,913		3,315

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		AMGP		AMCG		AMTP		OVGR		OVGS		OVGI		OVAG		PMVAAA
Reinvested dividends	$		415		-		2,956		2,368		36,789		85		-		19,978
Asset charges (note 3)			(227)		(3)		(984)		(1,370)		(5,969)		(26)		(46)		(945)
Net investment income (loss)			188		(3)		1,972		998		30,820		59		(46)		19,033
Realized gain (loss) on investments			1,687		45		2,853		28,906		701,984		2,380		2,881		866
Change in unrealized gain (loss) on investments			(8,737)		(416)		31,436		32,879		(749,713)		(1,713)		(2,207)		(20,674)
Net gain (loss) on investments			(7,050)		(371)		34,289		61,785		(47,729)		667		674		(19,808)
Reinvested capital gains			14,562		447		-		12,892		150,088		205		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		7,700		73		36,261		75,675		133,179		931		628		(775)
Investment Activity:		PMVLDA		PMVRRA		PMVTRA		PIHYB1		ACGI		AVIE		ROCMC		TREI2
Reinvested dividends	$		20,432		61,246		479,413		15,285		3,193		111		-		30,153
Asset charges (note 3)			(4,521)		(9,809)		(46,380)		(815)		(456)		(26)		(538)		(5,045)
Net investment income (loss)			15,911		51,437		433,033		14,470		2,737		85		(538)		25,108
Realized gain (loss) on investments			1,637		(60,125)		(182,287)		(165)		44,953		2,199		69,652		469,903
Change in unrealized gain (loss) on investments			(4,804)		198,474		615,461		(30,648)		(50,926)		(1,932)		(99,424)		(480,233)
Net gain (loss) on investments			(3,167)		138,349		433,174		(30,813)		(5,973)		267		(29,772)		(10,330)
Reinvested capital gains			-		-		-		9,838		20,767		-		12,009		-
Net increase (decrease) in contract owners’ equity resulting from operations	$		12,744		189,786		866,207		(6,505)		17,531		352		(18,301)		14,778

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENT OF OPERATIONS

Year Ended December 31, 2014

Investment Activity:		TRLT1		TRMCG2		TRNAG1		TRBCGP		VWEM		VWHA		WRMCG		WRRESP
Reinvested dividends	$		926		-		-		-		19,723		273		-		321
Asset charges (note 3)			(234)		(593)		(14)		(178)		(7,166)		(766)		(191)		(86)
Net investment income (loss)			692		(593)		(14)		(178)		12,557		(493)		(191)		235
Realized gain (loss) on investments			(38)		6,299		476		330		7,367		(12,911)		(342)		1,050
Change in unrealized gain (loss) on investments			(1,648)		(4,463)		(872)		6,017		(320,428)		(46,591)		(1,121)		5,389
Net gain (loss) on investments			(1,686)		1,836		(396)		6,347		(313,061)		(59,502)		(1,463)		6,439
Reinvested capital gains			-		27,193		860		-		450,255		-		-		1,835
Net increase (decrease) in contract owners’ equity resulting from operations	$		(994)		28,436		450		6,169		149,751		(59,995)		(1,654)		8,509
Investment Activity:		SVOF		CVSSE		ACVVS1
Reinvested dividends	$		-		2		-
Asset charges (note 3)			(3)		(1)		-
Net investment income (loss)			(3)		1		-
Realized gain (loss) on investments			167		281		52
Change in unrealized gain (loss) on investments			(88)		(446)		(107)
Net gain (loss) on investments			79		(165)		(55)
Reinvested capital gains			-		150		45
Net increase (decrease) in contract owners’ equity resulting from operations	$		76		(14)		(10)

See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		Total				AMVGS2				AMVGR2				AMVI2
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		1,313,475		1,397,867		(4)		15		5,330		7,978		566		165
Realized gain (loss) on investments			7,372,912		7,032,279		163		91		175,367		39,991		1,069		91
Change in unrealized gain (loss) on investments			(5,825,344)		6,962,278		(120)		240		(143,913)		264,329		(2,724)		2,349
Reinvested capital gains			3,283,519		1,206,578		12		-		44,700		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			6,144,562		16,599,002		51		346		81,484		312,298		(1,089)		2,605
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			96,224		2,075,385		-		-		-		-		-		-
Transfers between funds			-		-		68		1,473		(350,581)		(207,077)		30,961		1,728
Surrenders (note 6)			(821,239)		(14,208,792)		(220)		-		(1,161)		-		-		-
Death Benefits (note 4)			-		(58,704)		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			(3,501)		(1,220,929)		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(2,524,163)		(2,410,230)		(170)		(110)		(13,701)		(24,981)		(778)		(371)
Adjustments to maintain reserves			296		1,045		-		(1)		3		14		(2)		3
Net equity transactions			(3,252,383)		(15,822,225)		(322)		1,362		(365,440)		(232,044)		30,181		1,360
Net change in contract owners’ equity			2,892,179		776,777		(271)		1,708		(283,956)		80,254		29,092		3,965
Contract owners’ equity beginning of period			171,623,005		170,846,228		2,524		816		1,265,569		1,185,315		15,223		11,258
Contract owners’ equity end of period	$		174,515,184		171,623,005		2,253		2,524		981,613		1,265,569		44,315		15,223
CHANGES IN UNITS:
Beginning units			10,851,836		11,527,101		186		77		83,379		101,345		1,359		1,220
Units purchased			1,900,879		1,404,966		17		118		-		159		2,783		254
Units redeemed			(1,131,160)		(2,080,231)		(40)		(9)		(23,630)		(18,125)		(70)		(115)
Ending units			11,621,555		10,851,836		163		186		59,749		83,379		4,072		1,359

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		CVSPIP				DWVSVS				DSIF				DSRG
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		29		-		3		-		294,480		287,542		76		115
Realized gain (loss) on investments			16		-		(11)		-		1,723,917		1,199,950		380		2,704
Change in unrealized gain (loss) on investments			(19)		-		(63)		-		110,692		3,212,109		2,269		968
Reinvested capital gains			172		-		141		-		223,999		211,810		781		-
Net increase (decrease) in contract owners’ equity resulting from operations			198		-		70		-		2,353,088		4,911,411		3,506		3,787
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		29		-		4,061		21,971		-		-
Transfers between funds			1,930		-		1,630		-		(114,209)		(1,965,953)		88,968		(2,805)
Surrenders (note 6)			2		-		2		-		(38,158)		(1,231,315)		-		(9,199)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		(116)		47		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(35)		-		(33)		-		(257,307)		(234,009)		(356)		(337)
Adjustments to maintain reserves			2		-		-		-		(1)		53		(6)		11
Net equity transactions			1,899		-		1,628		-		(405,730)		(3,409,206)		88,606		(12,330)
Net change in contract owners’ equity			2,097		-		1,698		-		1,947,358		1,502,205		92,112		(8,543)
Contract owners’ equity beginning of period			-		-		-		-		18,219,808		16,717,603		10,804		19,347
Contract owners’ equity end of period	$		2,097		-		1,698		-		20,167,166		18,219,808		102,916		10,804
CHANGES IN UNITS:
Beginning units			-		-		-		-		977,124		1,172,345		633		1,519
Units purchased			193		-		121		-		18,958		1,702		4,715		1
Units redeemed			(3)		-		(2)		-		(38,610)		(196,923)		(20)		(887)
Ending units			190		-		119		-		957,472		977,124		5,328		633

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		ETVFR				FTVGB1				IVKMG1				OGGO
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		6,332		-		(337)		-		-		(1)		(1,910)		(1,732)
Realized gain (loss) on investments			(79)		-		(56)		-		-		219		105,170		156,296
Change in unrealized gain (loss) on investments			(9,557)		-		(4,380)		-		-		64		(267,947)		121,864
Reinvested capital gains			-		-		-		-		-		-		253,323		56,684
Net increase (decrease) in contract owners’ equity resulting from operations			(3,304)		-		(4,773)		-		-		282		88,636		333,112
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			412,010		-		276,270		-		-		-		(1,004,834)		(284,646)
Surrenders (note 6)			-		-		-		-		-		(3,829)		1		(19,948)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(6,207)		-		(8,824)		-		-		(46)		(8,637)		(10,216)
Adjustments to maintain reserves			(6)		-		(2)		-		-		2		(14)		7
Net equity transactions			405,797		-		267,444		-		-		(3,873)		(1,013,484)		(314,803)
Net change in contract owners’ equity			402,493		-		262,671		-		-		(3,591)		(924,848)		18,309
Contract owners’ equity beginning of period			-		-		-		-		-		3,591		924,848		906,539
Contract owners’ equity end of period	$		402,493		-		262,671		-		-		-		-		924,848
CHANGES IN UNITS:
Beginning units			-		-		-		-		-		366		28,421		39,822
Units purchased			36,893		-		26,909		-		-		-		-		-
Units redeemed			(558)		-		(862)		-		-		(366)		(28,421)		(11,401)
Ending units			36,335		-		26,047		-		-		-		-		28,421

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		JPMMV1				JABS				JACAS				JAGTS
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(7)		-		2,090		2,486		(250)		321		(4,558)		(355)
Realized gain (loss) on investments			132		-		2,337		5,620		2,003		18,492		31,034		9,023
Change in unrealized gain (loss) on investments			1,672		-		5,017		5,299		(27,507)		12,957		521,439		35,125
Reinvested capital gains			-		-		4,132		6,421		34,991		-		8,807		-
Net increase (decrease) in contract owners’ equity resulting from operations			1,797		-		13,576		19,826		9,237		31,770		556,722		43,793
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		1		-		1,243		2,128		-		-
Transfers between funds			67,087		-		75,206		39,394		(5,690)		(18,282)		7,127,215		(24,823)
Surrenders (note 6)			-		-		(881)		(23,356)		-		(58,209)		-		(60,466)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			-		-		(3,542)		(2,416)		(2,442)		(2,839)		(21,385)		(3,148)
Adjustments to maintain reserves			(9)		-		1		13		3		(5)		2		(1)
Net equity transactions			67,078		-		70,785		13,635		(6,886)		(77,207)		7,105,832		(88,438)
Net change in contract owners’ equity			68,875		-		84,361		33,461		2,351		(45,437)		7,662,554		(44,645)
Contract owners’ equity beginning of period			-		-		137,520		104,059		117,917		163,354		145,177		189,822
Contract owners’ equity end of period	$		68,875		-		221,881		137,520		120,268		117,917		7,807,731		145,177
CHANGES IN UNITS:
Beginning units			-		-		5,558		5,026		7,255		13,122		17,752		31,347
Units purchased			2,408		-		2,939		1,692		71		152		859,985		-
Units redeemed			-		-		(191)		(1,160)		(487)		(6,019)		(2,448)		(13,595)
Ending units			2,408		-		8,306		5,558		6,839		7,255		875,289		17,752

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		JAIGS				LZREMS				LOVMCV				MVRISC
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		111,986		53,443		3,192		2,405		(1)		-		1,055		1,361
Realized gain (loss) on investments			(111,047)		(163,801)		6,915		4,984		137		1,595		518		162
Change in unrealized gain (loss) on investments			(394,010)		374,842		(21,485)		(11,039)		(91)		(969)		(8,635)		13,904
Reinvested capital gains			144,018		-		1,966		1,215		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(249,053)		264,484		(9,412)		(2,435)		45		626		(7,062)		15,427
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			1,255		2,398		-		5,253		-		-		-		-
Transfers between funds			(181,643)		(30,896)		36,620		(18,327)		(445)		(85)		4,091		-
Surrenders (note 6)			-		(105,504)		(16,127)		-		-		(6,123)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			(3,377)		(174,282)		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(38,737)		(39,624)		(13,469)		(12,459)		(12)		(60)		(5,260)		(4,598)
Adjustments to maintain reserves			-		(8)		8		(4)		(1)		5		1		4
Net equity transactions			(222,502)		(347,916)		7,032		(25,537)		(458)		(6,263)		(1,168)		(4,594)
Net change in contract owners’ equity			(471,555)		(83,432)		(2,380)		(27,972)		(413)		(5,637)		(8,230)		10,833
Contract owners’ equity beginning of period			2,047,098		2,130,530		209,216		237,188		413		6,050		97,226		86,393
Contract owners’ equity end of period	$		1,575,543		2,047,098		206,836		209,216		-		413		88,996		97,226
CHANGES IN UNITS:
Beginning units			121,759		144,457		18,727		20,917		24		457		9,172		9,647
Units purchased			167		235		3,330		1,042		-		-		390		-
Units redeemed			(15,047)		(22,933)		(2,597)		(3,232)		(24)		(433)		(503)		(475)
Ending units			106,879		121,759		19,460		18,727		-		24		9,059		9,172

