Page of 7 SENTINEL ADVANTAGE VARIABLE ANNUITY NON-STANDARDIZED ADJUSTED HISTORIC AVERAGE ANNUAL RETURNS BEFORE SURRENDER CHARGE Average annual returns as February 8, 09 SAVA is a Variable Annuity Contract Issued by National Life Insurance Company. This material is authorized for distribution to prospective policy holders only when preceded or accompanied by current prospectuses for the Contract and related funds. Please read the prospectus and consider carefully the product's objectives, risks, charges and expenses before you invest or send money. Touchstone TVST Invesco American Funds American Century VP Fidelity Investments Common Stock Small Company Balanced Bond V.I. Mid Cap Growth V.I. Diversified Dividend Fund V.I. Equity and Income Fund V.I. Government Securities Fund V.I. Global Real Estate Fund V.I. High Yield Fund V.I. International Growth Fund AFIS Asset Allocation Fund AFIS Global Bond Fund AFIS Growth-Income Fund AFIS Global Growth & Income Fund AFIS Global Small Capitilization Fund AFIS High-Income Bond Fund AFIS New World Fund Capital Appreciation Growth Large Company Value Ultra Value VIP Disciplined Small Cap VIP Index 00 Portfolio VIP Dynamic Capital Appreciation VIP Contrafund Portfolio VIP Mid Cap Portfolio VIP Freedom Income VIP Growth Opportunities VIP Real Estate Portfolio 09//00 06/0/00 04/0/0 0/0/9 04/0/04 0/6/0 09/9/0 04//4 0/0/ 0/9/04 0/0/0 08/4/0 /7/0 08/7/9 09//00 0/0/9 /8/98 04/6/0 0/0/9 /06/0.%.8% 8.8%.9% 6.% 9.6% 9.04% -0.0% 9.9% 6.%.47% 7.6%.% 9.80% 0.4%.70% 6.9% 0.90% 6.8%.4% 0.49% 4.0%.% 7.4%.6%.0%.0% 4.76%.9% 7.7%.8% -.04% -0.0% -0.44% -0.% -7.64% -9.7% -.70%.7% -.% -.6% -.7% -8.78% 0.6% -.6% -.% -6.6% -.4% -9.7% -6.4% -6.7% -.00% -6.86% -.96% -0.40% -.9% -6.9% -6.% -9.96% -.64% -.0% -8.49% As of February 8, 09-0.79% 6.% -0.7%.9% 4.7%.84% -.8% 0.60% 7.78%.06% -.96% 0.76% -.%.% -4.% -0.4%.8% -7.88% 6.69%.60%.48% 6.6% 0.7%.%.8% -0.9%.0% -4.79% 0.6%.7% 6.% S.0% 6.64% 8.4% -0.8%.79%.76%.4% 8.77% 0.77% 4.% 0.78%.% 8.6% 0.4%.6%.9% 9.78% 7.79% 9.70% 0.6%.0%.4%.6% 0.84%.%.76% 4.76% S 6.0% 4.80% -0.% -.69%.9% -.00% 0.4% -.00% -.40% -.4%.% 0.8% 0.08% -4.86% 0.8% 6.08%.48% 6.4% 8.4% 9.4% 8.78% 7.0%.%.8% 6.8% 7.77% 0 S.79% 8.%.4% -.04%.6% -6.0% 0.9%.%.98%.88% -.7% -.70% 8.8% -.% -0.0% -.6% 6.9% 4.66%.84% -.80%.96% 4.47%.% -.70% -.% 8.9% 0.80%.4% 6.06% 7.% 7.7%.9% 6.88% 8.6% 9.7%.0%.0% 8.80% 6.69% 4.67%.7%.4%.46%.80% 4.6%.% 9.98% 0.06%.64% As of December, 08 0-9.% -9.6% -7.7% -.4% -7.8% -9.0% -0.98% -.0% -7.64% -4.94% -6.8% -6.6% -.98% -.4% -.4% -.0% -.99% -.44% -6.68% -.96% -9.46% -0.80% -0.4% -4.0% -6.06% -6.49% -7.94% -.96% -.6% 0.6% -7.76% S.%.0%.% -0.6% 0.76%.99% -0.8% 4.9%.4% 8.4%.6%.%.44%.87% 4.4% 8.4%.96% 9.79% 4.%.46% 7.8% 6.%.96%.8%.9%.7% -0.8% S.8%.% -.66% -.4% 0.7% -.7% -.76% -.7% -.% -.8%.49% -0.99% -0.7% 8.7%.98% 9.04% 4.%.8% 7.09% 8.06%.4%.9%.%.88% 7.% S.6% 7.67%.6% -.9%.9% -0.80% 4.% 9.% 4.0% 9.7%.70%.4%.4%.% 9.6%.4% 9.