Regarding Individual Retirement Annuity (IRA) Plans Described in Section 408(b) of the Internal Revenue Code

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1 IRA DISCLOSURE STATEMENT Regarding Individual Retirement Annuity (IRA) Plans Described in Section 408(b) of the Internal Revenue Code This Disclosure Statement ( Disclosure ) presents a general overview of the federal laws applicable to your traditional IRA. It does not describe the special rules that apply to Roth IRAs, Education IRAs (Coverdell Education Savings Accounts), or SIMPLE IRAs. Neither National Western Life Insurance Company ( NWL ) nor any of its employees or agents are authorized to provide legal or tax advice. If you have any questions regarding this Disclosure or the tax implications of your IRA contact your tax or legal advisor. Please read this Disclosure carefully. File this Disclosure with the other documents pertaining to your IRA. RIGHT TO REVOKE You may revoke your IRA by mailing or delivering to NWL a written notice of revocation at any time during the seven-day period following (1) the establishment of your IRA or (2) the date you receive an amendment that materially changes the information in this Disclosure or in your IRA contract if such amendment is effective within the seven-day period following the establishment of your IRA. If your written notice is mailed, it will be considered mailed on the date of the postmark (or, if sent by certified or registered mail, on the date of certification or registration), but only if: (1) It was enclosed in an envelope or other appropriate wrapper; (3) It was deposited in the United States mail; and (2) It was sent with first class postage prepaid; (4) It was addressed to: Policy Owner Services National Western Life Insurance Company 850 E. Anderson Lane, Austin, Texas Upon NWL s receipt of timely notice of revocation, you are entitled to a full refund of the contribution made to your IRA. The amount returned to you will not be adjusted for any expenses, commissions, fluctuations in market value, or other charges. You may call NWL s Policy Owner Services at (800) if you have any questions regarding revocation of your IRA. ELIGIBILITY You may contribute to an IRA for any taxable year during which you receive earned income. For any taxable year during which your spouse does not receive earned income, you (if you have earned income) may also contribute to a separate "spousal" IRA established for your spouse s benefit. IRA REQUIREMENTS The annuity contract used to fund your IRA meets the following requirements specified in the contract and/or Section 408(b) of the Internal Revenue Code: (1) The contract cannot be transferable by you (except to a former spouse under a divorce decree); (2) The contract cannot be used as security for a loan; (3) The premiums are not fixed; (4) The annual premium paid under the contract cannot exceed the maximum contribution amounts detailed below; (5) Any refund of premiums will be applied before the close of the next calendar year toward the payment of future premiums or the purchase of additional benefits; (6) Your entire interest must be nonforfeitable; (7) Your benefit must be distributed in accordance with Section 401(a)(9) of the Internal Revenue Code. During your lifetime, distribution of your entire interest must begin no later than April 1 of the calendar year following the year in which you attain age 70½. Each year after such date you must receive at least the IRS required minimum distribution amount (if you have more than one IRA, the minimum distribution must be calculated separately for each IRA, but the total minimum distribution for all IRAs may be taken from any one or more of the IRAs). The distribution may be made in any of the following forms (to the extent permitted by your IRA contract): (a) Single payment; (b) Series of equal or substantially equal periodic (e.g., monthly) payments over a period not extending beyond your life expectancy or the joint and last survivor expectancy of you and your designated beneficiary; or (c) Series of equal or substantially equal payments over your lifetime, with or without payments continuing to your designated beneficiary over his or her lifetime. If you die after distributions have begun in accordance with the above rules, distributions must be made to your beneficiary at least as rapidly as under the method used as of the date of your death. If you die before distributions have begun in accordance with the above rules, then distribution of your entire benefit must be completed by the end of the calendar year containing the fifth anniversary of your death unless distribution of your benefit is made over the life expectancy of your beneficiary and begins by the end of the calendar year following the calendar year of your death (or, if later and if your designated beneficiary is your spouse, by the end of the calendar year in which you would have attained age 70½). SA-8538.Rev Page 1 of 5

