September 30, 2015 For use during the Fourth Quarter, 2015 performance update

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY September 30, 2015 For use during the Fourth Quarter, 2015 performance update Northwestern Mutual Select TM Variable Annuity: RR Series Account A and Traditional contract designs Account B and Traditional contract designs Northwestern Mutual Series Fund Inc., Fidelity VIP Mid Cap Portfolio, Fidelity VIP Contrafund Portfolio, Neuberger Berman AMT Socially Responsive Portfolio, Russell Investment Funds, Russell Investment Funds - LifePoints Variable Target Portfolio Series, and Credit Suisse Trust Commodity Return Strategy Portfolio Fee-Based Variable Annuity: RR Series Account A Group Pension Annuity Account C and Simplified-Load contract designs The Northwestern Mutual Life Insurance Company 720 East Wisconsin Avenue Milwaukee, WI 53202 (414) 271-1444 www.northwesternmutual.com 14-1465 (1015)

Table of Contents The Northwestern Mutual Select TM Variable Annuity Overview 2 Quarter-End Return Summaries 12 Morningstar Ratings 20 Asset Allocation Guide 23 Style Boxes 24 Profiles and Quarter-End Returns Large Cap Value Large Company Value (MSA/American Century) 25 Domestic Equity (MSA/Delaware) 25 Equity Income (MSA/T. Rowe Price) 26 Blend Large Cap Blend (MSA/Fiduciary) 26 500 Stock (MSA) 27 Large Cap Core Stock (MSA/Fayez Sarofim) 27 Neuberger Berman AMT Socially Responsive 28 Russell Multi-Style Equity 28 Fidelity VIP Contrafund Portfolio 29 Growth Growth Stock (MSA/The Boston Co.) 29 Focused Appreciation (MSA/Loomis Sayles) 29 Mid Cap Value Mid Cap Value (MSA/American Century) 30 Blend Fidelity VIP Mid Cap Portfolio 30 400 Stock (MSA) 31 Growth Mid Cap Growth Stock (MSA/William Blair) 31 Small Cap Value Small Cap Value (MSA/T. Rowe Price) 32 Blend 600 Stock (MSA) 32 Russell Aggressive Equity 33 Growth Small Cap Growth Stock (MSA/Wellington) 33 Real Estate Russell Global Real Estate Securities 36 Commodities Credit Suisse Trust Commodity Return Strategy 36 Hybrid Funds Asset Allocation (MSA) 37 Balanced (MSA) 37 Russell LifePoints Variable Moderate 38 Russell LifePoints Variable Balanced 38 Russell LifePoints Variable Growth 39 Russell LifePoints Variable Equity Growth 39 Fixed Income Limited Short-Term Bond (MSA/T. Rowe Price) 40 Moderate Inflation Protection (MSA/American Century) 40 Russell Core Bond 41 Select Bond (MSA/WellsCap) 41 Multi-Sector Bond (MSA/PIMCO) 42 High Yield Bond (MSA/Federated) 42 Extensive Long-Term US Government Bond (MSA/PIMCO) 41 Other Money Market (MSA/BlackRock) 43 Guaranteed Interest Fund 1 44 Guaranteed Interest Fund 8 44 International Value International Equity (MSA/Templeton) 34 Blend Emerging Markets Equity (MSA/MFS ) 34 Research International Core (MSA/MFS ) 35 Russell Non-US 35 Growth International Growth (MSA/Pyramis) 35 1

The Role of Variable Annuities in Planning for Financial Security Variable annuities are long-term investments, suitable for retirement planning. Whether helping you accumulate funds, guaranteeing a lifetime income or transferring your assets to your beneficiaries, a variable annuity and/or variable income plan from The Northwestern Mutual Life Insurance Company (Northwestern Mutual) offers an attractive combination of investment choices, sound management and convenient customer services to help you plan for your financial future.* Wealth Preservation & Distribution Wealth Accumulation Risk Management Income plan options within the Select Variable Annuity can provide a guaranteed lifetime income* and the ability to transfer assets to beneficiaries in a tax-efficient manner** Provide a tax-deferred way to save with multiple investment choices Provide a guaranteed death benefit that ensures your heirs will receive at least the amount you put into the contract Whatever your dreams are for retirement, reaching them will depend upon your ability to build a solid financial foundation. Northwestern Mutual offers quality products, including variable annuities, designed to help you reach your long-term financial goals. While variable annuities share some benefits with other investment products, they also have several distinct advantages.*** Common Benefits Multiple Investment Options Professional Investment Management Variety of Pricing Options Convenience Dollar Cost Averaging Unique Features Tax-deferred Growth Guaranteed Lifetime Income* Guaranteed Death Benefit Unlimited Contributions Tax-free Transfers Between Funds within the Annuity Tax-free, Automatic Rebalancing Between Funds within the Annuity * * Payments under a lifetime income option are solely backed by Northwestern Mutual. Northwestern Mutual has received the highest financial strength ratings awarded to any life insurer by all four of the major ratings agencies. Ratings companies include A.M. Best Company (A++) (highest) (May 2015), Moody s Investors Service (Aaa) (highest) (August 2015), Standard & Poor s (AA+) (second highest) (May 2015) and Fitch Ratings (AAA) (highest) (September 2015). Third-party ratings are an indication of a company s relative financial strength, but are no reflection upon the safety, performance or stability of amounts invested in a company s variable (non-fixed) funds. Third-party ratings are subject to change. Variable Income Plans can provide lifetime income, but do not guarantee a specific payment amount and cannot assure protection against decreasing payments in a declining market. ** intended as legal or tax advice. Please consult your tax or legal advisor regarding your specific situation. *** The underlying investment options are subject to market risk, including loss of principal, and are not guaranteed. Withdrawals from annuities may be subject to ordinary income tax, an IRS penalty if taken before age 59 ½, and contractual withdrawal charges. Guaranteed death benefit up to age 75. After age 75, the guaranteed death benefit is the contract value. 2

Managing Investment Risk All investments have some kind of risk, including potential loss of principal. It s a matter of choosing what kind and how much you are comfortable with when pursuing your goals. To achieve higher returns, investors typically must take higher risks. By using multiple levels of diversification, however, it may be possible to manage risk without giving up returns.* Diversification across different asset classes reduces the impact of fluctuations of a single investment As different investment styles move in and out of favor, diversification across different investment styles may reduce risk and provide more consistent returns Portfolio managers focus on different segments of the market. Growth managers concentrate on companies with outstanding prospects for future growth; value managers are most interested in getting a company s stock for a good price; and blend managers select stocks representative of the broad equity market Certain Divisions may use derivative instruments to seek to enhance returns, as a cash management strategy, for hedging purposes or as alternatives to direct investments. Use of these instruments may involve certain costs and imposes certain risks such as liquidity, interest rate, market, credit and management risk, as well as the risk of mispricing or improper valuation. Certain derivatives involve leverage, which could magnify losses, and funds investing in derivatives could lose more than the principal amount invested in those instruments. Stock Funds Greater liquidity and volatility can also be inherent in investments in complex securities. Funds with a limited number of holdings, including newer funds, may be more greatly affected by any single event or market development than funds that include more holdings. Funds that follow social policies, such as a Socially Responsive Fund, may underperform similar funds that do not have such policies. Stocks of smaller or newer or midsized companies are more likely to realize more substantial growth as well as suffer more significant losses than larger or more established issuers. Investments in such companies can be both more volatile and more speculative. Investing in small company stocks involves a greater degree of risk than investing in medium or large company stocks. Their securities may also trade less frequently and in lower volumes, making market prices more volatile. Returns for the Fidelity VIP Mid Cap Portfolio and the Fidelity VIP Contrafund Portfolio reflect a 12b-1 asset based distribution fee of 0.25% (annualized) imposed by the underlying funds beginning January 12, 2000. Returns for the Credit Suisse Trust Commodity Return Strategy Portfolio reflect a 12b-1 asset based distribution fee of 0.25% (annualized) imposed by the underlying fund beginning November 15, 2013. International Investors should be aware of the risks of investments in foreign securities, particularly investments in securities of companies in developing * No investment strategy can guarantee a profit or protect against a loss, including a possible loss of principal. Each of the portfolio pages contains statistics to help you measure the risk and volatility of that particular portfolio in order to determine how it may fit within your risk tolerance. nations. These include the risks of currency fluctuation, of political and economic instability and of less welldeveloped government supervision and regulation of business and industry practices, as well as differences in accounting standards. Emerging and developing markets may be less liquid and more volatile because they tend to reflect economic structures that are generally less diverse and mature and political systems that may be less stable than those in more developed countries. Real Estate Equity REITs may be affected by changes in the value of the underlying property owned by the trust, while mortgage REITs may be affected by the quality of any credit extended. Such funds are subject to some of the risks associated with direct ownership of real estate, including market value declines, risks related to general and local economic conditions and increases in interest rates. Investing in special sectors, such as real estate, can be subject to different and greater risks than more diversified investing. Commodities Exposure to the commodities markets may subject the Credit Suisse Trust Commodity Return Strategy Portfolio to greater volatility than investments in securities, particularly if the investments involve leverage. The value of commodity-linked derivative instruments may be affected by changes in the overall market movements, commodity index volatility, changes in interest rates or sectors affecting a 3

Managing Investment Risk (continued) particular industry or commodity and international economic, political and regulatory developments. The use of leveraged commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss. Changes in the value of a hedging instrument may not match those of the investment being hedged. The Dow Jones-UBS Commodity Total Return is composed of futures contracts on 20 physical commodities. Investors cannot invest directly in an index. Hybrid Funds Each of the Divisions identified as a Russell LifePoints Variable Target Portfolio Series Fund ( LifePoints Fund ) is a fund of funds and diversifies its assets by investing, at present, in other investment funds (the Underlying Funds ). Each LifePoints Fund seeks to achieve a specific investment objective in different combinations of the Underlying Funds. The LifePoints Fund allocates and reallocates its assets among the underlying funds and is exposed to the risks of the underlying funds in proportion to its asset allocation. Performance is based upon the actual mix of underlying funds recommended at a specific point in time, which may differ from the current mix. Investment in a LifePoints Fund involves expenses of both the LifePoints Fund and the Underlying Funds, which together can be higher than those incurred when investing directly in an Underlying Fund. However, not all of the Underlying Funds may be available for investment under the Contract. Fixed Income Investors should carefully consider their ability to invest during volatile periods in the market. With fixed income securities and bonds, when interest rates rise, the price of the assets you own declines, which could negatively affect overall performance. Bond prices correlate inversely with interest rates and this effect is usually more pronounced for longer-term bonds making their prices more volatile. At maturity, the issuer of the bond is obligated to return the principal (original investment) to the investor. Bond funds (mutual funds and ETFs) continuously replace the bonds they hold as they mature and thus do not usually have maturity dates, and are not obligated to return principal. High yield bonds* present greater credit risk than bonds of higher quality. Bond investors should carefully consider risks such as interest rate risk, credit risk, liquidity risk, securities lending risk, repurchase and reverse repurchase transaction risk. Currently, interest rates are at unprecedented historically low levels. A significant rise in interest rates in a short period of time would cause losses in the market value of any bonds or bond funds that you own. The potential leverage created by the use of derivatives by the Long-Term U.S. Government Bond Portfolio may cause the Portfolio to be more sensitive to interest rate movements and thus more volatile than other long-term U.S. Government bond funds that do not use derivatives. Other The Money Market Division yield refers to annualized income generated by the Division over a seven-day period ending on the date shown assuming reinvestment of dividends and the same treatment of charges and expenses as in the calculation of returns. It more closely reflects current earnings of the Division than total return. For Money Market fee waiver disclosure information, refer to page 43. An investment in the Money Market Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Money Market Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Money Market Portfolio. ** Bonds that are less than investment grade are also known as "junk bonds." 4

A Word About the Prospectus, Performance and Industry Benchmarks Variable contracts have limitations. This publication is authorized for distribution only when preceded or accompanied by the appropriate current Contract prospectus (or offering circular) and underlying fund prospectuses. Before investing in the Contract, you should carefully consider the investment objectives, risks, and charges associated with its investment options. Read the prospectuses carefully before you invest. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month-end performance, please visit our website at https://www.northwesternmutual. com/products-and-services/annuities/ performance-history. Benchmarks Two industry benchmarks used throughout this book are Morningstar and. Morningstar Ratings and Rankings are assessments of the performance of the fund in comparison to other funds in the same category. This information can help you identify those funds that have consistently outperformed their peers. The reveals a fund s investment strategy. For equity funds, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). For fixed income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond s effective duration. See page 45 for fixed income style box disclosure. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return Measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. Morningstar risk is an assessment of the variations in a fund s monthly returns in comparison to similar funds, with an emphasis on downward variation. Morningstar Return is an assessment of a fund s excess return over a risk-free rate (the return of the 90-day Treasury bill) in comparison to similar funds, after adjusting for all applicable loads and sales charges. rankings compare a fund s performance with that of others in the same category. Investment categories are based on classifications and funds are ranked by total return exclusive of sales charges. fund indices are equally weighted indices of the largest funds within their respective Investment Objective Class, adjusted for the reinvestment of capital gains distributions and income dividends. Standard & Poor s defines the following indexes: The S&P SuperComposite 1500 combines the S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices to form an unmanaged benchmark of the U.S. equity market. The S&P 500 is a widely recognized, unmanaged index of common stock prices of 500 large U.S. companies. The S&P MidCap 400 is a capitalization-weighted, unmanaged index that measures the performance of publicly traded securities in the mid-range sector of the U.S. equity market. 5

A Word About the Prospectus, Performance and Industry Benchmarks (continued) The S&P SmallCap 600 is an unmanaged index of 600 selected common stocks that measures the performance of publicly traded securities in the small-capitalizations sector of the U.S. equity market. The S&P/Citigroup World ex-u.s. BMI is a an unmanaged, broad market index of the world s entire universe of institutionally investable securities, excluding the U.S. Russell 3000 measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market. An investor may not invest directly in an index. The Large-Cap Value consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above the weighted 70th percentile of total capitalization of the Russell 3000 floor. Large-cap value funds typically have a below-average priceto-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500. Source:, Inc. The Multi-Cap Value consists of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap value funds typically have a below-average price-toearnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500. Source:, Inc. The Equity Income consists of funds that, by prospectus language and portfolio practice, seek relatively high current income and growth of income by investing at least 65% of their portfolio in dividend-paying equity securities. Source:, Inc. The S&P 500 Objective Funds consists of funds that are passively managed and commit by prospectus language to replicate the performance of the S&P 500 (including reinvested dividends). In addition, S&P 500 objective funds have limited expenses (advisor fee no higher than 0.50%). Source:, Inc. The Large-Cap Core consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above the weighted 70th percentile of total capitalization of the Russell 3000 floor. Large-cap core funds have more latitude in the companies in which they invest. These funds typically have an average priceto-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500. Source:, Inc. The Multi-Cap Core consists of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap core funds typically have an average priceto-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500. Source:, Inc. 6

The Multi-Cap Growth consists of funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SuperComposite 1500. Source:, Inc. The Large-Cap Growth consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above the weighted 70th percentile of total capitalization of the Russell 3000 floor. Large-cap growth funds typically have an above-average price-toearnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500. Source:, Inc. The Mid-Cap Value consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below the weighted 70th percentile of total capitalization of the Russell 3000 floor. Mid-cap value funds typically have a below-average priceto-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400. Source:, Inc. The Mid-Cap Growth consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below the weighted 70th percentile of total capitalization of the Russell 3000 floor. Mid-cap growth funds typically have an above-average price-to-earnings ratio, price-tobook ratio, and three-year sales-pershare growth value, compared to the S&P MidCap 400. Source:, Inc. The Mid-Cap Core consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below the weighted 70th percentile of total capitalization of the Russell 3000 floor. Mid-cap core funds have more latitude in the companies in which they invest. These funds typically have an average price-toearnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P MidCap 400. Source:, Inc. The Small-Cap Core consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below the weighted 85th percentile of total capitalization of the Russell 3000 ceiling. Small-cap core funds have more latitude in the companies in which they invest. These funds typically have an average priceto-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P SmallCap 600. Source:, Inc. The Small-Cap Growth consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below the weighted 85th percentile of total capitalization of the Russell 3000 ceiling. Small-cap growth funds typically have an aboveaverage price-to-earnings ratio, price-to-book ratio, and threeyear sales-per-share growth value, compared to the S&P SmallCap 600. Source:, Inc. The International Value consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. Value funds typically have a below-average price-to-cash flow ratio, price-tobook ratio, and three-year sales-pershare growth value compared to the S&P/Citigroup World ex-u.s. BMI. Source:, Inc. 7

A Word About the Prospectus, Performance and Industry Benchmarks (continued) The Emerging Markets Debt consists of funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where emerging market is defined by a country s GNP per capita or other economic measures. Source:, Inc. The International Core consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. Core funds typically have an average priceto-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-u.s. BMI. Source:, Inc. The International Growth consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. Growth funds typically have an above-average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to the S&P/Citigroup World ex-u.s. BMI. Source:, Inc. The Mixed-Asset Target Allocation Moderate consists of funds that, by portfolio practice, maintain a mix of between 40%- 60% equity securities, with the remainder invested in bonds, cash, and cash equivalents. Source:, Inc. The Mixed-Asset Target Allocation Growth consists of funds that, by portfolio practice, maintain a mix of between 60%- 80% equity securities, with the remainder invested in bonds, cash, and cash equivalents. Source:, Inc. The Global Core consists of funds that, by portfolio practice, invest at least 75% of their equity assets in companies both inside and outside of the U.S. Core funds typically have an average price-to-cash flow ratio, price-tobook ratio, and three-year sales-pershare growth value compared to the S&P/Citigroup World BMI. Source:, Inc. The Real Estate consists of funds that invest primarily in equity securities of domestic and foreign companies engaged in the real estate industry. Source:, Inc. The High Yield Bond consists of funds that aim for high (relative) current yield from fixed income securities, have no quality or maturity restrictions, and tend to invest in lower grade debt issues. Source:, Inc. The General Bond consists of funds that do not have any quality or maturity restrictions. These funds intend to keep the bulk of their assets in corporate and government debt issues. Source:, Inc. The Short-Intermediate Investment-Grade Debt consists of funds that invest primarily in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of one to five years. Source:, Inc. The A-rated Bond consists of funds that invest primarily in corporate debt issues rated A or better, or government issues. Source:, Inc. The Corporate Debt Funds BBB-rated Bond consists of funds that invest primarily in corporate and government debt issues rated in the top four grades. Source:, Inc. The General U.S. Government consists of funds that invest primarily in U.S. government and agency issues. Source:, Inc. The Money Market consists of funds that invest in highquality financial instruments rated in the top two grades with dollarweighted average maturities of less than 90 days. These funds intend to keep constant net asset value. Source:, Inc. 8