%.8% Performance data quoted represents past performance, and is no guarantee of future results. Principal value and return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown here. BlackRock Government Money Market V.I. Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Fund shares are not guaranteed by the U.S. government. Variable annuities are long-term investments designed for retirement purposes. Early withdrawals may be subject to a deferred sales charge and if taken prior to age 9½, a 0% federal tax penalty may apply. Gains distributed from the annuity will be taxed as ordinary income in the year the money is received. Stocks of smaller companies are often associated with higher risks than stocks of larger companies including higher volatility. Investment in global markets may include added risks such as currency fluctuations and other economic and political factors. Product issued by National Life Insurance Company SAVA is distributed by Equity Services, Inc., a Member FINRA/SIPC, broker-dealer affiliate of National Life Insurance Company, One National Life Drive, Montpelier, VT 0604 (800)-4. National Life Group is a tradename of National Life Insurance Company and its affiliates. NATIONAL LIFE INSURANCE COMPANY HOME OFFICE: ONE NATIONAL LIFE DR., MONTPELIER, VT 0604 (80)-9- WWW.NATIONALLIFE.COM TC98749(7)
Page of 7 As of February 8, 09 As of December, 08 Return S S 0 S S S 0 S Franklin Templeton Founding Funds Allocation VIP Fund 0/9/08 9.0% -.8% -.89% 8.4%.47% 0.% 4.8% -0.84%.%.% 7.8% Mutual Global Discovery VIP Fund /08/96 0.4% -.0% -.94% 7.8%.9% 9.6%.66% -.4%.78% 0.7% 7.00% Franklin Rising Dividends VIP Fund 0/9/08.% -.8% 6.7%.% 8.9% 4.99% 8.66% -6.48% 8.%.80%.4% Small-Mid Cap Growth VIP Fund /0/9 8.0% -6.8% 7.60% 4.%.% 4.79%.% -6.77% 4.4%.7%.00% Templeton Developing Markets VIP Fund 0/9/08 0.% -9.% -0.9% 6.%.% 9.0% 0.7% -6.98% 0.4% -0.6% 6.% Global Bond VIP Fund 0/9/08.97%.7%.0%.8% 0.80%.49% 4.0% 0.48%.0% 0.06% 4.6% BlackRock Equity Dividend V.I. Fund 07/0/ 9.4% -.6% 0.9%.44% 4.88% 6.8% -8.70% 6.%.84% ishares Alternative Strategies V.I. Fund 04/0/4 0.00% 0.00%.8%.47%.88%.%.66% ishares Dynamic Allocation V.I. Fund 04/0/4 7.% -9.0%.% 7.07%.0% -6.0%.% ishares Dynamic Fixed Income V.I. Fund 04/0/4 0.00% 0.00% -0.0% 0.% 0.9% -.% 0.78% ishares Equity Appreciation V.I. Fund 04/0/4 0.00% 0.00% -.90% 0.6%.9% -.% 7.9% Advantage U.S. Total Market V.I. Fund /8/0.7% -.%.89%.7%.7%.9% 6.70% -7.9% 6.7% -0.0% 9.87% Government Money Market V.I. Fund 0/0/9 0.% 0.4% 0.7% -0.4% -0.% -0.%.7% 0.9% -0.4% -0.7% -0.% Money Market 7-Day Yield 0.74% this yield more closely reflects the current earnings of the Money Market Fund Global Allocation V.I. Fund /8/0 6.7% -7.8% -.47%.% -0.89% 4.8% 4.9% -8.86%.60% -.89%.09% T. Rowe Price Equity Income Portfolio 04/0/0 0.% -.74% -.7%.% 4.99%.0%.6% -0.9%.96%.88% 9.06% Blue Chip Growth Portfolio 04/0/0 4.0% -4.4%.4% 9.00%.96% 8.89% 8.40% 0.4% 9.8% 9.8% 6.% Health Sciences Portfolio 04/0/0 4.% -6.4% 0.44%.47% 0.0% 0.67% 0.4% -0.4%.% 0.% 7.90% Mid-Cap Growth 04/0/0 4.76% -.47% 7.% 4.98% 0.% 8.8% 0.% -.66% 7.% 8.