2 DEDUCTION OF IRA CONTRIBUTIONS Maximum Contributions: The total amount you may contribute to all of your IRAs (or all spousal IRAs, as applicable) for any tax year cannot exceed the lesser of (1) 100 percent of your earned income or (2) $3,000 for years , $4,000 for years and $5,000 for In years 2009 and beyond there may be additional cost-of-living adjustments. If you also contribute to a Roth IRA, the maximum contribution to your Roth IRA will be reduced by the total contributions to your traditional IRAs. Catch-up Contributions: If you are age 50 or older at the end of the taxable year, you may make additional deductible contributions to your IRA of $500 for years and $1,000 for years 2006 and beyond. Limited Make-up Contributions: If (1) you participated in a 401(k) plan with an employer stock matching contribution of at least 50% of your contributions; (2) in an earlier tax year that employer became bankrupt and the employer or another person was subject to indictment or conviction resulting from business transactions relating to the bankruptcy; and (3) you participated in the employer s 401(k) plan six months prior to the employer s bankruptcy filing, then instead of making Catch-up Contributions you may make additional contributions to your Roth IRA of up to $3,000 for years after 2006 and before Limits on Deductible Contributions: Generally the total amount you contribute to your IRA is deductible. However, no amount of your contribution is deductible for the tax year in which you reach age 70½ or for any subsequent tax year. In addition, the deductible amount of your contribution may be limited as described below if you or your spouse actively participates in an employer-maintained retirement plan. Participation in an Employer-Maintained Retirement Plan: The amount of your IRA contribution that may be deducted may be limited if you or your spouse is an active participant in an employer-maintained retirement plan. If you are an active participant, the deductibility of your contribution will depend on your modified adjusted gross income ( MAGI ) for the tax year in which your IRA contribution was made. MAGI is determined on your tax return for the applicable tax year. If you are unsure whether or not you are an active participant in an employer-maintained retirement plan check with your employer, tax or legal advisor. If you are an active participant, are married, file a separate tax return, and have MAGI exceeding $10,000 ($20,000 for tax years after 2006), then none of your IRA contribution is deductible. Similarly, if you are an active participant and your MAGI is higher than the highest number in the applicable Phase-Out Range in the table below, then none of your IRA contribution is deductible. If your MAGI is less than the lowest number in the applicable Phase-Out Range in the table below, then the entire amount of your IRA contribution is deductible. If your MAGI is within the applicable Phase-Out Range in the table below then the amount of your total IRA contribution that may be deducted for a given tax year is determined according to the following procedure: (1) Take the highest number in the Phase-Out Range for the applicable year in the table below and subtract your MAGI; (2) Divide this amount by $20,000 for joint filers for years after 2006 and $10,000 for all other cases; and (3) Multiply this amount by the maximum allowable contribution for the applicable year, including Catch-up Contributions if applicable. The result of this calculation, rounded down to the next lowest multiple of $10, is the maximum amount of your IRA contribution that may be deducted (except that if the result is less than $200, then the deductible amount may be rounded up to $200). Year Joint Filers Phase-Out Range Year Single Filers Phase-Out Range 2002 $54,000 to $64, $34,000 to $44, $60,000 to $70, $40,000 to $50, $65,000 to $75, $45,000 to $55, $70,000 to $80, and after $50,000 to $60, $75,000 to $85, and after $80,000 to $100,000 If you are not an active participant in an employer-maintained retirement plan, but your spouse is an active participant, does not live apart from you, and you file a joint tax return, the amount of your IRA contribution that may be deducted for a given tax year may be reduced as follows. If your MAGI exceeds $160,000 then none of your IRA contribution is deductible. If your MAGI is less than $150,000 then the entire amount of your IRA contribution is deductible. If your MAGI is between $150,000 and $160,000, then the amount of your total IRA contribution that may be deducted for a given tax year is