The chart below provides historical averages of the performance of the various indices and crediting methods available in the indexed universal life (IUL) insurance products. You may choose to allocate premium into any one or a combination of index selections. The highlighted sections reflect performance that would have been realized in Midland National's IUL products with our current caps and participation rates. Note: Caps and participation rates are not identical for all products.

Information compiled by Midland National on 3/5/2023. Historical performance of the indices is not intended to predict or project performance.

Indexed universal life insurance products are not an investment in the "market" or the applicable index, and are subject to all policy fees and charges normally associated with most IUL products.

Participation rate and/or cap rate, and any other non-guaranteed components of the indexing formula may change and may be different in the future.

THE S&P 500^® COMPOSITE STOCK PRICE INDEX;
THE S&P 400^® COMPOSITE STOCK PRICE INDEX;

These Indices do not include dividends paid by the underlying companies.

The S&P MidCap 400^® and the S&P 500^® Indices are products of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed for use by Midland National Life Insurance Company. Standard & Poor's^®, S&P^®, S&P MidCap 400^® and S&P 500^® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by the Company.  The Company's Product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P MidCap 400^® and S&P 500^® Indices.

The EURO STOXX 50^® is the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors ("Licensors"), which is used under license. The Index Accounts in this Product based on the Index are in no way sponsored, endorsed, sold or promoted by STOXX and its Licensors and neither of the Licensors shall have any liability with respect thereto.

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell's express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The NASDAQ-100^®, NASDAQ-100 INDEX^® and NASDAQ^® are registered marks of the NASDAQ Stock Market Inc. (which with its affiliates are the “Corporations”) and are licensed for use by Midland National Life Insurance Company. This product has not been passed on by the Corporations as to their legality or suitability. This product is not issued, endorsed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THIS PRODUCT. THIS INDEX DOES NOT INCLUDE DIVIDENDS PAID BY THE UNDERLYING COMPANIES.

The Fidelity Multifactor Yield Index 5% ER (the “Index”) is a multi-asset index, offering exposure to companies with attractive valuations, high quality profiles, positive momentum signals, lower volatility and higher dividend yield than the broader market, as well as U.S. treasuries, which may reduce volatility over time. Fidelity and its related marks are service marks of FMR LLC. Fidelity Product Services LLC (“FPS”) has licensed this index for use for certain purposes to Midland National® Life Insurance Company (the “Company”) on behalf of the Product. The Index is the exclusive property of FPS and is made and compiled without regard to the needs, including, but not limited to, the suitability needs, of the Company, the Product, or owners of the Product. The Product is not sold, sponsored, endorsed or promoted by FPS or any other party involved in, or related to, making or compiling the Index. The Company exercises sole discretion in determining whether and how the Product will be linked to the value of the Index. FPS does not provide investment advice to owners of the Product, nor to any other person or entity with respect to the Index and in no event shall any Product contract owner be deemed to be a client of FPS.

Neither FPS nor any other party involved in, or related to, making or compiling the Index has any obligation to continue to provide the Index to the Company with respect to the Product. Neither FPS nor any other party involved in, or related to, making or compiling the Index makes any representation regarding the Index, Index information, performance, annuities generally or the Product particularly.

Fidelity Product Services LLC disclaims all warranties, express or implied, including all warranties of merchantability or fitness for a particular purpose or use. Fidelity Product Services LLC shall have no responsibility or liability whatsoever with respect to the Product.

Midland National's Strategic Protector^SM IUL, Strategic Accumulator^SM IUL 2, and Strategic Accelerator^SM IUL 2 are issued on policy form series L148, L153 and L149, respectively, or state variation including all applicable endorsements and riders, by Midland National^® Life Insurance Company, West Des Moines, IA. Products, features, riders, endorsements, or issue ages may not be available in all jurisdictions. Limitations or restrictions may apply.

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