485BPOS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-6

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 File No. 033-42180

Pre-Effective Amendment No. □

Post-Effective Amendment No. 54 ☑

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 File No. 811-05311

Amendment No. 79 ☑

(Check appropriate box or boxes.)

Nationwide VLI Separate Account-2

(Exact Name of Registrant)

Nationwide Life Insurance Company

(Name of Depositor)

One Nationwide Plaza, Columbus, Ohio 43215

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

(614) 249-7111

Depositor's Telephone Number, including Area Code

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

(Name and Address of Agent for Service)

May 1, 2021

Approximate Date of Proposed Public Offering

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

□ immediately upon filing pursuant to paragraph (b)

☑ on May 1, 2021 pursuant to paragraph (b)

□ 60 days after filing pursuant to paragraph (a)(1)

□ on (date) pursuant to paragraph (a)(1)

If appropriate, check the following box:

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

The Best of America® FPVUL

Individual Flexible Premium Variable Universal Life Insurance Policies

Issued by

Nationwide Life Insurance Company

through its

Nationwide VLI Separate Account-2

The date of this prospectus is May 1, 2021.

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

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

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

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

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

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

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

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

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

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

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

• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A

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

• AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B

1

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

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

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

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

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

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

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

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

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

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

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

• BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares

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

• Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class

• Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A

• DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class

• DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class

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

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

• Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class

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

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

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

• Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares

• Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares

• Guggenheim Variable Fund - Multi-Hedge Strategies

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

• Invesco - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares

• Invesco - Invesco V.I. Conservative Balanced Fund: Series I

• Invesco - Invesco V.I. Core Bond Fund: Series I

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

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

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

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

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

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

• Invesco Oppenheimer V.I. International Growth Fund: Series I

• Ivy Variable Insurance Portfolios - Asset Strategy: Class II

• Ivy Variable Insurance Portfolios - High Income: Class II

• Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II

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

• Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares

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

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

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

• Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC

• MFS® Variable Insurance Trust - MFS New Discovery Series: Initial Class

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

• MFS® Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class

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

2

• MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I

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

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

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

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

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II

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

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

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

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

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

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

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

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

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I

• Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I

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

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

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

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

• Nationwide Variable Insurance Trust - NVIT iShares® Fixed Income ETF Fund: Class II

• Nationwide Variable Insurance Trust - NVIT iShares® Global Equity ETF Fund: Class II

• Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic℠ Multi-Asset Fund: Class Y

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• Northern Lights Variable Trust - TOPS® Managed Risk Balanced ETF Portfolio: Class 3

• Northern Lights Variable Trust - TOPS® Managed Risk Growth ETF Portfolio: Class 3

• Northern Lights Variable Trust - TOPS® Managed Risk Moderate Growth ETF Portfolio: Class 3

3

• PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class

• PIMCO Variable Insurance Trust - CommodityRealReturn® Strategy Portfolio: Administrative Class

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

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

• PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class

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

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

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

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

• VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class

• VanEck VIP Trust - Emerging Markets Fund: Initial Class

• VanEck VIP Trust - Global Resources Fund: Initial Class

• Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I

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

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

❍ Fixed Account

4

Table of Contents

	Page
In Summary: Policy Benefits	7
In Summary: Policy Risks	9
In Summary: Fee Tables	10
Policy Investment Options	14
Fixed Account	14
Variable Investment Options	15
Valuation of Accumulation Units	15
How Sub-Account Investment Experience is Determined	16
Transfers Among and Between the Policy Investment Options	16
Sub-Account Transfers	16
Fixed Account Transfers	18
Contacting the Service Center	19
The Policy	19
General Information	19
Risks Associated with COVID-19	20
Cybersecurity	21
Business Continuity Risks	21
Policy Owner and Beneficiaries	21
To Purchase	22
Coverage	22
Coverage Effective Date	22
Temporary Insurance Coverage	23
Right To Cancel (Examination Right)	23
Allocation of Net Premium During Right to Cancel Period	23
To Change Coverage	23
Premium Payments	24
Cash Value	25
Exchanging the Policy	25
To Terminate (Surrender)	25
To Assign	25
Reminders, Reports and Illustrations	26
Standard Policy Charges	26
Premium Load	27
Illustration Charge	27
Partial Surrender Fee	27
Surrender Charge	27
Cost of Insurance Charge	28
Mortality and Expense Risk Charge	29
Administrative Charge	29
Increase Charge	30
Mutual Fund Operating Expenses	30
Reduction of Charges	30
A Note on Charges	30
Information on Underlying Mutual Fund Service Fee Payments	31
Policy Riders and Rider Charges	33
Accidental Death Benefit Rider	33
Base Insured Term Rider	33
Change of Insured Rider	34
Children's Term Insurance Rider	35
Guaranteed Minimum Death Benefit Rider	35
Spouse Life Insurance Rider	35
Waiver of Monthly Deductions Rider	36
Policy Owner Services	37
Dollar Cost Averaging	37
Automated Income Monitor	37
Policy Loans	39
Loan Amount	39

5

Table of Contents (continued)

	Page
Collateral and the Policy Loan Account	39
Interest Charged	39
When Interest is Charged and Credited	40
Repayment	40
Lapse	40
Grace Period	41
Reinstatement	41
Surrenders	41
Full Surrender	41
Partial Surrender	42
Reduction of Base Policy Specified Amount on a Partial Surrender	42
The Death Benefit	43
Calculation of the Death Benefit	43
Death Benefit Options	43
The Minimum Required Death Benefit	44
Changes in the Death Benefit Option	44
Incontestability	45
Suicide	45
Proceeds Upon Maturity	45
Extending Coverage Beyond the Maturity Date	45
Payment of Policy Proceeds	46
Treatment of Unclaimed Property	46
Payments to Minors	46
Taxes	46
Nationwide Life Insurance Company	53
Nationwide VLI Separate Account-2	54
Organization, Registration, and Operation	54
Addition, Deletion, or Substitution of Mutual Funds	54
Voting Rights	55
Material Conflicts	55
Legal Proceedings	55
Nationwide Life Insurance Company	55
Nationwide Investment Services Corporation	56
Financial Statements	56
Appendix A: Underlying Mutual Fund Information	57
Appendix B: Definitions	73
Appendix C: Illustrations of Surrender Charges	75

6

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

In Summary: Policy Benefits

Death Benefit

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

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

Death Benefit Options

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

Death Benefit Option 1: The Death Benefit will be the greater of the Total Specified Amount or the applicable percentage of Cash Value. The amount of the Death Benefit Proceeds will ordinarily not change for several years to reflect Investment Experience and may not change at all. If Investment Experience is favorable, the amount of the Death Benefit Proceeds may increase.

Death Benefit Option 2: The Death Benefit will be the greater of the Total Specified Amount plus the Cash Value as of the date of death or the applicable percentage of Cash Value, and will vary directly with Investment Experience.

Benefit Payout

Policy Proceeds will be paid out in a lump sum.

Coverage Flexibility

Subject to conditions, the policy owner may choose to:

• change the death benefit option;

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

• change beneficiaries; and

• change ownership of the policy.

Access to Cash Value

Subject to conditions, the policy owner may:

• take a policy loan, see Policy Loans.

• take a partial surrender, see Partial Surrender.

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

Premium Flexibility

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

7

Investment Options

Net Premium, loan repayments, and Cash Value may be allocated among fixed and/or variable investment options available in the policy.

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

The variable investment options offered under the policy correspond to mutual funds designed to be the underlying investment options of variable insurance products. Nationwide VLI Separate Account-2 contains a separate Sub-Account for each of the underlying mutual funds offered in the policy.

Transfer Requests

Policy owners may request to transfer allocations between available investment options of the policy (i.e., the Fixed Account and Sub-Accounts). Requests to transfer allocations between policy investment options will be processed in the Valuation Period they are received at the Service Center as long as the request is in good order. Requests that are not in good order may be delayed or returned, see Contacting the Service Center.

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

Taxes

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

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

Assignment

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

Right to Cancel (Examination Right)

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

Riders

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

• Accidental Death Benefit Rider

• Base Insured Term Rider

• Change of Insured Rider

• Children's Insurance Rider

• Guaranteed Minimum Death Benefit Rider

• Spouse Life Insurance Rider

• Waiver of Monthly Deductions Rider

For additional information, see Policy Riders and Rider Charges.

8

In Summary: Policy Risks

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

State Variations

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

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

Risk of Increase in Current Fees and Charges

Subject to the guaranteed maximum rates stated in the Policy Data Pages, Nationwide may change policy and/or Rider charges and rates under the policy any time there is a change in Nationwide's future expectations related to items such as company investment earnings, mortality experience, persistency experience, expenses (including reinsurance expenses) and taxes. Nationwide will provide advance notice of any increase in policy and/or Rider charges.

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

Unfavorable Sub-Account Investment Experience

The Sub-Accounts may generate unfavorable Investment Experience. Unfavorable Investment Experience and the deduction of policy and Sub-Account charges may lower the policy’s Cash Value potentially resulting in a Lapse of insurance coverage, even if all Premium is paid as planned.

Note: A customized projection of policy values (a "policy illustration") is available from your financial professional at the time of application and after the policy is issued. The policy owner selects the Premium amount and frequency shown in the policy illustration to show Nationwide how much Premium the policy owner intends to pay and when. The policy owner also selects assumed Investment Experience. Illustrated Premium and assumed Investment Experience are not guaranteed. Investment Experience varies over time, is rarely the same year-over-year, and may be negative. Because the policy is a variable universal life insurance policy with the potential for unfavorable Investment Experience, including extended periods of significant stock market decline, additional Premium may be required to meet a policy owner's goals and/or to prevent the policy from Lapsing even if all Premium is paid as planned. Generally, variable universal life insurance is considered a long-term investment. Policy owners should weigh the investment risk and costs associated with the policy against their objectives, time horizon, risk tolerance, and ability to pay additional Premium if necessary.

Adverse Tax Consequences

Existing federal tax laws that benefit this policy may change at any time. These changes could alter the favorable federal income tax treatment the policy enjoys, such as the deferral of taxation on the gains in the policy's Cash Value and the exclusion of the Death Benefit Proceeds from the taxable income of the policy's beneficiary. Partial and full surrenders from the policy may be subject to taxes. The income tax treatment of the surrender of Cash Value is different in the event the policy is treated as a modified endowment contract under the Code. Generally, tax treatment of modified endowment

9

contracts is less favorable when compared to a life insurance policy that is not a modified endowment contract. For example, distributions and loans from modified endowment contracts may currently be taxed as ordinary income and not a return of investment, see Taxes.

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

Fixed Account Transfer Restrictions and Limitations

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

Sub-Account Transfer Limitations

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

Sub-Account Investment Risk

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

Risk of Policy Lapse

Cash Surrender Value can be reduced by unfavorable Investment Experience, policy loans, partial surrenders and the deduction of policy charges. Underlying mutual fund fees are factored into the NAV used to calculate the Accumulation Unit Value of each Sub-Account and may also reduce Cash Surrender Value, see Mutual Fund Operating Expenses. Whenever Cash Surrender Value is insufficient to cover the policy’s charges, the policy is at risk of Lapse; the policy could terminate without value and insurance coverage would cease. Lapse may also have adverse income tax consequences if the policy has outstanding Indebtedness.

Limitation of Access To Cash Value

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

In Summary: Fee Tables

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

10

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

Transaction Fees
Charge	When Charge Is Deducted	Amount Deducted
Sales Load1	Upon making a Premium payment	Maximum $25 from each $1,000 of Premium		Current $25 from each $1,000 of Premium
Premium Taxes1	Upon making a Premium payment	$35 per $1,000 of Premium
Surrender Charges2 † Representative – An age 35 male; non-tobacco preferred; Base Policy Specified Amount and Total Specified Amount of $250,000; Death Benefit Option 1	Upon surrender or policy Lapse	Minimum $357	Maximum $19,298		Representative $1,704
		From the Policy's available Cash Value
Illustration Charge3	Upon requesting an illustration	Maximum $25		Current $0
Partial Surrender Fee	Upon a partial surrender	Maximum the lesser of $25 or 2% of the surrendered amount		Current $0

†	This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1	The maximum Sales Load and the Premium Taxes charge (collectively "Premium Load") represent the maximums that may be charged in any policy year, see Premium Load. Currently, the sales load is reduced to $5 per $1,000 of Premium payment on any portion of the annual Premium in excess of the break point Premium, as shown on the Policy Data Page.
2	The charge calculations shown assume an aggregate first year Premium in excess of the surrender target premium. The surrender target premium is an assumed Premium payment amount used in calculating the surrender charge. The surrender charge is based on the lesser of the surrender target premium and the Premiums paid in the first year from the Policy Date. The surrender target premium varies by: the Insured's sex; age (when the policy was issued); underwriting class and the Base Policy Specified Amount (and any increases). The maximum Surrender Charge calculation assumes: a female age 18; non-tobacco; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1; and a full surrender occurring in the first year from the Policy Date. The minimum charge calculation assumes: a male age 75 or older; tobacco; Base Policy Specified Amount and Total Specified Amount $500,000; Death Benefit Option 1; and a full surrender occurring in the first year from the Policy Date.
3	The policy owner will be expected to pay the Illustration Charge by check or money order at the time of the request. This charge will not be deducted from Cash Value.

11

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

Periodic Charges
Charge	When Charge Is Deducted	Amount Deducted From Cash Values
Cost Of Insurance Charge† Representative - An age 35 male; non-tobacco preferred; Bae Policy Specified Amount and Total Specified Amount of $250,000; Death Benefit Option 1	Monthly	Minimum $.05	Maximum $83.33		Representative $0.11
		Per $1,000 of Net Amount At Risk - From the Policy's available Cash Value
Flat Extra Charge1	Monthly	Maximum $2.08 per $1,000 of Net Amount At Risk for each Flat Extra assessed
Mortality And Expense Risk Charge2	Daily based on annualized rate	Maximum $8.00 per $1,000 of Cash Value allocated to Sub-Accounts
		Proportionately from the Sub-Accounts
Administrative Charge3	Monthly	Maximum $25		Current $12.50
		From the Policy's available Cash Value
Increase Charge4	Monthly	Maximum $0.17 per $1,000 of Base Policy Specified Amount increase
		From the Policy's available Cash Value
Policy Loan Interest5	Annually	Current and Maximum: $60 per $1,000 of outstanding policy loan

†	This charge will vary based upon the individual characteristics of the Insured. Representative charges shown in the table may not be representative of the charge that a particular policy owner will pay. Policy owners can request an illustration of specific costs and/or see the Policy Data Pages for information about specific charges of the policy.
1	The Flat Extra Charge is only applicable if certain factors result in an Insured having a Substandard Rating. An Insured with more than one Substandard Rating may be assessed more than one Flat Extra Charge. Under no circumstance will the assessment of a Flat Extra Charge result in the Cost of Insurance Charge exceeding the maximum Cost of Insurance Charge, see Cost of Insurance.
2	After the ninth policy year, the Mortality and Expense Risk Charge continues to be $8.00 per $1,000 of variable Cash Value on the first $25,000 of Cash Value, but only $5.00 per $1,000 on additional variable Cash Value. For policies issued in New York, the charge is reduced regardless of the Cash Value.
3	After the first policy year the monthly maximum Administrative Charge is $7.50, and the current amount deducted on a monthly basis is $5.
4	The increase charge will be deducted upon a request to increase the Base Policy Specified Amount and on a monthly basis for 12 months after the increase.
5	Interest is charged on the amount of an outstanding loan, but interest is also credited on amounts in the policy loan account, see Policy Loans.During years two through 14 from the Policy Date, the current interest crediting rate is 5.1%. Thereafter, the current interest crediting rate is 6.0% per annum for all loans (guaranteed minimum of 4.0%).

12

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

Periodic Charges For Riders
Charge	When Optional Charge Is Deducted	Amount Deducted From Cash Value
Accidental Death Benefit Rider† Representative - An age 35 male; non-tobacco preferred; Accidental Death Benefit of $100,000	Monthly	Minimum $0.05	Maximum $0.75	Representative $0.06
		Per $1,000 of Accidental Death Benefit - From the Policy's available Cash Value
Base Insured Term Rider† Representative - An age 35 male; non-tobacco preferred; Base Policy Specified Amount $250,000; and Additional Death Benefit $250,000	Monthly	Minimum $0.02	Maximum $83.33	Representative $0.03
		Per $1,000 of additional protection - From the Policy's available Cash Value
Children's Insurance Rider	Monthly	Maximum $0.43 Per $1,000 of Children’s Insurance Rider Specified Amount
		From the Policy's available Cash Value
Guaranteed Minimum Death Benefit Rider1	Monthly	Maximum $0.01 Per $1,000 of Guaranteed Minimum Death Benefit Rider Specified Amount
		From the Policy's available Cash Value
Spouse Life Insurance Rider† Representative Spouse - An age 35 female; non-tobacco; Spouse Life Insurance Rider Specified Amount $100,000	Monthly	Minimum $0.10	Maximum $10.23	Representative $0.15
		Per $1,000 of Spouse Life Insurance Rider Specified Amount - From the Policy's available Cash Value
Waiver of Monthly Deductions Rider† Representative - An age 35 male; non-tobacco preferred; Total Specified Amount $250,000; and Death Benefit Option 1	Monthly	Minimum $85	Maximum $855	Representative $85
		Per $1,000 of Deduction Waiver Benefit - From the Policy's available Cash Value

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

13

The next table shows the minimum and maximum total operating expenses, as of December 31, 2020, charged by the underlying mutual funds that a policy owner may periodically pay while the policy is In Force. More detail concerning each mutual fund's fees and expenses is contained in the mutual fund's prospectus.

Total Annual Underlying Mutual Fund Operating Expenses
	Minimum	Maximum
Total Annual Underlying Mutual Fund Operating Expenses (Expenses that are deducted from underlying mutual fund assets, including management fees, distribution (12b-1) fees, and other expenses, as a percentage of average underlying mutual fund assets.)	0.14%	3.50%

Policy Investment Options

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

Fixed Account

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

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

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

Minimum Guaranteed Interest Rate

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

Currently, the Fixed Account is the only fixed investment option available under the policy. In the future, Nationwide may offer one or more additional fixed accounts with characteristics that differ from those of the current option, but is under no obligation to do so. The effective annual rate Nationwide declares for the Fixed Account will never be less than 4%.

Interest Crediting Risks and Lapse

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

Nationwide’s Claims-Paying Ability

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

14

Restrictions on Transfers to and from the Fixed Account

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

Variable Investment Options

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

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

Underlying mutual funds in the separate account are NOT publicly available mutual funds. They are only available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies, or in some cases, through participation in certain qualified pension or retirement plans.

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

The particular underlying mutual funds available under the policy may change from time to time, see Identification of Underlying Mutual Funds. Specifically, underlying mutual funds or underlying mutual fund share classes that are currently available may be removed or closed off to future investment. New underlying mutual funds or new share classes of currently available underlying mutual funds may be added. In the case of new share class additions, future allocations may be limited to the new share classes. The policy owner will receive notice of any such changes that effect the policy.

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

Valuation of Accumulation Units

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

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

• New Year's Day

• Martin Luther King, Jr. Day

• Presidents' Day

• Good Friday

• Memorial Day

• Independence Day

• Labor Day

• Thanksgiving

• Christmas

In addition, Nationwide will not price Accumulation Units if:

15

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

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

How Sub-Account Investment Experience is Determined

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

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

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

(a) is the sum of:

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

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

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

(b)	is the NAV per share of the mutual fund held in the Sub-Account determined as of the end of the immediately preceding Valuation Period; and
(c)	is a factor representing the daily mortality and expense risk charge.

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

Transfers Among and Between the Policy Investment Options

Sub-Account Transfers

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

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

16

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

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

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

• increased administrative costs due to frequent purchases and redemptions.

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

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

Short-Term Trading Fees

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

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

U.S. Mail Restrictions

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

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

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

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

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

17

Managers of Multiple Policies

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

Other Restrictions

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

Any restrictions that Nationwide implements will be applied consistently and uniformly. The policy owner will be notified if a transfer request is rejected.

Underlying Mutual Fund Restrictions and Prohibitions

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

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

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

Fixed Account Transfers

Prior to the policy's Maturity Date, the policy owner may make transfers involving the Fixed Account. These transfers will be in dollars. Nationwide may impose limits on the dollar amount, percentage of Cash Value, number, and/or frequency of transfers involving the Fixed Account. Contact the Service Center for information regarding restrictions in effect for the Fixed Account at the time of a Premium payment or transfer request, see Contacting the Service Center.

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

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

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

Transfers to the Fixed Account may be restricted as follows:

• Transfers to that exceed 25% of the value allocated to the Sub-Accounts (as of the end of the prior Valuation Period) may not be permitted; and

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

Transfers from the Fixed Account may be restricted as follows:

• Transfers from, of more than 25% of the Fixed Account value in any policy year (as of the end of the previous policy year), may not be permitted.

18

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

Contacting the Service Center

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

• by Internet at www.nationwide.com.

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

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

• by fax at 1-888-677-7393

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

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

Service and transaction requests will generally be processed in the Valuation Period they are received at the Service Center as long as the request is in good order, see Valuation of Accumulation Units. Good order generally means that all necessary information to process the request is complete and in a form acceptable to Nationwide. If a request is not in good order, Nationwide will take reasonable actions to obtain the information necessary to process the request. Requests that are not in good order may be delayed or returned. Nationwide reserves the right to process any transaction request sent to a location other than the Service Center in the Valuation Period it is received at the Service Center. On any day the post office is closed, Nationwide is unable to retrieve service and transaction requests that are submitted by mail. This will result in a delay of the delivery of those requests to the Service Center.

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

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

The Policy

General Information

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

19

To determine the adjusted Death Benefit, the Net Amount At Risk at the time of the Insured's death is multiplied by the ratio of the monthly cost of insurance applied at the true age in the policy month of death and the monthly cost of insurance that should have been applied at the true age in the policy month of death. This adjusted amount will be added to reflect the true age to the Cash Value of the policy at the Insured's death. The Cash Value will be adjusted to reflect the cost of insurance charges on the correct age from the Policy Date.

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

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

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

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

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

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

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

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

Risks Associated with COVID-19

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

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

20

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

Cybersecurity

Nationwide’s businesses are highly dependent upon its computer systems and those of its business partners. This makes Nationwide potentially susceptible to operational and information security risks resulting from a cyber-attack. These risks include direct risks, such as theft, misuse, corruption and destruction of data maintained by Nationwide, and indirect risks, such as denial of service attacks on service provider websites and other operational disruptions that impede Nationwide’s ability to electronically interact with service providers. Cyber-attacks affecting Nationwide, the underlying mutual funds, intermediaries, and other service providers may adversely affect Nationwide and policy values. In connection with any such cyber-attacks, Nationwide and/or its service providers and intermediaries may be subject to regulatory fines and financial losses and/or reputational damage. Cybersecurity risks may also impact the issuers of securities in which the underlying mutual funds invest, which may cause the underlying mutual funds to lose value. Although Nationwide undertakes substantial efforts to protect its computer systems from cyber-attacks, including internal processes and technological defenses that are preventative or detective, and other controls designed to provide multiple layers of security assurance, there can be no guarantee that Nationwide, its service providers, or the underlying mutual funds will avoid losses affecting the policy due to cyber-attacks or information security breaches in the future.

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

Business Continuity Risks

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

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

Policy Owner and Beneficiaries

Policy Owner

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

Policy Owner Rights

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

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

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

21

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

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

These rights are explained in greater detail throughout this prospectus.

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

Beneficiaries

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

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

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

To Purchase

The policy is available for Insureds between the ages of 0 and 80. To purchase the policy, prospective purchasers must submit a completed application and the required initial Premium payment.

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

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

Coverage

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

Coverage Effective Date

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

22

Temporary Insurance Coverage

Temporary Insurance Coverage

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

Right To Cancel (Examination Right)

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

In order to cancel the policy during the right to cancel period, a policy owner must submit a written cancellation request and return the policy either to the sales representative or to the Service Center. Nationwide will honor written cancellation requests received in good order by the last day of the right to cancel period (if returned by US mail, the request must be post-marked by the last day of the right to cancel period). If the policy is canceled during the right to cancel period, Nationwide will treat the policy as if it was never issued.

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

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

Allocation of Net Premium During Right to Cancel Period

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

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

To Change Coverage

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

Increases

To increase the Total Specified Amount, the policy owner must provide satisfactory evidence of insurability. The Insured must be Attained Age 80 or younger at the time of the request. Any request to increase the Total Specified Amount must be at least $10,000. An increase in the Total Specified Amount may cause an increase in the Net Amount At Risk. Because the Cost of Insurance Charge is based on the Net Amount At Risk, and because there will be a separate cost of insurance rate for the increase, this will usually cause the policy's Cost of Insurance Charge to increase. An additional

23

Surrender Charge schedule will also apply whenever the Base Policy Specified Amount is increased. An increase in the Base Policy Specified Amount and/or Rider Specified Amount may cause an increase to the amount of subsequent Premium payments needed to keep the policy from Lapsing, see Lapse.

Decreases

The policy owner may request to decrease the Total Specified Amount. Nationwide applies Total Specified Amount decreases to the most recent Base Policy Specified Amount and/or Rider Specified Amount increase and continues applying the decrease backwards while still maintaining the original Total Specified Amount. Nationwide will deny any request to reduce the Base Policy Specified Amount below the minimum Base Policy Specified Amount shown on the Policy Data Page. Nationwide will also deny any request that would disqualify the policy as a contract for life insurance.

Premium Payments

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

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

Initial Premium

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

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

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

Subsequent Premiums

The policy owner may make additional Premium payments at any time while the policy is In Force, subject to the following:

• During the first three policy years, the total Premium payments, less any outstanding Indebtedness, less any partial surrender fee, must be greater than or equal to the minimum Premium requirement in order to guarantee that the policy will remain In Force.

• After the first three policy years, each Premium payment must be at least equal to the minimum monthly Premium.

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

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

• Nationwide may require that outstanding Indebtedness be repaid prior to accepting any additional Premium payments, see Lapse.

• Nationwide will send scheduled Premium payment reminder notices to you according to the Premium payment method shown on the Policy Data Page. Subsequent Premium payments must be sent to the Service Center, see Contacting the Service Center.

24

Cash Value

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

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

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

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

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

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

Exchanging the Policy

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

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

Exchange requests must be made on Nationwide forms and submitted to the Service Center. The policy must be In Force and not in a Grace Period. The policy owner must pay a surrender charge if applicable and surrender the policy to Nationwide. The policy owner must pay any money due on the exchange (any amount needed to ensure that the Cash Surrender Value of the new policy is the same as the Cash Surrender Value of this policy). The policy owner may request that any excess of the Cash Surrender Value of this policy over the Cash Surrender Value of the new policy be paid to the policy owner. The exchange may have adverse tax consequences. The new policy will take effect on the exchange date only if the Insured is alive. This policy will terminate when the new policy takes effect.

To Terminate (Surrender)

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

Terminating the policy may result in adverse tax consequences.

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

To Assign

The policy owner may assign any or all rights under the policy while it is In Force, subject to Nationwide’s approval. The beneficiary's interest will be subject to the person or entity to which the policy owner assigned rights. Assignments must be in writing on a form satisfactory to Nationwide. Assignments will become effective on the date signed, unless otherwise

25

specified by the policy owner, and are subject to any payments or actions taken by Nationwide before it is received and recorded at the Service Center. Nationwide is not responsible for the sufficiency or validity of any assignment. Assignments will be subject to any Indebtedness, policy liens, garnishments, court orders, and any previous assignments.

Reminders, Reports and Illustrations

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

• the Total Specified Amount;

• Premiums paid;

• all charges since the last report;

• the current Cash Value;

• the Cash Surrender Value; and

• Indebtedness.

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

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

IMPORTANT NOTICE REGARDING DELIVERY
OF SECURITY HOLDER DOCUMENTS

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

Standard Policy Charges

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

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

Policy and Rider charges reflect costs and risks associated with issuing the policy and Rider(s). Certain charges will vary based upon the individual characteristics of the Insured. The Insured is assigned to an underwriting classification based upon his/her age, sex (if not unisex classified), tobacco rate type, health, and any Substandard Ratings. The policy owner can request an illustration of specific costs and/or see the Policy’s Data Pages for information about specific charges of their policy.

26

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

Premium Load

Premium Load is comprised of the Sales Load and Premium Taxes. It will vary by policy based on the amount of Premium paid. It is deducted from each Premium payment to partially reimburse Nationwide for sales expenses and Premium taxes, and other expenses, including acquisition costs. The Premium Load also provides revenue to compensate Nationwide for assuming risks associated with the policy, and revenue that may be a profit.

Sales Load

The sales load portion of the Premium Load Charge is guaranteed not to exceed $25 per $1,000 of Premium and covers sales expenses. Currently, this charge is equal to $25 per $1,000 of Premium up to the break point Premium, and $5 per $1,000 of Premium in excess of the break point Premium. The break point Premium is shown in the Policy Data Page. Sales load is assessed each time a Premium payment is submitted.

Premium Taxes

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

Illustration Charge

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

Partial Surrender Fee

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

Surrender Charge

A surrender charge will apply if the policy is surrendered during the first nine years from the Policy Date, Lapsed, or a decrease in the Base Policy Specified Amount is requested. Surrender charges compensate Nationwide for policy underwriting and sales expenses. The charge will be deducted the policy’s Cash Value. The surrender charge is reduced by any partial surrender charge actually paid on previous decreases in the Base Policy Specified Amount.

The following tables illustrate the maximum initial surrender charge per $1,000 of initial Base Policy Specified Amount for policies which are issued on a standard basis, see Appendix C: Illustrations of Surrender Charges.

27

Initial Base Policy Specified Amount $50,000-$99,999

Issue Age	Male Non-Tobacco	Female Non-Tobacco	Male Standard	Female Standard
25	$ 7.776	$ 7.521	$ 8.369	$ 7.818
35	$ 8.817	$ 8.398	$ 9.811	$ 8.891
45	$12.191	$11.396	$13.887	$12.169
55	$15.636	$14.011	$18.415	$15.116
65	$22.295	$19.086	$26.577	$20.641

Initial Base Policy Specified Amount $100,000 or More

Issue Age	Male Non-Tobacco	Female Non-Tobacco	Male Standard	Female Standard
25	$ 5.776	$ 5.521	$ 6.369	$ 5.818
35	$ 6.817	$ 6.398	$ 7.811	$ 6.891
45	$ 9.691	$ 8.896	$11.387	$ 9.669
55	$13.136	$11.511	$15.915	$12.616
65	$21.295	$18.086	$25.577	$19.641

Special guaranteed maximum surrender charges apply in Pennsylvania, see Appendix C: Illustrations of Surrender Charges. Ask for an illustration or see the Policy Data Page for more information.

The surrender charge amount decreases over time and Nationwide will deduct the surrender charge based on the following schedule:

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

There are two components to the surrender charge: the underwriting component and the sales component. The underwriting component is based upon the Insured’s age when the policy is issued and covers costs associated with underwriting. The sales expense component, which is based on and varies by the Insured’s sex, age when the policy is issued, and underwriting class, covers sales expenses including processing applications, conducting medical exams, determining insurability (and the Insured’s underwriting class), and establishing policy records. Additional information can be found in the Statement of Additional Information which can be requested, free of charge, by contacting the Service Center.

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

• the exchange and waiver may be subject to new, satisfactory evidence of insurability and Nationwide’s underwriting approval; and

• the Waiver of Monthly Deductions Rider has not been invoked.

Nationwide may impose a new surrender charge on the policy received in the exchange.

Cost of Insurance Charge

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

28

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

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

Flat Extras and Substandard Ratings

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

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

There will be a separate cost of insurance rate for the initial Base Policy Specified Amount and any Base Policy Specified Amount increase. An increase in the Base Policy Specified Amount may cause an increase in the Net Amount At Risk. Because the Cost of Insurance Charge is based on the Net Amount At Risk, and because there will be a separate cost of insurance rate for the increase, this will usually cause the policy's Cost of Insurance Charge to increase. An increase in the Base Policy Specified Amount may require larger or additional Premium payments in order to avoid Lapsing the Policy.

The rate class of an Insured may affect the cost of insurance rate. Nationwide currently places Insureds into both standard rate classes and substandard rate classes that involve a higher mortality risk. In an otherwise identical policy, an Insured in the standard rate class will have a lower cost of insurance than an Insured in a rate class with higher mortality risks. Nationwide may also issue certain policies on a "non medical" basis to certain categories of individuals. Due to the underwriting criteria established for policies issued on a non medical basis, actual rates will be higher than the current cost of insurance rates being charged that are medically underwritten.

Mortality and Expense Risk Charge

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

Though the maximum guaranteed mortality and expense risk charge is higher, currently, this charge is deducted on a daily basis according to the following schedule. During the first through ninth year from the Policy Date, the annualized charge is $8.00 per $1,000 of Cash Value. After the ninth year, this annualized charge is $8.00 per $1,000 on the first $25,000 of Cash Value and $5.00 per $1,000 of additional Cash Value.

Administrative Charge

An administrative charge is deducted proportionally from the policy's Sub-Account and Fixed Account allocations on the Policy Date and each monthly anniversary of the Policy Date. This charge reimburses Nationwide for the costs of maintaining the policy, including accounting and record-keeping and periodic reports to the policy owner. The charge is

29

currently $12.50 per month through the first year from the Policy Date, and $5 per month after the first year from the Policy Date. The maximum guaranteed charge is $25 per month through the first year from the Policy Date, and $7.50 per month after the first year from the Policy Date.

Increase Charge

The increase charge is deducted from the Cash Value when the policy owner requests an increase in the Base Policy Specified Amount. It is used to cover the cost of underwriting the requested increase and processing and distribution expenses related to the increase.

The increase charge is comprised of two components: underwriting and administration; and sales. The underwriting and administration component is equal to $1.50 per year per $1,000 of increase. The sales component is equal to $0.54 per year per $1,000 of increase. Together, the maximum charge totals $2.04 per year ($0.17 per month).

Mutual Fund Operating Expenses

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

Reduction of Charges

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

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

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

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

Entities considering purchasing the policy should note that in 1983, the U.S. Supreme Court held in Arizona Governing Committee v. Norris that certain annuity benefits provided by employers' retirement and fringe benefit programs may not vary between men and women on the basis of sex. The policies are based upon actuarial tables that distinguish between men and women unless the purchaser is an entity and requests non-sex distinct tables be used for underwriting. The policies generally provide different benefits to men and women of the same age. Accordingly, employers and employee organizations should consider, in consultation with legal counsel, the impact of Norris on any employment related insurance or benefit program before purchasing the policy.

A Note on Charges

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

30

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

Distribution, Promotional, and Sales Expenses

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

Nationwide has the ability to customize the total compensation package paid to broker-dealer firms. Nationwide may vary the form of compensation paid or the percentage or amounts paid as commission, expense allowance, or marketing allowance, to the extent permitted by SEC and FINRA rules and other applicable laws and regulations. However, the total premium based compensation will not exceed the maximum of (99% of first year premium and no more than 4% of any excess and renewal premium). Commission may also be paid as an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned Cash Value per year.

Marketing allowance is based on a firm’s ability and demonstrated willingness to promote and market Nationwide’s products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide’s products, which may include but not be limited to, providing conferences or seminars, sales or training programs, advertising and sales campaigns regarding the policies, and payments to assist a firm in connection with its administrative systems, operations and marketing expenses and/or other events or activities sponsored by the firms.

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

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

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

Information on Underlying Mutual Fund Service Fee Payments

Nationwide's Relationship with the Underlying Mutual Funds

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

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

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

Types of Payments Nationwide Receives

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

Nationwide or its affiliates receive the following types of payments:

31

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

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

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

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

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

Amount of Payments Nationwide Receives

For the year ended December 31, 2020, the underlying mutual fund service fee payments Nationwide and its affiliates received from the underlying mutual funds did not exceed 0.75% (as a percentage of the average daily net assets invested in the underlying mutual funds) offered through the policy or other variable policies that Nationwide and its affiliates issued. Payments from investment advisors or subadvisors to participate in educational and/or marketing activities have not been taken into account in this percentage.

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

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

Identification of Underlying Mutual Funds

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

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

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

32

Policy Riders and Rider Charges

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

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

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

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

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

Accidental Death Benefit Rider

Subject to Nationwide’s underwriting approval, this Rider may be elected at any time. The Rider pays a benefit, in addition to the Death Benefit, to the named beneficiary upon the Insured's accidental death. The benefit continues until the Insured reaches Attained Age 70. The policy owner will be charged for this Rider: so long as the policy remains In Force and the Rider's term has not expired; the benefit has been paid, the policy matures or otherwise terminates, or until the Rider is terminated by written request to the Service Center. When a written request to terminate the Rider is received, termination will be effective on the monthly anniversary of the Policy Date coinciding with or next following receipt of the written request to terminate by the Service Center. Upon termination of the Rider, benefits will no longer be available and the Rider charge will no longer be assessed.

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

Accidental Death Benefit Rider Charge

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

Base Insured Term Rider

Subject to Nationwide’s underwriting approval, this Rider is available when the policy is In Force. The benefit is term life insurance on the Insured, in addition to the Death Benefit, payable to the beneficiary upon the Insured's death.

The benefit amount varies monthly and is based on the elected death benefit option. The policy owner may renew coverage annually until the Insured reaches Attained Age 95, when this Rider's term expires. Because the charge for this benefit is deducted from the policy's Cash Value, purchasing this Rider could reduce the amount of Proceeds payable when the Death Benefit depends on Cash Value.

Before deciding whether to purchase the Rider it is important to know that when this Rider is purchased, the compensation received by the financial professional and his or her firm is less than when compared to purchasing insurance coverage under the base policy. As a result of this compensation reduction, the charges assessed for the cost of insurance under the Rider will be lower for a significant period of time. There are instances where the Rider may require lower Premium to maintain the total death benefit over the life of the policy or may require higher Premium when compared to not purchasing the Rider at all. When the Rider is purchased, the Maturity Date for coverage under the Rider may not be extended (resulting in a loss of coverage at maturity).

33

Base Insured Term Rider Charge

The charge for this Rider compensates Nationwide for providing term life insurance on the Insured. The charge is the product of the Rider Specified Amount and the additional protection cost of insurance rate. The additional protection cost of insurance rate is based on an expectation as to the Insured's mortality. The additional protection cost of insurance rate will vary by: the Insured's sex; Attained Age; underwriting class; any Substandard Ratings; and the Rider Specified Amount.

Change of Insured Rider

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

Change of Insured requirements:

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

Coverage of the new Insured will become effective on the change date. Coverage of the previous Insured will terminate on the day before the change date. The change date is the first monthly anniversary on or next following the date the change of Insured requirements are met. The Policy Date will not change.

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

(1)	the policy continues to qualify as life insurance under the Code, and
(2)	such Total Specified Amount equals or exceeds the minimum Total Specified Amount stated in the Policy Data Pages.

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

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

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

Change of Insured Rider Charge

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

34

Children's Term Insurance Rider

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

Children’s Term Insurance Rider Charge

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

Guaranteed Minimum Death Benefit Rider

This Rider is only available at application and has no loan value or Cash Surrender Value. The purpose of this Rider is to keep the death benefit In Force and to prevent the policy from Lapsing. The benefit is a death benefit payable to the beneficiary, less any Indebtedness and any withdrawals.

Guaranteed Minimum Death Benefit Rider Charge

There is no charge for this Rider during the first three policy years. In the first month of the third Policy year, this charge will begin and after the third Policy year, this Rider ensures that the base policy will remain In Force even if the Cash Surrender Value is zero or less, as long as: 1) the Rider is In Force; 2) the Insured is alive; and 3) the annual Guaranteed Minimum Death Benefit Rider Minimum Premium requirement has been met. The annual Rider Minimum Premium is shown on the Policy Data Page and is based on the issue age, sex, Total Specified Amount, death benefit option and underwriting class of the Insured.

On each policy anniversary, Nationwide will determine if the Rider Minimum Premium requirement has been met. This requirement shall be met if the sum of all previous Premium payments under the policy, less any partial withdrawals and existing policy Indebtedness is greater than or equal to the sum of the annual Rider Minimum Premiums for the previous policy years. If this requirement is met, the policy is guaranteed to remain In Force during the next policy year, provided there are no new loans or partial withdrawals. If this requirement is not met, Nationwide will notify the policy owner of the Premium payments required in order to continue benefits under this Rider. A Grace Period of 61 days will be provided and if the required Premiums are not received during this Grace Period, the Rider will terminate without value. During this Grace Period, the Rider charge will still apply. During any policy year when benefits are being paid under the Waiver of Monthly Deduction Rider, the annual Rider Minimum Premium that policy year will be equal to zero.

Spouse Life Insurance Rider

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

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

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

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

35

This Rider will terminate on the earliest of: the policy anniversary on which the Insured Spouse reaches Attained Age 70, the date the Rider is converted to a new policy, the date the policy matures or otherwise terminates, or until the Rider is terminated by written request received in good order by the Service Center.

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

Spouse Life Insurance Rider Charge

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

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

Waiver of Monthly Deductions Rider

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

Rider Benefit

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

Disability During the First Three Years from the Policy Date

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

Disability Following the First Three Years from the Policy Date

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

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

Benefit Duration

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

36

Waiver of Monthly Deductions Rider Charge

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

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

Policy Owner Services

Dollar Cost Averaging

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

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

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

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

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

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

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

Automated Income Monitor

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

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

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

37

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

(1) Payment type:

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

(2) Illustration assumptions:

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

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

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

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

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

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

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

(a)	Nationwide’s receipt at the Service Center of a written request to terminate participation;
(b)	at the time the policy enters a Grace Period or terminates for any reason;
(c)	at the time of a requested partial surrender or policy loan outside the program;
(d)	upon a change of policy owner;
(e)	for income based on a fixed duration, the end of the period the policy owner specified at the time of election;

38

(f)	on any policy anniversary when the current Cash Surrender Value is less than or equal to the target Cash Surrender Value assumption the policy owner specified;
(g)	at any time the scheduled partial surrender or policy loan would cause the policy to fail to qualify as life insurance under Section 7702 of the Code; or
(h)	the policy's Maturity Date.

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

Policy Loans

After the expiration of the right to cancel period and while the policy is In Force, a policy owner may take a policy loan. A policy loan will be effective as of the date Nationwide receives the policy owner's written request at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Notwithstanding anything to the contrary set forth in this prospectus, Nationwide may accept requests submitted via telephone, subject to dollar amount limitations and payment and other restrictions to prevent fraud. Nationwide reserves the right to discontinue acceptance of telephonic requests at any time upon written notice. Contact the Service Center for current limitations and restrictions, see Contacting the Service Center.

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

Loan Amount

The minimum loan amount is $200. At the time of a loan request, policy Indebtedness cannot exceed 90% of the Cash Value less any surrender charge, less interest due on the next policy anniversary. Nationwide pays the policy loan to the policy owner with assets from its general account. Nationwide then uses the policy's Cash Value as collateral for the loan as described below.

Collateral and the Policy Loan Account

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

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

The policy owner will earn interest on the collateral held in the policy loan account. Interest will accrue daily at no less than the guaranteed minimum rate stated on the Policy Data Pages. Interest credited to the policy loan account is an obligation of Nationwide’s general account and is dependent on Nationwide’s financial strength and claims paying ability. The interest earned on the policy loan account may be different than the rate earned on Cash Value allocated to the Fixed Account.

Interest Charged

Nationwide charges interest against policy Indebtedness. Indebtedness is the total amount of all outstanding policy loans, including principal and compounded interest due. The maximum interest rate Nationwide may charge against Indebtedness is 6.00% per annum, see In Summary: Fee Tables for current interest charged rates. Rates may change and may vary by policy year. Policy loan interest charges may provide revenue for risk charges and profit.

39

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

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

Upon a full surrender, Lapse, or maturity, the amount received in the original loan request(s), plus unpaid loan interest charged is considered "received" under the Code and may result in adverse tax consequences, see Surrender, Lapse, Maturity in Taxes.

When Interest is Charged and Credited

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

• Annually, at the end of a policy year;

• At the time a new loan is requested;

• When a loan repayment is made;

• Upon the Insured's death;

• Upon policy Lapse and/or;

• Upon a full surrender of the policy.

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

Repayment

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

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

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

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

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

Lapse

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

40

Grace Period

The policy owner will receive notice when the Grace Period begins. The notice will state an amount of Premium required to avoid Lapse that is equal to four times the current monthly deductions. If this Premium amount is not paid within 61 days, the policy and all Riders will Lapse. The Grace Period will not alter the operation of the policy or the payment of Proceeds.

The policies will not Lapse during the first three policy years provided that on each monthly anniversary date 1) is greater than or equal to 2), where:

1)	is the sum of all Premiums paid to date minus any Indebtedness, minus any partial surrenders; and
2)	is the sum of monthly Premiums required since the Policy Date, including the monthly minimum Premium for the current monthly anniversary date.

If 1) is less than 2) and the Cash Surrender Value is less than zero, a Grace Period of 61 days from the monthly anniversary day will be allowed for the payment of sufficient Premium to satisfy the minimum Premium requirement. If sufficient Premium is not paid by the end of the Grace Period, the policy will Lapse without value. In any event, the policy will not Lapse as long as there is a positive Cash Surrender Value.

Beginning with the fourth policy year, if the Cash Surrender Value on a monthly anniversary day is not sufficient to cover the current policy charges, a Grace Period of 61 days from the monthly anniversary day will be allowed for the payment of sufficient Premium to cover the current policy charges due, plus an amount equal to three times the current monthly deduction.

Reinstatement

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

• Submitting a written request at any time within three years after the end of the Grace Period and prior to the Maturity Date; and

• Providing further satisfactory evidence of insurability that Nationwide may require; and

❍	Paying an amount of Premium equal to the minimum monthly Premiums missed since the beginning of the Grace Period, if the policy terminated in the first three policy years; or
❍	Paying sufficient Premium to cover all policy charges that were due and unpaid during the Grace Period if the policy terminated in the fourth or later policy year; and

• Paying sufficient Premium to keep the policy In Force for three months from the date of reinstatement; and

• Paying or reinstating any Indebtedness against the policy which existed at the end of the Grace Period.

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

If Nationwide approves the application for reinstatement and receives the required Premium, the effective date of a reinstated policy, including any Riders, will be the monthly anniversary date on or next following the date the application for reinstatement is approved. If the policy is reinstated, the Cash Value on the date of reinstatement will be set equal to the lesser of:

• The Cash Value at the end of the Grace Period; or

• The surrender charge for the year from the Policy Date in which the policy was reinstated.

Nationwide will add any Premiums or loan repayments made to reinstate the policy. The allocations to the Sub-Accounts in effect at the start of the Grace Period will be reinstated, unless the policy owner instructs otherwise.

Surrenders

Full Surrender

The policy may be surrendered for the Cash Surrender Value at any time while it is In Force. A surrender will be effective as of the date Nationwide receives the policy owner’s written surrender request in good order at the Service Center. Nationwide reserves the right to require written requests to be submitted on current Nationwide forms. Any applicable surrender charges will be deducted from the policy’s Cash Value, see Surrender Charge. See Payment of Policy Proceeds for additional information.

41

Policy Restoration after a Full Surrender

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

Partial Surrender

The policy owner may request a partial surrender of the policy's Cash Surrender Value at any time after it has been In Force for one year from the Policy Date. Currently, there is no charge for partial surrenders. Partial surrenders are permitted if they satisfy the following requirements:

(1)	The minimum amount of any partial surrender is $500;
(2)	Partial surrenders may not reduce the Base Policy Specified Amount to less than $50,000;
(3)	After a partial surrender, the Cash Surrender Value is greater than $500 or an amount equal to three times the current monthly deduction if higher;
(4)	Maximum total partial surrenders in any policy year are limited to 10% of the total net Premium payments applied to the policy. Currently, this requirement is waived beginning in the 15th year if the Cash Surrender Value is $10,000 or more after the withdrawal; and
(5)	After the partial surrender, the policy continues to qualify as life insurance under Section 7702 of the Code.

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

When a partial surrender is made, the Cash Value will be reduced by the amount of the partial surrender. Under Death Benefit Option 1, the Base Policy Specified Amount is reduced by the amount of the partial surrender, unless the Death Benefit is based on the applicable percentage of Cash Value. In that case, a partial surrender will decrease the Base Policy Specified Amount proportionally based on the applicable percentage of Cash Value by the amount the partial surrender exceeds the difference between the Death Benefit and Base Policy Specified Amount.

If a policy owner takes a partial surrender, Nationwide will surrender Accumulation Units proportionally from the Sub-Accounts equal to the amount of the partial surrender. If there is insufficient value in the Sub-Accounts, Nationwide will surrender amounts from the Fixed Account.

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

Reduction of Base Policy Specified Amount on a Partial Surrender

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

Nationwide may reduce the Base Policy Specified Amount to ensure that the Net Amount At Risk does not increase due to a partial surrender. Because the policy’s Net Amount At Risk is the same before and after the reduction, a partial surrender by itself does not alter the policy's cost of insurance. The policy's charges going forward will be based on a new Base Policy Specified Amount that will change the calculation of those charges. Depending on changes in variables such as the Cash Value, these charges may increase or decrease after the reduction in Base Policy Specified Amount.

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

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

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

42

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

The Death Benefit

Calculation of the Death Benefit

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

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

Death Benefit Options

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

Death Benefit Option 1: The Death Benefit will be the greater of the Total Specified Amount or the applicable percentage of Cash Value. The amount of the Death Benefit Proceeds will ordinarily not change for several years to reflect Investment Experience and may not change at all. If Investment Experience is favorable, the amount of the Death Benefit Proceeds may increase.

Death Benefit Option 2: The Death Benefit will be the greater of the Total Specified Amount plus the Cash Value as of the date of death or the applicable percentage of Cash Value, and will vary directly with Investment Experience.

In connection with both death benefit options, the term "applicable percentage" means:

(1)	250% when the Insured is Attained Age 40 or less at the beginning of a policy year; and
(2)	When the Insured is above Attained Age 40, the percentage shown in the "Applicable Percentage of Cash Value Table".

Applicable Percentage of Cash Value Table

Attained Age	Percentage of Cash Value
0-40	250%
41	243%
42	236%
43	229%
44	222%
45	215%
46	209%
47	203%
48	197%
49	191%
50	185%
51	178%
52	171%
53	164%
54	157%
55	150%
56	146%
57	142%
58	138%

Attained Age	Percentage of Cash Value
59	134%
60	130%
61	128%
62	126%
63	124%
64	122%
65	120%
66	119%
67	118%
68	117%
69	116%
70	115%
71	113%
72	111%
73	109%
74	107%
75	105%
76	105%
77	105%

Attained Age	Percentage of Cash Value
78	105%
79	105%
80	105%
81	105%
82	105%
83	105%
84	105%
85	105%
86	105%
87	105%
88	105%
89	105%
90	105%
91	104%
92	103%
93	102%
94	101%
95	101%

43

The Minimum Required Death Benefit

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

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

• the cash value accumulation test; or

• the guideline premium/cash value corridor test.

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

Cash Value Accumulation Test

The cash value accumulation test determines the Minimum Required Death Benefit by multiplying the Cash Value by a percentage calculated as described in the Code. The percentages depend upon the Insured's age, sex, and underwriting classification. Under the cash value accumulation test, there is no limit to the amount that may be paid in Premiums as long as there is sufficient Death Benefit in relation to the Cash Value at all times.

Guideline Premium/Cash Value Corridor Test

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

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

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

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

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

Regardless of which test is elected, Nationwide will monitor compliance to ensure that the policy meets the statutory definition of life insurance under the Code. As a result, the Proceeds payable under a policy should be excludable from gross income of the beneficiary for federal income tax purposes. Nationwide may refuse additional Premium payments or return Premium payments so that the policy continues to meet the Code's definition of life insurance. Consult a qualified tax advisor on all tax matters involving the policy.

Changes in the Death Benefit Option

After the first policy year, a policy owner may elect to change the death benefit option from either Death Benefit Option 1 to Death Benefit Option 2, or from Death Benefit Option 2 to Death Benefit Option 1. Nationwide will permit only one change of death benefit option per policy year. The effective date of a change will be the monthly anniversary of the Policy Date following the date Nationwide approves the change.

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

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

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

44

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

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

Incontestability

Nationwide will not contest payment of the Death Benefit based on the initial Total Specified Amount after the policy has been In Force during the Insured's lifetime for two years from the Policy Date, and, in some states, within two years from a reinstatement date. For any change in Total Specified Amount requiring evidence of insurability, Nationwide will not contest payment of the Death Benefit based on such increase after it has been In Force during the Insured's lifetime for two years from its effective date, and, in some states, within two years from a subsequent reinstatement date. The incontestability period in some states may be less than two years.

Suicide

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

Proceeds Upon Maturity

If the policy is In Force on the Maturity Date we will pay the Proceeds to the Policy Owner.

Normally, the Proceeds will be paid within seven days after receipt of the policy owner’s written request for payment of Proceeds at the Service Center. Nationwide may postpone payment of the Proceeds on the days that it is unable to price Accumulation Units, see Valuation of Accumulation Units. The Proceeds will equal the policy's Cash Value minus any Indebtedness. The policy is terminated once the Proceeds are paid.

Extending Coverage Beyond the Maturity Date

Nationwide may offer to extend coverage beyond the Maturity Date to coincide with the Insured's death, after which Nationwide will pay the Proceeds to the beneficiary. During this time, the policy owner will still be able to request partial surrenders. The extension of coverage beyond the Maturity Date will be for the policy Cash Value. If the policy owner elects to extend coverage beyond the Maturity Date, the policy will be endorsed so that:

(1)	no changes to the Base Policy Specified Amount will be allowed;
(2)	no additional Premium payments will be allowed;
(3)	100% of the Cash Value will be transferred to the fixed account;
(4)	your policy's Death Benefit will become the Cash Value, irrespective of your previous death benefit option choice;
(5)	no additional monthly periodic charges will be deducted; and
(6)	loan interest will continue to be charged on Indebtedness.

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

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

45

Coverage beyond the Maturity Date will not be extended when the policy would fail the definition of life insurance under the Code (see "The Death Benefit").

Payment of Policy Proceeds

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

• the general account options for up to six months;

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

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

Death Benefit Proceeds are paid from Nationwide’s general account.

Treatment of Unclaimed Property

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

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

Payments to Minors

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

Taxes

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

Types of Taxes

Federal Income Tax

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

46

Federal Transfer Tax

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

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

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

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

State and Local Taxes

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

Buying the Policy

Federal Income Tax

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

Federal Transfer Tax

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

Investment Gain in the Policy

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

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

Diversification

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

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

Representatives of the IRS have informally suggested, from time to time, that the number of underlying investment options available or the number of transfer opportunities available under a variable insurance product may be relevant in determining whether the product qualifies for favorable tax treatment. In 2003, the IRS issued formal guidance, in Revenue

47

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

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

Periodic Withdrawals, Non-Periodic Withdrawals and Loans

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

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

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

A Life Insurance Policy that is a Modified Endowment Contract

The policies offered by this prospectus may or may not be issued as modified endowment contracts. If a policy is issued as a modified endowment contract, it will always be a modified endowment contract; a policy that is not issued as a modified endowment contract can become a modified endowment contract due to subsequent transactions with respect to the policy, such as payment of additional premiums.

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

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

The Code provides special rules for the taxation of partial surrenders, loans, collateral assignments, and other pre-death distributions from modified endowment contracts. Under these special rules, such transactions are treated first as a distribution of gain to the extent that the cash value of the policy exceeds the 'investment in the contract' (generally, the net Premiums paid for the policy). In addition, a 10% tax penalty generally applies to the taxable portion of such distributions unless an exception to the 10% penalty applies.

A Life Insurance Policy that is NOT a Modified Endowment Contract

If the policy is not issued as a modified endowment contract, Nationwide will monitor it and advise the policy owner if the payment of a premium, or other transaction, may cause the policy to become a modified endowment contract. It is only with the policy owner's written authorization that Nationwide will permit the policy to become a modified endowment contract. Otherwise, Nationwide will reject the requested action or refund any premium paid that exceeds the modified endowment limits

48

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

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

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

Surrender, Lapse, Maturity

A full surrender, cancellation of the policy by lapse, or the maturity of the policy on its maturity date may have adverse income tax consequences. If the amount received (or is deemed received upon maturity) plus total policy indebtedness exceeds the investment in the contract, then the excess generally will be treated as taxable ordinary income, regardless of whether the policy is a modified endowment contract. In certain circumstances, for example when the policy indebtedness is very large, the amount of tax could exceed the amount distributed to the policy owner at surrender.

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

Additional Medicare Tax

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

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

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

Sale of a Life Insurance Policy

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

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

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

49

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

Exchanging the Policy for Another Life Insurance Policy

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

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

Federal Income Taxation of Death Benefits

Death of Insured

Under Section 101 of the Code, the death benefit is generally excludable from the beneficiary’s gross income by reason of the insured’s death. However, if the policy had been transferred to a new policy owner for valuable consideration (e.g., through a sale of the policy), a portion of the death benefit may be includible in the beneficiary’s gross income when it is paid (see, Sale of Life Insurance Policy).

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

Accelerated Death Benefits

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

Terminal Illness

The death benefit under a life insurance policy may be distributed when the insured is considered a "terminally ill individual" as that term is defined under Section 101 of the Code. In this situation the distribution is treated as paid by reason of death of the insured and will generally be excluded from gross income under Section 101 of the Code.

Federal Transfer (Estate, Gift and Generation Skipping Transfer) Taxes

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

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

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

50

Special Considerations for Corporations

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

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

Section 101(j) provides the general rule that, with respect to an employer-owned life insurance policy, the amount of death benefit payable to the employer that may be excluded from income cannot exceed the sum of premiums paid and other payments made by the policy owner for the policy. Consequently, under this general rule, some portion of the death benefit will be taxable.

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

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

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

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

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

Limitation on interest and other business deductions

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

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

51

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

Business Uses of the Policy

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

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

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

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

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

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

FATCA

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

Withholding and Tax Reporting

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

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

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

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

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

52

• an amount equal to any employer-paid Premiums;

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

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

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

Taxes and the Value of the Policy

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

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

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

Tax Changes

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

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

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

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

Nationwide Life Insurance Company

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

53

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

Nationwide VLI Separate Account-2

Organization, Registration, and Operation

Nationwide VLI Separate Account-2 is a separate account established under Ohio law. Nationwide owns the assets in this account and is obligated to pay all benefits under the policies. Nationwide may use the separate account to support other variable life insurance policies that it issues. The separate account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 ("1940 Act") and qualifies as a "separate account" within the meaning of federal securities laws. For purposes of federal securities laws, the separate account is, and will remain, fully funded at all times. This registration does not involve the SEC's supervision of the separate account's management or investment practices or policies.

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

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

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

Addition, Deletion, or Substitution of Mutual Funds

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

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

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

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

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

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

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

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

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

54

Substitution of Securities

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

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

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

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

Deregistration of the Separate Account

Nationwide may deregister Nationwide VLI Separate Account-2 under the 1940 Act in the event the separate account meets an exemption from registration under the 1940 Act, if there are no shareholders in the separate account or for any other purpose approved by the SEC.

All policy owners will be notified in the event Nationwide deregisters Nationwide VLI Separate Account-2.

Voting Rights

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

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

Material Conflicts

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

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

Legal Proceedings

Nationwide Life Insurance Company

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

55

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

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or their affiliates, the Company is cooperating with regulators.

Nationwide Investment Services Corporation

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

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the Internal Revenue Service, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Financial Statements

The Statement of Additional Information ("SAI") contains the financial statements of Nationwide VLI Separate Account-2 and the financial statements and schedules of Nationwide Life Insurance Company (the "Company"). Policy owners may obtain a copy of the SAI FREE OF CHARGE by contacting the Service Center. Please consider the financial statements of the Company only as bearing on Nationwide’s ability to meet the obligations under the policy. Policy owners should not consider the financial statements of the Company as affecting the investment performance of the assets of the separate account.

56

Appendix A: Underlying Mutual Fund Information

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

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

Designations Key:
FF:	The underlying mutual fund corresponding to this Sub-Account primarily invests in other mutual funds. Therefore, a proportionate share of the fees and expenses of any acquired funds are indirectly borne by investors. As a result, investors in this Sub-Account may incur higher charges than if the assets were invested in an underlying mutual fund that does not invest in other mutual funds. Refer to the prospectus for this underlying mutual fund for more information.
MF:	The underlying mutual fund operates as a "feeder fund", which means it invests all of its investment assets in another mutual fund, the "master fund". Investors in this underlying mutual fund will bear the fees and expenses of both this underlying mutual fund and the "master fund" in which it invests. Therefore, this may result in higher expenses than those of other underlying mutual funds that invest directly in individual securities. Refer to the prospectus for this underlying mutual fund for more information.
VOL:	The underlying mutual fund uses a volatility management strategy to reduce a policy owner’s exposure to equity investments when equity markets are volatile which may limit investment losses in a down market. However, use of such a strategy may also limit the growth of the policy’s Cash Value. Allocation to this type of investment option may result in foregone investment gains that could otherwise be realized by investing in riskier investment options.

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A

This Sub-Account is only available in policies issued before May 1, 2014

Investment Advisor:	AllianceBernstein L.P.
Investment Objective:	To maximize total return consistent with the Adviser’s determination of reasonable risk.

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

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

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

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B

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

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

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

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

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

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

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

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

Investment Advisor:	American Century Investment Management, Inc.
Investment Objective:	Long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities.

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

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

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

57

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

This Sub-Account is only available in policies issued before May 1, 2013

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

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

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

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

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

BNY Mellon Stock Index Fund, Inc.: Initial Shares

This Sub-Account is only available in policies issued before May 1, 2013

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

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

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

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

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares

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

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

BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares

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

Investment Advisor:	BNY Mellon Investment Adviser, Inc.
Investment Objective:	The fund seeks long-term capital growth, current income and growth of income consistent with reasonable investment risk.

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

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

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

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class

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

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A

Investment Advisor:	DWS Investment Management Americas, Inc.
Investment Objective:	The fund seeks to maximize income while maintaining prospects for capital appreciation.

58

DFA Investment Dimensions Group Inc. - VA Global Moderate Allocation Portfolio: Institutional Class (formerly, DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class)

Investment Advisor:	Dimensional Fund Advisors LP
Investment Objective:	To seek total return consisting of capital appreciation and current income.

Designation: FF

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class

Investment Advisor:	Dimensional Fund Advisors LP
Sub-advisor:	Dimensional Fund Advisors LTD, DFA Australia Limited
Investment Objective:	To provide inflation protection and earn current income consistent with inflation-protected securities.

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

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

Designation: VOL

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

This Sub-Account is only available in policies issued before May 1, 2018

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

Fidelity Variable Insurance Products - Emerging Markets Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	The fund seeks capital appreciation.

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

This Sub-Account is only available in policies issued before May 1, 2013

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

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

This Sub-Account is only available in policies issued before May 1, 2013

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

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

This Sub-Account is only available in policies issued before May 1, 2013

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High total return with a secondary objective of principal preservation as the fund approaches its target date and beyond.

Designation: FF

Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class

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

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	High total return.

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

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

59

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

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

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

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

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

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

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

This Sub-Account is no longer available to receive transfers or new premium payments effective May 1, 2015

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

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

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

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

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

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

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

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

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

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

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

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class

Investment Advisor:	Fidelity Management & Research Company (FMR)
Investment Objective:	The fund seeks above-average income and long-term capital growth, consistent with reasonable investment risk. The fund seeks to provide a yield that exceeds the composite yield of the S&P 500® Index.