The Select Variable Annuity vs. Unlike most variable annuities in the marketplace, Northwestern Mutual offers you a choice between a frontload or back-load contract design.* With the front-load design, you have the option of paying the sales charge up front. As a result, you benefit from lower annual expenses and can access your funds without withdrawal charges.** With the back-load design, you can put 100% of your money to work immediately with no upfront sales charge. However, unlike the front-load design, withdrawals may be subject to withdrawal charges and the contract will be subject to higher ongoing annual expenses.** The back-load design Select Variable Annuity enhances long-term value when Class B assets convert to Class A assets. Purchase payments that reach the 0% withdrawal charge category, and a proportionate share of earnings, automatically convert to Class A assets on the contract anniversaries if the total contract value is a least $25,000. In the variable funds, amounts that convert will receive a lower mortality and expense charge. In a Guaranteed Interest Fund (GIF), amounts that convert will receive the interest rate credited to the GIF in the front-load design contract. Both designs offer banding, which allows for the opportunity to reduce your up-front sales charge or the back-load withdrawal charge with additional deposits. The Select Variable Annuity is offered in three separate accounts with various load types. The underlying performance varies depending on load, series, account type and underlying expenses for each. Account A RR Series The Northwestern Mutual Select Variable Annuity, Account A RR Series ( Contract ), was first available on 3/31/00. Returns shown are for Divisions under a sample Contract assuming an initial investment of $10,000 for the time period indicated and reflect deductions for an initial sales load of 4.5% and the current daily mortality and expense risk charge of.50% (annualized) and the impact of a $30 annual Contract fee chargeable to Contracts with anniversary date accumulation values of less than $25,000, but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of longterm performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. Account A RR Series The Northwestern Mutual Select Variable Annuity, Account A RR Series ( Contract ), was first available on 3/31/00. Returns shown are for Divisions under a sample Contract assuming an initial investment of $10,000 for the time period indicated and reflect surrender charges beginning at maximum 6% during the first three contract years and decreasing by 1% each year thereafter, and the current daily mortality and expense risk charge of 1.25% (annualized) and the impact of a $30 annual Contract fee chargeable to Contracts with anniversary date accumulation values of less than $25,000, but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. ** For the front-load design contract, the minimum purchase at issue is $10,000 in all markets. For the back-load design contract, the minimum initial purchase at issue time is $5,000 in the Personal Market, $100 in the Traditional IRA and Roth IRA markets and $25 in all other markets. For both contract designs, the minimum subsequent purchase is $25 per payment frequency. ** Withdrawals from annuities may be subject to ordinary income tax, a 10% IRS early withdrawal penalty if taken before age 59 ½, and contractual withdrawal charges. 9

The Select Variable Annuity (continued) Account B RR Series The Northwestern Mutual Select Variable Annuity, Account B RR Series ( Contract ), was first available on 3/31/00. Returns shown are for Divisions under a sample Contract assuming an initial investment of $10,000 for the time period indicated and reflect deductions for an initial sales load of 4.5% and the current daily mortality and expense risk charge of.50% (annualized) and the impact of a $30 annual Contract fee chargeable to Contracts with anniversary date accumulation values of less than $25,000, but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. Account B RR Series The Northwestern Mutual Select Variable Annuity, Account B RR Series ( Contract ), was first available on 3/31/00. Returns shown are for Divisions under a sample Contract assuming an initial investment of $10,000 for the time period indicated and reflect surrender charges beginning at maximum 6% during the first three contract years and decreasing by 1% each year thereafter, and the current daily mortality and expense risk charge of 1.25% (annualized) and the impact of a $30 annual Contract fee chargeable to Contracts with anniversary date accumulation values of less than $25,000, but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. Account C NN Series The Northwestern Mutual Select Variable Annuity, Account C NN Series ( Contract ), was first available on 1/6/92. Returns shown are for Divisions under a sample Contract assuming an initial investment of $25,000 for the time period indicated and reflect deductions for an initial sales load of 4.5% and the current daily mortality and expense risk charge of.65% (annualized), but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. Account C Simplified Load NN Series The Northwestern Mutual Select Variable Annuity, Account C NN Series ( Contract ), was first available on 1/6/92. Returns shown are for Divisions under a sample Contract assuming an initial investment of $25,000 for the time period indicated and reflect the current daily mortality and expense risk charge of 1.25% (annualized) and the impact of 1/43 of the $750 installation fee, which represents an equal division of the fee among the 43 available funds, but no charges for optional benefits. Returns also reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date the Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. 10

Account A Fee-Based RR Series The Northwestern Mutual Select Variable Annuity, Account A Fee- Based RR Series ( Contract ) was first available on October 16, 2006. Returns shown are for Divisions under a sample Contract assuming a minimum initial investment of $50,000, and reflect the current daily 0.35% mortality and expense risk charge (annualized) and all underlying fund expenses (including 12b-1 fees, if any). Returns do not reflect the $30 annual Contract fee chargeable to Contracts with accumulation values of less than $25,000 on the anniversary date, nor charges for optional benefits. Returns also reflect any underlying fund advisor fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Returns for periods before the date a Contract was first available reflect current Contract charges as hereinbefore described as if the Contract were available for the entire period. Returns for a period prior to the date a Division first became available under Account A reflect historical performance for the underlying funds but represent hypothetical returns for the Division. Investment performance for short periods is not necessarily indicative of longterm performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. Results do not reflect the deduction of investment advisory fees that may be charged by your Investment Professional. Returns will be reduced by those fees and any other fees that your Investment Professional may charge. A SOLID TEAM Founded in 1857, Northwestern Mutual is one of the most respected insurance companies in operation today. Our diverse variable annuity product line provides a unique combination of investment approaches. Affiliations with a number of quality investment advisers provide you with the opportunity to engage the skills of experts and take advantage of years of experience in money management. Together they offer a full range of asset classes to help you implement your investment strategy and achieve your goals. Our team of experts includes professionals from: Mason Street Advisors, LLC (MSA) American Century Investment Management, Inc. BlackRock Advisors, LLC The Boston Company Asset Management, LLC Delaware Investments Fund Advisers Fayez Sarofim & Co. Federated Investment Management Company Fiduciary Management, Inc. Janus Capital Management, LLC Loomis, Sayles & Company, L.P.* Massachusetts Financial Services Company Pacific Investment Management Company LLC Pyramis Global Advisors, LLC* Templeton Investment Counsel, LLC T. Rowe Price Associates, Inc. Wellington Management Company LLP Wells Capital Management, Inc. William Blair & Company, L.L.C. Credit Suisse Asset Management, LLC Fidelity Management & Research Company Neuberger Berman Management LLC Russell Investment Management Company Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund, Inc. (Series Fund). (Portfolios in the Series Fund are identified in the Quarter-End Return Summary by the parenthetical next to the portfolio name.) MSA has engaged and oversees sub-advisers who provide day-to-day management for certain of the Series Fund Portfolios. Each sub-adviser may be replaced without the approval of shareholders. Please see the Series Fund prospectus for more information. Additional investment fund options are advised by Russell Investments, Credit Suisse Asset Management, LLC, Fidelity Investments and Neuberger Berman Management LLC. *effective July 31, 2015 11

Quarter-End Return Summary 12 Account A Series RR as of 9/30/15 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception Large Cap Large Company Value (MSA/American Century) -14.29% -13.53% -9.54% 8.46% 10.26% 1.71% Domestic Equity (MSA/Delaware Investments) -11.49% -11.40% -8.66% 10.62% 11.06% 4.40% 4.64% Equity Income (MSA/T. Rowe Price) -14.45% -16.05% -13.63% 5.66% 8.16% 4.12% 6.40% Large Cap Blend (MSA/Fiduciary Management) -11.73% -10.22% -5.28% 9.57% 10.36% 1.83% 500 Stock (MSA) -10.80% -10.02% -5.75% 9.90% 11.51% 5.63% 8.70% Large Cap Core Stock (MSA/Fayez Sarofim) -11.65% -12.61% -11.22% 6.08% 8.06% 3.66% 5.61% Neuberger Berman AMT Socially Responsive -10.78% -10.47% -5.90% 11.02% 10.08% 4.10% Russell Multi-Style Equity -11.63% -9.67% -5.52% 10.16% 10.81% 5.33% 2.54% Fidelity VIP Contrafund Portfolio -13.08% -10.53% -7.26% 8.91% 10.16% 4.45% Growth Stock (MSA/The Boston Co.) -9.59% -6.36% -3.07% 10.20% 10.94% 5.51% 7.39% Focused Appreciation (MSA/Loomis Sayles**) -8.97% -1.89% 4.58% 10.93% 10.87% 7.06% 9.47% Mid Cap Mid Cap Value (MSA/American Century) -10.63% -10.15% -4.14% 11.83% 11.49% 5.40% 8.42% Fidelity VIP Mid Cap Portfolio -13.23% -9.04% -5.24% 9.80% 7.44% 6.45% 11.05% 400 Stock (MSA) -12.76% -9.37% -3.80% 10.57% 11.09% 7.01% 8.21% Mid Cap Growth Stock (MSA/William Blair) -11.94% -7.67% -0.56% 8.13% 7.75% 5.01% 9.21% Small Cap Small Cap Value (MSA/T. Rowe Price) -12.32% -12.14% -5.12% 6.38% 8.60% 5.30% 7.55% 600 Stock (MSA) -13.56% -10.37% -1.78% 10.27% 12.03% 5.11% Russell Aggressive Equity -16.45% -12.81% -5.22% 7.77% 9.26% 4.04% 4.88% Small Cap Growth Stock (MSA/Wellington) -15.98% -9.10% 1.85% 9.32% 10.80% 4.13% 8.81% International International Equity (MSA/Templeton) -16.14% -9.56% -14.26% 2.38% 2.40% 2.88% 6.40% Emerging Markets Equity (MSA/MFS ) -18.71% -18.48% -23.22% -8.84% -5.63% -2.72% Research International Core (MSA/MFS ) -15.32% -9.44% -13.12% 1.65% 2.22% -1.37% Russell Non-U.S. -14.73% -9.50% -12.83% 3.86% 2.87% 2.02% 2.45% International Growth (MSA/Pyramis***) -15.67% -11.25% -14.17% 2.75% 1.49% 0.91% 3.49% Hybrid Funds Asset Allocation (MSA) -9.95% -7.92% -5.83% 4.16% 5.56% 3.97% 4.09% Balanced (MSA) -8.41% -6.97% -4.84% 3.23% 4.79% 3.93% 8.22% Russell LifePoints Variable Moderate -8.08% -7.27% -6.03% 1.46% 3.19% 2.88% Russell LifePoints Variable Balanced -10.39% -8.83% -7.52% 2.71% 4.12% 2.36% Russell LifePoints Variable Growth -12.29% -10.52% -9.47% 3.18% 4.43% 1.41% Russell LifePoints Variable Equity Growth -13.48% -11.41% -10.34% 3.84% 4.94% 0.42% Real Estate Russell Global Real Estate Securities -5.89% -7.94% -1.41% 4.88% 5.90% 3.90% 8.47% Commodities Credit Suisse Trust Commodity Return Strategy -18.44% -20.47% -29.95% -19.33% Fixed Income Short-Term Bond (MSA/T. Rowe Price) -4.49% -3.99% -4.20% -1.34% -0.60% 1.42% Inflation Protection (MSA/American Century) -6.03% -6.69% -7.14% -4.19% 0.56% 2.67% Russell Core Bond -3.84% -4.08% -2.63% -0.19% 1.95% 4.00% 4.51% Select Bond (MSA/WellsCap) -3.65% -3.82% -2.47% -0.49% 1.47% 3.62% 7.73% Long-Term U.S. Government Bond (MSA/PIMCO) -0.26% -5.04% 2.34% -0.01% 4.11% 6.89% Multi-Sector Bond (MSA/PIMCO) -7.78% -7.16% -8.29% -1.48% 2.12% 4.30% High Yield Bond (MSA/Federated) -7.64% -5.19% -6.47% 1.13% 4.11% 5.52% 6.38% Other Money Market (MSA/BlackRock) -4.62% -4.85% -4.97% -1.95% -1.30% 0.55% 3.65% * Money Market Portfolio Yield: -0.50% yield **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month-end performance, please visit our website at https://www.northwesternmutual.com/products-and-services/annuities/performance-history. Total return for International Equity, Mid Cap Growth Stock and Money Market reflect the effect of a one-time class action settlement received on June 18, 2009. Absent the payment, returns would have been lower.

3 Months YTD 1-Year 3-Year 5-Year 10-year Inception 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception -10.42% -9.99% -6.02% 9.27% 10.41% 1.47% -16.42% -15.99% -12.02% 7.57% 9.87% 1.47% -7.50% -7.77% -5.11% 11.45% 11.21% 4.06% 4.16% -13.50% -13.77% -11.11% 9.82% 10.68% 4.06% 4.16% -10.59% -12.62% -10.27% 6.46% 8.30% 3.78% 5.96% -16.59% -18.62% -16.27% 4.66% 7.71% 3.78% 5.96% -7.75% -6.55% -1.60% 10.39% 10.51% 1.59% -13.75% -12.55% -7.60% 8.72% 9.97% 1.59% -6.79% -6.33% -2.08% 10.72% 11.65% 5.29% 8.05% -12.79% -12.33% -8.08% 9.07% 11.13% 5.29% 8.05% -7.67% -9.03% -7.77% 6.87% 8.20% 3.32% 5.00% -13.67% -15.03% -13.77% 5.09% 7.61% 3.32% 5.00% -6.76% -6.81% -2.24% 11.85% 10.22% 3.85% -12.76% -12.81% -8.24% 10.22% 9.68% 3.85% -7.65% -5.97% -1.85% 10.98% 10.96% 4.99% 2.02% -13.65% -11.97% -7.85% 9.33% 10.43% 4.99% 2.02% -9.16% -6.87% -3.65% 9.72% 10.31% 4.20% -15.16% -12.87% -9.65% 8.03% 9.76% 4.20% -5.52% -2.53% 0.70% 11.03% 11.09% 5.16% 6.78% -11.52% -8.53% -5.30% 9.38% 10.56% 5.16% 6.78% -4.87% 2.13% 8.65% 11.76% 11.02% 6.71% 9.02% -10.87% -3.87% 2.65% 10.13% 10.49% 6.71% 9.02% -6.60% -6.47% -0.41% 12.67% 11.64% 5.06% 7.97% -12.60% -12.47% -6.41% 11.07% 11.12% 5.06% 7.97% -9.32% -5.31% -1.56% 10.62% 7.58% 6.10% 10.59% -15.32% -11.31% -7.56% 8.97% 6.98% 6.10% 10.59% -8.83% -5.66% -0.05% 11.40% 11.24% 6.66% 7.66% -14.83% -11.66% -6.05% 9.76% 10.71% 6.66% 7.66% -7.98% -3.88% 3.31% 8.94% 7.90% 4.66% 8.55% -13.98% -9.88% -2.69% 7.23% 7.30% 4.66% 8.55% -8.37% -8.54% -1.43% 7.18% 8.74% 4.96% 7.05% -14.37% -14.54% -7.43% 5.41% 8.16% 4.96% 7.05% -9.67% -6.70% 2.04% 11.10% 12.18% 4.86% -15.67% -12.70% -3.96% 9.45% 11.67% 4.86% -12.69% -9.24% -1.54% 8.58% 9.41% 3.70% 4.35% -18.69% -15.24% -7.54% 6.86% 8.84% 3.70% 4.35% -12.20% -5.38% 5.81% 10.13% 10.95% 3.79% 8.25% -18.20% -11.38% -0.19% 8.46% 10.42% 3.79% 8.25% -12.37% -5.86% -10.93% 3.14% 2.54% 2.55% 5.78% -18.37% -11.86% -16.93% 1.23% 1.80% 2.55% 5.78% -15.05% -15.14% -20.24% -8.16% -5.51% -2.95% -21.05% -21.14% -26.24% -10.59% -6.53% -2.95% -11.50% -5.73% -9.74% 2.41% 2.36% -1.61% -17.50% -11.73% -15.74% 0.46% 1.62% -1.61% -10.89% -5.79% -9.44% 4.63% 3.00% 1.68% 1.94% -16.89% -11.79% -15.44% 2.77% 2.28% 1.68% 1.94% -11.87% -7.61% -10.83% 3.51% 1.63% 0.57% 3.01% -17.87% -13.61% -16.83% 1.61% 0.87% 0.57% 3.01% -5.89% -4.15% -2.16% 4.94% 5.70% 3.63% 3.61% -11.89% -10.15% -8.16% 3.09% 5.05% 3.63% 3.61% -4.28% -3.16% -1.13% 4.00% 4.93% 3.59% 7.51% -10.28% -9.16% -7.13% 2.12% 4.26% 3.59% 7.51% -3.94% -3.47% -2.37% 2.22% 3.33% 2.63% -9.94% -9.47% -8.37% 0.27% 2.62% 2.63% -6.35% -5.09% -3.92% 3.48% 4.26% 2.11% -12.35% -11.09% -9.92% 1.58% 3.58% 2.11% -8.34% -6.85% -5.95% 3.95% 4.57% 1.16% -14.34% -12.85% -11.95% 2.07% 3.89% 1.16% -9.59% -7.78% -6.85% 4.62% 5.08% 0.18% -15.59% -13.78% -12.85% 2.76% 4.42% 0.18% -1.65% -4.17% 2.43% 5.67% 6.04% 3.56% 7.92% -7.65% -10.17% -3.57% 3.84% 5.40% 3.56% 7.92% -14.77% -17.22% -27.22% -17.97% -20.77% -23.22% -33.22% -21.86% -0.19% -0.06% -0.48% -0.60% -0.47% 1.18% -6.19% -6.06% -6.48% -2.67% -1.30% 1.18% -1.80% -2.87% -3.53% -3.47% 0.69% 2.42% -7.80% -8.87% -9.53% -5.67% -0.10% 2.42% 0.50% -0.15% 1.16% 0.56% 2.09% 3.66% 3.98% -5.50% -6.15% -4.84% -1.46% 1.34% 3.66% 3.98% 0.69% 0.12% 1.32% 0.25% 1.60% 3.28% 7.03% -5.31% -5.88% -4.68% -1.78% 0.84% 3.28% 7.03% 4.23% -1.15% 6.32% 0.73% 4.25% 6.64% -1.77% -7.15% 0.32% -1.28% 3.57% 6.64% -3.62% -3.35% -4.72% -0.74% 2.26% 4.05% -9.62% -9.35% -10.72% -2.82% 1.52% 4.05% -3.48% -1.30% -2.83% 1.88% 4.24% 5.18% 5.77% -9.48% -7.30% -8.83% -0.08% 3.56% 5.18% 5.77% -0.32% -0.95% -1.27% -1.22% -1.17% 0.22% 2.98% -6.32% -6.95% -7.27% -3.31% -2.03% 0.22% 2.98% * Money Market Portfolio Yield: -1.29% yield -1.29% yield 13

