OPTION SELECT ROTH IRA DISCLOSURE STATEMENT

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1 OPTION SELECT ROTH IRA DISCLOSURE STATEMENT Group Policy Form No Group Certificate Form No C-98 and state variations thereof. Not for use in Florida. Regarding Roth Individual Retirement Annuity (IRA) Plans Described in Section 408A of the Internal Revenue Code This Disclosure Statement presents a general review of federal laws applicable to your Roth Individual Retirement Annuity (IRA). Please read the material carefully, and then file the Disclosure Statement with other documents pertaining to your Roth IRA. RIGHT TO REVOKE - You may revoke your Roth IRA by mailing or delivering to National Western Life a written notice of revocation at any time during the seven day period following the day on which the later of the following events occurs: (1) you receive this Disclosure Statement or (2) you receive either a specimen annuity contract or the annuity contract actually issued to you to fund your Roth IRA. If your written notice is mailed, it shall be deemed to have been mailed on the date of the postmark (or, if sent by certified or registered mail, on the date of certification or registration), provided that: (1) it was enclosed in an envelope or other appropriate wrapper; (3) it was deposited in the mail in the United States; and (2) it was sent with first class postage prepaid; (4) it was properly addressed to Client Services, National Western Life Insurance Company 850 E. Anderson Lane, Austin, Texas Upon receipt of such notice of revocation, National Western Life will return to you the entire amount of the consideration received from you for crediting to your annuity contract, without increase or decrease for any reason. ELIGIBILITY - Beginning January 1, 1998, all individuals who have earned income are eligible to establish a Roth Individual Retirement Account. Furthermore, for any taxable year during which your spouse does not receive compensation for personal services, you may also contribute to a separate "spousal" Roth IRA established for his or her benefit. However, if an individual s modified adjusted gross income (MAGI) exceeds a certain maximum level, a Roth IRA may not be established. (MAGI is adjusted gross income determined before taking into account any deductible contributions to traditional IRAs, but after taking into account deductions by an unincorporated business owner of contributions made to Keogh, SEP, or SIMPLE plans.) ROTH IRA CONTRIBUTIONS - Contributions to a Roth IRA are not tax deductible for any tax year, regardless of the compensation limit of an individual or married couple. Except in the case of a qualified rollover contribution described in Section 408A of the Internal Revenue Code, annual premiums are limited. For a taxable year, an individual may contribute to a Roth IRA, the lesser of $2,000 or 100% of compensation ($4,000 or 100% of compensation for two Roth IRAs owned by a married couple; however, no more than $2,000 can be contributed to either spouse s Roth IRA). The $2,000 limit described above is gradually reduced to $0 between certain levels of MAGI. If you are single, the $2,000 annual limit is phased out between MAGI of $95,000 and $110,000. If you make contributions to both traditional and Roth IRAs during a year, the maximum you may contribute to all IRAs is $2,000 or 100% of compensation; but the maximum that may be contributed to the Roth IRA is determined as above. In the case of a conversion from a traditional IRA or a qualified rollover contribution from a traditional IRA (as discussed below), you may not make contributions in a tax year if your MAGI for that tax year exceeds $100,000 or if you are married and file a separate return. Unlike contributions to a traditional IRA, contributions to a Roth IRA may be made even after you reach age TAX STATUS - Interest earnings credited to the annuity contract used to fund your Roth IRA are not taxable to you currently as income. As noted below, such earnings will not be taxable to you as they are distributed to you, provided that the distribution is qualified, as discussed below. TIMING OF CONTRIBUTIONS - You may make contributions to your Roth 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 Roth 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 be established and the initial contribution be made on or before the due date of your federal tax return for the year. ROLLOVER CONTRIBUTIONS - You may transfer all or a part of your savings in one IRA to a Roth IRA or from one Roth IRA to another Roth IRA. You may not make a qualified rollover contribution to your Roth IRA from a traditional IRA (or convert a traditional IRA to a Roth IRA) during any tax year in which your MAGI exceeds $100,000 or if you are married and file a separate return. Rollover contributions are not included in your MAGI for purposes of eligibility. However, any Required Minimum Distribution from other IRAs before January 1, 2005, is included in your MAGI for purposes of eligibility. In the event that you should receive a distribution from your spouse's IRA following his or her death, you would be permitted to make a rollover of some or all of such distribution to an IRA established in your own name. However, all or part of any rollover may be includible in your gross income as discussed in Distributions below. A Roth IRA will only accept qualified rollover contributions. A qualified rollover contribution is a contribution from a traditional IRA to a Roth IRA or a Roth IRA to another Roth IRA that meets the requirements of Sec. 408(d)(3) of the Code, including the following limitations: SA-9048(Rev.9/00) Page 1 of 5