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

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

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

Designation: FF

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

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

60

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

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

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

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

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

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

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

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

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

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

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

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

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

This Portfolio is only available in policies issued before May 1, 2019

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

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares

This Sub-Account is only available in policies issued before May 1, 2014

Investment Advisor:	Goldman Sachs Asset Management, L.P.
Investment Objective:	Seeks total return while seeking to provide volatility management

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares

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

Guggenheim Variable Fund - Multi-Hedge Strategies

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

Investment Advisor:	Guggenheim Investments
Investment Objective:	Capital appreciation consistent with the return and risk characteristics of the hedge fund universe and, secondarily, to achieve these returns with low correlation to and less volatility than equity indices.

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

This Sub-Account is only available in policies issued before May 1, 2012

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

Invesco - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares

Investment Advisor:	Invesco Advisers, Inc.
Investment Objective:	Total return with a low to moderate correlation to traditional financial market indices.

61

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

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

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

Invesco - Invesco V.I. Core Bond Fund: Series I (formerly, Invesco Oppenheimer V.I. Total Return Bond Fund: Series I)

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

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

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

This Sub-Account is only available in policies issued before April 30, 2020

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

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

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

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

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

Invesco - Invesco V.I. Main Street Mid Cap Fund: Series I Shares (formerly, Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares)

This Sub-Account is only available in policies issued before May 1, 2013

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

Invesco Oppenheimer V.I. International Growth Fund: Series I

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

Ivy Variable Insurance Portfolios - Asset Strategy: Class II

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

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

Ivy Variable Insurance Portfolios - High Income: Class II

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

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

62

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II

This Sub-Account is only available in policies issued before May 1, 2014

Investment Advisor:	Ivy Investment Management Company
Investment Objective:	To seek to provide growth of capital.

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares

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

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

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares

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

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2013

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

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

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

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares

This Sub-Account is only available in policies issued before May 1, 2013

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

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC

Investment Advisor:	Lord, Abbett & Co. LLC
Investment Objective:	The Fund’s investment objective is to seek income and capital appreciation to produce a high total return.

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

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

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

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

MFS® Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class

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

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

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

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

MFS® Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class

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

63

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

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

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

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

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

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

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

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

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

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

Designation: MF

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

This Sub-Account is only available in policies issued before May 1, 2013

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

Designation: MF

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

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

Designation: MF

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

This Sub-Account is only available in policies issued before May 1, 2014

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

Designation: MF

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

This Sub-Account is only available in policies issued before May 1, 2013

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

Designation: MF

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Amundi Pioneer Institutional Asset Management, Inc.
Investment Objective:	The Fund seeks to provide above average total return over a market cycle of three to five years.

64

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

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

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

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

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

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

Designation: FF

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

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

Designation: FF

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

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

Designation: FF

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

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

Designation: FF

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks a high level of total return through investment in both equity and fixed-income securities, consistent with preservation of capital.

Designation: FF, VOL

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks growth primarily and investment income secondarily consistent with the preservation of capital.

Designation: FF, VOL

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

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

Designation: FF

65

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

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

Designation: FF

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

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

Designation: FF

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

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

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

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

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

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

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

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

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

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

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

Nationwide Variable Insurance Trust - NVIT DoubleLine Total Return Tactical Fund: Class II (formerly, Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II)

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	DoubleLine Capital LP
Investment Objective:	The Fund seeks to maximize total return.

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Lazard Asset Management LLC and Standard Life Investments (Corporate Funds) Limited
Investment Objective:	The Fund seeks long-term capital growth by investing primarily in equity securities of companies located in emerging market countries.

Nationwide Variable Insurance Trust - NVIT Federated High Income Bond Fund: Class I (formerly, Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I)

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

66

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

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

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Federated Investment Management Company
Investment Objective:	The Fund seeks as high a level of current income as is consistent with preserving capital and maintaining liquidity. The Fund is a money market fund that seeks to maintain a stable net asset value of $1.00 per share.

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

This Sub-Account is only available in policies issued before April 26, 2014

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

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible before the deduction of Fund expenses.

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

This Sub-Account is only available in policies issued before April 26, 2014

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the MSCI EAFE® Index as closely as possible before the deduction of Fund expenses.

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

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

Designation: FF

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

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

Designation: FF

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

This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020

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

Designation: FF

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

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

Designation: FF

67

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

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

Designation: FF

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks a high level of total return through investment in both equity and fixed-income securities, consistent with preservation of capital.

Designation: FF, VOL

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Nationwide Asset Management, LLC
Investment Objective:	The Fund seeks growth primarily and investment income secondarily consistent with the preservation of capital.

Designation: FF, VOL

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

This Sub-Account is no longer available to receive transfers or new premium payments effective October 23, 2020

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

Designation: FF

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

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

Designation: FF

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

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

Designation: FF

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

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

Designation: FF

Nationwide Variable Insurance Trust - NVIT iShares® Fixed Income ETF Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The fund seeks total return.

Designation: FF

Nationwide Variable Insurance Trust - NVIT iShares® Global Equity ETF Fund: Class II

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

Designation: FF

68

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic℠ Multi-Asset Fund: Class Y

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	J.P. Morgan Investment Management Inc.
Investment Objective:	The Fund seeks a high level of total return.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	Jacobs Levy Equity Management, Inc. and WCM Investment Management, LLC
Investment Objective:	The Fund seeks capital appreciation.

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

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

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

This Sub-Account is only available in policies issued before May 1, 2013

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

69

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

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

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

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

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

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

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

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

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II

Investment Advisor:	Nationwide Fund Advisors
Sub-advisor:	BlackRock Investment Management, LLC
Investment Objective:	The Fund seeks to match the performance of the Russell 2000® Index as closely as possible before the deduction of Fund expenses.

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

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

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

This underlying mutual fund is only available in contracts for which good order applications were received before November 6, 2015

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

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

This Sub-Account is only available in policies issued before May 1, 2012

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

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

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

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

Northern Lights Variable Trust - TOPS® Managed Risk Balanced ETF Portfolio: Class 3

This Sub-Account is only available in policies issued before May 1, 2018

Investment Advisor:	ValMark Advisers, Inc.
Sub-advisor:	Milliman Financial Risk Management, LLC
Investment Objective:	Seeks capital appreciation with less volatility than the equity markets as a whole.

Designation: FF, VOL

70

Northern Lights Variable Trust - TOPS® Managed Risk Growth ETF Portfolio: Class 3

This Portfolio is only available in policies issued before May 1, 2018

Investment Advisor:	ValMark Advisers, Inc.
Sub-advisor:	Milliman Financial Risk Management, LLC
Investment Objective:	Seeks capital appreciation with less volatility than the equity markets as a whole.

Designation: FF, VOL

Northern Lights Variable Trust - TOPS® Managed Risk Moderate Growth ETF Portfolio: Class 3

This Sub-Account is only available in policies issued before May 1, 2018

Investment Advisor:	ValMark Advisers, Inc.
Sub-advisor:	Milliman Financial Risk Management, LLC
Investment Objective:	Seeks capital appreciation with less volatility than the equity markets as a whole.

Designation: FF, VOL

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class

Investment Advisor:	PIMCO
Sub-advisor:	Research Affiliates, LLC
Investment Objective:	The Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management.

Designation: FF

PIMCO Variable Insurance Trust - CommodityRealReturn® Strategy Portfolio: Administrative Class

Investment Advisor:	PIMCO
Investment Objective:	The Portfolio seeks maximum real return, consistent with prudent investment management.

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

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

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class

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

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class

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

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

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

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

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

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

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

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

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

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

71

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

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

VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class

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

Investment Advisor:	Van Eck Associates Corporation
Investment Objective:	Seeks high total return - income plus capital appreciation - by investing globally, primarily in a variety of debt securities.

VanEck VIP Trust - Emerging Markets Fund: Initial Class

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

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

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

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

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I

Investment Advisor:	Virtus Investment Advisers, Inc.
Sub-advisor:	Duff & Phelps Investment Management Co.
Investment Objective:	Capital appreciation and income with approximately equal emphasis.

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

This Sub-Account is only available in policies issued before May 1, 2013

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

72

Appendix B: Definitions

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

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

Base Policy Specified Amount – The amount of insurance coverage selected under the base policy, excluding any Rider Specified Amount.

Cash Surrender Value – The Cash Value minus Indebtedness and any surrender charge.

Cash Value – The total amount allocated to the Sub-Accounts, the policy loan account, and the Fixed Account.

Code – The Internal Revenue Code of 1986, as amended.

Death Benefit – The amount paid upon the Insured's death, before the deduction of any Indebtedness, or due and unpaid policy charges.

Fixed Account – An investment option that is funded by Nationwide's general account.

Grace Period – A 61-day period after which the Policy will Lapse if sufficient payments are not made to prevent Lapse.

In Force – Any time during which benefits are payable under the policy and any elected Rider(s).

Indebtedness – The total amount of all outstanding policy loans, including principal and interest due.

Insured – The person whose life is insured under the policy, and whose death triggers payment of the Death Benefit.

Investment Experience – The market performance of a mutual fund/Sub-Account.

Issue Age – A person's age based on their last birthday on or before the Policy Date.

Lapse – The policy terminates without value.

Maturity Date – The policy anniversary on which the Insured reaches Attained Age 100.

Minimum Required Death Benefit – The lowest Death Benefit that will qualify the policy as life insurance under the Code.

Nationwide – Nationwide Life Insurance Company.

Net Amount At Risk – The policy's base Death Benefit minus the policy's Cash Value.

Net Asset Value (NAV) – The price of each share of a mutual fund in which a Sub-Account invests. NAV is calculated by subtracting the mutual fund's liabilities from its total assets, and dividing that figure by the number of shares outstanding. Nationwide uses NAV to calculate the value of Accumulation Units. NAV does not reflect deductions made for charges taken from the Sub-Accounts.

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

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

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

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

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

Rider – An optional benefit purchased under the policy. Rider availability and Rider terms may vary depending on the state in which the policy was issued.

73

Rider Specified Amount – The portion of the Total Specified Amount attributable to the Base Insured Term Rider.

SEC – Securities and Exchange Commission.

Service Center – The department of Nationwide responsible for receiving all service and transaction requests relating to the policy. For service and transaction requests submitted other than by telephone (including fax requests), the Service Center is Nationwide's mail and document processing facility. For service and transaction requests communicated by telephone, the Service Center is Nationwide's operations processing facility. Information on how to contact the Service Center is in the Contacting the Service Center provision.

Sub-Account(s) – The mechanism used to account for allocations of Net Premium and Cash Value among the policy's variable investment options.

Substandard Rating – An underwriting classification based on medical and/or non-medical factors used to determine what to charge for life insurance based on characteristics of the Insured beyond traditional factors for standard risks, which include age, sex, and tobacco habits of the Insured. Substandard Ratings are shown in the Policy Data Pages as rate class multiples (medical factors) and/or monthly flat extras (medical and/or non-medical factors). The higher the rate class multiple or monthly flat extra, the greater the risk assessed and the higher the cost of coverage.

Total Specified Amount – The sum of the Base Policy Specified Amount and the Rider Specified Amount, if applicable.

Valuation Period – The period during which Nationwide determines the change in the value of the Sub-Accounts. One Valuation Period ends and another begins as of the close of regular trading on the New York Stock Exchange.

74

Appendix C: Illustrations of Surrender Charges

Example 1. A female non-tobacco user, age 45, purchases a policy with a Base Policy Specified Amount of $50,000 and a scheduled Premium of $750. She now wishes to surrender the policy during the first policy year. By using the "Initial Surrender Charge" table reproduced below (also see "Surrender Charges"), the total surrender charge per thousand, multiplied by the Base Policy Specified Amount expressed in thousands, equals the total surrender charge of $569.80 ($11.396 x 50=569.80).

Example 2. A male non-tobacco user, age 35, purchases a policy with a Base Policy Specified Amount and a Total Specified Amount of $100,000 and a scheduled Premium of $1,100. He now wants to surrender the policy in the sixth policy year. The total initial surrender charge is calculated using the method illustrated above. (Surrender charge per 1,000=6.817 x 100 for a total of $681.70 maximum initial surrender charge). Because the fifth policy year has been completed, the maximum initial surrender charge is reduced by multiplying it by the applicable percentage factor from the "Reductions to Surrender Charges" table below. (Also see "Reductions to Surrender Charges"). In this case, $681.70 x 60%=$409.02, which is the amount we deduct as a total surrender charge.

The following tables illustrate the maximum initial surrender charge per $1,000 of initial Base Policy Specified Amount for policies that are issued on a standard basis:

Initial Base Policy Specified Amount $50,000-$99,999

Issue Age	Male Non-Tobacco	Female Non-Tobacco	Male Standard	Female Standard
25	$ 7.776	$ 7.521	$ 8.369	$ 7.818
35	$ 8.817	$ 8.398	$ 9.811	$ 8.891
45	$12.191	$11.396	$13.887	$12.169
55	$15.636	$14.011	$18.415	$15.116
65	$22.295	$19.086	$26.577	$20.641

Initial Base Policy Specified Amount $100,000 or More

Issue Age	Male Non-Tobacco	Female Non-Tobacco	Male Standard	Female Standard
25	$ 5.776	$ 5.521	$ 6.369	$ 5.818
35	$ 6.817	$ 6.398	$ 7.811	$ 6.891
45	$ 9.691	$ 8.896	$11.387	$ 9.669
55	$13.136	$11.511	$15.915	$12.616
65	$21.295	$18.086	$25.577	$19.641

Reductions to Surrender Charges

Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges	Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges
0	100%	5	60%
1	100%	6	50%
2	90%	7	40%
3	80%	8	30%
4	70%	9+	0%

The illustrations of current values in this prospectus are the same for Pennsylvania. However, the illustrations of guaranteed values in this prospectus do not reflect guaranteed maximum surrender charges which are spread out over 14 years. If this policy is issued in Pennsylvania, please contact our Service Center for an illustration.

The current surrender charges are the same for all states. However, in Pennsylvania, the guaranteed maximum surrender charges are spread out over 14 years. The guaranteed maximum surrender charges in subsequent years in Pennsylvania are reduced in the following manner:

Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges	Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges	Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges
0	100%	5	60%	10	20%
1	100%	6	50%	11	15%

75

Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges	Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges	Completed Policy Years	Surrender Charge as a % of Initial Surrender Charges
2	90%	7	40%	12	10%
3	80%	8	30%	13	5%
4	70%	9	25%	14+	0%

The illustrations of current values in this prospectus are the same for Pennsylvania. However, the illustrations of guaranteed values in this prospectus do not reflect guaranteed maximum surrender charges which are spread out over 14 years. If this policy is issued in Pennsylvania, please contact our Service Center for an illustration.

76

Outside back cover page

To learn more about the policy, the policy owner should read the Statement of Additional Information (the "SAI") dated the same date as this prospectus. For a free copy of the SAI, to receive personalized illustrations of Death Benefits, Cash Surrender Values, and Cash Values, and to request other information about the policy contact the Service Center:

• by telephone at 1-800-848-6331

• by mail to Nationwide Life Insurance Company

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

The SAI has been filed with the SEC and is incorporated by reference into this prospectus. The SEC maintains an Internet website (http://www.sec.gov) that contains the SAI and other information about Nationwide Life Insurance Company and the policy.

Investment Company Act of 1940 Registration File No. 811-05311

Securities Act of 1933 Registration File No. 033-42180

Nationwide VLI Separate Account-2

(Registrant)

Nationwide Life Insurance Company

(Depositor)

Service Center

P.O. Box 182835

Columbus, OH 43218-2835
1-800-848-6331

TDD: 1-800-238-3035

STATEMENT OF ADDITIONAL INFORMATION

Individual Flexible Premium Variable Universal Life Insurance Policies

This Statement of Additional Information ("SAI") contains additional information regarding Individual Flexible Premium Variable Universal Life Insurance Policies offered by Nationwide Life Insurance Company ("Nationwide"). This SAI is not a prospectus and should be read together with the policy prospectus dated May 1, 2021 and the prospectuses for the mutual funds. The prospectus is incorporated by reference in this SAI. Copies may be obtained FREE OF CHARGE by writing or calling the Service Center. Capitalized terms in this SAI correspond to terms defined in the prospectus.

The date of this Statement of Additional Information is May 1, 2021.

TABLE OF CONTENTS

	Page
General Information and History	2
Nationwide VLI Separate Account-2	2
Nationwide Investment Services Corporation (NISC)	2
Services	2
Underwriting Procedure	3
Policy Restoration Procedure	3
Maximum Surrender Charge and Maximum Surrender Charge Calculation	4
Illustrations	5
Advertising	6
Tax Definition of Life Insurance	6

General Information and History

Nationwide VLI Separate Account-2 (the "Variable Account") is a separate investment account of Nationwide Life Insurance Company ("Nationwide"). Nationwide is a stock life insurance company organized under the laws of the State of Ohio in March of 1929 with its Home Office at One Nationwide Plaza, Columbus, Ohio 43215. Nationwide provides life insurance, annuities and retirement products. Nationwide is admitted to do business in all states, the District of Columbia, Guam, the U.S. Virgin Islands, and Puerto Rico. Nationwide is a member of the Nationwide group of companies and all of its common stock is owned by Nationwide Financial Services, Inc. ("NFS"), a holding company. Nationwide Corporation owns all of NFS's common stock and is a holding company, as well. All of Nationwide Corporation's common stock is held by Nationwide Mutual Insurance Company (95.2%) and Nationwide Mutual Fire Insurance Company (4.8%), the ultimate controlling persons of the Nationwide group of companies. The Nationwide group of companies is one of America's largest insurance and financial services family of companies, with combined assets of over $273 billion as of December 31, 2020.

Nationwide VLI Separate Account-2

Nationwide VLI Separate Account-2 is a separate account that invests in mutual funds offered and sold to insurance companies and certain retirement plans. Nationwide established the Variable Account on May 7, 1987 pursuant to Ohio law. Although the Variable Account is registered with the SEC as a unit investment trust pursuant to the Investment Company Act of 1940, the SEC does not supervise the management of Nationwide or the management of the Variable Account. Nationwide serves as the custodian of the assets of the Variable Account.

Nationwide Investment Services Corporation (NISC)

The policies are distributed by NISC, located at One Nationwide Plaza, Columbus, Ohio 43215, a wholly owned subsidiary of Nationwide. For policies issued in Michigan, all references to NISC will mean Nationwide Investment Svcs. Corporation.

The policies will be sold on a continuous basis by licensed insurance agents in those states where the policies may lawfully be sold. Agents are registered representatives of broker dealers registered under the Securities Exchange Act of 1934 who are member firms of the Financial Industry Regulatory Authority (FINRA).

Gross first year commissions plus any expense allowance payments paid by Nationwide on the sale of these policies provided by NISC will not exceed the maximum of (99% of first year premium and no more than 4% of any excess and renewal premium). Commission may also be paid as an asset-based amount instead of a premium based amount. If an asset-based commission is paid, it will not exceed 0.45% of the non-loaned Cash Value per year.

No underwriting commissions were paid to NISC for each of this Variable Account’s last three fiscal years.

Services

Nationwide has responsibility for administration of the policies and the Variable Account. Nationwide also maintains the records of the name, address, taxpayer identification number, and other pertinent information for each policy owner and the number and type of policy issued to each policy owner and records with respect to the policy value of each policy.

Nationwide will maintain a record of all purchases and redemption of shares of the mutual funds.

Distribution, Promotional, and Sales Expenses

In addition to or partially in lieu of commission, Nationwide may pay the selling firms a marketing allowance, which is based on the firm's ability and demonstrated willingness to promote and market Nationwide's products. How any marketing allowance is spent is determined by the firm, but generally will be used to finance firm activities that may contribute to the promotion and marketing of Nationwide's products. Nationwide makes certain assumptions about the amount of marketing allowance it will pay and takes these assumptions into consideration when it determines the charges that will be assessed under the policies. Nationwide assumed 0.00% of the Commissionable Target Premium for marketing allowance when determining the charges for the contracts. The actual amount of the marketing allowance may be higher than this assumption. If the actual amount of marketing allowance paid is more than what was assumed, Nationwide will fund the difference. For more information about marketing allowance or how a particular selling firm uses marketing allowances, consult with your registered representative.

2

Commissionable Target Premium (CTP) is an amount used in the calculation of the Premium Load and total compensation Nationwide pays. CTP is actuarially derived based on the Base Policy Specified Amount, the Insured’s characteristics and the death benefit option of the policy.

When Nationwide is made aware that a Qualified Plan has been orphaned, commission payments payable with respect to that Qualified Plan will cease and commission payments that would have been due will not be sent to the Qualified Plan. An orphaned Qualified Plan is a plan without an agent or firm of record.

Independent Registered Public Accounting Firm

The financial statements of Nationwide VLI Separate Account-2 and the statutory financial statements and schedules of Nationwide Life Insurance Company for the periods indicated have been included herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing. KPMG LLP is located at 191 West Nationwide Blvd., Suite 500, Columbus, Ohio 43215.

The KPMG LLP report dated March 19, 2021 of Nationwide Life Insurance Company includes explanatory language that states that the financial statements are prepared by Nationwide Life Insurance Company using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report states that the financial statements are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

Underwriting Procedure

Nationwide underwrites the policies issued through Nationwide VLI Separate Account-2. The policy's cost of insurance depends upon the Insured's sex, issue age, risk class, and length of time the policy has been In Force. The rates will vary depending upon tobacco use and other risk factors. Monthly cost of insurance rates will not exceed those guaranteed in the policy. Guaranteed cost of insurance rates for policies issued on Specified Amounts less than $100,000 are based on the 1980 Commissioners' Extended Term Mortality Table, Age Last Birthday (1980 CET). Guaranteed cost of insurance rates for policies issued on Specified Amounts $100,000 or more are based on the 1980 Commissioners' Standard Ordinary Mortality Table, Age Last Birthday (1980 CSO). For policies issued in Texas on a standard basis ("Special Class–

Standard" in Texas), guaranteed cost of insurance rates for Specified Amounts less than $100,000 are based on 130% of the 1980 CSO. Guaranteed cost of insurance rates for policies issued on a substandard basis are based on appropriate percentage multiples of the standard guaranteed cost of insurance rate on a standard basis. That is, standard guaranteed cost of insurance rates for substandard risks are guaranteed cost of insurance rates for standard risks times a percentage greater than 100%. These mortality tables are sex distinct. In addition, separate mortality tables will be used for tobacco and non-tobacco. As a component of base policy and Rider cost of insurance charges, we may deduct a "flat extra charge," which is an additional factor in determining the constant charge per $1,000 of Specified Amount, for certain activities or medical conditions of the Insured. We apply the same flat extra charge to all Insureds that engage in the same activity or have the same medical condition irrespective of their sex, issue age, underwriting class, or Substandard Rating, if any.

The rate class of an insured may affect the cost of insurance rate. Nationwide currently places Insureds into both standard rate classes and substandard rate classes that involve a higher mortality risk. In an otherwise identical policy, an insured in the standard rate class will have a lower cost of insurance than an insured in a rate class with higher mortality risks. Any change in the cost of insurance rates will apply to all Insureds of the same age, gender, risk class and whose policies have been in effect for the same length of time. The cost of insurance rates, policy charges, and payment options for policies issued in some states or in connection with certain employee benefit arrangements may be issued on a gender-neutral (unisex) basis. The unisex rates will be higher than those applicable to females and lower than those applicable to males. If the rating class for any increase in the Specified Amount of insurance coverage is not the same as the rating class at issue, the cost of insurance rate used after such increase will be a composite rate based upon a weighted average of the rates of the different rating classes. The actual charges made during the policy year will be shown in the annual report delivered to policy owners.

Policy Restoration Procedure

Requests to restore a surrendered policy must meet the following requirements:

3

• the request must be in writing and signed by the policy owner (if the surrender was a Code Section 1035 exchange to a new policy with a different insurer, the signature of an officer of the replacing insurer is also required);

• the written request must be received at the Service Center within 30 days of the date the policy was surrendered (periods up to 60 days will be permitted based on the right to examine period applicable to replaced life insurance policies in the state where the policy was issued);

• the surrender Proceeds must be returned in their entirety; and

• the insured must be alive on the date the restoration request is received.

No proof of insurability or additional underwriting will be required for requests to restore a surrendered policy that meet the above requirements.

A restored policy will be treated as if it had never been surrendered for all purposes, including Investment Experience, accrual of interest, and deduction of charges, resulting in the following:

• the returned surrender proceeds and any amount taken as a surrender charge will be used to purchase Accumulation Units according to the allocations currently in effect on, and priced as of, the surrender date;

• any charges that would otherwise have been assessed during the period of surrender will be assessed as of the date(s) they were due resulting in the cancellation of Accumulation Units priced as of the applicable date(s);

• interest will be credited on any allocation to a fixed investment option at the rate(s) in effect during the period of surrender;

• interest charged and credited on any Indebtedness will accrue at the rates in effect for the period of surrender; and

• any transfer of loan interest charged or credited that would have occurred during the period of surrender will be transferred as of the date(s) such transfers would have otherwise occurred.

Policy restoration is not a contract right of the policy; it is an administrative procedure based on requirements of state insurance law and the terms are subject to change without notice at any time.

Maximum Surrender Charge and Maximum Surrender Charge Calculation

The surrender charge equals the underwriting component and 26.5% of the sales expense component. The underwriting component is designed to cover the administrative expenses associated with underwriting and issuing policies and varies by issue age in the following manner:

Per $1,000 of Initial Specified Amount

Issue Age	Specified Amounts less than $100,000	Specified Amounts $100,000 or more
0-35	$6.00	$4.00
36-55	$7.50	$5.00
56-80	$7.50	$6.50

The sales expense component will not exceed 26.5% of the lesser of the guideline level Premium required in the first year, or Premiums paid in the first policy year. The sales component is designed to reimburse us for expenses incurred in the distribution of the policies.

The maximum surrender charge under the policy is based on the following calculation.

Maximum Surrender Charge 26.50% multiplied by the lesser of (a) or (b),where:
(a)	=	the Specified Amount multiplied by the rate indicated on the chart "Surrender Target Factor" below divided by 1,000; and
(b)	=	Premiums paid by the policy owner during the first policy year
Plus (c) multiplied by (d) where:
(c)	=	the Specified Amount divided by 1,000; and
(d)	=	the applicable rate from the "Administrative Target Factor" chart below.

4

The Surrender Target Factor allows the company to account for the probability that our costs incurred in the sales process will not be recouped. The Administrative Target Factor allows the company to account for the probability (at various ages) that death will occur and no surrender charge will be recouped.

Surrender Target Factor

Age	Male Non-Tobacco	Female Non-Tobacco	Male Tobacco	Female Tobacco
0	N/A	N/A	3.43	2.61
1	N/A	N/A	3.46	2.64
2	N/A	N/A	3.58	2.73
3	N/A	N/A	3.72	2.83
4	N/A	N/A	3.86	2.93
5	N/A	N/A	4.01	3.04
6	N/A	N/A	4.18	3.16
7	N/A	N/A	4.35	3.28
8	N/A	N/A	4.54	3.42
9	N/A	N/A	4.75	3.56
10	N/A	N/A	4.96	3.70
11	N/A	N/A	5.19	3.86
12	N/A	N/A	5.42	4.03
13	N/A	N/A	5.67	4.20
14	N/A	N/A	5.92	4.38
15	N/A	N/A	6.17	4.57
16	N/A	N/A	6.14	4.76
17	N/A	N/A	6.66	4.96
18	5.21	4.36	6.91	5.17
19	5.40	4.54	7.17	5.39
20	5.63	4.76	7.47	5.65
21	5.84	4.96	7.76	5.90
22	6.07	5.17	8.06	6.15
23	6.31	5.39	8.38	6.42
24	6.56	5.62	8.73	6.70
25	6.84	5.86	9.11	7.00
26	7.13	6.12	9.51	7.32
27	7.45	6.39	9.94	7.65
28	7.78	6.68	10.41	8.01
29	8.14	6.99	10.90	8.38
30	8.56	7.34	11.46	8.81
31	8.96	7.68	12.03	9.22
32	9.39	8.04	12.62	9.66
33	9.85	8.42	13.26	10.12
34	10.34	8.82	13.93	10.61
35	10.85	9.24	14.65	11.13
36	11.39	9.69	15.41	11.67
37	11.97	10.16	16.21	12.24
38	12.58	10.66	17.06	12.85
39	13.23	11.18	17.96	13.48
40	13.95	11.77	18.94	14.17
41	14.67	12.35	19.95	14.86
42	15.44	12.95	21.00	15.58

Age	Male Non-Tobacco	Female Non-Tobacco	Male Tobacco	Female Tobacco
43	16.26	13.60	22.12	16.34
44	17.12	14.27	23.30	17.13
45	18.04	14.99	24.55	17.96
46	19.02	15.74	25.86	18.83
47	20.06	16.55	27.26	19.75
48	21.16	17.39	28.74	20.72
49	22.34	18.29	30.31	21.75
50	23.64	19.29	32.02	22.87
51	24.98	20.30	33.79	24.02
52	26.41	21.38	35.67	25.23
53	27.93	22.52	37.66	26.50
54	29.56	23.73	39.76	27.85
55	31.29	25.02	41.99	29.27
56	33.14	26.40	44.34	30.79
57	35.11	27.87	46.83	32.40
58	37.22	29.44	49.48	34.13
59	39.49	31.14	52.30	35.98
60	42.01	33.07	55.42	38.09
61	44.61	35.05	58.63	40.26
62	47.40	37.18	62.04	42.59
63	50.38	39.47	65.65	45.08
64	53.58	41.92	69.47	47.74
65	56.99	44.55	73.51	50.56
66	60.65	47.37	77.78	53.58
67	64.57	50.41	82.30	56.81
68	68.78	53.71	87.12	60.31
69	73.33	57.30	92.26	64.13
70	78.52	61.49	98.10	68.57
71	83.82	65.79	103.99	73.14
72	89.50	70.49	110.27	78.11
73	95.58	75.59	116.89	83.47
74	102.05	81.11	123.85	89.23
75	108.92	87.06	131.11	95.38
76	116.22	93.48	138.65	101.95
77	123.91	100.35	146.41	108.92
78	132.14	107.81	154.56	116.44
79	141.00	115.96	163.19	124.59
80	150.61	124.91	172.42	133.51
81	160.93	134.65	182.18	143.16
82	172.06	145.31	192.54	153.68
83	183.91	156.85	203.37	165.03
84	196.41	169.27	214.56	177.14
85	209.46	182.58	226.02	189.97

Illustrations

Nationwide will provide illustrations of future benefits under the policy before the policy is purchased and upon request thereafter. Nationwide may assess a $25 fee for this service to persons who request more than one policy illustration during a policy year.

5

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

Advertising

Rating Agencies

Independent financial rating services, including Moody's, Standard & Poor's and A.M. Best Company rank and rate Nationwide. The purpose of these ratings is to reflect the financial strength or claims-paying ability of Nationwide. The ratings are not intended to reflect the Investment Experience or financial strength of the Variable Account. Nationwide may advertise these ratings from time to time. In addition, Nationwide may include in certain advertisements, endorsements in the form of a list of organizations, individuals or other parties which recommend Nationwide or the policies. Furthermore, Nationwide may occasionally include in advertisements comparisons of currently taxable and tax deferred investment programs, based on selected tax brackets, or discussions of alternative investment vehicles and general economic conditions.

Money Market Yields

Nationwide may advertise the "yield" and "effective yield" for the money market Sub-Account. Yield and effective yield are annualized, which means that it is assumed that the underlying mutual fund generates the same level of net income throughout a year.

Yield is a measure of the net dividend and interest income earned over a specific seven-day period (which period will be stated in the advertisement) expressed as a percentage of the offering price of the underlying mutual fund's units. The effective yield is calculated similarly, but reflects assumed compounding, calculated under rules prescribed by the SEC. Thus, effective yield will be slightly higher than yield, due to the compounding.

Historical Performance of the Sub-Accounts

Nationwide will advertise historical performance of the Sub-Accounts in accordance with SEC prescribed calculations. Performance information is annualized. However, if a Sub-Account has been available in the Variable Account for less than one year, the performance information for that Sub-Account is not annualized. Performance information is based on historical earnings and is not intended to predict or project future results.

Additional Materials

Nationwide may provide information on various topics to owners and prospective purchasers in advertising, sales literature, or other materials.

Tax Definition of Life Insurance

Section 7702(b)(1) of the Internal Revenue Code provides that if one of two alternate tests is met, a policy will be treated as life insurance for federal tax purposes. The two tests are referred to as the Guideline Premium/Cash Value Corridor Test and the Cash Value Accumulation Test. Both tests are available to flexible premium policies such as this one.

The tables that follow show, numerically, the requirements for each test.

Guideline Premium/Cash Value Corridor Test

Table of Applicable Percentages of Cash Value

Attained Age of Insured	Percentage of Cash Value
0-40	250%
41	243%

Attained Age of Insured	Percentage of Cash Value
42	236%
43	229%

Attained Age of Insured	Percentage of Cash Value
44	222%
45	215%

6

Attained Age of Insured	Percentage of Cash Value
46	209%
47	203%
48	197%
49	191%
50	185%
51	178%
52	171%
53	164%
54	157%
55	150%
56	146%
57	142%
58	138%
59	134%
60	130%
61	128%
62	126%
63	124%
64	122%

Attained Age of Insured	Percentage of Cash Value
65	120%
66	119%
67	118%
68	117%
69	116%
70	115%
71	113%
72	111%
73	109%
74	107%
75	105%
76	105%
77	105%
78	105%
79	105%
80	105%
81	105%
82	105%
83	105%

Attained Age of Insured	Percentage of Cash Value
84	105%
85	105%
86	105%
87	105%
88	105%
89	105%
90	105%
91	104%
92	103%
93	102%
94	101%
95	101%
96	101%
97	101%
98	101%
99	101%
100	100%

7

Cash Value Accumulation Test

The Cash Value Accumulation Test also requires the Death Benefit to exceed an applicable percentage of the Cash Value. These applicable percentages are calculated by determining net single premiums, as defined in Code Section 7702(b), for each policy year given a set of actuarial assumptions. The relevant material assumptions include an interest rate of 4% and 1980 CSO guaranteed mortality as prescribed in Revenue Code Section 7702 for the Cash Value Accumulation Test. The resulting net single premiums are then inverted (i.e., multiplied by 1/net single premium) to give the applicable cash value percentages. These premiums vary with the ages, sexes, and risk classifications of the Insureds.

The table below provides an example of applicable percentages for the Cash Value Accumulation Test. This example is for a male non-tobacco preferred issue age 55.

Policy Year	Percentage of Cash Value
1	221%
2	215%
3	209%
4	203%
5	197%
6	192%
7	187%
8	182%
9	177%
10	172%
11	168%
12	164%
13	160%
14	157%
15	153%

Policy Year	Percentage of Cash Value
16	150%
17	147%
18	144%
19	141%
20	138%
21	136%
22	133%
23	131%
24	129%
25	127%
26	125%
27	124%
28	122%
29	120%
30	119%

Policy Year	Percentage of Cash Value
31	118%
32	117%
33	115%
34	114%
35	113%
36	112%
37	111%
38	110%
39	109%
40	108%
41	107%
42	106%
43	104%
44	103%
45	102%

8

NATIONWIDE

VLI SEPARATE

ACCOUNT-2

Annual Report

To

Policyholders

December 31, 2020

NATIONWIDE LIFE INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and

Contract Owners of Nationwide VLI Separate Account-2:

Opinion on the Financial Statements

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of the sub-accounts listed in the Appendix that comprise the Nationwide VLI Separate Account-2 (the Separate Account) as of the date listed in the Appendix, the related statements of operations for the year or period listed in the Appendix and changes in contract owners’ equity for the years or periods listed in the Appendix, and the related notes including the financial highlights in Note 8 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each sub-account as of the date listed in the Appendix, the results of its operations for the year or period listed in the Appendix and the changes in its contract owners’ equity for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 8, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Separate Account’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Separate Account in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Such procedures also included confirmation of securities owned as of December 31, 2020, by correspondence with the transfer agent of the underlying mutual funds. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/    KPMG LLP

We have not been able to determine the specific year that we began serving as the auditor of one or more Nationwide Life Insurance Company separate account investment companies, however we are aware that we have served as the auditor of one or more Nationwide Life Insurance Company separate account investment companies since at least 1981.

Columbus, Ohio

April 2, 2021

Appendix

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for each of the years in the two-year period then ended.

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

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

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

AMERICAN CENTURY INVESTORS, INC.

American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)

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

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG) ⁽¹⁾

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

BLACKROCK FUNDS

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

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)

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

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

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

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

2

DELAWARE FUNDS BY MACQUARIE  

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB) ⁽¹⁾ 

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2) ⁽¹⁾

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)

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

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

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

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

3

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)  

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

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

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

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

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

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)

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

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Total Return Bond Fund: Series I (OVB)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

4

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)  

Invesco Oppenheimer V.I. Conservative Balanced Fund: Series I (OVMS)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS) ⁽¹⁾ 

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI) ⁽¹⁾

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS) ⁽¹⁾

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS) ⁽¹⁾

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MORGAN STANLEY

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

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

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

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

5

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

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

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

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

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

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

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

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

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI) ⁽¹⁾ 

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1) ⁽¹⁾

6

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3) ⁽¹⁾

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF) ⁽¹⁾

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

7

Neuberger Berman Advisers Management Trust - International Equity Portfolio: S Class Shares (AMINS)  

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares (AMRS)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited Term Bond Portfolio: II (TRLT2)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class (VWBF) ⁽¹⁾ 

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

8

WELLS FARGO FUNDS  

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

Statement of changes in contract owners’ equity for the period from January 1, 2019 to April 30, 2019 (liquidation).

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)

Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from August 5, 2019 (inception) to December 31, 2019.

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from January 2, 2020 (inception) to December 31, 2020.

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from September 11, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 29, 2019 (inception) to December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

9

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from August 26, 2019 (inception) to December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 16, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, the related statement of operations for the year then ended, and the statements of changes in contract owners’ equity for the year ended December 31, 2020 and the period from July 5, 2019 (inception) to December 31, 2019.

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

Statement of assets, liabilities and contract owners’ equity as of December 31, 2020, and the related statements of operations and changes in contract owners’ equity for the period from October 23, 2020 (inception) to December 31, 2020.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P NVDCAP)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Statement of operations for the period from January 1, 2020 to April 30, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to April 30, 2020 (liquidation) and the year ended December 31, 2019.

INVESCO INVESTMENTS

Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)

Statement of operations for the period from January 1, 2020 to October 16, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 16, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)

10

Statement of operations for the period from January 1, 2020 to October 23, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to October 23, 2020 (liquidation) and the year ended December 31, 2019.  

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)

Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)

Statement of operations for the period from January 1, 2020 to September 11, 2020 (liquidation) and the statements of changes in contract owners’ equity for the period from January 1, 2020 to September 11, 2020 (liquidation) and the year ended December 31, 2019.

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)

⁽¹⁾   See Note 1 to the financial statements for the former name of the sub-account.

11

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
ALVDAA		20	$	253	$	273	$	-	$	273	$	5	$	268
ALVGIA		13,826		409,911		400,547		22		400,569		-		400,569
ALVSVA		49,592		862,413		862,407		27		862,434		-		862,434
ACVB		638,868		4,731,813		5,577,319		-		5,577,319		141		5,577,178
ACVCA		97,664		1,357,831		1,881,991		22,612		1,904,603		-		1,904,603
ACVI		50,941		591,654		718,268		25,703		743,971		-		743,971
ACVIG		163,422		1,503,365		1,679,976		29		1,680,005		-		1,680,005
ACVIP2		46,411		469,308		514,698		-		514,698		3		514,695
ACVMV1		68,167		1,386,633		1,400,160		7		1,400,167		-		1,400,167
ACVU1		6,628		148,257		182,130		22		182,152		-		182,152
BRVHYI		89,000		658,593		672,842		2,636		675,478		-		675,478
MLVGA2		99,291		1,602,205		1,927,229		-		1,927,229		2		1,927,227
DCAP		109,787		4,325,897		5,179,753		268		5,180,021		-		5,180,021
DGI		50,391		1,428,894		1,797,960		9		1,797,969		-		1,797,969
DSC		5,870		274,344		291,504		-		291,504		22		291,482
DSIF		810,268		31,664,913		52,075,904		25,055		52,100,959		-		52,100,959
DSRG		204,617		6,974,112		9,666,115		1,114		9,667,229		-		9,667,229
DVSCS		115,379		2,179,547		2,199,115		40		2,199,155		-		2,199,155
DWVSVS		8,197		295,381		278,543		5		278,548		-		278,548
DFVGMI		4,302		56,302		62,342		1		62,343		-		62,343
DFVIPS		25,072		255,557		283,561		2		283,563		-		283,563
DSGIBA		25,712		602,997		644,592		-		644,592		1		644,591
FQB		149,610		1,693,461		1,768,392		19		1,768,411		-		1,768,411
FVU2		7,298		77,118		80,933		-		80,933		6		80,927
FAMP		635,863		9,638,704		10,835,098		6,518		10,841,616		-		10,841,616
FCS		22,370		872,258		1,071,293		14		1,071,307		-		1,071,307
FEIP		1,620,115		34,111,013		38,720,748		39,957		38,760,705		-		38,760,705
FEMS		22,177		263,829		327,548		-		327,548		-		327,548
FF10S		32,271		402,928		460,186		9		460,195		-		460,195
FF20S		75,107		972,163		1,124,355		-		1,124,355		14		1,124,341
FF30S		90,210		1,196,206		1,514,632		15		1,514,647		-		1,514,647
FGP		993,875		53,503,657		102,369,150		47,053		102,416,203		-		102,416,203
FHIP		1,377,691		7,466,739		7,315,538		6,752		7,322,290		-		7,322,290
FIGBS		196,322		2,550,128		2,732,797		34		2,732,831		-		2,732,831
FMCS		163,414		5,380,054		6,255,493		23		6,255,516		-		6,255,516
FNRS2		65,097		1,121,304		675,052		-		675,052		2		675,050
FOP		178,862		3,147,838		4,743,423		5,206		4,748,629		-		4,748,629
FOS		184,808		3,773,242		4,878,939		35		4,878,974		-		4,878,974
FRESS		3,987		68,700		69,175		-		69,175		6		69,169
FVSS		60,935		777,102		823,234		-		823,234		27		823,207
FTVDM2		48,149		446,337		560,459		2		560,461		-		560,461
FTVFA2		38,162		228,407		207,222		1		207,223		-		207,223
FTVGI2		84,113		1,363,716		1,162,440		6		1,162,446		-		1,162,446
FTVIS2		83,202		1,273,952		1,251,353		10		1,251,363		-		1,251,363
FTVRDI		146,305		3,784,273		4,414,009		-		4,414,009		2		4,414,007
FTVSVI		156,154		2,616,472		2,373,547		33		2,373,580		-		2,373,580
TIF		3,014		42,474		40,896		-		40,896		16		40,880
TIF2		38,844		568,834		515,853		6		515,859		-		515,859
GVGMNS		3,379		41,934		42,545		4		42,549		-		42,549
GVMSAS		719		6,222		6,794		2		6,796		-		6,796
RVARS		2,513		62,438		64,346		6		64,352		-		64,352
ACEG		4,909		359,256		437,397		6		437,403		-		437,403
AVBVI		936		5,231		5,261		15		5,276		-		5,276
AVMCCI		3,196		32,092		33,786		-		33,786		-		33,786

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
IVBRA1		34,174		363,875		358,138		2		358,140		-		358,140
OVAG		26,532		2,175,239		2,837,039		13		2,837,052		-		2,837,052
OVB		449,175		3,589,574		3,786,546		5,704		3,792,250		-		3,792,250
OVGI		34,490		967,697		1,031,592		42		1,031,634		-		1,031,634
OVGS		495,186		19,837,757		25,809,087		51,431		25,860,518		-		25,860,518
OVIG		120,214		307,527		349,823		11		349,834		-		349,834
OVMS		306,485		4,316,005		5,495,269		5,894		5,501,163		-		5,501,163
OVSB		35,832		176,358		173,429		-		173,429		8		173,421
OVSC		36,827		851,172		1,009,802		30		1,009,832		-		1,009,832
WRASP		101,166		930,648		1,056,418		-		1,056,418		9		1,056,409
WRHIP		146,692		496,428		498,048		11		498,059		-		498,059
WRMCG		57,214		725,950		1,000,335		5		1,000,340		-		1,000,340
JABS		49,639		1,928,754		2,288,359		19		2,288,378		-		2,288,378
JACAS		118,627		4,338,103		6,282,466		3		6,282,469		-		6,282,469
JAEI		3,832		295,902		360,978		19		360,997		-		360,997
JAGTS		303,855		4,272,208		6,229,025		45		6,229,070		-		6,229,070
JAIGS		74,320		2,073,588		2,718,632		9		2,718,641		-		2,718,641
LOVTRC		9,844		163,457		170,795		-		170,795		5		170,790
MNDIC		29,609		640,565		798,266		30		798,296		-		798,296
MV2IGI		14,564		319,018		364,982		1		364,983		-		364,983
MVFIC		161,032		3,079,614		3,285,062		-		3,285,062		3		3,285,059
MVIGIC		9,255		123,746		148,913		1		148,914		-		148,914
MSEM		69,530		539,974		538,166		8		538,174		-		538,174
MSVFI		49,432		564,720		579,344		16		579,360		-		579,360
MSVRE		39,145		764,043		670,559		566		671,125		-		671,125
DTRTFB		1,271		12,729		12,934		-		12,934		1		12,933
EIF		55,355		968,717		1,073,333		3		1,073,336		-		1,073,336
GBF		420,846		4,756,672		4,751,347		3,258		4,754,605		-		4,754,605
GEM		94,118		1,132,213		1,408,011		19		1,408,030		-		1,408,030
GIG		302,455		3,173,793		3,511,498		32		3,511,530		-		3,511,530
GVAAA2		158,497		3,958,801		4,230,283		1		4,230,284		-		4,230,284
GVABD2		31,255		362,768		394,756		-		394,756		14		394,742
GVAGG2		66,532		2,054,428		2,677,901		21		2,677,922		-		2,677,922
GVAGI2		15,317		817,785		864,312		11		864,323		-		864,323
GVAGR2		30,467		2,598,531		3,680,995		-		3,680,995		14		3,680,981
GVDMA		430,414		5,239,383		5,659,947		33		5,659,980		-		5,659,980
GVDMC		54,506		603,706		613,195		19		613,214		-		613,214
GVEX1		226,083		3,982,444		5,055,210		27		5,055,237		-		5,055,237
GVIDA		171,118		2,137,046		2,233,089		9		2,233,098		-		2,233,098
GVIDC		20,151		202,698		212,394		12		212,406		-		212,406
GVIDM		244,247		2,971,879		2,948,064		14		2,948,078		-		2,948,078
GVIX2		74,820		750,000		778,132		8		778,140		-		778,140
HIBF		172,960		1,130,597		1,132,886		-		1,132,886		10		1,132,876
IDPG		37		457		447		8		455		-		455
MCIF		275,981		6,267,882		6,328,254		16		6,328,270		-		6,328,270
MSBF		107,337		979,067		987,496		-		987,496		19		987,477
NCPGI		6		58		63		-		63		-		63
NVAMV1		371,782		5,820,115		5,558,137		59		5,558,196		-		5,558,196
NVAMVX		125,401		1,611,307		1,870,987		-		1,870,987		2		1,870,985
NVBX		23,163		249,409		258,957		11		258,968		-		258,968
NVCBD1		61,250		682,200		701,315		1		701,316		-		701,316
NVCCA1		67,427		735,818		716,071		14		716,085		-		716,085
NVCCN1		8,238		85,592		89,872		-		89,872		17		89,855
NVCMA1		64,839		595,133		617,912		4		617,916		-		617,916

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF ASSETS, LIABILTIES AND CONTRACT OWNERS’ EQUITY

DECEMBER 31, 2020

Subaccount*,**	Shares		Cost		Investments, at fair value		Accounts Receivable		Total Assets		Accounts Payable		Contract Owners’ Equity
NVCMC1		12,572		134,615		139,299		-		139,299		10		139,289
NVCMD1		99,595		1,085,222		1,082,597		26		1,082,623		-		1,082,623
NVCRA1		25,939		252,892		281,961		1		281,962		-		281,962
NVCRB1		41,155		435,900		463,404		21		463,425		-		463,425
NVDBL2		31,669		491,424		513,036		-		513,036		8		513,028
NVDCA2		7,656		133,223		140,257		2		140,259		-		140,259
NVDCAP		9,914		167,211		180,837		-		180,837		6		180,831
NVFIII		5,227		57,967		59,060		2		59,062		-		59,062
NVGEII		86		916		1,161		-		1,161		1		1,160
NVIDMP		28,001		320,515		336,572		4		336,576		-		336,576
NVIX		45,635		452,480		475,063		7		475,070		-		475,070
NVLCP1		11,314		138,904		138,482		13		138,495		-		138,495
NVMIG1		443,830		4,861,986		5,365,903		22		5,365,925		-		5,365,925
NVMIVX		32,209		297,610		346,570		-		346,570		3		346,567
NVMLG1		342,021		3,449,538		3,057,666		48		3,057,714		-		3,057,714
NVMMG1		3,430,011		37,467,266		47,505,654		251		47,505,905		-		47,505,905
NVMMV2		2,516,726		24,913,302		19,605,298		152		19,605,450		-		19,605,450
NVNMO1		1,243,108		12,525,600		15,215,641		14,048		15,229,689		-		15,229,689
NVNSR1		10,715		140,239		150,870		-		150,870		9		150,861
NVOLG1		4,378,711		78,592,742		82,494,923		11,428		82,506,351		-		82,506,351
NVRE1		837,430		5,791,417		6,079,744		39		6,079,783		-		6,079,783
NVSIX2		46,033		429,645		419,819		22		419,841		-		419,841
NVSTB2		22,899		238,228		237,920		2		237,922		-		237,922
NVTIV3		5,120		53,824		55,089		6		55,095		-		55,095
SAM		15,934,237		15,934,237		15,934,237		-		15,934,237		89,284		15,844,953
SCF		911,610		17,469,962		18,223,076		78,879		18,301,955		-		18,301,955
SCGF		137,151		2,322,302		2,695,027		17		2,695,044		-		2,695,044
SCVF		378,919		4,223,784		3,323,121		45		3,323,166		-		3,323,166
TRF		2,565,341		31,947,388		60,362,478		16,085		60,378,563		-		60,378,563
AMCG		62,786		1,579,795		2,498,889		-		2,498,889		2		2,498,887
AMINS		1,857		20,222		27,300		11		27,311		-		27,311
AMMCGS		5,848		177,626		210,875		9		210,884		-		210,884
AMRS		405		6,957		7,300		3		7,303		-		7,303
AMSRS		154,345		4,036,454		4,736,861		75		4,736,936		-		4,736,936
AMTB		153,025		1,619,857		1,634,310		2,016		1,636,326		-		1,636,326
NOTB3		908		10,518		10,765		3		10,768		-		10,768
NOTG3		203		2,201		2,380		-		2,380		11		2,369
NOTMG3		5		59		64		2		66		-		66
PMVAAA		21,880		230,276		242,216		-		242,216		11		242,205
PMVFBA		14,746		146,809		155,274		7		155,281		-		155,281
PMVLDA		142,606		1,470,090		1,480,250		19		1,480,269		-		1,480,269
PMVRSA		4,272		24,516		25,844		-		25,844		3		25,841
PMVTRA		53,745		588,693		622,910		14		622,924		-		622,924
PVEIB		16,775		403,289		427,939		-		427,939		3		427,936
PVGOB		133,296		1,391,372		1,939,452		10		1,939,462		-		1,939,462
PVTIGB		15,857		216,228		261,326		-		261,326		26		261,300
TRHS2		94,521		3,993,969		5,478,453		-		5,478,453		25		5,478,428
TRLT2		9,730		46,675		48,456		5		48,461		-		48,461
VWBF		79,639		678,513		703,212		-		703,212		37		703,175
VWEM		203,854		2,668,883		3,443,088		32		3,443,120		-		3,443,120
VWHA		121,179		2,538,945		2,724,107		10,639		2,734,746		-		2,734,746
VRVDRI		213		3,270		3,771		-		3,771		5		3,766
SVDF		24,011		787,095		1,170,032		-		1,170,032		2,654		1,167,378
SVOF		53,742		1,302,062		1,592,363		23,158		1,615,521		-		1,615,521
WFVSCG		50,648		562,054		745,540		-		745,540		33		745,507
Total (unaudited)					$	726,465,736	$	407,841	$	726,873,577	$	92,480	$	726,781,097

* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

** For all subaccounts not included herein but listed as an investment option in note 1(b), Total Assets and Contract Owners’ Equity at the end of the period are $0. See note 1(b) for all investments available for which no policyholders were invested at December 31, 2020, if applicable.

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	Total (unaudited)			ALVDAA			ALVGIA			ALVSVA			ACVB			ACVCA			ACVI			ACVIG
Reinvested dividends	$	6,755,027			5			5,528			7,290			64,694			-			2,054			31,500
Mortality and expense risk charges (note 3)		(3,228,636	)		(3	)		(1,651	)		(3,310	)		(36,936	)		(8,532	)		(1,242	)		(7,497	)
Net investment income (loss)		3,526,391			2			3,877			3,980			27,758			(8,532	)		812			24,003
Realized gain (loss) on investments		14,143,652			-			(7,072	)		(47,433	)		51,544			23,792			10,601			4,626
Change in unrealized gain (loss) on investments		60,277,713			9			(12,918	)		36,436			337,020			394,879			89,208			61,892
Net gain (loss) on investments		74,421,365			9			(19,990	)		(10,997	)		388,564			418,671			99,809			66,518
Reinvested capital gains		42,152,339			-			18,845			33,371			189,429			154,309			6,194			82,693
Net increase (decrease) in contract owners’ equity resulting from operations	$	120,100,095			11			2,732			26,354			605,751			564,448			106,815			173,214
Investment Activity:	ACVIP2			ACVMV1			ACVU1			BRVHYI			MLVGA2			DCAP			DGI			DSC
Reinvested dividends	$	7,545			23,100			-			30,878			19,688			36,121			11,727			1,681
Mortality and expense risk charges (note 3)		(2,958	)		(6,708	)		(7,857	)		(3,125	)		(8,537	)		(20,071	)		(7,023	)		(1,352	)
Net investment income (loss)		4,587			16,392			(7,857	)		27,753			11,151			16,050			4,704			329
Realized gain (loss) on investments		13,874			(7,807	)		362,998			(14,570	)		12,853			(33,322	)		45,161			(42,475	)
Change in unrealized gain (loss) on investments		36,780			(42,420	)		(122,288	)		4,203			203,246			635,787			186,924			80,819
Net gain (loss) on investments		50,654			(50,227	)		240,710			(10,367	)		216,099			602,465			232,085			38,344
Reinvested capital gains		-			-			3,036			-			90,746			375,018			110,769			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	55,241			(33,835	)		235,889			17,386			317,996			993,533			347,558			38,673

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	DSIF			DSRG			DVSCS			DWVSVS			DFVGMI			DFVIPS			DSGIBA			FQB
Reinvested dividends	$	730,123			91,302			19,750			2,627			646			2,873			17,303			27,999
Mortality and expense risk charges (note 3)		(221,386	)		(45,267	)		(9,483	)		(1,255	)		(168	)		(1,266	)		(2,788	)		(6,112	)
Net investment income (loss)		508,737			46,035			10,267			1,372			478			1,607			14,515			21,887
Realized gain (loss) on investments		3,135,013			228,027			(40,966	)		(44,363	)		4			1,946			(3,880	)		(1,374	)
Change in unrealized gain (loss) on investments		1,188,425			1,480,604			89,130			(6,792	)		4,683			21,526			21,222			51,158
Net gain (loss) on investments		4,323,438			1,708,631			48,164			(51,155	)		4,687			23,472			17,342			49,784
Reinvested capital gains		2,896,009			99,081			112,458			14,977			699			1,516			12,743			2,999
Net increase (decrease) in contract owners’ equity resulting from operations	$	7,728,184			1,853,747			170,889			(34,806	)		5,864			26,595			44,600			74,670
Investment Activity:	FVU2			FAMP			FCS			FEIP			FEMS			FF10S			FF20S			FF30S
Reinvested dividends	$	1,621			149,133			1,045			628,879			1,962			5,152			12,240			15,469
Mortality and expense risk charges (note 3)		(326	)		(54,244	)		(3,771	)		(179,073	)		(1,031	)		(2,142	)		(5,487	)		(7,119	)
Net investment income (loss)		1,295			94,889			(2,726	)		449,806			931			3,010			6,753			8,350
Realized gain (loss) on investments		(32	)		279,354			10,195			915,291			(4,873	)		4,298			29,138			40,967
Change in unrealized gain (loss) on investments		(681	)		831,557			198,125			(988,212	)		41,966			22,593			39,635			87,285
Net gain (loss) on investments		(713	)		1,110,911			208,320			(72,921	)		37,093			26,891			68,773			128,252
Reinvested capital gains		-			130,890			3,107			1,607,548			24,052			17,583			64,484			65,638
Net increase (decrease) in contract owners’ equity resulting from operations	$	582			1,336,690			208,701			1,984,433			62,076			47,484			140,010			202,240

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	FGP			FHIP			FIGBS			FMCS			FNRS2			FOP			FOS			FRESS
Reinvested dividends	$	64,522			354,047			55,785			29,272			16,769			18,538			14,825			1,206
Mortality and expense risk charges (note 3)		(466,405	)		(35,523	)		(11,051	)		(26,063	)		(3,150	)		(18,781	)		(21,612	)		(211	)
Net investment income (loss)		(401,883	)		318,524			44,734			3,209			13,619			(243	)		(6,787	)		995
Realized gain (loss) on investments		7,698,872			(70,306	)		38,732			(65,023	)		(105,437	)		45,559			33,556			(9,752	)
Change in unrealized gain (loss) on investments		16,820,572			(109,612	)		131,005			944,308			(244,154	)		552,202			563,572			2,009
Net gain (loss) on investments		24,519,444			(179,918	)		169,737			879,285			(349,591	)		597,761			597,128			(7,743	)
Reinvested capital gains		8,205,517			-			869			-			-			19,172			18,313			1,673
Net increase (decrease) in contract owners’ equity resulting from operations	$	32,323,078			138,606			215,340			882,494			(335,972	)		616,690			608,654			(5,075	)
Investment Activity:	FVSS			FTVDM2			FTVFA2			FTVGI2			FTVIS2			FTVRDI			FTVSVI			TIF
Reinvested dividends	$	7,798			18,889			2,756			103,308			72,750			58,434			33,562			1,301
Mortality and expense risk charges (note 3)		(3,696	)		(2,292	)		(1,022	)		(5,627	)		(6,048	)		(18,267	)		(9,546	)		(165	)
Net investment income (loss)		4,102			16,597			1,734			97,681			66,702			40,167			24,016			1,136
Realized gain (loss) on investments		(25,092	)		74,416			(16,843	)		(120,897	)		(27,135	)		(33,757	)		(165,394	)		(67	)
Change in unrealized gain (loss) on investments		60,640			(30,212	)		(15,005	)		(51,411	)		(47,565	)		366,699			108,768			(1,872	)
Net gain (loss) on investments		35,548			44,204			(31,848	)		(172,308	)		(74,700	)		332,942			(56,626	)		(1,939	)
Reinvested capital gains		33,124			11,854			49,111			-			1,030			201,919			120,265			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	72,774			72,655			18,997			(74,627	)		(6,968	)		575,028			87,655			(803	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	TIF2			GVGMNS			GVMSAS			RVARS			ACEG			AVBVI			AVMCCI			IVBRA1
Reinvested dividends	$	15,256			116			124			972			222			17			197			26,155
Mortality and expense risk charges (note 3)		(2,033	)		(232	)		(22	)		(372	)		(1,172	)		-			(117	)		(1,661	)
Net investment income (loss)		13,223			(116	)		102			600			(950	)		17			80			24,494
Realized gain (loss) on investments		(20,770	)		56			5			610			(85	)		(328	)		(1,605	)		(3,436	)
Change in unrealized gain (loss) on investments		(7,059	)		872			572			2,591			84,033			550			1,927			(6,589	)
Net gain (loss) on investments		(27,829	)		928			577			3,201			83,948			222			322			(10,025	)
Reinvested capital gains		-			598			-			-			23,140			193			5,568			16,861
Net increase (decrease) in contract owners’ equity resulting from operations	$	(14,606	)		1,410			679			3,801			106,138			432			5,970			31,330
Investment Activity:	OVAG			OVB			OVGI			OVGS			OVIG			OVMS			OVSB			OVSC
Reinvested dividends	$	553			93,140			14,446			150,670			1,997			108,190			9,563			5,391
Mortality and expense risk charges (note 3)		(9,999	)		(16,068	)		(4,605	)		(109,310	)		(1,173	)		(26,774	)		(747	)		(4,445	)
Net investment income (loss)		(9,446	)		77,072			9,841			41,360			824			81,416			8,816			946
Realized gain (loss) on investments		9,104			207,142			(33,751	)		130,740			(3,305	)		17,894			(2,923	)		(11,652	)
Change in unrealized gain (loss) on investments		572,316			(21,928	)		(835	)		4,586,403			46,864			471,957			(3,306	)		131,022
Net gain (loss) on investments		581,420			185,214			(34,586	)		4,717,143			43,559			489,851			(6,229	)		119,370
Reinvested capital gains		115,284			-			95,136			785,033			2,949			120,217			-			12,212
Net increase (decrease) in contract owners’ equity resulting from operations	$	687,258			262,286			70,391			5,543,536			47,332			691,484			2,587			132,528