determined according to the following procedure: (1) Subtract your MAGI from $160,000; (2) Divide this amount by $10,000; and (3) Multiply this amount by the maximum allowable contribution for the applicable year, including Catch-up Contributions if applicable. The result of this calculation, rounded down to the next lowest multiple of $10, is the maximum amount of your IRA contribution that may be deducted (except that if the result is less than $200, then the deductible amount may be rounded up to $200). After 2006, the MAGI dollar limits described above may be adjusted in $1,000 increments for changes in the cost of living. Tax Credit for Contributions: You may be eligible to receive a tax credit on your IRA contributions. This credit will be in addition to any tax deductions that may apply to your contributions, but may not exceed $1,000 per year. Please consult your tax or legal advisor to determine your eligibility for this tax credit. SA-8538.Rev Page 2 of 5

3 NONDEDUCTIBLE CONTRIBUTIONS Regular Nondeductible Contributions: You may make nondeductible contributions to your IRA to the extent that you are ineligible to make deductible contributions. The sum of your deductible and nondeductible contributions to your IRA cannot exceed your maximum contribution amount for that year. Each year that you make a nondeductible contribution to your IRA, you must file IRS Form Qualified Reservist Repayment Contribution: You may contribute to your IRA an amount equal to any Qualified Reservist Distribution you previously received. The repayment must be completed within two years after the end of your active-duty period or by August 17, 2008, if later. A Qualified Reservist Distribution is a distribution received after September 11, 2001 from your IRA or of amounts attributable to your 401(k) or 403(b) contributions. To take a Qualified Reservist Distribution you must be a reservist who is called or ordered to active duty between September 11, 2001 and December 31, 2007 for an indefinite period or a period in excess of 179 days. INTEREST EARNED The interest earnings credited to your IRA are not subject to federal income tax until distributions are made or are deemed to be made. TIMING OF CONTRIBUTIONS You may make contributions to your IRA for a given year at any time up to the due date of your federal tax return for such year (without regard to any extensions). In the case of a new IRA, it is not necessary that the plan be established prior to the end of the year for which the initial contribution is made. It is necessary only that the plan is established and the initial contribution is made on or before the due date of your federal tax return for the year. ROLLOVER CONTRIBUTIONS, DISTRIBUTIONS, AND CONVERSIONS You may roll over all or a portion of an eligible distribution from another eligible retirement plan to your IRA (a rollover contribution) if all of the applicable rollover rules are followed. You may also roll over all or a portion of an eligible distribution from your IRA to another eligible retirement plan (a rollover distribution) if all of the applicable rollover rules are followed. A rollover is a tax-free movement of an eligible distribution from one eligible retirement plan to another. An eligible retirement plan generally includes an individual retirement account or individual retirement annuity or your employer s Qualified Retirement Plan, Tax Sheltered (403(b)) Annuity (TSA), eligible 457(b) governmental deferred compensation plan, or SIMPLE IRA (but not during the first two years of your participation in your employer s SIMPLE IRA plan). An eligible distribution does not include a distribution required by Section 401(a)(9) of the Internal Revenue Code (a required minimum distribution), a hardship distribution, a distribution to a nonspouse beneficiary prior to 2007, or a distribution that is part of a series of substantially equal periodic payments for life, life expectancy, or a period of at least ten years. Some non-taxable distributions are also not eligible distributions. At the time you elect to make a rollover contribution to your IRA you must designate in writing your intent to treat the contribution as a rollover. This election is irrevocable. Below is a brief description of the types of rollovers permitted. Rollover transactions are generally complex and technical. Please consult with your tax or legal advisor with any questions you may have regarding a rollover. (1) IRA to IRA: Distributions from another of your IRAs may be rolled over to your IRA if all the requirements of Section 408(d)(3) of the Internal Revenue Code are met. The rollover amount generally must be received no later than sixty days after the distribution from your other IRA, and you may not have completed another IRA to IRA