Quarter-End Return Summary Account B Series RR as of 9/30/15 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception Large Cap Large Company Value (MSA/American Century) -14.29% -13.54% -9.55% 8.45% 10.25% 1.70% Domestic Equity (MSA/Delaware Investments) -11.49% -11.41% -8.67% 10.61% 11.05% 4.39% 4.63% Equity Income (MSA/T. Rowe Price) -14.45% -16.06% -13.63% 5.65% 8.15% 4.11% 6.39% Large Cap Blend (MSA/Fiduciary Management) -11.73% -10.23% -5.29% 9.56% 10.35% 1.82% 500 Stock (MSA) -10.81% -10.03% -5.76% 9.89% 11.50% 5.62% 8.77% Large Cap Core Stock (MSA/Fayez Sarofim) -11.65% -12.62% -11.23% 6.07% 8.05% 3.65% 5.60% Neuberger Berman AMT Socially Responsive -10.78% -10.48% -5.91% 11.00% 10.07% 4.09% Russell Multi-Style Equity -11.63% -9.67% -5.53% 10.15% 10.80% 5.32% 2.53% Fidelity VIP Contrafund Portfolio -13.08% -10.54% -7.27% 8.90% 10.15% 4.44% Growth Stock (MSA/The Boston Co.) -9.59% -6.37% -3.08% 10.19% 10.93% 5.50% 7.38% Focused Appreciation (MSA/Loomis Sayles**) -8.97% -1.90% 4.57% 10.92% 10.86% 7.05% 9.46% Mid Cap Mid Cap Value (MSA/American Century) -10.63% -10.15% -4.15% 11.82% 11.48% 5.39% 8.41% Fidelity VIP Mid Cap Portfolio -13.23% -9.05% -5.25% 9.79% 7.43% 6.44% 11.04% 400 Stock (MSA) -12.76% -9.38% -3.80% 10.56% 11.08% 7.00% 8.20% Mid Cap Growth Stock (MSA/William Blair) -11.95% -7.67% -0.57% 8.12% 7.74% 4.99% 9.20% Small Cap Small Cap Value (MSA/T. Rowe Price) -12.32% -12.14% -5.13% 6.37% 8.59% 5.29% 7.54% 600 Stock (MSA) -13.56% -10.38% -1.79% 10.26% 12.02% 5.10% Russell Aggressive Equity -16.45% -12.82% -5.23% 7.76% 9.25% 4.03% 4.87% Small Cap Growth Stock (MSA/Wellington) -15.98% -9.11% 1.84% 9.31% 10.79% 4.12% 8.79% International International Equity (MSA/Templeton) -16.14% -9.57% -14.27% 2.37% 2.39% 2.87% 6.39% Emerging Markets Equity (MSA/MFS ) -18.71% -18.48% -23.23% -8.85% -5.64% -2.73% Research International Core (MSA/MFS ) -15.32% -9.45% -13.13% 1.64% 2.21% -1.38% Russell Non-U.S. -14.73% -9.50% -12.84% 3.85% 2.85% 2.01% 2.44% International Growth (MSA/Pyramis***) -15.67% -11.26% -14.18% 2.74% 1.48% 0.90% 3.48% Hybrid Funds Asset Allocation (MSA) -9.95% -7.92% -5.84% 4.15% 5.55% 3.96% 4.08% Balanced (MSA) -8.41% -6.97% -4.85% 3.22% 4.78% 3.92% 8.07% Russell LifePoints Variable Moderate -8.08% -7.27% -6.04% 1.45% 3.18% 2.87% Russell LifePoints Variable Balanced -10.39% -8.83% -7.53% 2.70% 4.11% 2.35% Russell LifePoints Variable Growth -12.29% -10.52% -9.48% 3.17% 4.42% 1.40% Russell LifePoints Variable Equity Growth -13.48% -11.42% -10.35% 3.83% 4.93% 0.41% Real Estate Russell Global Real Estate Securities -5.89% -7.95% -1.42% 4.87% 5.89% 3.89% 8.46% Commodities Credit Suisse Trust Commodity Return Strategy -18.44% -20.48% -29.96% -19.34% Fixed Income Short-Term Bond (MSA/T. Rowe Price) -4.50% -3.99% -4.21% -1.35% -0.61% 1.41% Inflation Protection (MSA/American Century) -6.03% -6.70% -7.15% -4.20% 0.55% 2.66% Russell Core Bond -3.84% -4.09% -2.64% -0.19% 1.94% 3.99% 4.50% Select Bond (MSA/WellsCap) -3.66% -3.82% -2.48% -0.50% 1.46% 3.61% 7.63% Long-Term U.S. Government Bond (MSA/PIMCO) -0.26% -5.05% 2.33% -0.02% 4.10% 6.88% Multi-Sector Bond (MSA/PIMCO) -7.78% -7.16% -8.30% -1.49% 2.11% 4.29% High Yield Bond (MSA/Federated) -7.64% -5.19% -6.48% 1.12% 4.09% 5.51% 6.37% Other Money Market (MSA/BlackRock) -4.62% -4.86% -4.98% -1.96% -1.31% 0.54% 3.51% * Money Market Portfolio Yield: -0.51% yield **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 Total return for International Equity, Mid Cap Growth Stock and Money Market reflect the effect of a one-time class action settlement received on June 18, 2009. Absent the payment, returns would have been lower. 14

3 Months YTD 1-Year 3-Year 5-Year 10-year Inception 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception -10.43% -10.00% -6.04% 9.25% 10.39% 1.45% -16.43% -16.00% -12.04% 7.54% 9.84% 1.45% -7.50% -7.78% -5.13% 11.43% 11.19% 4.04% 4.14% -13.50% -13.78% -11.13% 9.79% 10.66% 4.04% 4.14% -10.60% -12.63% -10.28% 6.43% 8.28% 3.76% 5.94% -16.60% -18.63% -16.28% 4.64% 7.69% 3.76% 5.94% -7.76% -6.56% -1.62% 10.37% 10.48% 1.57% -13.76% -12.56% -7.62% 8.70% 9.94% 1.57% -6.79% -6.35% -2.10% 10.70% 11.63% 5.27% 8.11% -12.79% -12.35% -8.10% 9.04% 11.11% 5.27% 8.11% -7.67% -9.05% -7.78% 6.85% 8.18% 3.30% 4.98% -13.67% -15.05% -13.78% 5.07% 7.59% 3.30% 4.98% -6.76% -6.82% -2.26% 11.82% 10.20% 3.82% -12.76% -12.82% -8.26% 10.20% 9.65% 3.82% -7.66% -5.98% -1.87% 10.96% 10.94% 4.97% 2.00% -13.66% -11.98% -7.87% 9.31% 10.40% 4.97% 2.00% -9.17% -6.88% -3.67% 9.70% 10.29% 4.17% -15.17% -12.88% -9.67% 8.01% 9.74% 4.17% -5.52% -2.54% 0.68% 11.01% 11.07% 5.14% 6.76% -11.52% -8.54% -5.32% 9.36% 10.54% 5.14% 6.76% -4.88% 2.12% 8.63% 11.74% 11.00% 6.68% 8.99% -10.88% -3.88% 2.63% 10.11% 10.46% 6.68% 8.99% -6.61% -6.48% -0.43% 12.65% 11.61% 5.04% 7.95% -12.61% -12.48% -6.43% 11.05% 11.09% 5.04% 7.95% -9.32% -5.33% -1.58% 10.60% 7.56% 6.08% 10.57% -15.32% -11.33% -7.58% 8.94% 6.95% 6.08% 10.57% -8.83% -5.68% -0.07% 11.37% 11.22% 6.63% 7.64% -14.83% -11.68% -6.07% 9.74% 10.69% 6.63% 7.64% -7.98% -3.90% 3.29% 8.92% 7.87% 4.64% 8.54% -13.98% -9.90% -2.71% 7.21% 7.28% 4.64% 8.54% -8.38% -8.55% -1.45% 7.16% 8.72% 4.93% 7.03% -14.38% -14.55% -7.45% 5.38% 8.14% 4.93% 7.03% -9.67% -6.71% 2.02% 11.08% 12.16% 4.84% -15.67% -12.71% -3.98% 9.43% 11.65% 4.84% -12.69% -9.25% -1.56% 8.56% 9.39% 3.68% 4.33% -18.69% -15.25% -7.56% 6.83% 8.82% 3.68% 4.33% -12.20% -5.39% 5.79% 10.11% 10.93% 3.77% 8.23% -18.20% -11.39% -0.21% 8.44% 10.39% 3.77% 8.23% -12.37% -5.87% -10.95% 3.12% 2.52% 2.53% 5.76% -18.37% -11.87% -16.95% 1.20% 1.78% 2.53% 5.76% -15.06% -15.15% -20.25% -8.18% -5.53% -2.97% -21.06% -21.15% -26.25% -10.61% -6.55% -2.97% -11.51% -5.74% -9.76% 2.39% 2.34% -1.63% -17.51% -11.74% -15.76% 0.44% 1.60% -1.63% -10.90% -5.80% -9.46% 4.61% 2.98% 1.66% 1.91% -16.90% -11.80% -15.46% 2.75% 2.26% 1.66% 1.91% -11.88% -7.63% -10.85% 3.49% 1.61% 0.55% 2.99% -17.88% -13.63% -16.85% 1.59% 0.85% 0.55% 2.99% -5.90% -4.16% -2.18% 4.91% 5.68% 3.61% 3.59% -11.90% -10.16% -8.18% 3.07% 5.03% 3.61% 3.59% -4.29% -3.17% -1.15% 3.98% 4.91% 3.57% 7.36% -10.29% -9.17% -7.15% 2.10% 4.24% 3.57% 7.36% -3.95% -3.48% -2.39% 2.20% 3.31% 2.61% -9.95% -9.48% -8.39% 0.25% 2.60% 2.61% -6.36% -5.11% -3.94% 3.46% 4.24% 2.09% -12.36% -11.11% -9.94% 1.56% 3.55% 2.09% -8.34% -6.86% -5.97% 3.93% 4.55% 1.14% -14.34% -12.86% -11.97% 2.04% 3.87% 1.14% -9.59% -7.80% -6.87% 4.60% 5.06% 0.16% -15.59% -13.80% -12.87% 2.74% 4.40% 0.16% -1.66% -4.19% 2.40% 5.65% 6.02% 3.54% 7.90% -7.66% -10.19% -3.60% 3.82% 5.38% 3.54% 7.90% -14.77% -17.23% -27.24% -17.99% -20.77% -23.23% -33.24% -21.88% -0.20% -0.07% -0.50% -0.62% -0.49% 1.16% -6.20% -6.07% -6.50% -2.69% -1.32% 1.16% -1.80% -2.88% -3.55% -3.49% 0.67% 2.40% -7.80% -8.88% -9.55% -5.69% -0.12% 2.40% 0.49% -0.16% 1.14% 0.54% 2.07% 3.64% 3.96% -5.51% -6.16% -4.86% -1.48% 1.32% 3.64% 3.96% 0.68% 0.11% 1.30% 0.23% 1.58% 3.26% 6.92% -5.32% -5.89% -4.70% -1.80% 0.82% 3.26% 6.92% 4.23% -1.17% 6.30% 0.71% 4.23% 6.61% -1.77% -7.17% 0.30% -1.30% 3.54% 6.61% -3.63% -3.37% -4.74% -0.76% 2.24% 4.03% -9.63% -9.37% -10.74% -2.84% 1.49% 4.03% -3.49% -1.32% -2.85% 1.86% 4.22% 5.16% 5.75% -9.49% -7.32% -8.85% -0.10% 3.54% 5.16% 5.75% -0.33% -0.97% -1.29% -1.24% -1.19% 0.20% 2.82% -6.33% -6.97% -7.29% -3.33% -2.05% 0.20% 2.82% * Money Market Portfolio Yield: -1.31% yield -1.31% yield 15

Quarter-End Return Summary Account C Series NN and Fee-Based Variable Annuity as of 9/30/15 Account C Series NN 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception Large Cap Large Company Value (MSA/American Century) -14.32% -13.63% -9.67% 8.29% 10.10% 1.56% Domestic Equity (MSA/Delaware Investments) -11.52% -11.50% -8.80% 10.46% 10.89% 4.25% 4.48% Equity Income (MSA/T. Rowe Price) -14.48% -16.15% -13.76% 5.51% 8.00% 3.97% 6.24% Large Cap Blend (MSA/Fiduciary Management) -11.76% -10.32% -5.42% 9.40% 10.20% 1.68% 500 Stock (MSA) -10.84% -10.12% -5.89% 9.74% 11.34% 5.48% 8.76% Large Cap Core Stock (MSA/Fayez Sarofim) -11.68% -12.71% -11.35% 5.92% 7.90% 3.51% 5.45% Neuberger Berman AMT Socially Responsive -10.81% -10.57% -6.04% 10.85% 9.91% 3.94% Russell Multi-Style Equity -11.66% -9.77% -5.66% 9.99% 10.65% 5.18% 2.39% Fidelity VIP Contrafund Portfolio -13.11% -10.63% -7.40% 8.74% 10.00% 4.29% Growth Stock (MSA/The Boston Co.) -9.62% -6.47% -3.22% 10.04% 10.78% 5.35% 7.23% Focused Appreciation (MSA/Loomis Sayles**) -9.01% -2.00% 4.42% 10.76% 10.71% 6.90% 9.31% Mid Cap Mid Cap Value (MSA/American Century) -10.66% -10.25% -4.29% 11.66% 11.32% 5.24% 8.26% Fidelity VIP Mid Cap Portfolio -13.26% -9.14% -5.39% 9.64% 7.28% 6.29% 10.89% 400 Stock (MSA) -12.79% -9.48% -3.94% 10.40% 10.93% 6.85% 8.05% Mid Cap Growth Stock (MSA/William Blair) -11.98% -7.77% -0.70% 7.97% 7.59% 4.85% 8.85% Small Cap Small Cap Value (MSA/T. Rowe Price) -12.35% -12.23% -5.26% 6.22% 8.43% 5.14% 7.39% 600 Stock (MSA) -13.59% -10.47% -1.93% 10.11% 11.86% 4.95% Russell Aggressive Equity -16.48% -12.91% -5.36% 7.61% 9.10% 3.89% 4.73% Small Cap Growth Stock (MSA/Wellington) -16.01% -9.20% 1.70% 9.15% 10.64% 3.98% 8.64% International International Equity (MSA/Templeton) -16.17% -9.66% -14.39% 2.22% 2.25% 2.73% 6.24% Emerging Markets Equity (MSA/MFS ) -18.74% -18.57% -23.34% -8.98% -5.77% -2.86% Research International Core (MSA/MFS ) -15.35% -9.54% -13.25% 1.50% 2.07% -1.52% Russell Non-U.S. -14.76% -9.60% -12.96% 3.70% 2.71% 1.87% 2.30% International Growth (MSA/Pyramis***) -15.70% -11.35% -14.30% 2.59% 1.34% 0.75% 3.34% Hybrid Funds Asset Allocation (MSA) -9.98% -8.02% -5.97% 4.00% 5.40% 3.81% 3.93% Balanced (MSA) -8.44% -7.07% -4.98% 3.08% 4.64% 3.78% 8.05% Russell LifePoints Variable Moderate -8.12% -7.37% -6.17% 1.31% 3.04% 2.72% Russell LifePoints Variable Balanced -10.42% -8.93% -7.66% 2.56% 3.97% 2.20% Russell LifePoints Variable Growth -12.32% -10.62% -9.61% 3.03% 4.27% 1.26% Russell LifePoints Variable Equity Growth -13.52% -11.51% -10.47% 3.69% 4.79% 0.27% Real Estate Russell Global Real Estate Securities -5.93% -8.05% -1.56% 4.72% 5.74% 3.74% 8.31% Commodities Credit Suisse Trust Commodity Return Strategy -18.47% -20.56% -30.05% -19.45% Fixed Income Short-Term Bond (MSA/T. Rowe Price) -4.53% -4.10% -4.35% -1.49% -0.75% 1.27% Inflation Protection (MSA/American Century) -6.07% -6.79% -7.28% -4.33% 0.41% 2.51% Russell Core Bond -3.87% -4.19% -2.77% -0.33% 1.80% 3.84% 4.36% Select Bond (MSA/WellsCap) -3.69% -3.92% -2.62% -0.64% 1.31% 3.46% 7.57% Long-Term U.S. Government Bond (MSA/PIMCO) -0.30% -5.15% 2.18% -0.16% 3.96% 6.73% Multi-Sector Bond (MSA/PIMCO) -7.81% -7.26% -8.43% -1.63% 1.97% 4.14% High Yield Bond (MSA/Federated) -7.68% -5.29% -6.61% 0.98% 3.95% 5.37% 6.22% Other Money Market (MSA/BlackRock) -4.66% -4.96% -5.11% -2.10% -1.45% 0.40% 3.50% * Money Market Portfolio Yield: -0.65% yield **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 Total return for International Equity, Mid Cap Growth Stock and Money Market reflect the effect of a one-time class action settlement received on June 18, 2009. Absent the payment, returns would have been lower. 16