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	WRASP			WRHIP			WRMCG			JABS			JACAS			JAEI			JAGTS			JAIGS
Reinvested dividends	$	19,485			39,984			-			29,886			8,696			218			169			27,510
Mortality and expense risk charges (note 3)		(5,163	)		(2,786	)		(3,531	)		(9,183	)		(24,930	)		(1,624	)		(24,281	)		(11,643	)
Net investment income (loss)		14,322			37,198			(3,531	)		20,703			(16,234	)		(1,406	)		(24,112	)		15,867
Realized gain (loss) on investments		(53,433	)		(13,650	)		(4,439	)		60,459			143,771			6,162			702,007			(40,106	)
Change in unrealized gain (loss) on investments		149,620			(3,512	)		263,533			142,879			1,156,427			32,484			1,041,538			381,337
Net gain (loss) on investments		96,187			(17,162	)		259,094			203,338			1,300,198			38,646			1,743,545			341,231
Reinvested capital gains		16,096			-			42,801			28,487			398,602			21,655			490,381			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	126,605			20,036			298,364			252,528			1,682,566			58,895			2,209,814			357,098
Investment Activity:	LOVTRC			MNDIC			MV2IGI			MVFIC			MVIGIC			MSEM			MSVFI			MSVRE
Reinvested dividends	$	3,939			-			1,542			48,929			1,854			24,449			15,711			17,871
Mortality and expense risk charges (note 3)		(861	)		(2,491	)		(1,063	)		(14,293	)		(637	)		(2,895	)		(2,643	)		(3,499	)
Net investment income (loss)		3,078			(2,491	)		479			34,636			1,217			21,554			13,068			14,372
Realized gain (loss) on investments		198			354			21,037			(42,568	)		(5,804	)		(19,669	)		9,446			802
Change in unrealized gain (loss) on investments		4,770			163,320			(19,332	)		(103,804	)		25,167			7,131			(884	)		(180,793	)
Net gain (loss) on investments		4,968			163,674			1,705			(146,372	)		19,363			(12,538	)		8,562			(179,991	)
Reinvested capital gains		3,134			45,046			32,671			137,131			1,687			-			5,743			17,742
Net increase (decrease) in contract owners’ equity resulting from operations	$	11,180			206,229			34,855			25,395			22,267			9,016			27,373			(147,877	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	DTRTFB			EIF			GBF			GEM			GIG			GVAAA2			GVABD2			GVAGG2
Reinvested dividends	$	293			16,926			100,203			22,956			38,225			60,118			7,948			13,962
Mortality and expense risk charges (note 3)		(66	)		(4,942	)		(24,840	)		(5,523	)		(15,153	)		(19,964	)		(2,000	)		(10,746	)
Net investment income (loss)		227			11,984			75,363			17,433			23,072			40,154			5,948			3,216
Realized gain (loss) on investments		39			12,898			(9,192	)		8,415			(32,664	)		6,607			5,977			15,330
Change in unrealized gain (loss) on investments		149			(45,186	)		196,771			97,352			232,074			79,399			18,710			416,326
Net gain (loss) on investments		188			(32,288	)		187,579			105,767			199,410			86,006			24,687			431,656
Reinvested capital gains		-			42,631			-			-			-			310,839			257			142,347
Net increase (decrease) in contract owners’ equity resulting from operations	$	415			22,327			262,942			123,200			222,482			436,999			30,892			577,219
Investment Activity:	GVAGI2			GVAGR2			GVDMA			GVDMC			GVEX1			GVIDA			GVIDC			GVIDM
Reinvested dividends	$	12,448			18,994			10,865			790			83,844			4,359			259			3,925
Mortality and expense risk charges (note 3)		(3,742	)		(13,093	)		(24,238	)		(3,839	)		(21,716	)		(10,660	)		(1,442	)		(11,632	)
Net investment income (loss)		8,706			5,901			(13,373	)		(3,049	)		62,128			(6,301	)		(1,183	)		(7,707	)
Realized gain (loss) on investments		(7,073	)		123,828			147,177			(7,832	)		153,468			(5,206	)		2,735			7,912
Change in unrealized gain (loss) on investments		16,835			790,138			150,827			34,724			445,938			124,299			11,600			89,520
Net gain (loss) on investments		9,762			913,966			298,004			26,892			599,406			119,093			14,335			97,432
Reinvested capital gains		76,858			248,731			309,292			16,782			90,318			128,476			2,466			162,045
Net increase (decrease) in contract owners’ equity resulting from operations	$	95,326			1,168,598			593,923			40,625			751,852			241,268			15,618			251,770

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	GVIX2			HIBF			IDPG			MCIF			MSBF			NCPGI			NVAMV1			NVAMVX
Reinvested dividends	$	15,398			58,516			1			63,708			32,087			-			85,440			22,109
Mortality and expense risk charges (note 3)		(3,183	)		(4,601	)		(4	)		(28,124	)		(6,085	)		-			(25,986	)		(2,243	)
Net investment income (loss)		12,215			53,915			(3	)		35,584			26,002			-			59,454			19,866
Realized gain (loss) on investments		(675	)		(12,846	)		(22	)		(133,358	)		(99,091	)		-			(333,240	)		1,878
Change in unrealized gain (loss) on investments		17,150			14,779			34			494,292			22,708			3			72,888			259,680
Net gain (loss) on investments		16,475			1,933			12			360,934			(76,383	)		3			(260,352	)		261,558
Reinvested capital gains		18,614			-			8			269,860			-			-			138,348			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	47,304			55,848			17			666,378			(50,381	)		3			(62,550	)		281,424
Investment Activity:	NVBX			NVCBD1			NVCCA1			NVCCN1			NVCMA1			NVCMC1			NVCMD1			NVCRA1
Reinvested dividends	$	5,961			18,380			6,350			188			5,984			713			8,377			2,811
Mortality and expense risk charges (note 3)		(1,590	)		(5,059	)		(3,411	)		(192	)		(3,207	)		(677	)		(4,731	)		(1,549	)
Net investment income (loss)		4,371			13,321			2,939			(4	)		2,777			36			3,646			1,262
Realized gain (loss) on investments		3,311			13,388			(15,063	)		2,076			(71,459	)		(1,790	)		(4,282	)		(12,620	)
Change in unrealized gain (loss) on investments		10,398			14,935			57,158			2,874			107,281			10,975			71,738			37,976
Net gain (loss) on investments		13,709			28,323			42,095			4,950			35,822			9,185			67,456			25,356
Reinvested capital gains		-			1,708			24,847			184			11,864			899			28,099			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	18,080			43,352			69,881			5,130			50,463			10,120			99,201			26,618

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NVCRB1			NVDBL2			NVDCA2			NVDCAP			NVFIII			NVGEII			NVIDMP			NVIX
Reinvested dividends	$	2,973			619			241			-			677			14			-			10,425
Mortality and expense risk charges (note 3)		(2,210	)		(951	)		(762	)		(164	)		(211	)		(4	)		(269	)		(2,038	)
Net investment income (loss)		763			(332	)		(521	)		(164	)		466			10			(269	)		8,387
Realized gain (loss) on investments		(270	)		(915	)		(91	)		(2	)		199			1			3,505			2,949
Change in unrealized gain (loss) on investments		32,281			30,514			8,491			13,626			1,364			142			16,057			10,896
Net gain (loss) on investments		32,011			29,599			8,400			13,624			1,563			143			19,562			13,845
Reinvested capital gains		6,046			13,658			7,799			-			105			-			-			11,997
Net increase (decrease) in contract owners’ equity resulting from operations	$	38,820			42,925			15,678			13,460			2,134			153			19,293			34,229
Investment Activity:	NVLCP1			NVMIG1			NVMIVX			NVMLG1			NVMMG1			NVMMV2			NVNMO1			NVNSR1
Reinvested dividends	$	3,211			42,333			-			-			-			361,830			57,385			1,071
Mortality and expense risk charges (note 3)		(580	)		(23,134	)		(335	)		(11,141	)		(182,525	)		(90,758	)		(68,386	)		(663	)
Net investment income (loss)		2,631			19,199			(335	)		(11,141	)		(182,525	)		271,072			(11,001	)		408
Realized gain (loss) on investments		7,335			(77,845	)		802			(178,143	)		424,238			(609,853	)		343,842			(9,453	)
Change in unrealized gain (loss) on investments		(1,298	)		584,854			48,960			(424,824	)		12,845,638			(185,634	)		198,331			16,485
Net gain (loss) on investments		6,037			507,009			49,762			(602,967	)		13,269,876			(795,487	)		542,173			7,032
Reinvested capital gains		-			1,321,939			-			1,265,849			4,950,149			-			1,170,923			9,030
Net increase (decrease) in contract owners’ equity resulting from operations	$	8,668			1,848,147			49,427			651,741			18,037,500			(524,415	)		1,702,095			16,470

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NVOLG1			NVRE1			NVSIX2			NVSTB2			NVTIV3			SAM			SCF			SCGF
Reinvested dividends	$	993,481			91,838			3,162			3,870			701			35,622			2,907			-
Mortality and expense risk charges (note 3)		(366,813	)		(29,957	)		(1,620	)		(853	)		(299	)		(84,254	)		(71,608	)		(8,235	)
Net investment income (loss)		626,668			61,881			1,542			3,017			402			(48,632	)		(68,701	)		(8,235	)
Realized gain (loss) on investments		218,414			(155,461	)		(20,751	)		(1,480	)		(3,086	)		-			203,029			(60,362	)
Change in unrealized gain (loss) on investments		4,454,702			(417,218	)		79,299			(23	)		5,210			-			2,474,281			527,845
Net gain (loss) on investments		4,673,116			(572,679	)		58,548			(1,503	)		2,124			-			2,677,310			467,483
Reinvested capital gains		7,576,164			29,417			15,041			-			-			-			613,830			273,579
Net increase (decrease) in contract owners’ equity resulting from operations	$	12,875,948			(481,381	)		75,131			1,514			2,526			(48,632	)		3,222,439			732,827
Investment Activity:	SCVF			TRF			AMCG			AMINS			AMMCGS			AMRS			AMSRS			AMTB
Reinvested dividends	$	2,089			638,585			-			121			-			48			24,386			38,048
Mortality and expense risk charges (note 3)		(13,224	)		(303,272	)		(6,844	)		-			(636	)		-			(8,693	)		(7,007	)
Net investment income (loss)		(11,135	)		335,313			(6,844	)		121			(636	)		48			15,693			31,041
Realized gain (loss) on investments		(221,425	)		2,388,537			32,388			79			20,982			175			30,061			(3,608	)
Change in unrealized gain (loss) on investments		337,547			(1,498,945	)		582,836			1,645			16,711			(1,372	)		548,236			18,958
Net gain (loss) on investments		116,122			889,592			615,224			1,724			37,693			(1,197	)		578,297			15,350
Reinvested capital gains		13,999			4,067,739			100,721			1,227			6,688			-			167,507			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	118,986			5,292,644			709,101			3,072			43,745			(1,149	)		761,497			46,391

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	NOTB3			NOTG3			NOTMG3			PMVAAA			PMVFBA			PMVLDA			PMVRSA			PMVTRA
Reinvested dividends	$	219			45			1			10,571			6,104			17,385			679			11,605
Mortality and expense risk charges (note 3)		(51	)		(11	)		-			(1,054	)		(650	)		(5,314	)		(57	)		(2,834	)
Net investment income (loss)		168			34			1			9,517			5,454			12,071			622			8,771
Realized gain (loss) on investments		(21	)		(1	)		-			71			(506	)		(3,948	)		(37	)		3,016
Change in unrealized gain (loss) on investments		226			67			3			7,628			5,075			29,400			1,260			22,962
Net gain (loss) on investments		205			66			3			7,699			4,569			25,452			1,223			25,978
Reinvested capital gains		141			-			-			-			-			-			-			6,423
Net increase (decrease) in contract owners’ equity resulting from operations	$	514			100			4			17,216			10,023			37,523			1,845			41,172
Investment Activity:	PVEIB			PVGOB			PVTIGB			TRHS2			TRLT2			VWBF			VWEM			VWHA
Reinvested dividends	$	6,432			588			3,734			-			790			47,190			63,422			19,623
Mortality and expense risk charges (note 3)		(1,966	)		(8,412	)		(1,000	)		(23,036	)		-			(3,755	)		(15,632	)		(10,487	)
Net investment income (loss)		4,466			(7,824	)		2,734			(23,036	)		790			43,435			47,790			9,136
Realized gain (loss) on investments		(8,229	)		112,305			(3,579	)		277,565			7			(15,503	)		65,162			(294,542	)
Change in unrealized gain (loss) on investments		(1,088	)		328,069			26,766			592,054			1,341			24,455			264,059			699,037
Net gain (loss) on investments		(9,317	)		440,374			23,187			869,619			1,348			8,952			329,221			404,495
Reinvested capital gains		25,899			83,106			-			306,942			-			-			95,258			-
Net increase (decrease) in contract owners’ equity resulting from operations	$	21,048			515,656			25,921			1,153,525			2,138			52,387			472,269			413,631

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF OPERATIONS

YEAR ENDED DECEMBER 31, 2020

Investment Activity:	VRVDRI			SVDF			SVOF			WFVSCG			IVKMG1			GVDIVI			NVMLV1			NVLCAP
Reinvested dividends	$	45			-			6,002			-			-			31,363			18,542			610
Mortality and expense risk charges (note 3)		(54	)		(5,624	)		(9,943	)		(2,410	)		(382	)		(1,303	)		(3,881	)		(648	)
Net investment income (loss)		(9	)		(5,624	)		(3,941	)		(2,410	)		(382	)		30,060			14,661			(38	)
Realized gain (loss) on investments		(6,173	)		10,724			66,373			(32,102	)		(84,644	)		(236,616	)		(1,002,764	)		(233	)
Change in unrealized gain (loss) on investments		1,904			367,078			103,002			250,045			(3,141	)		114,508			328,757			(8,015	)
Net gain (loss) on investments		(4,269	)		377,802			169,375			217,943			(87,785	)		(122,108	)		(674,007	)		(8,248	)
Reinvested capital gains		69			73,272			103,770			25,900			71,677			-			494,720			2,174
Net increase (decrease) in contract owners’ equity resulting from operations	$	(4,209	)		445,450			269,204			241,433			(16,490	)		(92,048	)		(164,626	)		(6,112	)
Investment Activity:	NVLMP
Reinvested dividends	$	1,353
Mortality and expense risk charges (note 3)		(1,016	)
Net investment income (loss)		337
Realized gain (loss) on investments		(20,300	)
Change in unrealized gain (loss) on investments		1,305
Net gain (loss) on investments		(18,995	)
Reinvested capital gains		14,700
Net increase (decrease) in contract owners’ equity resulting from operations	$	(3,958	)

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	Total (unaudited)						ALVDAA						ALVGIA						ALVSVA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	3,526,391			5,736,359			2			3			3,877			3,207			3,980			966
Realized gain (loss) on investments		14,143,652			13,628,549			-			(2	)		(7,072	)		5,484			(47,433	)		(19,542	)
Change in unrealized gain (loss) on investments		60,277,713			66,390,343			9			27			(12,918	)		32,160			36,436			81,125
Reinvested capital gains		42,152,339			62,042,241			-			-			18,845			43,129			33,371			93,721
Net increase (decrease) in contract owners’ equity resulting from operations		120,100,095			147,797,492			11			28			2,732			83,980			26,354			156,270
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		21,092,153			18,307,571			90			30			8,210			8,661			25,562			90,854
Transfers between funds		(156	)		-			-			-			(11,979	)		22,774			(14,178	)		(40,970	)
Surrenders (notes 2, 3, 4, 5 and 6)		(67,810,883	)		(72,298,727	)		(79	)		76			(37,415	)		(34,292	)		(76,019	)		(147,817	)
Adjustments to maintain reserves		67,371			56,381			(11	)		11			30			(15	)		25			12
Net equity transactions		(46,651,515	)		(53,934,775	)		-			117			(41,154	)		(2,872	)		(64,610	)		(97,921	)
Net change in contract owners’ equity		73,448,580			93,862,717			11			145			(38,422	)		81,108			(38,256	)		58,349
Contract owners’ equity at beginning of period		653,332,517			559,469,800			257			112			438,991			357,883			900,690			842,341
Contract owners’ equity at end of period	$	726,781,097			653,332,517			268			257			400,569			438,991			862,434			900,690
CHANGE IN UNITS:
Beginning units		16,511,829			17,900,376			18			9			11,184			11,311			18,146			20,368
Units purchased		1,904,115			1,614,281			22			16			327			1,434			1,519			1,447
Units surrendered		(2,747,804	)		(3,002,828	)		(22	)		(7	)		(1,526	)		(1,561	)		(2,813	)		(3,669	)
Ending units		15,668,140			16,511,829			18			18			9,985			11,184			16,852			18,146

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ACVB						ACVCA						ACVI						ACVIG
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	27,758			47,564			(8,532	)		(9,635	)		812			2,344			24,003			26,577
Realized gain (loss) on investments		51,544			22,038			23,792			296			10,601			5,181			4,626			9,656
Change in unrealized gain (loss) on investments		337,020			739,274			394,879			185,694			89,208			67,722			61,892			160,620
Reinvested capital gains		189,429			121,093			154,309			252,811			6,194			20,210			82,693			137,048
Net increase (decrease) in contract owners’ equity resulting from operations		605,751			929,969			564,448			429,166			106,815			95,457			173,214			333,901
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		96,858			99,105			7,527			11,782			3,352			3,869			57,710			49,216
Transfers between funds		65,308			11,439			(2,478	)		(10,791	)		222,516			591			(121,420	)		137,915
Surrenders (notes 2, 3, 4, 5 and 6)		(771,539	)		(444,534	)		(173,164	)		(214,481	)		(39,902	)		(17,790	)		(192,015	)		(179,442	)
Adjustments to maintain reserves		15			(59	)		6,522			4,067			4,982			4,570			(11	)		33
Net equity transactions		(609,358	)		(334,049	)		(161,593	)		(209,423	)		190,948			(8,760	)		(255,736	)		7,722
Net change in contract owners’ equity		(3,607	)		595,920			402,855			219,743			297,763			86,697			(82,522	)		341,623
Contract owners’ equity at beginning of period		5,580,785			4,984,865			1,501,748			1,282,005			446,208			359,511			1,762,527			1,420,904
Contract owners’ equity at end of period	$	5,577,178			5,580,785			1,904,603			1,501,748			743,971			446,208			1,680,005			1,762,527
CHANGE IN UNITS:
Beginning units		154,992			162,951			43,716			52,029			15,473			15,888			54,791			54,209
Units purchased		3,459			4,468			892			760			12,721			229			2,426			7,138
Units surrendered		(15,687	)		(12,427	)		(7,045	)		(9,073	)		(1,736	)		(644	)		(10,236	)		(6,556	)
Ending units		142,764			154,992			37,563			43,716			26,458			15,473			46,981			54,791

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ACVIP2						ACVMV1						ACVU1						BRVHYI
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,587			16,914			16,392			34,139			(7,857	)		(8,913	)		27,753			7,994
Realized gain (loss) on investments		13,874			(39,812	)		(7,807	)		15,948			362,998			17,966			(14,570	)		11
Change in unrealized gain (loss) on investments		36,780			100,300			(42,420	)		254,152			(122,288	)		143,372			4,203			13,718
Reinvested capital gains		-			-			-			236,130			3,036			90,260			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		55,241			77,402			(33,835	)		540,369			235,889			242,685			17,386			21,723
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		32,262			33,782			29,228			34,401			102,194			-			21,892			2,721
Transfers between funds		(105,202	)		(255,238	)		(655,352	)		(157,490	)		(1,064,655	)		(140,308	)		449,361			137,560
Surrenders (notes 2, 3, 4, 5 and 6)		(69,149	)		(244,354	)		(129,006	)		(276,086	)		(106,326	)		153,888			(27,382	)		(8,571	)
Adjustments to maintain reserves		30			(36	)		16			9			26			(19	)		1,769			(8	)
Net equity transactions		(142,059	)		(465,846	)		(755,114	)		(399,166	)		(1,068,761	)		13,561			445,640			131,702
Net change in contract owners’ equity		(86,818	)		(388,444	)		(788,949	)		141,203			(832,872	)		256,246			463,026			153,425
Contract owners’ equity at beginning of period		601,513			989,957			2,189,116			2,047,913			1,015,024			758,778			212,452			59,027
Contract owners’ equity at end of period	$	514,695			601,513			1,400,167			2,189,116			182,152			1,015,024			675,478			212,452
CHANGE IN UNITS:
Beginning units		36,595			64,811			56,551			68,042			28,843			28,727			18,555			5,916
Units purchased		3,891			4,896			1,325			1,672			330			5,586			39,371			13,774
Units surrendered		(11,785	)		(33,112	)		(21,942	)		(13,163	)		(25,715	)		(5,470	)		(2,657	)		(1,135	)
Ending units		28,701			36,595			35,934			56,551			3,458			28,843			55,269			18,555

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MLVGA2						DCAP						DGI						DSC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	11,151			11,454			16,050			30,756			4,704			8,870			329			(1,695	)
Realized gain (loss) on investments		12,853			(19,847	)		(33,322	)		(10,272	)		45,161			101,576			(42,475	)		(6,481	)
Change in unrealized gain (loss) on investments		203,246			236,052			635,787			789,071			186,924			91,996			80,819			9,445
Reinvested capital gains		90,746			61,263			375,018			472,895			110,769			162,508			-			55,337
Net increase (decrease) in contract owners’ equity resulting from operations		317,996			288,922			993,533			1,282,450			347,558			364,950			38,673			56,606
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		78,660			63,068			111,846			112,961			34,208			38,462			9,944			12,443
Transfers between funds		(173,254	)		(16,039	)		(101,766	)		(23,509	)		(4,278	)		(71,503	)		(56,050	)		13,268
Surrenders (notes 2, 3, 4, 5 and 6)		(168,018	)		(221,475	)		(569,132	)		(357,067	)		(130,030	)		(163,291	)		(14,586	)		(27,137	)
Adjustments to maintain reserves		1			1			88			36			27			(18	)		(23	)		19
Net equity transactions		(262,611	)		(174,445	)		(558,964	)		(267,579	)		(100,073	)		(196,350	)		(60,715	)		(1,407	)
Net change in contract owners’ equity		55,385			114,477			434,569			1,014,871			247,485			168,600			(22,042	)		55,199
Contract owners’ equity at beginning of period		1,871,842			1,757,365			4,745,452			3,730,581			1,550,484			1,381,884			313,524			258,325
Contract owners’ equity at end of period	$	1,927,227			1,871,842			5,180,021			4,745,452			1,797,969			1,550,484			291,482			313,524
CHANGE IN UNITS:
Beginning units		93,183			102,683			110,653			118,233			37,988			44,464			10,752			10,737
Units purchased		5,314			6,107			4,356			4,405			2,537			2,331			545			2,049
Units surrendered		(18,764	)		(15,607	)		(17,080	)		(11,985	)		(5,436	)		(8,807	)		(2,870	)		(2,034	)
Ending units		79,733			93,183			97,929			110,653			35,089			37,988			8,427			10,752

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DSIF						DSRG						DVSCS						DWVSVS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	508,737			557,401			46,035			67,965			10,267			12,839			1,372			969
Realized gain (loss) on investments		3,135,013			3,260,860			228,027			177,031			(40,966	)		78,000			(44,363	)		(5,277	)
Change in unrealized gain (loss) on investments		1,188,425			5,836,713			1,480,604			1,644,264			89,130			183,104			(6,792	)		54,423
Reinvested capital gains		2,896,009			2,290,149			99,081			240,210			112,458			254,733			14,977			28,410
Net increase (decrease) in contract owners’ equity resulting from operations		7,728,184			11,945,123			1,853,747			2,129,470			170,889			528,676			(34,806	)		78,525
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,085,483			1,095,921			255,337			250,016			33,925			114,123			1,815			2,443
Transfers between funds		(730,935	)		(1,323,360	)		9,497			(21,719	)		(87,819	)		(747,265	)		(30,115	)		11,169
Surrenders (notes 2, 3, 4, 5 and 6)		(4,332,407	)		(4,360,718	)		(659,228	)		(659,908	)		(152,874	)		(393,604	)		(30,462	)		(13,385	)
Adjustments to maintain reserves		3,906			4,958			294			219			43			13			9			-
Net equity transactions		(3,973,953	)		(4,583,199	)		(394,100	)		(431,392	)		(206,725	)		(1,026,733	)		(58,753	)		227
Net change in contract owners’ equity		3,754,231			7,361,924			1,459,647			1,698,078			(35,836	)		(498,057	)		(93,559	)		78,752
Contract owners’ equity at beginning of period		48,346,728			40,984,804			8,207,582			6,509,504			2,234,991			2,733,048			372,107			293,355
Contract owners’ equity at end of period	$	52,100,959			48,346,728			9,667,229			8,207,582			2,199,155			2,234,991			278,548			372,107
CHANGE IN UNITS:
Beginning units		606,380			669,994			125,019			132,225			54,408			82,256			20,316			20,350
Units purchased		22,962			24,567			13,464			9,016			1,845			2,511			406			891
Units surrendered		(81,339	)		(88,181	)		(14,544	)		(16,222	)		(7,733	)		(30,359	)		(5,097	)		(925	)
Ending units		548,003			606,380			123,939			125,019			48,520			54,408			15,625			20,316

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DFVGMI						DFVIPS						DSGIBA						FQB
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	478			509			1,607			2,591			14,515			3,543			21,887			26,553
Realized gain (loss) on investments		4			(11	)		1,946			44			(3,880	)		(1,846	)		(1,374	)		(12,824	)
Change in unrealized gain (loss) on investments		4,683			3,692			21,526			14,839			21,222			41,959			51,158			74,474
Reinvested capital gains		699			213			1,516			-			12,743			155			2,999			42
Net increase (decrease) in contract owners’ equity resulting from operations		5,864			4,403			26,595			17,474			44,600			43,811			74,670			88,245
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		28,232			806			1,969			1,997			4,059			3,487			19,406			23,940
Transfers between funds		(38	)		-			19,922			-			34,293			413,229			736,813			69,685
Surrenders (notes 2, 3, 4, 5 and 6)		(1,081	)		(1,010	)		(2,484	)		(2,901	)		(8,254	)		(6,210	)		(93,114	)		(171,968	)
Adjustments to maintain reserves		(4	)		2			2			(6	)		3			(6	)		29			(19	)
Net equity transactions		27,109			(202	)		19,409			(910	)		30,101			410,500			663,134			(78,362	)
Net change in contract owners’ equity		32,973			4,201			46,004			16,564			74,701			454,311			737,804			9,883
Contract owners’ equity at beginning of period		29,370			25,169			237,559			220,995			569,890			115,579			1,030,607			1,020,724
Contract owners’ equity at end of period	$	62,343			29,370			283,563			237,559			644,591			569,890			1,768,411			1,030,607
CHANGE IN UNITS:
Beginning units		2,480			2,498			21,935			22,021			43,136			10,462			52,411			56,401
Units purchased		2,369			74			1,866			190			3,734			33,338			41,282			7,459
Units surrendered		(95	)		(92	)		(247	)		(276	)		(1,579	)		(664	)		(7,055	)		(11,449	)
Ending units		4,754			2,480			23,554			21,935			45,291			43,136			86,638			52,411

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FVU2						FAMP						FCS						FEIP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,295			888			94,889			119,306			(2,726	)		4			449,806			538,764
Realized gain (loss) on investments		(32	)		(28	)		279,354			2,046			10,195			15			915,291			(267,685	)
Change in unrealized gain (loss) on investments		(681	)		9,534			831,557			1,050,466			198,125			909			(988,212	)		5,961,453
Reinvested capital gains		-			-			130,890			414,029			3,107			-			1,607,548			2,324,708
Net increase (decrease) in contract owners’ equity resulting from operations		582			10,394			1,336,690			1,585,847			208,701			928			1,984,433			8,557,240
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,321			4,239			317,746			327,424			94,380			1,395			991,483			1,074,913
Transfers between funds		9,918			-			(76,913	)		(17,526	)		753,100			23,778			(3,294	)		98,506
Surrenders (notes 2, 3, 4, 5 and 6)		1,310			(944	)		(957,984	)		(1,009,325	)		(11,324	)		334			(3,066,586	)		(3,801,278	)
Adjustments to maintain reserves		3			(6	)		846			856			19			(4	)		2,233			7,865
Net equity transactions		15,552			3,289			(716,305	)		(698,571	)		836,175			25,503			(2,076,164	)		(2,619,994	)
Net change in contract owners’ equity		16,134			13,683			620,385			887,276			1,044,876			26,431			(91,731	)		5,937,246
Contract owners’ equity at beginning of period		64,793			51,110			10,221,231			9,333,955			26,431			-			38,852,436			32,915,190
Contract owners’ equity at end of period	$	80,927			64,793			10,841,616			10,221,231			1,071,307			26,431			38,760,705			38,852,436
CHANGE IN UNITS:
Beginning units		5,959			5,622			209,936			224,776			2,386			-			390,019			417,741
Units purchased		1,805			764			9,548			12,204			73,393			2,423			18,072			24,872
Units surrendered		(354	)		(427	)		(32,778	)		(27,044	)		(1,259	)		(37	)		(47,724	)		(52,594	)
Ending units		7,410			5,959			186,706			209,936			74,520			2,386			360,367			390,019

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FEMS						FF10S						FF20S						FF30S
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	931			1,816			3,010			5,918			6,753			16,058			8,350			16,406
Realized gain (loss) on investments		(4,873	)		171			4,298			8,023			29,138			46,113			40,967			54,347
Change in unrealized gain (loss) on investments		41,966			36,283			22,593			26,413			39,635			67,074			87,285			153,388
Reinvested capital gains		24,052			-			17,583			16,094			64,484			61,916			65,638			44,243
Net increase (decrease) in contract owners’ equity resulting from operations		62,076			38,270			47,484			56,448			140,010			191,161			202,240			268,384
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		14,462			8,350			4,145			3,923			33,644			38,800			104,154			38,878
Transfers between funds		66,498			39,523			25,401			12			(8,293	)		44,457			(20,364	)		28,897
Surrenders (notes 2, 3, 4, 5 and 6)		(18,345	)		(7,958	)		(26,876	)		(35,517	)		(179,537	)		(209,712	)		(75,227	)		(166,067	)
Adjustments to maintain reserves		2			(7	)		8			(4	)		2			(9	)		33			(7	)
Net equity transactions		62,617			39,908			2,678			(31,586	)		(154,184	)		(126,464	)		8,596			(98,299	)
Net change in contract owners’ equity		124,693			78,178			50,162			24,862			(14,174	)		64,697			210,836			170,085
Contract owners’ equity at beginning of period		202,855			124,677			410,033			385,171			1,138,515			1,073,818			1,303,811			1,133,726
Contract owners’ equity at end of period	$	327,548			202,855			460,195			410,033			1,124,341			1,138,515			1,514,647			1,303,811
CHANGE IN UNITS:
Beginning units		18,993			15,018			18,832			20,411			47,862			53,908			49,805			53,527
Units purchased		5,479			4,826			1,439			762			2,893			5,082			6,347			3,721
Units surrendered		(976	)		(851	)		(1,370	)		(2,341	)		(9,285	)		(11,128	)		(6,275	)		(7,443	)
Ending units		23,496			18,993			18,901			18,832			41,470			47,862			49,877			49,805

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FGP						FHIP						FIGBS						FMCS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(401,883	)		(201,446	)		318,524			344,732			44,734			47,150			3,209			16,970
Realized gain (loss) on investments		7,698,872			3,513,236			(70,306	)		(46,346	)		38,732			(6,013	)		(65,023	)		11,276
Change in unrealized gain (loss) on investments		16,820,572			12,799,921			(109,612	)		699,811			131,005			141,707			944,308			516,352
Reinvested capital gains		8,205,517			4,381,277			-			-			869			-			-			658,190
Net increase (decrease) in contract owners’ equity resulting from operations		32,323,078			20,492,988			138,606			998,197			215,340			182,844			882,494			1,202,788
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,944,440			1,770,351			269,698			300,361			36,753			41,050			152,447			225,927
Transfers between funds		(2,788,533	)		924,813			(20,601	)		(505	)		537,383			156,054			(14,316	)		(286,947	)
Surrenders (notes 2, 3, 4, 5 and 6)		(8,268,736	)		(6,521,271	)		(661,337	)		(723,368	)		(265,779	)		(202,953	)		(666,767	)		(731,229	)
Adjustments to maintain reserves		13,013			9,495			78			866			3			7			10			19
Net equity transactions		(9,099,816	)		(3,816,612	)		(412,162	)		(422,646	)		308,360			(5,842	)		(528,626	)		(792,230	)
Net change in contract owners’ equity		23,223,262			16,676,376			(273,556	)		575,551			523,700			177,002			353,868			410,558
Contract owners’ equity at beginning of period		79,192,941			62,516,565			7,595,846			7,020,295			2,209,131			2,032,129			5,901,648			5,491,090
Contract owners’ equity at end of period	$	102,416,203			79,192,941			7,322,290			7,595,846			2,732,831			2,209,131			6,255,516			5,901,648
CHANGE IN UNITS:
Beginning units		691,597			692,945			141,469			149,247			120,310			120,824			104,795			119,729
Units purchased		21,626			59,639			9,300			9,457			30,172			14,114			5,113			5,090
Units surrendered		(170,872	)		(60,987	)		(18,672	)		(17,235	)		(13,481	)		(14,628	)		(15,393	)		(20,024	)
Ending units		542,351			691,597			132,097			141,469			137,001			120,310			94,515			104,795

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FNRS2						FOP						FOS						FRESS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	13,619			13,484			(243	)		53,033			(6,787	)		45,346			995			1,063
Realized gain (loss) on investments		(105,437	)		(85,969	)		45,559			17,753			33,556			8,649			(9,752	)		1,048
Change in unrealized gain (loss) on investments		(244,154	)		160,349			552,202			776,811			563,572			719,682			2,009			50
Reinvested capital gains		-			698			19,172			151,329			18,313			130,771			1,673			448
Net increase (decrease) in contract owners’ equity resulting from operations		(335,972	)		88,562			616,690			998,926			608,654			904,448			(5,075	)		2,609
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		71,765			74,276			3,437			3,893			214,016			238,227			6,625			2,320
Transfers between funds		15,490			(48,621	)		(31,946	)		(38,081	)		217,465			255,904			12,827			40,537
Surrenders (notes 2, 3, 4, 5 and 6)		(95,390	)		(124,143	)		(303,083	)		(327,363	)		(455,277	)		(378,947	)		(2,508	)		(1,410	)
Adjustments to maintain reserves		1			-			860			935			32			4			(3	)		(5	)
Net equity transactions		(8,134	)		(98,488	)		(330,732	)		(360,616	)		(23,764	)		115,188			16,941			41,442
Net change in contract owners’ equity		(344,106	)		(9,926	)		285,958			638,310			584,890			1,019,636			11,866			44,051
Contract owners’ equity at beginning of period		1,019,156			1,029,082			4,462,671			3,824,361			4,294,084			3,274,448			57,303			13,252
Contract owners’ equity at end of period	$	675,050			1,019,156			4,748,629			4,462,671			4,878,974			4,294,084			69,169			57,303
CHANGE IN UNITS:
Beginning units		65,125			71,950			113,238			125,498			347,031			336,116			4,895			1,385
Units purchased		11,808			7,649			951			951			48,090			64,129			2,461			3,695
Units surrendered		(12,424	)		(14,474	)		(8,687	)		(13,211	)		(52,000	)		(53,214	)		(1,002	)		(185	)
Ending units		64,509			65,125			105,502			113,238			343,121			347,031			6,354			4,895

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FVSS						FTVDM2						FTVFA2						FTVGI2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,102			6,219			16,597			3,649			1,734			6,464			97,681			131,556
Realized gain (loss) on investments		(25,092	)		(10,732	)		74,416			12,485			(16,843	)		(3,446	)		(120,897	)		(57,042	)
Change in unrealized gain (loss) on investments		60,640			124,982			(30,212	)		135,608			(15,005	)		19,818			(51,411	)		(46,217	)
Reinvested capital gains		33,124			56,405			11,854			-			49,111			13,925			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		72,774			176,874			72,655			151,742			18,997			36,761			(74,627	)		28,297
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		70,616			15,838			17,497			13,347			10,368			11,257			40,498			59,986
Transfers between funds		51,363			12,835			308,488			(20,173	)		14,431			(132	)		(18,972	)		(131,839	)
Surrenders (notes 2, 3, 4, 5 and 6)		(59,573	)		(50,670	)		(552,984	)		(47,368	)		(47,841	)		(32,267	)		(559,277	)		(173,806	)
Adjustments to maintain reserves		(41	)		37			(2	)		11			(6	)		5			4			2
Net equity transactions		62,365			(21,960	)		(227,001	)		(54,183	)		(23,048	)		(21,137	)		(537,747	)		(245,657	)
Net change in contract owners’ equity		135,139			154,914			(154,346	)		97,559			(4,051	)		15,624			(612,374	)		(217,360	)
Contract owners’ equity at beginning of period		688,068			533,154			714,807			617,248			211,274			195,650			1,774,820			1,992,180
Contract owners’ equity at end of period	$	823,207			688,068			560,461			714,807			207,223			211,274			1,162,446			1,774,820
CHANGE IN UNITS:
Beginning units		20,422			21,138			55,113			60,005			12,621			13,925			173,186			197,270
Units purchased		4,949			1,445			2,514			2,672			1,441			739			7,703			8,021
Units surrendered		(2,602	)		(2,161	)		(20,574	)		(7,564	)		(2,899	)		(2,043	)		(60,691	)		(32,105	)
Ending units		22,769			20,422			37,053			55,113			11,163			12,621			120,198			173,186

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	FTVIS2						FTVRDI						FTVSVI						TIF
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	66,702			65,260			40,167			40,676			24,016			18,715			1,136			711
Realized gain (loss) on investments		(27,135	)		(9,459	)		(33,757	)		(9,394	)		(165,394	)		(74,041	)		(67	)		3,729
Change in unrealized gain (loss) on investments		(47,565	)		111,475			366,699			402,837			108,768			220,115			(1,872	)		670
Reinvested capital gains		1,030			21,707			201,919			605,478			120,265			376,411			-			470
Net increase (decrease) in contract owners’ equity resulting from operations		(6,968	)		188,983			575,028			1,039,597			87,655			541,200			(803	)		5,580
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		56,635			64,180			75,317			82,713			40,134			44,485			-			-
Transfers between funds		(40,741	)		(6,894	)		(160,718	)		(45,870	)		60,777			(72,188	)		-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(131,631	)		(111,270	)		(458,703	)		(547,114	)		(149,770	)		(405,777	)		(1,309	)		(13,019	)
Adjustments to maintain reserves		15			(7	)		41			(11	)		5			39			(19	)		6
Net equity transactions		(115,722	)		(53,991	)		(544,063	)		(510,282	)		(48,854	)		(433,441	)		(1,328	)		(13,013	)
Net change in contract owners’ equity		(122,690	)		134,992			30,965			529,315			38,801			107,759			(2,131	)		(7,433	)
Contract owners’ equity at beginning of period		1,374,053			1,239,061			4,383,042			3,853,727			2,334,779			2,227,020			43,011			50,444
Contract owners’ equity at end of period	$	1,251,363			1,374,053			4,414,007			4,383,042			2,373,580			2,334,779			40,880			43,011
CHANGE IN UNITS:
Beginning units		66,232			68,998			98,970			112,291			46,596			56,071			1,613			2,128
Units purchased		3,828			4,869			2,574			3,186			3,406			1,997			-			-
Units surrendered		(9,760	)		(7,635	)		(15,352	)		(16,507	)		(4,856	)		(11,472	)		(58	)		(515	)
Ending units		60,300			66,232			86,192			98,970			45,146			46,596			1,555			1,613

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	TIF2						GVGMNS						GVMSAS					RVARS
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	13,223			14,332			(116	)		371			102			-		600			930
Realized gain (loss) on investments		(20,770	)		(78,536	)		56			121			5			-		610			(49	)
Change in unrealized gain (loss) on investments		(7,059	)		138,815			872			2,099			572			-		2,591			1,353
Reinvested capital gains		-			11,429			598			1,772			-			-		-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(14,606	)		86,040			1,410			4,363			679			-		3,801			2,234
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		13,900			23,567			766			1,273			-			-		797			929
Transfers between funds		(189,875	)		(329,151	)		-			-			6,197			-		(9,174	)		20,142
Surrenders (notes 2, 3, 4, 5 and 6)		(47,789	)		(71,286	)		(2,180	)		(2,012	)		(83	)		-		(2,024	)		(5,471	)
Adjustments to maintain reserves		19			(11	)		6			(8	)		3			-		6			(5	)
Net equity transactions		(223,745	)		(376,881	)		(1,408	)		(747	)		6,117			-		(10,395	)		15,595
Net change in contract owners’ equity		(238,351	)		(290,841	)		2			3,616			6,796			-		(6,594	)		17,829
Contract owners’ equity at beginning of period		754,210			1,045,051			42,547			38,931			-			-		70,946			53,117
Contract owners’ equity at end of period	$	515,859			754,210			42,549			42,547			6,796			-		64,352			70,946
CHANGE IN UNITS:
Beginning units		79,633			123,707			3,068			3,125			-			-		6,699			5,241
Units purchased		3,701			4,179			58			98			633			-		76			2,103
Units surrendered		(28,052	)		(48,253	)		(164	)		(155	)		(8	)		-		(1,087	)		(645	)
Ending units		55,282			79,633			2,962			3,068			625			-		5,688			6,699

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	ACEG						AVBVI						AVMCCI						IVBRA1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(950	)		(933	)		17			9			80			(4	)		24,494			(1,583	)
Realized gain (loss) on investments		(85	)		(1,392	)		(328	)		(160	)		(1,605	)		(26	)		(3,436	)		(3,710	)
Change in unrealized gain (loss) on investments		84,033			38,053			550			261			1,927			264			(6,589	)		47,205
Reinvested capital gains		23,140			32,091			193			840			5,568			241			16,861			-
Net increase (decrease) in contract owners’ equity resulting from operations		106,138			67,819			432			950			5,970			475			31,330			41,912
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,202			1,500			229			458			20,272			45			208,589			358,313
Transfers between funds		98,217			(253	)		477			60			5,626			3			(5,439	)		(22	)
Surrenders (notes 2, 3, 4, 5 and 6)		(13,014	)		(17,809	)		(137	)		(124	)		(406	)		(190	)		(206,505	)		(366,489	)
Adjustments to maintain reserves		40			(41	)		24			(16	)		8			(9	)		3			(6	)
Net equity transactions		87,445			(16,603	)		593			378			25,500			(151	)		(3,352	)		(8,204	)
Net change in contract owners’ equity		193,583			51,216			1,025			1,328			31,470			324			27,978			33,708
Contract owners’ equity at beginning of period		243,820			192,604			4,251			2,923			2,316			1,992			330,162			296,454
Contract owners’ equity at end of period	$	437,403			243,820			5,276			4,251			33,786			2,316			358,140			330,162
CHANGE IN UNITS:
Beginning units		9,418			10,144			147			132			130			139			25,929			26,687
Units purchased		3,331			357			31			20			1,639			3			3,548			2,089
Units surrendered		(820	)		(1,083	)		(5	)		(5	)		(45	)		(12	)		(3,845	)		(2,847	)
Ending units		11,929			9,418			173			147			1,724			130			25,632			25,929

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	OVAG						OVB						OVGI						OVGS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(9,446	)		(7,894	)		77,072			81,928			9,841			8,050			41,360			81,590
Realized gain (loss) on investments		9,104			13,919			207,142			10,070			(33,751	)		(31,145	)		130,740			355,887
Change in unrealized gain (loss) on investments		572,316			247,680			(21,928	)		154,301			(835	)		147,475			4,586,403			2,170,909
Reinvested capital gains		115,284			174,263			-			-			95,136			210,875			785,033			2,963,453
Net increase (decrease) in contract owners’ equity resulting from operations		687,258			427,968			262,286			246,299			70,391			335,255			5,543,536			5,571,839
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		36,649			28,751			121,335			141,408			13,604			18,295			430,765			543,108
Transfers between funds		816,824			251			795,656			72,276			(68,854	)		(33,646	)		(223,270	)		(257,717	)
Surrenders (notes 2, 3, 4, 5 and 6)		(127,733	)		(171,646	)		(361,133	)		(310,813	)		(222,967	)		(196,353	)		(2,060,870	)		(2,459,780	)
Adjustments to maintain reserves		22			5			(236	)		1,110			25			-			10,737			9,770
Net equity transactions		725,762			(142,639	)		555,622			(96,019	)		(278,192	)		(211,704	)		(1,842,638	)		(2,164,619	)
Net change in contract owners’ equity		1,413,020			285,329			817,908			150,280			(207,801	)		123,551			3,700,898			3,407,220
Contract owners’ equity at beginning of period		1,424,032			1,138,703			2,974,342			2,824,062			1,239,435			1,115,884			22,159,620			18,752,400
Contract owners’ equity at end of period	$	2,837,052			1,424,032			3,792,250			2,974,342			1,031,634			1,239,435			25,860,518			22,159,620
CHANGE IN UNITS:
Beginning units		85,026			93,540			117,060			118,667			45,429			53,848			236,817			264,280
Units purchased		46,109			9,941			60,550			14,831			1,230			2,316			7,778			8,235
Units surrendered		(8,307	)		(18,455	)		(17,196	)		(16,438	)		(13,439	)		(10,735	)		(26,490	)		(35,698	)
Ending units		122,828			85,026			160,414			117,060			33,220			45,429			218,105			236,817

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	OVIG						OVMS						OVSB						OVSC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	824			1,009			81,416			84,514			8,816			6,205			946			(3,107	)
Realized gain (loss) on investments		(3,305	)		(253	)		17,894			(10,135	)		(2,923	)		(1,356	)		(11,652	)		10,528
Change in unrealized gain (loss) on investments		46,864			39,743			471,957			609,619			(3,306	)		13,297			131,022			125,173
Reinvested capital gains		2,949			9,965			120,217			78,364			-			-			12,212			97,133
Net increase (decrease) in contract owners’ equity resulting from operations		47,332			50,464			691,484			762,362			2,587			18,146			132,528			229,727
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		2,367			2,585			179,643			182,811			6,755			6,579			21,043			22,117
Transfers between funds		102,053			-			(16,909	)		11,875			(14,239	)		1,236			(127,877	)		(12,286	)
Surrenders (notes 2, 3, 4, 5 and 6)		(13,719	)		(45,824	)		(420,156	)		(544,632	)		(8,275	)		(18,814	)		(64,611	)		(125,405	)
Adjustments to maintain reserves		9			5			739			714			(7	)		(12	)		9			59
Net equity transactions		90,710			(43,234	)		(256,683	)		(349,232	)		(15,766	)		(11,011	)		(171,436	)		(115,515	)
Net change in contract owners’ equity		138,042			7,230			434,801			413,130			(13,179	)		7,135			(38,908	)		114,212
Contract owners’ equity at beginning of period		211,792			204,562			5,066,362			4,653,232			186,600			179,465			1,048,740			934,528
Contract owners’ equity at end of period	$	349,834			211,792			5,501,163			5,066,362			173,421			186,600			1,009,832			1,048,740
CHANGE IN UNITS:
Beginning units		18,080			22,342			114,742			122,805			15,689			16,659			20,008			22,444
Units purchased		7,198			586			7,841			9,644			880			1,055			670			741
Units surrendered		(570	)		(4,848	)		(14,449	)		(17,707	)		(2,350	)		(2,025	)		(4,534	)		(3,177	)
Ending units		24,708			18,080			108,134			114,742			14,219			15,689			16,144			20,008

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	WRASP						WRHIP						WRMCG						JABS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	14,322			18,643			37,198			58,323			(3,531	)		(2,878	)		20,703			28,272
Realized gain (loss) on investments		(53,433	)		(54,714	)		(13,650	)		(45,548	)		(4,439	)		923			60,459			273,882
Change in unrealized gain (loss) on investments		149,620			228,221			(3,512	)		73,650			263,533			79,136			142,879			83,392
Reinvested capital gains		16,096			48,073			-			-			42,801			88,867			28,487			76,613
Net increase (decrease) in contract owners’ equity resulting from operations		126,605			240,223			20,036			86,425			298,364			166,048			252,528			462,159
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		40,767			48,312			8,817			11,240			83,462			7,387			97,385			38,977
Transfers between funds		(265,461	)		(20,170	)		87,120			(246,468	)		132,219			25,143			311,839			(988,231	)
Surrenders (notes 2, 3, 4, 5 and 6)		(81,677	)		(210,512	)		(99,591	)		(397,702	)		(40,121	)		(139,214	)		(243,016	)		(233,313	)
Adjustments to maintain reserves		(11	)		111			10			(2	)		8			5			37			(11	)
Net equity transactions		(306,382	)		(182,259	)		(3,644	)		(632,932	)		175,568			(106,679	)		166,245			(1,182,578	)
Net change in contract owners’ equity		(179,777	)		57,964			16,392			(546,507	)		473,932			59,369			418,773			(720,419	)
Contract owners’ equity at beginning of period		1,236,186			1,178,222			481,667			1,028,174			526,408			467,039			1,869,605			2,590,024
Contract owners’ equity at end of period	$	1,056,409			1,236,186			498,059			481,667			1,000,340			526,408			2,288,378			1,869,605
CHANGE IN UNITS:
Beginning units		63,120			72,688			32,369			76,352			22,022			26,805			50,033			84,460
Units purchased		3,031			4,000			8,664			1,909			7,803			2,683			11,744			1,651
Units surrendered		(18,476	)		(13,568	)		(9,308	)		(45,892	)		(1,616	)		(7,466	)		(7,842	)		(36,078	)
Ending units		47,675			63,120			31,725			32,369			28,209			22,022			53,935			50,033

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	JACAS						JAEI						JAGTS						JAIGS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(16,234	)		(21,350	)		(1,406	)		(1,029	)		(24,112	)		(3,084	)		15,867			29,742
Realized gain (loss) on investments		143,771			85,742			6,162			11,355			702,007			564,270			(40,106	)		(72,123	)
Change in unrealized gain (loss) on investments		1,156,427			943,375			32,484			58,509			1,041,538			762,329			381,337			562,788
Reinvested capital gains		398,602			400,910			21,655			18,222			490,381			304,700			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		1,682,566			1,408,677			58,895			87,057			2,209,814			1,628,215			357,098			520,407
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		222,084			80,300			6,030			4,899			270,600			50,226			86,214			93,935
Transfers between funds		141,807			63,444			(17,884	)		74,970			220,068			251,063			(29,544	)		(38,310	)
Surrenders (notes 2, 3, 4, 5 and 6)		(675,255	)		(622,920	)		(8,729	)		(72,564	)		(1,703,306	)		(233,066	)		(155,524	)		(175,409	)
Adjustments to maintain reserves		(17	)		10			18			(9	)		46			10			17			(16	)
Net equity transactions		(311,381	)		(479,166	)		(20,565	)		7,296			(1,212,592	)		68,233			(98,837	)		(119,800	)
Net change in contract owners’ equity		1,371,185			929,511			38,330			94,353			997,222			1,696,448			258,261			400,607
Contract owners’ equity at beginning of period		4,911,284			3,981,773			322,667			228,314			5,231,848			3,535,400			2,460,380			2,059,773
Contract owners’ equity at end of period	$	6,282,469			4,911,284			360,997			322,667			6,229,070			5,231,848			2,718,641			2,460,380
CHANGE IN UNITS:
Beginning units		148,037			163,732			20,863			19,897			237,118			231,044			154,193			162,736
Units purchased		8,731			7,739			2,178			6,498			13,889			29,502			9,648			13,833
Units surrendered		(19,977	)		(23,434	)		(3,408	)		(5,532	)		(61,579	)		(23,428	)		(16,400	)		(22,376	)
Ending units		136,791			148,037			19,633			20,863			189,428			237,118			147,441			154,193

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	LOVTRC						MNDIC						MV2IGI						MVFIC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	3,078			3,319			(2,491	)		(1,515	)		479			1,140			34,636			56,964
Realized gain (loss) on investments		198			(237	)		354			14,708			21,037			8,248			(42,568	)		5,002
Change in unrealized gain (loss) on investments		4,770			8,606			163,320			19,405			(19,332	)		71,904			(103,804	)		637,150
Reinvested capital gains		3,134			-			45,046			50,295			32,671			30,351			137,131			152,162
Net increase (decrease) in contract owners’ equity resulting from operations		11,180			11,688			206,229			82,893			34,855			111,643			25,395			851,278
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		912			2,223			85,235			10,250			7,420			10,831			45,992			42,243
Transfers between funds		(1,217	)		11,417			189,075			186,595			(26,611	)		195,422			(198,528	)		(16,343	)
Surrenders (notes 2, 3, 4, 5 and 6)		(9,122	)		(9,644	)		(29,838	)		(123,774	)		(95,771	)		(39,325	)		(250,433	)		(196,637	)
Adjustments to maintain reserves		1			(7	)		18			14			1			8			2			30
Net equity transactions		(9,426	)		3,989			244,490			73,085			(114,961	)		166,936			(402,967	)		(170,707	)
Net change in contract owners’ equity		1,754			15,677			450,719			155,978			(80,106	)		278,579			(377,572	)		680,571
Contract owners’ equity at beginning of period		169,036			153,359			347,577			191,599			445,089			166,510			3,662,631			2,982,060
Contract owners’ equity at end of period	$	170,790			169,036			798,296			347,577			364,983			445,089			3,285,059			3,662,631
CHANGE IN UNITS:
Beginning units		15,363			15,033			14,108			10,971			23,834			12,541			79,839			84,027
Units purchased		81			1,242			9,384			9,278			547			13,856			2,494			1,792
Units surrendered		(921	)		(912	)		(1,192	)		(6,141	)		(8,410	)		(2,563	)		(12,672	)		(5,980	)
Ending units		14,523			15,363			22,300			14,108			15,971			23,834			69,661			79,839

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MVIGIC					MSEM						MSVFI						MSVRE
	2020			2019		2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	1,217			-		21,554			30,140			13,068			13,656			14,372			11,671
Realized gain (loss) on investments		(5,804	)		-		(19,669	)		(6,346	)		9,446			6,690			802			18,473
Change in unrealized gain (loss) on investments		25,167			-		7,131			54,542			(884	)		14,726			(180,793	)		79,373
Reinvested capital gains		1,687			-		-			-			5,743			-			17,742			32,640
Net increase (decrease) in contract owners’ equity resulting from operations		22,267			-		9,016			78,336			27,373			35,072			(147,877	)		142,157
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-		18,445			22,084			7,616			5,549			11,557			12,389
Transfers between funds		127,909			-		(2,749	)		(14,831	)		266,049			59,083			(40,794	)		(2,266	)
Surrenders (notes 2, 3, 4, 5 and 6)		(1,263	)		-		(78,573	)		(78,086	)		(18,056	)		(130,505	)		(34,433	)		(82,537	)
Adjustments to maintain reserves		1			-		31			(38	)		9			(3	)		(76	)		76
Net equity transactions		126,647			-		(62,846	)		(70,871	)		255,618			(65,876	)		(63,746	)		(72,338	)
Net change in contract owners’ equity		148,914			-		(53,830	)		7,465			282,991			(30,804	)		(211,623	)		69,819
Contract owners’ equity at beginning of period		-			-		592,004			584,539			296,369			327,173			882,748			812,929
Contract owners’ equity at end of period	$	148,914			-		538,174			592,004			579,360			296,369			671,125			882,748
CHANGE IN UNITS:
Beginning units		-			-		15,880			17,769			16,136			19,713			13,946			14,887
Units purchased		11,967			-		835			1,096			15,691			3,775			245			122
Units surrendered		(142	)		-		(2,973	)		(2,985	)		(2,240	)		(7,352	)		(1,580	)		(1,063	)
Ending units		11,825			-		13,742			15,880			29,587			16,136			12,611			13,946

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	DTRTFB						EIF						GBF						GEM
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	227			54			11,984			14,743			75,363			86,609			17,433			27,840
Realized gain (loss) on investments		39			2			12,898			14,649			(9,192	)		(63,002	)		8,415			12,171
Change in unrealized gain (loss) on investments		149			89			(45,186	)		145,656			196,771			248,926			97,352			233,754
Reinvested capital gains		-			-			42,631			29,003			-			-			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		415			145			22,327			204,051			262,942			272,533			123,200			273,765
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		338			-			13,294			16,676			192,146			196,106			42,231			47,722
Transfers between funds		(996	)		11,417			(1,813	)		315,373			113,313			(22,172	)		(182,341	)		64,029
Surrenders (notes 2, 3, 4, 5 and 6)		(353	)		(97	)		(95,827	)		(69,284	)		(600,221	)		(558,077	)		(88,053	)		(130,596	)
Adjustments to maintain reserves		(1	)		(5	)		27			(60	)		157			172			31			7
Net equity transactions		(1,012	)		11,315			(84,319	)		262,705			(294,605	)		(383,971	)		(228,132	)		(18,838	)
Net change in contract owners’ equity		(597	)		11,460			(61,992	)		466,756			(31,663	)		(111,438	)		(104,932	)		254,927
Contract owners’ equity at beginning of period		13,530			2,070			1,135,328			668,572			4,786,268			4,897,706			1,512,962			1,258,035
Contract owners’ equity at end of period	$	12,933			13,530			1,073,336			1,135,328			4,754,605			4,786,268			1,408,030			1,512,962
CHANGE IN UNITS:
Beginning units		1,257			204			28,410			21,230			133,508			146,016			49,822			50,732
Units purchased		31			1,063			616			9,530			14,551			10,627			3,612			4,870
Units surrendered		(124	)		(10	)		(2,978	)		(2,350	)		(23,219	)		(23,135	)		(12,395	)		(5,780	)
Ending units		1,164			1,257			26,048			28,410			124,840			133,508			41,039			49,822

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GIG						GVAAA2						GVABD2						GVAGG2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	23,072			73,357			40,154			39,916			5,948			5,990			3,216			3,051
Realized gain (loss) on investments		(32,664	)		(1,092	)		6,607			56,053			5,977			2,732			15,330			2,234
Change in unrealized gain (loss) on investments		232,074			368,303			79,399			297,727			18,710			25,305			416,326			384,727
Reinvested capital gains		-			151,384			310,839			237,216			257			1,477			142,347			164,242
Net increase (decrease) in contract owners’ equity resulting from operations		222,482			591,952			436,999			630,912			30,892			35,504			577,219			554,254
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		89,377			99,975			74,819			67,130			7,321			9,338			70,678			32,352
Transfers between funds		(238,247	)		15,020			(79,158	)		846,247			(72,181	)		20,622			(25,072	)		22,161
Surrenders (notes 2, 3, 4, 5 and 6)		(186,755	)		(381,580	)		(361,420	)		(450,210	)		(24,155	)		(55,348	)		(101,608	)		(119,482	)
Adjustments to maintain reserves		22			20			(29	)		(12	)		(17	)		2			35			(13	)
Net equity transactions		(335,603	)		(266,565	)		(365,788	)		463,155			(89,032	)		(25,386	)		(55,967	)		(64,982	)
Net change in contract owners’ equity		(113,121	)		325,387			71,211			1,094,067			(58,140	)		10,118			521,252			489,272
Contract owners’ equity at beginning of period		3,624,651			3,299,264			4,159,073			3,065,006			452,882			442,764			2,156,670			1,667,398
Contract owners’ equity at end of period	$	3,511,530			3,624,651			4,230,284			4,159,073			394,742			452,882			2,677,922			2,156,670
CHANGE IN UNITS:
Beginning units		188,940			203,895			185,066			163,892			32,339			34,288			77,750			80,664
Units purchased		9,633			10,446			7,910			38,940			3,269			967			3,338			3,247
Units surrendered		(28,311	)		(25,401	)		(24,085	)		(17,766	)		(9,649	)		(2,916	)		(6,488	)		(6,161	)
Ending units		170,262			188,940			168,891			185,066			25,959			32,339			74,600			77,750

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVAGI2						GVAGR2						GVDMA						GVDMC
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	8,706			5,966			5,901			(3,107	)		(13,373	)		81,791			(3,049	)		9,317
Realized gain (loss) on investments		(7,073	)		(5,194	)		123,828			101,772			147,177			179,257			(7,832	)		(31,740	)
Change in unrealized gain (loss) on investments		16,835			94,077			790,138			176,871			150,827			238,724			34,724			85,237
Reinvested capital gains		76,858			66,040			248,731			360,143			309,292			497,993			16,782			42,058
Net increase (decrease) in contract owners’ equity resulting from operations		95,326			160,889			1,168,598			635,679			593,923			997,765			40,625			104,872
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		9,713			11,680			38,751			41,010			128,505			200,526			28,436			31,132
Transfers between funds		8,482			413			(87,232	)		145,776			38,646			(81	)		(77,503	)		51,752
Surrenders (notes 2, 3, 4, 5 and 6)		(30,815	)		(59,077	)		(144,158	)		(248,809	)		(552,198	)		(532,671	)		(61,977	)		(441,121	)
Adjustments to maintain reserves		22			(13	)		11			(17	)		59			(6	)		30			(11	)
Net equity transactions		(12,598	)		(46,997	)		(192,628	)		(62,040	)		(384,988	)		(332,232	)		(111,014	)		(358,248	)
Net change in contract owners’ equity		82,728			113,892			975,970			573,639			208,935			665,533			(70,389	)		(253,376	)
Contract owners’ equity at beginning of period		781,595			667,703			2,705,011			2,131,372			5,451,045			4,785,512			683,603			936,979
Contract owners’ equity at end of period	$	864,323			781,595			3,680,981			2,705,011			5,659,980			5,451,045			613,214			683,603
CHANGE IN UNITS:
Beginning units		33,175			35,466			90,459			92,483			191,041			203,563			32,117			50,180
Units purchased		1,848			858			2,289			8,427			12,949			9,053			2,063			5,770
Units surrendered		(2,444	)		(3,149	)		(11,158	)		(10,451	)		(26,825	)		(21,575	)		(7,663	)		(23,833	)
Ending units		32,579			33,175			81,590			90,459			177,165			191,041			26,517			32,117

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVEX1						GVIDA						GVIDC						GVIDM
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	62,128			55,210			(6,301	)		27,885			(1,183	)		3,758			(7,707	)		53,760
Realized gain (loss) on investments		153,468			91,748			(5,206	)		160,082			2,735			875			7,912			55,794
Change in unrealized gain (loss) on investments		445,938			625,582			124,299			229,421			11,600			11,173			89,520			105,133
Reinvested capital gains		90,318			150,024			128,476			168,995			2,466			5,963			162,045			274,343
Net increase (decrease) in contract owners’ equity resulting from operations		751,852			922,564			241,268			586,383			15,618			21,769			251,770			489,030
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		133,255			93,156			60,956			63,942			15,237			14,529			108,148			174,936
Transfers between funds		459,499			(6,894	)		(10,628	)		(7,373	)		17,630			46,494			(167,102	)		(13,474	)
Surrenders (notes 2, 3, 4, 5 and 6)		(147,590	)		(286,551	)		(90,152	)		(2,646,905	)		(82,375	)		(88,460	)		(387,127	)		(520,170	)
Adjustments to maintain reserves		23			-			12			(3	)		14			13			22			8
Net equity transactions		445,187			(200,289	)		(39,812	)		(2,590,339	)		(49,494	)		(27,424	)		(446,059	)		(358,700	)
Net change in contract owners’ equity		1,197,039			722,275			201,456			(2,003,956	)		(33,876	)		(5,655	)		(194,289	)		130,330
Contract owners’ equity at beginning of period		3,858,198			3,135,923			2,031,642			4,035,598			246,282			251,937			3,142,367			3,012,037
Contract owners’ equity at end of period	$	5,055,237			3,858,198			2,233,098			2,031,642			212,406			246,282			2,948,078			3,142,367
CHANGE IN UNITS:
Beginning units		173,247			183,733			67,619			156,581			13,757			15,456			122,723			138,713
Units purchased		32,764			7,034			2,932			3,347			1,890			4,973			7,322			10,378
Units surrendered		(11,192	)		(17,520	)		(4,362	)		(92,309	)		(4,716	)		(6,672	)		(25,207	)		(26,368	)
Ending units		194,819			173,247			66,189			67,619			10,931			13,757			104,838			122,723

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	GVIX2						HIBF						IDPG						MCIF
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	12,215			5,554			53,915			45,699			(3	)		10			35,584			43,680
Realized gain (loss) on investments		(675	)		1,231			(12,846	)		(7,910	)		(22	)		(18	)		(133,358	)		32,187
Change in unrealized gain (loss) on investments		17,150			32,761			14,779			73,021			34			79			494,292			267,407
Reinvested capital gains		18,614			468			-			-			8			14			269,860			906,890
Net increase (decrease) in contract owners’ equity resulting from operations		47,304			40,014			55,848			110,810			17			85			666,378			1,250,164
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		14,866			4,795			23,357			24,870			-			-			71,366			86,105
Transfers between funds		534,625			(4,016	)		262,092			22,858			-			-			80,873			208,124
Surrenders (notes 2, 3, 4, 5 and 6)		(28,919	)		(32,883	)		(91,859	)		(54,441	)		(150	)		(143	)		(456,568	)		(586,876	)
Adjustments to maintain reserves		1			(1	)		3			(14	)		4			9			(5	)		22
Net equity transactions		520,573			(32,105	)		193,593			(6,727	)		(146	)		(134	)		(304,334	)		(292,625	)
Net change in contract owners’ equity		567,877			7,909			249,441			104,083			(129	)		(49	)		362,044			957,539
Contract owners’ equity at beginning of period		210,263			202,354			883,435			779,352			584			633			5,966,226			5,008,687
Contract owners’ equity at end of period	$	778,140			210,263			1,132,876			883,435			455			584			6,328,270			5,966,226
CHANGE IN UNITS:
Beginning units		17,891			20,801			32,250			32,512			45			56			133,763			140,419
Units purchased		46,956			605			12,501			2,183			-			-			5,250			5,228
Units surrendered		(2,856	)		(3,515	)		(5,370	)		(2,445	)		(12	)		(11	)		(13,174	)		(11,884	)
Ending units		61,991			17,891			39,381			32,250			33			45			125,839			133,763