2 (1) You may make a qualified rollover contribution between Roth IRA programs only once each year; however, certain transfers of Roth IRA funds from trustee to trustee, or from insurance company to insurance company, are not considered rollovers, and therefore are not subject to the one year limitation; in addition, any qualified rollover contribution to a Roth IRA from a traditional IRA is not subject to the one year limitation; (2) You must have received the entire amount of the rollover contribution within the sixty-day period preceding the date on which you make the rollover contribution, as a distribution from either an individual retirement account, an individual retirement bond, or another individual retirement annuity; and (3) A distribution from a traditional IRA that is required under the minimum distribution rules may not be rolled into a Roth IRA. This action would be treated as a distribution from the traditional IRA, subject to income tax, and then as a traditional contribution to the Roth IRA. If you make a qualified rollover contribution from a traditional IRA to a Roth IRA you must include in gross income any amount that would be includible if the distribution had not been part of a qualified rollover contribution. Your deductible contributions to the IRA will be included in income, but your nondeductible contributions will not be included in income when the qualified rollover contribution from the traditional IRA to your Roth IRA is made. A special rule applies if you roll over all or a portion of funds from a traditional IRA to a Roth IRA before January 1, 1999 in a qualified rollover contribution. Under the special rule, you may include the amounts rolled over in income ratably over the four-year tax period beginning with the tax year in which the rollover is made. In addition, the 10% penalty for early withdrawals, discussed below under Distributions, will not apply to a qualified rollover contribution. CONVERSIONS - You may also convert your traditional IRA to a Roth IRA. This conversion is treated as a rollover distribution from a traditional IRA to the Roth IRA. Thus, the limitations described under Rollover Contributions above apply to a conversion as well as a rollover from a traditional IRA to a Roth IRA. However, while the taxable converted amount is included in income for most purposes, it is disregarded in determining MAGI. TRANSFERS - You may transfer amounts that you have contributed to a traditional IRA in any tax year, plus earnings, to a Roth IRA before the due date of the tax return for that year. The amount transferred is not includible in income if no deduction was taken. EXCESS CONTRIBUTIONS - If, for any taxable year, your contributions to your Roth IRA exceed the annual limit as determined under Roth IRA Contributions above, the excess amount will be subject to a nondeductible 6% excise tax. The excise tax on excess contributions may also apply if contributions to other IRAs have been made and the total of all contributions or premiums, other than rollover contributions, exceed $2000 or 100% of compensation, or if your compensation or your spouse s compensation does not exceed the amount contributed on your behalf for the tax year. (Because contributions are applied first to a traditional IRA, then to a Roth IRA, excess contributions are always removed from a Roth IRA before from a traditional IRA.) The excise tax will not be applied, however, if the excess contribution (and any interest earned on it) is distributed to you or applied as a contribution for the next taxable year on or before the date prescribed by law for the filing of your tax return for the year. The interest portion will be taxable income for the tax year in which the contribution is made. If an excess contribution is made in one year and is not eliminated prior to the filing date of your tax return for the year, the excise tax will be applied each year until the excess contribution has been eliminated. Earnings from an excess contribution do not have to be removed. The excess contribution can be eliminated in a later year simply by limiting the amount of your annual contribution to the difference between the maximum permissible contribution and the excess contribution. 