Account C Series NN Simplified-Load Fee-Based Variable Annuity (Account A) 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception -10.48% -10.02% -6.05% 9.29% 10.44% 1.50% -10.21% -9.35% -5.13% 10.30% 11.45% 2.42% -7.55% -7.81% -5.14% 11.47% 11.24% 4.09% 4.19% -7.28% -7.12% -4.21% 12.50% 12.26% 5.04% 5.14% -10.65% -12.65% -10.29% 6.47% 8.33% 3.81% 6.00% -10.38% -12.00% -9.42% 7.46% 9.32% 4.76% 6.96% -7.81% -6.58% -1.62% 10.41% 10.54% 1.62% -7.53% -5.89% -0.67% 11.43% 11.55% 2.54% -6.84% -6.37% -2.11% 10.74% 11.68% 5.32% 8.31% -6.57% -5.67% -1.16% 11.77% 12.71% 6.28% 9.17% -7.72% -9.07% -7.79% 6.89% 8.23% 3.36% 5.04% -7.45% -8.39% -6.90% 7.88% 9.22% 4.30% 5.99% -6.81% -6.84% -2.27% 11.86% 10.25% 3.88% -6.54% -6.15% -1.32% 12.90% 11.26% 4.82% -7.71% -6.00% -1.88% 11.00% 10.99% 5.02% 2.06% -7.43% -5.30% -0.92% 12.03% 12.00% 5.98% 2.98% -9.22% -6.90% -3.68% 9.74% 10.34% 4.23% -8.95% -6.21% -2.74% 10.76% 11.35% 5.18% -5.57% -2.56% 0.67% 11.05% 11.12% 5.20% 6.82% -5.29% -1.84% 1.64% 12.08% 12.14% 6.16% 7.79% -4.93% 2.09% 8.61% 11.78% 11.05% 6.74% 9.05% -4.65% 2.85% 9.67% 12.81% 12.07% 7.71% 10.04% -6.66% -6.50% -0.44% 12.69% 11.66% 5.09% 8.00% -6.38% -5.81% 0.52% 13.73% 12.69% 6.05% 8.99% -9.37% -5.35% -1.59% 10.64% 7.61% 6.14% 10.63% -9.10% -4.65% -0.63% 11.67% 8.59% 7.10% 11.63% -8.88% -5.70% -0.08% 11.42% 11.27% 6.69% 7.70% -8.61% -5.00% 0.89% 12.45% 12.29% 7.66% 8.68% -8.03% -3.92% 3.28% 8.96% 7.92% 4.70% 8.40% -7.76% -3.21% 4.29% 9.97% 8.91% 5.65% 9.31% -8.43% -8.57% -1.46% 7.20% 8.77% 4.99% 7.09% -8.16% -7.89% -0.50% 8.19% 9.77% 5.94% 8.06% -9.72% -6.73% 2.01% 11.12% 12.21% 4.89% -9.45% -6.04% 3.00% 12.15% 13.24% 5.85% -12.74% -9.27% -1.57% 8.60% 9.44% 3.74% 4.39% -12.48% -8.60% -0.61% 9.61% 10.44% 4.68% 5.34% -12.25% -5.41% 5.78% 10.15% 10.98% 3.83% 8.29% -11.99% -4.71% 6.81% 11.17% 11.99% 4.77% 9.27% -12.42% -5.89% -10.96% 3.16% 2.56% 2.58% 5.82% -12.16% -5.19% -10.09% 4.11% 3.51% 3.51% 6.78% -15.10% -15.17% -20.26% -8.14% -5.48% -2.92% -14.85% -14.54% -19.48% -7.29% -4.62% -2.04% -11.56% -5.77% -9.77% 2.43% 2.38% -1.58% -11.29% -5.07% -8.89% 3.38% 3.32% -0.68% -10.94% -5.83% -9.47% 4.65% 3.03% 1.72% 1.97% -10.68% -5.13% -8.59% 5.62% 3.97% 2.64% 2.90% -11.92% -7.65% -10.86% 3.53% 1.65% 0.61% 3.05% -11.66% -6.96% -9.99% 4.49% 2.59% 1.52% 3.98% -5.95% -4.18% -2.19% 4.95% 5.72% 3.66% 3.64% -5.67% -3.47% -1.24% 5.93% 6.69% 4.60% 4.58% -4.34% -3.20% -1.16% 4.02% 4.96% 3.63% 7.55% -4.05% -2.48% -0.20% 4.98% 5.92% 4.57% 8.53% -4.00% -3.51% -2.40% 2.24% 3.36% 2.66% -3.71% -2.79% -1.45% 3.18% 4.31% 3.60% -6.41% -5.13% -3.95% 3.50% 4.29% 2.14% -6.13% -4.42% -3.02% 4.46% 5.25% 3.07% -8.39% -6.89% -5.98% 3.97% 4.60% 1.20% -8.12% -6.19% -5.06% 4.93% 5.55% 2.12% -9.64% -7.82% -6.88% 4.64% 5.11% 0.21% -9.37% -7.13% -5.97% 5.61% 6.07% 1.12% -1.71% -4.21% 2.39% 5.68% 6.07% 3.59% 7.96% -1.42% -3.50% 3.39% 6.66% 7.04% 4.54% 8.94% -14.82% -17.25% -27.25% -17.97% -14.56% -16.63% -26.54% -17.20% -0.25% -0.10% -0.51% -0.58% -0.44% 1.21% 0.05% 0.65% 0.47% 0.34% 0.47% 2.13% -1.86% -2.91% -3.56% -3.46% 0.72% 2.45% -1.56% -2.18% -2.62% -2.56% 1.64% 3.39% 0.44% -0.19% 1.13% 0.58% 2.11% 3.69% 4.02% 0.73% 0.55% 2.11% 1.51% 3.05% 4.63% 4.97% 0.63% 0.08% 1.29% 0.27% 1.63% 3.31% 7.07% 0.92% 0.83% 2.27% 1.20% 2.56% 4.25% 8.04% 4.17% -1.19% 6.29% 0.75% 4.28% 6.67% 4.48% -0.46% 7.32% 1.69% 5.23% 7.64% -3.68% -3.39% -4.75% -0.73% 2.28% 4.08% -3.40% -2.67% -3.82% 0.19% 3.22% 5.03% -3.54% -1.34% -2.86% 1.90% 4.27% 5.21% 5.81% -3.25% -0.61% -1.92% 2.84% 5.23% 6.17% 6.77% -0.38% -0.99% -1.30% -1.20% -1.15% 0.25% 3.02% -0.09% -0.25% -0.34% -0.29% -0.24% 1.16% 3.95% * Money Market Portfolio Yield: Simplified-Load -1.25% yield * Money Market Portfolio Yield: Fee-Based -0.35% yield 17

Investment Fund Performance Without Contract-Level Loads and Expenses These returns do not reflect deductions for an initial sales load, surrender charges, current mortality and expense risk charges, charges for optional benefits, or the impact of an annual contract fee. Returns would be lower if these expenses were reflected. These returns do reflect all underlying fund expenses (including 12b-1 fees, if any) and any underlying fund fee waivers or reimbursements of other fund expenses for all or a portion of the periods shown. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. Investment performance for short periods is not necessarily indicative of long-term performance. Returns would be lower if underlying fund expense reimbursements and fee waivers were not reflected. 18

Quarter-End Return Summary Investment Fund Performance Without Loads as of 9/30/15 Without Contract-Level Loads and Expenses 3 Months YTD 1-Year 3-Year 5-Year 10-year Inception Large Cap Large Company Value (MSA/American Century) -10.13% -9.11% -4.80% 10.69% 11.84% 2.78% Domestic Equity (MSA/Delaware Investments) -7.20% -6.88% -3.88% 12.90% 12.65% 5.41% 5.51% Equity Income (MSA/T. Rowe Price) -10.30% -11.77% -9.10% 7.84% 9.71% 5.13% 7.33% Large Cap Blend (MSA/Fiduciary Management) -7.45% -5.64% -0.32% 11.82% 11.94% 2.90% 500 Stock (MSA) -6.48% -5.43% -0.81% 12.16% 13.10% 6.65% 9.80% Large Cap Core Stock (MSA/Fayez Sarofim) -7.37% -8.15% -6.57% 8.26% 9.61% 4.66% 6.36% Neuberger Berman AMT Socially Responsive -6.45% -5.90% -0.97% 13.30% 11.65% 6.50% 6.38% Russell Multi-Style Equity -7.35% -5.06% -0.57% 12.42% 12.40% 6.35% 6.21% Fidelity VIP Contrafund Portfolio -8.87% -5.96% -2.40% 11.15% 11.74% 6.70% 5.77% Growth Stock (MSA/The Boston Co.) -5.21% -1.58% 2.00% 12.47% 12.53% 6.53% 8.16% Focused Appreciation (MSA/Loomis Sayles**) -4.56% 3.12% 10.06% 13.21% 12.46% 8.09% 10.43% Mid Cap Mid Cap Value (MSA/American Century) -6.30% -5.56% 0.88% 14.13% 13.08% 6.42% 9.37% Fidelity VIP Mid Cap Portfolio -9.02% -4.40% -0.28% 12.06% 8.98% 7.48% 12.46% 400 Stock (MSA) -8.53% -4.75% 1.24% 12.84% 12.68% 8.04% 9.06% Mid Cap Growth Stock (MSA/William Blair) -7.68% -2.95% 4.65% 10.36% 9.30% 6.02% 9.98% Small Cap Small Cap Value (MSA/T. Rowe Price) -8.07% -7.65% -0.15% 8.57% 10.15% 6.32% 8.44% 600 Stock (MSA) -9.37% -5.79% 3.36% 12.54% 13.64% 6.22% Russell Aggressive Equity -12.40% -8.36% -0.26% 9.99% 10.83% 5.05% 6.48% Small Cap Growth Stock (MSA/Wellington) -11.91% -4.46% 7.18% 11.56% 12.39% 5.14% 9.66% International International Equity (MSA/Templeton) -12.08% -4.94% -9.77% 4.48% 3.87% 3.88% 7.15% Emerging Markets Equity (MSA/MFS ) -14.77% -14.31% -19.20% -6.96% -4.28% -1.69% Research International Core (MSA/MFS ) -11.22% -4.82% -8.57% 3.74% 3.69% -0.34% Russell Non-U.S. -10.60% -4.88% -8.27% 5.99% 4.34% 3.00% 3.88% International Growth (MSA/Pyramis***) -11.58% -6.72% -9.67% 4.86% 2.95% 1.88% 4.35% Hybrid Funds Asset Allocation (MSA) -5.59% -3.22% -0.89% 6.30% 7.07% 4.97% 4.95% Balanced (MSA) -3.97% -2.22% 0.15% 5.35% 6.29% 4.94% 8.56% Russell LifePoints Variable Moderate -3.63% -2.53% -1.11% 3.55% 4.67% 3.96% Russell LifePoints Variable Balanced -6.05% -4.17% -2.68% 4.82% 5.61% 3.43% Russell LifePoints Variable Growth -8.04% -5.95% -4.73% 5.30% 5.93% 2.48% Russell LifePoints Variable Equity Growth -9.29% -6.89% -5.64% 5.98% 6.45% 1.48% Real Estate Russell Global Real Estate Securities -1.33% -3.24% 3.75% 7.04% 7.42% 4.90% 9.32% Commodities Credit Suisse Trust Commodity Return Strategy -14.49% -16.41% -26.28% -16.42% -9.20% -4.96% Fixed Income Short-Term Bond (MSA/T. Rowe Price) 0.13% 0.91% 0.81% 0.69% 0.82% 2.49% Inflation Protection (MSA/American Century) -1.48% -1.93% -2.28% -2.22% 2.00% 3.75% Russell Core Bond 0.82% 0.82% 2.47% 1.87% 3.41% 5.00% 5.59% Select Bond (MSA/WellsCap) 1.01% 1.09% 2.63% 1.55% 2.92% 4.62% 7.63% Long-Term U.S. Government Bond (MSA/PIMCO) 4.57% -0.20% 7.70% 2.04% 5.60% 8.02% Multi-Sector Bond (MSA/PIMCO) -3.31% -2.42% -3.49% 0.54% 3.58% 5.40% High Yield Bond (MSA/Federated) -3.17% -0.35% -1.57% 3.21% 5.60% 6.54% 7.15% Other Money Market (MSA/BlackRock) 0.00% 0.00% 0.00% 0.06% 0.11% 1.52% 4.47% **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 Total return for International Equity, Mid Cap Growth Stock and Money Market reflect the effect of a one-time class action settlement received on June 18, 2009. Absent the payment, returns would have been lower. 19

Morningstar Ratings Morningstar, Inc. has a longstanding reputation for independent and thorough investment analysis. As of the most recent quarter-end, Morningstar has given its highest rating five stars to twelve portfolios within the Northwestern Mutual Select Variable Annuity offering. With another twelve portfolios receiving a four-star rating, twenty-four portfolios received a four- or five-star rating. That number of star ratings is noteworthy. To determine a fund s overall rating, Morningstar uses a weighted average of the performance figures associated with a fund s three-, five- and 10-year (if applicable) Morningstar Rating metrics. The ratings shown are part of the 40 subaccounts that are available through a Northwestern Mutual Select Variable Annuity. The performance data represents past performance. Investment return and principal value will fluctuate, so that shares, when redeemed, may be worth more or less than their original cost. Ratings are historical and do not guarantee future performance. The Morningstar Rating is calculated for subaccounts with at least a threeyear history. It is calculated based on the Morningstar Risk-Adjusted Return measure that accounts for variation in a subaccount s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of subaccounts in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars, and the bottom 10% receive one star. 20

Account B Contract as of 9/30/15 Morningstar Rating* (Based on Risk-Adjusted Returns) Portfolio Overall 3-Year 5-year 10-year Large Cap Large Company Value (MSA/American Century) Large Value HHHH HHHH HHHH Domestic Equity (MSA/Delaware Investments) Large Value HHHHH HHHHH HHHHH HHHH Equity Income (MSA/T. Rowe Price) Large Value HHH HH HHH HHHH Large Cap Blend (MSA/Fiduciary Management) Large Growth HHH HHH HHH 500 Stock (MSA) Large Blend HHHHH HHHH HHHHH HHHHH Large Cap Core Stock (MSA/Fayez Sarofim) Large Blend HH HH HH HH Neuberger Berman AMT Socially Responsive Large Growth HHHH HHHH HHH HHHH Russell Multi-Style Equity Large Blend HHHH HHHH HHHH HHHH Fidelity VIP Contrafund Portfolio Large Growth HHHH HHH HHH HHHH Growth Stock (MSA/The Boston Co.) Large Growth HHHH HHH HHH HHHH Focused Appreciation (MSA/Loomis Sayles**) Large Growth HHHH HHHH HHH HHHH Mid Cap Mid Cap Value (MSA/American Century) Mid-Cap Value HHHHH HHHHH HHHHH HHHH Fidelity VIP Mid Cap Portfolio Mid-Cap Growth HHHH HHHH HHH HHHH 400 Stock (MSA) Mid-Cap Blend HHHHH HHHH HHHH HHHHH Mid Cap Growth Stock (MSA/William Blair) Mid-Cap Growth HHH HH HHH HHH Small Cap Small Cap Value (MSA/T. Rowe Price) Small Blend HHH HH HHH HHHH 600 Stock (MSA) Small Blend HHHHH HHHH HHHHH Russell Aggressive Equity Small Blend HHH HHH HHH HH Small Cap Growth Stock (MSA/Wellington) Small Growth HHH HHHH HHHH HH International International Equity (MSA/Templeton) Foreign Large Value HHHHH HHHH HHHHH HHHHH Emerging Markets Equity (MSA/MFS ) Diversified Emerging Mkts HHH HHH HHH Research International Core (MSA/MFS ) Foreign Large Blend HHHH HHH HHHH Russell Non-U.S. Foreign Large Blend HHHH HHHH HHHH HHHH International Growth (MSA/Pyramis***) Foreign Large Growth HH HHH HH HH Hybrid Funds Asset Allocation (MSA) Moderate Allocation HHH HHH HHH HHH Balanced (MSA) Conservative Allocation HHHHH HHHHH HHHHH HHHHH Russell LifePoints Variable Moderate Conservative Allocation HHH HHH HHH Russell LifePoints Variable Balanced Moderate Allocation HH HH HH Russell LifePoints Variable Growth Aggressive Allocation HH HH HH Russell LifePoints Variable Equity Growth Aggressive Allocation HH HHH HH Real Estate Russell Global Real Estate Securities Global Real Estate HHHH HHHHH HHHHH HHH Commodities Credit Suisse Trust Commodity Return Strategy Commodities Broad Basket HHHH HHHH HHHH Fixed Income Short-Term Bond (MSA/T. Rowe Price) Short-Term Bond HHHH HHHHH HHHH Inflation Protection (MSA/American Century) Inflation-Protected Bond HHHHH HHHH HHHHH Russell Core Bond Intermediate-Term Bond HHHHH HHHHH HHHHH HHHHH Select Bond (MSA/WellsCap) Intermediate-Term Bond HHHHH HHHH HHHH HHHHH Long-Term U.S. Government Bond (MSA/PIMCO) Long Government HHHHH HHHHH HHHHH Multi-Sector Bond (MSA/PIMCO) Multisector Bond HHH HH HHHH High Yield Bond (MSA/Federated) High Yield Bond HHHHH HHHH HHHH HHHHH Other Money Market (MSA/BlackRock) Money Market-Taxable **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 *See the Morningstar Ratings section of the fund profiles on pages 25-42 for the number of funds in the. 21

Morningstar Ratings (continued) Account B Contract as of 9/30/15 Morningstar Rating* (Based on Risk-Adjusted Returns) Portfolio Overall 3-Year 5-year 10-year Large Cap Large Company Value (MSA/American Century) Large Value HHHH HHH HHHH Domestic Equity (MSA/Delaware Investments) Large Value HHHH HHHHH HHHH HHH Equity Income (MSA/T. Rowe Price) Large Value HH H HH HHH Large Cap Blend (MSA/Fiduciary Management) Large Growth HHH HH HHH 500 Stock (MSA) Large Blend HHHH HHHH HHHH HHHH Large Cap Core Stock (MSA/Fayez Sarofim) Large Blend HH H HH HH Neuberger Berman AMT Socially Responsive Large Growth HHH HHH HH HHH Russell Multi-Style Equity Large Blend HHH HHHH HHH HHH Fidelity VIP Contrafund Portfolio Large Growth HHH HH HH HHH Growth Stock (MSA/The Boston Co.) Large Growth HHH HHH HHH HHH Focused Appreciation (MSA/Loomis Sayles**) Large Growth HHHH HHH HHH HHHH Mid Cap Mid Cap Value (MSA/American Century) Mid-Cap Value HHHH HHHH HHHH HHH Fidelity VIP Mid Cap Portfolio Mid-Cap Growth HHH HHH HH HHH 400 Stock (MSA) Mid-Cap Blend HHHH HHHH HHHH HHHH Mid Cap Growth Stock (MSA/William Blair) Mid-Cap Growth HH HH HH HH Small Cap Small Cap Value (MSA/T. Rowe Price) Small Blend HHH HH HH HHHH 600 Stock (MSA) Small Blend HHHHH HHHH HHHHH Russell Aggressive Equity Small Blend HH HH HHH HH Small Cap Growth Stock (MSA/Wellington) Small Growth HHH HHH HHH HH International International Equity (MSA/Templeton) Foreign Large Value HHHHH HHHH HHHHH HHHHH Emerging Markets Equity (MSA/MFS ) Diversified Emerging Mkts HHH HHH HHH Research International Core (MSA/MFS ) Foreign Large Blend HHH HH HHH Russell Non-U.S. Foreign Large Blend HHH HHHH HHH HHH International Growth (MSA/Pyramis***) Foreign Large Growth HH HHH HH H Hybrid Funds Asset Allocation (MSA) Moderate Allocation HHH HHH HHH HH Balanced (MSA) Conservative Allocation HHHH HHHH HHHH HHHH Russell LifePoints Variable Moderate Conservative Allocation HH HHH HH Russell LifePoints Variable Balanced Moderate Allocation HH HH HH Russell LifePoints Variable Growth Aggressive Allocation H H H Russell LifePoints Variable Equity Growth Aggressive Allocation H HH H Real Estate Russell Global Real Estate Securities Global Real Estate HHHH HHHHH HHHH HHH Commodities Credit Suisse Trust Commodity Return Strategy Commodities Broad Basket HHH HHHH HHH Fixed Income Short-Term Bond (MSA/T. Rowe Price) Short-Term Bond HHH HHHH HH Inflation Protection (MSA/American Century) Inflation-Protected Bond HHHH HHHH HHHH Russell Core Bond Intermediate-Term Bond HHHH HHHH HHHH HHHH Select Bond (MSA/WellsCap) Intermediate-Term Bond HHH HHH HHH HHH Long-Term U.S. Government Bond (MSA/PIMCO) Long Government HHHH HHHH HHHH Multi-Sector Bond (MSA/PIMCO) Multisector Bond HH H HHH High Yield Bond (MSA/Federated) High Yield Bond HHHH HHH HHH HHHH Other Money Market (MSA/BlackRock) Money Market-Taxable **Loomis Sayles replaced Janus as sub-adviser effective July 31, 2015 ***Pyramis replaced Janus as sub-adviser effective July 31, 2015 22 *See the Morningstar Ratings section of the fund profiles on pages 25-42 for the number of funds in the.