%.40% AB VPS Balanced Wealth Strategy Portfolio 07/0/04 7.47% -8.60% -0.07% 6.% 4.4% 9.8%.4% -7.7%.70%.8% 7.0% Dynamic Asset Allocation Portfolio 04/0/.4% -7.4% -.40% 4.78%.48%.79% -8.64%.68%.8% Growth Portfolio 06/0/99.8% -.4%.74% 8.%.6% 7.%.9%.% 0.4% 0.49% 4.4% Real Estate Investment Portfolio 04/4/0.9% -6.88% 8.% 6.0% 6.4% 7.0% 0.9% -.78%.6%.4%.% International Value Portfolio Class B 08//0 8.8% -7.9% -8.7%.6% -.44% 6.7%.7% -4.0% -.0% -.67%.9% Small/Mid Cap Value Portfolio Class B 0/0/0 4.0% -8.78% -.0%.07%.80% 6.4% 9.49% -6.47% 4.8%.8%.0% Goldman Sachs VIT Equity Index Fund 0/09/06.8% -.9%.7%.97% 9.%.69% 7.% -6.9% 7.% 7.0%.0% VIT Global Trends Allocation Fund 04/6/.9% -7.86% -.8% 4.40%.0%.74% -.67%.7%.0% VIT Growth Opportunities Fund 0/09/06.0% -4.96%.7%.8% 0.% 0.96% -0.8% -.67%.0% -.78% 8.% VIT High Quality Floating Rate Fund 0/09/06 0.6% -0.9% 0.0% 0.0% 0.0%.4%.66% 0.09% 0.0% -0.07%.04% VIT Mid Cap Value Fund 0/09/06.% -4.6%.% 9.89%.88%.60% 6.0% -.94%.40%.94% 0.% VIT Small Cap Equity Insights Fund 08//07.89% -0.4% 4.9% 4.4% 7.7% 6.6% 7.9% -0.09%.99% 4.6%.09% VanEck VIP Emerging Markets //9.0% -8.4% -7.%.9%.%.0% 0.9% -4.8%.09% -.48% 9.66% VIP Global Hard Assets 09/0/89 0.4% -.64% -8.%.% -0.97%.0% 0.79% -9.4% -.0% -.% 0.04% Returns are not annualized for periods under one year. The non-standardized adjusted historic average annual returns before surrender charge are shown as a net rate of return which reflects the portfolios' investment income and capital gains and losses less investment management fees and expenses, and reflects the mortality and expense risk charge of.%, an asset based administrative fee of.% and an annual contract charge of $0. Performance does not reflect the deduction of the surrender charge which, if reflected would reduce the performance figures shown. The maximum surrender charge is 7% of premium payments. The non-standardized adjusted historic average annual performance before surrender charge assumes that the Sentinel Advantage contract had been available since the inception of the underlying fund options and that the subaccounts were available as options and that the subaccounts were available as options under the contract. TC98749(7)
Page of 7 SENTINEL ADVANTAGE VARIABLE ANNUITY NON-STANDARDIZED ADJUSTED HISTORIC AVERAGE ANNUAL RETURNS AFTER SURRENDER CHARGE Average annual returns as February 8, 09 SAVA is a Variable Annuity Contract Issued by National Life Insurance Company. This material is authorized for distribution to prospective policy holders only when preceded or accompanied by current prospectuses for the Contract and related funds. Please read the prospectus and consider carefully the product's objectives, risks, charges and expenses before you invest or send money. Touchstone TVST Invesco American Funds American Century VP Fidelity Investments Common Stock Small Company Balanced Bond V.I. Mid Cap Growth V.I. Diversified Dividend Fund V.I. Equity and Income Fund V.I. Government Securities Fund V.I. Global Real