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		MVFSC				MVIVSC				MSEM				VKVGR2
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		1,223		860		28,556		19,993		26,937		10,558		1,492		-
Realized gain (loss) on investments			7,792		1,851		194,508		131,900		(87,962)		10,678		13		-
Change in unrealized gain (loss) on investments			(1,809)		30,764		(200,967)		303,046		(18,135)		(53,118)		5,170		-
Reinvested capital gains			3,554		351		-		-		4,119		3,470		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			10,760		33,826		22,097		454,939		(75,041)		(28,412)		6,675		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		444		811		-		-		-		-
Transfers between funds			(12,855)		-		(191,629)		(254,091)		368,533		15,741		257,506		-
Surrenders (note 6)			-		-		(32,694)		-		(25,424)		(34,328)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(6,410)		(5,686)		(42,901)		(40,330)		(36,993)		(18,743)		(3,929)		-
Adjustments to maintain reserves			7		(7)		(1)		(6)		(17)		19		(1)		-
Net equity transactions			(19,258)		(5,693)		(266,781)		(293,616)		306,099		(37,311)		253,576		-
Net change in contract owners’ equity			(8,498)		28,133		(244,684)		161,323		231,058		(65,723)		260,251		-
Contract owners’ equity beginning of period			126,569		98,436		1,982,452		1,821,129		296,640		362,363		-		-
Contract owners’ equity end of period	$		118,071		126,569		1,737,768		1,982,452		527,698		296,640		260,251		-
CHANGES IN UNITS:
Beginning units			9,129		9,603		96,252		112,571		10,054		11,179		-		-
Units purchased			-		-		5,976		942		9,348		1,245		23,266		-
Units redeemed			(1,382)		(474)		(18,592)		(17,261)		(1,982)		(2,370)		(352)		-
Ending units			7,747		9,129		83,636		96,252		17,420		10,054		22,914		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		MSVMG				MSVRE				HIBF				GEM
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(325)		67		551		(340)		69,679		72,304		9,403		8,112
Realized gain (loss) on investments			617		2,527		1,688		252,831		22,259		6,266		(20,177)		(55,289)
Change in unrealized gain (loss) on investments			(16,174)		28,053		8,315		(166,441)		(65,084)		(4,568)		(39,360)		52,612
Reinvested capital gains			17,597		2,000		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			1,715		32,647		10,554		86,050		26,854		74,002		(50,134)		5,435
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			2,258		3,817		-		3,630		-		3,336		-		-
Transfers between funds			3,506		18,272		5,289		(15,590)		(222,761)		9,244		34		(164)
Surrenders (note 6)			-		(26,638)		-		(929,478)		-		(15,321)		-		(89,818)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		(125)		(204)		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(3,083)		(2,548)		(1,242)		(5,038)		(16,210)		(17,053)		(22,646)		(22,782)
Adjustments to maintain reserves			(2)		8		(8)		(16)		16		(22)		14		(2)
Net equity transactions			2,679		(7,089)		4,039		(946,492)		(239,080)		(20,020)		(22,598)		(112,766)
Net change in contract owners’ equity			4,394		25,558		14,593		(860,442)		(212,226)		53,982		(72,732)		(107,331)
Contract owners’ equity beginning of period			129,472		103,914		31,408		891,850		1,159,411		1,105,429		895,288		1,002,619
Contract owners’ equity end of period	$		133,866		129,472		46,001		31,408		947,185		1,159,411		822,556		895,288
CHANGES IN UNITS:
Beginning units			7,567		8,329		910		25,358		49,393		50,293		34,149		38,432
Units purchased			305		1,433		156		188		59		607		2		-
Units redeemed			(180)		(2,195)		(36)		(24,636)		(10,011)		(1,507)		(865)		(4,283)
Ending units			7,692		7,567		1,030		910		39,441		49,393		33,286		34,149

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		GIG				NVCRA1				NVCCN1				NVCMD1
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		714		77		8		-		451		-		21		-
Realized gain (loss) on investments			9,334		2,790		1		-		583		-		1		-
Change in unrealized gain (loss) on investments			(7,304)		3,814		15		-		(316)		-		15		-
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			2,744		6,681		24		-		718		-		37		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(36,503)		(11,415)		607		-		31,737		-		1,436		-
Surrenders (note 6)			-		(38,113)		-		-		-		-		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(317)		(763)		(3)		-		(420)		-		(7)		-
Adjustments to maintain reserves			2		(1)		1		-		6		-		7		-
Net equity transactions			(36,818)		(50,292)		605		-		31,323		-		1,436		-
Net change in contract owners’ equity			(34,074)		(43,611)		629		-		32,041		-		1,473		-
Contract owners’ equity beginning of period			35,337		78,948		-		-		-		-		-		-
Contract owners’ equity end of period	$		1,263		35,337		629		-		32,041		-		1,473		-
CHANGES IN UNITS:
Beginning units			2,195		5,764		-		-		-		-		-		-
Units purchased			-		-		29		-		2,351		-		82		-
Units redeemed			(2,116)		(3,569)		-		-		(30)		-		-		-
Ending units			79		2,195		29		-		2,321		-		82		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		NVCMA1				NVCMC1				TRF				GBF
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		705		-		34		-		1,148		1,169		9,301		7,801
Realized gain (loss) on investments			63		-		1		-		603		3,331		(7,917)		(24,921)
Change in unrealized gain (loss) on investments			816		-		(1)		-		12,156		24,566		21,159		(2,256)
Reinvested capital gains			-		-		-		-		-		-		-		6,233
Net increase (decrease) in contract owners’ equity resulting from operations			1,584		-		34		-		13,907		29,066		22,543		(13,143)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		723		3,945		24,167
Transfers between funds			47,239		-		2,281		-		-		(741)		(43,059)		155,270
Surrenders (note 6)			-		-		-		-		-		(15,015)		-		(2,717,467)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(247)		-		(12)		-		(1,404)		(1,548)		(12,416)		(23,785)
Adjustments to maintain reserves			8		-		(6)		-		-		(4)		(1)		18
Net equity transactions			47,000		-		2,263		-		(1,404)		(16,585)		(51,531)		(2,561,797)
Net change in contract owners’ equity			48,584		-		2,297		-		12,503		12,481		(28,988)		(2,574,940)
Contract owners’ equity beginning of period			-		-		-		-		117,953		105,472		542,873		3,117,813
Contract owners’ equity end of period	$		48,584		-		2,297		-		130,456		117,953		513,885		542,873
CHANGES IN UNITS:
Beginning units			-		-		-		-		6,796		7,947		28,976		151,647
Units purchased			2,434		-		146		-		-		49		1,106		10,374
Units redeemed			(12)		-		(1)		-		(77)		(1,200)		(4,239)		(133,045)
Ending units			2,422		-		145		-		6,719		6,796		25,843		28,976

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		CAF				GVIDA				GVIDC				GVIDM
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		65		181		1		8		112		1,937		1,207		497
Realized gain (loss) on investments			700		1,484		177		409		(1,584)		569		672		2,866
Change in unrealized gain (loss) on investments			4,574		9,506		(175)		(142)		886		(1,347)		1,099		3,011
Reinvested capital gains			-		-		-		-		3,950		1,818		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			5,339		11,171		3		275		3,364		2,977		2,978		6,374
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			(1)		-		-		-		-		-		(107)		-
Transfers between funds			4,277		726		(627)		(279)		(121,730)		146,031		44,030		(17,788)
Surrenders (note 6)			-		(7,908)		-		(2,121)		-		(32,034)		-		(5,327)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(744)		(743)		(10)		(33)		(2,950)		(1,778)		(858)		(633)
Adjustments to maintain reserves			2		1		(2)		4		5		(5)		14		(17)
Net equity transactions			3,534		(7,924)		(639)		(2,429)		(124,675)		112,214		43,079		(23,765)
Net change in contract owners’ equity			8,873		3,247		(636)		(2,154)		(121,311)		115,191		46,057		(17,391)
Contract owners’ equity beginning of period			47,035		43,788		636		2,790		121,311		6,120		37,367		54,758
Contract owners’ equity end of period	$		55,908		47,035		-		636		-		121,311		83,424		37,367
CHANGES IN UNITS:
Beginning units			3,994		4,812		30		167		7,734		408		1,971		3,360
Units purchased			342		79				-		-		9,535		2,267		-
Units redeemed			(61)		(897)		(30)		(137)		(7,734)		(2,209)		(44)		(1,389)
Ending units			4,275		3,994		-		30		-		7,734		4,194		1,971

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		GVDMA				GVDMC				MCIF				SAM
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		44		763		2		(3)		89,831		68,945		(44)		(129)
Realized gain (loss) on investments			13,381		3,856		92		608		1,056,508		882,616		-		-
Change in unrealized gain (loss) on investments			(12,136)		7,638		(57)		(396)		(623,437)		832,634		-		-
Reinvested capital gains			-		-		59		47		391,687		181,437		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			1,289		12,257		96		256		914,589		1,965,632		(44)		(129)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		454		726		-		-
Transfers between funds			(58,176)		(2,018)		(3,859)		1,286		1,234,972		287,705		-		-
Surrenders (note 6)			-		(19,279)		-		(3,944)		-		(54,363)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		(5,107)		(286,983)
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(1,208)		(1,422)		(82)		(588)		(74,453)		(59,836)		(4,700)		(5,867)
Adjustments to maintain reserves			4		(6)		9		(7)		(14)		3		1		(5)
Net equity transactions			(59,380)		(22,725)		(3,932)		(3,253)		1,160,959		174,235		(9,806)		(292,855)
Net change in contract owners’ equity			(58,091)		(10,468)		(3,836)		(2,997)		2,075,548		2,139,867		(9,850)		(292,984)
Contract owners’ equity beginning of period			58,091		68,559		3,836		6,833		7,968,305		5,828,438		21,223		314,207
Contract owners’ equity end of period	$		-		58,091		-		3,836		10,043,853		7,968,305		11,373		21,223
CHANGES IN UNITS:
Beginning units			2,841		4,093		218		428		271,890		263,729		1,571		23,201
Units purchased			-		-		-		65		44,433		12,226		-		-
Units redeemed			(2,841)		(1,252)		(218)		(275)		(2,460)		(4,065)		(727)		(21,630)
Ending units			-		2,841		-		218		313,863		271,890		844		1,571

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		SAM5				NVMLG1				NVMLV1				NVMMG1
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(163,242)		(146,595)		9		372		106		125		-		(2)
Realized gain (loss) on investments			738		-		19,521		17,403		3,082		6,753		-		890
Change in unrealized gain (loss) on investments			-		-		(16,367)		3,363		(3,210)		(418)		-		(317)
Reinvested capital gains			-		-		2,763		5,312		1,057		600		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(162,504)		(146,595)		5,926		26,450		1,035		7,060		-		571
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			26,422		1,873,706		-		-		-		-		-		-
Transfers between funds			7,201,363		8,107,388		(55,103)		(17,312)		(2,857)		(1,264)		-		(10)
Surrenders (note 6)			(561,005)		(1,412,920)		-		(55,953)		1		(36,484)		-		(8,019)
Death Benefits (note 4)			-		(12,695)		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			16,662		(270,697)		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(913,272)		(793,576)		(1,483)		(1,919)		(350)		(629)		-		(66)
Adjustments to maintain reserves			(94)		83		(1)		(2)		(4)		6		-		3
Net equity transactions			5,770,076		7,491,289		(56,587)		(75,186)		(3,210)		(38,371)		-		(8,092)
Net change in contract owners’ equity			5,607,572		7,344,694		(50,661)		(48,736)		(2,175)		(31,311)		-		(7,521)
Contract owners’ equity beginning of period			66,596,781		59,252,087		86,041		134,777		13,480		44,791		-		7,521
Contract owners’ equity end of period	$		72,204,353		66,596,781		35,380		86,041		11,305		13,480		-		-
CHANGES IN UNITS:
Beginning units			5,830,582		5,176,806		6,009		12,651		861		3,865		-		683
Units purchased			600,081		879,413		-		-		-		-		-		-
Units redeemed			(94,950)		(225,637)		(3,766)		(6,642)		(206)		(3,004)		-		(683)
Ending units			6,335,713		5,830,582		2,243		6,009		655		861		-		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		SCGF				SCVF				SCF				MSBF
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(49)		(328)		841		1,414		(974)		(1,406)		721		895
Realized gain (loss) on investments			8,429		51,448		5,183		117,871		95,906		479,232		(181)		1,876
Change in unrealized gain (loss) on investments			(9,892)		(10,313)		(16,603)		(27,391)		(269,052)		(167,679)		780		(2,310)
Reinvested capital gains			275		1,630		30,868		-		194,737		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(1,237)		42,437		20,289		91,894		20,617		310,147		1,320		461
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		3,881		4		(3,873)		-		-
Transfers between funds			(32,522)		(241,169)		41,647		(47,117)		550,379		(36,883)		(16,799)		(104,378)
Surrenders (note 6)			-		(10,696)		-		(58,936)		-		(946,221)		(2,291)		(21,163)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		(3,261)		(148,266)		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(310)		(3,231)		(9,578)		(9,146)		(17,649)		(14,153)		(1,562)		(3,567)
Adjustments to maintain reserves			(7)		6		16		(1)		2		(14)		(2)		4
Net equity transactions			(32,839)		(255,090)		32,085		(111,319)		529,475		(1,149,410)		(20,654)		(129,104)
Net change in contract owners’ equity			(34,076)		(212,653)		52,374		(19,425)		550,092		(839,263)		(19,334)		(128,643)
Contract owners’ equity beginning of period			34,916		247,569		287,712		307,137		690,459		1,529,722		30,134		158,777
Contract owners’ equity end of period	$		840		34,916		340,086		287,712		1,240,551		690,459		10,800		30,134
CHANGES IN UNITS:
Beginning units			1,364		13,920		7,264		10,860		18,909		58,855		1,463		7,603
Units purchased			-		-		1,018		-		15,464		1,241		38		38
Units redeemed			(1,332)		(12,556)		(239)		(3,596)		(604)		(41,187)		(995)		(6,178)
Ending units			32		1,364		8,043		7,264		33,769		18,909		506		1,463