The Northwestern Mutual ASSET Life ALLOCATION Insurance MODELS Company Select Variable Annuity Asset Allocation Guide CONSERVATIVE 20/80 ASSET ALLOCATION MODEL Conservative investors tend to be more interested in preservation of principal, liquidity and income, rather than in long-term growth or capital appreciation. These investors are willing to accept lower returns for the potential to reduce volatility. LARGE CAP 9% MID CAP 3% INTERNATIONAL DEVELOPED MKTS. 5% REAL ESTATE 3% FIXED INCOME 80% MODERATELY CONSERVATIVE 40/60 ASSET ALLOCATION MODEL Moderately conservative investors are interested in preservation of principal, liquidity and income, but also seek modest growth in the value of their investments. These investors are willing to take on a little more risk to achieve that growth, with the understanding that it may increase volatility. LARGE CAP 13% MID CAP 5% SMALL CAP 3% INTERNATIONAL DEVELOPED MKTS. 8% INTERNATIONAL EMERGING MKTS. 4% REAL ESTATE 4% COMMODITIES 3% FIXED INCOME 60% BALANCED 60/40 ASSET ALLOCATION MODEL Balanced investors are equally interested in preservation of principal and long-term growth. These investors generally want steady and sustained growth without the volatility that highrisk investments can bring. LARGE CAP 23% MID CAP 6% SMALL CAP 3% INTERNATIONAL DEVELOPED MKTS. 13% INTERNATIONAL EMERGING MKTS. 6% REAL ESTATE 4% COMMODITIES 5% FIXED INCOME 40% AGGRESSIVE 80/20 ASSET ALLOCATION MODEL Aggressive investors are primarily interested in long-term growth and are willing to take reasonable risks to achieve it. These investors are comfortable with the volatility that accompanies higher risk investments. LARGE CAP 32% MID CAP 8% SMALL CAP 3% INTERNATIONAL DEVELOPED MKTS. 20% INTERNATIONAL EMERGING MKTS. 7% REAL ESTATE 5% COMMODITIES 5% FIXED INCOME 20% VERY AGGRESSIVE 100/0 ASSET ALLOCATION MODEL Very aggressive investors are interested in higher potential growth with greater volatility and are willing to take substantial risks to achieve it. LARGE CAP 39% MID CAP 12% SMALL CAP 5% INTERNATIONAL DEVELOPED MKTS. 25% INTERNATIONAL EMERGING MKTS. 10% REAL ESTATE 5% COMMODITIES 4% The Select Variable Annuity provides access to additional variable investment options that can be used to achieve asset allocation. 23

Style Boxes EQUITY STYLE BOX Large Cap Mid Cap Small Cap International VALUE BLEND GROWTH Large Company Value (Mason Street Advisors/American Century) Domestic Equity (Mason Street Advisors/Delaware Investments) Equity Income (Mason Street Advisors/T. Rowe Price) Mid Cap Value (Mason Street Advisors/American Century) Small Cap Value (Mason Street Advisors/T. Rowe Price) International Equity (Mason Street Advisors/Templeton) HYBRID AND SPECIALTY FUNDS Real Estate Russell Global Real Estate Securities Commodities Hybrid Funds FIXED INCOME STYLE BOX Large Cap Blend (Mason Street Advisors/ Fiduciary Management) 500 Stock (Mason Street Advisors) Large Cap Core Stock (Mason Street Advisors/Fayez Sarofim) Neuberger Berman AMT Socially Responsive Russell Multi-Style Equity Fidelity VIP Contrafund Portfolio, Service Class 2 Fidelity VIP Mid Cap Portfolio, Service Class 2 400 Stock (Mason Street Advisors) 600 Stock (Mason Street Advisors) Russell Aggressive Equity Emerging Markets Equity (Mason Street Advisors/MFS ) Research International Core (Mason Street Advisors/MFS ) Russell Non-U.S. INTEREST RATE SENSITIVITY Growth Stock (Mason Street Advisors/ The Boston Company) Focused Appreciation (Mason Street Advisors/ Loomis Sayles) Mid Cap Growth Stock (Mason Street Advisors/William Blair) Small Cap Growth Stock (Mason Street Advisors/ Wellington Management) International Growth (Mason Street Advisors/Pyramis) CREDIT QUALITY LIMITED MODERATE EXTENSIVE High Mid Low Credit Suisse Trust Commodity Return Strategy Asset Allocation (Mason Street Advisors) Balanced (Mason Street Advisors) Russell LifePoints Variable Target Portfolio Series Moderate Strategy Russell LifePoints Variable Target Portfolio Series Balanced Strategy Russell LifePoints Variable Target Portfolio Series Growth Strategy Russell LifePoints Variable Target Portfolio Series Equity Growth Strategy Short-Term Bond (Mason Street Advisors/T. Rowe Price) Inflation Protection (Mason Street Advisors/American Century) Russell Core Bond Select Bond (Mason Street Advisors/WellsCap) Multi-Sector Bond (Mason Street Advisors/PIMCO) High Yield Bond 1 (Mason Street Advisors/Federated Invest. Mgmt. Co.) Long-Term U.S. Government Bond (Mason Street Advisors/PIMCO) OTHER Money Market (Mason Street Advisors/BlackRock Advisors) 24 Value: Value managers are more interested in obtaining a company s stock for a good price; they purchase stocks of companies that are currently out of favor with the market, believing that the stock is a good value for the price. Blend: Blend managers may take meaningful positions in growth or value stocks but usually exhibit no strong bias toward either style. Growth: Growth managers concentrate on companies with above average prospects for future growth; they seek companies with a record of consistent, aboveaverage profitability, or those expected to generate above-average earnings growth. 1 High yield bonds are commonly referred to as junk bonds. * See page 45 for fixed income style box disclosure. 1 High yield bonds are commonly referred to as junk bonds.

Quarter-End 9/30/15 Large Cap VALUE Large Company Value Domestic Equity Large Cap Generally companies that have a market capitalization larger than $10 billion. Sub-adviser American Century Investment Management, Inc. Focus Invests primarily in larger companies believed to be undervalued and will normally have at least 80% of its net assets in equity securities of companies comprising the Russell 1000. Asset Class Large-Cap Stocks Inception Date 4/30/07 Net Assets $170.0 Million Sub-adviser Delaware Investments Fund Advisers Focus Normally invests at least 80% of net assets in equity securities of U.S. issuers. Generally, the Portfolio will invest in a core group of 30-40 securities selected for their long-term capital appreciation potential. Securities in which the Portfolio invests generally will have a market value of $5 billion or more. Asset Class Large-Cap Stocks Inception Date 7/31/01 Net Assets $567.75 Million MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Large Value Account B () HHHH HHHH HHHH Large Value Account B () HHHHH HHHHH HHHHH HHHH Number of Funds 6674 6674 5505 Number of Funds 6674 6674 5505 3299 LIPPER RANKINGS (Based on Total Return) Large-Cap Value Large-Cap Value 23% 105 of 456 60% 271 of 456 19% 84 of 456 12% 53 of 456 9% 39 of 456 8% 32 of 456 33% 146 of 442 SECTOR WEIGHTINGS Identifies the percentage of holdings within a specific industry. This information can be beneficial in attempting to determine the total holdings within a specific industry. 1. Health Care 64.2% 2. Financials 12.5% 3. Energy 5.7% 4. Information Technology 4.7% 1. Health Care 21.6% 2. Consumer Staples 12.7% 3. Financials 12.6% 4. Information Technology 12.2% 5. Consumer Discretionary 4.5% 5. Energy 11.3% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. JPMorgan Chase & Co. 3.7% 2. Wells Fargo & Co. 3.5% 3. Pfizer, Inc. 2.7% 4. Cisco Systems, Inc. 2.6% 1. Edison International 3.5% 2. Waste Management, Inc. 3.5% 3. Raytheon Co. 3.5% 4. Mondelez International, Inc. 3.4% 5. Oracle Corp. 2.5% 5. Northrop Grumman Corp. 3.4% 6. Total SA, ADR 2.5% 6. Intel Corp. 3.3% 7. Bank of America Corp. 2.4% 7. AT&T, Inc. 3.3% 8. Honeywell International, Inc. 2.2% 8. Pfizer, Inc. 3.2% 9. Ingersoll-Rand PLC 2.1% 9. The Bank of New York Mellon Corp. 3.2% 10. Medtronic PLC 2.1% 10. Marsh & McLennan Cos., Inc. 3.2% % of total portfolio 26.3% % of total portfolio 33.5% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Large-Cap Value 3 months* -14.29% -10.43% -16.43% -8.40% Year-to-Date -13.54% -10.00% -16.00% -8.75% 1-Year -9.55% -6.04% -12.04% -6.28% 3-Year 8.45% 9.25% 7.54% 9.90% 5-Year 10.25% 10.39% 9.84% 10.09% 10-Year Inception 1.70% 1.45% 1.45% 2.61% Large-Cap Value 3 months* -11.49% -7.50% -13.50% -8.40% Year-to-Date -11.41% -7.78% -13.78% -8.75% 1-Year -8.67% -5.13% -11.13% -6.28% 3-Year 10.61% 11.43% 9.79% 9.90% 5-Year 11.05% 11.19% 10.66% 10.09% 10-Year 4.39% 4.04% 4.04% 4.50% Inception 4.63% 4.14% 4.14% 3.51% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.72% 0.72% Net Expenses* 0.56% 0.56% 25

Large Cap Quarter-End 9/30/15 Large Cap VALUE Equity Income BLEND Large Cap Blend Generally companies that have a market capitalization larger than $10 billion. Sub-adviser T. Rowe Price Associates, Inc. Focus Normally invests at least 80% of net assets in common stocks, with 65% in the stocks of well established companies paying dividends. Asset Class Large-Cap Stocks Inception Date 5/01/03 Net Assets $703.44 Million Sub-adviser Fiduciary Management, Inc. Focus Normally invests at least 80% of net assets in equity securities of large capitalization companies listed or traded on U.S. securities exchanges or associations. Seeks stocks of good businesses selling at value prices, and will typically hold a core group of 20-30 securities. Securities will generally have a market capitalization in excess of $5 billion at the time of investment. Asset Class Large-Cap Stocks Inception Date 4/30/07 Net Assets $152.73 Million MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Large Value Account B () HHH HH HHH HHHH Number of Funds 6674 6674 5505 3299 Large Growth Account B () HHH HHH HHH Number of Funds 9372 9372 7637 LIPPER RANKINGS (Based on Total Return) Equity Income Large-Cap Core 86% 247 of 287 83% 238 of 287 83% 237 of 287 41% 111 of 276 23% 238 of 1065 46% 483 of 1065 59% 620 of 1065 SECTOR WEIGHTINGS Identifies the percentage of holdings within a specific industry. This information can be beneficial in attempting to determine the total holdings within a specific industry. 1. Financials 23.5% 2. Industrials 13.0% 3. Consumer Discretionary 12.0% 4. Information Technology 11.3% 1. Financials 20.6% 2. Industrials 17.5% 3. Consumer Discretionary 17.2% 4. Information Technology 16.4% 5. Energy 11.0% 5. Consumer Staples 10.2% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. General Electric Co. 3.4% 2. JPMorgan Chase & Co. 3.3% 3. Wells Fargo & Co. 2.1% 4. Bank of America Corp. 2.0% 1. Accenture PLC - Class A 5.5% 2. Berkshire Hathaway, Inc. - Class B 4.8% 3. UnitedHealth Group, Inc. 4.8% 4. Comcast Corp. - Class A 4.7% 5. Johnson & Johnson 1.9% 5. Honeywell International, Inc. 4.6% 6. U.S. Bancorp 1.8% 6. The Progressive Corp. 4.3% 7. Exxon Mobil Corp. 1.8% 7. Dollar General Corp. 4.1% 8. Pfizer, Inc. 1.7% 8. The Bank of New York Mellon Corp. 4.0% 9. Chevron Corp. 1.6% 9. Schlumberger, Ltd. 3.8% 10. AT&T, Inc. 1.6% 10. Danone SA, ADR 3.8% % of total portfolio 21.2% % of total portfolio 44.4% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Equity Income 3 months* -14.45% -10.60% -16.60% -8.32% Year-to-Date -16.06% -12.63% -18.63% -9.59% 1-Year -13.63% -10.28% -16.28% -6.43% 3-Year 5.65% 6.43% 4.64% 8.50% 5-Year 8.15% 8.28% 7.69% 10.00% 10-Year 4.11% 3.76% 3.76% 4.33% Inception 6.39% 5.94% 5.94% 6.24% Large-Cap Core 3 months* -11.73% -7.76% -13.76% -8.67% Year-to-Date -10.23% -6.56% -12.56% -7.54% 1-Year -5.29% -1.62% -7.62% -3.77% 3-Year 9.56% 10.37% 8.70% 10.23% 5-Year 10.35% 10.48% 9.94% 10.28% 10-Year Inception 1.82% 1.57% 1.57% 3.22% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.65% 0.65% Net Expenses* 0.83% 0.83% 26

500 Stock Focus Employs a passive management or indexing investment approach designed to track the performance of the S&P 500. Asset Class Large-Cap Stocks Inception Date 12/3/90 Net Assets $2.22 Billion Large Cap Core Stock Sub-adviser Fayez Sarofim & Co. Focus Normally invests at least 80% of its net assets in equity securities of large capitalization companies. Invests primarily in common stocks of U.S. and foreign based companies listed on U.S. exchanges. Asset Class Large-Cap Stocks Inception Date 5/03/94 The Select Variable Annuity: Competitive Expenses The chart below shows average annual expenses for mutual funds and variable annuities according to Morningstar. TOTAL ANNUAL EXPENSE % AVERAGE as of 12/31/2014 2.5% Front Load Back Load 2.43 Large Cap Net Assets $490.17 Million 2.0% 1.74 1.86 2.05 Large Blend Account B () HHHHH HHHH HHHHH HHHHH Large Blend Account B () HH HH HH HH 1.5% 1.0% 1.29 1.30 Number of Funds 7200 7200 6146 3685 Number of Funds 7200 7200 6146 3685 0.5% S&P 500 Objective Large-Cap Core 24% 74 of 313 22% 69 of 313 22% 69 of 313 19% 58 of 305 91% 967 of 1065 98% 1036 of 1065 96% 1019 of 1065 98% 983 of 1012 0.0% Morningstar Mutual Funds Morningstar Variable Annuities Northwestern Mutual RR Series Select Variable Annuity 1. Information Technology 20.4% 2. Financials 16.5% 3. Health Care 14.7% 4. Consumer Discretionary 13.1% 5. Industrials 10.1% 1. Apple, Inc. 3.7% 2. Microsoft Corp. 2.1% 3. Exxon Mobil Corp. 1.8% 4. Johnson & Johnson 1.5% 5. General Electric Co. 1.5% 6. Berkshire Hathaway, Inc. - Class B 1.4% 7. Wells Fargo & Co. 1.4% 8. JPMorgan Chase & Co. 1.3% 9. Facebook, Inc. - Class A 1.2% 10. AT&T, Inc. 1.2% % of total portfolio 17.1% S&P 500 Objective 3 months* -10.81% -6.79% -12.79% -6.73% Year-to-Date -10.03% -6.35% -12.35% -6.26% 1-Year -5.76% -2.10% -8.10% -1.97% 3-Year 9.89% 10.70% 9.04% 10.83% 5-Year 11.50% 11.63% 11.11% 11.74% 10-Year 5.62% 5.27% 5.27% 5.32% Inception 8.77% 8.11% 8.11% Net Expenses* 0.22% 0.22% 1. Consumer Staples 25.8% 2. Information Technology 19.0% 3. Financials 13.6% 4. Health Care 13.0% 5. Energy 12.7% 1. Apple, Inc. 5.6% 2. Philip Morris International, Inc. 4.6% 3. Exxon Mobil Corp. 4.1% 4. The Coca-Cola Co. 3.6% 5. Nestle SA, ADR 3.3% 6. Chevron Corp. 2.8% 7. Altria Group, Inc. 2.8% 8. Novo Nordisk A/S, ADR 2.6% 9. JPMorgan Chase & Co. 2.6% 10. ACE, Ltd. 2.2% % of total portfolio 34.2% Large-Cap Core 3 months* -11.65% -7.67% -13.67% -8.67% Year-to-Date -12.62% -9.05% -15.05% -7.54% 1-Year -11.23% -7.78% -13.78% -3.77% 3-Year 6.07% 6.85% 5.07% 10.23% 5-Year 8.05% 8.18% 7.59% 10.28% 10-Year 3.65% 3.30% 3.30% 4.59% Inception 5.60% 4.98% 4.98% 6.12% Net Expenses* 0.45% 0.45% Source: Morningstar Direct for Mutual Funds and Morningstar for Variable Annuities/Life, based on 12/31/2014 review of all 4,156 A share class and 1,406 B share class mutual funds (excludes municipal bond funds), and all 2,371 front-load and 87,988 back-load variable annuity funds. The total annual expense % averages for Morningstar Mutual Funds reflect the cost to manage and distribute (12b-1) a mutual fund. The total annual expense % averages for Morningstar Variable Annuities and the Northwestern Mutual Select Variable Annuity reflect the cost to manage the funds and the mortality and expense charge, which includes the cost for distribution. The fund expenses are based on a simple average of all funds available under the contracts; actual fund expenses may be more or less depending upon funds selected by the investor. Also, expenses under both the Morningstar and the Northwestern Mutual Select contracts are based on current charges, not guaranteed charges. If maximum contractual mortality and expense fees were applied to the Select Variable Annuity, the total annual expense percent average would be higher, when compared to Morningstar average expenses. The cost for additional, optional riders is not included here and would increase the annual expense. Additionally, sales charges and contingent deferred sales charges are not included and may affect the overall cost of the investment. No-load mutual funds and variable annuities are also available for purchase. The no-loads are not included in this chart. No-load mutual funds may have a lower total annual expense. Although a product s expenses are one consideration, a client should give equal consideration to the features and benefits of mutual funds and annuities before making a product choice. The product prospectus explains and discloses other product features which may include purchase options, a death benefit, tax-deferred growth, income options, and service options. The performance of any variable investment is not guaranteed. Variable annuities are suitable for long-term investment purposes, typically retirement. The taxation of non-tax qualified assets varies, based on the investment. Ordinary income tax rates are applied to variable annuities. Generally, capital gains tax rates are applied to mutual funds. This is provided for informational purposes only and is not intended as tax advice. Withdrawals from annuities may be subject to ordinary income tax, a 10% IRS early withdrawal penalty if taken before age 59 ½, and contractual withdrawal charges. 27