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	MSBF						NCPGI						NVAMV1						NVAMVX
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	26,002			70,457			-			1			59,454			133,665			19,866			-
Realized gain (loss) on investments		(99,091	)		45			-			-			(333,240	)		60,064			1,878			-
Change in unrealized gain (loss) on investments		22,708			46,963			3			1			72,888			575,750			259,680			-
Reinvested capital gains		-			-			-			-			138,348			693,359			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		(50,381	)		117,465			3			2			(62,550	)		1,462,838			281,424			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		16,526			14,271			24			24			103,008			149,044			61,528			-
Transfers between funds		(529,220	)		469,734			-			-			(415,553	)		(116,379	)		1,527,709			-
Surrenders (notes 2, 3, 4, 5 and 6)		(64,322	)		(156,103	)		(3	)		(2	)		(474,642	)		(1,067,563	)		325			-
Adjustments to maintain reserves		(12	)		6			3			1			75			10			(1	)		-
Net equity transactions		(577,028	)		327,908			24			23			(787,112	)		(1,034,888	)		1,589,561			-
Net change in contract owners’ equity		(627,409	)		445,373			27			25			(849,662	)		427,950			1,870,985			-
Contract owners’ equity at beginning of period		1,614,886			1,169,513			36			11			6,407,858			5,979,908			-			-
Contract owners’ equity at end of period	$	987,477			1,614,886			63			36			5,558,196			6,407,858			1,870,985			-
CHANGE IN UNITS:
Beginning units		69,671			55,085			3			1			190,889			225,213			-			-
Units purchased		1,428			22,669			2			2			5,125			7,165			162,580			-
Units surrendered		(30,047	)		(8,083	)		-			-			(32,093	)		(41,489	)		(4,528	)		-
Ending units		41,052			69,671			5			3			163,921			190,889			158,052			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVBX						NVCBD1						NVCCA1						NVCCN1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,371			8,201			13,321			14,720			2,939			15,701			(4	)		1,583
Realized gain (loss) on investments		3,311			(826	)		13,388			3,075			(15,063	)		(6,923	)		2,076			(317	)
Change in unrealized gain (loss) on investments		10,398			18,218			14,935			35,853			57,158			44,793			2,874			5,124
Reinvested capital gains		-			-			1,708			-			24,847			59,989			184			1,467
Net increase (decrease) in contract owners’ equity resulting from operations		18,080			25,593			43,352			53,648			69,881			113,560			5,130			7,857
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,058			6,930			3,393			5,368			23,379			17,066			4,609			4,186
Transfers between funds		28,205			113,259			85,213			(44,944	)		(5,178	)		-			74,669			16
Surrenders (notes 2, 3, 4, 5 and 6)		(243,523	)		(5,908	)		(72,659	)		(22,165	)		(55,020	)		(37,635	)		(63,545	)		(24,298	)
Adjustments to maintain reserves		4			5			(3	)		7			17			(3	)		(7	)		(5	)
Net equity transactions		(210,256	)		114,286			15,944			(61,734	)		(36,802	)		(20,572	)		15,726			(20,101	)
Net change in contract owners’ equity		(192,176	)		139,879			59,296			(8,086	)		33,079			92,988			20,856			(12,244	)
Contract owners’ equity at beginning of period		451,144			311,265			642,020			650,106			683,006			590,018			68,999			81,243
Contract owners’ equity at end of period	$	258,968			451,144			701,316			642,020			716,085			683,006			89,855			68,999
CHANGE IN UNITS:
Beginning units		39,597			29,469			42,509			46,412			37,666			38,911			4,534			5,932
Units purchased		3,925			10,833			9,908			4,911			1,529			1,369			5,298			539
Units surrendered		(22,196	)		(705	)		(8,219	)		(8,814	)		(3,693	)		(2,614	)		(4,304	)		(1,937	)
Ending units		21,326			39,597			44,198			42,509			35,502			37,666			5,528			4,534

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVCMA1						NVCMC1						NVCMD1						NVCRA1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	2,777			17,540			36			3,018			3,646			23,815			1,262			6,660
Realized gain (loss) on investments		(71,459	)		(10,984	)		(1,790	)		(20,993	)		(4,282	)		(1,842	)		(12,620	)		(7,409	)
Change in unrealized gain (loss) on investments		107,281			61,125			10,975			25,517			71,738			73,339			37,976			40,193
Reinvested capital gains		11,864			71,884			899			6,657			28,099			75,850			-			22,082
Net increase (decrease) in contract owners’ equity resulting from operations		50,463			139,565			10,120			14,199			99,201			171,162			26,618			61,526
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		31,210			26,142			5,356			6,638			30,151			27,192			11,978			13,615
Transfers between funds		(7,417	)		7,524			-			(110,465	)		(131	)		(14,254	)		(23,357	)		6,566
Surrenders (notes 2, 3, 4, 5 and 6)		(228,316	)		(54,747	)		(13,346	)		(13,571	)		(99,789	)		(146,087	)		(44,071	)		(47,742	)
Adjustments to maintain reserves		10			6			-			(15	)		11			31			(16	)		18
Net equity transactions		(204,513	)		(21,075	)		(7,990	)		(117,413	)		(69,758	)		(133,118	)		(55,466	)		(27,543	)
Net change in contract owners’ equity		(154,050	)		118,490			2,130			(103,214	)		29,443			38,044			(28,848	)		33,983
Contract owners’ equity at beginning of period		771,966			653,476			137,159			240,373			1,053,180			1,015,136			310,810			276,827
Contract owners’ equity at end of period	$	617,916			771,966			139,289			137,159			1,082,623			1,053,180			281,962			310,810
CHANGE IN UNITS:
Beginning units		41,879			43,138			8,453			16,805			59,628			67,746			16,636			18,277
Units purchased		2,137			2,272			1,350			1,309			2,590			2,945			793			1,333
Units surrendered		(13,964	)		(3,531	)		(1,894	)		(9,661	)		(6,642	)		(11,063	)		(3,940	)		(2,974	)
Ending units		30,052			41,879			7,909			8,453			55,576			59,628			13,489			16,636

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVCRB1						NVDBL2						NVDCA2						NVDCAP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	763			9,461			(332	)		9,367			(521	)		1,911			(164	)		-
Realized gain (loss) on investments		(270	)		116			(915	)		(8,731	)		(91	)		316			(2	)		-
Change in unrealized gain (loss) on investments		32,281			23,948			30,514			41,634			8,491			11,102			13,626			-
Reinvested capital gains		6,046			27,320			13,658			26,284			7,799			9,806			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		38,820			60,845			42,925			68,554			15,678			23,135			13,460			-
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,663			6,244			1,999			3,095			3,180			3,725			957			-
Transfers between funds		(2,894	)		35			(3,387	)		(115,843	)		7,145			(6,369	)		166,855			-
Surrenders (notes 2, 3, 4, 5 and 6)		(18,487	)		(19,438	)		(14,130	)		(101,113	)		(17,012	)		(13,132	)		(434	)		-
Adjustments to maintain reserves		2			14			(12	)		7			12			(13	)		(7	)		-
Net equity transactions		(15,716	)		(13,145	)		(15,530	)		(213,854	)		(6,675	)		(15,789	)		167,371			-
Net change in contract owners’ equity		23,104			47,700			27,395			(145,300	)		9,003			7,346			180,831			-
Contract owners’ equity at beginning of period		440,321			392,621			485,633			630,933			131,256			123,910			-			-
Contract owners’ equity at end of period	$	463,425			440,321			513,028			485,633			140,259			131,256			180,831			-
CHANGE IN UNITS:
Beginning units		26,045			26,870			22,928			34,602			5,290			5,950			-			-
Units purchased		404			450			172			167			535			234			16,841			-
Units surrendered		(1,336	)		(1,275	)		(934	)		(11,841	)		(727	)		(894	)		(117	)		-
Ending units		25,113			26,045			22,166			22,928			5,098			5,290			16,724			-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVFIII						NVGEII						NVIDMP					NVIX
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	466			227			10			4			(269	)		-		8,387			9,577
Realized gain (loss) on investments		199			23			1			-			3,505			-		2,949			4,697
Change in unrealized gain (loss) on investments		1,364			(271	)		142			104			16,057			-		10,896			47,223
Reinvested capital gains		105			154			-			5			-			-		11,997			674
Net increase (decrease) in contract owners’ equity resulting from operations		2,134			133			153			113			19,293			-		34,229			62,171
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		7,634			6,238			-			-			28,273			-		23,527			19,201
Transfers between funds		20,295			18,618			-			924			314,269			-		(1,866	)		60,210
Surrenders (notes 2, 3, 4, 5 and 6)		(490	)		4,498			(21	)		(6	)		(25,263	)		-		15,128			(30,795	)
Adjustments to maintain reserves		4			(2	)		(1	)		(2	)		4			-		7			2
Net equity transactions		27,443			29,352			(22	)		916			317,283			-		36,796			48,618
Net change in contract owners’ equity		29,577			29,485			131			1,029			336,576			-		71,025			110,789
Contract owners’ equity at beginning of period		29,485			-			1,029			-			-			-		404,045			293,256
Contract owners’ equity at end of period	$	59,062			29,485			1,160			1,029			336,576			-		475,070			404,045
CHANGE IN UNITS:
Beginning units		2,800			-			95			-			-			-		34,491			30,337
Units purchased		3,627			3,502			-			96			31,985			-		4,461			7,438
Units surrendered		(1,165	)		(702	)		(2	)		(1	)		(571	)		-		(1,050	)		(3,284	)
Ending units		5,262			2,800			93			95			31,414			-		37,902			34,491

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVLCP1						NVMIG1						NVMIVX					NVMLG1
	2020			2019			2020			2019			2020			2019		2020			2019
Investment activity:
Net investment income (loss)	$	2,631			2,392			19,199			24,980			(335	)		-		(11,141	)		84,255
Realized gain (loss) on investments		7,335			2,859			(77,845	)		(56,991	)		802			-		(178,143	)		(38,397	)
Change in unrealized gain (loss) on investments		(1,298	)		7,877			584,854			779,550			48,960			-		(424,824	)		252,858
Reinvested capital gains		-			-			1,321,939			229,133			-			-		1,265,849			303,910
Net increase (decrease) in contract owners’ equity resulting from operations		8,668			13,128			1,848,147			976,672			49,427			-		651,741			602,626
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		3,401			3,881			151,356			113,354			27,315			-		48,232			40,749
Transfers between funds		150,243			(13,732	)		60,618			(45,497	)		282,005			-		24,341			(51,561	)
Surrenders (notes 2, 3, 4, 5 and 6)		(138,650	)		(15,572	)		(491,874	)		(343,547	)		(12,177	)		-		(158,114	)		(214,618	)
Adjustments to maintain reserves		2			3			12			65			(3	)		-		61			(10	)
Net equity transactions		14,996			(25,420	)		(279,888	)		(275,625	)		297,140			-		(85,480	)		(225,440	)
Net change in contract owners’ equity		23,664			(12,292	)		1,568,259			701,047			346,567			-		566,261			377,186
Contract owners’ equity at beginning of period		114,831			127,123			3,797,666			3,096,619			-			-		2,491,453			2,114,267
Contract owners’ equity at end of period	$	138,495			114,831			5,365,925			3,797,666			346,567			-		3,057,714			2,491,453
CHANGE IN UNITS:
Beginning units		7,033			8,545			293,331			316,864			-			-		94,024			103,876
Units purchased		9,981			2,663			23,785			23,271			30,418			-		4,447			5,789
Units surrendered		(9,200	)		(4,175	)		(41,142	)		(46,804	)		(971	)		-		(9,480	)		(15,641	)
Ending units		7,814			7,033			275,974			293,331			29,447			-		88,991			94,024

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVMMG1						NVMMV2						NVNMO1						NVNSR1
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(182,525	)		(164,227	)		271,072			346,288			(11,001	)		20,370			408			414
Realized gain (loss) on investments		424,238			1,138,410			(609,853	)		(219,465	)		343,842			359,678			(9,453	)		(2,574	)
Change in unrealized gain (loss) on investments		12,845,638			399,357			(185,634	)		471,130			198,331			1,877,245			16,485			18,184
Reinvested capital gains		4,950,149			7,883,957			-			3,594,488			1,170,923			1,160,749			9,030			12,783
Net increase (decrease) in contract owners’ equity resulting from operations		18,037,500			9,257,497			(524,415	)		4,192,441			1,702,095			3,418,042			16,470			28,807
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		700,417			703,092			435,994			461,513			314,613			338,326			1,029			1,045
Transfers between funds		(518,045	)		(81,887	)		(72,165	)		(170,458	)		(127,413	)		(35,797	)		19,072			(43	)
Surrenders (notes 2, 3, 4, 5 and 6)		(2,815,048	)		(3,910,631	)		(1,298,169	)		(2,070,006	)		(1,830,840	)		(1,417,973	)		(24,253	)		(8,422	)
Adjustments to maintain reserves		283			(4	)		(412	)		602			744			35			(7	)		(12	)
Net equity transactions		(2,632,393	)		(3,289,430	)		(934,752	)		(1,778,349	)		(1,642,896	)		(1,115,409	)		(4,159	)		(7,432	)
Net change in contract owners’ equity		15,405,107			5,968,067			(1,459,167	)		2,414,092			59,199			2,302,633			12,311			21,375
Contract owners’ equity at beginning of period		32,100,798			26,132,731			21,064,617			18,650,525			15,170,490			12,867,857			138,550			117,175
Contract owners’ equity at end of period	$	47,505,905			32,100,798			19,605,450			21,064,617			15,229,689			15,170,490			150,861			138,550
CHANGE IN UNITS:
Beginning units		1,220,702			1,357,608			841,557			918,465			647,135			699,926			5,712			6,057
Units purchased		60,714			67,901			39,455			38,597			27,639			30,041			959			59
Units surrendered		(153,921	)		(204,807	)		(85,131	)		(115,505	)		(100,086	)		(82,832	)		(1,156	)		(404	)
Ending units		1,127,495			1,220,702			795,881			841,557			574,688			647,135			5,515			5,712

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVOLG1						NVRE1						NVSIX2						NVSTB2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	626,668			848,486			61,881			88,494			1,542			937			3,017			1,477
Realized gain (loss) on investments		218,414			1,617,680			(155,461	)		(89,756	)		(20,751	)		(19,220	)		(1,480	)		(218	)
Change in unrealized gain (loss) on investments		4,454,702			1,038,304			(417,218	)		1,868,127			79,299			(25,446	)		(23	)		2,535
Reinvested capital gains		7,576,164			18,363,877			29,417			-			15,041			95,895			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		12,875,948			21,868,347			(481,381	)		1,866,865			75,131			52,166			1,514			3,794
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,632,013			1,607,059			164,821			188,985			28,064			13,843			3,871			4,590
Transfers between funds		(1,632,016	)		(574,537	)		(179,576	)		(175,069	)		23,926			34,583			157,055			(6,301	)
Surrenders (notes 2, 3, 4, 5 and 6)		(7,028,472	)		(8,057,671	)		(826,241	)		(850,531	)		8,086			(45,510	)		(15,149	)		(30,245	)
Adjustments to maintain reserves		(456	)		1,522			7			48			15			4			(3	)		3
Net equity transactions		(7,028,931	)		(7,023,627	)		(840,989	)		(836,567	)		60,091			2,920			145,774			(31,953	)
Net change in contract owners’ equity		5,847,017			14,844,720			(1,322,370	)		1,030,298			135,222			55,086			147,288			(28,159	)
Contract owners’ equity at beginning of period		76,659,334			61,814,614			7,402,153			6,371,855			284,619			229,533			90,634			118,793
Contract owners’ equity at end of period	$	82,506,351			76,659,334			6,079,783			7,402,153			419,841			284,619			237,922			90,634
CHANGE IN UNITS:
Beginning units		1,750,394			1,933,534			365,839			410,004			15,280			15,324			7,706			10,453
Units purchased		67,182			83,097			17,121			19,770			4,872			3,132			13,555			1,612
Units surrendered		(226,365	)		(266,237	)		(63,131	)		(63,935	)		(1,170	)		(3,176	)		(1,560	)		(4,359	)
Ending units		1,591,211			1,750,394			319,829			365,839			18,982			15,280			19,701			7,706

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVTIV3						SAM						SCF						SCGF
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	402			494			(48,632	)		170,827			(68,701	)		(66,769	)		(8,235	)		(8,051	)
Realized gain (loss) on investments		(3,086	)		(65,177	)		-			-			203,029			158,765			(60,362	)		(26,157	)
Change in unrealized gain (loss) on investments		5,210			65,805			-			-			2,474,281			1,515,667			527,845			101,794
Reinvested capital gains		-			15,702			-			-			613,830			1,762,937			273,579			498,299
Net increase (decrease) in contract owners’ equity resulting from operations		2,526			16,824			(48,632	)		170,827			3,222,439			3,370,600			732,827			565,885
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		4,781			4,106			3,913,760			1,471,617			358,359			373,520			72,171			26,320
Transfers between funds		(3,239	)		(248,013	)		2,827,300			2,359,327			(115,257	)		(236,579	)		(19,094	)		(118,065	)
Surrenders (notes 2, 3, 4, 5 and 6)		(4,657	)		(17,916	)		(6,322,511	)		(4,265,467	)		(1,285,400	)		(1,319,064	)		(133,929	)		(106,180	)
Adjustments to maintain reserves		2			6			1,166			(9,803	)		13,755			13,235			25			(7	)
Net equity transactions		(3,113	)		(261,817	)		419,715			(444,326	)		(1,028,543	)		(1,168,888	)		(80,827	)		(197,932	)
Net change in contract owners’ equity		(587	)		(244,993	)		371,083			(273,499	)		2,193,896			2,201,712			652,000			367,953
Contract owners’ equity at beginning of period		55,682			300,675			15,473,870			15,747,369			16,108,059			13,906,347			2,043,044			1,675,091
Contract owners’ equity at end of period	$	55,095			55,682			15,844,953			15,473,870			18,301,955			16,108,059			2,695,044			2,043,044
CHANGE IN UNITS:
Beginning units		3,284			19,639			896,687			948,129			184,497			199,293			101,073			112,229
Units purchased		487			377			331,840			286,463			8,415			8,297			4,921			2,317
Units surrendered		(660	)		(16,732	)		(244,779	)		(337,905	)		(22,396	)		(23,093	)		(10,973	)		(13,473	)
Ending units		3,111			3,284			983,748			896,687			170,516			184,497			95,021			101,073

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	SCVF						TRF						AMCG						AMINS
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(11,135	)		18,035			335,313			335,552			(6,844	)		(5,965	)		121			35
Realized gain (loss) on investments		(221,425	)		(407,981	)		2,388,537			2,970,844			32,388			12,636			79			68
Change in unrealized gain (loss) on investments		337,547			(47,822	)		(1,498,945	)		8,087,309			582,836			330,325			1,645			4,313
Reinvested capital gains		13,999			1,060,043			4,067,739			2,377,414			100,721			122,054			1,227			935
Net increase (decrease) in contract owners’ equity resulting from operations		118,986			622,275			5,292,644			13,771,119			709,101			459,050			3,072			5,351
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		91,993			104,089			2,034,938			2,098,889			19,269			12,937			153			-
Transfers between funds		35,023			(661,826	)		(168,133	)		22,392			(8,656	)		(381	)		-			-
Surrenders (notes 2, 3, 4, 5 and 6)		(252,034	)		(373,317	)		(6,032,369	)		(6,435,928	)		(77,694	)		(52,004	)		(391	)		(346	)
Adjustments to maintain reserves		25			59			696			4,227			(24	)		28			8			6
Net equity transactions		(124,993	)		(930,995	)		(4,164,868	)		(4,310,420	)		(67,105	)		(39,420	)		(230	)		(340	)
Net change in contract owners’ equity		(6,007	)		(308,720	)		1,127,776			9,460,699			641,996			419,630			2,842			5,011
Contract owners’ equity at beginning of period		3,329,173			3,637,893			59,250,787			49,790,088			1,856,891			1,437,261			24,469			19,458
Contract owners’ equity at end of period	$	3,323,166			3,329,173			60,378,563			59,250,787			2,498,887			1,856,891			27,311			24,469
CHANGE IN UNITS:
Beginning units		66,670			86,370			570,603			619,619			120,729			123,627			1,172			1,190
Units purchased		5,331			3,752			41,234			47,139			1,856			2,492			9			-
Units surrendered		(8,474	)		(23,452	)		(91,020	)		(96,155	)		(6,063	)		(5,390	)		(19	)		(18	)
Ending units		63,527			66,670			520,817			570,603			116,522			120,729			1,162			1,172

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	AMMCGS						AMRS						AMSRS						AMTB
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(636	)		(569	)		48			29			15,693			8,803			31,041			22,973
Realized gain (loss) on investments		20,982			2,230			175			1,116			30,061			149,189			(3,608	)		(3,762	)
Change in unrealized gain (loss) on investments		16,711			18,654			(1,372	)		(246	)		548,236			69,272			18,958			28,679
Reinvested capital gains		6,688			7,954			-			1,298			167,507			228,223			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		43,745			28,269			(1,149	)		2,197			761,497			455,487			46,391			47,890
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		1,371			1,584			-			-			54,674			48,387			63,986			57,188
Transfers between funds		58,353			(5,705	)		-			-			35,050			3,379,596			222,840			11,684
Surrenders (notes 2, 3, 4, 5 and 6)		(2,236	)		(7,731	)		(3,961	)		(4,135	)		(131,782	)		(525,490	)		(186,877	)		(151,828	)
Adjustments to maintain reserves		27			(30	)		(6	)		12			129			(83	)		110			(4	)
Net equity transactions		57,515			(11,882	)		(3,967	)		(4,123	)		(41,929	)		2,902,410			100,059			(82,960	)
Net change in contract owners’ equity		101,260			16,387			(5,116	)		(1,926	)		719,568			3,357,897			146,450			(35,070	)
Contract owners’ equity at beginning of period		109,624			93,237			12,419			14,345			4,017,368			659,471			1,489,876			1,524,946
Contract owners’ equity at end of period	$	210,884			109,624			7,303			12,419			4,736,936			4,017,368			1,636,326			1,489,876
CHANGE IN UNITS:
Beginning units		2,134			2,399			461			620			145,098			19,949			69,980			73,670
Units purchased		989			174			-			-			2,986			140,231			10,342			4,761
Units surrendered		(194	)		(439	)		(182	)		(159	)		(9,518	)		(15,082	)		(7,441	)		(8,451	)
Ending units		2,929			2,134			279			461			138,566			145,098			72,881			69,980

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NOTB3						NOTG3						NOTMG3						PMVAAA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	168			170			34			31			1			1			9,517			5,176
Realized gain (loss) on investments		(21	)		(12	)		(1	)		7			-			-			71			1,142
Change in unrealized gain (loss) on investments		226			887			67			158			3			2			7,628			16,249
Reinvested capital gains		141			296			-			150			-			1			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		514			1,341			100			346			4			4			17,216			22,567
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			24			24			24			24			10,188			9,461
Transfers between funds		-			-			-			-			-			-			(410	)		(5,867	)
Surrenders (notes 2, 3, 4, 5 and 6)		(464	)		(427	)		(126	)		(158	)		(3	)		(2	)		3,843			(14,535	)
Adjustments to maintain reserves		6			(8	)		(8	)		(9	)		3			1			(10	)		-
Net equity transactions		(458	)		(435	)		(110	)		(143	)		24			23			13,611			(10,941	)
Net change in contract owners’ equity		56			906			(10	)		203			28			27			30,827			11,626
Contract owners’ equity at beginning of period		10,712			9,806			2,379			2,176			38			11			211,378			199,752
Contract owners’ equity at end of period	$	10,768			10,712			2,369			2,379			66			38			242,205			211,378
CHANGE IN UNITS:
Beginning units		866			903			186			197			3			1			16,466			17,324
Units purchased		-			-			2			2			2			2			1,950			1,299
Units surrendered		(38	)		(37	)		(10	)		(13	)		-			-			(862	)		(2,157	)
Ending units		828			866			178			186			5			3			17,554			16,466

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	PMVFBA						PMVLDA						PMVRSA						PMVTRA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	5,454			2,941			12,071			27,295			622			361			8,771			15,414
Realized gain (loss) on investments		(506	)		(18,204	)		(3,948	)		(11,385	)		(37	)		(2,455	)		3,016			(5,497	)
Change in unrealized gain (loss) on investments		5,075			24,428			29,400			22,212			1,260			3,359			22,962			40,195
Reinvested capital gains		-			-			-			-			-			-			6,423			-
Net increase (decrease) in contract owners’ equity resulting from operations		10,023			9,165			37,523			38,122			1,845			1,265			41,172			50,112
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		5,988			7,555			20,058			29,317			211			194			10,401			10,458
Transfers between funds		(575	)		(15,223	)		94,723			447,073			8,299			(7,762	)		153,140			(211,848	)
Surrenders (notes 2, 3, 4, 5 and 6)		(18,772	)		(33,976	)		(117,561	)		(179,471	)		13,013			(9,853	)		(16,912	)		(75,815	)
Adjustments to maintain reserves		18			8			111			(6	)		(6	)		5			32			31
Net equity transactions		(13,341	)		(41,636	)		(2,669	)		296,913			21,517			(17,416	)		146,661			(277,174	)
Net change in contract owners’ equity		(3,318	)		(32,471	)		34,854			335,035			23,362			(16,151	)		187,833			(227,062	)
Contract owners’ equity at beginning of period		158,599			191,070			1,445,415			1,110,380			2,479			18,630			435,091			662,153
Contract owners’ equity at end of period	$	155,281			158,599			1,480,269			1,445,415			25,841			2,479			622,924			435,091
CHANGE IN UNITS:
Beginning units		11,894			15,258			111,462			88,451			411			3,421			34,429			56,482
Units purchased		510			1,427			10,024			33,122			3,932			67			13,264			2,292
Units surrendered		(1,838	)		(4,791	)		(10,244	)		(10,111	)		(98	)		(3,077	)		(2,101	)		(24,345	)
Ending units		10,566			11,894			111,242			111,462			4,245			411			45,592			34,429

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	PVEIB						PVGOB						PVTIGB						TRHS2
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	4,466			5,004			(7,824	)		(4,201	)		2,734			1,878			(23,036	)		(23,660	)
Realized gain (loss) on investments		(8,229	)		494			112,305			17,182			(3,579	)		3,797			277,565			176,801
Change in unrealized gain (loss) on investments		(1,088	)		57,628			328,069			195,486			26,766			39,474			592,054			806,192
Reinvested capital gains		25,899			29,380			83,106			167,471			-			365			306,942			213,113
Net increase (decrease) in contract owners’ equity resulting from operations		21,048			92,506			515,656			375,938			25,921			45,514			1,153,525			1,172,446
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		78,119			167,665			129,886			127,229			5,935			5,403			174,554			118,303
Transfers between funds		25,514			18,882			(44,206	)		155,700			23,175			(4,075	)		(153,514	)		(183,184	)
Surrenders (notes 2, 3, 4, 5 and 6)		(113,847	)		(163,684	)		(140,264	)		(98,601	)		(12,888	)		(36,268	)		(564,608	)		(758,088	)
Adjustments to maintain reserves		(10	)		8			(10	)		13			(9	)		(28	)		10			(27	)
Net equity transactions		(10,224	)		22,871			(54,594	)		184,341			16,213			(34,968	)		(543,558	)		(822,996	)
Net change in contract owners’ equity		10,824			115,377			461,062			560,279			42,134			10,546			609,967			349,450
Contract owners’ equity at beginning of period		417,112			301,735			1,478,400			918,121			219,166			208,620			4,868,461			4,519,011
Contract owners’ equity at end of period	$	427,936			417,112			1,939,462			1,478,400			261,300			219,166			5,478,428			4,868,461
CHANGE IN UNITS:
Beginning units		31,185			29,273			80,650			68,268			8,829			10,466			101,270			120,523
Units purchased		5,322			3,950			8,855			16,083			1,295			872			3,083			8,058
Units surrendered		(6,110	)		(2,038	)		(12,697	)		(3,701	)		(686	)		(2,509	)		(15,777	)		(27,311	)
Ending units		30,397			31,185			76,808			80,650			9,438			8,829			88,576			101,270

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	TRLT2						VWBF						VWEM						VWHA
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	790			609			43,435			(1,328	)		47,790			(438	)		9,136			(12,708	)
Realized gain (loss) on investments		7			2			(15,503	)		(18,583	)		65,162			39,426			(294,542	)		(359,399	)
Change in unrealized gain (loss) on investments		1,341			420			24,455			98,275			264,059			705,269			699,037			636,281
Reinvested capital gains		-			-			-			-			95,258			77,423			-			-
Net increase (decrease) in contract owners’ equity resulting from operations		2,138			1,031			52,387			78,364			472,269			821,680			413,631			264,174
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			37,533			33,582			91,707			83,024			109,584			129,697
Transfers between funds		3,490			32,598			(21,898	)		2,288			(52,414	)		(189,583	)		(62,115	)		9,533
Surrenders (notes 2, 3, 4, 5 and 6)		(235	)		(119	)		(79,307	)		(59,029	)		(337,570	)		(303,714	)		(175,269	)		(396,177	)
Adjustments to maintain reserves		2			3			22			(20	)		23			(23	)		1,606			961
Net equity transactions		3,257			32,482			(63,650	)		(23,179	)		(298,254	)		(410,296	)		(126,194	)		(255,986	)
Net change in contract owners’ equity		5,395			33,513			(11,263	)		55,185			174,015			411,384			287,437			8,188
Contract owners’ equity at beginning of period		43,066			9,553			714,438			659,253			3,269,105			2,857,721			2,447,309			2,439,121
Contract owners’ equity at end of period	$	48,461			43,066			703,175			714,438			3,443,120			3,269,105			2,734,746			2,447,309
CHANGE IN UNITS:
Beginning units		3,118			720			24,813			26,103			85,729			97,443			77,074			86,375
Units purchased		258			2,406			2,173			3,027			6,871			4,081			8,349			11,848
Units surrendered		(17	)		(8	)		(4,738	)		(4,317	)		(15,364	)		(15,795	)		(11,829	)		(21,149	)
Ending units		3,359			3,118			22,248			24,813			77,236			85,729			73,594			77,074

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	VRVDRI						SVDF						SVOF						WFVSCG
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(9	)		566			(5,624	)		(4,912	)		(3,941	)		(5,586	)		(2,410	)		(2,642	)
Realized gain (loss) on investments		(6,173	)		(2,203	)		10,724			29,095			66,373			47,926			(32,102	)		(32,366	)
Change in unrealized gain (loss) on investments		1,904			(1,402	)		367,078			88,233			103,002			144,958			250,045			73,363
Reinvested capital gains		69			3,668			73,272			71,957			103,770			143,727			25,900			76,837
Net increase (decrease) in contract owners’ equity resulting from operations		(4,209	)		629			445,450			184,373			269,204			331,025			241,433			115,192
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		-			-			6,872			4,794			11,351			7,376			46,527			10,126
Transfers between funds		(14,932	)		22,547			58,480			(47,336	)		12,370			(2,798	)		118,539			(151,823	)
Surrenders (notes 2, 3, 4, 5 and 6)		(154	)		(109	)		(15,739	)		(7,501	)		(95,120	)		(49,962	)		(76,317	)		(71,823	)
Adjustments to maintain reserves		(1	)		(5	)		(1,072	)		(1,566	)		3,647			4,716			(26	)		20
Net equity transactions		(15,087	)		22,433			48,541			(51,609	)		(67,752	)		(40,668	)		88,723			(213,500	)
Net change in contract owners’ equity		(19,296	)		23,062			493,991			132,764			201,452			290,357			330,156			(98,308	)
Contract owners’ equity at beginning of period		23,062			-			673,387			540,623			1,414,069			1,123,712			415,351			513,659
Contract owners’ equity at end of period	$	3,766			23,062			1,167,378			673,387			1,615,521			1,414,069			745,507			415,351
CHANGE IN UNITS:
Beginning units		2,122			-			10,481			11,734			33,080			34,304			10,390			15,955
Units purchased		186			2,133			1,255			350			173			118			3,104			429
Units surrendered		(1,955	)		(11	)		(361	)		(1,603	)		(1,081	)		(1,342	)		(1,686	)		(5,994	)
Ending units		353			2,122			11,375			10,481			32,172			33,080			11,808			10,390

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	IVKMG1						GVDIVI						NVMLV1						NVLCAP
	2020			2019			2020			2019			2020			2019			2020			2019
Investment activity:
Net investment income (loss)	$	(382	)		(1,290	)		30,060			113,018			14,661			294,916			(38	)		1,997
Realized gain (loss) on investments		(84,644	)		(236	)		(236,616	)		(8,360	)		(1,002,764	)		(33,233	)		(233	)		1,583
Change in unrealized gain (loss) on investments		(3,141	)		40,610			114,508			(53,185	)		328,757			(68,680	)		(8,015	)		23,467
Reinvested capital gains		71,677			41,049			-			17,699			494,720			101,301			2,174			3,132
Net increase (decrease) in contract owners’ equity resulting from operations		(16,490	)		80,133			(92,048	)		69,172			(164,626	)		294,304			(6,112	)		30,179
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		20,901			9,664			10,253			17,710			28,374			53,183			569			1,012
Transfers between funds		(246,573	)		4,610			(402,694	)		93,832			(1,256,521	)		13,724			(168,099	)		(964	)
Surrenders (notes 2, 3, 4, 5 and 6)		(49,362	)		(45,052	)		(38,746	)		(54,123	)		(75,259	)		(88,952	)		(3,574	)		(16,141	)
Adjustments to maintain reserves		(11	)		30			(3	)		13			(16	)		18			(7	)		3
Net equity transactions		(275,045	)		(30,748	)		(431,190	)		57,432			(1,303,422	)		(22,027	)		(171,111	)		(16,090	)
Net change in contract owners’ equity		(291,535	)		49,385			(523,238	)		126,604			(1,468,048	)		272,277			(177,223	)		14,089
Contract owners’ equity at beginning of period		291,535			242,150			523,238			396,634			1,468,048			1,195,771			177,223			163,134
Contract owners’ equity at end of period	$	-			291,535			-			523,238			-			1,468,048			-			177,223
CHANGE IN UNITS:
Beginning units		13,096			14,567			25,128			22,078			70,781			72,070			11,260			12,365
Units purchased		190			1,156			1,079			6,493			3,131			6,135			41			104
Units surrendered		(13,286	)		(2,627	)		(26,207	)		(3,443	)		(73,912	)		(7,424	)		(11,301	)		(1,209	)
Ending units		-			13,096			-			25,128			-			70,781			-			11,260

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

YEARS ENDED DECEMBER 31, 2020 AND DECEMBER 31, 2019

	NVLMP						AMGP					AMTP
	2020			2019			2020		2019			2020		2019
Investment activity:
Net investment income (loss)	$	337			3,335			-		85			-		60,988
Realized gain (loss) on investments		(20,300	)		(138	)		-		(35,983	)		-		(17,772	)
Change in unrealized gain (loss) on investments		1,305			31,813			-		20,826			-		(375,275	)
Reinvested capital gains		14,700			5,112			-		30,544			-		685,906
Net increase (decrease) in contract owners’ equity resulting from operations		(3,958	)		40,122			-		15,472			-		353,847
Equity transactions:
Purchase payments received from policyholders (notes 2 and 6)		464			559			-		-			-		8,373
Transfers between funds		(263,763	)		-			-		(94,970	)		-		(3,231,657	)
Surrenders (notes 2, 3, 4, 5 and 6)		(4,490	)		(5,100	)		-		(1,118	)		-		(109,834	)
Adjustments to maintain reserves		6			(7	)		-		(50	)		-		(3,351	)
Net equity transactions		(267,783	)		(4,548	)		-		(96,138	)		-		(3,336,469	)
Net change in contract owners’ equity		(271,741	)		35,574			-		(80,666	)		-		(2,982,622	)
Contract owners’ equity at beginning of period		271,741			236,167			-		80,666			-		2,982,622
Contract owners’ equity at end of period	$	-			271,741			-		-			-		-
CHANGE IN UNITS:
Beginning units		18,446			18,776			-		3,436			-		77,338
Units purchased		34			40			-		1			-		232
Units surrendered		(18,480	)		(370	)		-		(3,437	)		-		(77,570	)
Ending units		-			18,446			-		-			-		-

See accompanying notes to financial statements.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VLI Separate Account-2 (the Separate Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life Insurance Company (the Company) on May 7, 1987. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940. The Separate Account is an Investment Company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies. The Company offers Single Premium, Modified Single Premium, Flexible Premium and Last Survivor Flexible Premium Variable Life Insurance Policies through the Separate Account.

(b) The Policies

The Separate Account offers variable investment options through life insurance policies intended to provide benefits to the policyholder and/or the beneficiary named by the policyholder. Policy features are described in the applicable prospectus.

With certain exceptions, policyholders may invest in any of the following:

AB FUNDS

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS International Value Portfolio: Class B (ALVIVB)*

AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

AMERICAN CENTURY INVESTORS, INC.

American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)

American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)

American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)

American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)

American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)

American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)

American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)

BLACKROCK FUNDS

BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)

BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)

BNY MELLON INVESTMENT MANAGEMENT

BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)

BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)

BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)

BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)

BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)

BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)

DELAWARE FUNDS BY MACQUARIE

Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)

DIMENSIONAL FUND ADVISORS INC.

DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)

DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)

DWS INVESTMENT MANAGEMENT AMERICAS, INC.

Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)

FEDERATED HERMES, INC.

Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)

Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)

FIDELITY INVESTMENTS

Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)

Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)

Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)

Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)

Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)

Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)

Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)

Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)

Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)

Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)

Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)

Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)

Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)

FRANKLIN TEMPLETON DISTRIBUTORS, INC.

Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)

Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)

Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)

Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)

Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)

Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)

GOLDMAN SACHS ASSET MANAGEMENT GROUP

Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)

Goldman Sachs Variable Insurance Trust - Goldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)

GUGGENHEIM INVESTMENTS

Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)

INVESCO INVESTMENTS

Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)

Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)

Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)

Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)

Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)

Invesco Oppenheimer V.I. Total Return Bond Fund: Series I (OVB)

Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)

Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)

Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)

Invesco Oppenheimer V.I. Conservative Balanced Fund: Series I (OVMS)

Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)

Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)

IVY INVESTMENTS

Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)

Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)

Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)

JANUS HENDERSON INVESTORS

Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)

Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)

Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)

Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)

Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)

LORD ABBETT FUNDS

Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)

MASSACHUSETTS FINANCIAL SERVICES CO.

MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)

MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)

MFS(R) Variable Insurance Trust III - MFS Mid Cap Value Portfolio: Initial Class (MV3MVI)*

MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)

MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)

MORGAN STANLEY

Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)

Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)

Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)

NATIONWIDE FUNDS GROUP

Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)

Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)

Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)

Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)

Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)

Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)

Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)

Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)

Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)

Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)

Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth & Income Fund: Class I (IDPGI)*

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)

Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I (NCPG)*

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)

Nationwide Variable Insurance Trust - NVIT J.P. Morgan Mozaic(SM) Multi-Asset Fund: Class Y (NJMMAY)*

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)

Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)

Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)

Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)

Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)

Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)

Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)

Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)

Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)

Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)

Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)

Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)

Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)

Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)

Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)

Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)

Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)

Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)

Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)

Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)

Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)

Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)

NEUBERGER & BERMAN MANAGEMENT, INC.

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)

Neuberger Berman Advisers Management Trust - International Equity Portfolio: S Class Shares (AMINS)

Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)

Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares (AMRS)

Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)

Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)

NORTHERN LIGHTS

Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)

Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)

Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)

PIMCO FUNDS

PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)

PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)

PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)

PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)

PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)

PUTNAM INVESTMENTS

Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)

Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)

Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)

T. ROWE PRICE

T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)

T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited Term Bond Portfolio: II (TRLT2)

VAN ECK ASSOCIATES CORPORATION

VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class (VWBF)

VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)

VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

VIRTUS MUTUAL FUNDS

Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)

WELLS FARGO FUNDS

Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)

Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)

Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)

* At December 31, 2020, policyholders were not invested in this fund.

The Contract Owners’ Equity is affected by the investment results of each fund, equity transactions by policyholders and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only policyholders’ purchase payments pertaining to the variable portions of their policies and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A policyholder may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners’ Equity if a prior period purchase payment is refunded to a policyholder due to a policy cancellation during the free look period, and/or if a gain is realized by the policyholder during the free look period.

The Company allocates purchase payments to subaccounts and/or the fixed account as instructed by the policyholder. Shares of the subaccounts are purchased at Net Asset Value, then converted into accumulation units. Certain transactions may be subject to conditions imposed by the underlying mutual funds, as well as those set forth in the policy.

Unless listed below, the financial statements presented are as of December 31, 2020 and for each of the years in the two-year period ended December 31, 2020. For the subaccounts listed below with inception or liquidation dates in 2020, the financial statements are as of December 31, 2020 and for the period from the inception date to December 31, 2020 or from January 1, 2020 to the liquidation date. For the subaccounts listed below with inception or liquidation dates in 2019, the financial statements are as of December 31, 2020 and for the period from inception date to December 31, 2019 or from January 1, 2019 to the liquidation date:

	Inception Date		Liquidation Date
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)		10/23/2020
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)		10/23/2020
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)		10/16/2020
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)		9/11/2020
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)		1/2/2020
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)		8/26/2019
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)		8/5/2019
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)		7/29/2019
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)		7/5/2019
Neuberger Berman Advisers Management Trust - Guardian Portfolio: I Class Shares (AMGP)				4/30/2019
Neuberger Berman Advisers Management Trust - Large Cap Value Portfolio: Class I (AMTP)				4/30/2019

For the one-year period ended December 31, 2020, the following subaccount mergers occurred. The subaccounts that were acquired during the year are no longer available as of December 31, 2020.

Acquired Subaccount Abbreviation	Acquired Subaccount	Acquiring Subaccount Abbreviation	Acquiring Subaccount	Effective Date
IVKMG1	Invesco - Invesco V.I. Mid Cap Growth Fund: Series I Shares (IVKMG1)	OVAG	Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I	4/30/2020
GVDIVI	Nationwide Variable Insurance Trust - NVIT Multi-Manager International Value Fund: Class I (GVDIVI)	NVMIVX	Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X	10/16/2020
NVLCA2	Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class II (NVLCA2)	NVDCA2	Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II	10/23/2020

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

NVLCAP	Nationwide Variable Insurance Trust - NVIT DFA Capital Appreciation Fund: Class P (NVLCAP)	NVDCAP	Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P	10/23/2020
NVLMP	Nationwide Variable Insurance Trust - NVIT DFA Moderate Fund: Class P (NVLMP)	NVIDMP	Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P	10/23/2020
NVMLV1	Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Value Fund: Class I (NVMLV1)	NVAMVX	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X	9/11/2020

For the one-year period ended December 31, 2020, the following subaccount name changes occurred:

Subaccount Abbreviation	Current Legal Name	Prior Legal Name	Effective Date
ACVIG	American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I	American Century Variable Portfolios, Inc. - American Century VP Income & Growth Fund: Class I	9/25/2020
FQB	Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares	Federated Insurance Series - Federated Quality Bond Fund II: Primary Shares	5/1/2020
FVU2	Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares	Federated Insurance Series - Federated Managed Volatility Fund II: Primary Shares	5/1/2020
JABS	Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares	Janus Henderson VIT Balanced Portfolio: Service Shares	5/1/2020
JACAS	Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares	Janus Henderson VIT Forty Portfolio: Service Shares	5/1/2020
JAEI	Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares	Janus Henderson VIT Enterprise Portfolio: Institutional Shares	5/1/2020
JAGTS	Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares	Janus Henderson VIT Global Technology Portfolio: Service Shares	5/1/2020
JAIGS	Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares	Janus Henderson VIT Overseas Portfolio: Service Shares	5/1/2020
NCPG	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth Fund: Class I	5/1/2020
NCPGI	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Managed Growth & Income Fund: Class I	5/1/2020
NVAMV1	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I	Nationwide Variable Insurance Trust - American Century NVIT Multi Cap Value Fund: Class I	5/1/2020
NVCCA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Capital Appreciation Fund: Class I	5/1/2020
NVCCN1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Conservative Fund: Class I	5/1/2020
NVCMA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Aggressive Fund: Class I	5/1/2020
NVCMC1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderately Conservative Fund: Class I	5/1/2020
NVCMD1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Moderate Fund: Class I	5/1/2020
NVCRA1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Aggressive Fund: Class I	5/1/2020
NVCRB1	Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I	Nationwide Variable Insurance Trust - NVIT Cardinal(SM) Balanced Fund: Class I	5/1/2020
NVMIG1	Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager International Growth Fund: Class I	5/1/2020
NVMLG1	Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager Large Cap Growth Fund: Class I	1/21/2020
NVMMG1	Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I	Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Growth Fund: Class I	1/21/2020
NVNSR1	Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I	Nationwide Variable Insurance Trust - Neuberger Berman NVIT Socially Responsible Fund: Class I	5/1/2020
NVOLG1	Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I	Nationwide Variable Insurance Trust - NVIT Dynamic U.S. Growth Fund: Class I	5/1/2020
NVTIV3	Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I	Nationwide Variable Insurance Trust - Templeton NVIT International Value Fund: Class I	5/1/2020
TRF	Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I	Nationwide Variable Insurance Trust - NVIT Nationwide Fund: Class I	5/1/2020
VWBF	VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class	VanEck VIP Trust - Unconstrained Emerging Markets Bond Fund: Initial Class	5/1/2020

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing Net Asset Value per share at December 31, 2020 of such funds. The cost of investments sold is determined on a first in — first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Separate Account form a part of, and are taxed with, operations of the Company which is taxed as a life insurance company under the Internal Revenue Code. The Company does not provide for income taxes within the Separate Account. Taxes are generally the responsibility of the policyholder upon termination or withdrawal.

(e) Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) COVID-19

Equity and financial markets have experienced significant volatility and interest rates have experienced significant declines primarily driven by the COVID-19 pandemic. These conditions have and may continue to impact the Company’s operations and financial condition. The extent to which the COVID-19 pandemic may impact the Company’s operations and financial condition will depend on future developments which are evolving and uncertain.

(g) Subsequent Events

The company evaluated subsequent events through the date the financial statements were available to be issued with the Securities and Exchange Commission, and no subsequent events have occurred requiring accrual or disclosures.

(2) Policy Charges

The Separate Account assesses charges associated with the policy. These charges are either assessed as a direct deduction from premium payments or through a surrender of units from the subaccounts contained within the Separate Account. The assessment of charges varies based on the policy and any additional riders or benefits elected. The additional riders or benefits and related charges specific to each product are described in detail in the applicable prospectus.

Policy Charges
Mortality and Expense Risk Charge (includes any Administrative Expense and Premium Expense Charges) - assessed through a surrender of units	Equal, on an annual basis, to 0.50% - 1.60% of the daily value of the assets invested in each fund
Sales Charge - assessed through a deduction from premium payments	0.0% - 9.5% of each premium paid
Premium Tax Charge - assessed through a deduction from premium payments	0.04% - 3.50% of each premium payment
Short-Term Trading Fee - assessed through a surrender of units	1% of the dollar amount transferred out of a subaccount within 60 days of being applied to that subaccount
Cost of Insurance Charges (including any flat extra charge) - assessed through a surrender of units	Varies widely based on the underwriting characteristics of the insured
Administrative Charge - assessed through a surrender of units	$7.50 - $80 per policy, per month; in some products .25% - .40% of the subaccount assets
Increase Charge	$0.17 per $1,000 of specified amount increase
Surrender Charge - assessed through a surrender of units	$0.00 - $27.94 per $1,000 of a policy’s specified amount; in single premium policies 0.0% - 10% - of the premium surrendered
Policy Loan Interest Charge - assessed through a surrender of units	6% of an outstanding policy loan
Illustration/Partial Surrender Fees - assessed through a surrender of units	$25.00 per request
Rider Charges - assessed through a surrender of units monthly, unless otherwise specified.
Children’s Term Insurance Rider Charge	$0.43 per $1,000 of the rider’s specified amount
Spouse Life Insurance Rider Charge	$0.10 - $10.23 per $1,000 of the rider’s specified amount
Long-Term Care Rider Charge	$0.02 - $5.73 per $1,000 of the rider’s net amount risk
Guaranteed Minimum Death Benefit Rider	$0.01 - $4.17 per $1,000 of the rider’s specified amount
Accidental Death Benefit Rider Charge	$0.05 - $0.75 per $1,000 of the rider’s specified amount
Waiver of Monthly Deductions Rider Charge	$85 - $855 per $1,000 of the rider’s benefit amount
Base Insured Term Rider Charge	$0.02 - $83.34 per $1,000 of the rider’s death benefit
Estate Protection Rider Charge	$0.01 - $83.34 per $1,000 of the rider’s death benefit
Policy Split Option Rider Charge	$0.01 - $0.03 of policy specified amount

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

For the years ended December 31, 2020 and 2019, total front-end sales charge deductions were $1,009,416 and $1,060,388, respectively and were recognized as part of purchase payments on the Statements of Changes in Contract Owners’ Equity.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk. Asset charges are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

For modified single premium policies, the Company deducts a charge equal to an annualized rate of 0.90%. For flexible premium policies, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through nine. After the ninth year, the annualized rate is 0.80% on the first $25,000 of cash value and 0.50% on additional cash value. For last survivor flexible premium policies, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through ten. In policy years eleven and after, the charge will continue to be deducted, but may be reduced for policies at specified asset levels. For last survivor flexible premium policies issued in New York, the Company deducts a charge equal to an annualized rate of 0.80% in policy years one through ten and 0.50% thereafter, regardless of cash value. This charge is assessed monthly by liquidating units.

For single premium policies issued prior to April 16, 1990, the Company deducts a charge equal to an annualized rate of 0.95% during the first ten policy years, and 0.50% thereafter. For single premium policies issued on or after April 16, 1990, the charge is equal to an annualized rate of 1.30% during the first ten policy years, and 1.00% thereafter. For multiple payment policies, the Company deducts a charge equal to an annualized rate of 0.80%. For flexible premium and Variable Executive Life policies, the charge is equal to an annualized rate of 0.80% during the first ten policy years, and 0.50% thereafter. This charge is assessed through a reduction in the unit value.

(4) Death Benefits

Death benefit proceeds result in a surrender of the policy value from the Separate Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. For last survivor flexible premium policies, the proceeds are payable on the death of the last surviving insured. In the event that the guaranteed death benefit exceeds the policy value on the date of death, the excess is paid by the Company’s general account. Death benefits are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(5) Policy Loans (Net of Repayments)

Policy provisions allow policyholders to borrow up to 90% (50% during first year of single and modified single premium policies) of a policy’s cash surrender value. For single premium policies issued prior to April 16, 1990, 6.50% interest is due and payable annually in advance of the policy anniversary date. For single premium policies issued on or after April 16, 1990, multiple payment, flexible premium, modified single and last survivor flexible premium policies, 6.00% interest is due and payable in advance on the policy anniversary when there is a loan outstanding on the policy.

At the time the loan is granted, the amount of the loan is transferred from the Separate Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Loan repayments result in a transfer of collateral including interest credited back to the Separate Account. Policy loans (net of repayments) are included within the surrenders line item in the equity transactions section of the Statements of Changes in Contract Owners’ Equity.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Separate Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company.

Policyholders may, with certain restrictions, transfer their assets between the Separate Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the policyholder executing fund exchanges. Fund exchanges from the Separate Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Separate Account are included in purchase payments received from policyholders, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the policyholder, also result in transfers between the Separate Account and the fixed account of the Company. The fixed account assets are not reflected in the accompanying financial statements. For the years ended December 31, 2020 and 2019, total transfers to the Separate Account from the fixed account were $23,110,379 and $20,138,406, respectively, and total transfers from the Separate Account to the fixed account were $22,222,114 and $14,602,694, respectively.

(7) Fair Value Measurement

FASB ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Separate Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Separate Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Separate Account categorized its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

The Separate Account categorizes financial assets recorded at fair value as follows:

• Level 1 – Unadjusted quoted prices accessible in active markets and mutual funds where the value per share (unit) is determined and published and is the basis for current transactions for identical assets or liabilities at the measurement date.

• Level 2 – Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means.

• Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate about the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2020:

	Level 1		Level 2		Level 3		Total
Separate Account Investments	$	726,465,736	$	-	$	-	$	726,465,736

The cost of purchases and proceeds from sales of Investments for the year ended December 31, 2020 are as follows:

Subaccount Abbreviation*	Purchases of Investments		Sales of Investments
ALVDAA	$	176	$	164
ALVGIA		39,712		58,174
ALVSVA		196,076		223,364
ACVB		522,064		914,250
ACVCA		178,734		201,073
ACVI		236,737		43,766
ACVIG		153,378		302,419
ACVIP2		157,730		295,197
ACVMV1		37,788		776,526
ACVU1		863,337		1,936,946
BRVHYI		613,004		141,379
MLVGA2		166,340		327,056
DCAP		470,144		638,129
DGI		157,271		141,898
DSC		17,781		78,144
DSIF		4,180,067		4,753,192
DSRG		318,354		567,638
DVSCS		177,808		261,852
DWVSVS		45,763		88,176
DFVGMI		29,107		817
DFVIPS		43,594		21,065
DSGIBA		75,847		18,491
FQB		853,359		165,368
FVU2		18,900		2,055
FAMP		524,331		1,015,703
FCS		886,106		49,569
FEIP		2,579,840		2,600,906
FEMS		125,448		37,852
FF10S		50,401		27,139
FF20S		118,736		201,685
FF30S		232,188		149,636
FGP		9,674,197		10,983,393
FHIP		474,826		568,541
FIGBS		948,777		594,817
FMCS		105,903		631,334
FNRS2		106,485		101,001
FOP		76,045		388,705
FOS		381,838		394,107
FRESS		73,310		53,698
FVSS		180,665		81,031

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

FTVDM2	48,754	247,302
FTVFA2	75,615	47,811
FTVGI2	190,532	630,602
FTVIS2	100,467	148,471
FTVRDI	314,034	616,052
FTVSVI	290,813	195,391
TIF	1,301	1,474
TIF2	53,809	264,349
GVGMNS	1,463	2,395
GVMSAS	6,321	104
RVARS	28,774	38,575
ACEG	142,956	33,361
AVBVI	1,191	412
AVMCCI	42,427	11,288
IVBRA1	71,208	33,208
OVAG	1,066,726	235,148
OVB	1,087,695	454,772
OVGI	122,257	295,497
OVGS	1,072,268	2,099,251
OVIG	150,037	55,562
OVMS	330,598	386,387
OVSB	16,093	23,036
OVSC	34,320	192,607
WRASP	56,956	332,915
WRHIP	168,702	135,158
WRMCG	276,626	61,796
JABS	684,007	468,607
JACAS	1,053,672	982,676
JAEI	67,970	68,303
JAGTS	1,753,564	2,499,936
JAIGS	71,077	154,065
LOVTRC	9,840	13,055
MNDIC	405,203	118,175
MV2IGI	295,946	377,758
MVFIC	277,119	508,316
MVIGIC	254,106	124,556
MSEM	153,507	194,830
MSVFI	536,310	261,891
MSVRE	51,315	82,871
DTRTFB	593	1,377
EIF	74,071	103,802
GBF	511,658	731,058
GEM	96,840	307,571
GIG	161,861	474,414
GVAAA2	454,894	469,698
GVABD2	79,685	162,494
GVAGG2	292,166	202,606
GVAGI2	126,196	53,252
GVAGR2	759,341	697,350
GVDMA	491,536	580,664
GVDMC	39,358	136,669
GVEX1	1,191,183	593,573
GVIDA	158,133	75,781
GVIDC	29,578	77,804
GVIDM	197,799	489,542
GVIX2	623,016	71,617
HIBF	414,498	166,994
IDPG	9	153
MCIF	582,439	581,324
MSBF	70,670	621,684

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

NCPGI	25	2
NVAMV1	274,141	863,527
NVAMVX	1,636,430	27,001
NVBX	69,634	275,524
NVCBD1	311,729	280,753
NVCCA1	50,533	59,566
NVCCN1	80,313	64,400
NVCMA1	36,892	226,776
NVCMC1	10,975	18,031
NVCMD1	44,660	82,685
NVCRA1	8,552	62,740
NVCRB1	10,791	19,700
NVDBL2	15,351	17,542
NVDCA2	17,021	16,430
NVDCAP	169,828	2,615
NVFIII	31,549	3,539
NVGEII	14	25
NVIDMP	373,525	56,516
NVIX	123,775	66,602
NVLCP1	180,544	162,919
NVMIG1	1,735,175	673,941
NVMIVX	310,475	13,667
NVMLG1	1,951,322	782,159
NVMMG1	5,466,004	3,331,056
NVMMV2	663,258	1,326,526
NVNMO1	1,266,408	1,763,437
NVNSR1	32,201	26,915
NVOLG1	8,723,385	7,559,580
NVRE1	211,242	960,945
NVSIX2	112,179	35,521
NVSTB2	360,414	211,620
NVTIV3	4,895	7,608
SAM	14,695,680	14,325,756
SCF	793,663	1,290,831
SCGF	900,288	715,800
SCVF	142,484	264,642
TRF	4,880,415	4,642,932
AMCG	147,705	120,910
AMINS	1,502	391
AMMCGS	129,859	66,318
AMRS	48	3,961
AMSRS	310,709	169,569
AMTB	379,000	248,015
NOTB3	359	514
NOTG3	69	137
NOTMG3	26	3
PMVAAA	32,734	9,596
PMVFBA	55,051	62,960
PMVLDA	134,390	125,120
PMVRSA	22,372	228
PMVTRA	205,123	43,321
PVEIB	107,463	87,312
PVGOB	399,994	379,297
PVTIGB	91,068	72,113
TRHS2	761,621	1,021,284
TRLT2	4,280	234
VWBF	102,483	122,718
VWEM	433,842	589,072
VWHA	217,276	335,942
VRVDRI	9,640	24,666

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

SVDF		169,713		52,450
SVOF		192,379		163,949
WFVSCG		211,502		99,264
GVDIVI		66,282		467,409
IVKMG1		91,266		295,004
NVLCAP		2,820		171,790
NVLMP		16,416		269,168
NVMLV1		535,496		1,329,523
	$	94,341,528	$	95,405,713

* Represents abbreviation of investment name. For full investment name and related abbreviation, see note 1(b).

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values, contract owners’ equity outstanding and contract expense rates for variable life insurance policies as of December 31, 2020, and the investment income ratio and total return for each of the periods in the five-year period ended December 31, 2020. Total return and investment income ratio for periods with no ending contract owners’ equity were considered to be irrelevant, and therefore are not presented.