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		EIF				NVRE1				ALVGIA				ALVIVA
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		34		(15)		6,985		3,132		24,049		533		3,340		3,841
Realized gain (loss) on investments			871		4,716		(380)		(119)		(71,828)		160,263		531		1,136
Change in unrealized gain (loss) on investments			(703)		(2,272)		(7,183)		(16,704)		(15,192)		(98,983)		(11,071)		8,029
Reinvested capital gains			-		-		63,631		16,385		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			202		2,429		63,053		2,694		(62,971)		61,813		(7,200)		13,006
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		(1)		-		-		6,222
Transfers between funds			(2,020)		(14)		3,721		223,707		67,681		(1,508,572)		36,609		(994)
Surrenders (note 6)			-		(17,496)		-		-		-		(17,006)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(89)		(205)		(7,500)		(4,108)		(7,564)		(2,701)		(2,539)		(1,733)
Adjustments to maintain reserves			5		6		8		(10)		(21)		17		3		-
Net equity transactions			(2,104)		(17,709)		(3,771)		219,589		60,095		(1,528,262)		34,073		3,495
Net change in contract owners’ equity			(1,902)		(15,280)		59,282		222,283		(2,876)		(1,466,449)		26,873		16,501
Contract owners’ equity beginning of period			3,377		18,657		222,283		-		64,734		1,531,183		67,418		50,917
Contract owners’ equity end of period	$		1,475		3,377		281,565		222,283		61,858		64,734		94,291		67,418
CHANGES IN UNITS:
Beginning units			177		1,323		9,171		-		2,542		80,947		7,602		7,048
Units purchased			-		-		133		9,340		-		1		4,046		991
Units redeemed			(106)		(1,146)		(268)		(169)		(319)		(78,406)		(289)		(437)
Ending units			71		177		9,036		9,171		2,223		2,542		11,359		7,602

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		ACVCA				ACVIG				ACVI				ACVMV1
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		-		(134)		12,834		11,308		12,888		16,651		1,281		1,266
Realized gain (loss) on investments			7		149,544		8,567		13,278		3,459		(20,805)		13,137		11,099
Change in unrealized gain (loss) on investments			18		(120,320)		61,258		146,127		(68,200)		196,709		(2,659)		22,458
Reinvested capital gains			-		-		-		-		-		-		8,873		2,111
Net increase (decrease) in contract owners’ equity resulting from operations			25		29,090		82,659		170,713		(51,853)		192,555		20,632		36,934
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		6,243		9,592		(22)		-		-		-
Transfers between funds			(510)		-		32,760		28,895		(19,156)		12,895		(2,814)		(37,230)
Surrenders (note 6)			1		(464,670)		-		(15,841)		-		(283,743)		(12,646)		-
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)		(3,854)		(12,580)		(10,626)		(22,836)		(22,056)		(9,694)		(9,046)
Adjustments to maintain reserves			919		8		3		(4)		4		(4)		4		(3)
Net equity transactions			400		(468,516)		26,426		12,016		(42,010)		(292,908)		(25,150)		(46,279)
Net change in contract owners’ equity			425		(439,426)		109,085		182,729		(93,863)		(100,353)		(4,518)		(9,345)
Contract owners’ equity beginning of period			-		439,426		668,770		486,041		935,875		1,036,228		140,470		149,815
Contract owners’ equity end of period	$		425		-		777,855		668,770		842,012		935,875		135,952		140,470
CHANGES IN UNITS:
Beginning units			-		17,464		32,220		31,725		49,492		66,912		8,859		12,263
Units purchased			40		-		1,754		2,044		-		826		131		147
Units redeemed			(28)		(17,464)		(580)		(1,549)		(2,251)		(18,246)		(1,607)		(3,551)
Ending units			12		-		33,394		32,220		47,241		49,492		7,383		8,859

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		ACVU1				ACVV				DVSCS				DCAP
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		33		61		11,982		12,049		31,207		62,611		9,067		9,068
Realized gain (loss) on investments			1,450		3,140		78,369		22,013		1,374,912		936,743		7,306		10,922
Change in unrealized gain (loss) on investments			1,055		4,723		23,019		199,872		(1,723,919)		1,294,228		11,772		78,821
Reinvested capital gains			-		-		-		-		430,205		94,509		14,904		1,250
Net increase (decrease) in contract owners’ equity resulting from operations			2,538		7,924		113,370		233,934		112,405		2,388,091		43,049		100,061
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			(1)		-		-		-		984		1,723		1,329		2,195
Transfers between funds			(807)		(665)		(183,757)		3,334		(3,678,358)		(161,113)		(20,447)		(33,340)
Surrenders (note 6)			-		(15,226)		-		(60,334)		(44)		(22,457)		-		(21,875)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(498)		(538)		(24,948)		(25,047)		(62,539)		(60,432)		(7,935)		(8,613)
Adjustments to maintain reserves			-		(11)		14		(9)		9		14		13		(6)
Net equity transactions			(1,306)		(16,440)		(208,691)		(82,056)		(3,739,948)		(242,265)		(27,040)		(61,639)
Net change in contract owners’ equity			1,232		(8,516)		(95,321)		151,878		(3,627,543)		2,145,826		16,009		38,422
Contract owners’ equity beginning of period			25,902		34,418		945,877		793,999		7,994,605		5,848,779		559,480		521,058
Contract owners’ equity end of period	$		27,134		25,902		850,556		945,877		4,367,062		7,994,605		575,489		559,480
CHANGES IN UNITS:
Beginning units			1,392		2,529		34,256		37,784		292,652		300,667		26,150		29,420
Units purchased			-		-		-		42		35		1,119		57		105
Units redeemed			(63)		(1,137)		(6,947)		(3,570)		(140,303)		(9,134)		(1,260)		(3,375)
Ending units			1,329		1,392		27,309		34,256		152,384		292,652		24,947		26,150

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		DVIV				FQB				FAMP				FCS
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		5,149		5,915		78		9,053		40,561		28,823		2,997		5,194
Realized gain (loss) on investments			1,133		10,811		2		128,598		163,017		425,465		93,726		12,138
Change in unrealized gain (loss) on investments			(71,525)		57,803		(2)		(128,054)		(186,578)		(127,831)		(31,179)		165,707
Reinvested capital gains			-		-		-		-		159,746		5,371		11,080		201
Net increase (decrease) in contract owners’ equity resulting from operations			(65,243)		74,529		78		9,597		176,746		331,828		76,624		183,240
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		1,277		5,442		27,558
Transfers between funds			209,051		12,494		527		(3,147,733)		785,952		(159,496)		(246,323)		(27,092)
Surrenders (note 6)			-		(16,333)		-		(27,147)		-		(482,437)		-		(8,329)
Death Benefits (note 4)			-		-		-		-		-		(17,798)		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(14,600)		(11,144)		(70)		(6,189)		(33,594)		(26,334)		(18,068)		(16,766)
Adjustments to maintain reserves			(13)		14		10		(5)		(13)		9		21		-
Net equity transactions			194,438		(14,969)		467		(3,181,074)		752,345		(684,779)		(258,928)		(24,629)
Net change in contract owners’ equity			129,195		59,560		545		(3,171,477)		929,091		(352,951)		(182,304)		158,611
Contract owners’ equity beginning of period			407,022		347,462		2,178		3,173,655		2,298,566		2,651,517		769,796		611,185
Contract owners’ equity end of period	$		536,217		407,022		2,723		2,178		3,227,657		2,298,566		587,492		769,796
CHANGES IN UNITS:
Beginning units			19,584		20,511		106		155,678		124,607		165,902		25,708		26,600
Units purchased			9,653		581		25		-		42,888		-		157		1,143
Units redeemed			(714)		(1,508)		(3)		(155,572)		(1,751)		(41,295)		(8,059)		(2,035)
Ending units			28,523		19,584		128		106		165,744		124,607		17,806		25,708

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		FEIS				FGOS				FGS				FHIS
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		5,110		5,530		(370)		(1,077)		(1,623)		(236)		1,392		1,572
Realized gain (loss) on investments			25,336		18,819		11,006		343,777		116,422		81,418		346		2,425
Change in unrealized gain (loss) on investments			(12,111)		27,342		19,548		(114,438)		(9,079)		177,084		(1,547)		(1,133)
Reinvested capital gains			3,212		17,329		255		129		-		642		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			21,547		69,020		30,439		228,391		105,720		258,908		191		2,864
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			2,538		4,273		-		-		-		-		-		-
Transfers between funds			(78,650)		(23,691)		(28,238)		(450,071)		(251,436)		229,331		(3,833)		(12,796)
Surrenders (note 6)			-		(28,043)		-		(928,071)		-		(8,740)		-		(35,280)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		(1,946)		(76,619)		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(7,532)		(6,795)		(3,819)		(12,251)		(26,762)		(23,364)		(704)		(935)
Adjustments to maintain reserves			15		(3)		(1)		1		(3)		(1)		(3)		(7)
Net equity transactions			(83,629)		(54,259)		(32,058)		(1,390,392)		(280,147)		120,607		(4,540)		(49,018)
Net change in contract owners’ equity			(62,082)		14,761		(1,619)		(1,162,001)		(174,427)		379,515		(4,349)		(46,154)
Contract owners’ equity beginning of period			277,077		262,316		275,935		1,437,936		1,046,696		667,181		28,841		74,995
Contract owners’ equity end of period	$		214,995		277,077		274,316		275,935		872,269		1,046,696		24,492		28,841
CHANGES IN UNITS:
Beginning units			13,203		15,961		16,553		118,550		49,975		43,279		1,737		4,770
Units purchased			111		208		-		-		-		13,245		-		-
Units redeemed			(3,861)		(2,966)		(1,837)		(101,997)		(12,425)		(6,549)		(274)		(3,033)
Ending units			9,453		13,203		14,716		16,553		37,550		49,975		1,463		1,737