Large Cap Quarter-End 9/30/15 Large Cap Generally companies that have a market capitalization larger than $10 billion. BLEND Neuberger Berman AMT Socially Responsive Adviser Neuberger Berman Management LLC Sub-adviser Neuberger Berman, LLC Focus Invests primarily in common stocks of midto large-capitalization companies. The Fund seeks to reduce risk by investing across different industries. Asset Class Large-Cap Stocks Inception Date 4/30/07 Net Assets $363.83 Million Russell Multi-Style Equity Adviser Russell Investment Management Company Manager Columbus Circle Investors; Institutional Capital LLC; Jacobs Levy Equity Management, Inc.; Mar Vista Investment Partners, LLC; Suffolk Capital Management, LLC; Sustainable Growth Advisers, LP Focus Invests primarily in common stocks of medium and large capitalization U.S. companies. Asset Class Mid-Cap Stocks/Large-Cap Stocks Inception Date 4/30/99 Net Assets $436.98 Million MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Large Growth Account B () HHHH HHHH HHH HHHH Number of Funds 9372 9372 7637 4453 Large Blend Account B () HHHH HHHH HHHH HHHH Number of Funds 7200 7200 6146 3685 LIPPER RANKINGS (Based on Total Return) Multi-Cap Core Large-Cap Core 48% 218 of 461 22% 100 of 461 50% 230 of 461 26% 273 of 1065 27% 284 of 1065 40% 422 of 1065 43% 426 of 1012 SECTOR WEIGHTINGS Identifies the percentage of holdings within a specific industry. This information can be beneficial in attempting to determine the total holdings within a specific industry. 1. IT Services 7.1% 2. Industrial Conglomerates 6.2% 3. Software 5.7% 4. Health Care Equipment & Supplies 5.7% 1. Financial Services 21.8% 2. Consumer Discretionary 16.3% 3. Technology 15.7% 4. Health Care 15.1% 5. Semiconductors & Semiconductor Equipment 5.4% 5. Producer Durables 10.7% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Texas Instruments 5.4% 2. Progressive Corp. 5.1% 3. American Express Co. 5.0% 4. Newell Rubbermaid 4.6% 1. Apple, Inc. 2.3% 2. Allergan PLC 2.1% 3. Google, Inc. 1.8% 4. Mondelez International, Inc. 1.6% 5. Eversource Energy, Inc. 4.4% 5. Honeywell International, Inc. 1.6% 6. Danaher Corp. 4.1% 6. Visa, Inc. 1.6% 7. Intuit, Inc. 4.0% 7. Johnson & Johnson 1.4% 8. Schlumberger, Ltd. 3.6% 8. Schlumberger, Ltd. 1.4% 9. W.W. Grainger 3.6% 9. Chevron Corp. 1.4% 10. Unilever NV 3.5% 10. Amazon.com, Inc. 1.3% % of total portfolio 43.3% % of total portfolio 16.5% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Multi-Cap Core 3 months* -10.78% -6.76% -12.76% -8.35% Year-to-Date -10.48% -6.82% -12.82% -8.80% 1-Year -5.91% -2.26% -8.26% -4.86% 3-Year 11.00% 11.82% 10.20% 10.29% 5-Year 10.07% 10.20% 9.65% 10.64% 10-Year Inception 4.09% 3.82% 3.82% 4.19% Large-Cap Core 3 months* -11.63% -7.66% -13.66% -8.67% Year-to-Date -9.67% -5.98% -11.98% -7.54% 1-Year -5.53% -1.87% -7.87% -3.77% 3-Year 10.15% 10.96% 9.31% 10.23% 5-Year 10.80% 10.94% 10.40% 10.28% 10-Year 5.32% 4.97% 4.97% 4.59% Inception 2.53% 2.00% 2.00% 2.21% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.98% 0.98% Net Expenses* 0.86% 0.86% 28

Fidelity VIP Contrafund Portfolio Service Class 2 Adviser Fidelity Management & Research Company Sub-adviser FMR Co., Inc. Focus Normally investing primarily in common stocks with both domestic and foreign issuers. Investing in securities of companies whose value Fidelity Management & Research Company believes is not fully recognized by the public. Asset Class Large-Cap Stocks Inception Date 4/30/07 Net Assets $17.70 Billion GROWTH Growth Stock Sub-adviser The Boston Company Asset Management, LLC Focus Invests primarily in equity securities of medium and large capitalization companies. Invests primarily in common stocks. Asset Class Large-Cap Stocks Inception Date 5/03/94 Net Assets $821.86 Million Focused Appreciation Sub-adviser Loomis, Sayles & Company, L.P.** Focus Invests primarily in the equity securities of companies selected for their growth potential. May invest in companies of any size. Normally invests in a core group of 30-40 common stocks. Asset Class Large-Cap Stocks Inception Date 5/01/03 Net Assets $730.57 Million Large Cap Large Growth Account B () HHHH HHH HHH HHHH Number of Funds 9372 9372 7637 4453 Large Growth Account B () HHHH HHH HHH HHHH Number of Funds 9372 9372 7637 4453 Large Growth Account B () HHHH HHHH HHH HHHH Number of Funds 9372 9372 7637 4453 Large-Cap Core Large-Cap Growth Large-Cap Growth 65% 685 of 1065 74% 787 of 1065 69% 734 of 1065 63% 531 of 843 66% 550 of 843 58% 489 of 843 68% 564 of 830 5% 39 of 843 49% 410 of 843 60% 498 of 843 30% 247 of 830 1. Information Technology 18.8% 2. Financials 15.6% 3. Health Care 14.7% 4. Consumer Discretionary 14.6% 5. Consumer Staples 9.9% 1. Information Technology 31.3% 2. Consumer Discretionary 23.0% 3. Health Care 16.3% 4. Consumer Staples 11.3% 5. Industrials 7.9% 1. Information Technology 43.4% 2. Consumer Staples 18.5% 3. Health Care 14.3% 4. Consumer Discretionary 9.9% 5. Industrials 6.3% 1. Apple, Inc. 2. Google, Inc. - Class C 3. Danaher Corp. 4. JPMorgan Chase & Co. 5. Roper Technologies, Inc. 6. McDonald's Corp. 7. AMETEK, Inc. New 8. Citigroup, Inc. 9. Comcast Corp. - Class A 10. Capital One Financial Corp. % of total portfolio 19.5% 1. Apple, Inc. 6.8% 2. Facebook, Inc. - Class A 3.2% 3. Amazon.com, Inc. 3.0% 4. PepsiCo, Inc. 3.0% 5. Visa, Inc. - Class A 2.8% 6. Google, Inc. - Class C 2.4% 7. Google, Inc. - Class A 2.3% 8. Honeywell International, Inc. 2.2% 9. Verizon Communications, Inc. 2.1% 10. NIKE, Inc. - Class B 2.1% % of total portfolio 29.9% 1. Amazon.com, Inc. 6.0% 2. Facebook, Inc. - Class A 5.7% 3. Visa, Inc. - Class A 5.2% 4. Cisco Systems, Inc. 5.0% 5. Monster Beverage Corp. 4.6% 6. Oracle Corp. 4.5% 7. Novo Nordisk A/S, ADR 3.9% 8. Danone SA, ADR 3.8% 9. The Coca-Cola Co. 3.7% 10. Qualcomm, Inc. 3.6% % of total portfolio 46.0% Large-Cap Core 3 months* -13.08% -9.17% -15.17% -8.67% Year-to-Date -10.54% -6.88% -12.88% -7.54% 1-Year -7.27% -3.67% -9.67% -3.77% 3-Year 8.90% 9.70% 8.01% 10.23% 5-Year 10.15% 10.29% 9.74% 10.28% 10-Year Inception 4.44% 4.17% 4.17% 3.22% Large-Cap Growth 3 months* -9.59% -5.52% -11.52% -6.09% Year-to-Date -6.37% -2.54% -8.54% -1.20% 1-Year -3.08% 0.68% -5.32% 3.12% 3-Year 10.19% 11.01% 9.36% 12.93% 5-Year 10.93% 11.07% 10.54% 12.34% 10-Year 5.50% 5.14% 5.14% 5.96% Inception 7.38% 6.76% 6.76% 6.49% Large-Cap Growth 3 months* -8.97% -4.88% -10.88% -6.09% Year-to-Date -1.90% 2.12% -3.88% -1.20% 1-Year 4.57% 8.63% 2.63% 3.12% 3-Year 10.92% 11.74% 10.11% 12.93% 5-Year 10.86% 11.00% 10.46% 12.34% 10-Year 7.05% 6.68% 6.68% 5.96% Inception 9.46% 8.99% 8.99% 7.02% Net Expenses* 0.88% 0.88% Net Expenses* 0.43% 0.43% Net Expenses* 0.65% 0.65% ** Loomis Sayles replaced Janus Capital Management, 29 LLC as sub-adviser effective July 31, 2015

Quarter-End 9/30/15 Mid Cap Mid Cap Generally companies that have a market capitalization between $3 and $10 billion. Mid-size companies stock may involve greater risks than stocks of companies with larger capitalizations because they often have a more limited track record, have narrower markets for their products and services and more limited managerial and financial resources than larger, more established companies. VALUE Mid Cap Value Sub-adviser American Century Investment Management, Inc. Focus Invests primarily in common stocks with at least 80% of net assets in equity securities of mid-sized companies that are believed to be undervalued. Asset Class Mid-Cap Stocks Inception Date 5/01/03 Net Assets $394.21 Million BLEND Fidelity VIP Mid Cap Portfolio Service Class 2 Adviser Fidelity Management & Research Company Sub-adviser FMR Co., Inc. Focus Normally invests at least 80% of assets in securities of companies with medium market capitalizations (which, for purposes of this fund, are those companies with market capitalizations similar to companies in the Russell MidCap or the S&P Mid Cap 400 ). Asset Class Mid-Cap Stocks Inception Date 5/01/03 Net Assets $7.95 Billion MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Mid-Cap Value Account B () HHHHH HHHHH HHHHH HHHH Number of Funds 2547 2547 2143 1014 Mid-Cap Growth Account B () HHHH HHHH HHH HHHH Number of Funds 4317 4317 3375 2028 LIPPER RANKINGS (Based on Total Return) Multi-Cap Value Multi-Cap Core 33% 26 of 78 36% 28 of 78 39% 30 of 77 29% 20 of 70 35% 161 of 461 46% 208 of 461 86% 393 of 461 14% 58 of 435 SECTOR WEIGHTINGS Identifies the percentage of holdings within a specific industry. This information can be beneficial in attempting to determine the total holdings within a specific industry. 1. Financials 26.7% 2. Industrials 12.2% 3. Energy 11.8% 4. Utilities 10.6% 1. Information Technology 23.7% 2. Financials 20.4% 3. Consumer Discretionary 19.1% 4. Industrials 14.4% 5. Information Technology 9.5% 5. Health Care 12.8% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Republic Services, Inc. 3.0% 2. Northern Trust Corp. 2.7% 3. Sysco Corp. 2.7% 4. Imperial Oil, Ltd. 2.1% 1. Global Payments, Inc. 2. Polaris Industries, Inc. 3. Electronic Arts, Inc. 4. Jones Lang LaSalle, Inc. 5. Zimmer Biomet Holdings, Inc. 1.8% 5. CBRE Group, Inc. - Class A 6. LifePoint Health, Inc. 1.8% 6. Total System Services, Inc. 7. Cameron International Corp. 1.7% 7. G-III Apparel Group, Ltd. 8. ConAgra Foods, Inc. 1.6% 8. CDW Corp. 9. Weyerhaeuser Co. 1.6% 9. Cardinal Health, Inc. 10. Edison International 1.5% 10. Euronet Worldwide, Inc. % of total portfolio 20.5% % of total portfolio 10.5% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Multi-Cap Value 3 months* -10.63% -6.61% -12.61% -8.34% Year-to-Date -10.15% -6.48% -12.48% -7.72% 1-Year -4.15% -0.43% -6.43% -3.30% 3-Year 11.82% 12.65% 11.05% 11.57% 5-Year 11.48% 11.61% 11.09% 11.14% 10-Year 5.39% 5.04% 5.04% 4.33% Inception 8.41% 7.95% 7.95% 6.66% Multi-Cap Core 3 months* -13.23% -9.32% -15.32% -8.35% Year-to-Date -9.05% -5.33% -11.33% -8.80% 1-Year -5.25% -1.58% -7.58% -4.86% 3-Year 9.79% 10.60% 8.94% 10.29% 5-Year 7.43% 7.56% 6.95% 10.64% 10-Year 6.44% 6.08% 6.08% 5.48% Inception 11.04% 10.57% 10.57% 7.29% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.79% 0.79% Net Expenses* 0.88% 0.88% 30

400 Stock Focus Employs a passive management or indexing investment approach designed to track the performance of the S&P MidCap 400. Asset Class Mid-Cap Stocks Inception Date 4/30/99 Net Assets $613.88 Million GROWTH Mid Cap Growth Stock Sub-adviser William Blair & Company, L.L.C. Focus Invests primarily in common stocks of mid-sized domestic companies expected to experience solid growth in earnings. Asset Class Mid-Cap Stocks Inception Date 12/3/90 Net Assets $1.01 Billion The Select Variable Annuity: Multi-Managed Northwestern Mutual has diversified its annuity products through affiliations with quality subsidiaries and sub-advisors, giving you an opportunity to engage the skills of a select team of professionals with extensive experience and expertise in Mid Cap money management. Mid-Cap Blend Account B () HHHHH HHHH HHHH HHHHH Number of Funds 1436 1436 1112 639 Mid-Cap Core Mid-Cap Growth Account B () HHH HH HHH HHH Number of Funds 4317 4317 3375 2028 Mid-Cap Growth Whether you are many years away from retirement or at retirement, the Select Variable Annuity brings together unique and complementary fund choices and investment approaches that can change as your goals and needs evolve. 22% 49 of 232 31% 71 of 232 22% 50 of 232 16% 35 of 229 1. Financials 26.4% 2. Information Technology 16.1% 3. Industrials 15.0% 4. Consumer Discretionary 13.8% 5. Health Care 9.2% 1. Church & Dwight Co., Inc. 0.7% 2. Alaska Air Group, Inc. 0.7% 3. Foot Locker, Inc. 0.7% 4. Jarden Corp. 0.7% 5. Hologic, Inc. 0.6% 6. Extra Space Storage, Inc. 0.6% 7. Federal Realty Investment Trust 0.6% 8. HollyFrontier Corp. 0.6% 9. UDR, Inc. 0.6% 10. LKQ Corp. 0.6% % of total portfolio 6.4% 39% 158 of 414 91% 378 of 416 96% 397 of 416 71% 288 of 410 1. Consumer Discretionary 25.0% 2. Industrials 19.5% 3. Information Technology 18.7% 4. Health Care 16.3% 5. Financials 11.0% 1. Dollar General Corp. 3.5% 2. MEDNAX, Inc. 3.5% 3. Old Dominion Freight Line, Inc. 3.3% 4. BorgWarner, Inc. 3.0% 5. Verisk Analytics, Inc. 3.0% 6. Red Hat, Inc. 3.0% 7. Vantiv, Inc. - Class A 2.9% 8. Affiliated Managers Group, Inc. 2.8% 9. Polaris Industries, Inc. 2.7% 10. Cerner Corp. 2.6% % of total portfolio 30.3% Finally, investments are only as good as the expertise behind them. With the Northwestern Mutual Select Variable Annuity, you can engage the skills of experienced professionals like Mason Street Advisors, LLC and Russell Investments, a global leader in multi-manager investing. The investment return and the principal value of a variable fund will fluctuate, so that the accumulation value at maturity or surrender may be more or less than the original cost. Quality & Strength Northwestern Mutual has developed a reputation by exhibiting financial strength and excellence in personal service for more than 150 years. Mid-Cap Core 3 months* -12.76% -8.83% -14.83% -9.40% Year-to-Date -9.38% -5.68% -11.68% -4.18% 1-Year -3.80% -0.07% -6.07% 1.59% 3-Year 10.56% 11.37% 9.74% 12.82% 5-Year 11.08% 11.22% 10.69% 11.00% 10-Year 7.00% 6.63% 6.63% 6.46% Inception 8.20% 7.64% 7.64% 6.77% Net Expenses* 0.28% 0.28% Mid-Cap Growth 3 months* -11.95% -7.98% -13.98% -9.35% Year-to-Date -7.67% -3.90% -9.90% -4.83% 1-Year -0.57% 3.29% -2.71% 1.20% 3-Year 8.12% 8.92% 7.21% 10.98% 5-Year 7.74% 7.87% 7.28% 9.98% 10-Year 4.99% 4.64% 4.64% 5.66% Inception 9.20% 8.54% 8.54% Net Expenses* 0.54% 0.54% A.M. Best Company A++ (highest) May 2015 Moody s Investors Aaa (highest) Service August 2015 Standard & Poor s Fitch Ratings AA+ (second highest) May 2015 AAA (highest) September 2015 Third-party ratings are a measure of a company s relative financial strength and security, but are no reflection upon the safety, performance or stability of assets invested in a company s variable (non-fixed) funds. Third-party ratings are subject to change. 31