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 entire distribution will be subject to income tax to the extent of earnings on contributions; and if you have not attained age 59.5, or met any of the five exceptions described below in the last paragraph under Distributions, the distribution will be subject to the additional 10% excise tax applicable to premature distributions. It is the responsibility of the Roth IRA participant to make sure the proper amount was contributed and to make timely requests for the return of any excess contributions. MEANS OF FUNDING - The annuity contract used to fund your Roth IRA must meet certain of the requirements for Individual Retirement Annuities specified in Section 408 (b) of the Internal Revenue Code, namely: (1) the contract cannot be transferable by you (except to a former spouse under a divorce decree), and it cannot be used as security for a loan; (2) the premiums are not fixed; (3)the annual premium payable under the contract cannot exceed $2,000, and any dividend credited must be applied before the close of the next calendar year toward the payment of future premiums or the purchase of additional benefits; (4) your entire interest must be nonforfeitable. DISTRIBUTIONS - Amounts distributed to you as qualified distributions (or to your beneficiary in the event of your death) from your Roth IRA will not be taxable as ordinary income, or be treated as capital gains, and they will not be taxable under the special 5-year forward averaging rules. Non-qualified distributions are includible in income to the extent of earnings on contributions. Distributions are treated as made from contributions to the Roth IRA to the extent that such distributions, when added to all previous distributions from the Roth IRA (whether or not they were qualified distributions), do not exceed the aggregate amount of all contributions to all Roth IRAs. Such distributions, even if nonqualified, are not includible in income and are not subject to income tax or to the 10% excise tax because the taxes have already been paid on the contributed amount. Page 2 of 5

3 A qualified distribution is one made both after the 5-year taxable period beginning with the first day of your tax year in which you made the first regular or conversion contribution into your Roth IRA, and (1) on or after you reach age 59.5, (2) on account of your death or disability, or (3) for a qualified special purpose distribution, which means a qualified first-time homebuyer expense. A qualified first-time homebuyer expense is used to pay qualified acquisition costs of acquiring the principal residence of a first-time homebuyer and must be used or rolled over within 120 days after distribution. Withdrawals used for first-time homebuyer treatment cannot exceed $10,000 during your lifetime. Even if one of the above three factors is met, a distribution is not treated as a qualified distribution if it is made within the five-tax year period beginning with the first tax year for which you made a contribution to a Roth IRA, or, in the case of a qualified rollover contribution from a traditional IRA (defined above), it is made within the five-tax year period beginning with the first tax year in which the rollover contribution was made. If you die before your entire interest is distributed, the remaining portion will be distributed in accordance with the settlement option in effect at the time you die. If you die before distributions commence, your entire interest must be distributed in accordance with one of the provisions outlined in the Roth Individual Retirement Annuity Endorsement Form of your annuity contract. If you die while the four-tax spread from a 1998 conversion from a traditional IRA to a Roth IRA is in effect, the remainder of the taxable amount will be included in your gross income for the year of your death; however, if your spouse is sole beneficiar y, he or she may elect to continue the 4-year spread. Any amount distributed from your Roth IRA prior to your attaining age 59.5 will be subject to a 10% excise tax, unless either (1) the distribution is made on account of your death or disability, (2) the entire amount distributed is applied as a qualified rollover contribution to another Roth IRA, (3) the distribution contains withdrawals either for medical expenses in excess of 7.5% of AGI, or by certain unemployed individuals, (4) the distribution is made to pay certain higher education expenses, or (5) the distribution is made to pay qualified first-time homebuyer expenses. REQUIRED DISTRIBUTIONS - The minimum distribution required from traditional IRAs once you attain age 70.5 do not apply to a Roth IRA. PROHIBITED TRANSACTIONS - If you should borrow money from, or pledge as security for a loan, your IRA contract, or engage in any other transaction prohibited under Section 4975(c) of the Internal Revenue Code, then the contract would be disqualified as an IRA retroactively to the first day of the taxable year in which the borrowing or transaction occurred, and 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 borrowing or transaction, you had not yet attained age 59.5 or become disabled, the 10% excise tax applicable to premature distributions would be imposed on the cash surrender value of the contract. INTERNAL REVENUE SERVICE APPROVAL - The contract used to fund your Roth IRA has not 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, however, and does not represent a