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		FIGBS				FMCS				FOP				FOS
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		4,800		2,566		(578)		1,080		-		(9)		976		655
Realized gain (loss) on investments			(1,144)		(855)		36,731		10,007		-		4,759		3,347		5,811
Change in unrealized gain (loss) on investments			6,114		(6,328)		(12,956)		86,325		-		(3,569)		(10,081)		11,047
Reinvested capital gains			52		1,546		13,908		76,358		-		-		16		244
Net increase (decrease) in contract owners’ equity resulting from operations			9,822		(3,071)		37,105		173,770		-		1,181		(5,742)		17,757
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		7,171		-		-		116		220
Transfers between funds			123,982		2,803		(132,669)		43,430		-		-		21,521		(3,026)
Surrenders (note 6)			-		(20,132)		(13,395)		(50,145)		-		(29,123)		-		(3,698)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(10,366)		(5,543)		(23,164)		(22,126)		-		(246)		(1,751)		(1,832)
Adjustments to maintain reserves			1		(5)		31		(4)		-		(1)		8		(5)
Net equity transactions			113,617		(22,877)		(169,197)		(21,674)		-		(29,370)		19,894		(8,341)
Net change in contract owners’ equity			123,439		(25,948)		(132,092)		152,096		-		(28,189)		14,152		9,416
Contract owners’ equity beginning of period			123,438		149,386		660,372		508,276		-		28,189		71,711		62,295
Contract owners’ equity end of period	$		246,877		123,438		528,280		660,372		-		-		85,863		71,711
CHANGES IN UNITS:
Beginning units			8,542		10,117		28,143		29,402		-		2,129		3,884		4,388
Units purchased			8,344		191		160		4,153		-		-		1,320		25
Units redeemed			(691)		(1,766)		(7,054)		(5,412)		-		(2,129)		(128)		(529)
Ending units			16,195		8,542		21,249		28,143		-		-		5,076		3,884

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		FVSS				FTVSV2				TIF2				FTVGI2
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(3,003)		12,006		11,812		36,886		2,857		3,465		14,134		12,719
Realized gain (loss) on investments			610,676		7,413		325,718		178,583		18,077		8,616		(3,299)		3,208
Change in unrealized gain (loss) on investments			(460,151)		457,958		(576,347)		794,141		(39,712)		21,534		(1,031)		(14,873)
Reinvested capital gains			-		-		234,179		58,694		-		-		-		3,480
Net increase (decrease) in contract owners’ equity resulting from operations			147,522		477,377		(4,638)		1,068,304		(18,778)		33,615		9,804		4,534
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		8,095		1		-		-		-
Transfers between funds			(2,351,400)		1,784,521		(869,608)		(605,771)		(125,358)		21,276		(275,939)		(32,920)
Surrenders (note 6)			-		(21,581)		-		(23,083)		-		(54,155)		(25,776)		-
Death Benefits (note 4)			-		-		-		(28,211)		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(18,423)		(24,484)		(32,826)		(35,406)		(3,660)		(3,531)		(11,207)		(19,632)
Adjustments to maintain reserves			(7)		3		(10)		16		(5)		(8)		(8)		9
Net equity transactions			(2,369,830)		1,738,459		(902,444)		(684,360)		(129,022)		(36,418)		(312,930)		(52,543)
Net change in contract owners’ equity			(2,222,308)		2,215,836		(907,082)		383,944		(147,800)		(2,803)		(303,126)		(48,009)
Contract owners’ equity beginning of period			2,238,847		23,011		3,804,134		3,420,190		182,647		185,450		303,126		351,135
Contract owners’ equity end of period	$		16,539		2,238,847		2,897,052		3,804,134		34,847		182,647		-		303,126
CHANGES IN UNITS:
Beginning units			92,347		1,235		173,857		212,425		7,109		8,854		18,071		21,221
Units purchased			-		93,341		2,849		599		-		832		193		1,382
Units redeemed			(91,706)		(2,229)		(44,729)		(39,167)		(5,579)		(2,577)		(18,264)		(4,532)
Ending units			641		92,347		131,977		173,857		1,530		7,109		-		18,071

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		GVMCE				SBVSG				BNCAI				AMGP
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		11,882		9,345		(210)		(81)		(66)		133		188		509
Realized gain (loss) on investments			195,478		180,738		849		202		6,994		5,748		1,687		5,006
Change in unrealized gain (loss) on investments			(272,091)		121,975		(8,753)		9,135		(4,067)		14,092		(8,737)		8,774
Reinvested capital gains			264,123		128,198		10,027		3,801		454		6,202		14,562		4,141
Net increase (decrease) in contract owners’ equity resulting from operations			199,392		440,256		1,913		13,057		3,315		26,175		7,700		18,430
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			898		1,351		1,554		1,723		3		-		1,621		2,753
Transfers between funds			(269,662)		(146,550)		34,104		24,767		(24,190)		26,653		(4,181)		47,214
Surrenders (note 6)			-		(64,013)		-		-		-		(16,472)		-		(18,997)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(20,469)		(19,089)		(1,987)		(851)		(1,154)		(1,132)		(2,130)		(1,416)
Adjustments to maintain reserves			(10)		16		3		(9)		(3)		1		(17)		18
Net equity transactions			(289,243)		(228,285)		33,674		25,630		(25,344)		9,050		(4,707)		29,572
Net change in contract owners’ equity			(89,851)		211,971		35,587		38,687		(22,029)		35,225		2,993		48,002
Contract owners’ equity beginning of period			1,694,902		1,482,931		59,132		20,445		102,836		67,611		92,497		44,495
Contract owners’ equity end of period	$		1,605,051		1,694,902		94,719		59,132		80,807		102,836		95,490		92,497
CHANGES IN UNITS:
Beginning units			52,219		60,565		3,216		1,631		2,947		2,707		4,118		2,743
Units purchased			3,519		2,062		1,857		1,639		-		877		66		2,519
Units redeemed			(12,087)		(10,408)		(111)		(54)		(733)		(637)		(275)		(1,144)
Ending units			43,651		52,219		4,962		3,216		2,214		2,947		3,909		4,118

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		AMCG				AMTP				AMFAS				OVGR
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		(3)		(15)		1,972		3,143		-		(1)		998		3,587
Realized gain (loss) on investments			45		6,469		2,853		21,214		-		1,099		28,906		87,419
Change in unrealized gain (loss) on investments			(416)		(4,208)		31,436		69,775		-		(819)		32,879		45,091
Reinvested capital gains			447		-		-		-		-		-		12,892		-
Net increase (decrease) in contract owners’ equity resulting from operations			73		2,246		36,261		94,132		-		279		75,675		136,097
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(272)		(1,706)		-		(379)		-		-		(35,142)		(1,402)
Surrenders (note 6)			2		(25,911)		-		(48,130)		-		(4,930)		-		(86,489)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		(1,987)		(82,214)
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(30)		(211)		(4,466)		(4,955)		-		(43)		(13,238)		(14,143)
Adjustments to maintain reserves			(14)		(6)		4		-		-		3		(17)		10
Net equity transactions			(314)		(27,834)		(4,462)		(53,464)		-		(4,970)		(50,384)		(184,238)
Net change in contract owners’ equity			(241)		(25,588)		31,799		40,668		-		(4,691)		25,291		(48,141)
Contract owners’ equity beginning of period			1,275		26,863		381,420		340,752		-		4,691		556,753		604,894
Contract owners’ equity end of period	$		1,034		1,275		413,219		381,420		-		-		582,044		556,753
CHANGES IN UNITS:
Beginning units			45		1,254		19,601		22,906		-		328		26,218		36,864
Units purchased			-		-		-		-		-		-		-		-
Units redeemed			(11)		(1,209)		(222)		(3,305)		-		(328)		(2,409)		(10,646)
Ending units			34		45		19,379		19,601		-		-		23,809		26,218

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		OVGS				OVGI				OVAG				PMVAAA
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		30,820		36,497		59		99		(46)		(89)		19,033		15,360
Realized gain (loss) on investments			701,984		215,286		2,380		37,313		2,881		50,896		866		1,244
Change in unrealized gain (loss) on investments			(749,713)		484,298		(1,713)		(28,046)		(2,207)		(36,218)		(20,674)		(11,715)
Reinvested capital gains			150,088		-		205		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			133,179		736,081		931		9,366		628		14,589		(775)		4,889
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(2,529,798)		1,595,064		(1,912)		(3,280)		(2,323)		(3,662)		35,150		318,691
Surrenders (note 6)			(132)		(101,615)		-		(26,131)		-		(48,225)		-		(12,571)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		(2,383)		(99,997)		(1,861)		(81,714)		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(31,433)		(38,331)		(2,205)		(2,514)		(2,061)		(2,521)		(11,071)		(6,834)
Adjustments to maintain reserves			11		5		6		(4)		9		-		(15)		13
Net equity transactions			(2,561,352)		1,455,123		(6,494)		(131,926)		(6,236)		(136,122)		24,064		299,299
Net change in contract owners’ equity			(2,428,173)		2,191,204		(5,563)		(122,560)		(5,608)		(121,533)		23,289		304,188
Contract owners’ equity beginning of period			3,468,944		1,277,740		12,958		135,518		21,742		143,275		353,333		49,145
Contract owners’ equity end of period	$		1,040,771		3,468,944		7,395		12,958		16,134		21,742		376,622		353,333
CHANGES IN UNITS:
Beginning units			163,191		76,332		745		10,241		1,129		10,092		19,688		2,739
Units purchased			8		104,666		-		-		-		-		1,848		18,044
Units redeemed			(115,215)		(17,807)		(360)		(9,496)		(335)		(8,963)		(597)		(1,095)
Ending units			47,984		163,191		385		745		794		1,129		20,939		19,688

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		PMVLDA				PMVRRA				PMVTRA				PIHYB1
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		15,911		19,937		51,437		71,027		433,033		515,149		14,470		7,788
Realized gain (loss) on investments			1,637		60,373		(60,125)		137,758		(182,287)		31,360		(165)		2,141
Change in unrealized gain (loss) on investments			(4,804)		(95,172)		198,474		(775,821)		615,461		(1,425,700)		(30,648)		(8,902)
Reinvested capital gains			-		-		-		37,183		-		199,960		9,838		14,538
Net increase (decrease) in contract owners’ equity resulting from operations			12,744		(14,862)		189,786		(529,853)		866,207		(679,231)		(6,505)		15,565
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		26,775		48,332		2,549		4,408		-		-
Transfers between funds			(93,974)		(2,357,744)		(1,762,876)		607,761		(1,853,946)		(3,959,621)		124,367		229,241
Surrenders (note 6)			-		(25,877)		-		(129,980)		(47,587)		(62,448)		-		(26,531)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(35,926)		(40,337)		(68,404)		(88,119)		(258,338)		(291,644)		(9,539)		(4,986)
Adjustments to maintain reserves			(35)		155		239		(187)		(787)		835		31		35
Net equity transactions			(129,935)		(2,423,803)		(1,804,266)		437,807		(2,158,109)		(4,308,470)		114,859		197,759
Net change in contract owners’ equity			(117,191)		(2,438,665)		(1,614,480)		(92,046)		(1,291,902)		(4,987,701)		108,354		213,324
Contract owners’ equity beginning of period			1,788,286		4,226,951		4,559,633		4,651,679		22,232,899		27,220,600		257,820		44,496
Contract owners’ equity end of period	$		1,671,095		1,788,286		2,945,153		4,559,633		20,940,997		22,232,899		366,174		257,820
CHANGES IN UNITS:
Beginning units			120,941		284,774		255,677		236,204		1,202,444		1,439,924		9,725		1,876
Units purchased			29,505		41,655		1,437		63,704		10,297		25,220		4,459		9,120
Units redeemed			(38,101)		(205,488)		(96,518)		(44,231)		(124,392)		(262,700)		(349)		(1,271)
Ending units			112,345		120,941		160,596		255,677		1,088,349		1,202,444		13,835		9,725

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		ACGI				AVIE				ROCMC				TREI2
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		2,737		2,678		85		77		(538)		2,322		25,108		15,843
Realized gain (loss) on investments			44,953		25,000		2,199		6,960		69,652		(17,736)		469,903		93,542
Change in unrealized gain (loss) on investments			(50,926)		42,235		(1,932)		(2,999)		(99,424)		172,243		(480,233)		264,647
Reinvested capital gains			20,767		1,938		-		-		12,009		24,829		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			17,531		71,851		352		4,038		(18,301)		181,658		14,778		374,032
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		3,623		-		-
Transfers between funds			(71,877)		(71,615)		(5,129)		(31,555)		(812,566)		(180,309)		(93,461)		(12,184)
Surrenders (note 6)			(16,171)		-		-		(11,910)		(1,013)		(55,712)		-		(61,180)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(12,953)		(15,570)		(238)		(729)		(4,635)		(12,223)		(25,651)		(16,740)
Adjustments to maintain reserves			2		(1)		(4)		11		22		(7)		(26)		39
Net equity transactions			(100,999)		(87,186)		(5,371)		(44,183)		(818,192)		(244,628)		(119,138)		(90,065)
Net change in contract owners’ equity			(83,468)		(15,335)		(5,019)		(40,145)		(836,493)		(62,970)		(104,360)		283,967
Contract owners’ equity beginning of period			247,670		263,005		12,976		53,121		989,190		1,052,160		1,654,603		1,370,636
Contract owners’ equity end of period	$		164,202		247,670		7,957		12,976		152,697		989,190		1,550,243		1,654,603
CHANGES IN UNITS:
Beginning units			16,063		22,814		550		2,673		31,605		40,576		67,354		72,021
Units purchased			-		877		-		1		42		790		1,900		1,476
Units redeemed			(6,382)		(7,628)		(213)		(2,124)		(26,582)		(9,761)		(10,186)		(6,143)
Ending units			9,681		16,063		337		550		5,065		31,605		59,068		67,354