Estate Fund V.I. High Yield Fund V.I. International Growth Fund AFIS Asset Allocation Fund AFIS Global Bond Fund AFIS Growth-Income Fund AFIS Global Growth & Income Fund AFIS Global Small Capitilization Fund AFIS High-Income Bond Fund AFIS New World Fund Capital Appreciation Growth Large Company Value Ultra Value VIP Disciplined Small Cap VIP Index 00 Portfolio VIP Dynamic Capital Appreciation VIP Contrafund Portfolio VIP Mid Cap Portfolio VIP Freedom Income VIP Growth Opportunities VIP Real Estate Portfolio.% 8.8%.8% -.0% 09//00 9.% 06/0/00.6% 04/0/0.04% 0/0/9-7.0% 04/0/04.9% 0/6/0-0.67% 09/9/0 4.47% 0.6% -.89%.80%.4% 6.70% -0.6%.90% 04//4 9.8% 0/0/.4% 0/9/04.49% 0/0/0 7.0% 08/4/0 4.% /7/0 0.4% 08/7/9 4.6% 09//00 4.0% 0/0/9.0% /8/98 7.76% 04/6/0-4.09% 0/0/9 0.7% /06/0.8% -.04% -7.0% -7.44% -7.% -4.64% -6.7% -8.70% -.6% -.% -.6% -8.7% -.78% -6.8% -9.6% -9.% -.6% -.4% -6.7% -.4% -.7% -9.00% -.86% -0.96% -7.40% -0.9% -.9% -.% -6.96% -9.64% -9.0% -.49% As of February 8, 09 S S -7.79% -0.78% -7.7% -.8% -.8%.7%.% -4.6%.% 4.0% -9.8% 6.99% -0.84% -6.40% -.% -.4% 0.78% 4.8%.7% -4.94% 4.4% -.66% -.96%.89% -0.6% -6.4% 7.4% -.64% -9.% -0.89% -.07% -4.87%.8% -.09% -.% 9.4%.69% -7.4% 0.6% -0.% -4.6% 6.7% -0.% -4.88% 9.0% -.6% -0.%.9% -.40% 4.% 9.87% -.% 8.8%.60% -0.% 6.8%.09% -6.7% 8.9%.9% -4.6% 9.% 8.0% -4.%.78% 8.7% -7.9% 0.07% 8.% -.80%.0% 6.74% -.79% 9.46%.0% -6.84%.94%.8% 6.7%.66%.8% 9.%.% 7.% 0 S 8.8% 98.7% 77.80% 64.%.6% -6.0% 0.9%.%.98%.88% -.7% -.70% 8.8% -.% -0.0% -.6% 6.9% 4.66%.84% -.80%.96% 4.47%.% -.70% -.% 8.4% 0.80%.4% 6.06% 7.% 7.7%.9% 6.88% 8.6% 9.7%.0%.0% 8.80% 6.69% 4.67%.7%.4%.46%.80% 4.6%.% 9.98% 0.06%.64% As of December, 08 0 S S S -6.% -6.6% -4.7% -0.4% -4.8%.76%.%.6% -6.0%.46%.80% 7.67% -7.98%.74% -.%.6% -8.0% -.86% -.0% -.9% -4.64% -0.9% 0.%.9% -.94%.40% -.40% -0.80% -.8% -.88% -.4% 4.% -.6%.8% -.04% -9.98% -0.% -.79% -0.4% 6.90% -.0% -8.4%.6% 0.9% -9.0%.% -.6% -0.99%.9% -.% -.44%.0% -7.8% -.68%.68% -9.96% 7.0% 7.7% -6.46%.9%.46% 9.% -7.80% 8.9% 8.6% 4.0% -7.4%.77%.7% 9.7% -.0%.94% 4.89%.70% -.06% 6.8% 6.6%.4% -.49% 4.7% 7.6%.4% -4.94% 4.4% 4.7%.% -.96%.%.4% 9.6% -0.6% 0.78%.6%.4%.6%.4%.% 9.% -4.76% -.8% 6.76%.8% Performance data quoted represents past performance, and is no guarantee of future results. Principal value and return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown here. BlackRock Government Money Market V.I. Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Fund shares are not guaranteed by the U.S. government. Variable annuities are long-term investments designed for retirement purposes. Early withdrawals may be subject to a deferred sales charge and if taken prior to age 9½, a 0% federal tax penalty may apply. Gains distributed from the annuity will be taxed as ordinary income in the year the money is received. Stocks of smaller companies are often associated with higher risks than stocks of larger companies including higher volatility. Investment in global markets may include added risks such as currency fluctuations and other economic and political factors. TC98749(7)