rollover in the previous 12 months. The same funds may only be rolled over once every 12 months. However, certain transfers of IRA funds from insurance company to insurance company are not subject to this 12-month limitation because such transfers do not constitute distributions. (2) Employer-Sponsored Retirement Plan to IRA: You may roll over an eligible rollover distribution from a Qualified Retirement Plan, TSA, or eligible governmental 457(b) plan to your IRA. If you receive your eligible distribution prior to placing it in your IRA (an indirect rollover) 20 percent of your distribution will generally be withheld as prepayment of income taxes. If you conduct an indirect rollover, the distribution generally must be placed in your IRA no later than 60 days after you receive it. (3) IRA to Employer-Sponsored Retirement Plan: You may roll over any eligible rollover distribution, if any, from your IRA to an employer s Qualified Retirement Plan, TSA, or eligible 457(b) governmental deferred compensation plan. (4) IRA to Roth IRA Conversion: You may convert all or a portion of your existing IRA into a Roth IRA. Prior to 2010, you may not make such a conversion if your MAGI exceeds $100,000 or you are married filing separate tax returns. The amount converted from your IRA to your Roth IRA will be included in your gross income and treated as a distribution for income tax purposes (excluding non-deductible contributions). The 10 percent early distribution penalty does not apply to IRA to Roth IRA conversions. EXCESS CONTRIBUTIONS An excise tax of 6 percent is imposed on any excess contributions to your IRA. This tax will apply each year an excess remains in your IRA. An excess contribution is one that exceeds your maximum contribution limit (excluding rollover and direct transfer amounts). Prior sections of this Disclosure discuss how to calculate your maximum contribution limit for a given year. In general, if an excess contribution is distributed to you after the date prescribed for filing your tax return, the 6% excise tax described above will apply and the distribution may be taxable. If you have not attained age 59½ or satisfied another exception, the distribution will be subject to the additional 10% excise tax applicable to premature distributions. SA-8538.Rev Page 3 of 5

4 The excess contribution can be eliminated in a later year simply by limiting the amount of your annual contribution to the maximum amount you may otherwise contribute less all prior, uncorrected excess contributions. DISTRIBUTIONS The taxation of your IRA distributions depends on whether or not you made nondeductible contributions to your IRA. If you did not make any nondeductible contributions, any distribution for your IRA will be included in your income unless it is an eligible distribution that is rolled over to another eligible retirement plan as described above. If you did make nondeductible contributions to your IRA, the amount of your IRA distribution excluded from your income equals the aggregate nondeductible contributions multiplied by the amount withdrawn, divided by the aggregate IRA balance. Aggregate nondeductible contributions include all nondeductible contributions made through the end of the year in which the distribution is taken. Aggregate IRA balance is the total balance of all your IRAs through the end of the year in which the distribution is taken. The special lump sum distribution rules under former Section 402(d) of the Internal Revenue Code (applicable only on a grandfathered basis) do not apply to IRAs. If you die after distributions begin, the remaining portion, if any, will be distributed in accordance with the settlement option in effect at the time of your death. If you die before distributions begin, your entire interest must be distributed in accordance with the provisions outlined in the IRA Endorsement Form of your annuity contract. Any distribution from your IRA prior to your attaining age 59½ may be subject to a 10% excise tax, unless (1) the distribution is made on account of your death or disability, (2) the entire amount distributed is applied as a rollover contribution, (3) the withdrawals are for medical expenses in excess of 7.5% of your AGI, (4) the distribution is used to help defray qualifying expenses incurred in purchasing your first home, (5) the distribution is used to defray qualified higher education expenses, (6) the distribution is used to pay certain health care insurance premiums if unemployed, (7) the distribution is distributed as a series of substantially equal periodic payments made over your life expectancy or the joint life expectancy of you and your designated beneficiary, or (8) the distribution is a Qualified Reservist Distribution. REQUIRED MINIMUM AND INSUFFICIENT DISTRIBUTIONS