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		TRLT1				TRMCG2				TRNAG1				TRBCGP
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		692		6		(593)		(532)		(14)		(134)		(178)		(9)
Realized gain (loss) on investments			(38)		-		6,299		5,455		476		19,925		330		4
Change in unrealized gain (loss) on investments			(1,648)		(7)		(4,463)		41,984		(872)		(3,800)		6,017		4,243
Reinvested capital gains			-		-		27,193		18,729		860		826		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(994)		(1)		28,436		65,636		450		16,817		6,169		4,238
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			4,902		101		2		-		-		-		1,283		2,094
Transfers between funds			361,905		3,164		(14,377)		17,293		376		(64,295)		(1,311)		64,853
Surrenders (note 6)			-		-		-		(51,631)		-		(9,370)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(3,177)		(13)		(4,037)		(4,046)		(150)		(1,321)		(1,671)		(260)
Adjustments to maintain reserves			(19)		(4)		(9)		28		8		(12)		(12)		7
Net equity transactions			363,611		3,248		(18,421)		(38,356)		234		(74,998)		(1,711)		66,694
Net change in contract owners’ equity			362,617		3,247		10,015		27,280		684		(58,181)		4,458		70,932
Contract owners’ equity beginning of period			3,247		-		241,833		214,553		5,598		63,779		70,932		-
Contract owners’ equity end of period	$		365,864		3,247		251,848		241,833		6,282		5,598		75,390		70,932
CHANGES IN UNITS:
Beginning units			315		-		6,123		7,391		243		3,811		4,965		-
Units purchased			35,351		317		-		482		13		-		82		4,984
Units redeemed			(306)		(2)		(457)		(1,750)		(6)		(3,568)		(201)		(19)
Ending units			35,360		315		5,666		6,123		250		243		4,846		4,965

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		VWEM				VWHA				WRGP				WRMCG
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		12,557		40,419		(493)		2,189		-		(1)		(191)		-
Realized gain (loss) on investments			7,367		1,245		(12,911)		(25,686)		-		453		(342)		-
Change in unrealized gain (loss) on investments			(320,428)		313,720		(46,591)		52,295		-		(306)		(1,121)		-
Reinvested capital gains			450,255		-		-		8,626		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			149,751		355,384		(59,995)		37,424		-		146		(1,654)		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(2,440,418)		2,304,464		73,098		(41,458)		-		-		831,143		-
Surrenders (note 6)			-		(155,451)		(25,644)		(127,297)		-		(3,238)		-		-
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(63,786)		(66,254)		(19,647)		(19,729)		-		(27)		(829)		-
Adjustments to maintain reserves			9		13		(4)		(29)		-		5		-		-
Net equity transactions			(2,504,195)		2,082,772		27,803		(188,513)		-		(3,260)		830,314		-
Net change in contract owners’ equity			(2,354,444)		2,438,156		(32,192)		(151,089)		-		(3,114)		828,660		-
Contract owners’ equity beginning of period			3,865,097		1,426,941		308,396		459,485		-		3,114		-		-
Contract owners’ equity end of period	$		1,510,653		3,865,097		276,204		308,396		-		-		828,660		-
CHANGES IN UNITS:
Beginning units			112,913		46,580		7,709		12,664		-		195		-		-
Units purchased			-		73,183		1,903		-		-		-		63,250		-
Units redeemed			(68,487)		(6,850)		(1,056)		(4,955)		-		(195)		(4,649)		-
Ending units			44,426		112,913		8,556		7,709		-		-		58,601		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		WRRESP				SVDF				SVOF				CVSSE
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		235		59		-		(10)		(3)		(18)		1		(3)
Realized gain (loss) on investments			1,050		2,000		-		15,615		167		24,163		281		735
Change in unrealized gain (loss) on investments			5,389		(1,961)		-		(13,109)		(88)		(19,560)		(446)		(176)
Reinvested capital gains			1,835		-		-		-		-		-		150		130
Net increase (decrease) in contract owners’ equity resulting from operations			8,509		98		-		2,496		76		4,585		(14)		686
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			88,182		4,129		-		-		147		(3,095)		(2,147)		(3,700)
Surrenders (note 6)			(881)		(8,035)		-		(35,493)		2		(58,134)		-		(1,081)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(1,270)		(502)		-		(292)		(24)		(504)		(18)		(65)
Adjustments to maintain reserves			-		1		-		13		5		(15)		(7)		4
Net equity transactions			86,031		(4,407)		-		(35,772)		130		(61,748)		(2,172)		(4,842)
Net change in contract owners’ equity			94,540		(4,309)		-		(33,276)		206		(57,163)		(2,186)		(4,156)
Contract owners’ equity beginning of period			8,356		12,665		-		33,276		835		57,998		2,186		6,342
Contract owners’ equity end of period	$		102,896		8,356		-		-		1,041		835		-		2,186
CHANGES IN UNITS:
Beginning units			535		818		-		1,158		38		3,441		87		330
Units purchased			4,658		245		-		-		6		-		-		-
Units redeemed			(119)		(528)		-		(1,158)		(1)		(3,403)		(87)		(243)
Ending units			5,074		535		-		-		43		38		-		87

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		ACVVS1				ACVB				DVMCS				DGI
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		-		(15)		-		(83)		-		(6)		-		(50)
Realized gain (loss) on investments			52		17,925		-		70,912		-		3,801		-		53,337
Change in unrealized gain (loss) on investments			(107)		(14,464)		-		(60,494)		-		(1,865)		-		(41,574)
Reinvested capital gains			45		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			(10)		3,446		-		10,335		-		1,930		-		11,713
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			(401)		(46)		-		-		-		-		-		-
Surrenders (note 6)			-		(50,821)		-		(283,936)		-		(22,200)		-		(172,977)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			(4)		(431)		-		(2,376)		-		(179)		-		(1,437)
Adjustments to maintain reserves			9		(14)		-		(6)		-		7		-		(1)
Net equity transactions			(396)		(51,312)		-		(286,318)		-		(22,372)		-		(174,415)
Net change in contract owners’ equity			(406)		(47,866)		-		(275,983)		-		(20,442)		-		(162,702)
Contract owners’ equity beginning of period			406		48,272		-		275,983		-		20,442		-		162,702
Contract owners’ equity end of period	$		-		406		-		-		-		-		-		-
CHANGES IN UNITS:
Beginning units			22		3,394		-		16,745		-		947		-		12,802
Units purchased			-		-		-		-		-		-		-		-
Units redeemed			(22)		(3,372)		-		(16,745)		-		(947)		-		(12,802)
Ending units			-		22		-		-		-		-		-		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		FEIP				FHIP				FCP				FGOP
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		-		(15)		-		40		-		(51)		-		(3)
Realized gain (loss) on investments			-		13,424		-		7,023		-		50,098		-		7,443
Change in unrealized gain (loss) on investments			-		(10,294)		-		(6,648)		-		(39,850)		-		(6,437)
Reinvested capital gains			-		138		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			-		3,253		-		415		-		10,197		-		1,003
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			-		-		-		-		-		-		-		-
Surrenders (note 6)			-		(50,610)		-		(54,529)		-		(175,428)		-		(18,733)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			-		(420)		-		(463)		-		(1,461)		-		(155)
Adjustments to maintain reserves			-		(4)		-		(9)		-		5		-		(2)
Net equity transactions			-		(51,034)		-		(55,001)		-		(176,884)		-		(18,890)
Net change in contract owners’ equity			-		(47,781)		-		(54,586)		-		(166,687)		-		(17,887)
Contract owners’ equity beginning of period			-		47,781		-		54,586		-		166,687		-		17,887
Contract owners’ equity end of period	$		-		-		-		-		-		-		-		-
CHANGES IN UNITS:
Beginning units			-		3,223		-		2,572		-		8,838		-		1,358
Units purchased			-		-		-		-		-		-		-		-
Units redeemed			-		(3,223)		-		(2,572)		-		(8,838)		-		(1,358)
Ending units			-		-		-		-		-		-		-		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		FGP				AMTB				AMTG				OVMS
		2014		2013		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		-		(16)		-		(26)		-		(67)		-		(100)
Realized gain (loss) on investments			-		15,207		-		439		-		112,942		-		60,546
Change in unrealized gain (loss) on investments			-		(12,840)		-		(194)		-		(97,118)		-		(46,083)
Reinvested capital gains			-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations			-		2,351		-		219		-		15,757		-		14,363
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-		-		-
Transfers between funds			-		-		-		-		-		-		-		-
Surrenders (note 6)			-		(56,056)		-		(89,292)		-		(230,707)		-		(341,984)
Death Benefits (note 4)			-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			-		(471)		-		(757)		-		(1,914)		-		(2,850)
Adjustments to maintain reserves			-		(6)		-		(6)		-		2		-		(2)
Net equity transactions			-		(56,533)		-		(90,055)		-		(232,619)		-		(344,836)
Net change in contract owners’ equity			-		(54,182)		-		(89,836)		-		(216,862)		-		(330,473)
Contract owners’ equity beginning of period			-		54,182		-		89,836		-		216,862		-		330,473
Contract owners’ equity end of period	$		-		-		-		-		-		-		-		-
CHANGES IN UNITS:
Beginning units			-		4,878		-		6,551		-		16,127		-		25,431
Units purchased			-		-		-		-		-		-		-		-
Units redeemed			-		(4,878)		-		(6,551)		-		(16,127)		-		(25,431)
Ending units			-		-		-		-		-		-		-		-

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2014 and 2013

		OVB				AVBVI				VWBF
		2014		2013		2014		2013		2014		2013
Investment activity:
Net investment income (loss)	$		-		(89)		-		(2)		-		7,545
Realized gain (loss) on investments			-		(101,687)		-		1,092		-		15,651
Change in unrealized gain (loss) on investments			-		101,322		-		(717)		-		(26,210)
Reinvested capital gains			-		-		-		-		-		62
Net increase (decrease) in contract owners’ equity resulting from operations			-		(454)		-		373		-		(2,952)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)			-		-		-		-		-		-
Transfers between funds			-		-		-		-		-		-
Surrenders (note 6)			-		(299,871)		-		(5,467)		-		(364,889)
Death Benefits (note 4)			-		-		-		-		-		-
Net policy repayments (loans) (note 5)			-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (note 2b and 2c)			-		(2,547)		-		(45)		-		(3,109)
Adjustments to maintain reserves			-		3		-		5		-		(9)
Net equity transactions			-		(302,415)		-		(5,507)		-		(368,007)
Net change in contract owners’ equity			-		(302,869)		-		(5,134)		-		(370,959)
Contract owners’ equity beginning of period			-		302,869		-		5,134		-		370,959
Contract owners’ equity end of period	$		-		-		-		-		-		-
CHANGES IN UNITS:
Beginning units			-		23,703		-		339		-		17,206
Units purchased			-		-		-		-		-		-
Units redeemed			-		(23,703)		-		(339)		-		(17,206)
Ending units			-		-		-		-		-		-
See accompanying notes to financial statements.

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

(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 Account is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers 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

Variable Series Funds, Inc. - BlackRock High Yield V.I. Fund- Class I  (BRVHYI)*

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

CALVERT GROUP

VP S&P 500 Index Portfolio (CVSPIP)

DAVIS FUNDS

Value Portfolio (DAVVL)*

DELAWARE GROUP

VIP Emerging Markets Series: Service Class (DWVEMS)*

VIP Small Cap Value Series: Service Class (DWVSVS)

DREYFUS CORPORATION

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

Socially Responsible Growth Fund Inc - Initial Shares (DSRG)

EATON VANCE FUNDS

Floating-Rate Income Fund (ETVFR)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)

INVESCO INVESTMENTS

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

J.P. MORGAN INVESTMENT MANAGEMENT INC.