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Dynamic Asset Allocation Portfolio: Class A (ALVDAA)
2020				0.80%		18				$14.87	$	268		1.77%				4.19%
2019				0.80%		18				14.27		257		2.09%				14.59%
2018				0.80%		9				12.45		112		1.96%				-7.81%
2017				0.80%		1				13.51		14		1.22%				13.76%
2016				0.80%		14				11.87		166		0.67%				2.77%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Growth and Income Portfolio: Class A (ALVGIA)
2020		0.00%	to	0.80%		9,985		43.48	to	37.75		400,569		1.51%		2.72%	to	1.90%
2019		0.00%	to	0.80%		11,184		42.33	to	37.04		438,991		1.25%		23.91%	to	22.93%
2018		0.00%	to	0.80%		11,311		34.16	to	30.13		357,883		0.96%		-5.61%	to	-6.36%
2017		0.00%	to	0.80%		11,414		36.19	to	32.18		384,234		1.43%		18.92%	to	17.98%
2016		0.00%	to	0.80%		12,562		30.43	to	27.28		356,845		1.05%		11.30%	to	10.42%
AllianceBernstein Variable Products Series Fund, Inc. - AB VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
2020		0.00%	to	0.80%		16,852		55.35	to	48.06		862,434		1.00%		3.37%	to	2.55%
2019		0.00%	to	0.80%		18,146		53.55	to	46.86		900,690		0.58%		20.10%	to	19.14%
2018		0.00%	to	0.80%		20,368		44.59	to	39.33		842,341		0.48%		-15.03%	to	-15.71%
2017		0.00%	to	0.80%		22,186		52.47	to	46.66		1,084,321		0.44%		13.15%	to	12.25%
2016		0.00%	to	0.80%		27,662		46.38	to	41.57		1,199,444		0.67%		25.09%	to	24.09%
American Century Variable Portfolios, Inc. - American Century VP Balanced Fund: Class I (ACVB)
2020		0.00%	to	1.00%		142,764		52.10	to	25.89		5,577,178		1.17%		12.53%	to	11.41%
2019		0.00%	to	1.00%		154,992		46.30	to	23.24		5,580,785		1.55%		19.85%	to	18.66%
2018		0.00%	to	1.00%		162,951		38.63	to	19.58		4,984,865		1.40%		-3.83%	to	-4.79%
2017		0.00%	to	1.00%		176,047		40.17	to	20.57		5,781,607		1.56%		13.91%	to	12.78%
2016		0.00%	to	1.00%		178,035		35.27	to	18.24		5,146,349		1.58%		6.99%	to	5.93%
American Century Variable Portfolios, Inc. - American Century VP Capital Appreciation Fund: Class I (ACVCA)
2020		0.00%	to	1.00%		37,563		82.80	to	36.44		1,904,603		0.00%		42.46%	to	41.04%
2019		0.00%	to	1.00%		43,716		58.12	to	25.84		1,501,748		0.00%		35.56%	to	34.22%
2018		0.00%	to	1.00%		52,029		42.88	to	19.25		1,282,005		0.00%		-5.20%	to	-6.15%
2017		0.00%	to	1.00%		63,028		45.23	to	20.51		1,590,508		0.00%		21.79%	to	20.58%
2016		0.00%	to	1.00%		70,579		37.13	to	17.01		1,459,428		0.00%		3.23%	to	2.20%
American Century Variable Portfolios, Inc. - American Century VP International Fund: Class I (ACVI)
2020		0.00%	to	1.00%		26,458		49.31	to	18.42		743,971		0.47%		25.88%	to	24.63%
2019		0.00%	to	1.00%		15,473		39.17	to	14.78		446,208		0.86%		28.42%	to	27.14%
2018		0.00%	to	1.00%		15,888		30.50	to	11.62		359,511		1.28%		-15.22%	to	-16.07%
2017		0.00%	to	1.00%		16,842		35.98	to	13.85		450,866		0.94%		31.21%	to	29.90%
2016		0.00%	to	1.00%		24,430		27.42	to	10.66		471,197		1.06%		-5.50%	to	-6.44%
American Century Variable Portfolios, Inc. - American Century VP Disciplined Core Value Fund: Class I (ACVIG)
2020		0.00%	to	1.00%		46,981		40.45	to	26.65		1,680,005		1.96%		11.81%	to	10.70%
2019		0.00%	to	1.00%		54,791		36.18	to	24.07		1,762,527		2.09%		23.95%	to	22.72%
2018		0.00%	to	1.00%		54,209		29.19	to	19.62		1,420,904		1.92%		-6.87%	to	-7.80%
2017		0.00%	to	1.00%		58,537		31.34	to	21.28		1,660,296		2.25%		20.49%	to	19.29%
2016		0.00%	to	1.00%		94,337		26.01	to	17.84		2,054,209		2.36%		13.48%	to	12.36%
American Century Variable Portfolios II, Inc. - American Century VP Inflation Protection Fund: Class II (ACVIP2)
2020		0.00%	to	0.80%		28,701		19.53	to	16.96		514,695		1.25%		9.55%	to	8.68%
2019		0.00%	to	0.80%		36,595		17.83	to	15.60		601,513		2.32%		8.90%	to	8.03%
2018		0.00%	to	0.80%		64,811		16.37	to	14.44		989,957		2.83%		-2.82%	to	-3.60%
2017		0.00%	to	0.80%		62,077		16.85	to	14.98		984,277		2.61%		3.67%	to	2.85%
2016		0.00%	to	0.80%		64,675		16.25	to	14.57		993,812		1.85%		4.39%	to	3.56%
American Century Variable Portfolios, Inc. - American Century VP Mid Cap Value Fund: Class I (ACVMV1)
2020		0.00%	to	0.80%		35,934		42.07	to	37.11		1,400,167		1.69%		1.21%	to	0.40%
2019		0.00%	to	0.80%		56,551		41.57	to	36.96		2,189,116		2.07%		29.15%	to	28.12%
2018		0.00%	to	0.80%		68,042		32.18	to	28.85		2,047,913		1.40%		-12.84%	to	-13.53%
2017		0.00%	to	0.80%		70,812		36.92	to	33.37		2,453,645		1.52%		11.69%	to	10.81%
2016		0.00%	to	0.80%		91,289		33.06	to	30.11		2,844,166		1.70%		22.85%	to	21.88%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
American Century Variable Portfolios, Inc. - American Century VP Ultra(R) Fund: Class I (ACVU1)
2020		0.00%	to	1.00%		3,458		62.85	to	52.15		182,152		0.00%		49.85%	to	48.36%
2019		0.00%	to	1.00%		28,843		41.94	to	35.15		1,015,024		0.00%		34.58%	to	33.24%
2018		0.00%	to	1.00%		28,727		31.16	to	26.38		758,778		0.26%		0.76%	to	-0.25%
2017		0.00%	to	1.00%		28,800		30.93	to	26.45		762,578		0.02%		32.22%	to	30.91%
2016		0.00%	to	1.00%		809		23.39	to	20.20		17,047		0.76%		4.45%	to	3.41%
BlackRock Variable Series Funds II, Inc. - BlackRock High Yield V.I. Fund: Class I (BRVHYI)
2020		0.50%	to	0.80%		55,269		12.22	to	12.09		675,478		4.98%		6.73%	to	6.41%
2019		0.50%	to	0.80%		18,555		11.45	to	11.36		212,452		5.54%		14.71%	to	14.37%
2018		0.50%	to	0.80%		5,916		9.98	to	9.93		59,027		5.63%		-3.14%	to	-3.44%
2017		0.50%	to	0.80%		949		10.31	to	10.29		9,780		2.38%		3.07%	to	2.87%	****
BlackRock Variable Series Funds, Inc. - BlackRock Global Allocation V.I. Fund: Class II (MLVGA2)
2020		0.00%	to	0.80%		79,733		25.61	to	23.33		1,927,227		1.16%		20.80%	to	19.84%
2019		0.00%	to	0.80%		93,183		21.20	to	19.47		1,871,842		1.14%		17.83%	to	16.89%
2018		0.00%	to	0.80%		102,683		17.99	to	16.65		1,757,365		0.64%		-7.52%	to	-8.26%
2017		0.00%	to	0.80%		157,091		19.45	to	18.15		2,935,969		1.16%		13.74%	to	12.84%
2016		0.00%	to	0.80%		177,260		17.10	to	16.09		2,925,866		1.12%		3.96%	to	3.13%
BNY Mellon Variable Investment Fund - Appreciation Portfolio: Initial Shares (DCAP)
2020		0.00%	to	1.00%		97,929		61.04	to	33.18		5,180,021		0.79%		23.69%	to	22.46%
2019		0.00%	to	1.00%		110,653		49.35	to	27.09		4,745,452		1.17%		36.10%	to	34.74%
2018		0.00%	to	1.00%		118,233		36.26	to	20.11		3,730,581		1.26%		-6.85%	to	-7.78%
2017		0.00%	to	1.00%		127,283		38.93	to	21.80		4,320,702		1.33%		27.33%	to	26.07%
2016		0.00%	to	1.00%		141,818		30.57	to	17.29		3,803,048		1.62%		7.90%	to	6.83%
BNY Mellon Variable Investment Fund - Growth and Income Portfolio: Initial Shares (DGI)
2020		0.00%	to	1.00%		35,089		57.85	to	31.52		1,797,969		0.77%		24.63%	to	23.39%
2019		0.00%	to	1.00%		37,988		46.41	to	25.54		1,550,484		1.08%		29.12%	to	27.84%
2018		0.00%	to	1.00%		44,464		35.95	to	19.98		1,381,884		0.80%		-4.68%	to	-5.64%
2017		0.00%	to	1.00%		47,631		37.71	to	21.18		1,559,084		0.74%		19.71%	to	18.52%
2016		0.00%	to	1.00%		51,914		31.50	to	17.87		1,428,081		1.20%		10.03%	to	8.94%
BNY Mellon Variable Investment Fund - Opportunistic Small Cap Portfolio: Initial Shares (DSC)
2020		0.00%	to	0.80%		8,427		38.23	to	33.19		291,482		0.67%		19.89%	to	18.94%
2019		0.00%	to	0.80%		10,752		31.88	to	27.90		313,524		0.00%		21.78%	to	20.81%
2018		0.00%	to	0.80%		10,737		26.18	to	23.10		258,325		0.00%		-19.08%	to	-19.73%
2017		0.00%	to	0.80%		10,608		32.35	to	28.77		318,008		0.00%		24.68%	to	23.69%
2016		0.00%	to	0.80%		14,463		25.95	to	23.26		349,909		0.00%		17.07%	to	16.14%
BNY Mellon Stock Index Fund, Inc.: Initial Shares (DSIF)
2020		0.00%	to	1.00%		548,003		85.95	to	30.26		52,100,959		1.58%		18.01%	to	16.83%
2019		0.00%	to	1.00%		606,380		72.84	to	25.90		48,346,728		1.72%		31.18%	to	29.88%
2018		0.00%	to	1.00%		669,994		55.52	to	19.94		40,984,804		1.65%		-4.63%	to	-5.59%
2017		0.00%	to	1.00%		746,832		58.22	to	21.12		48,222,612		1.70%		21.54%	to	20.33%
2016		0.00%	to	1.00%		823,181		47.90	to	17.55		44,003,898		2.01%		11.71%	to	10.60%
BNY Mellon Sustainable U.S. Equity Portfolio, Inc.: Initial Shares (DSRG)
2020		0.00%	to	1.00%		123,939		65.79	to	21.82		9,667,229		1.09%		24.14%	to	22.91%
2019		0.00%	to	1.00%		125,019		52.99	to	17.76		8,207,582		1.46%		34.36%	to	33.02%
2018		0.00%	to	1.00%		132,225		39.44	to	13.35		6,509,504		1.76%		-4.40%	to	-5.36%
2017		0.00%	to	1.00%		140,984		41.26	to	14.10		7,221,620		1.15%		15.33%	to	14.19%
2016		0.00%	to	1.00%		151,270		35.77	to	12.35		6,723,873		1.30%		10.37%	to	9.28%
BNY Mellon Investment Portfolios - Small Cap Stock Index Portfolio: Service Shares (DVSCS)
2020		0.00%	to	1.00%		48,520		49.94	to	41.43		2,199,155		1.08%		10.64%	to	9.54%
2019		0.00%	to	1.00%		54,408		45.14	to	37.83		2,234,991		1.10%		22.21%	to	21.00%
2018		0.00%	to	1.00%		82,256		36.93	to	31.26		2,733,048		0.74%		-8.97%	to	-9.89%
2017		0.00%	to	1.00%		67,811		40.57	to	34.69		2,549,012		0.65%		12.40%	to	11.29%
2016		0.00%	to	1.00%		81,367		36.10	to	31.17		2,725,441		0.84%		25.73%	to	24.48%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Delaware Variable Insurance Product Trust - Delaware VIP Small Cap Value Series: Service Class (DWVSVS)
2020		0.50%	to	0.80%		15,625		17.84	to	17.43		278,548		1.08%		-2.66%	to	-2.96%
2019		0.50%	to	0.80%		20,316		18.33	to	17.96		372,107		0.79%		27.08%	to	26.70%
2018		0.50%	to	0.80%		20,350		14.42	to	14.18		293,355		0.59%		-17.36%	to	-17.61%
2017		0.50%	to	0.80%		28,703		17.45	to	17.21		500,688		0.80%		11.20%	to	10.87%
2016		0.50%	to	0.80%		30,134		15.69	to	15.52		472,696		0.51%		30.43%	to	30.04%
DFA Investment Dimensions Group Inc. - DFA VA Global Moderate Allocation Portfolio: Institutional Class (DFVGMI)
2020				0.50%		4,754				13.11		62,343		1.93%				10.73%
2019				0.50%		2,480				11.84		29,370		2.35%				17.54%
2018				0.50%		2,498				10.08		25,169		2.41%				-7.36%
DFA Investment Dimensions Group Inc. - VIT Inflation-Protected Securities Portfolio: Institutional Class (DFVIPS)
2020				0.50%		23,554				12.04		283,563		1.14%				11.16%
2019				0.50%		21,935				10.83		237,559		1.62%				7.92%
2018				0.50%		22,021				10.04		220,995		2.15%				-1.83%
2017				0.50%		21,031				10.22		214,986		2.71%				2.75%
2016				0.50%		2,258				9.95		22,463		1.21%				-0.52%	****
Deutsche DWS Variable Series II - DWS Global Income Builder VIP: Class A (DSGIBA)
2020		0.50%	to	0.80%		45,291		14.24	to	14.04		644,591		3.14%		7.74%	to	7.41%
2019		0.50%	to	0.80%		43,136		13.21	to	13.07		569,890		1.59%		19.57%	to	19.21%
2018		0.50%	to	0.80%		10,462		11.05	to	10.96		115,579		5.36%		-8.13%	to	-8.40%
2017		0.50%	to	0.80%		11,558		12.03	to	11.97		139,024		2.53%		15.96%	to	15.61%
2016		0.50%	to	0.80%		860		10.37	to	10.35		8,917		0.00%		3.73%	to	3.53%	****
Federated Hermes Insurance Series - Federated Hermes Quality Bond Fund II: Primary Shares (FQB)
2020		0.00%	to	1.00%		86,638		23.49	to	19.49		1,768,411		2.65%		8.12%	to	7.04%
2019		0.00%	to	1.00%		52,411		21.73	to	18.21		1,030,607		3.07%		9.44%	to	8.35%
2018		0.00%	to	1.00%		56,401		19.85	to	16.80		1,020,724		3.28%		-0.59%	to	-1.59%
2017		0.00%	to	1.00%		61,307		19.97	to	17.08		1,117,231		3.34%		4.04%	to	3.00%
2016		0.00%	to	1.00%		63,907		19.20	to	16.58		1,124,378		3.69%		3.82%	to	2.79%
Federated Hermes Insurance Series - Federated Hermes Managed Volatility Fund II: Primary Shares (FVU2)
2020		0.50%	to	0.80%		7,410		10.92	to	10.84		80,927		2.50%		0.43%	to	0.13%
2019		0.50%	to	0.80%		5,959		10.88	to	10.83		64,793		2.01%		19.63%	to	19.27%
2018		0.50%	to	0.80%		5,622		9.09	to	9.08		51,110		0.00%		-9.09%	to	-9.19%	****
Fidelity Variable Insurance Products Fund - VIP Asset Manager Portfolio: Initial Class (FAMP)
2020		0.00%	to	1.00%		186,706		49.02	to	23.57		10,841,616		1.50%		14.87%	to	13.73%
2019		0.00%	to	1.00%		209,936		42.68	to	20.73		10,221,231		1.77%		18.25%	to	17.07%
2018		0.00%	to	1.00%		224,776		36.09	to	17.71		9,333,955		1.64%		-5.35%	to	-6.30%
2017		0.00%	to	1.00%		250,426		38.13	to	18.90		10,927,217		1.86%		14.10%	to	12.97%
2016		0.00%	to	1.00%		267,459		33.42	to	16.73		10,302,811		1.43%		3.07%	to	2.05%
Fidelity Variable Insurance Products Fund - VIP Contrafund(R) Portfolio: Service Class (FCS)
2020		0.50%	to	0.80%		74,520		14.38	to	14.31		1,071,307		0.14%		29.78%	to	29.39%
2019		0.50%	to	0.80%		2,386		11.08	to	11.06		26,431		0.21%		10.79%	to	10.57%	****
Fidelity Variable Insurance Products Fund - VIP Equity-Income Portfolio: Initial Class (FEIP)
2020		0.00%	to	1.00%		360,367		59.69	to	28.50		38,760,705		1.83%		6.69%	to	5.63%
2019		0.00%	to	1.00%		390,019		55.95	to	26.98		38,852,436		2.01%		27.44%	to	26.18%
2018		0.00%	to	1.00%		417,741		43.90	to	21.38		32,915,190		2.21%		-8.29%	to	-9.21%
2017		0.00%	to	1.00%		466,480		47.87	to	23.55		39,887,139		1.68%		12.89%	to	11.77%
2016		0.00%	to	1.00%		539,019		42.40	to	21.07		39,326,384		2.28%		18.02%	to	16.85%
Fidelity Variable Insurance Products - Emerging Markets Portfolio - Service Class (FEMS)
2020		0.50%	to	0.80%		23,496		13.94	to	13.83		327,548		0.96%		30.52%	to	30.13%
2019		0.50%	to	0.80%		18,993		10.68	to	10.63		202,855		1.62%		28.66%	to	28.27%
2018		0.50%	to	0.80%		15,018		8.30	to	8.29		124,677		0.99%		-16.98%	to	-17.15%	****
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2010 Portfolio: Service Class (FF10S)
2020		0.50%	to	0.80%		18,901		24.42	to	23.30		460,195		1.25%		11.83%	to	11.50%
2019		0.50%	to	0.80%		18,832		21.83	to	20.89		410,033		2.01%		15.42%	to	15.07%
2018		0.50%	to	0.80%		20,411		18.92	to	18.16		385,171		1.53%		-4.59%	to	-4.87%
2017		0.50%	to	0.80%		21,611		19.83	to	19.09		427,518		1.44%		12.43%	to	12.09%
2016		0.50%	to	0.80%		22,599		17.63	to	17.03		397,112		1.40%		4.75%	to	4.44%
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2020 Portfolio: Service Class (FF20S)
2020		0.00%	to	0.80%		41,470		29.45	to	25.98		1,124,341		1.16%		14.92%	to	14.00%
2019		0.00%	to	0.80%		47,862		25.63	to	22.79		1,138,515		2.03%		20.01%	to	19.05%
2018		0.00%	to	0.80%		53,908		21.36	to	19.15		1,073,818		1.24%		-5.98%	to	-6.73%
2017		0.00%	to	0.80%		69,681		22.72	to	20.53		1,483,298		1.40%		16.47%	to	15.55%
2016		0.00%	to	0.80%		75,093		19.50	to	17.77		1,377,594		1.54%		6.04%	to	5.20%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - Fidelity VIP Freedom Fund 2030 Portfolio: Service Class (FF30S)
2020		0.00%	to	0.80%		49,877		33.05	to	29.16		1,514,647		1.17%		16.76%	to	15.83%
2019		0.00%	to	0.80%		49,805		28.31	to	25.18		1,303,811		1.81%		24.37%	to	23.38%
2018		0.00%	to	0.80%		53,527		22.76	to	20.40		1,133,726		1.22%		-7.88%	to	-8.62%
2017		0.00%	to	0.80%		59,078		24.71	to	22.33		1,363,847		1.31%		20.82%	to	19.86%
2016		0.00%	to	0.80%		59,883		20.45	to	18.63		1,148,392		1.37%		6.52%	to	5.67%
Fidelity Variable Insurance Products Fund - VIP Growth Portfolio: Initial Class (FGP)
2020		0.00%	to	1.30%		542,351		103.25	to	172.01		102,416,203		0.07%		43.89%	to	42.04%
2019		0.00%	to	1.30%		691,597		71.75	to	121.10		79,192,941		0.26%		34.31%	to	32.58%
2018		0.00%	to	1.30%		692,945		53.42	to	91.34		62,516,565		0.24%		-0.17%	to	-1.47%
2017		0.00%	to	1.30%		755,698		53.51	to	92.70		68,542,895		0.22%		35.13%	to	33.39%
2016		0.00%	to	1.30%		811,760		39.60	to	69.49		55,021,457		0.04%		0.80%	to	-0.50%
Fidelity Variable Insurance Products Fund - VIP High Income Portfolio: Initial Class (FHIP)
2020		0.00%	to	1.00%		132,097		32.33	to	22.17		7,322,290		5.01%		2.75%	to	1.72%
2019		0.00%	to	1.00%		141,469		31.47	to	21.79		7,595,846		5.15%		15.11%	to	13.96%
2018		0.00%	to	1.00%		149,247		27.34	to	19.12		7,020,295		5.40%		-3.29%	to	-4.25%
2017		0.00%	to	1.00%		185,066		28.26	to	19.97		8,410,523		5.07%		6.93%	to	5.87%
2016		0.00%	to	1.00%		224,220		26.43	to	18.86		9,126,380		5.33%		14.61%	to	13.47%
Fidelity Variable Insurance Products Fund - VIP Investment Grade Bond Portfolio: Service Class (FIGBS)
2020		0.00%	to	0.80%		137,001		21.56	to	18.72		2,732,831		2.22%		9.25%	to	8.38%
2019		0.00%	to	0.80%		120,310		19.74	to	17.27		2,209,131		2.65%		9.58%	to	8.71%
2018		0.00%	to	0.80%		120,824		18.01	to	15.89		2,032,129		2.41%		-0.63%	to	-1.43%
2017		0.00%	to	0.80%		124,747		18.13	to	16.12		2,118,770		2.35%		4.16%	to	3.33%
2016		0.00%	to	0.80%		128,902		17.40	to	15.60		2,108,236		2.33%		4.63%	to	3.80%
Fidelity Variable Insurance Products Fund - VIP Mid Cap Portfolio: Service Class (FMCS)
2020		0.00%	to	0.80%		94,515		72.21	to	62.69		6,255,516		0.56%		18.04%	to	17.10%
2019		0.00%	to	0.80%		104,795		61.18	to	53.54		5,901,648		0.79%		23.35%	to	22.37%
2018		0.00%	to	0.80%		119,729		49.60	to	43.75		5,491,090		0.55%		-14.64%	to	-15.32%
2017		0.00%	to	0.80%		131,865		58.10	to	51.67		7,125,231		0.61%		20.70%	to	19.74%
2016		0.00%	to	0.80%		147,825		48.14	to	43.15		6,647,729		0.41%		12.11%	to	11.22%
Fidelity Variable Insurance Products Fund - VIP Energy Portfolio: Service Class 2 (FNRS2)
2020		0.00%	to	0.80%		64,509		11.29	to	9.96		675,050		2.59%		-32.88%	to	-33.42%
2019		0.00%	to	0.80%		65,125		16.82	to	14.96		1,019,156		1.74%		9.82%	to	8.95%
2018		0.00%	to	0.80%		71,950		15.32	to	13.73		1,029,082		0.69%		-24.77%	to	-25.37%
2017		0.00%	to	0.80%		73,490		20.36	to	18.39		1,402,787		1.35%		-2.78%	to	-3.55%
2016		0.00%	to	0.80%		89,056		20.94	to	19.07		1,756,109		0.48%		33.51%	to	32.45%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Initial Class (FOP)
2020		0.00%	to	1.00%		105,502		40.66	to	19.71		4,748,629		0.44%		15.61%	to	14.46%
2019		0.00%	to	1.00%		113,238		35.17	to	17.22		4,462,671		1.72%		27.77%	to	26.49%
2018		0.00%	to	1.00%		125,498		27.53	to	13.61		3,824,361		1.47%		-14.81%	to	-15.66%
2017		0.00%	to	1.00%		148,395		32.31	to	16.14		5,238,100		1.41%		30.28%	to	28.99%
2016		0.00%	to	1.00%		160,556		24.80	to	12.51		4,407,674		1.38%		-5.06%	to	-6.00%
Fidelity Variable Insurance Products Fund - VIP Overseas Portfolio: Service Class (FOS)
2020		0.00%	to	0.80%		343,121		14.65	to	14.00		4,878,974		0.36%		15.49%	to	14.57%
2019		0.00%	to	0.80%		347,031		12.68	to	12.22		4,294,084		1.71%		27.67%	to	26.66%
2018		0.00%	to	0.80%		336,116		9.93	to	9.65		3,274,448		1.45%		-14.88%	to	-15.57%
2017		0.00%	to	0.80%		362,521		11.67	to	11.43		4,171,244		1.34%		30.10%	to	29.07%
2016		0.00%	to	0.80%		373,222		8.97	to	8.85		3,318,292		1.32%		-5.12%	to	-5.88%
Fidelity Variable Insurance Products Fund - VIP Real Estate Portfolio: Service Class (FRESS)
2020		0.50%	to	0.80%		6,354		10.89	to	10.77		69,169		2.96%		-7.07%	to	-7.35%
2019		0.50%	to	0.80%		4,895		11.72	to	11.63		57,303		3.44%		22.47%	to	22.10%
2018				0.50%		1,385				9.57		13,252		3.54%				-6.78%
2017				0.50%		1,224				10.26		12,563		1.65%				2.64%	****

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Fidelity Variable Insurance Products Fund - VIP Value Strategies Portfolio: Service Class (FVSS)
2020		0.00%	to	1.00%		22,769		40.47	to	33.58		823,207		1.24%		8.18%	to	7.10%
2019		0.00%	to	1.00%		20,422		37.41	to	31.35		688,068		1.58%		34.29%	to	32.96%
2018		0.00%	to	1.00%		21,138		27.86	to	23.58		533,154		0.86%		-17.33%	to	-18.16%
2017		0.00%	to	1.00%		28,520		33.70	to	28.81		890,352		1.40%		19.21%	to	18.03%
2016		0.00%	to	1.00%		31,103		28.27	to	24.41		818,990		1.01%		9.48%	to	8.39%
Franklin Templeton Variable Insurance Products Trust - Templeton Developing Markets VIP Fund: Class 2 (FTVDM2)
2020		0.00%	to	0.80%		37,053		15.63	to	14.82		560,461		4.04%		17.18%	to	16.25%
2019		0.00%	to	0.80%		55,113		13.34	to	12.74		714,807		1.03%		26.70%	to	25.69%
2018		0.00%	to	0.80%		60,005		10.53	to	10.14		617,248		0.81%		-15.79%	to	-16.47%
2017		0.00%	to	0.80%		88,911		12.50	to	12.14		1,091,614		0.98%		40.41%	to	39.29%
2016		0.00%	to	0.80%		79,668		8.90	to	8.71		700,074		0.84%		17.44%	to	16.51%
Franklin Templeton Variable Insurance Products Trust - Franklin Allocation VIP Fund: Class 2 (FTVFA2)
2020		0.50%	to	0.80%		11,163		18.65	to	17.96		207,223		1.45%		11.19%	to	10.85%
2019		0.00%	to	0.80%		12,621		17.79	to	16.20		211,274		3.58%		19.86%	to	18.90%
2018		0.00%	to	0.80%		13,925		14.84	to	13.62		195,650		2.88%		-9.65%	to	-10.37%
2017		0.00%	to	0.80%		19,685		16.42	to	15.20		308,731		2.66%		11.98%	to	11.09%
2016		0.00%	to	0.80%		20,348		14.67	to	13.68		286,346		3.82%		13.18%	to	12.28%
Franklin Templeton Variable Insurance Products Trust - Templeton Global Bond VIP Fund: Class 2 (FTVGI2)
2020		0.00%	to	0.80%		120,198		9.97	to	9.46		1,162,446		8.56%		-5.28%	to	-6.04%
2019		0.00%	to	0.80%		173,186		10.53	to	10.06		1,774,820		7.25%		2.01%	to	1.20%
2018		0.00%	to	0.80%		197,270		10.32	to	9.94		1,992,180		0.00%		1.94%	to	1.12%
2017		0.00%	to	0.80%		209,021		10.13	to	9.83		2,081,175		0.00%		1.93%	to	1.12%
2016		0.00%	to	0.80%		209,199		9.94	to	9.73		2,052,183		0.00%		2.94%	to	2.12%
Franklin Templeton Variable Insurance Products Trust - Franklin Income VIP Fund: Class 2 (FTVIS2)
2020		0.00%	to	0.80%		60,300		22.35	to	19.88		1,251,363		6.02%		0.69%	to	-0.11%
2019		0.00%	to	0.80%		66,232		22.20	to	19.90		1,374,053		5.42%		16.06%	to	15.13%
2018		0.00%	to	0.80%		68,998		19.13	to	17.28		1,239,061		4.82%		-4.30%	to	-5.07%
2017		0.00%	to	0.80%		80,926		19.99	to	18.21		1,530,849		4.10%		9.67%	to	8.80%
2016		0.00%	to	0.80%		82,298		18.22	to	16.73		1,426,153		4.97%		14.02%	to	13.12%
Franklin Templeton Variable Insurance Products Trust - Franklin Rising Dividends VIP Fund: Class 1 (FTVRDI)
2020		0.00%	to	0.80%		86,192		55.63	to	48.30		4,414,007		1.49%		16.23%	to	15.30%
2019		0.00%	to	0.80%		98,970		47.86	to	41.89		4,383,042		1.46%		29.58%	to	28.55%
2018		0.00%	to	0.80%		112,291		36.94	to	32.59		3,853,727		1.44%		-4.84%	to	-5.60%
2017		0.00%	to	0.80%		122,690		38.82	to	34.52		4,441,962		1.73%		20.85%	to	19.89%
2016		0.00%	to	0.80%		136,583		32.12	to	28.79		4,106,225		1.46%		16.33%	to	15.40%
Franklin Templeton Variable Insurance Products Trust - Franklin Small Cap Value VIP Fund: Class 1 (FTVSVI)
2020		0.00%	to	0.80%		45,146		57.30	to	49.75		2,373,580		1.72%		5.41%	to	4.57%
2019		0.00%	to	0.80%		46,596		54.36	to	47.57		2,334,779		1.30%		26.72%	to	25.72%
2018		0.00%	to	0.80%		56,071		42.90	to	37.84		2,227,020		1.13%		-12.69%	to	-13.39%
2017		0.00%	to	0.80%		61,407		49.13	to	43.69		2,806,943		0.72%		10.92%	to	10.03%
2016		0.00%	to	0.80%		66,556		44.29	to	39.71		2,756,142		1.05%		30.54%	to	29.50%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 1 (TIF)
2020		0.00%	to	0.80%		1,555		28.53	to	24.77		40,880		3.59%		-0.92%	to	-1.71%
2019		0.00%	to	0.80%		1,613		28.80	to	25.20		43,011		2.05%		12.84%	to	11.94%
2018		0.00%	to	0.80%		2,128		25.52	to	22.51		50,444		2.91%		-15.27%	to	-15.95%
2017		0.00%	to	0.80%		2,267		30.12	to	26.78		63,707		2.88%		17.02%	to	16.09%
2016		0.00%	to	0.80%		2,858		25.74	to	23.07		68,905		2.16%		7.49%	to	6.64%
Franklin Templeton Variable Insurance Products Trust - Templeton Foreign VIP Fund: Class 2 (TIF2)
2020		0.00%	to	0.80%		55,282		9.61	to	9.11		515,859		3.33%		-1.16%	to	-1.95%
2019		0.00%	to	0.80%		79,633		9.72	to	9.29		754,210		1.88%		12.53%	to	11.63%
2018		0.00%	to	0.80%		123,707		8.64	to	8.32		1,045,051		2.76%		-15.44%	to	-16.12%
2017		0.00%	to	0.80%		109,184		10.22	to	9.92		1,096,058		2.60%		16.69%	to	15.77%
2016		0.00%	to	0.80%		113,377		8.75	to	8.57		979,882		2.05%		7.18%	to	6.32%
Goldman Sachs Variable Insurance Trust - Goldman Sachs Global Trends Allocation Fund: Service Shares (GVGMNS)
2020		0.50%	to	0.80%		2,962		14.45	to	14.08		42,549		0.28%		3.59%	to	3.28%
2019		0.50%	to	0.80%		3,068		13.94	to	13.63		42,547		1.48%		11.38%	to	11.04%
2018		0.50%	to	0.80%		3,125		12.52	to	12.27		38,931		0.66%		-4.82%	to	-5.10%
2017		0.50%	to	0.80%		3,190		13.15	to	12.93		41,788		0.80%		12.55%	to	12.21%
2016				0.80%		873				11.52		10,061		0.28%				3.51%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Goldman Sachs Variable Insurance Trust - Go ldman Sachs Multi-Strategy Alternatives Portfolio: Service Shares (GVMSAS)
2020				0.50%		625				10.87		6,796		2.91%				6.19%
Guggenheim Variable Fund - Multi-Hedge Strategies (RVARS)
2020		0.50%	to	0.80%		5,688		11.33	to	11.07		64,352		1.34%		6.85%	to	6.53%
2019		0.50%	to	0.80%		6,699		10.60	to	10.39		70,946		2.23%		4.49%	to	4.18%
2018		0.50%	to	0.80%		5,241		10.14	to	9.97		53,117		0.00%		-5.55%	to	-5.84%
2017		0.50%	to	0.80%		13,139		10.74	to	10.59		141,056		0.00%		3.16%	to	2.85%
2016		0.50%	to	0.80%		4,053		10.41	to	10.30		42,171		0.11%		-0.98%	to	-1.27%
Invesco - Invesco V.I. American Franchise Fund: Series I Shares (ACEG)
2020		0.00%	to	0.80%		11,929		38.01	to	35.47		437,403		0.08%		42.35%	to	41.22%
2019		0.00%	to	0.80%		9,418		26.70	to	25.11		243,820		0.00%		36.76%	to	35.67%
2018		0.00%	to	0.80%		10,144		19.53	to	18.51		192,604		0.00%		-3.62%	to	-4.40%
2017		0.00%	to	0.80%		5,178		20.26	to	19.36		103,592		0.14%		27.34%	to	26.33%
2016		0.00%	to	0.80%		5,163		15.91	to	15.33		81,470		0.00%		2.27%	to	1.46%
Invesco - Invesco V.I. Value Opportunities Fund: Series I Shares (AVBVI)
2020				0.00%		173				30.50		5,276		0.42%				5.46%
2019				0.00%		147				28.92		4,251		0.26%				30.61%
2018				0.00%		132				22.14		2,923		0.33%				-19.18%
2017				0.00%		134				27.39		3,671		0.39%				17.44%
2016				0.00%		177				23.33		4,129		0.39%				18.34%
Invesco - Invesco V.I. Mid Cap Core Equity Fund: Series I Shares (AVMCCI)
2020		0.50%	to	0.80%		1,724		19.67	to	19.17		33,786		0.96%		8.70%	to	8.38%
2019		0.50%	to	0.80%		130		18.10	to	17.68		2,316		0.50%		24.65%	to	24.28%
2018		0.50%	to	0.80%		139		14.52	to	14.23		1,992		0.07%		-11.80%	to	-12.06%
2017		0.50%	to	0.80%		1,815		16.46	to	16.18		29,862		0.91%		14.35%	to	14.01%
2016		0.50%				61		14.39				878		0.08%		12.87%
Invesco Variable Insurance Funds - Invesco V.I. Balanced-Risk Allocation Fund: Series I Shares (IVBRA1)
2020		0.50%	to	0.80%		25,632		13.98	to	13.70		358,140		8.11%		9.68%	to	9.35%
2019		0.50%	to	0.80%		25,929		12.74	to	12.53		330,162		0.00%		14.63%	to	14.29%
2018		0.50%	to	0.80%		26,687		11.12	to	10.96		296,454		2.31%		-6.93%	to	-7.21%
2017		0.50%	to	0.80%		12,123		11.94	to	11.81		144,625		3.66%		9.61%	to	9.28%
2016		0.50%	to	0.80%		14,594		10.90	to	10.81		158,770		0.45%		11.08%	to	10.75%
Invesco Oppenheimer V.I. Discovery Mid Cap Growth Fund: Series I (OVAG)
2020		0.00%	to	1.00%		122,828		27.10	to	19.51		2,837,052		0.03%		40.69%	to	39.29%
2019		0.00%	to	1.00%		85,026		19.26	to	14.01		1,424,032		0.00%		39.36%	to	37.98%
2018		0.00%	to	1.00%		93,540		13.82	to	10.15		1,138,703		0.00%		-6.08%	to	-7.02%
2017		0.00%	to	1.00%		91,278		14.71	to	10.92		1,186,405		0.03%		28.79%	to	27.51%
2016		0.00%	to	1.00%		97,383		11.43	to	8.56		984,863		0.00%		2.33%	to	1.32%
Invesco Oppenheimer V.I. Total Return Bond Fund: Series I (OVB)
2020		0.00%	to	1.00%		160,414		23.94	to	15.39		3,792,250		3.07%		9.71%	to	8.62%
2019		0.00%	to	1.00%		117,060		21.82	to	14.17		2,974,342		3.32%		9.53%	to	8.44%
2018		0.00%	to	1.00%		118,667		19.92	to	13.07		2,824,062		3.36%		-1.02%	to	-2.01%
2017		0.00%	to	1.00%		132,233		20.13	to	13.34		3,124,196		2.42%		4.59%	to	3.55%
2016		0.00%	to	1.00%		146,333		19.24	to	12.88		3,274,735		3.70%		3.27%	to	2.25%
Invesco Oppenheimer V.I. Main Street Fund: Series I (OVGI)
2020		0.00%	to	1.00%		33,220		34.06	to	27.68		1,031,634		1.42%		13.94%	to	12.81%
2019		0.00%	to	1.00%		45,429		29.89	to	24.54		1,239,435		1.11%		32.08%	to	30.77%
2018		0.00%	to	1.00%		53,848		22.63	to	18.77		1,115,884		1.17%		-7.89%	to	-8.81%
2017		0.00%	to	1.00%		72,191		24.57	to	20.58		1,652,637		1.21%		16.91%	to	15.75%
2016		0.00%	to	1.00%		80,670		21.01	to	17.78		1,580,634		1.01%		11.62%	to	10.51%
Invesco Oppenheimer V.I. Global Fund: Series I (OVGS)
2020		0.00%	to	1.00%		218,105		122.68	to	38.36		25,860,518		0.70%		27.64%	to	26.37%
2019		0.00%	to	1.00%		236,817		96.12	to	30.35		22,159,620		0.90%		31.79%	to	30.48%
2018		0.00%	to	1.00%		264,280		72.93	to	23.26		18,752,400		1.00%		-13.18%	to	-14.05%
2017		0.00%	to	1.00%		290,466		84.00	to	27.07		24,050,959		0.93%		36.66%	to	35.31%
2016		0.00%	to	1.00%		313,241		61.47	to	20.00		19,016,144		1.06%		0.08%	to	-0.91%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Invesco Oppenheimer V.I. International Growth Fund: Series I (OVIG)
2020		0.50%	to	0.80%		24,708		14.17	to	13.89		349,834		0.88%		20.90%	to	20.53%
2019		0.50%	to	0.80%		18,080		11.72	to	11.52		211,792		1.02%		27.96%	to	27.58%
2018		0.50%	to	0.80%		22,342		9.16	to	9.03		204,562		0.90%		-19.82%	to	-20.06%
2017		0.50%	to	0.80%		18,772		11.43	to	11.30		214,379		1.84%		25.66%	to	25.29%
2016		0.50%	to	0.80%		6,824		9.09	to	9.02		62,019		0.62%		-2.60%	to	-2.90%
Invesco Oppenheimer V.I. Conservative Balanced Fund: Series I (OVMS)
2020		0.00%	to	1.30%		108,134		39.25	to	49.12		5,501,163		2.11%		14.86%	to	13.37%
2019		0.00%	to	1.30%		114,742		34.17	to	43.32		5,066,362		2.24%		17.51%	to	16.00%
2018		0.00%	to	1.30%		122,805		29.08	to	37.35		4,653,232		1.98%		-5.32%	to	-6.55%
2017		0.00%	to	1.00%		132,312		30.71	to	15.80		5,283,507		1.97%		9.25%	to	8.17%
2016		0.00%	to	1.00%		145,587		28.11	to	14.60		5,351,911		2.37%		5.26%	to	4.21%
Invesco Oppenheimer V.I. Global Strategic Income Fund: Series I (OVSB)
2020		0.00%	to	0.80%		14,219		12.67	to	11.87		173,421		5.82%		3.40%	to	2.58%
2019		0.00%	to	0.80%		15,689		12.25	to	11.57		186,600		3.80%		10.80%	to	9.92%
2018		0.00%	to	0.80%		16,659		11.06	to	10.53		179,465		5.67%		-4.40%	to	-5.16%
2017		0.00%	to	0.80%		23,200		11.57	to	11.10		262,223		2.19%		6.27%	to	5.43%
2016		0.00%	to	0.80%		18,016		10.89	to	10.53		192,234		4.94%		6.53%	to	5.69%
Invesco Oppenheimer V.I. Main Street Small Cap Fund: Series I (OVSC)
2020		0.00%	to	0.80%		16,144		68.39	to	59.38		1,009,832		0.61%		19.93%	to	18.97%
2019		0.00%	to	0.80%		20,008		57.03	to	49.91		1,048,740		0.21%		26.47%	to	25.46%
2018		0.00%	to	0.80%		22,444		45.09	to	39.78		934,528		0.30%		-10.32%	to	-11.04%
2017		0.00%	to	0.80%		26,975		50.28	to	44.72		1,269,227		0.77%		14.16%	to	13.25%
2016		0.00%	to	0.80%		36,886		44.05	to	39.49		1,522,817		0.56%		18.05%	to	17.11%
Ivy Variable Insurance Portfolios - Asset Strategy: Class II (WRASP)
2020		0.00%	to	0.80%		47,675		23.61	to	21.51		1,056,409		2.06%		13.88%	to	12.97%
2019		0.00%	to	0.80%		63,120		20.73	to	19.04		1,236,186		1.98%		21.78%	to	20.81%
2018		0.00%	to	0.80%		72,688		17.03	to	15.76		1,178,222		1.70%		-5.44%	to	-6.20%
2017		0.00%	to	0.80%		94,497		18.00	to	16.80		1,627,345		1.49%		18.27%	to	17.33%
2016		0.00%	to	0.80%		121,332		15.22	to	14.32		1,776,643		0.58%		-2.57%	to	-3.34%
Ivy Variable Insurance Portfolios - High Income: Class II (WRHIP)
2020		0.50%	to	0.80%		31,725		15.73	to	15.33		498,059		7.52%		5.50%	to	5.18%
2019		0.50%	to	0.80%		32,369		14.91	to	14.57		481,667		8.39%		10.64%	to	10.31%
2018		0.50%	to	0.80%		76,352		13.48	to	13.21		1,028,174		6.65%		-2.61%	to	-2.90%
2017		0.50%	to	0.80%		45,132		13.84	to	13.61		623,617		5.12%		6.15%	to	5.83%
2016		0.50%	to	0.80%		57,879		13.04	to	12.86		753,710		6.45%		15.61%	to	15.26%
Ivy Variable Insurance Portfolios - Mid Cap Growth: Class II (WRMCG)
2020		0.50%	to	0.80%		28,209		35.53	to	34.61		1,000,340		0.00%		48.26%	to	47.82%
2019		0.50%	to	0.80%		22,022		23.96	to	23.42		526,408		0.00%		37.25%	to	36.84%
2018		0.50%	to	0.80%		26,805		17.46	to	17.11		467,039		0.00%		-0.56%	to	-0.86%
2017		0.50%	to	0.80%		23,964		17.56	to	17.26		420,337		0.00%		26.26%	to	25.89%
2016		0.50%	to	0.80%		24,509		13.90	to	13.71		340,508		0.00%		5.59%	to	5.27%
Janus Aspen Series - Janus Henderson Balanced Portfolio: Service Shares (JABS)
2020		0.00%	to	0.80%		53,935		46.09	to	40.01		2,288,378		1.52%		14.03%	to	13.12%
2019		0.00%	to	0.80%		50,033		40.42	to	35.37		1,869,605		1.73%		22.27%	to	21.30%
2018		0.00%	to	0.80%		84,460		33.05	to	29.16		2,590,024		1.65%		0.43%	to	-0.37%
2017		0.00%	to	0.80%		51,867		32.91	to	29.27		1,600,886		1.35%		18.13%	to	17.20%
2016		0.00%	to	0.80%		50,939		27.86	to	24.98		1,331,153		1.77%		4.32%	to	3.49%
Janus Aspen Series - Janus Henderson Forty Portfolio: Service Shares (JACAS)
2020		0.00%	to	1.00%		136,791		50.48	to	42.87		6,282,469		0.17%		39.03%	to	37.65%
2019		0.00%	to	1.00%		148,037		36.31	to	31.14		4,911,284		0.02%		36.85%	to	35.49%
2018		0.00%	to	1.00%		163,732		26.53	to	22.99		3,981,773		1.24%		1.72%	to	0.70%
2017		0.00%	to	1.00%		182,867		26.08	to	22.83		4,402,317		0.00%		29.99%	to	28.71%
2016		0.00%	to	1.00%		208,603		20.06	to	17.74		3,870,367		0.86%		1.94%	to	0.93%
Janus Aspen Series - Janus Henderson Enterprise Portfolio: Institutional Shares (JAEI)
2020		0.50%	to	0.80%		19,633		18.39	to	18.19		360,997		0.07%		18.88%	to	18.52%
2019		0.50%	to	0.80%		20,863		15.47	to	15.35		322,667		0.20%		34.81%	to	34.41%
2018		0.50%	to	0.80%		19,897		11.48	to	11.42		228,314		0.20%		-0.91%	to	-1.21%
2017		0.50%	to	0.80%		28,276		11.58	to	11.56		327,515		0.10%		15.84%	to	15.61%	****

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Janus Aspen Series - Janus Henderson Global Technology and Innovation Portfolio: Service Shares (JAGTS)
2020		0.00%	to	1.00%		189,428		36.26	to	30.92		6,229,070		0.00%		50.73%	to	49.23%
2019		0.00%	to	1.00%		237,118		24.06	to	20.72		5,231,848		0.41%		44.82%	to	43.38%
2018		0.00%	to	1.00%		231,044		16.61	to	14.45		3,535,400		1.11%		0.91%	to	-0.10%
2017		0.00%	to	1.00%		232,997		16.46	to	14.46		3,543,074		0.46%		44.91%	to	43.48%
2016		0.00%	to	1.00%		207,330		11.36	to	10.08		2,195,276		0.09%		13.85%	to	12.72%
Janus Aspen Series - Janus Henderson Overseas Portfolio: Service Shares (JAIGS)
2020		0.00%	to	1.00%		147,441		20.42	to	18.26		2,718,641		1.22%		16.02%	to	14.87%
2019		0.00%	to	1.00%		154,193		17.60	to	15.90		2,460,380		1.84%		26.71%	to	25.45%
2018		0.00%	to	1.00%		162,736		13.89	to	12.67		2,059,773		1.70%		-15.14%	to	-15.99%
2017		0.00%	to	1.00%		225,055		16.37	to	15.09		3,384,935		1.63%		30.80%	to	29.51%
2016		0.00%	to	1.00%		195,510		12.51	to	11.65		2,256,295		4.95%		-6.71%	to	-7.63%
Lord Abbett Series Fund, Inc. - Total Return Portfolio: Class VC (LOVTRC)
2020		0.50%	to	0.80%		14,523		11.77	to	11.60		170,790		2.35%		6.89%	to	6.57%
2019		0.50%	to	0.80%		15,363		11.01	to	10.89		169,036		2.63%		7.87%	to	7.55%
2018		0.50%	to	0.80%		15,033		10.21	to	10.12		153,359		3.39%		-1.52%	to	-1.82%
2017		0.50%	to	0.80%		118,292		10.36	to	10.31		1,225,894		2.50%		3.35%	to	3.04%
2016		0.50%	to	0.80%		112,746		10.03	to	10.01		1,130,586		2.61%		0.28%	to	0.08%	****
MFS(R) Variable Insurance Trust - MFS New Discovery Series: Initial Class (MNDIC)
2020		0.50%	to	0.80%		22,300		35.85	to	34.93		798,296		0.00%		45.16%	to	44.73%
2019		0.50%	to	0.80%		14,108		24.70	to	24.14		347,577		0.00%		40.99%	to	40.57%
2018		0.50%	to	0.80%		10,971		17.52	to	17.17		191,599		0.00%		-1.97%	to	-2.27%
2017		0.50%	to	0.80%		6,868		17.87	to	17.57		122,166		0.00%		26.03%	to	25.65%
2016		0.50%	to	0.80%		7,478		14.18	to	13.98		105,666		0.00%		8.51%	to	8.18%
MFS(R) Variable Insurance Trust II - MFS Massachusetts Investors Growth Stock Portfolio: Initial Class (MV2IGI)
2020		0.00%	to	0.80%		15,971		23.22	to	22.17		364,983		0.46%		22.53%	to	21.55%
2019		0.00%	to	0.80%		23,834		18.95	to	18.24		445,089		0.62%		39.95%	to	38.84%
2018		0.00%	to	0.80%		12,541		13.54	to	13.14		166,510		0.50%		0.81%	to	0.00%
2017		0.00%	to	0.80%		15,791		13.43	to	13.14		209,109		0.62%		28.42%	to	27.41%
2016		0.00%	to	0.80%		17,163		10.46	to	10.31		177,849		0.56%		6.08%	to	5.23%
MFS(R) Variable Insurance Trust - MFS Value Series: Initial Class (MVFIC)
2020		0.00%	to	0.80%		69,661		51.20	to	44.45		3,285,059		1.57%		3.48%	to	2.65%
2019		0.00%	to	0.80%		79,839		49.48	to	43.30		3,662,631		2.14%		29.80%	to	28.77%
2018		0.00%	to	0.80%		84,027		38.12	to	33.63		2,982,060		1.51%		-10.09%	to	-10.81%
2017		0.00%	to	0.80%		92,663		42.40	to	37.70		3,670,156		1.93%		17.65%	to	16.72%
2016		0.00%	to	0.80%		91,711		36.04	to	32.30		3,099,974		2.28%		14.09%	to	13.18%
MFS(R) Variable Insurance Trust II - MFS International Growth Portfolio: Initial Class (MVIGIC)
2020		0.50%	to	0.80%		11,825		12.59	to	12.53		148,914		1.46%		15.26%	to	14.91%	****
Morgan Stanley Variable Insurance Fund, Inc. - Emerging Markets Debt Portfolio: Class I (MSEM)
2020		0.00%	to	1.00%		13,742		44.30	to	35.87		538,174		4.35%		5.55%	to	4.49%
2019		0.00%	to	1.00%		15,880		41.97	to	34.32		592,004		5.41%		14.25%	to	13.12%
2018		0.00%	to	1.00%		17,769		36.73	to	30.34		584,539		5.47%		-6.94%	to	-7.88%
2017		0.00%	to	1.00%		21,088		39.47	to	32.94		750,900		5.31%		9.71%	to	8.62%
2016		0.00%	to	1.00%		24,876		35.98	to	30.32		807,405		5.09%		10.55%	to	9.46%
Morgan Stanley Variable Insurance Fund, Inc. - Core Plus Fixed Income Portfolio: Class I (MSVFI)
2020		0.00%	to	0.80%		29,587		21.24	to	18.44		579,360		2.72%		7.80%	to	6.94%
2019		0.00%	to	0.80%		16,136		19.70	to	17.24		296,369		4.41%		10.88%	to	10.00%
2018		0.00%	to	0.80%		19,713		17.77	to	15.67		327,173		2.50%		-0.65%	to	-1.45%
2017		0.00%	to	0.80%		19,226		17.88	to	15.90		322,748		3.14%		6.24%	to	5.40%
2016		0.00%	to	0.80%		19,559		16.83	to	15.09		310,364		2.00%		6.11%	to	5.27%
Morgan Stanley Variable Insurance Fund, Inc. - U.S. Real Estate Portfolio: Class I (MSVRE)
2020		0.00%	to	1.00%		12,611		85.97	to	39.65		671,125		2.75%		-16.85%	to	-17.68%
2019		0.00%	to	1.00%		13,946		103.40	to	48.16		882,748		1.88%		18.94%	to	17.76%
2018		0.00%	to	1.00%		14,887		86.94	to	40.90		812,929		2.76%		-7.71%	to	-8.64%
2017		0.00%	to	1.00%		15,331		94.20	to	44.77		928,139		1.65%		3.11%	to	2.09%
2016		0.00%	to	1.00%		24,409		91.36	to	43.85		1,306,761		1.28%		6.81%	to	5.75%
Nationwide Variable Insurance Trust - DoubleLine NVIT Total Return Tactical Fund: Class II (DTRTFB)
2020				0.50%		1,164				11.11		12,933		2.23%				3.22%
2019				0.50%		1,257				10.76		13,530		2.20%				6.05%
2018				0.50%		204				10.15		2,070		2.69%				1.49%	****