determination of the merits of such contract. RETURN FOR INDIVIDUAL RETIREMENT SAVINGS ARRANGEMENT - The benefited individual must file Form 5329 (Return for Individual Retirement Saving Arrangement) with the Internal Revenue Service for each taxable year in which the annuity is maintained. ADDITIONAL INFORMATION AVAILABLE - Further information on IRAs and Roth 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 at , or on the Internet at PROJECTED FINANCIAL RESULTS - The table on the following page illustrates the accumulation of cash values in an IRA funded with an annuity contract under specified assumptions with respect to the amount and timing of contributions and the rates at which interest is to be credited to the contract. The accumulated value of your own annuity contract at any time may exceed or fall short of the value shown in the appropriate table if there is any deviation from these assumptions. Due to the volatility of current interest rates, any projection of the growth values of this annuity based on non-guaranteed interest rates cannot reasonably be made. Therefore, no projection based on current non-guaranteed rates is provided in this disclosure. Page 3 of 5

4 ROTH INDIVIDUAL RETIREMENT ANNUITY (IRA) Group Policy Form , Group Certificate Form C-98 and state variations thereof Accumulation of Values - Based on $1,000 Annual Premium End Minimum Guaranteed End Minimum Guaranteed of Year Certificate Value 1 of Year Certificate Value , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , This annuity certificate provides a Minimum Guaranteed Certificate Value equal to 80% of the premiums received in the first Certificate Year and 87.5% of premiums received after the first Certificate Year for the Certificate Term, less withdrawals all accumulated at an effective rate of 2.5% interest. (Your version of this annuity may receive a higher rate of 2.75%. Please refer to your certificate.) Values after the 15th Certificate Year include 100% of premiums received thereafter accumulated at 2.5%. (Your version of this annuity may receive a higher rate of 2.75%. Please refer to your certificate.) The Account Value is a percentage of premiums received as set out in the certificate, less any Federal, State or Municipal taxes, or any fees or assessments, payment of which is required or authorized by law, which have not otherwise been deducted or offset, with interest to the date of withdrawal. The Account Value is reduced by any withdrawals and applicable withdrawal charges. There are 3 interest credit options described below. Interest credited under Option A or Option C is added to your Account Value on the first Certificate Anniversary and each Certificate Anniversary thereafter while under this option. Interest credited under Option A is linked in part to the monthly average of the S&P 500 Composite Stock Price Index (which excludes dividends) for the Certificate Year and could be as low as 0%. Before explaining the Option A formula, there are components that you must understand: ASSET FEE RATE - the asset fee rate is a deduction. At the beginning of each Certificate Year, the asset fee rate will be determined. The maximum asset fee rate that could ever be charged is 7.0%. The asset fee rate will be assessed at the end of the Certificate Year; however, we will not deduct more in asset fee rate charges than the interest which has been declared. INDEX - the Standard & Poor s 500 Composite Stock Price Index, which excludes dividends. If publication of the Index is discontinued, or the calculation is substantially changed or is not available to us, we will substitute a suitable alternative index and notify you in writing. INDEX AVERAGE - the average of the Index Values on the twelve Index Dates during each Certificate Year. As a hypothetical example, assume that the Certificate Date is January 7 and the Index Dates and Index Values are as follows: Index Index Index Index Date Value Date Value 2/ / / / / / / / / / / /6 500 The sum of the Index Values equals 6,600. The Index Average equals 550 (6,600 divided by 12). CONTINUED ON BACK. Page 4 of 5

5 INDEX DATE - the last date of each monthly period beginning on the Certificate Date and the same day of each month thereafter. For example, if the Certificate Date is January 7, 1997, the first Index Date is February 6, 1997 and the sixth day of each following month. If the Index Date falls on a date which does not exist in a month, such as the 31st, we use the first preceding day. INDEX VALUE - the closing value of the Index. If the Index Value is not available for any Index Date, we will use the Index Value on the first preceding day for which the Index Value is available. The Index Value on the Certificate Date is the Index Value on the first day preceding the Certificate Date for which the Index Value is available. The Index Value on any Certificate Anniversary is the Index Value on the first day preceding the Certificate Anniversary for which the Index Value is available. PARTICIPATION RATE - 30% minimum guaranteed Participation Rate for all Certificate Years (0% minimum in California). The