To assure that your IRA is used primarily for retirement purposes, the Internal Revenue Code requires minimum distributions that you must take from your IRA each year once you attain age 70½, or that your beneficiary must take in the event of your death. A 50 percent excise (penalty) tax is imposed on the amount of the required minimum distribution which you do not take. For example, if the minimum payout for a taxable year should have been $1,000, but you request and receive a distribution of only $600, then, in addition to the federal income tax due, you would be required to pay an excise tax of $200 (i.e., 50% of the $400 under-distribution). The minimum required distribution rules are described in more detail above. PROHIBITED TRANSACTIONS If you should borrow money from or pledge your IRA as security for a loan, then your IRA may be disqualified as an IRA retroactively to the first day of the taxable year in which the loan or pledge occurred. If your IRA is disqualified you must include in your gross income for that year the fair market value of the contract as of the first day of your tax year. Furthermore, if by the date of the loan or pledge you had not yet attained age 59½ or become disabled, the 10% excise tax applicable to premature distributions will be imposed. In addition, if you engage in any transaction prohibited under Section 4975(c) of the Internal Revenue Code, a 15% excise tax will be imposed. INTERNAL REVENUE SERVICE APPROVAL The contract used to fund your IRA has not yet been approved for use as an individual retirement annuity contract by the Internal Revenue Service. The Internal Revenue Service approval is a determination only as to the form of the contract, and does not represent a determination of the merits of such contract. RETURN FOR EXCISE TAXES If you owe an excise tax for a year due to an excess contribution, premature distribution, or failure to take a required minimum distribution, you must file IRS Form 5329 with the IRS for that year. ADDITIONAL INFORMATION AVAILABLE Additional information regarding IRAs can be obtained from any district office of the Internal Revenue Service. See also IRS Publication 590, Individual Retirement Arrangements (IRAs), available from the IRS by calling , or on the Internet at SA-8538.Rev Page 4 of 5

5 TABLE A INDIVIDUAL RETIREMENT ANNUITY (IRA) POLICY FORM (Rev. 6/92) Accumulation of Values Based on contributions of $1,000 made on the first day of each contract year End of Year Guaranteed Value 1 Projected Value 2 End of Year Guaranteed Value 1 Projected Value ,035 2,106 3,215 4,362 5,550 6,779 8,052 9,368 10,731 12,142 13,602 15,113 16,677 18,296 19,971 21,705 23,500 25,357 27,280 29,269 31,329 33,460 35,667 37,950 40,313 1,080 2,246 3,506 4,867 6,336 7,923 9,637 11,488 13,487 15,645 17,977 20,495 23,215 26,152 29,324 32,750 36,450 40,446 44,762 49,423 54,457 59,893 65,765 72,106 78, ,759 45,291 47,911 50,623 53,429 56,335 59,341 62,453 65,674 69,008 72,458 76,029 79,725 83,550 87,510 91,607 95, , , , , , , , ,583 86,351 94, , , , , , , , , , , , , , , , , , , , , , , , The guaranteed value is equal to the sum of the annual contributions (less any state premium taxes) plus interest at the guaranteed rate of 3.5%. (In preparing this illustration, it was assumed that the contract was issued in a state that does not assess premium taxes on qualified annuity considerations.) The projected value is equal to the sum of the annual contributions (less any state premium taxes) plus interest at a combined rate equal to the guaranteed rate plus an excess rate determined by the Company. Projected values are illustrated at an 8% rate. These projected values are intended neither as estimates nor as guarantees of results to be obtained in future years. The excess interest rate may be changed from time to time to reflect actual investment experience. Disclosure of charges that may be made in connection with the purchase or surrender of flexible premium annuity (FPA) contracts. Sales Charges: NONE (The agent s sales commission will not be deducted from any contribution made to an FPA contract.) Charges: 10% of the Accumulation Account of the contract may be withdrawn once each year without incurring a withdrawal charge. No withdrawal of an amount less than $500 nor of an amount that would reduce the remaining Accumulation Account below $500 will be allowed. Any withdrawal during the first contract year or any amount withdrawn during contract years 2 through 7 in excess of 10% of the Accumulation Account will be subject to a withdrawal charge equal to a percent of the amount withdrawn, as follows: Contract Year of Charge Rate % % % % Contract Year of Charge Rate % % % Thereafter... 0% SA-8538.Rev Page 5 of 5

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