Page 4 of 7 As of February 8, 09 As of December, 08 Return S S 0 S S S 0 S Franklin Templeton Founding Funds Allocation VIP Fund 0/9/08.0% -8.8% -8.89% 7.0%.9% 0.% 4.8% -7.84%.% 0.% 7.8% Mutual Global Discovery VIP Fund /08/96.4% -0.0% -9.94%.7%.04% 9.6%.66% -9.4%.8% 0.6% 7.00% Franklin Rising Dividends VIP Fund 0/9/08.% -9.8% -0.6%.80% 7.8% 4.99% 8.66% -.48% 6.79%.%.4% Small-Mid Cap Growth VIP Fund /0/9.0% -.8% 0.60%.8% 4.86% 4.79%.% -.77%.90%.%.00% Templeton Developing Markets VIP Fund 0/9/08.% -6.% -7.9% 4.97%.70% 9.0% 0.7% -.98% 8.9% -0.87% 6.% Global Bond VIP Fund 0/9/08-4.0% -.8% -.97%.70% 0.%.49% 4.0% -6.% -0.6% -0.4% 4.6% BlackRock Equity Dividend V.I. Fund 07/0/.4% -9.6% -6.7% 0.08% 4.8% 6.8% -.70% 4.7%.0% ishares Alternative Strategies V.I. Fund 04/0/4 -.7%.9%.4% -.7% 4.% ishares Dynamic Allocation V.I. Fund 04/0/4 0.% -6.0% -.67%.60%.4% -.0%.9% ishares Dynamic Fixed Income V.I. Fund 04/0/4-7.0% -.7% -0.% -9.% -0.89% ishares Equity Appreciation V.I. Fund 04/0/4-8.90% 9.4%.84% -9.% 6.48% Advantage U.S. Total Market V.I. Fund /8/0.7% -.% -4.%.4%.8%.9% 6.70% -4.9%.% -0.7% 9.87% Government Money Market V.I. Fund 0/0/9-6.88% -6.86% -6.6% -.% -0.86% -0.%.7% -6.8% -.6% -0.89% -0.% Money Market 7-Day Yield 0.74% this yield more closely reflects the current earnings of the Money Market Fund Global Allocation V.I. Fund /8/0-0.8% -4.8% -0.47%.7% -.% 4.8% 4.9% -.86% -0.04% -.%.09% T. Rowe Price Equity Income Portfolio 04/0/0.% -9.74% -8.7% 9.77% 4.49%.0%.6% -7.9% 4.46%.4% 9.06% Blue Chip Growth Portfolio 04/0/0 7.0% -.4% -.86% 7.8%.7% 8.89% 8.40% -6.76% 8.4% 9.40% 6.% Health Sciences Portfolio 04/0/0 7.% -.4%.44%.6% 0.0% 0.67% 0.4% -7.4%.6% 9.7% 7.90% Mid-Cap Growth 04/0/0 7.76% -0.47% 0.%.70% 9.74% 8.8% 0.% -0.66%.74% 7.68%.40% AB VPS Balanced Wealth Strategy Portfolio 07/0/04 0.47% -.60% -7.07%.0%.94% 9.8%.4% -4.7%.09%.7% 7.0% Dynamic Asset Allocation Portfolio 04/0/ -.7% -4.4% -9.40%.4%.9%.79% -.64% 0.04%.0% Growth Portfolio 06/0/99 8.8% -0.4%.74% 7.%.79% 7.%.9% -4.67% 8.8% 0.09% 4.4% Real Estate Investment Portfolio 04/4/0 4.9% -.88%.% 4.%.94% 7.0% 0.9% -.78% -0.49% 4.9%.% International Value Portfolio Class B 08//0.8% -4.9% -.7%.0% -.09% 6.7%.7% -.0% -4.8% -.%.9% Small/Mid Cap Value Portfolio Class B 0/0/0 7.0% -.78% -8.0% 9.70%.% 6.4% 9.49% -.47%.0%.7%.0% Goldman Sachs VIT Equity Index Fund 0/09/06 4.8% -0.9% -4.%.64% 8.7%.69% 7.% -.9%.66% 6.9%.0% VIT Global Trends Allocation Fund 04/6/ -4.0% -4.86% -9.8%.84%.4%.74% -.67%.% 0.6% VIT Growth Opportunities Fund 0/09/06 8.0% -.96% -.7%.% -0.7% 0.96% -0.8% -.67%.98% -.4% 8.% VIT High Quality Floating Rate Fund 0/09/06-6.84% -7.9% -6.80% -.49% -0.9%.4%.66% -6.9% -.6% -0.68%.04% VIT Mid Cap Value Fund 0/09/06 6.% -.6% -4.47% 8.49%.6%.60% 6.0% -8.94% 0.79%.8% 0.% VIT Small Cap Equity Insights Fund 08//07 8.89% -7.4% -.4%.9% 6.9% 6.6% 7.9% -7.09% 4.48%.8%.09% VanEck VIP Emerging Markets //9.0% -.4% -4.% 0.8% 0.6%.0% 0.9% -.8%.49% -.6% 9.66% VIP Global Hard Assets 09/0/89.4% -0.64% -.