Mid Cap Value Portfolio: Class 1 (JPMMV1)

JANUS FUNDS

Balanced Portfolio: Service Shares (JABS)

Flexible Bond Portfolio: Service Shares (JAFBS)*

Forty Portfolio: Service Shares (JACAS)

Global Technology Portfolio: Service Shares (JAGTS)

Overseas Portfolio: Service Shares (JAIGS)

Perkins Mid Cap Value Portfolio: Service Shares (JAMVS)*

LAZARD FUNDS

Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)

LORD ABBETT FUNDS

Series Fund - Bond Debenture Portfolio - Class VC (LOVBD)*

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

MASSACHUSETTS FINANCIAL SERVICES CO.

VIT II - MFS Blended Research Core Equity Portfolio- Service Class (MVBRES)*

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

NVIT International Index Fund Class I (NVIX)*

NVIT Bond Index Fund Class I (NVBX)*

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)*

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

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)

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)*

Invesco 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)

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 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(R) Portfolio - Initial Class (FCP)*

VIP Contrafund(R) 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

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)

Goldman Sachs Structured Small Cap Equity Fund (GVCSE)*

VIT Growth Opportunities Fund - Service Shares (GVGOPS)*

PORTFOLIOS OF THE LEGG MASON PARTNERS VARIABLE EQUITY TRUST

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

PORTFOLIOS OF THE LINCOLN VARIABLE INSURANCE PRODUCTS TRUST

Baron Growth Opportunities Fund Service Class (BNCAI)

PORTFOLIOS OF THE NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

Short Duration Bond Portfolio - I Class Shares (AMTB)*

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

Capital Income Fund/VA - Non-Service Shares (OVMS)*

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

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

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

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

International Growth Fund/VA - Non-Service Shares (OVIG)*

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

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

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

VT Small Cap Value Fund: Class IB (PVTSCB)*

PORTFOLIOS OF THE INVESCO INVESTMENTS TRUST

VI Growth and Income Fund - Series I Shares (ACGI)

VI Value Opportunities Fund - Series I Shares (AVBVI)*

VI High Yield Fund - Series I Shares (AVHY1)*

VI International Growth Fund - Series I Shares (AVIE)

VI Mid Cap Core Equity Fund: Series I Shares (AVMCCI)*

VI Small Cap Equity Fund - Series I Shares (AVSCE)*

ROYCE CAPITAL FUNDS

Micro-Cap Portfolio - Investment Class (ROCMC)

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 - Unconstrained Emerging Markets 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, 2014, contract owners were not invested in this fund.

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

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies 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, 2014 of such funds. The cost of investments sold is determined on a first in - first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

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

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

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

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

(f) Recently Issued Accounting Standards

On January 1, 2014, the Company adopted Accounting Standards Update (ASU) 2013-08, which amends existing guidance in ASC 946, Financial Services – Investment Companies. The amended guidance modifies the definition of investment companies and requires new disclosures around the status of investment companies. In addition, the guidance requires an investment company to measure its noncontrolling interests in another investment company at fair value rather than the equity method of accounting. The adoption of this guidance resulted in increased disclosures only and had no impact on the Account’s financial statements.

(g) Subsequent Events

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

(2) Policy Charges

(a) Deductions from Premium

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, 2014 and 2013, total front-end sales charge deductions were $3,500 and $ 7,517 , 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, 2014 and 2013, total transfers into the Account from the fixed account were $ 42,025 and $1,860,902, respectively, and total transfers from the Account to the fixed account were $ 497,685 and $ 1,249,974, respectively.

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

(7) Fair Value Measurement

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

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

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

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

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

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

The Account recognizes transfers between fair value hierarchy levels at the reporting period end. There were no transfers between Level 1 and 2 as of December 31, 2014.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2014:

	Level 1		Level 2		Level 3		Total
Separate Account Investments	$	174,516,843	$	-	$	-	$	174,516,843

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2014 are as follows:

	Purchases of Investments		Sales of Investments
Global Small Capitalization Fund - Class 2 (AMVGS2)	$	591	$	904
Growth Fund - Class 2 (AMVGR2)		272,174		587,586
International Fund - Class 2 (AMVI2)		35,645		4,895
VP S&P 500 Index Portfolio (CVSPIP)		2,345		245
VIP Small Cap Value Series: Service Class (DWVSVS)		1,952		181
Stock Index Fund, Inc. - Initial Shares (DSIF)		5,929,081.00		5,816,323
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)		90,691		1,221
Floating-Rate Income Fund (ETVFR)		418,876		6,741
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)		300,861		33,752
Mid Cap Growth Portfolio- Class 1 (obsolete) (OGGO)		298,545		1,060,602
Mid Cap Value Portfolio: Class 1 (JPMMV1)		70,826		3,746
Balanced Portfolio: Service Shares (JABS)		91,310		14,304
Forty Portfolio: Service Shares (JACAS)		38,117		10,264
Global Technology Portfolio: Service Shares (JAGTS)		7,222,846		112,767
Overseas Portfolio: Service Shares (JAIGS)		270,464		236,961
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)		68,580		56,398
Series Fund - Mid Cap Stock Fund: Class VC (LOVMCV)		6		463
Research International Series - Service Class (MVRISC)		5,384		5,498
Value Series - Service Class (MVFSC)		5,069		19,557
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)		385,142		623,364
Emerging Markets Debt Portfolio - Class I (MSEM)		3,949,524		3,612,352
Global Real Estate Portfolio - Class II (VKVGR2)		259,335		4,265
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)		26,768		6,813
U.S. Real Estate Portfolio - Class I (MSVRE)		15,406		10,808
Federated NVIT High Income Bond Fund - Class I (HIBF)		74,946		244,363
NVIT Emerging Markets Fund - Class I (GEM)		11,605		24,816
NVIT International Equity Fund - Class I (GIG)		902		37,008
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)		640		28
NVIT Cardinal Conservative Fund - Class I (NVCCN1)		138,753		106,985
NVIT Cardinal Moderate Fund - Class I (NVCMD1)		1,490.00		40
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)		50,043.00		2,347
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)		2,398		95
NVIT Nationwide Fund - Class I (TRF)		1,457		1,713
NVIT Government Bond Fund - Class I (GBF)		64,562		106,791
American Century NVIT Growth Fund - Class I (CAF)		5,660.00		2,063
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)		1		639
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)		10,759		131,378
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)		48,110		3,839
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)		2,108		61,449
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)		140		4,018
NVIT Mid Cap Index Fund - Class I (MCIF)		6,128,460		4,485,969
NVIT Money Market Fund - Class I (SAM)		0		9,850
NVIT Money Market Fund - Class V (SAM5)		21,291,145		15,684,287
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)		30,512.00		84,325
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)		13,961.00		16,004
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)		772		33,378
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)		77,385		13,607
NVIT Multi-Manager Small Company Fund - Class I (SCF)		1,157,217		433,982
NVIT Multi-Sector Bond Fund - Class I (MSBF)		6,735		26,665
Invesco NVIT Comstock Value Fund - Class I (EIF)		245.00		2,320
NVIT Real Estate Fund - Class I (NVRE1)		74,336.00		7,499
VPS Growth and Income Portfolio - Class A (ALVGIA)		1,861,595		1,777,430
VPS International Value Portfolio - Class A (ALVIVA)		40,468		3,057
VP Capital Appreciation Fund - Class I (ACVCA)		840		455

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

VP Income & Growth Fund - Class I (ACVIG)			56,365		17,106
VP International Fund - Class I (ACVI)			21,241		50,366
VP Mid Cap Value Fund - Class I (ACVMV1)			29,758		44,758
VP Ultra(R) Fund - Class I (ACVU1)			2,522		3,796
VP Value Fund - Class I (ACVV)			29,715.00		226,439
Small Cap Stock Index Portfolio - Service Shares (DVSCS)			2,467,145		5,745,685
Appreciation Portfolio - Initial Shares (DCAP)			30,881		33,962
International Value Portfolio - Initial Shares (DVIV)			215,295		15,695
Quality Bond Fund II - Primary Shares (FQB)			1,621		1,086
VIP Asset Manager Portfolio - Initial Class (FAMP)			1,683,963.00		731,298
VIP Contrafund(R) Portfolio - Service Class (FCS)			48,036		292,908
VIP Equity-Income Portfolio - Service Class (FEIS)			27,488		102,810
VIP Growth Opportunities Portfolio - Service Class (FGOS)			2,962		35,132
VIP Growth Portfolio - Service Class (FGS)			5,224.00		286,992
VIP High Income Portfolio - Service Class (FHIS)			5,343		8,488
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)			155,365		36,897
VIP Mid Cap Portfolio - Service Class (FMCS)			51,406		207,303
VIP Overseas Portfolio - Service Class (FOS)			32,265		11,388
VIP Value Strategies Portfolio - Service Class (FVSS)			14,020		2,386,844
Small Cap Value Securities Fund - Class 2 (FTVSV2)			509,467		1,165,909
Templeton Foreign Securities Fund - Class 2 (TIF2)			16,628		142,788
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)			27,892.00		326,680
Mid Cap Value- Institutional Shares (GVMCE)			448,438.00		461,666
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)			47,489		4,001
Baron Growth Opportunities Fund Service Class (BNCAI)			599		25,551
Guardian Portfolio - I Class Shares (AMGP)			17,122		7,062
Mid-Cap Growth Portfolio - I Class Shares (AMCG)			529		384
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)			2,956		5,450
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)			22,434		58,909
Global Securities Fund/VA - Non-Service Shares (OVGS)			369,015		2,749,468
Main Street Fund(R)/VA - Non-Service Shares (OVGI)			493		6,729
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)			2,585		8,877
All Asset Portfolio - Administrative Class (PMVAAA)			58,106		14,993
Low Duration Portfolio - Administrative Class (PMVLDA)			693,527		807,520
Real Return Portfolio - Administrative Class (PMVRRA)			474,788		2,227,771
Total Return Portfolio - Administrative Class (PMVTRA)			7,155,115		8,879,372
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)			152,010.00		12,873
VI Growth and Income Fund - Series I Shares (ACGI)			55,466		132,963
VI International Growth Fund - Series I Shares (AVIE)			2,609		7,891
Micro-Cap Portfolio - Investment Class (ROCMC)			33,434		840,177
Equity Income Portfolio - II (TREI2)			2,083,370		2,177,375
Limited-Term Bond Portfolio (TRLT1)			373,666		9,343
Mid-Cap Growth Portfolio - II (TRMCG2)			38,755		30,566
New America Growth Portfolio (TRNAG1)			3,191		2,118
Blue Chip Growth Portfolio (TRBCGP)			1,517		3,393
VIP Trust Emerging Markets Fund - Initial Class (VWEM)			493,851		2,535,242
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)			164,150		136,836
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)			899,214		69,091
Variable Insurance Portfolios - Real Estate Securities (WRRESP)			94,223.00		6,123
Advantage VT Opportunity Fund - Class 2 (SVOF)			651		528
Calvert VP SRI Equity Portfolio (obsolete) (CVSSE)			152		2,167
VP Vista(SM) Fund - Class I (obsolete) (ACVVS1)			45		406
	Total	$	69,980,885	$	68,635,586

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life contracts as of December 31, 2014, and the investment income ratio and total return for each of the periods in the five year period ended December 31, 2014. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Global Small Capitalization Fund - Class 2 (AMVGS2)
	2014		0.25%		163	$	13.821963	$	2,253		0.11%		1.87%
	2013		0.25%		186		13.568501		2,524		1.10%		27.96%
	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)
	2014		0.25%		59,749		16.428940		981,613		0.77%		8.24%
	2013		0.25%		83,379		15.178510		1,265,569		0.92%		29.78%
	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)
	2014		0.20%		4,072		10.882753		44,315		2.30%		-2.85%
	2013		0.20%		1,359		11.201722		15,223		1.44%		21.39%
	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%
VP S&P 500 Index Portfolio (CVSPIP)
	2014		0.25%		190		11.035886		2,097		1.62%		10.36%		4/30/2014
VIP Small Cap Value Series: Service Class (DWVSVS)
	2014		0.25%		119		14.268792		1,698		0.33%		5.35%
Stock Index Fund, Inc. - Initial Shares (DSIF)
	2014		0.10%		27,983		20.268047		567,161		1.77%		13.31%
	2014		0.20%		714,927		20.503000		14,658,148		1.77%		13.20%
	2014		0.25%		214,561		23.032410		4,941,857		1.77%		13.14%
	2013		0.10%		30,357		17.887136		543,000		1.83%		31.90%
	2013		0.20%		711,361		18.112582		12,884,584		1.83%		31.76%
	2013		0.25%		235,406		20.357272		4,792,224		1.83%		31.70%
	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%
Socially Responsible Growth Fund Inc - Initial Shares (DSRG)
	2014		0.25%		5,328		19.316004		102,916		0.58%		13.17%
	2013		0.25%		633		17.068229		10,804		1.19%		34.01%
	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%
Floating-Rate Income Fund (ETVFR)
	2014		0.25%		36,335		11.077288		402,493		1.68%		0.32%
VIP Trust - Templeton Global Bond VIP Fund: Class 1 (FTVGB1)
	2014		0.25%		26,047		10.084509		262,671		0.00%		0.85%		5/1/2014
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