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - BlackRock NVIT Equity Dividend Fund: Class I (EIF)
2020		0.00%	to	0.80%		26,048		45.08	to	39.14		1,073,336		1.75%		3.63%	to	2.80%
2019		0.00%	to	0.80%		28,410		43.50	to	38.07		1,135,328		2.33%		27.31%	to	26.30%
2018		0.00%	to	0.80%		21,230		34.17	to	30.14		668,572		1.75%		-7.26%	to	-8.00%
2017		0.00%	to	0.80%		23,350		36.84	to	32.76		797,191		3.06%		18.00%	to	17.06%
2016		0.00%	to	0.80%		24,904		31.22	to	27.99		724,027		2.66%		17.89%	to	16.95%
Nationwide Variable Insurance Trust - NVIT Government Bond Fund: Class I (GBF)
2020		0.00%	to	1.00%		124,840		29.90	to	18.30		4,754,605		2.05%		6.08%	to	5.03%
2019		0.00%	to	1.00%		133,508		28.19	to	17.42		4,786,268		2.28%		6.27%	to	5.21%
2018		0.00%	to	1.00%		146,016		26.52	to	16.56		4,897,706		2.17%		-0.05%	to	-1.05%
2017		0.00%	to	1.00%		152,318		26.54	to	16.73		5,131,497		2.09%		2.08%	to	1.07%
2016		0.00%	to	1.00%		162,381		25.99	to	16.56		5,391,995		1.91%		0.74%	to	-0.26%
Nationwide Variable Insurance Trust - NVIT Emerging Markets Fund: Class I (GEM)
2020		0.00%	to	1.00%		41,039		37.72	to	30.34		1,408,030		1.93%		13.30%	to	12.17%
2019		0.00%	to	1.00%		49,822		33.29	to	27.05		1,512,962		2.47%		22.95%	to	21.72%
2018		0.00%	to	1.00%		50,732		27.08	to	22.22		1,258,035		0.61%		-17.42%	to	-18.24%
2017		0.00%	to	1.00%		68,842		32.79	to	27.18		2,073,082		1.36%		41.50%	to	40.10%
2016		0.00%	to	1.00%		91,423		23.17	to	19.40		1,932,364		0.80%		7.72%	to	6.65%
Nationwide Variable Insurance Trust - NVIT International Equity Fund: Class I (GIG)
2020		0.00%	to	1.00%		170,262		22.69	to	18.63		3,511,530		1.19%		7.95%	to	6.87%
2019		0.00%	to	1.00%		188,940		21.02	to	17.43		3,624,651		2.59%		19.12%	to	17.94%
2018		0.00%	to	1.00%		203,895		17.65	to	14.78		3,299,264		2.01%		-14.53%	to	-15.39%
2017		0.00%	to	1.00%		215,863		20.65	to	17.47		4,102,288		1.71%		27.45%	to	26.19%
2016		0.00%	to	1.00%		224,251		16.20	to	13.84		3,355,953		2.13%		0.87%	to	-0.13%
Nationwide Variable Insurance Trust - American Funds NVIT Asset Allocation Fund: Class II (GVAAA2)
2020		0.00%	to	0.80%		168,891		26.94	to	23.96		4,230,284		1.50%		12.00%	to	11.10%
2019		0.00%	to	0.80%		185,066		24.06	to	21.56		4,159,073		1.65%		20.78%	to	19.82%
2018		0.00%	to	0.80%		163,892		19.92	to	18.00		3,065,006		1.19%		-4.98%	to	-5.74%
2017		0.00%	to	0.80%		167,513		20.96	to	19.09		3,314,114		1.11%		15.79%	to	14.87%
2016		0.00%	to	0.80%		155,432		18.10	to	16.62		2,667,662		1.82%		9.00%	to	8.13%
Nationwide Variable Insurance Trust - American Funds NVIT Bond Fund: Class II (GVABD2)
2020		0.00%	to	0.80%		25,959		16.42	to	14.61		394,742		2.09%		9.21%	to	8.34%
2019		0.00%	to	0.80%		32,339		15.04	to	13.48		452,882		1.86%		8.98%	to	8.11%
2018		0.00%	to	0.80%		34,288		13.80	to	12.47		442,764		2.35%		-1.07%	to	-1.87%
2017		0.00%	to	0.80%		36,204		13.95	to	12.71		475,057		1.25%		3.21%	to	2.39%
2016		0.00%	to	0.80%		34,254		13.52	to	12.41		437,719		2.37%		2.65%	to	1.83%
Nationwide Variable Insurance Trust - American Funds NVIT Global Growth Fund: Class II (GVAGG2)
2020		0.00%	to	0.80%		74,600		38.57	to	34.30		2,677,922		0.64%		29.93%	to	28.89%
2019		0.00%	to	0.80%		77,750		29.68	to	26.61		2,156,670		0.66%		34.78%	to	33.70%
2018		0.00%	to	0.80%		80,664		22.02	to	19.90		1,667,398		0.23%		-9.42%	to	-10.15%
2017		0.00%	to	0.80%		83,933		24.32	to	22.15		1,926,332		0.75%		30.97%	to	29.93%
2016		0.00%	to	0.80%		85,535		18.57	to	17.05		1,506,034		1.48%		0.19%	to	-0.61%
Nationwide Variable Insurance Trust - American Funds NVIT Growth-Income Fund: Class II (GVAGI2)
2020		0.00%	to	0.80%		32,579		28.37	to	25.43		864,323		1.64%		13.08%	to	12.18%
2019		0.00%	to	0.80%		33,175		25.09	to	22.67		781,595		1.32%		25.67%	to	24.67%
2018		0.00%	to	0.80%		35,466		19.96	to	18.18		667,703		1.01%		-2.18%	to	-2.97%
2017		0.00%	to	0.80%		41,029		20.41	to	18.74		793,352		1.43%		21.93%	to	20.96%
2016		0.00%	to	0.80%		39,316		16.74	to	15.49		626,938		1.07%		11.09%	to	10.20%
Nationwide Variable Insurance Trust - American Funds NVIT Growth Fund: Class II (GVAGR2)
2020		0.00%	to	0.80%		81,590		48.38	to	43.02		3,680,981		0.70%		51.49%	to	50.29%
2019		0.00%	to	0.80%		90,459		31.93	to	28.63		2,705,011		0.35%		30.29%	to	29.25%
2018		0.00%	to	0.80%		92,483		24.51	to	22.15		2,131,372		0.31%		-0.66%	to	-1.45%
2017		0.00%	to	0.80%		105,299		24.67	to	22.48		2,453,066		0.32%		27.80%	to	26.78%
2016		0.00%	to	0.80%		106,152		19.31	to	17.73		1,944,191		0.22%		9.06%	to	8.20%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Aggressive Fund: Class II (GVDMA)
2020		0.00%	to	1.00%		177,165		35.08	to	29.03		5,659,980		0.22%		12.33%	to	11.21%
2019		0.00%	to	1.00%		191,041		31.23	to	26.10		5,451,045		2.07%		21.83%	to	20.62%
2018		0.00%	to	1.00%		203,563		25.64	to	21.64		4,785,512		1.60%		-7.73%	to	-8.65%
2017		0.00%	to	1.00%		218,723		27.78	to	23.69		5,613,886		1.65%		16.68%	to	15.52%
2016		0.00%	to	1.00%		231,771		23.81	to	20.51		5,118,855		1.80%		8.48%	to	7.40%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderately Conservative Fund: Class II (GVDMC)
2020		0.00%	to	1.00%		26,517		25.99	to	21.51		613,214		0.13%		8.55%	to	7.47%
2019		0.00%	to	1.00%		32,117		23.94	to	20.01		683,603		1.76%		13.48%	to	12.35%
2018		0.00%	to	1.00%		50,180		21.10	to	17.81		936,979		1.83%		-3.73%	to	-4.69%
2017		0.00%	to	1.00%		55,080		21.91	to	18.69		1,079,258		1.83%		9.21%	to	8.13%
2016		0.00%	to	1.00%		60,451		20.07	to	17.28		1,093,389		0.85%		5.70%	to	4.65%
Nationwide Variable Insurance Trust - NVIT S&P 500 Index Fund: Class I (GVEX1)
2020		0.00%	to	1.00%		194,819		13.41	to	13.32		5,055,237		1.98%		34.11%	to	33.22%
2019		0.50%	to	0.80%		173,247		22.29	to	21.85		3,858,198		2.08%		30.50%	to	30.11%
2018		0.50%	to	0.80%		183,733		17.08	to	16.79		3,135,923		1.74%		-5.10%	to	-5.38%
2017		0.50%	to	0.80%		176,586		18.00	to	17.75		3,175,911		1.83%		20.92%	to	20.56%
2016		0.50%	to	0.80%		189,315		14.88	to	14.72		2,815,915		2.11%		11.11%	to	10.78%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Aggressive Fund: Class II (GVIDA)
2020		0.50%	to	1.00%		66,189		34.07	to	30.99		2,233,098		0.23%		12.25%	to	11.69%
2019		0.50%	to	1.00%		67,619		30.35	to	27.75		2,031,642		1.70%		23.11%	to	22.50%
2018		0.00%	to	1.00%		156,581		26.83	to	22.65		4,035,598		1.50%		-8.85%	to	-9.77%
2017		0.00%	to	1.00%		168,506		29.44	to	25.10		4,766,931		1.55%		18.43%	to	17.25%
2016		0.00%	to	1.00%		178,815		24.86	to	21.41		4,269,510		1.88%		9.47%	to	8.38%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Conservative Fund: Class II (GVIDC)
2020		0.00%	to	1.00%		10,931		21.29	to	17.62		212,406		0.10%		6.71%	to	5.65%
2019		0.00%	to	1.00%		13,757		19.95	to	16.68		246,282		2.05%		9.53%	to	8.44%
2018		0.00%	to	1.00%		15,456		18.21	to	15.38		251,937		1.95%		-1.80%	to	-2.79%
2017		0.00%	to	1.00%		19,082		18.55	to	15.82		318,808		1.81%		5.68%	to	4.63%
2016		0.00%	to	1.00%		25,228		17.55	to	15.12		398,511		1.66%		4.26%	to	3.23%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class II (GVIDM)
2020		0.00%	to	1.00%		104,838		30.36	to	25.12		2,948,078		0.14%		10.34%	to	9.25%
2019		0.00%	to	1.00%		122,723		27.51	to	23.00		3,142,367		2.15%		17.74%	to	16.57%
2018		0.00%	to	1.00%		138,713		23.36	to	19.73		3,012,037		1.81%		-5.68%	to	-6.62%
2017		0.00%	to	1.00%		148,608		24.77	to	21.13		3,435,765		1.70%		12.93%	to	11.81%
2016		0.00%	to	1.00%		170,563		21.94	to	18.89		3,506,812		1.89%		7.14%	to	6.08%
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class II (GVIX2)
2020		0.00%	to	0.80%		61,991		12.98	to	12.30		778,140		2.41%		7.34%	to	6.48%
2019		0.00%	to	0.80%		17,891		12.09	to	11.55		210,263		3.05%		21.42%	to	20.45%
2018		0.00%	to	0.80%		20,801		9.96	to	9.59		202,354		2.31%		-13.90%	to	-14.59%
2017		0.00%	to	0.80%		43,094		11.57	to	11.23		492,701		2.84%		24.56%	to	23.57%
2016		0.00%	to	0.80%		39,877		9.29	to	9.09		366,767		2.44%		0.75%	to	-0.05%
Nationwide Variable Insurance Trust - Federated NVIT High Income Bond Fund: Class I (HIBF)
2020		0.00%	to	0.80%		39,381		31.10	to	27.01		1,132,876		5.54%		6.02%	to	5.17%
2019		0.00%	to	0.80%		32,250		29.34	to	25.68		883,435		5.73%		14.74%	to	13.83%
2018		0.00%	to	0.80%		32,512		25.57	to	22.56		779,352		5.30%		-3.00%	to	-3.78%
2017		0.00%	to	0.80%		42,491		26.36	to	23.44		1,055,829		5.44%		6.76%	to	5.91%
2016		0.00%	to	0.80%		43,780		24.69	to	22.14		1,022,587		5.54%		14.16%	to	13.25%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Managed Growth Fund: Class I (IDPG)
2020				0.50%		33				13.77		455		0.11%				6.06%
2019				0.50%		45				12.99		584		2.22%				14.94%
2018				0.50%		56				11.30		633		1.90%				-6.29%
Nationwide Variable Insurance Trust - NVIT Mid Cap Index Fund: Class I (MCIF)
2020		0.00%	to	1.00%		125,839		56.72	to	42.04		6,328,270		1.21%		13.11%	to	11.99%
2019		0.00%	to	1.00%		133,763		50.14	to	37.54		5,966,226		1.30%		25.65%	to	24.40%
2018		0.00%	to	1.00%		140,419		39.91	to	30.18		5,008,687		1.30%		-11.38%	to	-12.27%
2017		0.00%	to	1.00%		164,251		45.03	to	34.40		6,682,167		1.07%		15.78%	to	14.63%
2016		0.00%	to	1.00%		179,792		38.89	to	30.01		6,345,221		1.24%		20.29%	to	19.10%
Nationwide Variable Insurance Trust - Amundi NVIT Multi Sector Bond Fund: Class I (MSBF)
2020		0.00%	to	1.00%		41,052		27.03	to	21.55		987,477		2.88%		4.06%	to	3.02%
2019		0.00%	to	1.00%		69,671		25.98	to	20.91		1,614,886		5.38%		9.17%	to	8.08%
2018		0.00%	to	1.00%		55,085		23.80	to	19.35		1,169,513		2.79%		-2.34%	to	-3.32%
2017		0.00%	to	1.00%		55,882		24.37	to	20.01		1,223,470		4.69%		6.33%	to	5.28%
2016		0.00%	to	1.00%		61,373		22.92	to	19.01		1,266,470		3.44%		8.65%	to	7.57%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Managed Growth & Income Fund: Class I (NCPGI)
2020				0.80%		5				12.58		63		0.69%				4.48%
2019				0.80%		3				12.04		36		3.93%				13.14%
2018				0.80%		1				10.64		11		2.01%				-7.56%
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class I (NVAMV1)
2020		0.00%	to	1.00%		163,921		35.92	to	31.97		5,558,196		1.63%		1.49%	to	0.48%
2019		0.00%	to	1.00%		190,889		35.39	to	31.81		6,407,858		2.62%		26.95%	to	25.69%
2018		0.00%	to	1.00%		225,213		27.88	to	25.31		5,979,908		1.40%		-9.35%	to	-10.26%
2017		0.00%	to	1.00%		242,343		30.75	to	28.20		7,133,678		1.65%		8.67%	to	7.60%
2016		0.00%	to	1.00%		272,934		28.30	to	26.21		7,423,230		2.36%		20.44%	to	19.24%
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Equity Income: Class X (NVAMVX)
2020		0.00%	to	1.00%		158,052		11.86	to	11.82		1,870,985		1.43%		18.55%	to	18.19%	****
Nationwide Variable Insurance Trust - NVIT Bond Index Fund: Class I (NVBX)
2020		0.50%	to	0.80%		21,326		12.15	to	11.91		258,968		1.92%		6.66%	to	6.34%
2019		0.50%	to	0.80%		39,597		11.39	to	11.20		451,144		2.80%		7.86%	to	7.53%
2018		0.50%	to	0.80%		29,469		10.56	to	10.42		311,265		2.64%		-0.86%	to	-1.16%
2017		0.50%	to	0.80%		32,038		10.66	to	10.54		341,371		2.31%		2.61%	to	2.30%
2016		0.50%	to	0.80%		26,760		10.39	to	10.30		277,923		3.30%		1.75%	to	1.45%
Nationwide Variable Insurance Trust - NVIT Core Bond Fund: Class I (NVCBD1)
2020		0.00%	to	1.00%		44,198		17.38	to	15.31		701,316		2.57%		7.01%	to	5.95%
2019		0.00%	to	1.00%		42,509		16.24	to	14.45		642,020		2.80%		8.94%	to	7.86%
2018		0.00%	to	1.00%		46,412		14.91	to	13.40		650,106		3.18%		-0.42%	to	-1.42%
2017		0.00%	to	1.00%		40,570		14.97	to	13.59		571,546		3.08%		4.40%	to	3.36%
2016		0.00%	to	1.00%		40,956		14.34	to	13.15		554,426		3.20%		5.35%	to	4.30%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Capital Appreciation Fund: Class I (NVCCA1)
2020		0.00%	to	0.80%		35,502		21.55	to	19.47		716,085		0.98%		11.67%	to	10.78%
2019		0.00%	to	0.80%		37,666		19.30	to	17.58		683,006		2.98%		20.22%	to	19.26%
2018		0.00%	to	0.80%		38,911		16.05	to	14.74		590,018		2.17%		-8.04%	to	-8.78%
2017		0.00%	to	0.80%		38,759		17.46	to	16.16		642,465		1.70%		16.01%	to	15.09%
2016		0.00%	to	0.80%		43,344		15.05	to	14.04		622,243		2.74%		7.32%	to	6.47%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Conservative Fund: Class I (NVCCN1)
2020		0.00%	to	0.80%		5,528		16.90	to	15.27		89,855		0.25%		7.69%	to	6.83%
2019		0.00%	to	0.80%		4,534		15.69	to	14.29		68,999		2.31%		10.77%	to	9.89%
2018		0.00%	to	0.80%		5,932		14.17	to	13.01		81,243		3.73%		-2.51%	to	-3.29%
2017		0.00%	to	0.80%		3,451		14.53	to	13.45		47,573		1.80%		6.35%	to	5.51%
2016		0.00%	to	0.80%		4,802		13.66	to	12.75		62,669		2.70%		4.81%	to	3.98%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Aggressive Fund: Class I (NVCMA1)
2020		0.50%	to	0.80%		30,052		20.71	to	19.93		617,916		1.03%		11.80%	to	11.46%
2019		0.50%	to	0.80%		41,879		18.52	to	17.88		771,966		2.97%		21.71%	to	21.35%
2018		0.50%	to	0.80%		43,138		15.22	to	14.74		653,476		2.10%		-9.84%	to	-10.11%
2017		0.50%	to	0.80%		45,884		16.88	to	16.40		770,712		1.49%		17.57%	to	17.22%
2016		0.50%	to	0.80%		51,262		14.36	to	13.99		732,839		2.73%		7.15%	to	6.83%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderately Conservative Fund: Class I (NVCMC1)
2020		0.00%	to	0.80%		7,909		18.86	to	17.05		139,289		0.56%		9.15%	to	8.28%
2019		0.00%	to	0.80%		8,453		17.28	to	15.74		137,159		2.91%		14.28%	to	13.37%
2018		0.00%	to	0.80%		16,805		15.12	to	13.89		240,373		2.21%		-4.68%	to	-5.44%
2017		0.00%	to	0.80%		9,549		15.87	to	14.69		145,951		2.03%		10.08%	to	9.20%
2016		0.00%	to	0.80%		9,928		14.41	to	13.45		138,384		2.49%		5.99%	to	5.15%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Moderate Fund: Class I (NVCMD1)
2020		0.00%	to	0.80%		55,576		20.68	to	18.69		1,082,623		0.84%		10.77%	to	9.89%
2019		0.00%	to	0.80%		59,628		18.67	to	17.00		1,053,180		2.76%		18.32%	to	17.38%
2018		0.00%	to	0.80%		67,746		15.78	to	14.49		1,015,136		2.15%		-7.07%	to	-7.81%
2017		0.00%	to	0.80%		67,973		16.98	to	15.71		1,100,188		1.86%		14.05%	to	13.15%
2016		0.00%	to	0.80%		72,436		14.89	to	13.89		1,032,119		2.68%		6.82%	to	5.97%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Aggressive Fund: Class I (NVCRA1)
2020		0.50%	to	0.80%		13,489		21.14	to	20.35		281,962		1.06%		12.18%	to	11.84%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
2019		0.50%	to	0.80%		16,636		18.85	to	18.20		310,810		2.85%		23.53%	to	23.16%
2018		0.50%	to	0.80%		18,277		15.26	to	14.78		276,827		1.97%		-11.17%	to	-11.44%
2017		0.50%	to	0.80%		16,962		17.18	to	16.68		289,247		1.33%		19.40%	to	19.04%
2016		0.50%	to	0.80%		18,151		14.39	to	14.02		259,413		2.39%		7.79%	to	7.46%
Nationwide Variable Insurance Trust - NVIT Blueprint(SM) Balanced Fund: Class I (NVCRB1)
2020		0.00%	to	0.80%		25,113		19.69	to	17.80		463,425		0.69%		9.71%	to	8.84%
2019		0.00%	to	0.80%		26,045		17.95	to	16.35		440,321		2.76%		16.29%	to	15.37%
2018		0.00%	to	0.80%		26,870		15.44	to	14.17		392,621		2.30%		-6.04%	to	-6.80%
2017		0.00%	to	0.80%		27,823		16.43	to	15.21		434,939		1.69%		12.01%	to	11.12%
2016		0.00%	to	0.80%		28,761		14.67	to	13.69		402,841		2.14%		6.28%	to	5.44%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Balanced Fund: Class II (NVDBL2)
2020		0.00%	to	0.80%		22,166		23.69	to	21.58		513,028		0.13%		9.41%	to	8.53%
2019		0.00%	to	0.80%		22,928		21.66	to	19.89		485,633		2.18%		15.34%	to	14.42%
2018		0.00%	to	0.80%		34,602		18.78	to	17.38		630,933		1.96%		-4.85%	to	-5.61%
2017		0.00%	to	0.80%		26,678		19.73	to	18.41		515,537		1.86%		11.13%	to	10.25%
2016		0.00%	to	0.80%		27,043		17.76	to	16.70		471,395		2.06%		6.30%	to	5.46%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class II (NVDCA2)
2020		0.50%	to	0.80%		5,098		27.78	to	26.82		140,259		0.18%		11.06%	to	10.73%
2019		0.50%	to	0.80%		5,290		25.01	to	24.22		131,256		2.02%		19.34%	to	18.98%
2018		0.50%	to	0.80%		5,950		20.96	to	20.36		123,910		1.68%		-6.94%	to	-7.22%
2017		0.50%	to	0.80%		5,406		22.52	to	21.94		120,959		1.77%		14.24%	to	13.90%
2016		0.50%	to	0.80%		4,804		19.71	to	19.27		94,050		1.77%		7.20%	to	6.88%
Nationwide Variable Insurance Trust - NVIT Investor Destinations Capital Appreciation Fund: Class P (NVDCAP)
2020		0.50%	to	0.80%		16,724				10.81		180,831		0.00%		8.13%	to	8.07%	****
Nationwide Variable Insurance Trust - NVIT iShares Fixed Income ETF Fund: Class II (NVFIII)
2020				0.50%		5,262				11.22		59,062		1.61%				6.59%
2019				0.50%		2,800				10.53		29,485		1.09%				5.30%	****
Nationwide Variable Insurance Trust - NVIT iShares Global Equity ETF Fund: Class II (NVGEII)
2020				0.50%		93				12.48		1,160		1.39%				15.18%
2019				0.50%		95				10.83		1,029		0.47%				8.33%	****
Nationwide Variable Insurance Trust - NVIT Investor Destinations Moderate Fund: Class P (NVIDMP)
2020		0.50%	to	0.80%		31,414				10.71		336,576		0.00%		7.14%	to	7.08%	****
Nationwide Variable Insurance Trust - NVIT International Index Fund: Class I (NVIX)
2020		0.50%	to	0.80%		37,902		12.53	to	12.29		475,070		2.57%		7.00%	to	6.68%
2019		0.50%	to	0.80%		34,491		11.71	to	11.52		404,045		3.35%		21.16%	to	20.80%
2018		0.50%	to	0.80%		30,337		9.67	to	9.53		293,256		3.35%		-14.24%	to	-14.50%
2017		0.50%	to	0.80%		15,087		11.27	to	11.15		170,046		2.97%		24.26%	to	23.89%
2016		0.50%	to	0.80%		9,992		9.07	to	9.00		90,618		2.85%		0.42%	to	0.12%
Nationwide Variable Insurance Trust - NVIT Core Plus Bond Fund: Class I (NVLCP1)
2020		0.00%	to	0.80%		7,814		18.90	to	17.08		138,495		2.79%		9.31%	to	8.44%
2019		0.00%	to	0.80%		7,033		17.29	to	15.75		114,831		2.29%		9.89%	to	9.01%
2018		0.50%	to	0.80%		8,545		14.92	to	14.45		127,123		2.61%		-1.70%	to	-2.00%
2017		0.50%	to	0.80%		9,013		15.17	to	14.74		136,454		2.81%		3.43%	to	3.12%
2016		0.50%	to	0.80%		8,474		14.67	to	14.29		123,986		3.07%		3.18%	to	2.87%
Nationwide Variable Insurance Trust - NVIT AllianzGI International Growth Fund: Class I (NVMIG1)
2020		0.00%	to	1.00%		275,974		20.16	to	18.86		5,365,925		1.00%		51.04%	to	49.54%
2019		0.00%	to	1.00%		293,331		13.35	to	12.61		3,797,666		1.25%		33.15%	to	31.82%
2018		0.00%	to	1.00%		316,864		10.02	to	9.57		3,096,619		1.05%		-16.46%	to	-17.29%
2017		0.00%	to	1.00%		361,678		12.00	to	11.57		4,254,334		1.24%		25.77%	to	24.52%
2016		0.00%	to	1.00%		384,493		9.54	to	9.29		3,615,029		1.42%		-2.12%	to	-3.09%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class X (NVMIVX)
2020		0.00%	to	0.80%		29,447		11.78	to	11.76		346,567		0.00%		17.82%	to	17.62%	****
Nationwide Variable Insurance Trust - NVIT Jacobs Levy Large Cap Growth Fund: Class I (NVMLG1)
2020		0.00%	to	1.00%		88,991		36.33	to	32.01		3,057,714		0.00%		30.09%	to	28.80%
2019		0.00%	to	1.00%		94,024		27.93	to	24.85		2,491,453		4.03%		30.53%	to	29.23%
2018		0.00%	to	1.00%		103,876		21.39	to	19.23		2,114,267		0.31%		-3.08%	to	-4.05%
2017		0.00%	to	1.00%		109,863		22.07	to	20.04		2,320,296		0.39%		30.20%	to	28.91%
2016		0.00%	to	1.00%		94,633		16.95	to	15.55		1,542,909		0.77%		2.19%	to	1.18%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
Nationwide Variable Insurance Trust - NVIT Wells Fargo Discovery Fund: Class I (NVMMG1)
2020		0.00%	to	1.00%		1,127,495		44.97	to	39.62		47,505,905		0.00%		60.90%	to	59.30%
2019		0.00%	to	1.00%		1,220,702		27.95	to	24.87		32,100,798		0.00%		37.25%	to	35.89%
2018		0.00%	to	1.00%		1,357,608		20.36	to	18.30		26,132,731		0.00%		-6.85%	to	-7.78%
2017		0.00%	to	1.00%		1,519,236		21.86	to	19.85		31,552,027		0.00%		27.74%	to	26.47%
2016		0.00%	to	1.00%		1,640,505		17.11	to	15.69		26,796,168		0.00%		6.47%	to	5.41%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Mid Cap Value Fund: Class II (NVMMV2)
2020		0.00%	to	1.00%		795,881		26.31	to	23.18		19,605,450		2.08%		-1.14%	to	-2.13%
2019		0.00%	to	1.00%		841,557		26.61	to	23.68		21,064,617		2.23%		23.85%	to	22.61%
2018		0.00%	to	1.00%		918,465		21.49	to	19.31		18,650,525		1.05%		-13.15%	to	-14.02%
2017		0.00%	to	1.00%		1,021,315		24.74	to	22.46		23,998,311		1.10%		13.84%	to	12.71%
2016		0.00%	to	1.00%		1,131,548		21.73	to	19.93		23,469,232		1.39%		17.59%	to	16.43%
Nationwide Variable Insurance Trust - Neuberger Berman NVIT Multi Cap Opportunities Fund: Class I (NVNMO1)
2020		0.00%	to	1.00%		574,688		28.22	to	24.86		15,229,689		0.42%		13.55%	to	12.42%
2019		0.00%	to	1.00%		647,135		24.85	to	22.11		15,170,490		0.65%		28.07%	to	26.80%
2018		0.00%	to	1.00%		699,926		19.40	to	17.44		12,867,857		0.54%		-4.76%	to	-5.72%
2017		0.00%	to	1.00%		756,649		20.37	to	18.50		14,680,128		0.52%		24.85%	to	23.62%
2016		0.00%	to	1.00%		863,456		16.32	to	14.96		13,476,214		0.79%		13.60%	to	12.47%
Nationwide Variable Insurance Trust - NVIT Newton Sustainable U.S. Equity Fund: Class I (NVNSR1)
2020		0.50%	to	0.80%		5,515		27.36	to	26.34		150,861		0.81%		12.80%	to	12.46%
2019		0.50%	to	0.80%		5,712		24.26	to	23.43		138,550		0.82%		25.38%	to	25.00%
2018		0.50%	to	0.80%		6,057		19.35	to	18.74		117,175		0.65%		-6.26%	to	-6.55%
2017		0.50%	to	0.80%		6,327		20.64	to	20.05		130,409		0.66%		18.03%	to	17.68%
2016		0.50%	to	0.80%		6,268		17.49	to	17.04		109,301		0.79%		9.56%	to	9.24%
Nationwide Variable Insurance Trust - NVIT Mellon Dynamic U.S. Core Fund: Class I (NVOLG1)
2020		0.00%	to	1.00%		1,591,211		54.92	to	48.88		82,506,351		1.34%		18.90%	to	17.71%
2019		0.00%	to	1.00%		1,750,394		46.19	to	41.52		76,659,334		1.70%		37.62%	to	36.25%
2018		0.00%	to	1.00%		1,933,534		33.57	to	30.48		61,814,614		0.77%		-1.27%	to	-2.26%
2017		0.00%	to	1.00%		2,100,265		34.00	to	31.18		68,357,815		0.48%		27.31%	to	26.05%
2016		0.00%	to	1.00%		2,278,396		26.71	to	24.74		58,514,918		0.78%		3.63%	to	2.60%
Nationwide Variable Insurance Trust - NVIT Real Estate Fund: Class I (NVRE1)
2020		0.00%	to	1.00%		319,829		20.25	to	17.84		6,079,783		1.48%		-5.39%	to	-6.33%
2019		0.00%	to	1.00%		365,839		21.40	to	19.04		7,402,153		1.69%		30.70%	to	29.40%
2018		0.00%	to	1.00%		410,004		16.37	to	14.72		6,371,855		1.84%		-3.92%	to	-4.88%
2017		0.00%	to	1.00%		457,730		17.04	to	15.47		7,443,201		2.12%		6.50%	to	5.44%
2016		0.00%	to	1.00%		554,264		16.00	to	14.67		8,464,819		1.99%		7.35%	to	6.28%
Nationwide Variable Insurance Trust - NVIT Small Cap Index Fund: Class II (NVSIX2)
2020		0.50%	to	0.80%		18,982		22.14	to	21.64		419,841		1.01%		18.72%	to	18.37%
2019		0.50%	to	0.80%		15,280		18.65	to	18.28		284,619		0.88%		24.34%	to	23.96%
2018		0.50%	to	0.80%		15,324		15.00	to	14.75		229,533		1.20%		-11.79%	to	-12.05%
2017		0.50%	to	0.80%		12,110		17.00	to	16.77		205,545		0.86%		13.61%	to	13.27%
2016		0.50%	to	0.80%		11,412		14.96	to	14.80		170,575		1.34%		20.27%	to	19.91%
Nationwide Variable Insurance Trust - NVIT Short Term Bond Fund: Class II (NVSTB2)
2020		0.00%	to	0.80%		19,701		12.88	to	11.64		237,922		2.33%		2.83%	to	2.29%
2019		0.00%	to	0.80%		7,706		12.53	to	11.41		90,634		1.95%		4.09%	to	3.26%
2018		0.00%	to	0.80%		10,453		12.04	to	11.05		118,793		2.01%		0.82%	to	0.01%
2017		0.00%	to	0.80%		12,529		11.94	to	11.05		142,083		0.97%		1.58%	to	0.77%
2016		0.00%	to	0.80%		47,202		11.75	to	10.97		530,814		1.62%		2.49%	to	1.68%
Nationwide Variable Insurance Trust - NVIT Columbia Overseas Value Fund: Class I (NVTIV3)
2020		0.50%	to	0.80%		3,111		17.96	to	17.35		55,095		1.41%		4.65%	to	4.34%
2019		0.00%	to	0.80%		3,284		18.11	to	16.63		55,682		0.76%		12.49%	to	11.59%
2018		0.00%	to	0.80%		19,639		16.10	to	14.90		300,675		2.00%		-15.69%	to	-16.36%
2017		0.00%	to	0.80%		9,211		19.09	to	17.81		167,725		1.94%		22.72%	to	21.74%
2016		0.00%	to	0.80%		12,087		15.56	to	14.63		180,281		2.15%		1.12%	to	0.31%
Nationwide Variable Insurance Trust - NVIT Government Money Market Fund: Class I (SAM)
2020		0.00%	to	1.30%		983,748		16.16	to	14.25		15,844,953		0.22%		0.24%	to	-1.06%
2019		0.00%	to	1.30%		896,687		16.12	to	14.40		15,473,870		1.73%		1.78%	to	0.46%
2018		0.00%	to	1.00%		948,129		15.84	to	14.34		15,747,369		1.37%		1.39%	to	0.07%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
2017		0.00%	to	1.00%		864,884		15.62	to	10.47		14,221,396		0.42%		0.42%	to	-0.88%
2016		0.00%	to	1.00%		877,192		15.56	to	10.53		14,375,389		0.01%		0.01%	to	-1.00%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Company Fund: Class I (SCF)
2020		0.00%	to	1.30%		170,516		97.19	to	93.51		18,301,955		0.02%		22.69%	to	21.10%
2019		0.00%	to	1.30%		184,497		79.22	to	77.21		16,108,059		0.07%		25.65%	to	24.03%
2018		0.00%	to	1.30%		199,293		63.05	to	26.36		13,906,347		0.01%		-12.63%	to	-13.77%
2017		0.00%	to	1.00%		214,361		72.17	to	30.49		17,201,685		0.00%		13.49%	to	12.36%
2016		0.00%	to	1.00%		234,265		63.59	to	27.14		16,590,872		0.32%		22.83%	to	21.61%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Growth Fund: Class I (SCGF)
2020		0.00%	to	1.00%		95,021		30.95	to	25.20		2,695,044		0.00%		40.89%	to	39.49%
2019		0.00%	to	1.00%		101,073		21.97	to	18.07		2,043,044		0.00%		35.71%	to	34.36%
2018		0.00%	to	1.00%		112,229		16.19	to	13.45		1,675,091		0.00%		-7.94%	to	-8.86%
2017		0.00%	to	1.00%		120,593		17.58	to	14.75		1,954,581		0.00%		24.92%	to	23.69%
2016		0.00%	to	1.00%		100,290		14.07	to	11.93		1,310,408		0.00%		8.30%	to	7.23%
Nationwide Variable Insurance Trust - NVIT Multi-Manager Small Cap Value Fund: Class I (SCVF)
2020		0.00%	to	1.00%		63,527		59.13	to	38.27		3,323,166		0.08%		5.15%	to	4.11%
2019		0.00%	to	1.00%		66,670		56.23	to	36.76		3,329,173		1.00%		19.00%	to	17.82%
2018		0.00%	to	1.00%		86,370		47.25	to	31.20		3,637,893		0.69%		-16.95%	to	-17.78%
2017		0.00%	to	1.00%		99,474		56.90	to	37.95		5,113,152		0.50%		9.06%	to	7.98%
2016		0.00%	to	1.00%		109,672		52.17	to	35.15		5,176,534		0.63%		25.93%	to	24.68%
Nationwide Variable Insurance Trust - NVIT AQR Large Cap Defensive Style Fund: Class I (TRF)
2020		0.00%	to	1.00%		520,817		67.30	to	28.27		60,378,563		1.15%		10.35%	to	9.26%
2019		0.00%	to	1.00%		570,603		60.99	to	25.88		59,250,787		1.16%		29.31%	to	28.02%
2018		0.00%	to	1.00%		619,619		47.16	to	20.21		49,790,088		1.08%		0.00%	to	-1.00%
2017		0.00%	to	1.00%		671,385		47.17	to	20.42		53,824,370		1.01%		20.52%	to	19.33%
2016		0.00%	to	1.00%		729,684		39.13	to	17.11		48,596,567		1.42%		11.39%	to	10.28%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: I Class Shares (AMCG)
2020		0.00%	to	1.00%		116,522		21.84	to	20.75		2,498,887		0.00%		39.98%	to	38.59%
2019		0.00%	to	1.00%		120,729		15.61	to	14.97		1,856,891		0.00%		32.75%	to	31.43%
2018		0.00%	to	1.00%		123,627		11.76	to	11.39		1,437,261		0.00%		-6.40%	to	-7.34%
2017		0.00%	to	1.00%		136,015		12.56	to	12.29		1,694,713		0.00%		25.29%	to	24.05%
2016		0.00%	to	1.00%		153,458		10.02	to	9.91		1,530,812		0.00%		4.40%	to	3.36%
Neuberger Berman Advisers Management Trust - International Equity Portfolio: S Class Shares (AMINS)
2020				0.00%		1,162				23.50		27,311		0.52%				12.57%
2019				0.00%		1,172				20.88		24,469		0.16%				27.69%
2018				0.00%		1,190				16.35		19,458		0.16%				-16.95%
2017				0.00%		1,208				19.69		23,784		0.67%				26.76%
2016				0.00%		1,225				15.53		19,028		0.63%				-1.82%
Neuberger Berman Advisers Management Trust - Mid-Cap Growth Portfolio: S Class Shares (AMMCGS)
2020		0.00%	to	0.80%		2,929		78.35	to	68.03		210,884		0.00%		39.71%	to	38.60%
2019		0.50%	to	0.80%		2,134		51.60	to	49.08		109,624		0.00%		31.82%	to	31.43%
2018		0.50%	to	0.80%		2,399		39.14	to	37.35		93,237		0.00%		-7.03%	to	-7.31%
2017		0.50%	to	0.80%		2,541		42.10	to	40.29		105,622		0.00%		23.94%	to	23.57%
2016		0.50%	to	0.80%		4,197		33.97	to	32.60		141,466		0.00%		3.64%	to	3.33%
Neuberger Berman Advisers Management Trust - Mid Cap Intrinsic Value Portfolio: S Class Shares (AMRS)
2020				0.00%		279				26.18		7,303		0.60%				-2.83%
2019				0.00%		461				26.94		12,419		0.21%				16.43%
2018				0.00%		620				23.14		14,345		0.22%				-15.48%
2017				0.00%		756				27.37		20,695		0.47%				16.35%
2016				0.00%		893				23.53		21,010		0.24%				15.98%
Neuberger Berman Advisers Management Trust - Sustainable Equity Portfolio: Class I Shares (AMSRS)
2020		0.00%	to	1.00%		138,566		53.80	to	12.88		4,736,936		0.62%		19.56%	to	18.37%
2019		0.00%	to	1.00%		145,098		45.00	to	10.88		4,017,368		0.57%		25.88%	to	8.79%
2018		0.00%	to	0.80%		19,949		35.75	to	31.54		659,471		0.48%		-5.73%	to	-6.48%
2017		0.00%	to	0.80%		21,146		37.92	to	33.72		744,844		0.51%		18.43%	to	17.49%
2016		0.00%	to	0.80%		23,543		32.02	to	28.70		703,447		0.70%		9.86%	to	8.99%
Neuberger Berman Advisers Management Trust - Short Duration Bond Portfolio: I Class Shares (AMTB)
2020		0.00%	to	1.00%		72,881		20.15	to	13.32		1,636,326		2.47%		3.46%	to	2.43%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
2019		0.00%	to	1.00%		69,980		19.48	to	13.01		1,489,876		1.97%		3.69%	to	2.66%
2018		0.00%	to	1.00%		73,670		18.79	to	12.67		1,524,946		1.56%		1.02%	to	0.01%
2017		0.00%	to	1.00%		86,654		18.60	to	12.67		1,774,339		1.44%		0.89%	to	-0.11%
2016		0.00%	to	1.00%		86,152		18.43	to	12.68		1,779,256		0.94%		1.22%	to	0.21%
Northern Lights Variable Trust - TOPS Managed Risk Balanced ETF Portfolio: Class 3 (NOTB3)
2020				0.50%		828				13.01		10,768		2.14%				5.14%
2019				0.50%		866				12.37		10,712		2.14%				13.91%
2018				0.50%		902				10.86		9,806		1.60%				-6.62%
2017				0.50%		938				11.63		10,908		0.83%				10.03%
2016				0.50%		973				10.57		10,283		1.29%				5.49%
Northern Lights Variable Trust - TOPS Managed Risk Growth ETF Portfolio: Class 3 (NOTG3)
2020		0.50%	to	0.80%		178		13.40	to	13.10		2,369		2.02%		4.65%	to	4.34%
2019		0.50%	to	0.80%		186		12.81	to	12.55		2,379		1.84%		16.35%	to	16.00%
2018		0.50%	to	0.80%		197		11.01	to	10.82		2,176		1.42%		-9.29%	to	-9.57%
2017				0.50%		188				12.13		2,281		1.53%				16.87%
2016				0.80%		198				10.27		2,033		1.58%				4.67%
Northern Lights Variable Trust - TOPS Managed Risk Moderate Growth ETF Portfolio: Class 3 (NOTMG3)
2020				0.80%		5				13.26		66		2.33%				5.06%
2019				0.80%		3				12.63		38		2.36%				15.24%
2018				0.80%		1				10.96		11		0.00%				-8.12%
PIMCO Variable Insurance Trust - All Asset Portfolio: Administrative Class (PMVAAA)
2020		0.50%	to	0.80%		17,554		13.80	to	13.45		242,205		5.05%		7.47%	to	7.15%
2019		0.50%	to	0.80%		16,466		12.84	to	12.55		211,378		2.93%		11.34%	to	11.00%
2018		0.50%	to	0.80%		17,324		11.53	to	11.30		199,752		2.88%		-5.88%	to	-6.17%
2017		0.50%	to	0.80%		41,753		12.25	to	12.05		511,377		4.70%		12.98%	to	12.64%
2016		0.50%	to	0.80%		38,837		10.85	to	10.70		420,886		3.00%		12.37%	to	12.03%
PIMCO Variable Insurance Trust - International Bond Portfolio (unhedged): Administrative Class (PMVFBA)
2020		0.50%	to	0.80%		10,566		14.70	to	14.19		155,281		4.77%		10.22%	to	9.89%
2019		0.50%	to	0.80%		11,894		13.34	to	12.92		158,599		2.12%		6.49%	to	6.17%
2018		0.50%	to	0.80%		15,258		12.53	to	12.17		191,070		5.14%		-4.46%	to	-4.75%
2017		0.50%	to	0.80%		17,035		13.11	to	12.77		223,243		1.58%		10.29%	to	9.96%
2016		0.50%	to	0.80%		19,555		11.89	to	11.62		232,260		1.21%		2.49%	to	2.18%
PIMCO Variable Insurance Trust - Low Duration Portfolio: Administrative Class (PMVLDA)
2020		0.00%	to	0.80%		111,242		13.89	to	12.65		1,480,269		1.20%		2.99%	to	2.17%
2019		0.00%	to	0.80%		111,462		13.49	to	12.38		1,445,415		2.72%		4.03%	to	3.20%
2018		0.00%	to	0.80%		88,451		12.97	to	12.00		1,110,380		1.91%		0.34%	to	-0.47%
2017		0.00%	to	0.80%		98,910		12.93	to	12.06		1,237,958		1.34%		1.35%	to	0.54%
2016		0.00%	to	0.80%		116,237		12.75	to	11.99		1,438,170		1.50%		1.41%	to	0.60%
PIMCO Variable Insurance Trust - CommodityRealReturn(R) Strategy Portfolio: Administrative Class (PMVRSA)
2020		0.50%	to	0.80%		4,245		6.09	to	5.97		25,841		6.11%		0.85%	to	0.54%
2019		0.50%	to	0.80%		411		6.04	to	5.94		2,479		3.81%		10.88%	to	10.54%
2018		0.50%	to	0.80%		3,421		5.45	to	5.37		18,630		2.26%		-14.56%	to	-14.82%
2017		0.50%	to	0.80%		2,541		6.38	to	6.31		16,199		11.17%		1.64%	to	1.34%
2016		0.50%	to	0.80%		2,186		6.27	to	6.22		13,712		1.14%		14.58%	to	14.24%
PIMCO Variable Insurance Trust - Total Return Portfolio: Administrative Class (PMVTRA)
2020		0.50%	to	0.80%		45,592		13.67	to	13.28		622,924		2.08%		8.10%	to	7.77%
2019		0.50%	to	0.80%		34,429		12.65	to	12.32		435,091		3.03%		7.81%	to	7.49%
2018		0.50%	to	0.80%		56,482		11.73	to	11.46		662,153		2.52%		-1.04%	to	-1.34%
2017		0.50%	to	0.80%		60,793		11.85	to	11.62		720,182		2.03%		4.40%	to	4.08%
2016		0.50%	to	0.80%		67,610		11.35	to	11.16		767,133		2.11%		2.17%	to	1.87%
Putnam Variable Trust - Putnam VT Equity Income Fund: Class IB (PVEIB)
2020		0.50%	to	0.80%		30,397		14.09	to	13.93		427,936		1.68%		5.28%	to	4.96%
2019		0.50%	to	0.80%		31,185		13.38	to	13.27		417,112		1.91%		29.75%	to	29.37%
2018		0.50%	to	0.80%		29,273		10.31	to	10.26		301,735		0.51%		-8.95%	to	-9.22%
2017		0.50%	to	0.80%		15,278		11.32	to	11.30		172,984		0.00%		13.25%	to	13.02%	****
Putnam Variable Trust - Putnam VT Growth Opportunities Fund: Class IB (PVGOB)
2020		0.50%	to	0.80%		76,808		25.26	to	24.95		1,939,462		0.04%		38.02%	to	37.60%
2019		0.00%	to	0.80%		80,650		18.59	to	18.13		1,478,400		0.13%		36.74%	to	35.65%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
2018		0.50%	to	0.80%		68,268		13.45	to	13.37		918,121		0.00%		1.87%	to	1.56%
2017		0.50%	to	0.80%		43,778		13.21	to	13.16		578,017		0.09%		30.25%	to	29.86%
2016		0.50%	to	0.80%		33,522		10.14	to	10.13		339,833		0.00%		1.38%	to	1.35%	****
Putnam Variable Trust - Putnam VT International Equity Fund: Class IB (PVTIGB)
2020		0.00%	to	0.80%		9,438		30.11	to	26.14		261,300		1.77%		12.10%	to	11.20%
2019		0.00%	to	0.80%		8,829		26.86	to	23.51		219,166		1.38%		25.15%	to	24.16%
2018		0.00%	to	0.80%		10,466		21.46	to	18.94		208,620		1.36%		-19.11%	to	-19.76%
2017		0.00%	to	0.80%		11,093		26.54	to	23.60		274,628		2.24%		26.58%	to	25.57%
2016		0.00%	to	0.80%		9,294		20.96	to	18.79		182,336		3.30%		-2.45%	to	-3.23%
T. Rowe Price Equity Series, Inc. - T. Rowe Price Health Sciences Portfolio: II (TRHS2)
2020		0.00%	to	0.80%		88,576		65.13	to	59.80		5,478,428		0.00%		29.27%	to	28.24%
2019		0.00%	to	0.80%		101,270		50.38	to	46.63		4,868,461		0.00%		28.63%	to	27.61%
2018		0.00%	to	0.80%		120,523		39.17	to	36.55		4,519,011		0.00%		0.86%	to	0.05%
2017		0.00%	to	0.80%		132,486		38.83	to	36.53		4,964,050		0.00%		27.31%	to	26.30%
2016		0.00%	to	0.80%		151,368		30.50	to	28.92		4,473,261		0.00%		-10.72%	to	-11.43%
T. Rowe Price Fixed Income Series, Inc. - T. Rowe Price Limited Term Bond Portfolio: II (TRLT2)
2020				0.00%		3,359				14.43		48,461		1.71%				4.45%
2019				0.00%		3,118				13.81		43,066		2.11%				4.10%
2018				0.00%		720				13.27		9,553		1.19%				0.92%
2017				0.00%		5,664				13.15		74,462		1.23%				0.81%
2016				0.00%		4,798				13.04		62,568		1.08%				1.12%
VanEck VIP Trust - Emerging Markets Bond Fund: Initial Class (VWBF)
2020		0.00%	to	1.00%		22,248		28.40	to	21.40		703,175		7.17%		8.92%	to	7.84%
2019		0.00%	to	1.00%		24,813		26.07	to	19.84		714,438		0.37%		12.62%	to	11.50%
2018		0.00%	to	1.00%		26,103		23.15	to	17.79		659,253		9.18%		-6.14%	to	-7.08%
2017		0.00%	to	1.00%		42,277		24.66	to	19.15		1,047,647		2.32%		12.24%	to	11.13%
2016		0.00%	to	1.00%		46,834		21.97	to	17.23		1,042,933		0.00%		6.42%	to	5.37%
VanEck VIP Trust - Emerging Markets Fund: Initial Class (VWEM)
2020		0.00%	to	1.00%		77,236		50.00	to	45.95		3,443,120		2.07%		17.25%	to	16.08%
2019		0.00%	to	1.00%		85,729		42.65	to	39.58		3,269,105		0.50%		30.60%	to	29.30%
2018		0.00%	to	1.00%		97,443		32.65	to	30.61		2,857,721		0.31%		-23.49%	to	-24.25%
2017		0.00%	to	1.00%		121,240		42.68	to	40.41		4,673,218		0.47%		51.03%	to	49.54%
2016		0.00%	to	1.00%		142,846		28.26	to	27.03		3,662,307		0.47%		0.10%	to	-0.89%
VanEck VIP Trust - Global Hard Assets Fund: Initial Class (VWHA)
2020		0.00%	to	1.30%		73,594		30.09	to	36.31		2,734,746		0.95%		19.11%	to	17.57%
2019		0.00%	to	1.30%		77,074		25.26	to	30.89		2,447,309		0.00%		11.87%	to	10.42%
2018		0.00%	to	1.00%		86,375		22.58	to	20.95		2,439,121		0.00%		-28.28%	to	-29.21%
2017		0.00%	to	1.00%		89,572		31.48	to	29.50		3,551,521		0.00%		-1.70%	to	-2.67%
2016		0.00%	to	1.00%		109,288		32.03	to	30.31		4,362,160		0.38%		43.71%	to	42.28%
Virtus Variable Insurance Trust - Virtus Duff & Phelps Real Estate Securities Series: Class I (VRVDRI)
2020				0.50%		353				10.67		3,766		0.42%				-1.82%
2019				0.50%		2,122				10.87		23,062		2.15%				8.68%	****
Wells Fargo Variable Trust - VT Discovery Fund: Class 2 (SVDF)
2020		0.00%	to	1.00%		11,375		151.05	to	89.35		1,167,378		0.00%		62.65%	to	61.03%
2019		0.00%	to	1.00%		10,481		92.87	to	55.48		673,387		0.00%		39.02%	to	37.64%
2018		0.00%	to	1.00%		11,734		66.80	to	40.31		540,623		0.00%		-7.06%	to	-7.99%
2017		0.00%	to	1.00%		13,560		71.88	to	43.81		674,086		0.00%		29.13%	to	27.85%
2016		0.00%	to	1.00%		18,245		55.67	to	34.27		686,884		0.00%		7.65%	to	6.58%
Wells Fargo Variable Trust - VT Opportunity Fund: Class 2 (SVOF)
2020		0.00%	to	1.00%		32,172		108.47	to	40.46		1,615,521		0.44%		21.00%	to	19.80%
2019		0.00%	to	1.00%		33,080		89.64	to	33.78		1,414,069		0.28%		31.46%	to	30.16%
2018		0.00%	to	1.00%		34,304		68.19	to	25.95		1,123,712		0.18%		-7.15%	to	-8.07%
2017		0.00%	to	1.00%		40,924		73.44	to	28.23		1,414,411		0.65%		20.44%	to	19.24%
2016		0.00%	to	1.00%		45,057		60.97	to	23.67		1,407,034		2.03%		12.23%	to	11.12%
Wells Fargo Variable Trust - VT Small Cap Growth Fund: Class 2 (WFVSCG)
2020		0.00%	to	0.80%		11,808		66.72	to	60.78		745,507		0.00%		57.78%	to	56.53%
2019		0.00%	to	0.80%		10,390		42.29	to	38.83		415,351		0.00%		24.83%	to	23.83%
2018		0.00%	to	0.80%		15,955		33.88	to	31.35		513,659		0.00%		1.31%	to	0.50%

NATIONWIDE VLI SEPARATE ACCOUNT-2 NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2020

	Contract Expense Rate*				Units		Unit Fair Value				Contact  Owners’ Equity		Investment Income Ratio**		Total Return***
2017		0.00%	to	0.80%		10,835		33.44	to	31.20		345,820		0.00%		25.86%	to	24.86%
2016		0.00%	to	0.80%		13,108		26.57	to	24.99		334,640		0.00%		7.75%	to	6.89%

* This represents the annual contract expense rate of the variable account at the period end indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to policyholder accounts through the surrender of units.

** This represents the ratio of dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by monthly average net assets (excluding months where net assets are zero). The investment income ratio for subaccounts initially funded during the period presented has not been annualized. The ratios exclude those expenses that result in direct reductions to the policyholder accounts through reductions in unit values. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

*** This represents the total return for the period. The total returns do not include any expenses assessed through the surrender of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return is not annualized if the underlying mutual fund option was initially added and funded during the period presented.

**** Subaccounts denoted indicate the underlying mutual fund option was initially added and funded during the period presented.

NATIONWIDE LIFE INSURANCE COMPANY

FOR THE YEAR ENDED DECEMBER 31, 2020

TABLE OF CONTENTS

	Page
Independent Auditors’ Report		F-1
Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus		F-3
Statutory Statements of Operations		F-4
Statutory Statements of Changes in Capital and Surplus		F-5
Statutory Statements of Cash Flow		F-6
Notes to Statutory Financial Statements		F-7
Schedule I – Consolidated Summary of Investments – Other Than Investments in Related Parties		F-47
Schedule III – Supplementary Insurance Information		F-48
Schedule IV – Reinsurance		F-49
Schedule V – Valuation and Qualifying Accounts		F-50

Independent Auditors’ Report

Audit Committee of the Board of Directors Nationwide Life Insurance Company:

We have audited the accompanying financial statements of Nationwide Life Insurance Company (the Company), which comprise the statutory statements of admitted assets, liabilities, capital and surplus as of December 31, 2020 and 2019, and the related statutory statements of operations, changes in capital and surplus, and cash flow for each of the years in the three-year period ended December 31, 2020, and the related notes to the statutory financial statements (“statutory financial statements”).

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance (the Department). Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Note 2 to the financial statements, the financial statements are prepared by the Company using statutory accounting practices prescribed or permitted by the Department, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles.

The effects on the financial statements of the variances between the statutory accounting practices described in Note 2 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the variances between statutory accounting practices and U.S. generally accepted accounting principles discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the financial statements referred to above do not present fairly, in accordance with U.S. generally accepted accounting principles, the financial position of the Company as of December 31, 2020 and 2019, or the results of its operations or its cash flows for each of the years in the three-year period ended December 31, 2020.

Opinion on Statutory Basis of Accounting

In our opinion, the financial statements referred to above present fairly, in all material respects, the admitted assets, liabilities, capital and surplus of the Company as of December 31, 2020 and 2019, and the results of its operations and its cash flow for each of the years in the three-year period ended December 31, 2020, in accordance with statutory accounting practices prescribed or permitted by the Department described in Note 2.

Other Matter

Our audits were conducted for the purpose of forming an opinion on the financial statements as a whole. The supplementary information included in Schedule I Consolidated Summary of Investments – Other Than Investments in Related Parties, Schedule III Supplementary Insurance Information, Schedule IV Reinsurance and Schedule V Valuation and Qualifying Accounts is presented for purposes of additional analysis and is not a required part of the financial statements but is supplementary information required by the Securities and Exchange Commission’s Regulation S-X. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the financial statements. The information has been subjected to the auditing procedures applied in the audits of the financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the financial statements or to the financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

Columbus, Ohio

March 19, 2021

F-2

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Admitted Assets, Liabilities, Capital and Surplus

	December 31,
(in millions, except share amounts)	2020			2019
Admitted assets
Invested assets
Bonds	$	37,207		$	35,124
Stocks		2,835			2,622
Mortgage loans, net of allowance		7,783			7,655
Policy loans		888			903
Derivative assets		51			94
Cash, cash equivalents and short-term investments		461			556
Securities lending collateral assets		101			132
Other invested assets		955			958
Total invested assets	$	50,281		$	48,044
Accrued investment income		692			573
Deferred federal income tax assets, net		642			601
Federal income tax receivable		11			108
Other assets		184			152
Separate account assets		114,407			105,655
Total admitted assets	$	166,217		$	155,133
Liabilities, capital and surplus
Liabilities
Future policy benefits and claims	$	41,002		$	39,139
Policyholders dividend accumulation		430			452
Short-term debt		3			203
Asset valuation reserve		466			479
Payable for securities		177			113
Derivative liabilities		87			23
Securities lending payable		101			132
Other liabilities		1,929			1,682
Accrued transfers from separate accounts		(1,490	)		(1,567	)
Separate account liabilities		114,407			105,655
Total liabilities	$	157,112		$	146,311
Capital and surplus
Capital shares ($1 par value; authorized - 5,000,000 shares, issued and outstanding - 3,814,779 shares)	$	4		$	4
Surplus notes		1,100			1,100
Additional paid-in capital		1,998			1,998
Unassigned surplus		6,003			5,720
Total capital and surplus	$	9,105		$	8,822
Total liabilities, capital and surplus	$	166,217		$	155,133

See accompanying notes to statutory financial statements.

F-3

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Operations

	Year ended December 31,
(in millions)	2020			2019			2018
Revenues
Premiums and annuity considerations	$	10,637		$	10,168		$	9,829
Net investment income		2,107			1,974			1,927
Amortization of interest maintenance reserve		-			(2	)		(1	)
Other revenues		2,372			2,312			2,240
Total revenues	$	15,116		$	14,452		$	13,995
Benefits and expenses
Benefits to policyholders and beneficiaries	$	15,013		$	14,782		$	13,961
Increase in reserves for future policy benefits and claims		1,627			1,501			736
Net transfers from separate accounts		(3,544	)		(3,747	)		(2,468	)
Commissions		646			674			670
Dividends to policyholders		36			38			40
Reserve adjustment on reinsurance assumed		(172	)		(246	)		(352	)
Other expenses		444			417			398
Total benefits and expenses	$	14,050		$	13,419		$	12,985
Income before federal income tax expense and net realized capital losses on investments	$	1,066		$	1,033		$	1,010
Federal income tax expense (benefit)		4			(73	)		64
Income before net realized capital losses on investments	$	1,062		$	1,106		$	946
Net realized capital (losses) on investments, net of federal income tax (benefit) expense of $(26), $7 and $8 in 2020, 2019 and 2018, respectively, and excluding $(4), $0 and $(1) of net realized capital (losses) transferred to the interest maintenance reserve in 2020, 2019 and 2018, respectively		(575	)		(477	)		(235	)
Net income	$	487		$	629		$	711

See accompanying notes to statutory financial statements.

F-4

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Changes in Capital and Surplus

(in millions)	Capital shares		Surplus notes		Additional paid-in capital		Unassigned surplus			Capital and surplus
Balance as of December 31, 2017	$	4	$	700	$	963	$	4,282		$	5,949
Net income		-		-		-		711			711
Change in asset valuation reserve		-		-		-		(12	)		(12	)
Change in deferred income taxes		-		-		-		72			72
Change in net unrealized capital gains and losses, net of tax expense of $88		-		-		-		(304	)		(304	)
Change in nonadmitted assets		-		-		-		(6	)		(6	)
Capital contribution from Nationwide
Financial Services, Inc.		-		-		435		-			435
Balance as of December 31, 2018	$	4	$	700	$	1,398	$	4,743		$	6,845
Net income		-		-		-		629			629
Change in asset valuation reserve		-		-		-		(107	)		(107	)
Change in deferred income taxes		-		-		-		(29	)		(29	)
Change in net unrealized capital gains and losses, net of tax (benefit) of ($29)		-		-		-		426			426
Change in nonadmitted assets		-		-		-		59			59
Change in surplus notes		-		400		-		-			400
Capital contribution from Nationwide Financial Services, Inc.		-		-		600		-			600
Other, net		-		-		-		(1	)		(1	)
Balance as of December 31, 2019	$	4	$	1,100	$	1,998	$	5,720		$	8,822
Change in reserve on account of change in valuation basis		-		-		-		78			78
Cumulative effect of change in accounting principle		-		-		-		5			5
Balance as of January 1, 2020	$	4	$	1,100	$	1,998	$	5,803		$	8,905
Net income		-		-		-		487			487
Change in asset valuation reserve		-		-		-		13			13
Change in deferred income taxes		-		-		-		41			41
Change in net unrealized capital gains and losses, net of tax (benefit) of ($3)		-		-		-		(313	)		(313	)
Change in nonadmitted assets		-		-		-		(21	)		(21	)
Other, net		-		-		-		(7	)		(7	)
Balance as of December 31, 2020	$	4	$	1,100	$	1,998	$	6,003		$	9,105

See accompanying notes to statutory financial statements.

F-5

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Statutory Statements of Cash Flow

	Years ended December 31,
(in millions)	2020			2019			2018
Cash flows from operating activities:
Premiums collected, net of reinsurance	$	10,648		$	10,184		$	9,812
Net investment income		2,034			1,825			2,041
Other revenue		2,664			2,708			2,329
Policy benefits and claims paid		(14,886	)		(14,778	)		(13,947	)
Commissions, operating expenses and taxes, other than federal income tax paid		(885	)		(847	)		(710	)
Net transfers from separate accounts		3,620			3,805			2,606
Policyholders’ dividends paid		(38	)		(40	)		(45	)
Federal income taxes recovered		121			87			74
Net cash provided by operating activities	$	3,278		$	2,944		$	2,160
Cash flows from investing activities:
Proceeds from investments sold, matured or repaid:
Bonds	$	3,404		$	3,547		$	3,366
Stocks		37			58			1
Mortgage loans		640			910			580
Derivative assets		-			4			560
Other assets		905			381			190
Total investment proceeds	$	4,986		$	4,900		$	4,697
Cost of investments acquired:
Bonds	$	(5,527	)	$	(6,327	)	$	(4,499	)
Stocks		(517	)		(454	)		(608	)
Mortgage loans		(769	)		(800	)		(762	)
Derivative assets		(580	)		(687	)		-
Other assets		(837	)		(340	)		(610	)
Total investments acquired	$	(8,230	)	$	(8,608	)	$	(6,479	)
Net decrease in policy loans		15			2			36
Net cash used in investing activities	$	(3,229	)	$	(3,706	)	$	(1,746	)
Cash flows from financing activities and miscellaneous sources:
Surplus notes	$	-		$	400		$	-
Capital contribution from Nationwide Financial Services, Inc.		-			600			435
Net change in deposits on deposit-type contract funds and other insurance liabilities		160			(714	)		228
Net change in short-term debt		(200	)		(162	)		365
Derivative liabilities		65			2			(135	)
Other cash (used) provided		(169	)		93			(172	)
Net cash (used in) provided by financing activities and miscellaneous	$	(144	)	$	219		$	721
Net (decrease) increase in cash, cash equivalents and short-term investments	$	(95	)	$	(543	)	$	1,135
Cash, cash equivalents and short-term investments at beginning of year		556			1,099			(36	)
Cash, cash equivalents and short-term investments at end of year	$	461		$	556		$	1,099
Supplemental disclosure of non-cash activities:
Exchange of bond investments	$	799		$	592		$	573
Intercompany transfer of securities	$	-		$	6		$	108
Intercompany transfer of mortgages	$	-		$	-		$	155

See accompanying notes to statutory financial statements.

F-6

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(1) Nature of Operations

Nationwide Life Insurance Company (“NLIC” or “the Company”) was incorporated in 1929 and is an Ohio domiciled stock life insurance company. The Company is a member of the Nationwide group of companies (“Nationwide”), which is comprised of Nationwide Mutual Insurance Company (“NMIC”) and all of its subsidiaries and affiliates.

All of the outstanding shares of NLIC’s common stock are owned by Nationwide Financial Services, Inc. (“NFS”), a holding company formed by Nationwide Corporation, a majority-owned subsidiary of NMIC.

The Company is a leading provider of long-term savings and retirement products in the United States of America (“U.S.”). The Company develops and sells a wide range of products and services, which include fixed and variable individual annuities, private and public sector group retirement plans, life insurance, investment advisory services and other investment products. The Company is licensed to conduct business in all fifty states, the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands.

The Company sells its products through a diverse distribution network. Unaffiliated entities that sell the Company’s products to their own customer bases include independent broker-dealers, financial institutions, wirehouses and regional firms, pension plan administrators, life insurance agencies, life insurance specialists and registered investment advisors. Representatives of affiliates who market products directly to a customer base include Nationwide Retirement Solutions, Inc. and Nationwide Financial Network producers, which includes the agency distribution force of the Company’s ultimate parent company, NMIC. NMIC completed the transition away from utilizing the exclusive agent model in 2020. The Company believes its broad range of competitive products, strong distributor relationships and diverse distribution network position it to compete effectively under various economic conditions.

Wholly-owned subsidiaries of NLIC as of December 31, 2020 include Nationwide Life and Annuity Insurance Company (“NLAIC”) and its wholly-owned subsidiaries, Olentangy Reinsurance, LLC (“Olentangy”) and Nationwide SBL, LLC (“NWSBL”), Jefferson National Financial Corporation (“JNF”) and its wholly-owned subsidiaries, Jefferson National Securities Corporation (“JNSC”) and Jefferson National Life Insurance Company (“JNLIC”), and its wholly-owned subsidiary, Jefferson National Life Insurance Company of New York (“JNLNY”), Eagle Captive Reinsurance, LLC (“Eagle”), Nationwide Investment Services Corporation (“NISC”) and Nationwide Investment Advisor, LLC (“NIA”). NLAIC primarily offers fixed indexed annuity contracts and individual annuity contracts, universal life insurance, variable universal life insurance, term life insurance and corporate-owned life insurance on a non-participating basis. Olentangy is a Vermont domiciled special purpose financial captive insurance company. NWSBL offers a securities-based lending product and is an Ohio limited liability company and nonadmitted subsidiary. JNF is a distributor of tax-advantaged investing solutions for registered investment advisors, fee-based advisors and the clients they serve. JNSC is a registered broker-dealer. JNLIC and JNLNY are licensed to underwrite both fixed and variable annuity products. Eagle is an Ohio domiciled special purpose financial captive insurance company. NISC is a registered broker-dealer. NIA is a registered investment advisor.

The Company is subject to regulation by the insurance departments of states in which it is domiciled and/or transacts business and undergoes periodic examinations by those departments.

As of December 31, 2020 and 2019, the Company did not have a significant concentration of financial instruments in a single investee, industry or geographic region. Also, the Company did not have a concentration of business transactions with a particular customer, lender, distribution source, market or geographic region in which a single event could cause a severe impact on the Company’s financial position after considering insurance risk that has been transferred to external reinsurers.

(2) Summary of Significant Accounting Policies

Use of Estimates

The preparation of the statutory financial statements requires the Company to make estimates and assumptions that affect the amounts reported in the statutory financial statements and accompanying notes. Significant estimates include legal and regulatory reserves, certain investment and derivative valuations, future policy benefits and claims, provision for income taxes and valuation of deferred tax assets. Actual results could differ significantly from those estimates.

Basis of Presentation

The statutory financial statements of the Company are presented on the basis of accounting practices prescribed or permitted by the Ohio Department of Insurance (“the Department”). Prescribed statutory accounting practices are those practices incorporated directly or by reference in state laws, regulations and general administrative rules applicable to all insurance enterprises domiciled in a particular state. Permitted statutory accounting practices include practices not prescribed by the domiciliary state, but allowed by the domiciliary state regulatory authority.

F-7

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company’s subsidiary, Eagle, applies a prescribed practice which values assumed guaranteed minimum death benefits (“GMDB”) and guaranteed lifetime withdrawal benefits (“GLWB”) risks on variable annuity contracts from NLIC and GLWB risks on fixed indexed annuity contracts from NLAIC using separate alternative reserving bases from the Statutory Accounting Principles detailed within the National Association of Insurance Commissioners (“NAIC”) Accounting Practices and Procedures manual (“NAIC SAP”) pursuant to Ohio Revised Code Chapter 3964 and approved by the Department. The prescribed practice related to NLIC guaranteed risks decreased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $711 million and $411 million as of December 31, 2020 and 2019, respectively. The prescribed practice related to NLAIC guaranteed risks, increased the Company’s subsidiary valuation of Eagle, included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus, by $523 million and $226 million as of December 31, 2020 and 2019, respectively.

Olentangy was granted a permitted practice from the State of Vermont allowing Olentangy to carry the assets placed into a trust account by Union Hamilton Reinsurance Ltd. (“UHRL”) on its statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value. This permitted practice increased NLAIC’s valuation of this subsidiary, included in stocks on the statutory statements of admitted assets, liabilities, capital and surplus, by $67 million as of December 31, 2020 and 2019.

There was no difference in the Company’s net income as a result of prescribed or permitted practices. If the prescribed or permitted practices were not applied, the Company’s risk-based capital would continue to be above regulatory action levels. A reconciliation of the Company’s capital and surplus between NAIC SAP and prescribed and permitted practices is shown below:

(in millions)	SSAP #	F/S Page	State of domicile		As of December 31, 2020			As of December 31, 2019
Capital and Surplus
Statutory Capital and Surplus			OH	$	9,105		$	8,822
State Prescribed Practice:
Subsidiary valuation - Eagle: NLIC risks ceded	52	3	OH		711			411
Subsidiary valuation - Eagle: NLAIC risks ceded	52	3	OH		(523	)		(226	)
State Permitted Practice:
Subsidiary valuation - Olentangy	20	3	VT		(67	)		(67	)
Statutory Capital and Surplus, NAIC SAP				$	9,226		$	8,940

Statutory accounting practices vary in some respects from U.S. generally accepted accounting principles (“GAAP”), including the following practices:

Financial Statements

● Statutory financial statements are prepared using language and groupings substantially the same as the annual statements of the Company filed with the NAIC and state regulatory authorities;

● assets must be included in the statutory statements of admitted assets, liabilities, capital and surplus at net admitted asset value and nonadmitted assets are excluded through a charge to capital and surplus;

● an asset valuation reserve (“AVR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and changes in the AVR are reported directly in capital and surplus;

● an interest maintenance reserve (“IMR”) is established in accordance with the NAIC Annual Statement Instructions for Life and Accident and Health Insurance Companies and is reported as a liability, and the amortization of the IMR is reported as revenue;

● the expense allowance associated with statutory reserving practices for investment contracts held in the separate accounts is reported in the general account as a negative liability;

● accounting for contingencies requires recording a liability at the midpoint of a range of estimated possible outcomes when no better estimate in the range exists;

● surplus notes are accounted for as a component of capital and surplus;

● costs related to successful policy acquisitions are charged to operations in the year incurred;

● negative cash balances are reported as negative assets;

F-8

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

● certain income and expense items are charged or credited directly to capital and surplus;

● amounts on deposit in internal qualified cash pools are reported as cash equivalents;

● the statutory statements of cash flows are presented on the basis prescribed by the NAIC; and

● the statutory financial statements do not include accumulated other comprehensive income.

Future Policy Benefits and Claims

● Deposits to universal life contracts, investment contracts and limited payment contracts are included in revenue; and

● future policy benefit reserves are based on statutory requirements.

Reinsurance Ceded

● Certain assets and liabilities are reported net of ceded reinsurance balances; and

● provision is made for amounts receivable and outstanding for more than 90 days through a charge to capital and surplus.

Investments

● Investments in bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value;

● investments in preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value;

● other-than-temporary impairments on bonds, excluding loan-backed and structured securities, are measured based on fair value and are not reversible;

● the proportional amortized cost method is utilized to determine the liquidation value of Low-Income Housing Tax Credit Funds (“Tax Credit Funds”);

● admitted subsidiary, controlled and affiliated entities are not consolidated; rather, those investments are generally carried at audited statutory capital and surplus or GAAP equity, as appropriate, and are recorded as an equity investment in stocks or other invested assets;

● equity in earnings of subsidiary companies is recognized directly in capital and surplus as net unrealized capital gains or losses, while dividends from unconsolidated companies are recorded in operations as net investment income;

● undistributed earnings and valuation adjustments from investments in joint ventures, partnerships and limited liability companies are recognized directly in capital and surplus as net unrealized capital gains or losses;

● changes in non-specific mortgage loan reserves are measured under an incurred loss model and are recorded directly in capital and surplus as net unrealized capital gains or losses; and

● gains on sales of investments between affiliated companies representing economic transactions are deferred at the parent level until the related assets are paid down or an external sale occurs.

Separate Accounts

● Assets and liabilities of guaranteed separate accounts are reported as separate account assets and separate account liabilities, respectively.

Derivative Instruments

● Derivatives used in effective hedging transactions are valued in a manner consistent with the hedged asset or liability;

● unrealized gains and losses on derivatives that are not considered to be effective hedges are charged to capital and surplus;

● interest earned on derivatives is charged to net investment income; and

● embedded derivatives are not separated from the host contract and accounted for separately as a derivative instrument.

F-9

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Goodwill

● Goodwill is limited to 10% of the prior reporting period’s adjusted statutory surplus, with any goodwill in excess of this limitation nonadmitted through a charge to surplus; and

● goodwill is amortized and charged to surplus.

Federal Income Taxes

● Changes in deferred federal income taxes are recognized directly in capital and surplus with limitations on the amount of deferred tax assets that can be reflected as an admitted asset (15% of surplus); and

● uncertain tax positions are subject to a “more likely than not” standard for federal and foreign income tax loss contingencies only.

Nonadmitted Assets

● In addition to the nonadmitted assets described above, certain other assets are nonadmitted and charged directly to capital and surplus. These include prepaid assets, certain software, disallowed IMR and other receivables outstanding for more than 90 days.

The financial information included herein is prepared and presented in accordance with SAP prescribed or permitted by the Department. Certain differences exist between SAP and GAAP, which are presumed to be material.

Revenues and Benefits

Life insurance premiums are recognized as revenue over the premium paying period of the related policies when due. Annuity considerations are recognized as revenue when received. Health insurance premiums are earned ratably over the terms of the related insurance and reinsurance contracts or policies. Policy benefits and claims that are expensed include interest credited to policy account balances, benefits and claims incurred in the period in excess of related policy reserves and other changes in future policy benefits.

Future Policy Benefits and Claims

Future policy benefits for traditional products are based on statutory mortality and interest requirements without consideration of withdrawals. The principal statutory mortality tables and interest assumptions used on policies in force are the 1958 Commissioner’s Standard Ordinary (“CSO”) table at interest rates of 2.5%, 3.0%, 3.5%, 4.0% and 4.5%, the 1941 CSO table at an interest rate of 2.5%, the 1980 CSO table at interest rates of 4.0%, 4.5%, 5.0% and 5.5%, the 2001 CSO table at an interest rate of 4.0% and 3.5% and the 2017 CSO table at an interest rate of 3.5% and 4.5%. Beginning January 1, 2020, the Company has applied principles-based reserving to all new individual life business. For business subject to principles-based reserving, additional reserves may be held where the deterministic and/or stochastic reserves are in excess of net premium reserves, as defined by Valuation Manual 20, Requirements for Principle-Based Reserves for Life Products (“VM-20”).

Future policy benefits for universal life and variable universal life contracts have been calculated based on participants’ contributions plus interest credited on any funds in the fixed account less applicable contract charges. These policies have been adjusted for possible future surrender charges in accordance with the Commissioner’s Reserve Valuation Method (“CRVM”). For business subject to principles-based reserving, the Company has calculated reserves under VM-20.

Future policy benefits for annuity products have been established based on contract term, interest rates and various contract provisions. Individual deferred annuity contracts issued in 1990 and after have been adjusted for possible future surrender charges in accordance with the Commissioner’s Annuity Reserve Valuation Method (“CARVM”).

As of 2019, the Company calculated its reserves for variable annuity products with guaranteed minimum death, accumulation and withdrawal benefits and other contracts involving guaranteed benefits similar to those offered with variable annuities under the standard scenario of Actuarial Guideline XLIII “CARVM for Variable Annuities”, which exceeded the stochastic 70th percentile Conditional Tail Expectations scenario. Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to Valuation Manual 21, Requirements for Principle-Based Reserves for Variable Annuities (“VM-21”) and as a result, the Company calculated its reserves using a stochastic reserve, which is floored at the cash surrender value.

The aggregate reserves for individual accident and health policies consist of active life reserves, disabled life reserves and unearned premium reserves. The active life reserves for disability income are reserved for on the net level basis, at a 3.0% interest rate, using either the 1964 Commissioner’s Disability Table (for policies issued prior to 1982) or the 1985 Commissioner’s Individual Disability Table A (for policies issued after 1981). The active life reserves for major medical insurance (both scheduled and unscheduled benefits) are based on the benefit ratio method for policies issued after 1981.

F-10

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The active life reserves for accident and health policies are reserved for on the net level basis, at a 3.0% interest rate, using either the 1956 Inter-Company Hospital-Surgical tables, the 1974 Medical Expense tables or the 1959 Accidental Death Benefits table.

The disabled life reserves for accident and health policies are calculated using the 1985 Commissioner’s Individual Disability Table A at a 3.0% interest rate. Unearned premium reserves are based on the actual gross premiums and actual days.