Participation Rate is declared on each Certificate Anniversary for the following Certificate Year. Interest credited under Option A is added to your Account Value on the first Certificate Anniversary and each Certificate Anniversary thereafter while under this option. Interest credited under Option A can be as little as 0%. It is not credited during the Certificate Year. INTEREST CREDIT OPTIONS - On the first Policy Anniversary the interest credited under Option A is equal to: ((A / B) - C) x D x E A - is the Index Average for the first policy year minus the Index Value on the Certificate Date. B - is the Index Value on the Certificate Date. C - is the Asset Fee Rate for the first Certificate Year expressed as a decimal number (for example: 5% expressed as a decimal number is.05). D - is the Initial Premium plus premiums received on or before the 20th calendar day following the Certificate Date. E - is the Participation Rate for the first Certificate Year expressed as a decimal number. On Certificate Anniversaries after the first, the interest credited under Option A is equal to: ((A /B) - C) x D x E A - is the Index Average for the current Certificate Year minus the Index Value on the prior Certificate Anniversary. B - is the Index Value on the prior Certificate Anniversar y. C - is the Asset Fee Rate for the current Certificate Year expressed as a decimal number (for example: 5% expressed as a decimal number is.05). D - is the Account Value on the prior Certificate Anniversary. E - is the Participation Rate for the current Certificate Year expressed as a decimal number. Interest Credit Option B provides a fixed rate set by National Western Life Insurance Company and will never be less than an effective rate of 2.5%. The rate declared as of the Certificate Anniversary will be the rate that you will earn the following Certificate Year. Interest is credited daily under this option. Interest Credit Option C is a combination of Interest Credit Options A and B and is also available to be elected for the first Certificate Year. The Initial Premium in the first Certificate Year, and the Account Value in subsequent years, is split into two equal parts. 50% earns interest based on the equity indexed formula under Option A and 50% earns the 1-year guaranteed fixed rate as declared under Option B. Prior to each Certificate Anniversary (starting with the anniversary one year after the issue date of the certificate), the certificateholder can elect to receive either Interest Credit Option A or Interest Credit Option B or Interest Credit Option C, for the next Certificate Year. We must receive the certificateholder s election in writing at our offices at least 20 days prior to the Certificate Anniversary for it to be effective for the following Certificate Year. If we do not receive notification of a new election from the policyholder, the previous election will remain in effect. WITHDRAWAL CHARGES - One penalty-free withdrawal of up to 10% of the Account Value may be made each Certificate Year after the first. The amount withdrawn must be at least $500 or the Account Value, if less. Penalty-free withdrawals within 12 months of a full surrender will be treated as having been made in anticipation of surrender, and together with the full surrender, will be subject to the applicable withdrawal charge. Except for any penalty-free withdrawals, described herein, withdrawals will be subject to the Withdrawal Charge Rate in the schedule below. Withdrawals will be made first against the portion of the premiums and interest thereon received after the first year and then will be charged against first year premiums and interest thereon. Withdrawal charges as a percentage of the Account Value are as follows: If the withdrawal is a full surrender, the withdrawal will be subject to a withdrawal charge equal to a percentage of the amount withdrawn as described above, plus a percent of the amount of any penalty-free partial withdrawal(s) taken in the 12 months prior to request for full surrender as described above. MARKET VALUE ADJUSTMENT - The amount payable for a partial withdrawal or a full withdrawal of cash value may be adjusted up or down by applying a market value adjustment. The market value adjustment factor applicable to the Account Value or the partial withdrawal amount is: 1+(A-B) x N/12, where: A = the market value interest rate at issue of the certificate (expressed as a decimal), B = the market value interest rate currently available for new certificates under the policy at the time of full or partial withdrawal, plus one half of one percent, N = the number of complete months from the date of full or partial withdrawal to the end of the 15th year after the issue date of the certificate. After the 15th certificate anniversary, N is equal to 0. The Market Value Adjustment does not apply to penalty-free withdrawals. WITHDRAWAL CHARGES Certificate Year First-year P rem.* Renewal P rem.* N/A Certificate Year After First-year P rem.* Renewal P rem.* *And interest thereon Page 5 of 5

6 CLIENT SERVICES WATS LINE WATS FAX

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