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Mid Cap Growth Portfolio- Class 1 (obsolete) (OGGO)
	2013		0.25%		28,421	$	32.540992	$	924,848		0.06%		42.94%
	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%
Mid Cap Value Portfolio: Class 1 (JPMMV1)
	2014		0.25%		2,408		28.602620		68,875		0.00%		14.82%
Balanced Portfolio: Service Shares (JABS)
	2014		0.20%		32		26.877891		860		1.52%		8.02%
	2014		0.25%		8,274		26.712747		221,021		1.52%		7.97%
	2013		0.20%		52		24.881872		1,294		2.42%		19.56%
	2013		0.25%		5,506		24.741356		136,226		2.42%		19.50%
	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%
Forty Portfolio: Service Shares (JACAS)
	2014		0.20%		31		17.716740		549		0.03%		8.25%
	2014		0.25%		6,808		17.584980		119,719		0.03%		8.20%
	2013		0.20%		34		16.366354		556		0.51%		30.62%
	2013		0.25%		7,221		16.252771		117,361		0.51%		30.56%
	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%
Global Technology Portfolio: Service Shares (JAGTS)
	2014		0.25%		875,289		8.920175		7,807,731		0.00%		9.07%
	2013		0.25%		17,752		8.178071		145,177		0.00%		35.05%
	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%
Overseas Portfolio: Service Shares (JAIGS)
	2014		0.25%		106,879		14.741369		1,575,543		5.91%		-12.32%
	2013		0.25%		121,759		16.812707		2,047,098		3.03%		14.00%
	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%
Retirement Emerging Markets Equity Portfolio - Service Shares (LZREMS)
	2014		0.20%		3,752		10.648799		39,954		1.73%		-4.83%
	2014		0.25%		15,708		10.623987		166,882		1.73%		-4.87%
	2013		0.20%		3,193		11.188897		35,726		1.37%		-1.44%
	2013		0.25%		15,534		11.168411		173,490		1.37%		-1.49%
	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)
	2013		0.25%		24		17.209128		413		0.12%		29.99%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Research International Series - Service Class (MVRISC)
	2014		0.25%		9,059	$	9.824029	$	88,996		1.35%		-7.32%
	2013		0.25%		9,172		10.600321		97,226		1.74%		18.37%
	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%
Value Series - Service Class (MVFSC)
	2014		0.25%		7,747		15.240803		118,071		1.28%		9.93%
	2013		0.25%		9,129		13.864468		126,569		1.01%		35.26%
	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%
Variable Insurance Trust II - MFS International Value Portfolio - Service Class (MVIVSC)
	2014		0.25%		83,636		20.777757		1,737,768		1.75%		0.88%
	2013		0.25%		96,252		20.596474		1,982,452		1.31%		27.31%
	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%
Emerging Markets Debt Portfolio - Class I (MSEM)
	2014		0.25%		17,420		30.292669		527,698		2.38%		2.67%
	2013		0.25%		10,054		29.504706		296,640		3.69%		-8.98%
	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%
Global Real Estate Portfolio - Class II (VKVGR2)
	2014		0.25%		22,914		11.357738		260,251		0.71%		13.57%
Universal Institutional Funds, Inc. - Mid Cap Growth Portfolio- Class I (MSVMG)
	2014		0.25%		7,692		17.403302		133,866		0.00%		1.71%
	2013		0.25%		7,567		17.110132		129,472		0.31%		37.14%
	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%
U.S. Real Estate Portfolio - Class I (MSVRE)
	2014		0.20%		994		44.598574		44,331		1.55%		29.46%
	2014		0.25%		36		46.388074		1,670		1.55%		29.40%
	2013		0.20%		868		34.449181		29,902		0.14%		1.85%
	2013		0.25%		42		35.849340		1,506		0.14%		1.80%
	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%
Federated NVIT High Income Bond Fund - Class I (HIBF)
	2014		0.20%		2,326		23.692693		55,109		6.23%		2.35%
	2014		0.25%		37,115		24.035449		892,076		6.23%		2.29%
	2013		0.20%		3,302		23.149733		76,440		6.66%		6.86%
	2013		0.25%		46,091		23.496371		1,082,971		6.66%		6.80%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Emerging Markets Fund - Class I (GEM)
	2014		0.25%		33,286	$	24.711758	$	822,556		1.32%		-5.74%
	2013		0.25%		34,149		26.217108		895,288		1.15%		0.49%
	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%
NVIT International Equity Fund - Class I (GIG)
	2014		0.25%		79		15.986719		1,263		3.87%		-0.70%
	2013		0.25%		2,195		16.098886		35,337		0.43%		17.54%
	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%
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
	2014		0.25%		29		21.677860		629		1.33%		4.21%
NVIT Cardinal Conservative Fund - Class I (NVCCN1)
	2014		0.25%		2,321		13.804832		32,041		0.73%		3.16%
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
	2014		0.25%		82		17.962322		1,473		1.50%		4.40%
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
	2014		0.25%		2,422		20.059477		48,584		1.49%		4.40%
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
	2014		0.25%		145		15.842970		2,297		1.52%		3.91%
NVIT Nationwide Fund - Class I (TRF)
	2014		0.25%		6,719		19.416034		130,456		1.17%		11.87%
	2013		0.25%		6,796		17.356233		117,953		1.34%		30.77%
	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%
NVIT Government Bond Fund - Class I (GBF)
	2014		0.20%		6,992		17.496701		122,337		1.99%		4.36%
	2014		0.25%		18,851		20.770662		391,548		1.99%		4.31%
	2013		0.20%		10,842		16.765714		181,774		0.83%		-4.25%
	2013		0.25%		18,134		19.912842		361,099		0.83%		-4.29%
	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%
American Century NVIT Growth Fund - Class I (CAF)
	2014		0.25%		4,275		13.077927		55,908		0.38%		11.05%
	2013		0.25%		3,994		11.776468		47,035		0.67%		29.42%
	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%
NVIT International Index Fund - Class II (GVIX2)
	2011		0.25%		141		6.876547		970		0.00%		-12.94%
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
	2013		0.25%		30		21.205202		636		0.97%		26.93%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
	2013		0.25%		7,734	$	15.685383	$	121,311		2.11%		4.57%
	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%
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
	2014		0.20%		70		20.018180		1,401		2.17%		4.97%
	2014		0.25%		4,124		19.889138		82,023		2.17%		4.92%
	2013		0.20%		31		19.070216		591		1.45%		16.39%
	2013		0.25%		1,940		18.956755		36,776		1.45%		16.34%
	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%
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
	2013		0.25%		2,841		20.447238		58,091		1.51%		22.07%
	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%
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
	2013		0.25%		218		17.596985		3,836		0.28%		10.22%
	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%
NVIT Mid Cap Index Fund - Class I (MCIF)
	2014		0.20%		313,223		31.981461		10,017,329		1.23%		9.20%
	2014		0.25%		639		41.508376		26,524		1.23%		9.15%
	2013		0.20%		271,252		29.286575		7,944,042		1.18%		32.78%
	2013		0.25%		638		38.029714		24,263		1.18%		32.72%
	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%
NVIT Money Market Fund - Class I (SAM)
	2014		0.25%		844		13.475155		11,373		0.00%		-0.25%
	2013		0.25%		1,571		13.508932		21,223		0.00%		-0.25%
	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%
NVIT Money Market Fund - Class V (SAM5)
	2014		0.20%		1,624,256		11.448195		18,594,799		0.00%		-0.20%
	2014		0.25%		4,711,457		11.378551		53,609,554		0.00%		-0.25%
	2013		0.20%		1,358,231		11.471170		15,580,499		0.00%		-0.20%
	2013		0.25%		4,472,351		11.407039		51,016,282		0.00%		-0.25%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
	2014		0.25%		2,243	$	15.773428	$	35,380		0.27%		10.16%
	2013		0.25%		6,009		14.318656		86,041		0.67%		34.40%
	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)
	2014		0.25%		655		17.260130		11,305		1.10%		10.24%
	2013		0.25%		861		15.656577		13,480		0.89%		35.10%
	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%
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
	2014		0.25%		32		26.251887		840		0.00%		2.55%
	2013		0.25%		1,364		25.597875		34,916		0.00%		43.93%
	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%
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
	2014		0.25%		8,043		42.283426		340,086		0.52%		6.75%
	2013		0.25%		7,264		39.607981		287,712		0.75%		40.05%
	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%
NVIT Multi-Manager Small Company Fund - Class I (SCF)
	2014		0.20%		43		27.732653		1,193		0.17%		0.61%
	2014		0.25%		33,726		36.747859		1,239,358		0.17%		0.56%
	2013		0.20%		57		27.563434		1,571		0.10%		40.62%
	2013		0.25%		18,852		36.541905		688,888		0.10%		40.55%
	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%
NVIT Multi-Sector Bond Fund - Class I (MSBF)
	2014		0.25%		506		21.343591		10,800		3.06%		3.62%
	2013		0.25%		1,463		20.597099		30,134		1.59%		-1.37%
	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%
Invesco NVIT Comstock Value Fund - Class I (EIF)
	2014		0.25%		71		20.777077		1,475		1.35%		8.90%
	2013		0.25%		177		19.079784		3,377		0.00%		35.30%
	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%
NVIT Real Estate Fund - Class I (NVRE1)
	2014		0.25%		9,036		31.160306		281,565		3.01%		28.56%
	2013		0.25%		9,171		24.237549		222,283		1.54%		2.79%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VPS Growth and Income Portfolio - Class A (ALVGIA)
	2014		0.25%		2,223	$	27.826142	$	61,858		5.25%		9.27%
	2013		0.25%		2,542		25.465870		64,734		0.45%		34.63%
	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%
VPS International Value Portfolio - Class A (ALVIVA)
	2014		0.20%		11,359		8.301038		94,291		4.25%		-6.40%
	2013		0.20%		7,602		8.868473		67,418		6.48%		22.76%
	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%
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%
VP Capital Appreciation Fund - Class I (ACVCA)
	2014		0.25%		12		35.446572		425		0.00%		7.87%
	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%
VP Income & Growth Fund - Class I (ACVIG)
	2014		0.25%		33,394		23.293264		777,855		2.04%		12.22%
	2013		0.25%		32,220		20.756356		668,770		2.24%		35.48%
	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%
VP International Fund - Class I (ACVI)
	2014		0.25%		47,241		17.823753		842,012		1.67%		-5.74%
	2013		0.25%		49,492		18.909628		935,875		2.04%		22.10%
	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%
VP Mid Cap Value Fund - Class I (ACVMV1)
	2014		0.25%		7,383		18.414165		135,952		1.18%		16.13%
	2013		0.25%		8,859		15.856239		140,470		1.15%		29.79%
	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)
	2014		0.25%		1,329		20.416753		27,134		0.37%		9.72%
	2013		0.25%		1,392		18.608010		25,902		0.49%		36.73%
	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%
VP Value Fund - Class I (ACVV)
	2014		0.25%		27,309		31.145640		850,556		1.59%		12.80%
	2013		0.25%		34,256		27.611997		945,877		1.65%		31.40%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
MidCap Stock Portfolio - Initial Shares (DVMCS)
	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%
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
	2014		0.20%		150,265		28.660785		4,306,713		0.66%		4.91%
	2014		0.25%		2,119		28.479841		60,349		0.66%		4.86%
	2013		0.20%		290,407		27.319009		7,933,631		1.09%		40.43%
	2013		0.25%		2,245		27.160116		60,974		1.09%		40.36%
	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%
Appreciation Portfolio - Initial Shares (DCAP)
	2014		0.25%		24,947		23.068483		575,489		1.85%		7.82%
	2013		0.25%		26,150		21.395032		559,480		1.96%		20.80%
	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%
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%
International Value Portfolio - Initial Shares (DVIV)
	2014		0.25%		28,523		18.799462		536,217		1.28%		-9.55%
	2013		0.25%		19,584		20.783391		407,022		1.89%		22.69%
	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%
Quality Bond Fund II - Primary Shares (FQB)
	2014		0.25%		128		21.271652		2,723		3.45%		3.53%
	2013		0.25%		106		20.545590		2,178		2.80%		0.78%
	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%
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%
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%
VIP Asset Manager Portfolio - Initial Class (FAMP)
	2014		0.25%		165,744		19.473750		3,227,657		1.48%		5.57%
	2013		0.25%		124,607		18.446522		2,298,566		1.49%		15.42%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VIP Contrafund(R) Portfolio - 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%
VIP Contrafund(R) Portfolio - Service Class (FCS)
	2014		0.20%		4,728		29.025985		137,235		0.67%		11.59%
	2014		0.25%		13,079		34.425957		450,257		0.67%		11.54%
	2013		0.20%		4,878		26.010554		126,879		1.01%		30.88%
	2013		0.25%		20,830		30.864967		642,917		1.01%		30.82%
	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%
VIP Equity-Income Portfolio - Service Class (FEIS)
	2014		0.25%		9,453		22.743589		214,995		2.04%		8.38%
	2013		0.25%		13,203		20.985938		277,077		2.24%		27.69%
	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%
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%
VIP Growth Opportunities Portfolio - Service Class (FGOS)
	2014		0.25%		14,716		18.640653		274,316		0.11%		11.82%
	2013		0.25%		16,553		16.669793		275,935		0.10%		37.43%
	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%
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%
VIP Growth Portfolio - Service Class (FGS)
	2014		0.25%		37,550		23.229537		872,269		0.08%		10.91%
	2013		0.25%		49,975		20.944390		1,046,696		0.22%		35.86%
	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%
VIP High Income Portfolio - Service Class (FHIS)
	2014		0.25%		1,463		16.740675		24,492		5.85%		0.82%
	2013		0.25%		1,737		16.604161		28,841		4.03%		5.61%
	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%
VIP Investment Grade Bond Portfolio - Service Class (FIGBS)
	2014		0.25%		16,195		15.244026		246,877		2.62%		5.49%
	2013		0.25%		8,542		14.450716		123,438		2.17%		-2.13%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
VIP Mid Cap Portfolio - Service Class (FMCS)
	2014		0.20%		2,545	$	24.967343	$	63,542		0.14%		5.98%
	2014		0.25%		18,704		24.847007		464,738		0.14%		5.93%
	2013		0.20%		2,518		23.557584		59,318		0.44%		35.79%
	2013		0.25%		25,625		23.455769		601,054		0.44%		35.72%
	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%
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%
VIP Overseas Portfolio - Service Class (FOS)
	2014		0.25%		5,076		16.915462		85,863		1.72%		-8.39%
	2013		0.20%		30		18.267711		548		1.23%		30.12%
	2013		0.25%		3,854		18.464613		71,163		1.23%		30.05%
	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%
VIP Value Strategies Portfolio - Service Class (FVSS)
	2014		0.25%		641		25.801799		16,539		0.01%		6.43%
	2013		0.25%		92,347		24.243855		2,238,847		0.91%		30.12%
	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%
Small Cap Value Securities Fund - Class 2 (FTVSV2)
	2014		0.20%		1,649		22.056295		36,371		0.63%		0.37%
	2014		0.25%		130,328		21.949861		2,860,681		0.63%		0.32%
	2013		0.20%		1,942		21.974864		42,675		1.32%		35.97%
	2013		0.25%		171,915		21.879759		3,761,459		1.32%		35.90%
	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%
Templeton Foreign Securities Fund - Class 2 (TIF2)
	2014		0.20%		20		22.915181		458		2.04%		-11.31%
	2014		0.25%		1,510		22.774362		34,389		2.04%		-11.35%
	2013		0.20%		58		25.836981		1,499		2.36%		22.72%
	2013		0.25%		7,051		25.691070		181,148		2.36%		22.66%
	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%
Templeton Global Bond Securities Fund - Class 2 (FTVGI2)
	2013		0.25%		18,071		16.774170		303,126		4.40%		1.38%
	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, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Mid Cap Value- Institutional Shares (GVMCE)
	2014		0.25%		43,651	$	36.770095	$	1,605,051		0.99%		13.29%
	2013		0.25%		52,219		32.457572		1,694,902		0.85%		32.56%
	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%
ClearBridge Variable Small Cap Growth Portfolio - Class I (SBVSG)
	2014		0.25%		4,962		19.088957		94,719		0.00%		3.82%
	2013		0.25%		3,216		18.386845		59,132		0.03%		46.68%
	2012		0.25%		1,631		12.535151		20,445		0.36%		19.13%
Baron Growth Opportunities Fund Service Class (BNCAI)
	2014		0.20%		37		36.719968		1,359		0.17%		4.65%
	2014		0.25%		2,177		36.494324		79,448		0.17%		4.59%
	2013		0.20%		50		35.089969		1,754		0.42%		39.78%
	2013		0.25%		2,897		34.891789		101,082		0.42%		39.71%
	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%
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%
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%
Guardian Portfolio - I Class Shares (AMGP)
	2014		0.25%		3,909		24.428190		95,490		0.45%		8.76%
	2013		0.25%		4,118		22.461558		92,497		1.12%		38.47%
	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%
Mid-Cap Growth Portfolio - I Class Shares (AMCG)
	2014		0.25%		34		30.409468		1,034		0.00%		7.31%
	2013		0.25%		45		28.337251		1,275		0.00%		32.28%
	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%
Advisers Management Trust: Large Cap Value Portfolio - Class I (AMTP)
	2014		0.25%		19,379		21.323036		413,219		0.75%		9.58%
	2013		0.25%		19,601		19.459199		381,420		1.16%		30.81%
	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%
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%
Capital Income 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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
	2014		0.25%		23,809	$	24.446383	$	582,044		0.43%		15.12%
	2013		0.25%		26,218		21.235537		556,753		0.95%		29.42%
	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%
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%
Global Securities Fund/VA - Non-Service Shares (OVGS)
	2014		0.25%		47,984		21.689951		1,040,771		1.56%		2.04%
	2013		0.25%		163,191		21.256957		3,468,944		1.45%		26.99%
	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%
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
	2014		0.25%		385		19.207396		7,395		0.81%		10.43%
	2013		0.25%		745		17.393787		12,958		0.64%		31.44%
	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%
Discovery Mid Cap Growth Fund/VA - Non-Service Shares (OVAG)
	2014		0.25%		794		20.320361		16,134		0.00%		5.52%
	2013		0.25%		1,129		19.257311		21,742		0.01%		35.64%
	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%
All Asset Portfolio - Administrative Class (PMVAAA)
	2014		0.25%		20,939		17.986638		376,622		5.29%		0.22%
	2013		0.25%		19,688		17.946634		353,333		7.45%		0.02%
	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%
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)
	2014		0.20%		31		14.966804		464		1.14%		0.65%
	2014		0.25%		112,314		14.874647		1,670,631		1.14%		0.60%
	2013		0.20%		43		14.870553		639		1.32%		-0.33%
	2013		0.25%		120,898		14.786404		1,787,647		1.32%		-0.38%
	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%
Real Return Portfolio - Administrative Class (PMVRRA)
	2014		0.25%		160,596		18.338895		2,945,153		1.57%		2.83%
	2013		0.25%		255,677		17.833569		4,559,633		1.59%		-9.44%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Total Return Portfolio - Administrative Class (PMVTRA)
	2014		0.20%		810,937	$	19.271323	$	15,627,829		2.19%		4.06%
	2014		0.25%		277,413		19.152556		5,313,168		2.19%		4.01%
	2013		0.20%		867,047		18.519021		16,056,862		2.17%		-2.15%
	2013		0.25%		335,397		18.414109		6,176,037		2.17%		-2.20%
	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%
Pioneer High Yield VCT Portfolio - Class I Shares (PIHYB1)
	2014		0.25%		13,835		26.467236		366,174		4.67%		-0.17%
	2013		0.25%		9,725		26.511090		257,820		5.35%		11.77%
	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%
VI Growth and Income Fund - Series I Shares (ACGI)
	2014		0.25%		9,681		16.961219		164,202		1.74%		10.00%
	2013		0.25%		16,063		15.418659		247,670		1.36%		33.75%
	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%
VI 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%
VI International Growth Fund - Series I Shares (AVIE)
	2014		0.25%		337		23.611714		7,957		1.09%		0.08%
	2013		0.25%		550		23.592587		12,976		0.52%		18.72%
	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%
Micro-Cap Portfolio - Investment Class (ROCMC)
	2014		0.20%		1,440		30.280703		43,604		0.00%		-3.77%
	2014		0.25%		3,625		30.094665		109,093		0.00%		-3.82%
	2013		0.20%		1,589		31.467281		50,002		0.48%		20.74%
	2013		0.25%		30,016		31.289594		939,188		0.48%		20.68%
	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%
Equity Income Portfolio - II (TREI2)
	2014		0.20%		36		26.407148		951		1.47%		6.89%
	2014		0.25%		59,032		26.244959		1,549,292		1.47%		6.84%
	2013		0.20%		38		24.705147		939		1.33%		29.15%
	2013		0.25%		67,316		24.565685		1,653,664		1.33%		29.08%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Limited-Term Bond Portfolio (TRLT1)
	2014		0.25%		35,360	$	10.346826	$	365,864		0.84%		0.39%
	2013		0.25%		315		10.307121		3,247		0.21%		-0.12%
Mid-Cap Growth Portfolio - II (TRMCG2)
	2014		0.25%		5,666		44.449051		251,848		0.00%		12.54%
	2013		0.25%		6,123		39.495765		241,833		0.00%		36.06%
	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%
New America Growth Portfolio (TRNAG1)
	2014		0.25%		250		25.126185		6,282		0.00%		9.06%
	2013		0.25%		243		23.038679		5,598		0.00%		37.66%
	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%
Blue Chip Growth Portfolio (TRBCGP)
	2014		0.25%		4,846		15.557128		75,390		0.00%		8.89%
	2013		0.25%		4,965		14.286363		70,932		0.03%		40.80%
VIP Trust - Unconstrained Emerging Markets 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%
VIP Trust Emerging Markets Fund - Initial Class (VWEM)
	2014		0.25%		44,426		34.003805		1,510,653		0.70%		-0.66%
	2013		0.25%		112,913		34.230757		3,865,097		1.47%		11.74%
	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%
VIP Trust Global Hard Assets Fund - Initial Class (VWHA)
	2014		0.25%		8,556		32.281932		276,204		0.09%		-19.30%
	2013		0.25%		7,709		40.004709		308,396		0.90%		10.26%
	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%
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%
Variable Insurance Portfolios - Mid Cap Growth (WRMCG)
	2014		0.25%		58,601		14.140712		828,660		0.00%		7.60%
Variable Insurance Portfolios - Real Estate Securities (WRRESP)
	2014		0.25%		5,074		20.279051		102,896		0.90%		29.84%
	2013		0.25%		535		15.618390		8,356		0.98%		0.88%
	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%
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%
Advantage VT Opportunity Fund - Class 2 (SVOF)
	2014		0.25%		43		24.200566		1,041		0.05%		10.15%
	2013		0.25%		38		21.970927		835		0.02%		30.35%
	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%