Quarter-End 9/30/15 Small Cap VALUE Small Cap Value BLEND 600 Stock Small Cap Generally companies that have a market capitalization smaller than $3 billion. Small companies stock may involve greater risks than stocks of companies with larger capitalizations because they often have a more limited track record, have narrower markets for their products and services and more limited managerial and financial resources than larger, more established companies. Also, to a lesser degree than mid-size companies, they face greater risk of failure. MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Sub-adviser T. Rowe Price Associates, Inc. Focus Normally invests at least 80% of net assets in common stocks of companies with market capitalizations that do not exceed the maximum market capitalization of any security in the S&P Small Cap 600 at the time of purchase (as of December 31, 2011, approximately $3.72 billion). Asset Class Small-Cap Stocks Inception Date 7/31/01 Net Assets $511.35 Million Small Blend Account B () HHH HH HHH HHHH Number of Funds 2435 2435 2125 1052 Focus Employs a passive management or indexing investment approach designed to track the performance of the S&P Small Cap 600. Asset Class Small-Cap Stocks Inception Date 4/30/07 Net Assets $103.44 Million Small Blend Account B () HHHHH HHHH HHHHH Number of Funds 2435 2435 2125 LIPPER RANKINGS (Based on Total Return) Small-Cap Core Small-Cap Core 73% 246 of 338 95% 320 of 338 94% 316 of 338 47% 150 of 321 17% 55 of 338 25% 82 of 338 9% 28 of 338 SECTOR WEIGHTINGS Identifies the percentage of holdings within a specific industry. This information can be beneficial in attempting to determine the total holdings within a specific industry. 1. Financials 34.5% 2. Industrials 15.8% 3. Consumer Discretionary 12.3% 4. Information Technology 10.2% 1. Financials 24.1% 2. Industrials 15.8% 3. Information Technology 15.5% 4. Consumer Discretionary 14.2% 5. Utilities 7.8% 5. Health Care 12.8% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Home BancShares, Inc. 2.4% 2. ProAssurance Corp. 2.0% 3. East West Bancorp, Inc. 1.7% 4. Landstar System, Inc. 1.6% 1. ishares S&P SmallCap 600 Fund 2.7% 2. AmSurg Corp. 0.5% 3. ABIOMED, Inc. 0.5% 4. MarketAxess Holdings, Inc. 0.5% 5. SYNNEX Corp. 1.5% 5. j2 Global, Inc. 0.5% 6. West Pharmaceutical Services, Inc. 1.5% 6. Post Properties, Inc. 0.5% 7. SVB Financial Group 1.5% 7. Piedmont Natural Gas Co., Inc. 0.5% 8. Aaron's, Inc. 1.5% 8. Microsemi Corp. 0.5% 9. Southwest Gas Corp. 1.3% 9. Pool Corp. 0.4% 10. PNM Resources, Inc. 1.2% 10. PrivateBancorp, Inc. 0.4% % of total portfolio 16.2% % of total portfolio 7.0% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Small-Cap Core 3 months* -12.32% -8.38% -14.38% -10.91% Year-to-Date -12.14% -8.55% -14.55% -8.73% 1-Year -5.13% -1.45% -7.45% -1.32% 3-Year 6.37% 7.16% 5.38% 9.42% 5-Year 8.59% 8.72% 8.14% 10.13% 10-Year 5.29% 4.93% 4.93% 4.87% Inception 7.54% 7.03% 7.03% 5.33% Small-Cap Core 3 months* -13.56% -9.67% -15.67% -10.91% Year-to-Date -10.38% -6.71% -12.71% -8.73% 1-Year -1.79% 2.02% -3.98% -1.32% 3-Year 10.26% 11.08% 9.43% 9.42% 5-Year 12.02% 12.16% 11.65% 10.13% 10-Year Inception 5.10% 4.84% 4.84% 3.53% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 1.05% 1.05% Net Expenses* 0.36% 0.36% 32

Russell Aggressive Equity Adviser Russell Investment Management Company GROWTH Small Cap Growth Stock The Select Variable Annuity: Conversion Feature Manager DePrince, Race & Zollo, Inc.; Monarch Partners Asset Management, LLC; RBC Global Asset Management (U.S.) Inc.; Snow Capital Management L.P.; Timpani Capital Management, LLC Focus Invests primarily in common stocks of small and medium capitalization of U.S. companies. Asset Class Small-Cap Stocks/Mid-Cap Stocks Inception Date 4/30/99 Net Assets $216.64 Million Small Blend Account B () HHH HHH HHH HH Number of Funds 2435 2435 2125 1052 Small-Cap Core Sub-adviser Wellington Management Company, LLP Focus Normally invests at least 80% of net assets in stocks of small capitalization companies. Invests primarily in U.S. common stocks. Asset Class Small-Cap Stocks Inception Date 4/30/99 Net Assets $475.32 Million Small Growth Account B () HHH HHHH HHHH HH Number of Funds 2502 2502 2183 1369 Small-Cap Growth The conversion feature of the Select Variable Annuity is a unique and innovative feature that sets Northwestern Mutual s back-load design annuity product apart from other annuities offered in the marketplace. In the RR Series Select Variable Annuity backload design contract, purchase payments that reach the zero withdrawal charge category, and a proportionate share of earnings, automatically convert from Class B accumulation units to Class A accumulation units on the contract anniversary, if the contract value is at least $25,000. This reduces the mortality and expense charge from 125 basis points to 50 basis points on those accumulation units that convert. Small Cap 76% 255 of 338 87% 292 of 338 84% 282 of 338 84% 268 of 321 1. Financial Services 26.0% 2. Consumer Discretionary 15.3% 3. Producer Durables 15.1% 4. Technology 13.4% 10% 38 of 388 36% 138 of 388 48% 183 of 388 92% 347 of 380 1. Health Care 25.2% 2. Information Technology 25.0% 3. Consumer Discretionary 16.7% 4. Industrials 12.4% Class B Accumulation Units Variable Funds: 1.25% mortality and expense charge* Guaranteed Interest Fund: Receives back-load design interest rate 5. Health Care 12.3% 5. Financials 8.9% 1. Tyler Technologies, Inc. 1.0% 2. LendingTree, Inc. 1.0% 1. Tyler Technologies, Inc. 1.6% 2. Anacor Pharmaceuticals, Inc. 1.3% Conversion 3. AMERISAFE, Inc. 0.8% 3. Casey's General Stores, Inc. 1.3% 4. Abercrombie & Fitch Co. 0.8% 5. Crane Co. 0.8% 6. F.N.B. Corp. 0.7% 4. Heartland Payment Systems, Inc. 1.3% 5. Burlington Stores, Inc. 1.2% 6. TreeHouse Foods, Inc. 1.1% Class A Accumulation Units 7. Columbia Banking System, Inc. 0.7% 8. Acacia Research Corp. 0.7% 9. First Niagara Financial Group 0.7% 10. CARBO Ceramics, Inc. 0.7% % of total portfolio 7.9% Small-Cap Core 3 months* -16.45% -12.69% -18.69% -10.91% Year-to-Date -12.82% -9.25% -15.25% -8.73% 1-Year -5.23% -1.56% -7.56% -1.32% 3-Year 7.76% 8.56% 6.83% 9.42% 5-Year 9.25% 9.39% 8.82% 10.13% 10-Year 4.03% 3.68% 3.68% 4.87% Inception 4.87% 4.33% 4.33% 5.90% Net Expenses* 1.06% 1.06% 7. HealthSouth Corp. 1.1% 8. Fair Isaac Corp. 1.1% 9. Bloomin' Brands, Inc. 1.1% 10. Steven Madden, Ltd. 1.1% % of total portfolio 12.2% Small-Cap Growth 3 months* -15.98% -12.20% -18.20% -12.94% Year-to-Date -9.11% -5.39% -11.39% -5.70% 1-Year 1.84% 5.79% -0.21% 0.90% 3-Year 9.31% 10.11% 8.44% 9.90% 5-Year 10.79% 10.93% 10.39% 10.51% 10-Year 4.12% 3.77% 3.77% 5.28% Inception 8.79% 8.23% 8.23% 4.49% Net Expenses* 0.57% 0.57% Variable Funds: 0.50% mortality and expense charge Guaranteed Interest Fund: Receives front-load design interest rate which may be higher than back-load design interest rate * The current annual mortality and expense charge on Class B unconverted units in the variable funds is 1.25% (1.50% maximum). The current annual mortality and expense charge applied to converted amounts in the variable funds is 0.50% (0.75% maximum). GIF1 and GIF8 may not be available in all states. Amounts under a variable income plan may not convert. In the variable funds, amounts that convert will receive a lower mortality and expense charge. In the Guaranteed Interest Fund (GIF), amounts that convert will receive the interest rate credited to the GIF in the front-load design contract. 33

Quarter-End 9/30/15 International VALUE International Equity BLEND Emerging Markets Equity Generally invests assets in securities whose primary trading markets are outside of the United States. e that foreign investments involve greater risks than U.S. investments. These risks, especially in emerging markets, include political and economic uncertainties of foreign countries as well as the risk of currency fluctuations. Sub-adviser Templeton Investment Counsel, LLC Focus Normally invests at least 80% of net assets in equity securities and at least 65% of net assets in securities of issuers from a minimum of three countries outside the U.S. The Portfolio has an unlimited right to purchase securities in any foreign country, developed or underdeveloped. Asset Class International Stocks Inception Date 4/30/93 Net Assets $1.55 Billion Sub-adviser Massachusetts Financial Services Company Focus Normally invests at least 80% of net assets in equity securities of issuers that are tied economically to emerging market countries. Asset Class Emerging Market International Stocks Inception Date 4/30/07 Net Assets $418.16 Million MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Foreign Large Value Account B () HHHHH HHHH HHHHH HHHHH Number of Funds 1440 1440 1219 621 Diversified Emerging Mkts Account B () HHH HHH HHH Number of Funds 1483 1483 1145 International LIPPER RANKINGS (Based on Total Return) International Multi-Cap Core 77% 133 of 173 65% 113 of 173 53% 92 of 173 24% 38 of 163 Emerging Markets 56% 109 of 197 75% 147 of 197 58% 113 of 197 GEOGRAPHIC ALLOCATION Country Allocation lists the percentage of assets according to country in an attempt to limit over exposure within a specific country or region. 1. Europe 65.6% 2. Asia 26.8% 3. Latin America/Caribbean 4.0% 4. Mid East/Africa 2.1% 5. North America 1.5% 1. Asia 58.2% 2. Latin America/Caribbean 15.0% 3. North America 9.0% 4. Europe 8.8% 5. Mid East/Africa 8.6% 6. Australia/New Zealand 0.4% TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Teva Pharmaceutical Industries, Ltd., ADR 2.1% 2. Telenor ASA 2.0% 3. Samsung Electronics Co., Ltd. 1.9% 4. Deutsche Boerse AG 1.8% 5. Credit Agricole SA 1.8% 6. Bayer AG 1.7% 7. Singapore Telecommunications, Ltd. 1.7% 8. CK Hutchison Holdings, Ltd. 1.7% 9. BNP Paribas SA 1.7% 10. Roche Holding AG 1.6% % of total portfolio 18.0% 1. Taiwan Semiconductor Manufacturing Co., Ltd. 5.7% 2. Naspers, Ltd. - Class N 3.6% 3. Housing Development Finance Corp., Ltd. 3.5% 4. Samsung Electronics Co., Ltd. 3.2% 5. China Construction Bank Corp. - Class H 3.0% 6. LG Household & Health Care, Ltd. 2.4% 7. Techtronic Industries Co., Ltd. 2.3% 8. Cognizant Technology Solutions Corp. - 2.0% Class A 9. China Resources Gas Group, Ltd. 1.9% 10. China Pacific Insurance Group Co., Ltd. - Class H 1.6% % of total portfolio 29.2% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. 3 months* -16.14% -12.37% -18.37% Year-to-Date -9.57% -5.87% -11.87% 1-Year -14.27% -10.95% -16.95% 3-Year 2.37% 3.12% 1.20% 5-Year 2.39% 2.52% 1.78% 10-Year 2.87% 2.53% 2.53% Inception 6.39% 5.76% 5.76% Emerging Markets 3 months* -18.71% -15.06% -21.06% -16.18% Year-to-Date -18.48% -15.15% -21.15% -14.43% 1-Year -23.23% -20.25% -26.25% -19.36% 3-Year -8.85% -8.18% -10.61% -6.06% 5-Year -5.64% -5.53% -6.55% -4.73% 10-Year Inception -2.73% -2.97% -2.97% -1.21% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.63% 0.63% Net Expenses* 1.35% 1.35% 34

Research International Core Sub-adviser Massachusetts Financial Services Company Focus Normally invests in foreign equity securities, including emerging markets securities. May invest a relatively high percentage of its assets in securities of issuers in a single country, a small number of countries, or a particular geographic region. Asset Class International Stocks Inception Date 4/30/07 Net Assets $473.68 Million Russell Non-U.S. Adviser Russell Investment Management Company Manager Barrow, Hanley, Mewhinney & Strauss, LLC; MFS Institutional Advisors, Inc.; Pzena Investment Management, LLC; William Blair & Company, LLC Focus Invests primarily in equity securities, including common stocks and preferred stocks, issued by companies domiciled outside the U.S. and in depositary receipts. Asset Class International Stocks Inception Date 4/30/99 Net Assets $345.22 Million International Growth Sub-adviser Pyramis Global Advisors, LLC** Focus Normally invests at least 80% of net assets in securities of issuers from countries outside the United States. Typically invests in foreign common stocks and depositary receipts. Asset Class International Stocks Inception Date 7/31/01 Net Assets $432.62 Million Foreign Large Blend Account B () HHHH HHH HHHH Number of Funds 2576 2576 2101 Foreign Large Blend Account B () HHHH HHHH HHHH HHHH Number of Funds 2576 2576 2101 1093 Foreign Large Growth Account B () HH HHH HH HH Number of Funds 1702 1702 1400 831 International Multi-Cap Core 62% 107 of 173 72% 125 of 173 60% 103 of 173 International Large-Cap Core 10% 16 of 161 9% 14 of 161 17% 26 of 161 41% 65 of 158 International Multi-Cap Growth 84% 267 of 317 54% 170 of 317 73% 232 of 317 97% 300 of 311 International 1. Europe 60.4% 2. Asia 27.9% 3. North America 4.8% 4. Australia/New Zealand 4.1% 5. Latin America/Caribbean 2.8% 1. United Kingdom 20.5% 2. Japan 14.5% 3. France 10.7% 4. Switzerland 10.5% 5. Germany 6.9% 1. Europe 59.2% 2. Asia 19.5% 3. North America 15.6% 4. Australia/New Zealand 3.5% 5. Mid East/Africa 1.6% 6. Latin America/Caribbean 0.6% 1. Nestle SA 3.6% 2. Roche Holding AG 3.4% 3. Novartis AG 3.4% 4. HSBC Holdings PLC 2.1% 5. Bayer AG 2.0% 6. Rio Tinto PLC 1.9% 7. Danone SA 1.8% 8. Denso Corp. 1.8% 9. Reckitt Benckiser Group PLC 1.7% 10. Lloyds Banking Group PLC 1.6% % of total portfolio 23.3% 1. ING Groep NV 1.9% 2. Imperial Tobacco Group PLC 1.8% 3. Wausau Paper Corp. 1.6% 4. Novartis AG 1.4% 5. Nestle SA 1.4% 6. Deutsche Boerse AG 1.3% 7. Sanofi-Aventis 1.2% 8. Teva Pharmaceutical Industries, Ltd. (ADR) 1.2% 9. Danske Bank A/S 1.2% 10. Compass Group PLC 1.2% % of total portfolio 14.2% 1. Novartis AG 4.1% 2. Roche Holding AG 3.7% 3. Nestle SA 3.1% 4. Reckitt Benckiser Group PLC 2.8% 5. Industria de Diseno Textil SA 2.6% 6. Novo Nordisk A/S 2.5% 7. Anheuser-Busch InBev NV 2.5% 8. CSL, Ltd. 2.2% 9. Visa, Inc. 2.1% 10. Assa Abloy AB 2.0% % of total portfolio 27.6% 3 months* -15.32% -11.51% -17.51% Year-to-Date -9.45% -5.74% -11.74% 1-Year -13.13% -9.76% -15.76% 3-Year 1.64% 2.39% 0.44% 5-Year 2.21% 2.34% 1.60% 10-Year Inception -1.38% -1.63% -1.63% 3 months* -14.73% -10.90% -16.90% Year-to-Date -9.50% -5.80% -11.80% 1-Year -12.84% -9.46% -15.46% 3-Year 3.85% 4.61% 2.75% 5-Year 2.85% 2.98% 2.26% 10-Year 2.01% 1.66% 1.66% Inception 2.44% 1.91% 1.91% Back- Load 3 months* -15.67% -11.88% -17.88% Year-to-Date -11.26% -7.63% -13.63% 1-Year -14.18% -10.85% -16.85% 3-Year 2.74% 3.49% 1.59% 5-Year 1.48% 1.61% 0.85% 10-Year 0.90% 0.55% 0.55% Inception 3.48% 2.99% 2.99% Net Expenses* 0.94% 0.94% Net Expenses* 1.08% 1.08% Net Expenses* 0.74% 0.74% ** Pyramis replaced Janus Capital Management, LLC as sub-adviser effective July 31, 2015 35

Quarter-End 9/30/15 Real Estate Seeks to provide current income and long-term capital growth. Commodities Seeks a positive total return relative to the performance of the Dow Jones-UBS Commodity Total Return. MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. REAL ESTATE Russell Global Real Estate Securities Adviser Russell Investment Management Company Manager Cohen & Steers Capital Management, Inc.; INVESCO Advisers, Inc., which acts as a money manager to the Fund through its INVESCO Real Estate Division; Morgan Stanley Investment Management Inc., Morgan Stanley Investment Management Limited and Morgan Stanley Invesment Management Company Focus Seeks to achieve its objective by concentrating its investments in equity securities of real estate companies. Asset Class Real Estate Inception Date 4/30/99 Net Assets $754.07 Million Global Real Estate Account B () HHHH HHHHH HHHHH HHH Number of Funds 664 664 557 221 COMMODITIES Credit Suisse Trust Commodity Return Strategy Adviser Credit Suisse Asset Management, LLC Sub-adviser Credit Suisse Focus The fund is designed to achieve positive total return relative to the performance of the Dow Jones-UBS Commodity Total Return ("DJ-UBS"). Invests in commodity-linked derivative instruments, backed by a portfolio of short-maturity investment-grade fixed income securities normally having an average duration of one year of less. Asset Class Commodities Inception Date 11/15/13 Net Assets $284.2 million N/A Commodities Broad Basket Account B () HHHH HHHH HHHH Number of Funds 374 374 295 LIPPER RANKINGS (Based on Total Return) Global Real Estate 16% 7 of 44 14% 6 of 44 25% 11 of 44 18% 7 of 39 Real Estate TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Simon Property Group, Inc. 6.6% 2. Mitsui Fudosan Co., Ltd. 3.0% 3. Equity Residential 3.0% 4. Public Storage, Inc. 2.7% 5. Mitsubishi Estate Co., Ltd. 2.6% 6. AvalonBay Communities, Inc. 2.6% 7. Sun Hung Kai Properties, Ltd. 2.4% 1. US Agencies 67.9% 2. Subsidiary 16.3% 3. US Treasuries 11.0% 4. Cash 3.0% 5. Other 1.7% % of total portfolio 100.0% 8. Vornado Realty Trust 2.3% 9. Land Securities Group PLC 2.3% Commodities 10. Boston Properties, Inc. 1.8% % of total portfolio 29.3% Hybrid Funds PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. 3 months* -5.89% -1.66% -7.66% Year-to-Date -7.95% -4.19% -10.19% 1-Year -1.42% 2.40% -3.60% 3-Year 4.87% 5.65% 3.82% 5-Year 5.89% 6.02% 5.38% 10-Year 3.89% 3.54% 3.54% Inception 8.46% 7.90% 7.90% 3 months* -18.44% -14.77% -20.77% Year-to-Date -20.48% -17.23% -23.23% 1-Year -29.96% -27.24% -33.24% 3-Year 5-Year 10-Year Inception -19.34% -17.99% -21.88% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.95% 0.95% Net Expenses* 1.05% 1.05% 36