The aggregate reserves for group accident and health and franchise accident and health policies consist of disabled life reserves and unearned premium reserves. Reserves for benefits payable on disabled life claims are based on the 2012 Group Long-Term Disability (GLTD) Valuation Table, at varying interest rates of 2.75% - 6.0%, for group policies and the 1987 Commissioner’s Group Disability Table, at varying interest rates of 2.75% - 10.25%, for franchise policies.

Future policy benefits and claims for group long-term disability policies are the present value (discounted between 2.75% and 6.00%) of amounts not yet due on reported claims and an estimate of amounts to be paid on incurred but unreported claims. Future policy benefits and claims on other group health policies are not discounted.

The Company issues fixed and floating rate funding agreements to the Federal Home Loan Bank of Cincinnati (“FHLB”). The liabilities for such funding agreements are treated as annuities under Ohio law for life insurance companies and recorded in future policy benefits and claims. Refer to Note 9 for additional details.

Separate Accounts

Separate account assets represent contractholders’ funds that have been legally segregated into accounts with specific investment objectives. Separate account assets are primarily recorded at fair value, with the value of separate account liabilities set to equal the fair value of separate account assets. Separate account assets are primarily comprised of public, privately-registered and non-registered mutual funds, whose fair value is primarily based on the funds’ net asset value. Other separate account assets are recorded at fair value based on the methodology that is applicable to the underlying assets. In limited circumstances, other separate account assets are recorded at book value when the policyholder does not participate in the underlying portfolio experience.

Separate account liabilities, in conjunction with accrued transfers from separate accounts, represent contractholders’ funds adjusted for possible future surrender charges in accordance with the CARVM and the CRVM, respectively. The difference between full account value and CARVM/CRVM is reflected in accrued transfers to separate accounts, as prescribed by the NAIC, in the statutory statements of admitted assets, liabilities, capital and surplus. The annual change in the difference between full account value and CARVM/CRVM and its applicable federal income tax is reflected in the statutory statements of operations as part of the net transfers to separate accounts and federal income tax, respectively.

Retained Assets

The Company does not retain beneficiary assets. During a death benefit claim, the death benefit settlement method is payment to the beneficiary in the form of a check or electronic funds transfer.

Investments

Bonds and stocks of unaffiliated companies. Bonds are generally stated at amortized cost, except those with an NAIC designation of “6”, which are stated at the lower of amortized cost or fair value. Preferred stocks are generally stated at amortized cost, except those with an NAIC designation of “4” through “6”, which are stated at the lower of amortized cost or fair value. Common stocks are stated at fair value. Changes in the fair value of bonds and stocks stated at fair value are charged to capital and surplus.

Loan-backed and structured securities, which are included in bonds in the statutory financial statements, are stated in a manner consistent with the bond guidelines, but with additional consideration given to the special valuation rules implemented by the NAIC applicable to residential mortgage-backed securities that are not backed by U.S. government agencies, commercial mortgage-backed securities and certain other structured securities. Under these guidelines, an initial and adjusted NAIC designation is determined for each security. The initial NAIC designation, which takes into consideration the security’s amortized cost relative to an NAIC-prescribed valuation matrix, is used to determine the reporting basis (i.e., amortized cost or lower of amortized cost or fair value).

Interest income is recognized when earned, while dividends are recognized when declared. The Company nonadmits investment income due and accrued when amounts are over 90 days past due.

F-11

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

For investments in loan-backed and structured securities, the Company recognizes income and amortizes discounts and premiums using the effective-yield method based on prepayment assumptions, generally obtained using a model provided by a third-party vendor, and the estimated economic life of the securities. When actual prepayments differ significantly from estimated prepayments, the effective-yield is recalculated to reflect actual payments to date and anticipated future payments. Any resulting adjustment is included in net investment income in the period the estimates are revised. All other investment income is recorded using the effective-yield method without anticipating the impact of prepayments.

Purchases and sales of bonds and stocks are recorded on the trade date, with the exception of private placement bonds, which are recorded on the funding date. Realized gains and losses are determined on a specific identification method on the trade date.

Independent pricing services are most often utilized, and compared to pricing from additional sources, to determine the fair value of bonds and stocks for which market quotations or quotations on comparable securities are available. For these bonds and stocks, the Company obtains the pricing services’ methodologies and classifies the investments accordingly in the fair value hierarchy.

A corporate pricing matrix is used in valuing certain corporate bonds. The corporate pricing matrix was developed using publicly available spreads for privately-placed corporate bonds with varying weighted average lives and credit quality ratings. The weighted average life and credit quality rating of a particular bond to be priced using the corporate pricing matrix are important inputs into the model and are used to determine a corresponding spread that is added to the appropriate U.S. Treasury yield to create an estimated market yield for that bond. The estimated market yield and other relevant factors are then used to estimate the fair value of the particular bond.

Non-binding broker quotes are also utilized to determine the fair value of certain bonds when deemed appropriate or when valuations are not available from independent pricing services or a corporate pricing matrix. These bonds are classified with the lowest priority in the fair value hierarchy as only one broker quote is ordinarily obtained, the investment is not traded on an exchange, the pricing is not available to other entities and/or the transaction volume in the same or similar investments has decreased. Inputs used in the development of prices are not provided to the Company by the brokers as the brokers often do not provide the necessary transparency into their quotes and methodologies. At least annually, the Company performs reviews and tests to ensure that quotes are a reasonable estimate of the investments’ fair value. Price movements of broker quotes are subject to validation and require approval from the Company’s management. Management uses its knowledge of the investment and current market conditions to determine if the price is indicative of the investment’s fair value.

For all bonds, the Company considers its ability and intent to hold the security for a period of time sufficient to allow for the anticipated recovery in value, the expected recovery of principal and interest and the extent to which the fair value has been less than amortized cost. If the decline in fair value to below amortized cost is determined to be other-than-temporary, a realized loss is recorded equal to the difference between the amortized cost of the investment and its fair value.

The Company periodically reviews loan-backed and structured securities in an unrealized loss position by comparing the present value of cash flows, including estimated prepayments, expected to be collected from the security to the amortized cost basis of the security. If the present value of cash flows expected to be collected, discounted at the security’s effective interest rate, is less than the amortized cost basis of the security, the impairment is considered other-than-temporary and a realized loss is recorded.

All other bonds in an unrealized loss position are periodically reviewed to determine if a decline in fair value to below amortized cost is other-than-temporary. Factors considered during this review include timing and amount of expected cash flows, ability of the issuer to meet its obligations, financial condition and future prospects of the issuer, amount and quality of any underlying collateral and current economic and industry conditions that may impact an issuer.

Stocks may experience other-than-temporary impairment based on the prospects for full recovery in value in a reasonable period of time and the Company’s ability and intent to hold the stock to recovery. If a stock is determined to be other-than-temporarily impaired, a realized loss is recorded equal to the difference between the cost basis of the investment and its fair value.

F-12

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Investments in subsidiaries. The investment in the Company’s wholly-owned insurance subsidiaries, NLAIC and Eagle, are carried using the equity method of accounting applicable to U.S. insurance subsidiary, controlled and affiliated (“SCA”) entities. This requires the investment to be recorded based on the value of its underlying audited statutory surplus. Furthermore, the equity method of accounting would be discontinued if the investment is reduced to zero, unless the Company has guaranteed obligations of the subsidiary or otherwise committed to provide further financial support. In accordance with the “look through” provisions of Statements of Statutory Accounting Principles (“SSAP”) No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, the valuation of JNF, an unaudited downstream noninsurance holding company, is based on the individual audited SCA entities owned by the holding company. Additionally, all non-affiliated liabilities, commitments, contingencies, guarantees or obligations of the holding company are reflected in the determination of the carrying value of the investments. The Company’s investment in NISC and NIA, wholly-owned non-insurance subsidiaries, are carried using the equity method of accounting applicable to U.S. non-insurance subsidiary, controlled and affiliated entities. This requires the investment to be recorded based on its underlying audited GAAP equity. Investments in NLAIC, JNF and NISC are included in stocks, and the investment in Eagle is included in other invested assets on the statutory statements of admitted assets, liabilities, capital and surplus.

Mortgage loans, net of allowance. The Company holds commercial mortgage loans that are collateralized by properties throughout the U.S. Mortgage loans are held at unpaid principal balance adjusted for premiums and discounts, less a valuation allowance. The Company also holds commercial mortgage loans of these property types that are under development. Mortgage loans under development are collateralized by the borrower’s common stock.

As part of the underwriting process, specific guidelines are followed to ensure the initial quality of a new mortgage loan. Third-party appraisals are obtained to support loaned amounts as the loans are collateral dependent or guaranteed.

The collectability and value of a mortgage loan is based on the ability of the borrower to repay and/or the value of the underlying collateral. Many of the Company’s mortgage loans are structured with balloon payment maturities, exposing the Company to risks associated with the borrowers’ ability to make the balloon payment or refinance the property. Loans are considered delinquent when contractual payments are 90 days past due.

Mortgage loans require a loan-specific reserve when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. When management determines that a loan requires a loan-specific reserve, a provision for loss is established equal to the difference between the carrying value and the fair value of the collateral less costs to sell. Loan-specific reserve charges are recorded in net realized capital gains and losses. In the event a loan-specific reserve charge is reversed, the recovery is also recorded in net realized capital gains and losses.

In addition to the loan-specific reserves, the Company maintains a non-specific reserve based primarily on loan surveillance categories and property type classes, which reflects management’s best estimates of probable credit losses inherent in the portfolio of loans without specific reserves as of the date of the statutory statements of admitted assets, liabilities, capital and surplus. Management’s periodic evaluation of the adequacy of the non-specific reserve is based on past loan loss experience, known and inherent risks in the portfolio, adverse situations that may affect a group of borrowers’ ability to repay, the estimated value of the underlying collateral, composition of the loan portfolio, current economic conditions and other relevant factors. Non-specific reserve changes are recorded directly in capital and surplus as net unrealized capital gains and losses.

Management evaluates the credit quality of individual mortgage loans and the portfolio as a whole through a number of loan quality measurements, including, but not limited to, loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios. The LTV ratio is calculated as a ratio of the amortized cost of a loan to the estimated value of the underlying collateral. DSC is the amount of cash flow generated by the underlying collateral of the mortgage loan available to meet periodic interest and principal payments of the loan. These loan quality measurements contribute to management’s assessment of relative credit risk in the mortgage loan portfolio. Based on underwriting criteria and ongoing assessment of the properties’ performance, management believes the amounts, net of valuation allowance, are collectible. This process identifies the risk profile and potential for loss individually and in the aggregate for the commercial mortgage loan portfolios. These factors are updated and evaluated at least annually. Due to the nature of the collateral underlying mortgage loans under development, these loans are not evaluated using the LTV and DSC ratios described above.

Interest income on performing mortgage loans is recognized in net investment income over the life of the loan using the effective-yield method. Loans in default or in the process of foreclosure are placed on non-accrual status. Interest received on non-accrual status mortgage loans is included in net investment income in the period received. Loans are restored to accrual status when the principal and interest is current and it is determined the future principal and interest payments are probable or the loan is modified.

Policy loans. Policy loans, which are collateralized by the related insurance policy, are held at the outstanding principal balance and do not exceed the net cash surrender value of the policy. As such, no valuation allowance for policy loans is required.

F-13

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Cash and cash equivalents. Cash and cash equivalents include highly liquid investments with original maturities of less than three months and, effective December 31, 2020, amounts on deposit in internal qualified cash pools. The Company and various affiliates maintain agreements with Nationwide Cash Management Company (“NCMC”), an affiliate, under which NCMC acts as a common agent in handling the purchase and sale of short-term securities for the respective accounts of the participants in the internal qualified cash pool.

Short-term investments. Short-term investments consist primarily of government agency discount notes with maturities of twelve months or less at acquisition. Short-term investments also include outstanding promissory notes with initial maturity dates of one-year or less with certain affiliates. The Company carries short-term investments at amortized cost, which approximates fair value. As of December 31, 2019, short-term investments also included amounts on deposit with NCMC.

Other invested assets. Other invested assets consist primarily of alternative investments in private equity funds, private debt funds, tax credit funds, real estate partnerships and the investment in Eagle. Except for investments in certain tax credit funds, these investments are recorded using the equity method of accounting. Changes in carrying value as a result of the equity method are reflected as net unrealized capital gains and losses as a direct adjustment to capital and surplus. Gains and losses are generally recognized through income at the time of disposal or when operating distributions are received. Partnership interests in tax credit funds are held at amortized cost with amortization charged to net investment income over the period in which the tax benefits, primarily credits, are earned. Tax credits are recorded as an offset to tax expense in the period utilized.

The Company has sold $2.3 billion, $2.2 billion and $2.0 billion in Tax Credit Funds to unrelated third parties with outstanding guarantees as of December 31, 2020, 2019 and 2018, respectively. The Company has guaranteed after-tax benefits to the third-party investors through periods ending in 2037. These guarantees are in effect for periods of approximately 15 years each. The Tax Credit Funds provide a stream of tax benefits to the investors that will generate a yield and return of capital. If the tax benefits are not sufficient to provide these cumulative after-tax yields, the Company must fund any shortfall. The maximum amount of undiscounted future payments that the Company could be required to pay the investors under the terms of the guarantees is $1.4 billion, but the Company does not anticipate making any material payments related to the guarantees. The Company’s risks are mitigated in the following ways: (1) the Company has the right to buyout the equity related to the guarantee under certain circumstances, (2) the Company may replace underperforming properties to mitigate exposure to guarantee payments, (3) the Company oversees the asset management of the deals and (4) changes in tax laws are explicitly excluded from the Company’s guarantees of after-tax benefits.

Securities Lending. The Company has entered into securities lending agreements with a custodial bank whereby eligible securities are loaned to third parties, primarily major brokerage firms. These transactions are used to generate additional income in the securities portfolio. The Company is entitled to receive from the borrower any payments of interest and dividends received on loaned securities during the loan term. The agreements require a minimum of 102% of the fair value of the loaned securities to be held as collateral. Cash collateral is invested by the custodial bank in investment-grade securities, which are included in the total invested assets of the Company. Periodically, the Company may receive non-cash collateral, which would be recorded off-balance sheet. The Company recognizes loaned securities in bonds. A securities lending payable is recorded in other liabilities for the amount of cash collateral received. If the fair value of the collateral received (cash and/or securities) is less than the fair value of the securities loaned, the shortfall is nonadmitted. Net income received from securities lending activities is included in net investment income. Because the borrower or the Company may terminate a securities lending transaction at any time, if loans are terminated in advance of the reinvested collateral asset maturities, the Company would repay its securities lending obligations from operating cash flows or the proceeds of sales from its investment portfolio, which includes significant liquid securities.

Derivative Instruments

The Company uses derivative instruments to manage exposures and mitigate risks primarily associated with interest rates, equity markets and foreign currency. These derivative instruments primarily include interest rate swaps, cross-currency swaps, futures and options.

Derivative instruments used in hedging transactions considered to be effective hedges are reported in a manner consistent with the hedged items. Derivative instruments used in hedging transactions that do not meet or no longer meet the criteria of an effective hedge are accounted for at fair value with changes in fair value recorded in capital and surplus as unrealized gains or losses.

The fair value of derivative instruments is determined using various valuation techniques relying predominantly on observable market inputs. These inputs include interest rate swap curves, credit spreads, interest rates, counterparty credit risk, equity volatility and equity index levels.

F-14

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company’s derivative transaction counterparties are generally financial institutions. To reduce the credit risk associated with open contracts, the Company enters into master netting agreements which permit the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. In addition, the Company attempts to reduce credit risk by obtaining collateral from counterparties. The determination of the need for and the levels of collateral vary based on an assessment of the credit risk of the counterparty. The Company accepts collateral in the forms of cash and marketable securities. Non-cash collateral received is recorded off-balance sheet.

Cash flows and payment accruals on derivatives are recorded in net investment income.

Fair Value Measurements

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources while unobservable inputs reflect the Company’s view of market assumptions in the absence of observable market information. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. In determining fair value, the Company uses various methods, including market, income and cost approaches.

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

The Company categorizes assets and liabilities held at fair value in the statutory statements of admitted assets, liabilities, capital and surplus as follows:

Level 1. Unadjusted quoted prices accessible in active markets for identical assets or liabilities at the measurement date and mutual funds where the value per share (unit) is determined and published daily and is the basis for current transactions.

Level 2. Unadjusted quoted prices for similar assets or liabilities in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. Primary inputs to this valuation technique may include comparative trades, bid/asks, interest rate movements, U.S. Treasury rates, London Interbank Offered Rate (“LIBOR”), prime rates, cash flows, maturity dates, call ability, estimated prepayments and/or underlying collateral values.

Level 3. Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimates of the assumptions market participants would use at the measurement date in pricing the asset or liability. Consideration is given to the risk inherent in both the method of valuation and the valuation inputs. Primary inputs to this valuation technique include broker quotes and comparative trades.

The Company reviews its fair value hierarchy classifications for assets and liabilities quarterly. Changes in observability of significant valuation inputs identified during these reviews may trigger reclassifications. Reclassifications are reported as transfers at the beginning of the period in which the change occurs.

Asset Valuation Reserve

The Company maintains an AVR as prescribed by the NAIC for the purpose of offsetting potential credit related investment losses on each invested asset category, excluding cash, policy loans and income receivable. The AVR contains a separate component for each category of invested assets. The change in AVR is charged or credited directly to capital and surplus.

F-15

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Interest Maintenance Reserve

The Company records an IMR as prescribed by the NAIC, which represents the net deferral for interest-related gains or losses arising from the sale of certain investments, such as bonds, mortgage loans and loan-backed and structured securities sold. The IMR is applied as follows:

• for bonds, the designation from the NAIC Capital Markets and Investments Analysis Office must not have changed more than one designation between the beginning of the holding period and the date of sale;

• the bond must never have been classified as a default security;

• for mortgage loans, during the prior two years, they must not have had interest more than 90 days past due, been in the process of foreclosure or in the course of voluntary conveyance, nor had restructured terms; and

• for loan-backed and structured securities, all interest-related other-than-temporary impairments and interest-related realized gains or losses on sales of the securities.

The realized gains or losses, net of related federal income tax, from the applicable bonds and mortgage loans sold, have been removed from the net realized gain or loss amounts and established as a net liability. This liability is amortized into income such that the amount of each capital gain or loss amortized in a given year is based on the excess of the amount of income which would have been reported that year, if the asset had not been disposed of over the amount of income which would have been reported had the asset been repurchased at its sale price. In the event the unamortized IMR liability balance is negative, the balance is reclassified as an asset and fully nonadmitted. The Company utilizes the grouped method for amortization. Under the grouped method, the liability is amortized into income over the remaining period to expected maturity based on the groupings of the individual securities into five-year bands.

Goodwill

For companies whose operations are primarily insurance related, goodwill is the excess of the cost to acquire a company over the Company’s share of the statutory book value of the acquired entity. Goodwill is recorded in stocks in the statutory statements of admitted assets, liabilities and surplus. Goodwill is amortized on a straight-line basis over the period of economic benefit, not to exceed ten years, with a corresponding charge to surplus.

Unamortized goodwill totaled $100 million and $116 million as of December 31, 2020 and 2019, respectively. All unamortized goodwill as of December 31, 2020 and 2019, is related to the acquisition of JNF, which represents 55% and 69%, respectively, of JNF’s gross SCA value. All goodwill was admitted as of December 31, 2020 and 2019. Amortization of goodwill totaled $16 million for the years ended December 31, 2020, 2019 and 2018. No goodwill was impaired during these periods.

Federal Income Taxes

The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets, net of any nonadmitted portion and statutory valuation allowance, and deferred tax liabilities, are recognized for the expected future tax consequences attributable to differences between the statutory financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income or loss in the years in which those temporary differences are expected to be recovered or settled. The change in deferred taxes, excluding the impact of taxes on unrealized capital gains or losses and nonadmitted deferred taxes, is charged directly to surplus.

The Company provides for federal income taxes based on amounts the Company believes it ultimately will owe. Inherent in the provision for federal income taxes are estimates regarding the deductibility of certain items and the realization of certain tax credits. In the event the ultimate deductibility of certain items or the realization of certain tax credits differs from estimates, the Company may be required to change the provision for federal income taxes recorded in the statutory financial statements, which could be significant.

Tax reserves are reviewed regularly and are adjusted as events occur that the Company believes impact its liability for additional taxes, such as lapsing of applicable statutes of limitations, conclusion of tax audits or substantial agreement with taxing authorities on the deductibility/nondeductibility of uncertain items, additional exposure based on current calculations, identification of new issues, release of administrative guidance or rendering of a court decision affecting a particular tax issue. The Company believes its tax reserves reasonably provide for potential assessments that may result from Internal Revenue Service (“IRS”) examinations and other tax-related matters for all open tax years.

The Company is included in the NMIC consolidated federal income tax return.

F-16

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Reinsurance Ceded

The Company cedes insurance to other companies in order to limit potential losses and to diversify its exposures. Such agreements do not relieve the Company of its primary obligation to the policyholder in the event the reinsurer is unable to meet the obligations it has assumed. Reinsurance premiums ceded and reinsurance recoveries on benefits and claims incurred are deducted from the respective income and expense accounts. Assets and liabilities related to reinsurance ceded are reported in the statutory statements of admitted assets, liabilities, capital and surplus on a net basis within the related future policy benefits and claims of the Company.

Participating Business

Participating business, which refers to policies that participate in profits through policyholder dividends, represented approximately 4% of the Company’s life insurance in force in 2020 and 2019, and 50% of the number of life insurance policies in force in 2020 and 2019. The provision for policyholder dividends was based on the respective year’s dividend scales, as approved by the Board of Directors. Policyholder dividends are recognized when declared. No additional income was allocated to participating policyholders during 2020 and 2019.

Accounting Changes and Corrections of Errors

During 2020, the Company identified and corrected an error in the variable annuity ceded premium calculation under the intercompany 100% coinsurance agreement with Eagle. The error resulted in an understatement of ceded premiums for the years ended December 31, 2019 and 2018. In accordance with SSAP No. 3, Accounting Changes and Corrections of Errors, the total prior period correction of $9 million was reported in 2020 as a negative adjustment to unassigned funds (surplus) and consisted of $11 million of ceded premiums, offset by $2 million of taxes.

Effective January 1, 2020, the Company changed its reserve valuation basis for variable annuities due to changes to VM-21. As a result of this change, the Company records stochastic reserves, floored at the cash surrender value, instead of reserves using the standard scenario previously required under Actuarial Guideline XLIII “CARVM for Variable Annuities”. The impacts of the valuation basis change were recognized as of January 1, 2020, resulting in an increase to statutory capital and surplus of $78 million. In addition, the Company changed its reserve valuation basis for stable value wraps covering certain group life insurance policies from Separate Accounts Funding Guaranteed Minimum Benefits Under Group Contracts, to VM-21. There was no impact to statutory capital and surplus as a result of this change.

During 2020, the Company modified its approach used to schedule the reversals of its deferred tax assets for policyholder reserves under SSAP No. 101, Income Taxes (“SSAP No. 101”). Prior to 2020 the Company scheduled the reversals of its deferred tax assets for policyholder reserves by estimating the reserve reversal using the aggregate policyholder reserve. As of January 1, 2020, the Company is now taking a disaggregate approach and calculates reversal of the deferred tax assets for policyholder reserves on a product-by-product basis. The new method is more precise and better reflects how the deferred tax assets for policyholder reserves moves with the underlying reserve liability. SSAP No. 101 permits a company to modify its scheduling method so long as the modification is treated as change in accounting principle. The impact of the change increases the Company’s net admitted deferred tax asset $6 million and $5 million as of December 31, 2020 and January 1, 2020, respectively, with a commensurate increase in capital and surplus. There was no impact on net income.

Recently Adopted Accounting Standard

In December 2020, the Company adopted revisions to SSAP No. 2R, Cash, Cash Equivalents, Drafts and Short-Term Investments (“SSAP No. 2R”). The adopted revisions require internal cash pooling arrangements to meet certain criteria to be considered qualified cash pools, with investments in qualifying pools reported as cash equivalents on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s cash pool meets the criteria to be considered a qualified cash pool under SSAP No. 2R. The internal cash pooling arrangement with NCMC was historically classified as short-term investments, resulting in a change in classification to cash equivalents.

COVID-19

On March 11, 2020, the World Health Organization declared the novel coronavirus (“COVID-19”) a pandemic. The COVID-19 pandemic conditions create financial market volatility and uncertainty regarding whether and when certain customer behaviors will return to historical patterns, including sales of new and retention of existing policies, life insurance mortality and credit allowance exposure. Although impacting certain sales and revenues, none of the aforementioned items have had a material impact on the overall financial condition of the Company. The extent to which the COVID-19 pandemic may impact the Company’s ongoing operations and financial condition will depend on future developments that are evolving and uncertain.

F-17

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Subsequent Events

The Company evaluated subsequent events through March 19, 2021, the date the statutory financial statements were issued.

The Department is in the process of implementing Ohio Administrative Code 3901-1-67, Alternative Derivative and Reserve Accounting Practices (“the Rule”). Once adopted and implemented, the Rule will constitute a prescribed practice as contemplated by the NAIC SAP. The prescribed practice is to allow Ohio-domiciled insurance companies to utilize certain alternative derivative and reserve accounting practices for eligible derivative instruments and indexed products, respectively, in order to better align the measurement of indexed product reserves and the derivatives that hedge them. Effective March 15, 2021, the Department allows Ohio-domiciled insurance companies the option to immediately utilize the alternative derivative and reserve accounting practices contemplated by the Rule. The Company plans to adopt the prescribed practice allowed under the Rule effective January 1, 2021. The Company continues to evaluate the impact of the adoption.

On March 9, 2021, the Company’s Board of Directors declared an ordinary dividend of up to $550 million payable to NFS on or around March 24, 2021.

F-18

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(3) Analysis of Actuarial Reserves and Deposit Liabilities by Withdrawal Characteristics

The following table summarizes the analysis of individual annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	190		$	162	$	-	$	352			0	%
At book value less current surrender charge of 5% or more		219			-		-		219			0	%
At fair value		-			-		65,990		65,990			92	%
Total with market value adjustment or at fair value	$	409		$	162	$	65,990	$	66,561			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,480			-		8		3,488			5	%
Not subject to discretionary withdrawal		1,755			-		62		1,817			3	%
Total, gross	$	5,644		$	162	$	66,060	$	71,866			100	%
Less: Reinsurance ceded		(112	)		-		-		(112	)
Total, net	$	5,532		$	162	$	66,060	$	71,754
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	67		$	-	$	-	$	67
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	19		$	181	$	29	$	229			0	%
At book value less current surrender charge of 5% or more		270			-		-		270			1	%
At fair value		-			-		61,535		61,535			91	%
Total with market value adjustment or at fair value	$	289		$	181	$	61,564	$	62,034			92	%
At book value without adjustment (minimal or no charge or adjustment)		3,587			-		11		3,598			5	%
Not subject to discretionary withdrawal		1,761			-		56		1,817			3	%
Total, gross	$	5,637		$	181	$	61,631	$	67,449			100	%
Less: Reinsurance ceded		(104	)		-		-		(104	)
Total, net	$	5,533		$	181	$	61,631	$	67,345
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	128		$	-	$	-	$	128

F-19

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of group annuities actuarial reserves by withdrawal characteristics, as of the dates indicated:

(in millions)	General account			Separate account with guarantees		Separate account non- guaranteed		Total			% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	17,393		$	2,483	$	-	$	19,876			43	%
At book value less current surrender charge of 5% or more		3			-		-		3			0	%
At fair value		-			-		19,670		19,670			43	%
Total with market value adjustment or at fair value	$	17,396		$	2,483	$	19,670	$	39,549			86	%
At book value without adjustment (minimal or no charge or adjustment)		6,000			-		-		6,000			13	%
Not subject to discretionary withdrawal		591			-		3		594			1	%
Total, gross	$	23,987		$	2,483	$	19,673	$	46,143			100	%
Less: Reinsurance ceded		(58	)		-		-		(58	)
Total, net	$	23,929		$	2,483	$	19,673	$	46,085
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	3		$	-	$	-	$	3
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	16,485		$	2,166	$	-	$	18,651			44	%
At book value less current surrender charge of 5% or more		1			-		-		1			0	%
At fair value		-			-		18,284		18,284			43	%
Total with market value adjustment or at fair value	$	16,486		$	2,166	$	18,284	$	36,936			87	%
At book value without adjustment (minimal or no charge or adjustment)		5,354			-		-		5,354			12	%
Not subject to discretionary withdrawal		584			2		-		586			1	%
Total, gross	$	22,424		$	2,168	$	18,284	$	42,876			100	%
Less: Reinsurance ceded		(60	)		-		-		(60	)
Total, net	$	22,364		$	2,168	$	18,284	$	42,816
Amount included in ‘Subject to discretionary withdrawal at book value less current surrender charge of 5% or more’ that will move to ‘Subject to discretionary withdrawal at book value without adjustment (minimal or no charge or adjustment)’	$	1		$	-	$	-	$	1

F-20

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of deposit-type contracts and other liabilities without life or disability contingencies by withdrawal characteristics, as of the dates indicated:

(in millions)	General account		Separate account non- guaranteed		Total		% of Total
December 31, 2020
Subject to discretionary withdrawal:
With market value adjustment	$	2	$	-	$	2		0	%
At fair value		12		-		12		0	%
Total with market value adjustment or at fair value	$	14	$	-	$	14		0	%
At book value without adjustment (minimal or no charge or adjustment)		728		3		731		22	%
Not subject to discretionary withdrawal		2,540		13		2,553		78	%
Total, gross	$	3,282	$	16	$	3,298		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,282	$	16	$	3,298
December 31, 2019
Subject to discretionary withdrawal:
With market value adjustment	$	3	$	-	$	3		0	%
At fair value		13		-		13		0	%
Total with market value adjustment or at fair value	$	16	$	-	$	16		0	%
At book value without adjustment (minimal or no charge or adjustment)		775		4		779		25	%
Not subject to discretionary withdrawal		2,331		12		2,343		75	%
Total, gross	$	3,122	$	16	$	3,138		100	%
Less: Reinsurance ceded		-		-		-
Total, net	$	3,122	$	16	$	3,138

The following table is a reconciliation of total annuity actuarial reserves and deposit fund liabilities, as of the dates indicated:

	December 31,
(in millions)	2020		2019
Life, accident and health annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	29,445	$	27,880
Supplemental contracts with life contingencies, net		16		17
Deposit-type contracts		3,282		3,122
Subtotal	$	32,743	$	31,019
Separate accounts annual statement:
Annuities, net (excluding supplemental contracts with life contingencies)	$	88,378	$	82,264
Other contract deposit funds		16		16
Subtotal	$	88,394	$	82,280
Total annuity actuarial reserves and deposit fund liabilities, net	$	121,137	$	113,299

F-21

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the analysis of life actuarial reserves by withdrawal characteristics, as of the dates indicated:

	General account									Separate account - nonguaranteed1
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2020
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,585			2,600			2,764			-		-		-
Universal life with secondary guarantees		360			288			720			-		-		-
Indexed universal life with secondary guarantees		179			130			191			-		-		-
Other permanent cash value life insurance		-			1,300			2,607			-		-		-
Variable life		1,887			1,965			2,060			24,591		24,581		24,582
Miscellaneous reserves		-			-			-			-		-		9
Subtotal	$	5,011		$	6,294		$	8,353		$	24,591	$	24,581	$	24,591
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			275			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			13			-		-		-
Disability - disabled lives		-			-			58			-		-		-
Miscellaneous reserves		-			-			30			-		-		-
Total, gross	$	5,011		$	6,294		$	8,730		$	24,591	$	24,581	$	24,591
Less: reinsurance ceded		(10	)		(10	)		(240	)		-		-		-
Total, net	$	5,001		$	6,284		$	8,490		$	24,591	$	24,581	$	24,591

1 In 2020, the classification of certain group life insurance policies was changed from separate accounts with guarantees to separate accounts nonguaranteed as a result of a change in the reserve valuation basis, as described in Note 2.

F-22

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

	General account									Separate account -  nonguaranteed
(in millions)	Account value			Cash value			Reserve			Account value		Cash value		Reserve
December 31, 2019
Subject to discretionary withdrawal, surrender values or policy loans:
Term policies with cash value	$	-		$	11		$	11		$	-	$	-	$	-
Universal life		2,549			2,561			2,728			-		-		-
Universal life with secondary guarantees		335			265			613			-		-		-
Indexed universal life with secondary guarantees		140			99			146			-		-		-
Other permanent cash value life insurance		-			1,328			2,676			-		-		-
Variable life		1,903			1,992			2,080			21,853		21,840		19,596
Subtotal	$	4,927		$	6,256		$	8,254		$	21,853	$	21,840	$	19,596
Not subject to discretionary withdrawal or no cash value:
Term policies without cash value		-			-			299			-		-		-
Accidental death benefits		-			-			1			-		-		-
Disability - active lives		-			-			12			-		-		-
Disability - disabled lives		-			-			57			-		-		-
Miscellaneous reserves		-			-			36			-		-		-
Total, gross	$	4,927		$	6,256		$	8,659		$	21,853	$	21,840	$	19,596
Less: reinsurance ceded		(10	)		(10	)		(272	)		-		-		-
Total, net	$	4,917		$	6,246		$	8,387		$	21,853	$	21,840	$	19,596

The following table is a reconciliation of life actuarial reserves, as of the dates indicated:

	December 31,
(in millions)	2020		2019
Life, accident and health annual statement:
Life Insurance, net	$	8,400	$	8,292
Accidental death benefits, net		1		1
Disability - active lives, net		12		10
Disability - disabled lives, net		51		52
Miscellaneous reserves, net		26		32
Subtotal	$	8,490	$	8,387
Separate accounts annual statement:
Life insurance1	$	24,884	$	22,138
Miscellaneous reserves		9		5
Subtotal	$	24,893	$	22,143
Total life actuarial reserves, net	$	33,383	$	30,530

1 In 2020, life insurance account value, cash value and reserve includes separate accounts with guarantees of $302 million for universal life. In 2019, life insurance account value, cash value and reserve includes separate accounts with guarantees of $297 million and $2.2 billion for universal life and variable life, respectively.

F-23

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Direct Premium Written by Managing General Agents and Third Party Administrators

The following table summarizes direct premium written by managing general agents and third party administrators as of December 31, 2020:

(in millions)
Managing general agent/ third party reserve	FEIN number		Exclusive contract	Types of business written	Types of authority granted1	Total Direct Premium
Meridian Management Group, LLC		22-3713596	Not Exclusive	Accident & health	U / P / B	$	42
RMTS - Manufacturers & Traders Trust Co.		20-1049240	Not Exclusive	Accident & health	C / CA / B / P / U		26
Fringe Insurance Benefits, Inc.		74-2616364	Not Exclusive	Accident & health	B / P / U		41
Star Line Group		04-3499188	Not Exclusive	Accident & health	C / CA / B / P / U		7
AccuRisk Solutions, LLC		31-1777676	Not Exclusive	Accident & health	C / CA / B / P /U		90
Merchants Benefit Administration, Inc.		86-0875918	Exclusive	Accident & health	B / C / CA / P		14
Roundstone Management, Ltd.		27-0371422	Not Exclusive	Accident & health	C / CA / B / P / U		75
Gilsbar, Inc.		72-0519951	Not Exclusive	Accident & health	B / P / U		75
Matrix		01-0544915	Not Exclusive	Accident & health	C / CA / B / P / U		19
IRC		74-2824053	Not Exclusive	Accident & health	C / CA / B / P / U		28
TMS RE Inc		65-0644164	Not Exclusive	Accident & health	C / CA / B / P / U		70
United Group Programs Inc.		59-1896277	Not Exclusive	Accident & health	C / CA / B / P / U		9
USMGU		46-4619917	Not Exclusive	Accident & health	C / CA / B / P / U		1
Total Direct Premiums Written and Produced						$	497

1 Authority code key includes: C– claims payment, CA– claims adjustment, B- binding authority, P-premium collection, U- underwriting.

F-24

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(4) Separate Accounts

The Company’s separate account statement includes assets legally insulated from the general account as of the dates indicated, attributed to the following product lines:

	December 31, 2020				December 31, 2019
(in millions)	Separate account assets legally insulated		Separate account assets (not legally insulated)		Separate account assets legally insulated		Separate account assets (not legally insulated)
Product / Transaction:
Individual annuities	$	71,875	$	-	$	67,222	$	-
Group annuities		17,550		-		16,187		-
Life insurance		24,982		-		22,246		-
Total	$	114,407	$	-	$	105,655	$	-

The following table summarizes amounts paid towards separate account guarantees by the general account and related risk charges paid by the separate account for the years ended:

(in millions)	Total paid toward separate account guarantees		Risk charges paid to general account
2020	$	26	$	631
2019	$	58	$	612
2018	$	18	$	594
2017	$	13	$	559
2016	$	36	$	507

The Company does not engage in securities lending transactions within its separate accounts.

Most separate accounts held by the Company relate to individual and group variable annuity and variable universal life insurance contracts of a non-guaranteed return nature. The net investment experience of the separate accounts is credited directly to the contract holder and can be positive or negative. The individual variable annuity contracts generally provide an incidental death benefit of the greater of account value or premium paid (net of prior withdrawals). However, many individual variable annuity contracts also provide death benefits equal to (i) the most recent fifth-year anniversary account value, (ii) the highest account value on any previous anniversary, (iii) premiums paid increased 5% or certain combinations of these, all adjusted for prior withdrawals. The death benefit and cash value under the variable universal life policies may vary with the investment performance of the underlying investments in the separate accounts. The assets and liabilities of these separate accounts are carried at fair value and are non-guaranteed.

Certain other separate accounts offered by the Company contain groups of variable universal life policies wherein the assets supporting account values on the underlying policies reside in Private Placement Separate Accounts. They provide a quarterly interest rate based on a crediting formula that reflects the market value to book value ratio of the investments, investment portfolio yield and a specified duration.

Certain other separate accounts relate to a guaranteed term option, which provides a guaranteed interest rate that is paid over certain maturity durations ranging from three to ten years, so long as certain conditions are met. If amounts allocated to the guaranteed term option are distributed prior to the maturity period, a market value adjustment can be assessed. The assets and liabilities of these separate accounts are carried at fair value.

Another separate account offered by the Company contains a group of universal life policies wherein the assets supporting the account values on the underlying policies reside in a Private Placement Separate Account. It provides an annual interest rate guarantee, subject to a minimum guarantee of 3%. The interest rate declared each year reflects the anticipated investment experience of the account. The business has been included as a nonindexed guarantee less than or equal to 4%.

F-25

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following tables summarize the separate account reserves of the Company, as of the dates indicated:

(in millions)	Indexed		Nonindexed guarantee less than or equal to 4%		Nonindexed guarantee more than 4%		Nonguaranteed separate accounts		Total
December 31, 2020
Premiums, considerations or deposits	$	-	$	417	$	-	$	5,392	$	5,809
Reserves
For accounts with assets at:
Fair value	$	-	$	2,480	$	166	$	110,340	$	112,986
Amortized cost		-		302		-		-		302
Total reserves	$	-	$	2,782	$	166	$	110,340	$	113,288
By withdrawal characteristics:
With market value adjustment	$	-	$	2,480	$	166	$	-	$	2,646
At book value without market value adjustment and with current surrender charge of 5% or more		-		-		-		-		-
At fair value		-		-		-		110,252		110,252
At book value without market value adjustment and with current surrender charge less than 5%		-		302		-		11		313
Subtotal	$	-	$	2,782	$	166	$	110,263	$	113,211
Not subject to discretionary withdrawal		-		-		-		77		77
Total reserves1	$	-	$	2,782	$	166	$	110,340	$	113,288

1 The total reserves balance does not equal the liabilities related to separate accounts of $114.4 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.1 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

F-26

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

			Nonindexed		Nonindexed
			guarantee		guarantee		Nonguaranteed
			less than or		more than		separate
(in millions)	Indexed		equal to 4%		4%		accounts		Total
December 31, 2019
Premiums, considerations or deposits	$	-	$	135	$	-	$	6,007	$	6,142
Reserves
For accounts with assets at:
Fair value	$	-	$	2,202	$	146	$	99,612	$	101,960
Amortized cost		-		2,463		-		-		2,463
Total reserves	$	-	$	4,665	$	146	$	99,612	$	104,423
By withdrawal characteristics:
With market value adjustment	$	-	$	2,202	$	146	$	29	$	2,377
At book value without market value adjustment and with current surrender charge of 5% or more		-		-		-		-		-
At fair value		-		-		-		99,499		99,499
At book value without market value adjustment and with current surrender charge less than 5%		-		2,463		-		13		2,476
Subtotal	$	-	$	4,665	$	146	$	99,541	$	104,352
Not subject to discretionary withdrawal		-		-		-		71		71
Total reserves1	$	-	$	4,665	$	146	$	99,612	$	104,423

1 The total reserves balance does not equal the liabilities related to separate accounts of $105.7 billion in the statutory statements of admitted assets, liabilities, capital and surplus by $1.2 billion, due to an adjustment for CARVM/CRVM reserves and other liabilities that have not been allocated to the categories outlined above.

The following table is a reconciliation of net transfers to (from) separate accounts, as of the dates indicated:

			December 31,
(in millions)	2020		2019		2018
Transfers as reported in the statutory statements of operations of the separate accounts:
Transfers to separate accounts	$	5,809	$	6,142	$	6,392
Transfers from separate accounts		(8,921)		(9,470)		(8,461)
Net transfers from separate accounts	$	(3,112)	$	(3,328)	$	(2,069)
Reconciling adjustments:
Exchange accounts offsetting in the general account		(337)		(321)		(303)
Fees not included in general account transfers		(67)		(68)		(58)
Other miscellaneous adjustments not included in the general account balance		(28)		(30)		(38)
Transfers as reported in the statutory statements of operations	$	(3,544)	$	(3,747)	$	(2,468)

F-27

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(5) Investments

Bonds and Stocks

The following table summarizes the carrying value, the excess of fair value over carrying value, the excess of carrying value over fair value and the fair value of bonds and stocks, as of the dates indicated:

(in millions)	Carrying value		Fair value in excess of carrying value		Carrying value in excess of fair value		Fair value
December 31, 2020
Bonds:
U.S. Government	$	7	$	-	$	-	$	7
States, territories and possessions		370		59		-		429
Political subdivisions		343		71		-		414
Special revenues		2,763		564		-		3,327
Industrial and miscellaneous		26,583		3,656		46		30,193
Loan-backed and structured securities		7,141		336		37		7,440
Total bonds	$	37,207	$	4,686	$	83	$	41,810
Common stocks unaffiliated	$	142	$	-	$	-	$	142
Preferred stocks unaffiliated		97		12		-		109
Total unaffiliated stocks1	$	239	$	12	$	-	$	251
Total bonds and unaffiliated stocks1	$	37,446	$	4,698	$	83	$	42,061
December 31, 2019
Bonds:
U.S. Government	$	7	$	-	$	-	$	7
States, territories and possessions		398		42		1		439
Political subdivisions		344		52		1		395
Special revenues		2,702		370		5		3,067
Industrial and miscellaneous		26,240		2,012		65		28,187
Loan-backed and structured securities		5,433		238		31		5,640
Total bonds	$	35,124	$	2,714	$	103	$	37,735
Common stocks unaffiliated	$	181	$	-	$	-	$	181
Preferred stocks unaffiliated		55		4		-		59
Total unaffiliated stocks1	$	236	$	4	$	-	$	240
Total bonds and unaffiliated stocks1	$	35,360	$	2,718	$	103	$	37,975

1 Excludes affiliated common stocks with a carrying value of $2.6 billion and $2.4 billion as of December 31, 2020 and 2019, respectively. Affiliated common stocks includes investment in NLAIC and JNF of $2.4 billion and $180 million as of December 31, 2020, respectively, and $2.2 billion and $169 million as of December 31, 2019, respectively.

The carrying value of bonds on deposit with various states as required by law or special escrow agreement was $3 million as of December 31, 2020 and 2019.

F-28

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the carrying value and fair value of bonds, by contractual maturity, as of December 31, 2020. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without early redemption penalties:

(in millions)	Carrying value		Fair value
Bonds:
Due in one year or less	$	1,314	$	1,331
Due after one year through five years		7,925		8,441
Due after five years through ten years		9,450		10,557
Due after ten years		11,377		14,041
Total bonds excluding loan-backed and structured securities	$	30,066	$	34,370
Loan-backed and structured securities		7,141		7,440
Total bonds	$	37,207	$	41,810

The following table summarizes the fair value and unrealized losses on bonds and stocks (amount by which cost or amortized cost exceeds fair value), for which other-than-temporary declines in value have not been recognized, based on the amount of time each type of bond or stock has been in an unrealized loss position, as of the dates indicated:

	Less than or equal to one year				More than one year				Total
(in millions)	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
December 31, 2020
Bonds:
States, territories and possessions	$	1	$	-	$	-	$	-	$	1	$	-
Special revenues		14		-		-		-		14		-
Industrial and miscellaneous		636		27		408		38		1,044		65
Loan-backed and structured securities		1,454		15		870		23		2,324		38
Total bonds	$	2,105	$	42	$	1,278	$	61	$	3,383	$	103
Common stocks unaffiliated		21		4		-		-		21		4
Preferred stocks unaffiliated		9		-		-		-		9		-
Total bonds and stocks	$	2,135	$	46	$	1,278	$	61	$	3,413	$	107
December 31, 2019
Bonds:
States, territories and possessions	$	23	$	1	$	-	$	-	$	23	$	1
Political subdivisions		65		1		-		-		65		1
Special revenues		397		5		-		-		397		5
Industrial and miscellaneous		852		9		911		103		1,763		112
Loan-backed and structured securities		704		6		1,124		28		1,828		34
Total bonds	$	2,041	$	22	$	2,035	$	131	$	4,076	$	153
Common stocks unaffiliated		32		-		16		1		48		1
Preferred stocks unaffiliated		1		-		-		-		1		-
Total bonds and stocks	$	2,074	$	22	$	2,051	$	132	$	4,125	$	154

As of December 31, 2020, management evaluated securities in an unrealized loss position and all non-marketable securities for impairment. As of the reporting date, the Company has the intent and ability to hold these securities until the fair value recovers, which may be maturity, and therefore, does not consider the securities to be other-than-temporarily impaired.

There was no intent to sell other-than-temporary impairments on loan-backed and structured securities for the years ended December 31, 2020 and 2019.

F-29

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Mortgage Loans, Net of Allowance

The following table summarizes the amortized cost of mortgage loans by method of evaluation for credit loss, and the related valuation allowances by type of credit loss, as of the dates indicated:

	December 31,
(in millions)	2020		2019
Amortized cost:
Loans with non-specific reserves	$	7,819	$	7,675
Loans with specific reserves		12		14
Total amortized cost	$	7,831	$	7,689
Valuation allowance:
Non-specific reserves	$	45	$	31
Specific reserves		3		3
Total valuation allowance1	$	48	$	34
Mortgage loans, net of allowance	$	7,783	$	7,655

1 Changes in the valuation allowance are due to current period provisions. These changes in the valuation allowance for the years ended December 31, 2020, 2019, and 2018 were immaterial.

As of December 31, 2020 and 2019, the Company’s mortgage loans classified as delinquent and/or in non-accrual status were immaterial in relation to the total mortgage loan portfolio.

The following table summarizes the LTV ratio and DSC ratio of the mortgage loan portfolio as of the dates indicated:

	LTV ratio												DSC ratio
(in millions)	Less than 90%				90% or greater				Total				Greater than 1.00				Less than or equal to 1.00				Total
December 31, 2020
Apartment		$	2,988			$	25			$	3,013			$	2,993			$	20			$	3,013
Industrial			1,026				-				1,026				1,005				21				1,026
Office			1,307				-				1,307				1,304				3				1,307
Retail			2,155				27				2,182				2,169				13				2,182
Other			218				-				218				218				-				218
Total1		$	7,694			$	52			$	7,746			$	7,689			$	57			$	7,746
Weighted average DSC ratio			2.21				1.52				2.20				2.21				0.91				2.20
Weighted average LTV ratio			57	%			98	%			57	%			57	%			65	%			57%
December 31, 2019
Apartment		$	2,906			$	124			$	3,030			$	3,018			$	12			$	3,030
Industrial			906				-				906				905				1				906
Office			1,306				-				1,306				1,291				15				1,306
Retail			2,162				9				2,171				2,151				20				2,171
Other			205				-				205				205				-				205
Total1		$	7,485			$	133			$	7,618			$	7,570			$	48			$	7,618
Weighted average DSC ratio			2.13				1.19				2.11				2.12				0.90				2.11
Weighted average LTV ratio			54	%			95	%			54	%			54	%			72	%			54%

1 Excludes $85 million and $71 million of commercial mortgage loans that were under development as of December 31, 2020 and 2019, respectively.

As of December 31, 2020 and 2019, the Company has a diversified mortgage loan portfolio with no more than 24% and 23%, respectively, in a geographic region in the U.S. and no more than 1% with any one borrower. The maximum and minimum lending rates for mortgage loans originated or acquired during 2020 were 4.3% and 1.9%, respectively, and for those originated or acquired during 2019 were 12.0% and 3.1%, respectively. As of December 31, 2020 and 2019, the maximum LTV ratio of any one loan at the time of loan origination was 80% and 82%, respectively. As of December 31, 2020 and 2019, the Company did not hold mortgage loans with interest 90 days or more past due. Additionally, there were no taxes, assessments or any amounts advanced and not included in the mortgage loan portfolio.

F-30

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Securities Lending

The fair value of loaned securities was $244 million and $306 million as of December 31, 2020 and 2019, respectively. The Company held $101 million and $132 million of cash collateral on securities lending as of December 31, 2020 and 2019, respectively. As of December 31, 2020, the carrying value and fair value of reinvested collateral assets was $101 million. As of December 31, 2019, the carrying value and fair value of reinvested collateral assets was $133 million. The fair value of bonds acquired with reinvested collateral assets was $103 million and $134 million as of December 31, 2020 and 2019, respectively. There are no securities lending transactions that extend beyond one year as of the reporting date. The Company received $148 million and $180 million of non-cash collateral on securities lending as of December 31, 2020 and 2019, respectively.

Net Investment Income

The following table summarizes net investment income by investment type, for the years ended:

	December 31,
(in millions)	2020		2019		2018
Bonds	$	1,419	$	1,408	$	1,378
Mortgage loans		339		353		335
Other invested assets		384		225		228
Policy loans		43		45		54
Other		41		51		41
Gross investment income	$	2,226	$	2,082	$	2,036
Investment expenses		(119)		(108)		(109)
Net investment income	$	2,107	$	1,974	$	1,927

There was no investment income due and accrued that was nonadmitted as of December 31, 2020 and 2019.

Net Realized Capital Gains and Losses

The following table summarizes net realized capital gains and losses for the years ended:

	December 31,
(in millions)	2020		2019		2018
Gross gains on sales	$	36	$	71	$	22
Gross losses on sales		(42)		(21)		(16)
Net realized (losses) gains on sales	$	(6)	$	50	$	6
Net realized derivative losses		(521)		(515)		(226)
Other-than-temporary impairments		(78)		(5)		(8)
Total net realized losses on sales	$	(605)	$	(470)	$	(228)
Tax (benefit) expense on net losses		(26)		7		8
Net realized capital losses, net of tax	$	(579)	$	(477)	$	(236)
Less: Realized losses transferred to the IMR		(4)		-		(1)
Net realized capital losses, net of tax and transfers to the IMR	$	(575)	$	(477)	$	(235)

For the year ended December 31, 2020, gross realized gains and gross realized losses on sales of bonds were $26 million and $38 million, respectively. For the year ended December 31, 2019, gross realized gains and gross realized losses on sales of bonds were $56 million and $19 million, respectively. For the year ended December 31, 2018, gross realized gains and gross realized losses on sales of bonds were $15 million and $13 million, respectively.

The Company did not enter into any material repurchase transactions that would be considered wash sales during the years ended December 31, 2020 and 2019.

Investment Commitments

The Company had unfunded commitments related to its investment in limited partnerships and limited liability companies totaling $483 million and $496 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, there were $21 million and $45 million of commitments to purchase private placement bonds and $114 million and $147 million of outstanding commitments to fund mortgage loans, respectively.

F-31

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(6) Derivative Instruments

The Company is exposed to certain risks related to its ongoing business operations which are managed using derivative instruments.

Interest rate risk management. In the normal course of business, the Company enters into transactions that expose it to interest rate risk arising from mismatches between assets and liabilities. The Company may use interest rate swaps and futures to reduce or alter interest rate exposure.

Interest rate contracts are used by the Company in association with fixed and variable rate investments to achieve cash flow streams that support certain financial obligations of the Company and to produce desired investment returns. As such, interest rate contracts are generally used to convert fixed rate cash flow streams to variable rate cash flow streams or vice versa.

Equity market risk management. The Company issues a variety of insurance products that expose it to equity risks. To mitigate these risks, the Company enters into a variety of derivatives including equity index futures and options.

Other risk management. As part of its regular investing activities, the Company may purchase foreign currency denominated investments. These investments and the associated income expose the Company to volatility associated with movements in foreign exchange rates. As foreign exchange rates change, the increase or decrease in the cash flows of the derivative instrument are intended to mitigate the changes in the functional-currency equivalent cash flows of the hedged item. To mitigate this risk, the Company uses cross-currency swaps.

Credit risk associated with derivatives transactions. The Company periodically evaluates the risks within the derivative portfolios due to credit exposure. When evaluating this risk, the Company considers several factors which include, but are not limited to, the counterparty credit risk associated with derivative receivables, the Company’s own credit as it relates to derivative payables, the collateral thresholds associated with each counterparty and changes in relevant market data in order to gain insight into the probability of default by the counterparty. The Company also considers the impact credit exposure could have on the effectiveness of the Company’s hedging relationships. As of December 31, 2020 and 2019, the impact of the exposure to credit risk on the fair value measurement of derivatives and the effectiveness of the Company’s hedging relationships was immaterial.

The following table summarizes the fair value, carrying value and related notional amounts of derivative instruments, as of the dates indicated:

(in millions)	Notional amount		Net Carrying Value		Fair value asset		Fair value liability		Average fair value
December 31, 2020
Interest rate swaps	$	7	$	(1)	$	-	$	(1)	$	(1)
Options		-		-		-		-		-
Cross currency swaps		1,524		(36)		75		(49)		-
Futures		3,342		-		-		-		-
Total	$	4,873	$	(37)	$	75	$	(50)	$	(1)
December 31, 2019
Interest rate swaps	$	7	$	(1)	$	-	$	(1)	$	-
Options		202		6		6		-		1
Cross currency swaps		1,537		66		99		(19)		1
Futures		3,153		-		-		-		-
Total	$	4,899	$	71	$	105	$	(20)	$	2

Of the $75 million and $105 million of fair value of derivative assets as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company received $35 million and $68 million of cash collateral and $22 million and $45 million in pledged securities, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Of the $50 million and $20 million of fair value of derivative liabilities as of December 31, 2020 and 2019, $24 million and $14 million were subject to master netting agreements as of December 31, 2020 and 2019, the Company posted $28 million and $3 million of cash collateral, respectively, resulting in an immaterial uncollateralized position as of December 31, 2020 and 2019. Securities received as collateral are recorded off-balance sheet and exclude initial margin posted on derivatives of $280 million and $128 million as of December 31, 2020 and 2019, respectively.

F-32

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes net gains and losses on derivatives programs by type of derivative instrument, as of the dates indicated:

	Net realized (losses) gains recorded in operations						Unrealized (losses) gains recorded in capital and surplus
	December 31,						December 31,
(in millions)	2020		2019		2018		2020		2019		2018
Interest rate swaps	$	-	$	-	$	(5)	$	-	$	-	$	35
Options		-		3		(313)		(1)		4		244
Cross currency swaps		4		(1)		-		(102)		(13)		65
Futures		(525)		(517)		92		1		(169)		132
Total	$	(521)	$	(515)	$	(226)	$	(102)	$	(178)	$	476

(7) Fair Value Measurements

The following table summarizes assets and liabilities held at fair value as of December 31, 2020:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	4	$	1	$	-	$	5
Common stocks unaffiliated		53		88		1		-		142
Separate account assets		109,265		2,047		58		2,720		114,090
Assets at fair value	$	109,318	$	2,139	$	60	$	2,720	$	114,237
Liabilities
Derivative liabilities	$	-	$	1	$	-	$	-	$	1
Liabilities at fair value	$	-	$	1	$	-	$	-	$	1

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2020:

(in millions)	Bonds		Common stocks unaffiliated		Derivative assets1		Separate account assets		Assets at fair value
Balance as of December 31, 2019	$	6	$	1	$	6	$	87	$	100
Net gains (losses):
In operations		(2)		-		-		-		(2)
In surplus		5		-		(1)		(17)		(13)
Purchases		2		-		-		-		2
Sales		(9)		-		(5)		(12)		(26)
Transfers into Level 3		1		-		-		-		1
Transfers out of Level 3		(2)		-		-		-		(2)
Balance as of December 31, 2020	$	1	$	1	$	-	$	58	$	60

1 Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bonds transfers into and/or out of Level 3 during the year ended December 31, 2020 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

F-33

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes assets and liabilities held at fair value as of December 31, 2019:

(in millions)	Level 1		Level 2		Level 3		Net Asset Value (NAV)		Total
Assets
Bonds	$	-	$	3	$	6	$	-	$	9
Common stocks unaffiliated		68		112		1		-		181
Derivative assets		-		-		6		-		6
Separate account assets		101,312		1,857		87		2,091		105,347
Assets at fair value	$	101,380	$	1,972	$	100	$	2,091	$	105,543
Liabilities
Derivative liabilities	$	-	$	1	$	-	$	-	$	1
Liabilities at fair value	$	-	$	1	$	-	$	-	$	1

The following table presents the rollforward of Level 3 assets and liabilities held at fair value during the year ended December 31, 2019:

(in millions)	Bonds		Common stocks     unaffiliated		Derivative     assets1		Separate     account assets		Assets     at fair value
Balance as of December 31, 2018	$	8	$	1	$	2	$	80	$	91
Net gains (losses):
In operations		-		-		3		-		3
In surplus		(4)		-		4		7		7
Purchases		3		-		6		-		9
Sales		(5)		-		(9)		-		(14)
Transfers into Level 3		24		-		-		-		24
Transfers out of Level 3		(20)		-		-		-		(20)
Balance as of December 31, 2019	$	6	$	1	$	6	$	87		100

1 Non-binding broker quotes are utilized to determine fair value of all Level 3 derivative assets.

Bond transfers into and/or out of Level 3 during the year ended December 31, 2019 are due to the changes in observability of pricing inputs and changes resulting from application of the lower of amortized cost or fair value rules based on the security’s NAIC designation.

F-34

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the carrying value and fair value of the Company’s assets and liabilities not held at fair value as of the dates indicated. The valuation techniques used to estimate these fair values are described below or in Note 2.

	Fair Value
(in millions)	Level 1			Level 2		Level 3		Total fair value		Carrying value
December 31, 2020
Assets:
Bonds1	$	1,366		$	39,072	$	1,367	$	41,805	$	37,202
Preferred stocks unaffiliated		-			104		5		109		97
Mortgage loans, net of allowance		-			-		7,952		7,952		7,783
Policy loans		-			-		888		888		888
Derivative assets		-			75		-		75		51
Cash, cash equivalents and short-term investments		(90	)		551		-		461		461
Securities lending collateral assets		101			-		-		101		101
Separate account assets		7			368		-		375		317
Total assets	$	1,384		$	40,170	$	10,212	$	51,766	$	46,900
Liabilities:
Investment contracts	$	-		$	-	$	1,249	$	1,249	$	2,076
Derivative liabilities		-			48		-		48		86
Total liabilities	$	-		$	48	$	1,249	$	1,297	$	2,162
December 31, 2019
Assets:
Bonds1	$	1,494		$	35,302	$	930	$	37,726	$	35,115
Preferred stocks unaffiliated		-			59		-		59		55
Mortgage loans, net of allowance		-			-		7,856		7,856		7,655
Policy loans		-			-		903		903		903
Derivative assets		-			99		-		99		88
Short-term investments		7			615		-		622		622
Securities lending collateral assets		132			-		-		132		132
Separate account assets		3			334		-		337		308
Total assets	$	1,636		$	36,409	$	9,689	$	47,734	$	44,878
Liabilities:
Investment contracts²	$	-		$	-	$	953	$	953	$	1,801
Derivative liabilities		-			19		-		19		22
Total liabilities	$	-		$	19	$	953	$	972	$	1,823

1 Level 3 is primarily composed of industrial and miscellaneous bonds.

2 Prior period balances updated to conform to current period presentation.

Mortgage loans, net of allowance. The fair values of mortgage loans are estimated using discounted cash flow analyses based on interest rates currently being offered for similar loans to borrowers with similar credit ratings.

Policy loans. The carrying amount reported in the statutory statements of admitted assets, liabilities, capital and surplus approximates fair value as policy loans are fully collateralized by the cash surrender value of underlying insurance policies.

Securities lending collateral assets. These assets are comprised of bonds and short-term investments and the respective fair values are estimated based on the fair value methods described in Note 2.

F-35

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

Investment contracts. For investment contracts without defined maturities, fair value is the amount payable on demand, net of surrender charges. For investment contracts with known or determined maturities, fair value is estimated using discounted cash flow analysis. Interest rates used in this analysis are similar to currently offered contracts with maturities consistent with those remaining for the contracts being valued. The fair value of adjustable rate contracts approximates their carrying value.

(8) Federal Income Taxes

The following tables summarize the net admitted deferred tax assets, as of the dates indicated:

	December 31, 2020
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	770		$	16		$	786
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	770		$	16		$	786
Less: Deferred tax assets nonadmitted		(41	)		-			(41)
Net admitted deferred tax assets	$	729		$	16		$	745
Less: Deferred tax liabilities		(94	)		(9	)		(103)
Net admitted deferred tax assets	$	635		$	7		$	642
	December 31, 2019
(in millions)	Ordinary			Capital			Total
Total gross deferred tax assets	$	730		$	44		$	774
Statutory valuation allowance adjustment		-			-			-
Adjusted gross deferred tax assets	$	730		$	44		$	774
Less: Deferred tax assets nonadmitted		(13	)		(24	)		(37)
Net admitted deferred tax assets	$	717		$	20		$	737
Less: Deferred tax liabilities		(134	)		(2	)		(136)
Net admitted deferred tax assets	$	583		$	18		$	601

The following table summarizes components of the change in deferred income taxes reported in capital and surplus before consideration of nonadmitted assets and changes from the prior year, as of the dates indicated:

	December 31,
(in millions)	2020			2019			Change
Adjusted gross deferred tax assets	$	786		$	774		$	12
Total deferred tax liabilities		(103	)		(136	)		33
Net deferred tax assets	$	683		$	638		$	45
Less: Tax effect of unrealized gains								3
Change in deferred income tax							$	42

F-36

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following tables summarize components of the admitted deferred tax assets calculation, as of the dates indicated:

	December 31, 2020
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	7	$	7
Adjusted gross deferred tax assets expected to be realized1		633		2		635
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		96		7		103
Admitted deferred tax assets	$	729	$	16	$	745

	December 31, 2019
(in millions)	Ordinary		Capital		Total
Federal income taxes recoverable through loss carryback	$	-	$	6	$	6
Adjusted gross deferred tax assets expected to be realized1		583		12		595
Adjusted gross deferred tax assets offset against existing gross deferred tax liabilities		134		2		136
Admitted deferred tax assets	$	717	$	20	$	737

1 Note that this amount is calculated as the lesser of the adjusted gross deferred tax assets expected to be realized following the balance sheet due date or the adjusted gross deferred tax assets allowed per the limitation threshold. For the years ended December 31, 2020 and 2019, the threshold limitation for adjusted capital and surplus was $1.3 billion and $1.2 billion, respectively.