(Continued)

NATIONWIDE VL SEPARATE ACCOUNT-C NOTES TO FINANCIAL STATEMENTS

December 31, 2014

		Contract Expense Rate*		Units		Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio**		Total Return***		Inception Date****
Calvert VP SRI Equity Portfolio (obsolete) (CVSSE)
	2013		0.25%		87	$	25.124785	$	2,186		0.06%		30.72%
	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%
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%
Credit Suisse Trust - International Equity Flex III Portfolio (obsolete) (CSIEF3)
	2010		0.25%		31,819		11.315359		360,043		0.10%		11.95%
NVIT Worldwide Leaders Fund - Class I (obsolete) (GEF)
	2010		0.25%		11,059		14.464062		159,958		1.00%		11.18%
U.S. Equity Flex I Portfolio (obsolete) (WSCP)
	2010		0.25%		33,463		9.078469		303,793		0.13%		14.17%
VP Vista(SM) Fund - Class I (obsolete) (ACVVS1)
	2013		0.25%		22		18.467741		406		0.00%		29.85%
	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%
	2014		Contract owners equity:							$	174,515,184
	2013		Contract owners equity:							$	171,623,005
	2012		Contract owners equity:							$	170,846,228
	2011		Contract owners equity:							$	175,112,108
	2010		Contract owners equity:							$	182,186,115

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

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

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

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