% 0.9% -.9%.0% 0.79% -6.4% -.84% -.9% 0.04% Returns are not annualized for periods under one year. The non-standardized adjusted historic average annual returns before surrender charge are shown as a net rate of return which reflects the portfolios' investment income and capital gains and losses less investment management fees and expenses, and reflects the mortality and expense risk charge of.%, an asset based administrative fee of.% and an annual contract charge of $0. Performance does not reflect the deduction of the surrender charge which, if reflected would reduce the performance figures shown. The maximum surrender charge is 7% of premium payments. The non-standardized adjusted historic average annual performance after surrender charge assumes that the Sentinel Advantage contract had been available since the inception of the underlying fund options and that the subaccounts were available as options under the contract. TC98749(7)
Page of 7 SENTINEL ADVANTAGE VARIABLE ANNUITY STANDARDIZED AVERAGE ANNUAL RETURNS Average annual returns as February 8, 09 SAVA is a Variable Annuity Contract Issued by National Life Insurance Company. This material is authorized for distribution to prospective policy holders only when preceded or accompanied by current prospectuses for the Contract and related funds. Please read the prospectus and consider carefully the product's objectives, risks, charges and expenses before you invest or send money. Common Stock.% -.04% Small Company 8.8% -7.0% Balanced.8% -7.44% Bond -.0% -7.% Invesco V.I. Mid Cap Growth 0/0/6 9.% -4.64% V.I. Diversified Dividend Fund 0/0/6.6% -6.7% V.I. Equity and Income Fund 0/0/6.04% -8.70% V.I. Government Securities Fund 0/0/6-7.0% -.6% V.I. Global Real Estate Fund 0/0/6.9% -.% V.I. High Yield Fund 0/0/6-0.67% -.6% V.I. International Growth Fund 0/0/6 4.47% -8.7% American Funds AFIS Asset Allocation Fund 0/0/6 0.6% -.78% AFIS Global Bond Fund 0/0/6 -.89% -6.8% AFIS Growth-Income Fund 0/0/6.80% -9.6% AFIS Global Growth & Income Fund 0/0/6.4% -9.% AFIS Global Small Capitilization Fund 0/0/6 6.70% -.6% AFIS High-Income Bond Fund 0/0/6-0.6% -.4% AFIS New World Fund 0/0/6.90% -6.7% Capital Appreciation 0/0/6 9.8% -.4% American Century Growth 0/0/6.4% -.7% VP Large Company Value 0/0/6.49% -9.00% Ultra 0/0/6 7.0% -.86% Value 0/0/6 4.% -0.96% Fidelity Investments VIP Disciplined Small Cap 0/0/6 0.4% -7.40% 0/0/6 4.6% -0.9% VIP Index 00 Portfolio VIP Dynamic Capital Appreciation 0/0/6 4.0% -.9% VIP Contrafund Portfolio 0/0/6.0% -.% 0/0/6 7.76% -6.96% VIP Mid Cap Portfolio VIP Freedom Income 0/0/6-4.09% -9.64% VIP Growth Opportunities 0/0/6 0.7% -9.0% VIP Real Estate Portfolio 0/0/6.8% -.49% Date the portfolio was first included in the subaccount, except where additionally noted below Touchstone TVST Average annual return since the inception of the separate account As of February 8, 09-7.79% -0.78% -7.7% -.8% -.8% -4.6% -9.8% -6.40% 0.78% -4.94% -.96% -6.4% -9.