The adjusted capital and surplus used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was $8.4 billion and $8.1 billion as of December 31, 2020 and 2019, respectively. The ratio percentage used to determine the recovery period and adjusted gross deferred tax assets allowed per the limitation threshold was 1,176% and 1,296% as of December 31, 2020 and 2019, respectively.

The following tables summarize the impact of tax planning strategies, as of the dates indicated:

	December 31, 2020
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		32.64	%		0.00	%		32.64	%

	December 31, 2019
	Ordinary			Capital			Total
Adjusted gross deferred tax assets		0.00	%		0.00	%		0.00	%
Net admitted adjusted gross deferred tax assets		35.23	%		0.00	%		35.23	%

The Company’s tax planning strategies included the use of affiliated reinsurance for the years ended December 31, 2020 and 2019.

There are no temporary differences for which deferred tax liabilities are not recognized for the years ended December 31, 2020 and 2019.

F-37

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the tax effects of temporary differences and the change from the prior year, for the years ended:

	December 31,
(in millions)	2020			2019			Change
Deferred tax assets
Ordinary:
Future policy benefits and claims	$	108		$	108		$	-
Investments		116			88			28
Deferred acquisition costs		202			201			1
Policyholders’ dividends accumulation		5			5			-
Compensation and benefits accrual		10			10			-
Tax credit carry-forward		316			303			13
Other		13			15			(2	)
Subtotal	$	770		$	730		$	40
Nonadmitted		(41	)		(13	)		(28	)
Admitted ordinary deferred tax assets	$	729		$	717		$	12
Capital:
Investments		16			44			(28	)
Subtotal	$	16		$	44		$	(28	)
Nonadmitted		-			(24	)		24
Admitted capital deferred tax assets	$	16		$	20		$	(4	)
Admitted deferred tax assets	$	745		$	737		$	8
Deferred tax liabilities
Ordinary:
Investments	$	(2	)	$	(26	)	$	24
Deferred and uncollected premium		(6	)		(6	)		-
Future policy benefits and claims		(57	)		(58	)		1
Deferred acquisition costs		(28	)		(43	)		15
Other		(1	)		(1	)		-
Subtotal	$	(94	)	$	(134	)	$	40
Capital:
Investments		(9	)		(2	)		(7	)
Subtotal	$	(9	)	$	(2	)	$	(7	)
Deferred tax liabilities	$	(103	)	$	(136	)	$	33
Net deferred tax assets	$	642		$	601		$	41

In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion of the total deferred tax assets will not be realized. Valuation allowances are established when necessary to reduce the deferred tax assets to amounts expected to be realized. Based on the Company’s analysis, it is more likely than not that the results of future operations and the implementation of tax planning strategies will generate sufficient taxable income to enable the Company to realize all deferred tax assets. Therefore, no valuation allowances have been established as of December 31, 2020 and 2019.

F-38

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The following table summarizes the Company’s income tax incurred and change in deferred income tax. The total income tax and change in deferred income tax differs from the amount obtained by applying the federal statutory rate to income (loss) before tax as follows, for the years ended:

	December 31,
(in millions)	2020			2019			2018
Current income tax (benefit) expense	$	(22	)	$	(66	)	$	73
Change in deferred income tax (without tax on unrealized gains and losses)		(41	)		29			(72	)
Total income tax (benefit) expense reported	$	(63	)	$	(37	)	$	1
Income before income and capital gains taxes	$	465		$	563		$	783
Federal statutory tax rate		21	%		21	%		21	%
Expected income tax expense at statutory tax rate	$	98		$	118		$	164
Decrease in actual tax reported resulting from:
Dividends received deduction		(117	)		(101	)		(99	)
Change in tax reserves		16			-			16
Tax credits		(48	)		(53	)		(51	)
Tax (benefit) expense related to the Tax Cuts and Jobs Act1		-			-			(26	)
Loss carryback rate differential		(10	)		-			-
Other		(2	)		(1	)		(3	)
Total income tax (benefit) expense reported	$	(63	)	$	(37	)	$	1

1 Prior year amount represents the remeasurement of deferred tax assets revised after return filing as a result of the Tax Cuts and Jobs Act.

The Company incurred $6 million in federal income tax expense in 2019 which is available for recoupment in the event of future net losses.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law and includes certain income tax provisions relevant to businesses. The Company is required to recognize the effect on the financial statements in the period the law was enacted. For year ended December 31, 2020, the CARES Act did not have a material impact on the Company’s financial statements.

The CARES Act amended the Tax Cuts and Jobs Act, to accelerate the ability of companies to fully recover AMT credits in 2020 versus 2021. The Company had $159 million of an income tax receivable that was previously AMT credit carryforwards as of December 31, 2019. In 2020, the Company received a refund of $158 million of its AMT credits.

The following table summarizes operating loss or tax credit carry-forwards available as of December 31, 2020:

(in millions)	Amount		Origination		Expiration
Business credits	$	5		2011		2031
Business credits	$	9		2012		2032
Business credits	$	6		2013		2033
Business credits	$	39		2014		2034
Business credits	$	47		2015		2035
Business credits	$	62		2016		2036
Business credits	$	62		2017		2037
Business credits	$	30		2018		2038
Business credits	$	27		2019		2039
Business credits	$	29		2020		2040

F-39

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company is included in the NMIC consolidated federal income tax return which includes the following entities:

Nationwide Mutual Insurance Company AGMC Reinsurance, Ltd Allied Group, Inc. Allied Holding (Delaware), Inc. Allied Insurance Company of America Allied Property & Casualty Insurance Company Allied Texas Agency, Inc. AMCO Insurance Company American Marine Underwriters Crestbrook Insurance Company Depositors Insurance Company DVM Insurance Agency, Inc. Eagle Captive Reinsurance, LLC Freedom Specialty Insurance Company Harleysville Group Inc. Harleysville Insurance Co. of New York Harleysville Insurance Company Harleysville Insurance Company of New Jersey Harleysville Lake States Insurance Company Harleysville Life Insurance Company Harleysville Preferred Insurance Company Harleysville Worcester Insurance Company Jefferson National Financial Corporation Jefferson National Securities Corporation Lone Star General Agency, Inc. National Casualty Company Nationwide Advantage Mortgage Company Nationwide Affinity Insurance Company of America Nationwide Agent Risk Purchasing Group. Inc. Nationwide Agribusiness Insurance Company Nationwide Assurance Company Nationwide Cash Management Company Nationwide Corporation Nationwide Financial Assignment Company Nationwide Financial General Agency, Inc. Nationwide Financial Services, Inc. Nationwide General Insurance Company Nationwide Global Holdings, Inc. Nationwide Indemnity Company Nationwide Insurance Company of America Nationwide Insurance Company of Florida Nationwide Investment Services Corporation Nationwide Life and Annuity Ins. Company Nationwide Life Insurance Company Nationwide Lloyds Nationwide Property & Casualty Ins. Company Nationwide Retirement Solutions, Inc. Nationwide Sales Solutions, Inc. Nationwide Trust Company, FSB NBS Insurance Agency, Inc. NFS Distributors, Inc. NWD Investment Management, Inc. Registered Investment Advisors Services, Inc. Scottsdale Indemnity Company Scottsdale Insurance Company Scottsdale Surplus Lines Insurance Company THI Holdings (Delaware), Inc. Titan Insurance Company Titan Insurance Services, Inc. Veterinary Pet Insurance Company Victoria Fire & Casualty Company Victoria National Insurance Company Victoria Select Insurance Company VPI Services, Inc.

The method of allocation among the companies is based upon separate return calculations with current benefit for tax losses and credits utilized in the consolidated return.

The Company did not have any protective tax deposits under Section 6603 of the Internal Revenue Code as of December 31, 2020 and 2019.

The Company does not have any tax loss contingencies for which it is reasonably possible that the total liability will significantly increase within twelve months of the reporting date.

F-40

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(9) Short-Term Debt and Federal Home Loan Bank Funding Agreement

Short-Term Debt

The following table summarizes the carrying value of short-term debt and weighted average annual interest rates, as of the dates indicated:

	December 31,
(in millions)	2020		2019
$750 million commercial paper program (0.00%)	$	-	$	200
Accrued interest payable		3		3
Total short-term debt	$	3	$	203

The Company participates in a commercial paper program with a limit of $750 million. The rating agency guidelines recommend that the Company maintain minimum liquidity backup, which includes cash and liquid assets, as well as committed bank lines, equal to 50% of any amounts outstanding under the commercial paper program. The commercial paper will not be redeemed prior to maturity or be subject to voluntary prepayment. Proceeds from the sale of the commercial paper will be used to meet working capital requirements and for general corporate purposes, including the funding of acquisitions.

As of December 31, 2019, the Company had access to borrow up to $300 million from the FHLB to provide financing for operations that expired on March 22, 2020. In March 2020, the Company renewed the agreement with the FHLB until March 19, 2021. The Company had $4.3 billion and $4.0 billion in eligible collateral and no amounts outstanding under the agreement as of December 31, 2020 and 2019, respectively. In February 2021, the Company terminated this agreement and entered into a new agreement with the FHLB, which expires February 4, 2022, that allows the Company and NLAIC access to collectively borrow up to $1.1 billion in the aggregate, which would be collateralized by pledged securities.

The Company has entered into an agreement with its custodial bank to borrow against the cash collateral that is posted in connection with its securities lending program. The maximum amount available under the agreement is $350 million. The borrowing rate on this program is equal to one-month U.S. LIBOR. The Company had no amounts outstanding under this agreement as of December 31, 2020 and 2019.

The terms of certain debt instruments contain various restrictive covenants, including, but not limited to, minimum statutory surplus defined in the agreements. The Company was in compliance with all covenants as of December 31, 2020 and 2019.

The amount of interest paid on short-term debt was immaterial in 2020, 2019 and 2018.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB. Through its membership, the FHLB established the Company’s capacity for short-term borrowings and cash advances under the funding agreement program at up to 50% of total admitted assets.

The Company’s Board of Directors has authorized the issuance of funding agreements up to $4.0 billion to the FHLB, shared between the Company and NLAIC, in exchange for cash advances, which are collateralized by pledged securities. The Company uses these funds in an investment spread strategy, consistent with its other investment spread operations. As such, the Company applies SSAP No. 52, Deposit-Type Contracts, accounting treatment to these funds, consistent with its other deposit-type contracts. It is not part of the Company’s strategy to utilize these funds for operations, and any funds obtained from the FHLB for use in general operations would be accounted for consistent with SSAP No. 15, Debt and Holding Company Obligations, as borrowed money. Membership requires the Company to purchase and hold a minimum amount of FHLB capital stock plus additional stock based on outstanding advances. The Company has $30 million in membership stock as of December 31, 2020 and 2019. As part of the agreement, the Company purchased and held an additional $58 million and $53 million in activity stock as of December 31, 2020 and 2019, respectively, which is included in the general account in stocks on the statutory statements of admitted assets, liabilities, capital and surplus. The Company’s liability for advances from the FHLB was $2.1 billion and $1.8 billion as of December 31, 2020 and 2019, respectively, which is included in future policy benefits and claims on the statutory statements of admitted assets, liabilities, capital and surplus. The advances were collateralized by bonds and mortgage loans with carrying values of $2.4 billion (1.5% of total admitted assets) as of December 31, 2020 and $2.2 billion (1.4% of total admitted assets) as of December 31, 2019, which are included in the general account in bonds and mortgage loans on the statutory statements of admitted assets, liabilities, capital and surplus.

F-41

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(10) Surplus Notes

The following table summarizes the carrying value of surplus notes issued by the Company to NFS, as of the dates indicated:

(in millions)
Date issued	Interest rate			Par value		Carrying value		Interest and/ or principal paid in current year		Total interest and/ or principal paid		Unapproved interest and/ or principal		Date of maturity
December 31, 2020
12/19/2001		7.50	%	$	300	$	300	$	22	$	428	$	-		12/31/2031
6/27/2002		8.15	%		300		300		25		448		-		6/27/2032
12/23/2003		6.75	%		100		100		7		112		-		12/23/2033
12/20/2019		4.21	%		400		400		17		17		-		12/19/2059
Total				$	1,100	$	1,100	$	71	$	1,005	$	-
December 31, 2019
12/19/2001		7.50	%	$	300	$	300	$	23	$	406	$	-		12/31/2031
6/27/2002		8.15	%		300		300		24		423		-		6/27/2032
12/23/2003		6.75	%		100		100		7		105		-		12/23/2033
12/20/2019		4.21	%		400		400		-		-		-		12/19/2059
Total				$	1,100	$	1,100	$	54	$	934	$	-

The surplus notes were issued in accordance with Section 3901.72 of the Ohio Revised Code. The principal and interest on these surplus notes shall not be a liability or claim against NLIC, or any of its assets, except as provided in Section 3901.72 of the Ohio Revised Code. The Department must approve interest and principal payments before they are paid.

(11) Reinsurance

The Company has a 100% coinsurance agreement with funds withheld with Eagle to cede specified GMDB and GLWB obligations provided under substantially all of the variable annuity contracts issued and to be issued by NLIC. While the GMDB and GLWB contract riders are ceded by NLIC to Eagle, the base annuity contracts and any non-reinsured risks will be retained by NLIC.

Amounts ceded to Eagle during 2020, 2019 and 2018 included premiums of $627 million, $529 million and $506 million, respectively, benefits and claims, net of third party reinsurance recoveries of $23 million, $17 million, and $14 million respectively, net investment earnings on funds withheld assets of $49 million, $33 million and $20 million, respectively, and an expense allowance for third party reinsurance premiums of $1 million, $1 million and $1 million, respectively. As of December 31, 2020 and 2019, the carrying value of the funds withheld assets was $965 million and $795 million, respectively, which consists of bonds and short-term investments that had a carrying value of $856 million and $722 million, respectively, and mortgage loans that had a carrying value of $108 million and $73 million, respectively. As of December 31, 2020 and 2019, the Company’s reserve credit for guaranteed benefits ceded under the reinsurance agreement was $65 million and $275 million, respectively. Amounts payable to Eagle related to the reinsurance agreement were $402 million and $248 million as of as of December 31, 2020 and December 31, 2019, respectively.

The Company has a reinsurance agreement with NMIC whereby nearly all of the Company’s accident and health business not ceded to unaffiliated reinsurers is ceded to NMIC on a modified coinsurance basis. Either party may terminate the agreement on January 1 of any year with prior notice. Under a modified coinsurance agreement, the ceding company retains invested assets, and investment earnings are paid to the reinsurer. Under the terms of the Company’s agreement, the investment risk associated with changes in interest rates is borne by the reinsurer. Risk of asset default is retained by the Company, although a fee is paid to the Company for the retention of such risk. The ceding of risk does not discharge the Company, as the original insurer, from its primary obligation to the policyholder. Amounts ceded to NMIC include revenues of $281 million, $279 million and $257 million for the years ended December 31, 2020, 2019 and 2018, respectively, while benefits, claims and expenses ceded were $260 million, $273 million and $237 million, respectively.

F-42

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The Company has an intercompany reinsurance agreement with NLAIC whereby certain inforce and subsequently issued fixed individual deferred annuity contracts are assumed on a modified coinsurance basis. Under modified coinsurance agreements, the ceding company retains invested assets and investment earnings are paid to the reinsurer. Under terms of the agreement, the Company bears the investment risk associated with changes in interest rates. Risk of asset default remains with NLAIC, and the Company pays a fee to NLAIC for the retention of such risk. The agreement will remain inforce until all contract obligations are settled. The ceding of risk does not discharge the original insurer from its primary obligation to the contractholder. Amounts assumed from NLAIC are included in the Company’s statutory statement of operations for 2020, 2019 and 2018 and include premiums of $12 million, $14 million and $14 million, respectively, net investment income of $46 million, $49 million and $58 million, respectively, and benefits, change in reserves and other expenses of $171 million, $251 million and $358 million, respectively. The reserve adjustment for 2020, 2019 and 2018 of $(172) million, $(246) million and $(352) million, respectively, represents changes in reserves related to this fixed block of business, offset by investment earnings on the underlying assets. Policy reserves assumed under this agreement totaled $1.1 billion and $1.2 billion as of December 31, 2020 and 2019, respectively, and amounts payable related to this agreement were $8 million and $0.4 million, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby certain variable universal life insurance, whole life insurance and universal life insurance policies are assumed on a modified coinsurance basis. Total policy reserves under this treaty were $37 million and $39 million as of December 31, 2020 and 2019, respectively. Total premiums assumed under this treaty were $8 million, $11 million and $8 million during 2020, 2019 and 2018, respectively.

The Company has an intercompany reinsurance agreement with NLAIC whereby a certain life insurance contract is assumed on a 100% coinsurance basis. Policy reserves assumed under this agreement totaled $158 million and $157 million as of December 31, 2020 and 2019, respectively.

The Company has entered into reinsurance contracts to cede a portion of its individual annuity and life insurance business to unrelated reinsurers. Total reserve credits taken as of December 31, 2020 and 2019 were $420 million and $438 million, respectively. The three largest contracts are with Security Benefit Life Insurance Company (“SBL”), SCOR Global Life Americas Reinsurance (“SGLAR”), and Security Life of Denver Insurance Company (“SLD”) as of December 31, 2020. Total reserve credits taken on these contracts as of December 31, 2020 and 2019 totaled $100 million and $90 million for each year, from SBL, $44 million and $0, respectively, from SGLAR and $36 million and $41 million, respectively, from SLD. The ceding of risk does not relieve the Company, as the original insurer, from its primary obligation to the policyholder. Under the terms of the contracts, SBL has established a trust as collateral for the recoveries, whereby the trust assets are invested in investment grade securities, the fair value of which must at all times be greater or equal to 100% of the reinsured reserves.

F-43

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

(12) Transactions with Affiliates

The Company has entered into significant, recurring transactions and agreements with NMIC, other affiliates and subsidiaries as a part of its ongoing operations. These include annuity and life insurance contracts, office space cost sharing arrangements, and agreements related to reinsurance, cost sharing, tax sharing, administrative services, marketing, intercompany loans, intercompany repurchases, cash management services and software licensing. In addition, several benefit plans sponsored by NMIC are available to Nationwide employees, for which the Company has no legal obligations. Measures used to determine the allocation among companies includes individual employee estimates of time spent, special cost studies, the number of full-time employees and other methods agreed to by the participating companies.

In addition, Nationwide Services Company, LLC (“NSC”), a subsidiary of NMIC, provides data processing, systems development, hardware and software support, telephone, mail and other services to the Company, based on specified rates for units of service consumed pursuant to the Enterprise Cost Sharing Agreement. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC and NSC totaling $281 million, $220 million and $235 million, respectively.

The Company has issued group annuity and life insurance contracts and performs administrative services for various employee benefit plans sponsored by NMIC or its affiliates. Total account values of these contracts were $3.7 billion, $3.5 billion and $3.4 billion as of December 31, 2020, 2019 and 2018, respectively. Total revenues from these contracts were $122 million, $120 million and $119 million for the years ended December 31, 2020, 2019 and 2018, respectively, and include policy charges, net investment income from investments backing the contracts and administrative fees. Total interest credited to the account balances were $115 million, $112 million and $107 million for the years ended December 31, 2020, 2019 and 2018, respectively.

The Company may underwrite insurance policies for its officers, directors, and/or other personnel providing services to the Company. The Company may offer discounts on certain products that are subject to applicable state insurance laws and approvals.

Under the Enterprise Cost Sharing Agreement, the Company has a cost sharing arrangement with NMIC to occupy office space. For the years ended December 31, 2020, 2019 and 2018, the Company was allocated costs from NMIC of $13 million, $11 million and $10 million, respectively.

The Company receives an annual fee payable from the Tax Credit Funds, for which it is a guarantor and Managing Member, for its services in connection with the oversight of the performance of the Investee Partnerships and the compliance by their managing members and managing agents thereof with the provisions of the various operating level agreements and applicable laws. The Company earned $2 million for the years ended December 31, 2020, 2019 and 2018.

Funds of Nationwide Funds Group (“NFG”), a group of Nationwide businesses that develops, sells and services mutual funds, are offered to the Company’s customers as investment options in certain of the Company’s products. As of December 31, 2020, 2019 and 2018, customer allocations to NFG funds totaled $69.2 billion, $66.8 billion and $60.7 billion, respectively. For the years ended December 31, 2020, 2019 and 2018, NFG paid the Company $229 million, $227 million and $227 million, respectively, for the distribution and servicing of these funds.

Amounts on deposit with NCMC for the benefit of the Company were $551 million and $616 million as of December 31, 2020 and 2019, respectively. As of December 31, 2020, amounts on deposit with NCMC were comprised of $547 million of cash equivalents, with remaining amounts in short-term investments.

Certain annuity products are sold through affiliated companies, which are also subsidiaries of NFS. Total commissions and fees paid to these affiliates for the years ended December 31, 2020, 2019 and 2018 was $69 million, $71 million and $72 million, respectively.

The Company provides financing to Nationwide Realty Investors, LTD, a subsidiary of NMIC with interest rates ranging from 3.3% to 5.0% and maturity dates ranging from January 2022 to June 2041. As of December 31, 2020 and 2019, the Company had mortgage loans outstanding of $414 million and $348 million, respectively.

The Company also participates in intercompany repurchase agreements with affiliates whereby the seller transfers securities to the buyer at a stated value. Upon demand or after a stated period, the seller repurchases the securities from the buyer at the original sales price plus interest. As of December 31, 2020 and 2019, the Company had no outstanding borrowings from affiliated entities under such agreements. During 2020 and 2019, there was no outstanding borrowings from affiliated entities at any given time. The amount the Company incurred for interest expense on intercompany repurchase agreements during 2020, 2019 and 2018 were immaterial.

During 2020, 2019 and 2018, the Company received capital contributions of $0, $600 million and $435 million, respectively, from NFS.

F-44

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

During 2020, the Company sold securities of $59 million to Nationwide Mutual Fire Insurance Company for cash, which resulted in a realized loss of $2 million.

During 2020, 2019 and 2018, the Company paid capital contributions of $500 million, $400 million and $565 million, respectively, to NLAIC.

On February 11, 2020, the Company entered into an unsecured promissory note and revolving line of credit with JNLNY whereby JNLNY can borrow up to $5 million. As of December 31, 2020, no amounts were drawn on the note.

On November 21, 2019, NFS and the Company entered into a promissory note, where the Company borrowed $386 million from NFS at 1-month LIBOR plus 0.785%. This note was fully repaid on December 20, 2019.

During 2018, NLAIC borrowed $340 million from the Company at interest rates ranging from 3-month LIBOR plus 0.785% to 3.57% with maturity dates ranging from January 16, 2019 to March 21, 2019. During 2019, NLAIC made payments of principal and interest and, as of March 21, 2019, the promissory notes were repaid in full.

Pursuant to financial support agreements, the Company has agreed to provide NLAIC and JNLIC with the minimum capital and surplus required by each state in which NLAIC and JNLIC does business. These agreements do not constitute the Company as guarantor of any obligation or indebtedness of NLAIC or JNLIC or provide any creditor of NLAIC or JNLIC with recourse to or against any of the assets of the Company.

Eagle’s surplus position is evaluated quarterly to determine if an additional surplus contribution is required from the Company or if a distribution to the Company can be declared as of each quarter end.

During 2020 and 2019, the Company made surplus contributions to Eagle. On March 31, 2020 and April 17, 2020, the Company made surplus contributions to Eagle of $555 million and $50 million, respectively. On October 17, 2019, the Company made a surplus contribution to Eagle of $9 million.

During 2020 and 2019 Eagle declared distributions to the Company based on their earned surplus position. On February 10, 2021, the Company received a dividend distribution of $292 million from Eagle that was declared on December 31, 2020. The dividend receivable was recorded in accrued investment income on the December 31, 2020 statutory statement of admitted assets, liabilities, capital and surplus. On November 10, 2020 the Company received a total distribution of $267 million from Eagle that was declared on September 30, 2020 and consisted of a return of contributed surplus of $184 million and a dividend of $83 million. On August 10, 2020 the Company received a return of contributed surplus distribution of $421 million from Eagle that was declared on June 30, 2020. On February 10, 2020, the Company received a total distribution of $180 million from Eagle that was declared on December 31, 2019 and consisted of a return of contributed surplus of $9 million and a dividend of $171 million. The return of contributed surplus was recorded in other assets and the dividend receivable was recorded in accrued investment income on the December 31, 2019 statutory statement of admitted assets, liabilities, capital and surplus. On August 9, 2019, the Company received a dividend distribution of $41 million from Eagle that was declared on June 28, 2019. On May 10, 2019, the Company received a total distribution of $212 million from Eagle that was declared on March 26, 2019 and consisted of a return of contributed surplus of $190 million and a dividend of $22 million.

The Company utilizes the look-through approach in valuing its investment in Nationwide Real Estate Investors (NLIC), LLC (“NW REI (NLIC)”), a subsidiary of NMIC, at $90 million and $69 million as of December 31, 2020 and 2019, respectively. NW REI (NLIC)’s financial statements are not audited and the Company has limited the value of its investment in NW REI (NLIC) to the value contained in the audited statutory financial statements of the underlying investments. All liabilities, commitments, contingencies, guarantees or obligations of the NW REI (NLIC), which are required under applicable accounting guidance, are reflected in the Company’s determination of the carrying value of the investment in NW REI (NLIC), if not already recorded in the financial statements of NW REI (NLIC).

(13) Contingencies

Legal and Regulatory Matters

The Company is subject to legal and regulatory proceedings in the ordinary course of its business. These include proceedings specific to the Company and proceedings generally applicable to business practices in the industries in which the Company operates. The outcomes of these proceedings cannot be predicted due to their complexity, scope, and many uncertainties. The Company believes, however, that based on currently known information, the ultimate outcome of all pending legal and regulatory proceedings is not likely to have a material adverse effect on the Company’s financial condition.

F-45

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Notes to December 31, 2020, 2019 and 2018 Statutory Financial Statements

The various businesses conducted by the Company are subject to oversight by numerous federal and state regulatory entities, including but not limited to the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the Department of Labor, the IRS, the Office of the Comptroller of the Currency and state insurance authorities. Such regulatory entities may, in the normal course of business, be engaged in general or targeted inquiries, examinations and investigations of the Company and/or its affiliates. With respect to all such scrutiny directed at the Company or its affiliates, the Company is cooperating with regulators.

Guarantees

In accordance with SSAP No. 5R, Liabilities, Contingencies and Impairments of Assets, for all guarantees made to or on behalf of wholly-owned subsidiaries, no initial liability recognition has been made and there is no net financial statement impact related to these guarantees.

The contractual obligations under NLAIC’s single premium deferred annuity (“SPDA”) contracts in force and issued before September 1, 1988 are guaranteed by the Company. Total SPDA contracts affected by this guarantee in force as of December 31, 2020 and 2019 were approximately $8 million and $9 million, respectively.

The Company has guaranteed the obligations and liabilities of NISC, including, without limitation, the full and prompt payment of all accounts payable to any party now or in the future. If for any reason NISC fails to satisfy any of its obligations, the Company will cause such obligation, loss or liability to be fully satisfied.

Indemnifications

In the normal course of business, the Company provides standard indemnifications to contractual counterparties. The types of indemnifications typically provided include breaches of representations and warranties, taxes and certain other liabilities, such as third-party lawsuits. The indemnification clauses are often standard contractual terms and are entered into in the normal course of business based on an assessment that the risk of loss would be remote. The terms of the indemnifications vary in duration and nature. In many cases, the maximum obligation is not explicitly stated, and the contingencies triggering the obligation to indemnify have not occurred and are not expected to occur. Consequently, the amount of the obligation under such indemnifications is not determinable. Historically, the Company has not made any material payments pursuant to these obligations.

(14) Regulatory Risk-Based Capital, Dividend Restrictions and Unassigned Surplus

The NAIC Risk-Based Capital (“RBC”) model law requires every insurer to calculate its total adjusted capital and RBC requirement to ensure insurer solvency. Regulatory guidelines provide for an insurance commissioner to intervene if the insurer experiences financial difficulty, as evidenced by a company’s total adjusted capital falling below established relationships to required RBC. The model includes components for asset risk, liability risk, interest rate exposure and other factors. The State of Ohio, where the Company is domiciled, imposes minimum RBC requirements that are developed by the NAIC. The formulas in the model for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital to authorized control level RBC, as defined by the NAIC. Companies below specific trigger points or ratios are classified within certain levels, all of which require specified corrective action. The Company exceeded the minimum RBC requirements for all periods presented.

The State of Ohio insurance laws require insurers to seek prior regulatory approval to pay a dividend or distribution of cash or other property if the fair market value thereof, together with that of other dividends or distributions made in the preceding twelve months, exceeds the greater of (i) 10% of statutory-basis capital and surplus as of the prior December 31 or (ii) the statutory-basis net income of the insurer for the prior year. During the years ended December 31, 2020, 2019 and 2018, the Company did not pay any dividends to NFS. The Company’s statutory capital and surplus as of December 31, 2020, was $9.1 billion and statutory net income for 2020 was $487 million. As of January 1, 2021, the Company has the ability to pay dividends to NFS totaling $911 million without obtaining prior approval.

The State of Ohio insurance laws also require insurers to seek prior regulatory approval for any dividend paid from other than earned capital and surplus. Earned capital and surplus is defined under the State of Ohio insurance laws as the amount equal to the Company’s unassigned funds as set forth in its most recent statutory financial statements, including net unrealized capital gains and losses or revaluation of assets. Additionally, following any dividend, an insurer’s policyholder capital and surplus must be reasonable in relation to the insurer’s outstanding liabilities and adequate for its financial needs. The payment of dividends by the Company may also be subject to restrictions set forth in the insurance laws of the State of New York that limit the amount of statutory profits on the Company’s participating policies (measured before dividends to policyholders) available for the benefit of the Company and its stockholders.

The Company currently does not expect such regulatory requirements to impair the ability to pay operating expenses and dividends in the future.

F-46

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule I     Summary of Investments – Other Than Investments in Related Parties

As of December 31, 2020:

(in millions)	Column A	Column B		Column C		Column D
	Type of investment	Cost		Fair value		Amount at which is shown in the statutory statements of admitted assets, liabilities, capital and surplus
Bonds:
U.S. Treasury securities and obligations of U.S. government corporations		$	2	$	2	$	2
U.S. government and agencies			120		150		120
Obligations of states and political subdivisions			3,323		3,988		3,323
Foreign governments			63		71		63
Public utilities			3,784		4,280		3,790
All other corporate, mortgage-backed and asset-backed securities			29,876		33,319		29,909
Total fixed maturity securities		$	37,168	$	41,810	$	37,207
Equity securities:
Common Stocks:
Banks, trust and insurance companies			30		33		33
Industrial, miscellaneous and all other			113		109		109
Nonredeemable preferred stocks			97		109		97
Total equity securities1		$	240	$	251	$	239
Mortgage loans2			7,831				7,783
Short-term investments			461				461
Policy loans			888				888
Other long-term investments3			950				950
Total invested assets		$	47,538			$	47,528

1 Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $2.6 billion are excluded.

2 Difference from Column B is attributable to valuation allowances on mortgage loans (see Note 5 to the audited statutory financial statements).

3 Includes derivatives, securities lending reinvested collateral assets and other invested assets. Amount does not agree to the statutory statements of admitted assets, liabilities, capital and surplus as investments in related parties of $157 million are excluded.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-47

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule III    Supplementary Insurance Information

As of December 31, 2020, 2019 and 2018 and for each of the years then ended (in millions):

Column A	Column B	Column C		Column D	Column E	Column F
Year: Segment	Deferred policy acquisition costs1	Future policy benefits, losses, claims and loss expenses		Unearned premiums2	Other policy claims and benefits payable2	Premium revenue
2020
Life Insurance		$	5,204			$	394
Annuities			7,837				3,443
Retirement Solutions			22,362				5,939
Corporate Solutions and Other			5,599				861
Total			$41,002				$10,637
2019
Life Insurance		$	5,125			$	413
Annuities			7,955				4,202
Retirement Solutions			20,781				4,324
Corporate Solutions and Other			5,278				1,229
Total		$	39,139			$	10,168
2018
Life Insurance		$	5,087			$	410
Annuities			7,934				3,868
Retirement Solutions			19,646				4,095
Corporate Solutions and Other			5,670				1,456
Total		$	38,337			$	9,829

Column A	Column G		Column H		Column I	Column J		Column K
Year: Segment	Net investment income3		Benefits, claims, losses and settlement expenses4		Amortization of deferred policy acquisition costs1	Other operating expenses		Premiums written
2020
Life Insurance	$	247	$	772		$	123
Annuities		338		7,539			55
Retirement Solutions		843		8,258			131
Corporate Solutions and Other		679		717			135
Total	$	2,107	$	17,286		$	444
2019
Life Insurance	$	262	$	807		$	133
Annuities		319		8,460			57
Retirement Solutions		824		6,539			122
Corporate Solutions and Other		569		1,151			105
Total	$	1,974	$	16,957		$	417
2018
Life Insurance	$	270	$	744		$	154
Annuities		319		8,203			48
Retirement Solutions		798		5,656			132
Corporate Solutions and Other		540		764			64
Total	$	1,927	$	15,367		$	398

1 Deferred policy acquisition costs and amortization of deferred policy acquisition costs are not applicable for statutory basis of accounting.

2 Unearned premiums and other policy claims and benefits payable are included in Column C amounts.

3 Allocations of net investment income and certain operating expenses are based on numerous assumptions and estimates and reported segment operating results would change if different methods were applied.

4 Benefits to policyholders and beneficiaries, reserves for future policy benefits and claims and commissions are included in Column H amounts.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-48

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule IV     Reinsurance

As of December 31, 2020, 2019 and 2018 and each of the years then ended:

(in millions)
Column A	Column B		Column C			Column D		Column E
			Ceded to			Assumed
	Gross		other			from other		Net
	amount		companies			companies		amount
2020
Life insurance in force	$	146,855	$	(31,055	)	$	686	$	116,486
Premiums:
Life Insurance1	$	1,378	$	(133	)	$	8	$	1,253
Accident and health insurance		441		(440	)		-		1
Total	$	1,819	$	(573	)	$	8	$	1,254
2019
Life insurance in force	$	146,044	$	(31,691	)	$	728	$	115,081
Premiums:
Life Insurance1	$	1,761	$	(661	)	$	10	$	1,110
Accident and health insurance		444		(445	)		2		1
Total	$	2,205	$	(1,106	)	$	12	$	1,111
2018
Life insurance in force	$	141,650	$	(32,380	)	$	788	$	110,058
Premiums:
Life Insurance1	$	1,985	$	(130	)	$	8	$	1,863
Accident and health insurance		289		(373	)		85		1
Total	$	2,274	$	(503	)	$	93	$	1,864

1 Primarily represents premiums from traditional life insurance and life-contingent immediate annuities and excludes deposits on investment and universal life insurance products.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-49

NATIONWIDE LIFE INSURANCE COMPANY

(a wholly owned subsidiary of Nationwide Financial Services, Inc.)

Schedule V     Valuation and Qualifying Accounts

Years ended December 31, 2020, 2019 and 2018:

(in millions)
Column A	Column B		Column C		Column D		Column E
	Balance at		Charged to				Balance at
	beginning		costs and				end of
Description	of period		expenses		Deductions1		period
2020
Valuation allowances - mortgage loans	$	34	$	14	$	-	$	48
2019
Valuation allowances - mortgage loans	$	25	$	9	$	-	$	34
2018
Valuation allowances - mortgage loans	$	23	$	2	$	-	$	25

1 Amounts generally represent recoveries, payoffs and sales.

See accompanying notes to statutory financial statements and report of independent registered public accounting firm.

F-50

PART C. OTHER INFORMATION

Item 26. Exhibits

a)	Resolution of the Depositor's Board of Directors authorizing the establishment of the Registrant – Filed previously on Form N8B-2 for the NW VLI Separate Account - 2 (033-62795) and hereby incorporated by reference.
b)	Not Applicable
c)	Underwriting or Distribution of contracts between the Depositor and Principal Underwriter – Filed previously with the Post-Effective Amendment No. 18 (033-42180) and hereby incorporated by reference.
d)	The form of the contract – Filed previously with initial registration statement (033-42180) and hereby incorporated by reference.
e)	The form of the contract application – Filed previously with initial registration statement (033-42180) and hereby incorporated by reference.
f)	Depositor's Certificate of Incorporation and By-Laws.

1) Amended Articles of Incorporation for Nationwide Life Insurance Company. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf1.htm" and hereby incorporated by reference.

2) Amended and Restated Code of Regulations of Nationwide Life Insurance Company. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf2.htm" and hereby incorporated by reference.

3) Articles of Merger of Nationwide Life Insurance Company of America with and into Nationwide Life Insurance Company, effective December 31, 2009. Filed previously with initial registration statement (333-164119) on January 4, 2010 as document "exhibitf3.htm" and hereby incorporated by reference.

g)	Reinsurance Contracts – Filed previously with registration statement (333-31725) and hereby incorporated by reference.
h)	Form of Participation Agreements –

The following fund participation agreements were previously filed and are hereby incorporated by reference.

1) Fund Participation Agreement with AIM Variable Insurance Funds, AIM Advisors, Inc., and AIM Distributors dated January 6, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document aimfpa99h1.htm

2) Fund Participation Agreement (Amended and Restated) with Alliance Capital Management L.P. and Alliance-Bernstein Investment Research and Management, Inc. dated June 1, 2003 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document alliancebernsteinfpa.htm

3) Amended and Restated Fund Participation and Shareholder Services Agreement with American Century Investment Services, Inc., as amended, dated September 15, 2004 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document amcentfpa99h2.htm

4) Fund Participation Agreement with BlackRock (formerly FAM Distributors, Inc. and FAM Variable Series Funds, Inc.), as amended, dated April 13, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document blackrockfpa.htm

5) Fund Participation Agreement with Delaware Management Company and Delaware Distributors, L.P., as amended, dated February 5, 2008 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document delawarefpa.htm

6) Fund Participation Agreement with DFA Investment Dimensions Group Inc.; Dimensional Fund Advisors LP; and DFA Securities LLC. dated February 8, 2012 with the registration statement under 333-149213, post-effective amendment number 7 filed on April 11, 2012 as document dfafpa.htm

7) Restated and Amended Fund Participation Agreement with The Dreyfus Corporation, as amended, dated January 27, 2000 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document dreyfusfpa99h3.htm

8) Fund Participation Agreement with DWS Variable Series I and DWS Variable Series II (formerly Scudder Variable Series I, Scudder Variable Series II), Deutsche Investment Management Americas, Inc. and DWS Investments Distributors, Inc. (formerly DWS Scudder Distributors, Inc.) dated July 1, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document dwsfpa.htm

9) Fund Participation Agreement with Federated Insurance Series and Federated Securities Corp., as amended, dated April 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fedfpa99h4.htm

10) Fund Participation Agreement with Fidelity Variable Insurance Products Fund, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated May 1, 1988 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidifpa99h5.htm

11) Fund Participation Agreement with Fidelity Variable Insurance Products Fund II dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated July 15, 1989 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiifpa99h6.htm

12) Fund Participation Agreement with Fidelity Variable Insurance Products Fund III dated, as amended, including Fidelity Variable Insurance Products Fund IV and Fidelity Variable Insurance Products Fund V. dated November 22, 1994 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document fidiiifpa99h7.htm

13) Amended and Restated Fund Participation Agreement with Franklin Templeton Variable Insurance Products Trust and Franklin/Templeton Distributors, Inc., as amended, dated May 1, 2003 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document frankfpa99h8.htm

14) Fund Participation Agreement with Goldman Sachs Variable Insurance Trust, and Goldman Sachs & Co. dated December 22, 1998 with the registration statement under 333-43671, post-effective amendment number 43 filed on April 12, 2011 as document goldmansachsfpa.htm

15) Fund Participation Agreement, Service and Institutional Shares, with Janus Aspen Series dated December 31, 1999 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document janusfpa99h9a.htm

16) Fund Participation Agreement with Lord Abbett Series Fund, Inc. and Lord Abbett Distributor LLC, as amended, dated December 31, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document lordabbettfpa.htm

17) Participation Agreement Among MFS Variable Insurance Trust, MFS Variable Insurance Trust II, Nationwide Financial Services, Inc., and MFS Fund Distributors, Inc. dated May 2, 2011 with the registration statement under 333-149213, post-effective amendment number 15 filed on April 16, 2015 as document mfsfpa.htm

18) Fund Participation Agreement with Nationwide Variable Insurance Trust (formerly, Gartmore Variable Insurance Trust), American Funds Insurance Series, and Capital Research and Management Company dated May 1, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document nwfpa99h12b.htm

19) Fund Participation Agreement with Neuberger Berman Management Inc. dated January 1, 2006 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document neuberfpa99h13.htm

20) Fund Participation Agreement with Northern Lights Variable Trust and Northern Lights Distributors, LLC. dated February 8, 2012 with the registration statement under 333-62692, post-effective amendment number 28 filed on June 11, 2012 as document northernlightsfpa.htm

21) Fund Participation Agreement with Oppenheimer Variable Account Funds and Oppenheimer Funds, Inc. dated April 13, 2007 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document oppenfpa99h14.htm

22) Fund Participation Agreement with PIMCO Variable Insurance Trust and PIMCO Funds Distributors, LLC, as amended, dated March 28, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document pimcofpa.htm

23) Fund Participation Agreement with Putnam Variable Trust and Putnam Retail Management, L.P. dated February 1, 2002 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document putnamfpa.htm

24) Fund Participation Agreement with Rydex Variable Trust & Rydex Distributors, Inc. dated September 10, 2001 with the registration statement under 333-62692, post-effective amendment number 20 filed on April 18, 2008 as document rydexfundpartagreement.htm

25) Fund Participation Agreement with T. Rowe Price Equity Series, Inc., T. Rowe Price International Series, Inc., T. Rowe Price Fixed Income Series, Inc., and T. Rowe Price Investment Services, Inc., as amended, dated October 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document trowefpa99h15.htm

26) Fund Participation Agreement with The Universal Institutional Funds, Inc., Morgan Stanley & Co. Incorporated, and Morgan Stanley Investment Management, Inc., as amended, dated February 1, 2002 with the registration statement under 333-140608, pre-effective amendment number 1 filed on July 17, 2007 as document univfpa99h16.htm

27) Fund Participation Agreement with Van Eck Investment Trust, Van Eck Associates Corporation, and Van Eck Securities Corporation, as amended, dated September 1, 1989 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document vaneckfpa.htm

28) Fund Participation Agreement with Waddell & Reed Services Company and Waddell & Reed, Inc, as amended, dated December 1, 2000 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document waddellreedfpa.htm

29) Fund Participation Agreement with Wells Fargo Management, LLC, and Stephens, Inc., as amended, dated November 15, 2004 with the registration statement under 333-137202, pre-effective amendment number 3 filed on September 27, 2007 as document wellsfargofpa.htm

30) Fund Participation Agreement with Virtus Variable Insurance Trust and VP Distributors, LLC, dated October 1, 2018 with the registration statement under 333-215169, post-effective amendment number 5 filed on April 18, 2019 as document d674921dex9926h32.htm

i)	Not Applicable
j)	Not Applicable
k)	Opinion of Counsel – Filed previously with the registration statement on Form S-6 (033-42180) and hereby incorporated by reference.
l)	Not Applicable
m)	Not Applicable
n)	Consent of Independent Registered Public Accounting Firm – Attached hereto.
o)	Not Applicable
p)	Not Applicable

q) Redeemability Exemption – Filed previously with registration statement (333-31725) on December 21, 2009 under document "exhibit_26q.htm" and is hereby incorporated by reference.

99) Power of Attorney – Attached hereto.

Item 27. Directors and Officers of the Depositor

The business address of the Directors and Officers of the Depositor is:
One Nationwide Plaza, Columbus, Ohio 43215

President and Chief Operating Officer and Director	John L. Carter
Executive Vice President and Director	Mark R. Thresher
Executive Vice President - Chief Administrative Officer	Gale V. King

Executive Vice President - Chief Information Officer	James R. Fowler
Senior Vice President - Chief Financial Officer and Director	Timothy G. Frommeyer
Senior Vice President - Chief Financial Officer, Nationwide Financial and Director	Steven A. Ginnan
Senior Vice President - Individual Products & Solutions, Nationwide Annuity and Director	Eric S. Henderson
Senior Vice President - Investment Management Group - NF Strategic Customer Solutions	Tina S. Ambrozy
Senior Vice President - Marketing - Financial Services	Ann S. Bair
Senior Vice President - Head of Taxation	Pamela A. Biesecker
Senior Vice President - Chief Investment Officer	Joel L. Coleman
Senior Vice President - Nationwide Financial Services Legal	Rae Ann Dankovic
Senior Vice President - External Affairs	Steven M. English
Senior Vice President - Human Resources	Mia S. Hairston
Senior Vice President - Annuity Distribution	Craig A. Hawley
Senior Vice President and Treasurer	David LaPaul
Senior Vice President - IT Chief Financial Officer, Procurement & BTO	Kevin G. O'Brien
Senior Vice President - Corporate Solutions	Juan J. Perez
Senior Vice President - Retirement Plan Sales	Scott Ramey
Senior Vice President	Sandra L. Rich
Senior Vice President - Chief Technology Officer - Nationwide Financial	Michael A. Richardson
Senior Vice President - Nationwide Retirement Institute	Kristi L. Rodriguez
Senior Vice President - Chief Counsel - Emerging Businesses, Governance & Corporate Secretary	Denise L. Skingle
Senior Vice President - Nationwide Life	Holly R. Snyder
Senior Vice President - Investment Management Group	Michael S. Spangler
Senior Vice President - Retirement Plan Sales	Eric Stevenson
Director	Kirt A. Walker

Item 28. Persons Controlled by or Under Common Control with the Depositor or Registrant.

Following is a list of entities directly or indirectly controlled by or under common control with the depositor or registrant. Ownership is indicated through indentation. Unless otherwise indicated, each subsidiary is either wholly-owned or majority-owned by the parent company immediately preceding it. (For example, Nationwide Fund Distributors, LLC is either wholly-owned or majority owned by NFS Distributors, Inc.) Separate accounts that have been established pursuant to board resolution but are not, and have never been, active are omitted.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Financial Services, Inc.	Delaware	The company acts primarily as a holding company for companies within the Nationwide organization that offer or distribute life insurance, long-term savings and retirement products.
NFS Distributors, Inc.	Delaware	The company acts primarily as a holding company for Nationwide Financial Services, Inc. companies.
Nationwide Financial General Agency, Inc.	Pennsylvania	The company is a multi-state licensed insurance agency.
Nationwide Fund Distributors, LLC	Delaware	The company is a limited purpose broker-dealer.
Nationwide Fund Management, LLC	Delaware	The company provides administration, transfer and dividend disbursing agent services to various mutual fund entities.
Nationwide Retirement Solutions, Inc.	Delaware	The company markets and administers deferred compensation plans for public employees.
Nationwide Securities, LLC	Delaware	The company is a general purpose broker-dealer and investment adviser registered with the Securities and Exchange Commission.
Nationwide Trust Company, FSB	Federal	This is a federal savings bank chartered by the Office of Thrift Supervision in the United States Department of Treasury to exercise deposit, lending, agency, custody and fiduciary powers and to engage in activities permissible for federal savings banks under the Home Owners’ Loan Act of 1933.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Financial Services Capital Trust	Delaware	The trust’s sole purpose is to issue and sell certain securities representing individual beneficial interests in the assets of the trust
Nationwide Life Insurance Company 2	Ohio	The corporation provides individual life insurance, group and health insurance, fixed and variable annuity products and other life insurance products.
Jefferson National Financial Corporation3	Delaware	A stock corporation. The corporation is the holding company of Jefferson National Life Insurance Company, Jefferson National Life Insurance Company of New York, Jefferson National Securities Corporation, and JNF Advisors, Inc., offering annuity products and services.
Jefferson National Life Insurance Company2,3	Texas	The company provides life, health and annuity products.
Jefferson National Life Annuity Company C2,3		A separate account issuing variable annuity products.
Jefferson National Life Annuity Account E2,3		A separate account issuing variable annuity products.
Jefferson National Life Annuity Account F2,3		A separate account issuing variable annuity products.
Jefferson National Life Annuity Account G2,3		A separate account issuing variable annuity products.
Jefferson National Life Insurance Company of New York2,3	New York	The company provides variable annuity products.
Jefferson National Life of New York Annuity Account 12,3		A separate account issuing variable annuity products.
Jefferson National Securities Corporation3	Delaware	The company is a limited purpose broker-dealer and distributor of variable annuities for Jefferson National Life Insurance Company and Jefferson National Life Insurance Company of New York.
MFS Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Multi-Flex Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-II2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-32,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-42,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-52,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-62,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-72,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-82,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-92,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-102,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-112,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-122,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-132,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-142,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Variable Account-152,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account 12,3	Pennsylvania	A separate account issuing variable annuity contracts.
Nationwide VLI Separate Account2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-22,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-32,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-42,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-52,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-62,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VLI Separate Account-72,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account 12,3	Pennsylvania	A separate account issuing variable life insurance policies.

Company	Jurisdiction of Domicile	Brief Description of Business
Nationwide Investment Services Corporation3	Oklahoma	This is a limited purpose broker-dealer and distributor of variable annuities and variable life products for Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company. The company also provides educational services to retirement plan sponsors and its participants.
Nationwide Financial Assignment Company3	Ohio	The company is an administrator of structured settlements.
Nationwide Investment Advisors, LLC3	Ohio	The company provides investment advisory services.
Eagle Captive Reinsurance, LLC3	Ohio	The company is engaged in the business of insurance
Nationwide Life and Annuity Insurance Company2,3	Ohio	The company engages in underwriting life insurance and granting, purchasing and disposing of annuities.
Nationwide VA Separate Account-A2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-B2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-C2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide VA Separate Account-D2,3	Ohio	A separate account issuing variable annuity contracts.
Nationwide Provident VA Separate Account A2,3	Delaware	A separate account issuing variable annuity contracts.
Nationwide VL Separate Account-C2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-D2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide VL Separate Account-G2,3	Ohio	A separate account issuing variable life insurance policies.
Nationwide Provident VLI Separate Account A2,3	Delaware	A separate account issuing variable life insurance policies.
Olentangy Reinsurance, LLC3	Vermont	The company is a captive life reinsurance company.
Nationwide SBL, LLC	Ohio	The company is a lender offering securities-back lines of credit.
Registered Investment Advisors Services, Inc.	Texas	The company is a technology company that facilitates third-party money management services for registered investment advisors
Nationwide Fund Advisors4	Delaware	The trust acts as a registered investment advisor.

1	This subsidiary/entity is controlled by its immediate parent through contractual association.
2	This subsidiary/entity files separate financial statements.
3	Information for this subsidiary/entity is included in the consolidated financial statements of its immediate parent.
4	This subsidiary/entity is a business trust.

Item 29. Indemnification

Provision is made in Nationwide’s Amended and Restated Code of Regulations and expressly authorized by the General Corporation Law of the State of Ohio, for indemnification by Nationwide of any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that such person is or was a director, officer or employee of Nationwide, against expenses, including attorneys fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, to the extent and under the circumstances permitted by the General Corporation Law of the State of Ohio.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 ("Act") may be permitted to directors, officers or persons controlling Nationwide pursuant to the foregoing provisions, Nationwide has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 30. Principal Underwriter

Nationwide Investment Services Corporation ("NISC")

a) NISC serves as principal underwriter and general distributor for the following separate investment accounts of Nationwide or its affiliates:

MFS Variable Account	Nationwide VA Separate Account-C
Multi-Flex Variable Account	Nationwide VA Separate Account-D
Nationwide Variable Account	Nationwide VLI Separate Account
Nationwide Variable Account-II	Nationwide VLI Separate Account-2
Nationwide Variable Account-3	Nationwide VLI Separate Account-3
Nationwide Variable Account-4	Nationwide VLI Separate Account-4
Nationwide Variable Account-5	Nationwide VLI Separate Account-5
Nationwide Variable Account-6	Nationwide VLI Separate Account-6
Nationwide Variable Account-7	Nationwide VLI Separate Account-7
Nationwide Variable Account-8	Nationwide VL Separate Account-C
Nationwide Variable Account-9	Nationwide VL Separate Account-D
Nationwide Variable Account-10	Nationwide VL Separate Account-G
Nationwide Variable Account-11	Nationwide Provident VA Separate Account 1
Nationwide Variable Account-12	Nationwide Provident VA Separate Account A
Nationwide Variable Account-13	Nationwide Provident VLI Separate Account 1
Nationwide Variable Account-14	Nationwide Provident VLI Separate Account A
Nationwide Variable Account-15
Nationwide VA Separate Account-A
Nationwide VA Separate Account-B

b) Directors and Officers of NISC:

President and Director	Tina S. Ambrozy
Senior Vice President - Head of Taxation	Pamela A. Biesecker
Vice President - Chief Compliance Officer	James J. Rabenstine
Vice President - Tax	Daniel P. Eppley
Vice President - Performance Management and Accounting and Financial Operations	Peter J. Rothermel
Associate Vice President and Treasurer	Ewan T. Roswell
Associate Vice President and Assistant Secretary	Mark E. Hartman
Associate Vice President and Assistant Treasurer	David A. Conner
Associate Vice President and Assistant Treasurer	Hope C. Hacker
Associate Vice President and Assistant Treasurer	John A. Reese
Assistant Secretary	Heidi Bowman
Director	Eric Stevenson
Director	Eric S. Henderson

The business address of the Directors and Officers of NISC is:
One Nationwide Plaza, Columbus, Ohio 43215.

c)

Name of Principal Underwriter	Net Underwriting Discounts and Commissions	Compensation on Redemption or Annuitization	Brokerage Commissions	Compensation
Nationwide Investment Services Corporation	N/A	N/A	N/A	N/A

Item 31. Location of Accounts and Records

Steven A. Ginnan
Nationwide Life Insurance Company
One Nationwide Plaza
Columbus, OH 43215

Item 32. Management Services

Not Applicable

Item 33. Fee Representation

Nationwide Life Insurance Company represents that the fees and charges deducted under the contract in the aggregate are reasonable in relation to the services rendered, the expenses expected to be incurred and risks assumed by Nationwide Life Insurance Company.

SIGNATURES

As required by the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets the requirements of Rule 485(b) under the Securities Act of 1933 for effectiveness of the Registration Statement and has caused this Registration Statement to be signed by the undersigned, duly authorized, in the City of Columbus, and State of Ohio, on April 20, 2021.

Nationwide VLI Separate Account-2

(Registrant)

Nationwide Life Insurance Company

(Depositor)

By: /s/ Jamie Ruff Casto

Jamie Ruff Casto
Attorney-in-Fact

As required by the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated, on April 20, 2021.

JOHN L. CARTER
John L. Carter, President and Chief Operating Officer, and Director
MARK R. THRESHER
Mark R. Thresher, Executive Vice President and Director
TIMOTHY G. FROMMEYER
Timothy G. Frommeyer, Senior Vice President-Chief Financial Officer and Director
ERIC S. HENDERSON
Eric S. Henderson, Senior Vice President-Nationwide Annuity and Director
STEVEN A. GINNAN
Steven A. Ginnan, Senior Vice President-Chief Financial Officer-Nationwide Financial and Director
KIRT A. WALKER
Director
	By /s/ Jamie Ruff Casto
	Jamie Ruff Casto Attorney-in-Fact

EX-99.(N)

Consent of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life Insurance Company and
Contract Owners of Nationwide VLI Separate Account-2:

We consent to the use of our report dated April 2, 2021, with respect to the financial statements of the sub-accounts that comprise the Nationwide VLI Separate Account-2, and the related notes (collectively, the financial statements), included herein and to the reference to our firm as experts under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information on Form N-6 (File No. 033-42180).

/s/ KPMG LLP

Columbus, Ohio
April 15, 2021

Consent of Independent Registered Public Accounting Firm

Audit Committee of the Board of Directors
Nationwide Life Insurance Company:

We consent to the use of our report on the statutory financial statements and financial statement schedules of Nationwide Life Insurance Company (the Company), dated March 19, 2021, included herein. We also consent to the reference to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information on Form N-6. (File No. 033-42180)

Our report relating to the Company’s statutory financial statements, dated March 19, 2021, states that the Company prepared its financial statements using statutory accounting practices prescribed or permitted by the Ohio Department of Insurance, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, our report states that the Company’s financial statements are not intended to be and, therefore, are not presented fairly in accordance with U.S. generally accepted accounting principles and further states that those statements are presented fairly, in all material respects, in accordance with statutory accounting practices prescribed or permitted by the Ohio Department of Insurance.

/s/ KPMG LLP

Columbus, Ohio
April 15, 2021

EX-99.(99)

POWER OF ATTORNEY

Each of the undersigned as directors and/or officers of NATIONWIDE LIFE INSURANCE COMPANY and NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY, both Ohio corporations, which have filed or will file with the U.S. Securities and Exchange Commission under the provisions of the Securities Act of 1933, as amended; the Investment Company Act of 1940, as amended; and, if applicable, the Securities Exchange Act of 1934, various registration statements and amendments thereto for the registration of current, as well as any future, separate accounts established by said corporations for the purpose of registering under said Act(s) immediate or deferred variable annuity contracts, fixed interest rate options subject to a market value adjustment, group flexible fund retirement annuity contracts and variable life insurance policies in connection with the separate accounts and contracts listed below:

Variable Annuities and Variable Life Insurance Policies
Separate Account (1940 Act File No.)	1933 Act File Nos.
MFS Variable Account (811-02662)	002-73432
Nationwide Multi-Flex Variable Account (811-03338)	033-23905, 002-75174
Nationwide Variable Account (811-02716)	002-58043, 333-80481, 033-60239, 333-176908
Nationwide Variable Account-II (811-03330)	002-75059, 033-67636, 033-60063, 333-103093, 333-103094, 333-103095, 333-104513, 333-104511, 333-104512, 333-104510, 333-151990, 333-105992, 333-147273, 333-140621, 333-144053, 333-147198, 333-160635, 333-164886, 333-168818, 333-177934, 333-177581, 333-177582, 333-177316, 333-177319, 333-177439, 3333-177441, 333-177729, 333-177731, 333-173349, 333-177938, 333-182494, 333-235382, 333-235383
Nationwide Variable Account-3 (811-05405)	033-18422, 033-24434
Nationwide Variable Account-4 (811-05701)	033-25734, 033-26454, 333-62692, 333-135650, 333-140812, 333-201820, 333-240010, 333-240009
Nationwide Variable Account-5 (811-08142)	033-71440
Nationwide Variable Account-6 (811-08684)	033-82370, 333-21909
Nationwide Variable Account-7 (811-08666)	033-82190, 033-82174, 033-89560
Nationwide Variable Account-8 (811-07357)	033-62637, 033-62659
Nationwide Variable Account-9 (811-08241)	333-28995, 333-52579, 333-56073, 333-53023, 333-79327, 333-69014, 333-75360
Nationwide Variable Account-10 (811-09407)	333-81701
Nationwide Variable Account-11 (811-10591)	333-74904, 333-74908
Nationwide Variable Account-12 (811-21099)	333-88612, 333-108894, 333-178057, 333-178059
Nationwide Variable Account-13 (811-21139)	333-91890
Nationwide Variable Account-14 (811-21205)	333-104339
Nationwide Variable Account-15 (811-23386)	333-227783, 333-227780
Nationwide VA Separate Account-A (811-05606)	033-85164, 033-22940
Nationwide VA Separate Account-B (811-06399)	033-86408, 033-93482, 333-11415
Nationwide VA Separate Account-C (811-07908)	033-66496, 333-44485
Nationwide VA Separate Account-D (811-10139)	333-45976
Nationwide VLI Separate Account (811-04399)	033-00145, 033-44290, 033-35698
Nationwide VLI Separate Account-2 (811-05311)	033-16999, 033-62795, 033-42180, 033-35783, 033-63179, 333-27133
Nationwide VLI Separate Account-3 (811-06140)	033-44789, 033-44296
Nationwide VLI Separate Account-4 (811-08301)	333-31725, 333-43671, 333-52617, 333-94037, 333-52615, 333-53728, 333-69160, 333-83010, 333-137202, 333-153343, 333-169879, 333-229640
Nationwide VLI Separate Account-5 (811-10143)	333-46338, 333-46412, 333-66572, 333-121881, 333-125481, 333-125482
Nationwide VLI Separate Account-6 (811-21398)	333-106908
Nationwide VLI Separate Account-7 (811-21610)	333-117998, 333-121879, 333-146649, 333-140606, 333-149295, 333-156020, 333-182893, 333-182887

Variable Annuities and Variable Life Insurance Policies
Separate Account (1940 Act File No.)	1933 Act File Nos.
Nationwide VL Separate Account-A (811-06137)	033-44792, 033-44300, 033-35775, 333-27123, 333-22677
Nationwide VL Separate Account-B (811-07819)	333-12333
Nationwide VL Separate Account-C (811-08351)	333-43639, 333-36869
Nationwide VL Separate Account-D (811-08891)	333-59517
Nationwide VL Separate Account-G (811-21697)	333-121878, 333-140608, 333-146073, 333-146650, 333-149213, 333-155153, 333-182897, 333-182896, 333-215169, 333-215173, 333-223705, Nationwide Advisory VUL (1933 Act No. TBD)
Nationwide Provident VA Separate Account 1 (811-07708)	333-164127, 333-164125, 333-164126, 333-164124
Nationwide Provident VLI Separate Account 1 (811-04460)	333-164180, 333-164117, 333-164178, 333-164179, 333-164119, 333-164120, 333-164115, 333-164118, 333-164116
Nationwide Provident VA Separate Account A (811-06484)	333-164131, 333-164130, 333-164132, 333-164129, 333-164128
Nationwide Provident VLI Separate Account A (811-08722)	333-164188, 333-164123, 333-164185, 333-164122, 333-164121

General Account Products
Insurance Company	1933 Act File Nos.
Nationwide Life Insurance Company	333-149613, 333-160418, 333-229802, 333-237472, 333-237471, Select Retirement (re-registration 1933 Act No. TBD)
Nationwide Life and Annuity Insurance Company	333-47640

hereby constitute and appoint Kirt A. Walker, John L. Carter, Eric S. Henderson, Steven A. Ginnan, Jamie Ruff Casto, Paige L. Ryan, Stephen M. Jackson, and Benjamin W. Mischnick, and each of them with power to act without the others, as his/her attorney, with full power of substitution for and in his/her name, place and stead, in any and all capacities, to approve, and sign such Registration Statements, and any and all amendments thereto, with power to affix the corporate seal of said corporation thereto and to attest said seal and to file the same, with all exhibits thereto and other documents in connection therewith, with the U.S. Securities and Exchange Commission, hereby granting unto said attorneys, and each of them, full power and authority to do and perform all and every act and thing requisite to all intents and purposes as he/she might or could do in person, hereby ratifying and confirming that which said attorneys, or any of them, may lawfully do or cause to be done by virtue hereof. This instrument may be executed in one or more counterparts.

IN WITNESS WHEREOF, the undersigned have herewith set their names as of this 12^th day of January, 2021.

/s/ Timothy G. Frommeyer	/s/ Eric S. Henderson
TIMOTHY G. FROMMEYER, Director	ERIC S. HENDERSON, Director
/s/ Steven A. Ginnan	/s/ Mark R. Thresher
STEVEN A. GINNAN, Director	MARK R. THRESHER, Director
/s/ Kirt A. Walker	/s/ John L. Carter
KIRT A. WALKER, Director	JOHN L. CARTER, Director