% -4.87% -.% -7.4% -4.6% -4.88% -0.% -.40% -.% -0.% -6.7% -4.6% -4.% -7.9% -.80% -.79% -6.84% 6.7% 9.% S S 0 S -0.69%.90% -.7% -.60% 9.%.60% 4.7% -.80%.%.97%.8%.60% -.6% 0.44% 7.7% 7.47% 4.06% 6.0% 9.6%.94%.6%.0% 4.9% 7.6% 9.7% 8.% 8.9% 6.67% 0.69%.% 0.6% As of December, 08 0 S -6.% -6.6% -4.7% -0.4% -4.8% -6.0% -7.98% -8.0% -4.64% -.94% -.8% -.6% -9.98% -0.4% -8.4% -9.0% -0.99% -.44% -.68% -9.96% -6.46% -7.80% -7.4% -.0% -.06% -.49% -4.94% -.96% -0.6%.6% -4.76% S S Performance data quoted represents past performance, and is no guarantee of future results. Principal value and return will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance shown here. BlackRock Government Money Market V.I. Fund: You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund's sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. Fund shares are not guaranteed by the U.S. government. Variable annuities are long-term investments designed for retirement purposes. Early withdrawals may be subject to a deferred sales charge and if taken prior to age 9½, a 0% federal tax penalty may apply. Gains distributed from the annuity will be taxed as ordinary income in the year the money is received. Stocks of smaller companies are often associated with higher risks than stocks of larger companies including higher volatility. Investment in global markets may include added risks such as currency fluctuations and other economic and political factors. Returns are not annualized for periods under one year. TC98749(7)
Page 6 of 7 Franklin Templeton Franklin Templeton BlackRock T. Rowe Price AB VPS Goldman Sachs VanEck Founding Funds Allocation VIP Fund Mutual Global Discovery VIP Fund Rising Dividends VIP Fund Small-Mid Cap Growth VIP Fund Developing Markets VIP Fund Global Bond VIP Fund Equity Dividend V.I. Fund ishares Alternative Strategies V.I. Fund ishares Dynamic Allocation V.I. Fund ishares Dynamic Fixed Income V.I. Fund ishares Equity Appreciation V.I. Fund Advantage U.S. Total Market V.I. Fund Government Money Market V.I. Fund Money Market 7-Day Yield Global Allocation V.I. Fund Equity Income Portfolio Blue Chip Growth Portfolio Health Sciences Portfolio Mid-Cap Growth Balanced Wealth Strategy Portfolio Dynamic Asset Allocation Portfolio Growth Portfolio Real Estate Investment Portfolio International Value Portfolio Class B Small/Mid Cap Value Portfolio Class B VIT Equity Index Fund VIT Global Trends Allocation Fund VIT Growth Opportunities Fund VIT High Quality Floating Rate Fund VIT Mid Cap Value Fund VIT Small Cap Equity Insights Fund VIP Emerging Markets VIP Global Hard Assets 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0.74% 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6 0/0/6.0%.4%.%.0%.% -4.0%.4% 0.%.7% -6.88% -0.8%.% 7.0% 7.% 7.76% 0.47% -.7% 8.8% 4.9%.8% 7.0% 4.8% -4.0% 8.0% -6.84% 6.% 8.89%.0%.4% As of February 8, 09 As of December, 08 0 0 S S S S S S 4.0% -7.84% -8.8% -8.89% -0.0% -9.94%.8% -9.4% 9.40% -.48% -9.8% -0.6% -.8% 0.60% 0.8% -.77% 0.94% -.98% -6.% -7.9% -.8% -.97% 0.9% -6.% -9.6% -6.7% 7.% -.70% -.7%.84% -.7% -6.0% -.67%.69% -.0% -7.0% -.7% -9.% -8.90% 6.8% -9.% -.% -4.% 9.9% -4.9% -6.86% -6.6% -.6% -6.8% this yield more closely reflects the current earnings of the Money Market Fund -4.8% -0.47%.97% -.86% -9.74% -8.7% 6.8% -7.9% -.4% -.86% 6.86% -6.76% -.4%.44%.4% -7.4% -0.47% 0.%.67% -0.66% -.60% -7.07%.4% -4.7% -4.4% -9.40%.60% -.64% -0.4%.74% 6.49% -4.67% -.88%.%.8% -.78% -4.9% -.7% -.40% -.0% -.78% -8.0% 6.7% -.47% -0.9% -4.% 9.60% -.9% -4.86% -9.8%.6% -.67% -.96% -.7% 9.77% -.67% -7.9% -6.80% -.6% -6.9% -.6% -4.47%.7% -8.94% -7.4% -.4% 0.9% -7.09% -.4% -4.% 6.4% -.8% -0.64% -.% -8.0% -6.4% Date the portfolio was first included in the subaccount, except where additionally noted below Average annual return since the inception of the separate account Contract inception date was //06. The standardized average annual returns are shown as a net rate of return which reflects the portfolios' investment income and capital gains and losses less investment management fees and expenses, and reflects the mortality and expense risk charge of.%, an asset based administrative fee of.% and an annual contract charge of $0. Performance reflects the deduction of the surrender charge which reduces the performance compared to performance under the assumption that the contract is not surrendered. The maximum surrender charge is 7% of premium payments. The surrender charge schedule applies to each premium payment and declines for each completed year since payment. SAVA, Form Policy Series 7400/740/7400ID(099)/740ID(099), is distributed by Equity Services, Inc., a Member FINRA/SIPC, a broker-dealer affiliate of National Life Insurance Company, One National Life Drive, Montpelier, VT 0604 (800)-4. NATIONAL LIFE INSURANCE COMPANY HOME OFFICE: ONE NATIONAL LIFE DR., MONTPELIER, VT 0604 (80)-9- WWW.NATIONALLIFE.COM TC98749(7) MK07E(09) 648
Page 7 of 7 Effective June 6, 06, the Sentinel VPT Mid Cap Fund has been eliminated. The assets held in the Sentinel VPT Mid Cap Fund have transferred to the Sentinel VPT Small Company Fund. Effective May, 07, the Franklin High Income VIP Fund has been eliminated. The assets held in the Franklin High Income VIP Fund have transferred to the Black Rock Government Money Market V.I. Fund. Effective June, 07, the BlackRock Value Opportunities V.I. Fund has been renamed as the BlackRock Advantage U.S. Total Market V.I. Fund. Effective October 7, 07 the Sentinel VPT funds were transferred to the Touchstone TVST funds. Effective November 0, 07, the Van Eck VIP Long/Short Equity Index Fund has been eliminated. SAVA, Form Policy Series 7400/740/7400ID(099)/740ID(099), is distributed by Equity Services, Inc., a Member FINRA/SIPC, a broker-dealer affiliate of National Life Insurance Company, One National Life Drive, Montpelier, VT 0604 (800)-4. NATIONAL LIFE INSURANCE COMPANY HOME OFFICE: ONE NATIONAL LIFE DR., MONTPELIER, VT 0604 (80)-9- WWW.NATIONALLIFE.COM TC98749(7) MK07E(09) 648