Quarter-End 9/30/15 Hybrid Funds Generally allocate portions of their portfolio in more than one asset class. For example, a particular fund may have allocations that are more equally weighted to both stocks and bonds in its portfolio. BLEND Asset Allocation Focus The Portfolio attempts to capitalize on the variation in return potential produced by the interaction of changing financial markets and economic conditions by following a flexible policy of allocating assets across the equity, bond and money market sectors. Equity exposure is obtained through investments in one or more underlying Series Fund portfolios with different investment strategies. Asset Class Flexible Portfolio Inception Date 7/31/01 Net Assets $245.24 Million Balanced Focus The Portfolio attempts to capitalize on the variation in return potential produced by the interaction of changing financial markets and economic conditions by following a flexible policy of allocating assets across the equity, bond and money market sectors. Equity exposure is obtained through investments in one or more underlying Series Fund portfolios with different investment strategies. Asset Class Balanced Inception Date 1/7/82 Net Assets $2.21 Billion MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Equity Fixed Income Moderate Allocation Account B () HHH HHH HHH HHH Number of Funds 5717 5717 4012 1761 Equity Fixed Income Conservative Allocation Account B () HHHHH HHHHH HHHHH HHHHH Number of Funds 3651 3651 2514 834 LIPPER RANKINGS (Based on Total Return) Mixed-Asset Target Allocation Growth 43% 138 of 321 88% 281 of 321 87% 277 of 321 81% 235 of 292 Mixed-Asset Target Allocation Moderate 17% 74 of 452 85% 385 of 452 86% 386 of 452 70% 294 of 423 TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Northwestern Mutual Series Fund, Inc., 25.5% Select Bond Portfolio 2. Northwestern Mutual Series Fund, Inc., 8.7% Research International Core Portfolio 3. Northwestern Mutual Series Fund, Inc., 7.9% Growth Stock Portfolio 4. Northwestern Mutual Series Fund, Inc., 7.7% High Yield Bond Portfolio 5. Northwestern Mutual Series Fund, Inc., 5.1% Mid Cap Growth Stock Portfolio 6. Northwestern Mutual Series Fund, Inc., 4.9% Mid Cap Value Portfolio 7. Northwestern Mutual Series Fund, Inc., 4.4% Large Cap Blend Portfolio 8. Northwestern Mutual Series Fund, Inc., 4.2% Large Cap Core Stock Portfolio 9. Northwestern Mutual Series Fund, Inc., 4.1% Focused Appreciation Portfolio 10. Northwestern Mutual Series Fund, Inc., 3.9% Domestic Equity Portfolio % of total portfolio 76.4% 1. Northwestern Mutual Series Fund, Inc., 42.2% Select Bond Portfolio 2. Northwestern Mutual Series Fund, Inc., 6.5% Growth Stock Portfolio 3. Northwestern Mutual Series Fund, Inc., 6.4% Research International Core Portfolio 4. Northwestern Mutual Series Fund, Inc., 5.7% High Yield Bond Portfolio 5. Northwestern Mutual Series Fund, Inc., 4.1% Mid Cap Growth Stock Portfolio 6. Northwestern Mutual Series Fund, Inc., 4.0% Mid Cap Value Portfolio 7. Northwestern Mutual Series Fund, Inc., 3.3% Focused Appreciation Portfolio 8. Northwestern Mutual Series Fund, Inc., 3.2% Domestic Equity Portfolio 9. Northwestern Mutual Series Fund, Inc., 3.2% Large Cap Blend Portfolio 10. Northwestern Mutual Series Fund, Inc., 3.1% Large Company Value Portfolio % of total portfolio 81.7% PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Front- Load Back- Load Back- Load Mixed-Asset Target Allocation Growth 3 months* -9.95% -5.90% -11.90% -6.83% Year-to-Date -7.92% -4.16% -10.16% -4.66% 1-Year -5.84% -2.18% -8.18% -3.39% 3-Year 4.15% 4.91% 3.07% 5.74% 5-Year 5.55% 5.68% 5.03% 6.11% 10-Year 3.96% 3.61% 3.61% 3.87% Inception 4.08% 3.59% 3.59% 3.79% Front- Load Back- Load Back- Load Mixed-Asset Target Allocation Moderate 3 months* -8.41% -4.29% -10.29% -5.18% Year-to-Date -6.97% -3.17% -9.17% -4.00% 1-Year -4.85% -1.15% -7.15% -2.12% 3-Year 3.22% 3.98% 2.10% 5.32% 5-Year 4.78% 4.91% 4.24% 6.09% 10-Year 3.92% 3.57% 3.57% 4.07% Inception 8.07% 7.36% 7.36% Hybrid Funds FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.67% 0.67% Net Expenses* 0.55% 0.55% 37

Quarter-End 9/30/15 Hybrid Funds Russell LifePoints Variable Target Portfolio Series Generally allocate portions of their portfolio in more than one asset class. For example, a particular fund may have allocations that are more equally weighted to both stocks and bonds in its portfolio. Moderate Strategy Fund Adviser Russell Investment Management Company Focus Invests in a combination of multi-manager underlying funds consisting of approximately 34% equity, 59% fixed income, and 7% alternative. The fund s objective is to provide current income and moderate long-term capital appreciation. Asset Class Value, Growth and Market-Oriented Inception Date 4/30/07 Net Assets $107.71 Million Balanced Strategy Fund Adviser Russell Investment Management Company Focus Invests in a combination of multi-manager underlying funds consisting of approximately 55% equity, 35% fixed income, and 10% alternative. The fund s objective is to provide above-average longterm capital appreciation and a moderate level of current income. Asset Class Value, Growth and Market-Oriented Inception Date 4/30/07 Net Assets $288.91 Million UNDERLYING FUNDS Each fund invests in a combination of multimanager underlying funds consisting of both equity and fixed income funds. RIF = Russell Investment Funds RIC = Russell Investment Company Current allocation may be different. RIF Multi-Style Equity Fund 4.5% RIC Russell U.S. Defensive Equity Fund 4.0% RIF Aggressive Equity Fund 3.9% RIF Global Real Estate Securities Fund 1.0% RIC Russell Commodity Strategies Fund 1.5% RIC Russell Global Infrastructure Fund 3.0% RIC Russell Global Equity Fund 5.9% RIF Non-U.S. Fund 5.8% RIC Russell Emerging Markets Fund 4.0% RIF Core Bond Fund 36.5% RIC Russell Global Opportunistic Credit Fund 10.2% RIC Russell Investment Grade Bond Fund 16.8% RIC Russell Short Duration Bond Fund 0.0% RIC Russell Multi-Strategy Alternative Fund 0.0% RIC Russell U.S. Dynamic Equity Fund 2.9% RIF Multi-Style Equity Fund 7.8% RIC Russell U.S. Defensive Equity Fund 7.2% RIF Aggressive Equity Fund 5.9% RIF Global Real Estate Securities Fund 1.0% RIC Russell Commodity Strategies Fund 2.3% RIC Russell Global Infrastructure Fund 4.1% RIC Russell Global Equity Fund 9.9% RIF Non-U.S. Fund 9.7% RIC Russell Emerging Markets Fund 5.8% RIF Core Bond Fund 30.0% RIC Russell Global Opportunistic Credit Fund 9.4% RIC Russell Investment Grade Bond Fund 0.0% RIC Russell Short Duration Bond Fund 0.0% RIC Russell Multi-Strategy Alternative Fund 0.0% RIC Russell U.S. Dynamic Equity Fund 6.9% MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Equity Fixed Income Conservative Allocation Account B () HHH HHH HHH Number of Funds 3651 3651 2514 Equity Fixed Income Moderate Allocation Account B () HH HH HH Number of Funds 5717 5717 4012 LIPPER RANKINGS (Based on Total Return) Mixed-Asset Target Allocation Moderate 61% 272 of 452 99% 447 of 452 97% 436 of 452 Mixed-Asset Target Allocation Moderate 91% 412 of 452 89% 400 of 452 90% 406 of 452 Hybrid Funds PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Mixed- Asset Target Allocation Moderate 3 months* -8.08% -3.95% -9.95% -5.18% Year-to-Date -7.27% -3.48% -9.48% -4.00% 1-Year -6.04% -2.39% -8.39% -2.12% 3-Year 1.45% 2.20% 0.25% 5.32% 5-Year 3.18% 3.31% 2.60% 6.09% 10-Year Inception 2.87% 2.61% 2.61% 3.05% Back- Load Mixed- Asset Target Allocation Moderate 3 months* -10.39% -6.36% -12.36% -5.18% Year-to-Date -8.83% -5.11% -11.11% -4.00% 1-Year -7.53% -3.94% -9.94% -2.12% 3-Year 2.70% 3.46% 1.56% 5.32% 5-Year 4.11% 4.24% 3.55% 6.09% 10-Year Inception 2.35% 2.09% 2.09% 3.05% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Total Net Expense Ratio* (net of waivers and including underlying fees) 0.87% 0.87% Total Net Expense Ratio* (net of waivers and including underlying fees) 0.99% 0.99% 38

Growth Strategy Fund Adviser Russell Investment Management Company Focus Invests in a combination of multi-manager underlying funds consisting of approximately 71% equity, 16% fixed income, and 13% alternative. The fund s objective is to provide high long-term capital appreciation, and as a secondary objective, current income. Asset Class Value, Growth and Market-Oriented Inception Date 4/30/07 Net Assets $196.23 Million Equity Growth Strategy Fund Adviser Russell Investment Management Company Focus Invests in a combination of multimanager underlying funds consisting of approximately 79% equity, 8% fixed income, and 13% alternative. The fund s objective is to provide high long-term capital appreciation. Asset Class Value, Growth and Market-Oriented Inception Date 4/30/07 Net Assets $47.09 Million Russell LifePoints Variable Target Portfolio Series The sophistication of Russell s assetallocated, multi-manager approach within a simple framework. This fund-of-funds investment option is intended to provide variable annuity investors with an asset allocation strategy consistent with the RIF Multi-Style Equity Fund 11.2% RIF Multi-Style Equity Fund 10.2% LifePoints Funds family. RIC Russell U.S. Defensive Equity Fund 8.2% RIF Aggressive Equity Fund 8.9% RIF Global Real Estate Securities Fund 3.1% RIC Russell Commodity Strategies Fund 3.0% RIC Russell Global Infrastructure Fund 5.2% RIC Russell U.S. Defensive Equity Fund 9.2% RIF Aggressive Equity Fund 11.0% RIF Global Real Estate Securities Fund 3.1% RIC Russell Commodity Strategies Fund 3.1% RIC Russell Global Infrastructure Fund 5.2% Whether you are transitioning into life after work or just beginning to accumulate assets, LifePoints Funds are designed to answer the needs of a wide range of investors. RIC Russell Global Equity Fund 12.1% RIF Non-U.S. Fund 13.0% RIC Russell Emerging Markets Fund 9.1% RIF Core Bond Fund 12.9% RIC Russell Global Opportunistic Credit Fund 5.2% RIC Russell Investment Grade Bond Fund 0.0% RIC Russell Global Equity Fund 15.3% RIF Non-U.S. Fund 13.2% RIC Russell Emerging Markets Fund 11.2% RIF Core Bond Fund 0.0% RIC Russell Global Opportunistic Credit Fund 9.3% RIC Russell Investment Grade Bond Fund 0.0% LifePoints Funds are constructed using Russell s proprietary process of combining objective analysis and face-to-face interviews to select and package some of the world s top money managers for the underlying funds. RIC Russell Short Duration Bond Fund 0.0% RIC Russell Multi-Strategy Alternative Fund 0.0% RIC Russell U.S. Dynamic Equity Fund 8.1% Equity Fixed Income Aggressive Allocation Account B () HH HH HH Number of Funds 1980 1980 1474 Mixed-Asset Target Allocation Growth 96% 309 of 321 97% 310 of 321 97% 311 of 321 Mixed- Asset Target Allocation Growth 3 months* -12.29% -8.34% -14.34% -6.83% Year-to-Date -10.52% -6.86% -12.86% -4.66% 1-Year -9.48% -5.97% -11.97% -3.39% 3-Year 3.17% 3.93% 2.04% 5.74% 5-Year 4.42% 4.55% 3.87% 6.11% 10-Year Inception 1.40% 1.14% 1.14% 2.66% RIC Russell Short Duration Bond Fund 0.0% RIC Russell Multi-Strategy Alternative Fund 0.0% RIC Russell U.S. Dynamic Equity Fund 9.2% Equity Fixed Income Aggressive Allocation Account B () HH HHH HH Number of Funds 1980 1980 1474 Mixed-Asset Target Allocation Aggressive Growth 80% 44 of 54 95% 52 of 54 95% 52 of 54 3 months* -13.48% -9.59% -15.59% Year-to-Date -11.42% -7.80% -13.80% 1-Year -10.35% -6.87% -12.87% 3-Year 3.83% 4.60% 2.74% 5-Year 4.93% 5.06% 4.40% 10-Year Inception 0.41% 0.16% 0.16% Layers of Diversification We believe risk can be better managed in three ways across asset classes, across investment styles, and across managers. With this approach, you gain entrée to a broad choice of investment options and a deep array of experts to manage your assets. Convenient LifePoints Funds are funds-of-funds, which means, with one simple investment, your money is automatically spread among 50+ institutional-quality money managers representing multiple areas of the market. Regularly Rebalanced Funds are rebalanced regularly with new cash flow to keep your investment allocation consistent, year in and year out. Hybrid Funds Total Net Expense Ratio* (net of waivers and including underlying fees) 1.07% 1.07% Total Net Expense Ratio* (net of waivers and including underlying fees) 1.11% 1.11% 39

Quarter-End 9/30/15 Fixed Income Generally seek to preserve principal and create current income. LIMITED Short-Term Bond Sub-adviser T. Rowe Price Associates, Inc. Focus Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities. Asset Class Bond Inception Date 4/30/07 Net Assets $240.81 Million MODERATE Inflation Protection Sub-adviser American Century Investment Management, Inc. Focus Invests substantially all of its assets in investment grade debt securities. To protect against U.S. inflation, under normal conditions, the Portfolio will invest over 50% of its net assets (plus any borrowings for investment purposes) in inflationlinked debt securities. Asset Class Bond Inception Date 4/30/07 Net Assets $287.63 Million MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. Short-Term Bond Account B () HHHH HHHHH HHHH Number of Funds 869 869 589 Inflation-Protected Bond Account B () HHHHH HHHH HHHHH Number of Funds 861 861 631 LIPPER RANKINGS (Based on Total Return) Short Investment-Grade Debt 14% 14 of 101 14% 14 of 101 44% 44 of 101 Inflation Protected Bond 13% 7 of 54 13% 7 of 54 33% 18 of 54 TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Federal National Mortgage Association, 8.8% Various 2. US Treasury e, Various 4.8% 3. Federal Home Loan Mortgage Corp., 1.1% Various 4. Federal Home Loan 1.0% Bank, 0.50%, 9/28/16 5. Federal Home Loan Mortgage 1.0% Corp., Series 4092, Class CL, 1.25%, 6/15/27 6. Mexican Bonos, 7.75%, 12/14/17 0.9% 7. Bank of America Corp., Various 0.9% 8. Morgan Stanley, Various 0.9% 9. Government National Mortgage 0.8% Association, Various 10. Exxon Mobil Corp., Various 0.8% % of total portfolio 21.0% 1. US Treasury Inflation Bond, Various 53.8% 2. United Kingdom Gilt Inflation Linked, 8.1% Various 3. France Government Bond OAT, Various 5.2% 4. Federal Home Loan Mortgage Corp., 4.0% Various 5. Bundesrepublik Deutschland 2.0% Bundesobligation Inflation Linked Bond, Various 6. Italy Buoni Poliennali Del Tesoro EUR, 2.0% Various 7. Canadian Government Bond, Various 0.6% 8. Wells Fargo Mortgage Backed Securities 0.5% Trust, Series 2005-AR10, Class 2A15, 2.684743%, 6/25/35 9. The Goldman Sachs Group, Inc., Various 0.5% 10. General Electric Capital Corp., Various 0.4% % of total portfolio 77.1% Fixed Income PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. Front- Load Back- Load Back- Load 3 months* -4.50% -0.20% -6.20% Year-to-Date -3.99% -0.07% -6.07% 1-Year -4.21% -0.50% -6.50% 3-Year -1.35% -0.62% -2.69% 5-Year -0.61% -0.49% -1.32% 10-Year Inception 1.41% 1.16% 1.16% 3 months* -6.03% -1.80% -7.80% Year-to-Date -6.70% -2.88% -8.88% 1-Year -7.15% -3.55% -9.55% 3-Year -4.20% -3.49% -5.69% 5-Year 0.55% 0.67% -0.12% 10-Year Inception 2.66% 2.40% 2.40% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.41% 0.41% Net Expenses* 0.60% 0.60% 40

Russell Core Bond Adviser Russell Investment Management Company Manager Colchester Global Investors Limited; Logan Circle Partners, L.P.; Macro Currency Group - an investment group within Principal Global Investors LLC; Metropolitan West Asset Management, LLC; Scout Investments, Inc. Focus Invests primarily in bonds and may invest up to 25% of its assets in debt securities that are rated below investment grade. Asset Class Bond Inception Date 4/30/99 Net Assets $869.03 Million Equity Fixed Income N/A Intermediate-Term Bond Account B () HHHHH HHHHH HHHHH HHHHH Number of Funds 4076 4076 3181 1735 Corporate Debt Funds BBB-Rated Select Bond Sub-adviser Wells Capital Management, Inc. Focus Normally invests at least 80% of net assets in a diversified portfolio of investment grade debt securities with maturities exceeding one year. Asset Class Bond Inception Date 10/1/81 Net Assets $2.89 Billion Intermediate-Term Bond Account B () HHHHH HHHH HHHH HHHHH Number of Funds 4076 4076 3181 1735 Core Bond Funds EXTENSIVE Long-Term U.S. Government Bond Sub-adviser Pacific Investment Management Company LLC Focus Normally invests at least 80% of net assets in a diversified portfolio of fixed income securities that are issued or guaranteed by the U.S. Government, its agencies or government sponsored enterprises, or in derivative instruments designed to replicate such securities. Asset Class Bond Inception Date 4/30/07 Net Assets $104.88 Million Long Government Account B () HHHHH HHHHH HHHHH Number of Funds 192 192 175 General U.S. Government 16% 14 of 92 69% 64 of 92 70% 65 of 92 52% 47 of 90 20% 65 of 338 49% 164 of 338 67% 224 of 338 36% 118 of 330 7% 11 of 180 3% 5 of 180 7% 11 of 180 1. United States Treasury es 3.1% 2. United States Treasury es 3.1% 3. United States Treasury es 2.1% 4. United States Treasury e/bond 1.7% 5. United States Treasury es 1.6% 6. Fannie Mae 1.4% 7. Fannie Mae 1.3% 8. United States Treasury Bills 1.0% 9. United States Treasury es 0.9% 10. Fannie Mae 0.8% % of total portfolio 17.0% 1. US Treasury, Various 30.2% 2. Federal National Mortgage Association, 14.1% Various 3. Federal Home Loan Mortgage Corp., Various 7.6% 4. Government National Mortgage 7.2% Association, Various 5. Federal National Mortgage Association 0.8% Strip, Series 411, Class A3, 3.00%, 8/25/42 6. Ally Master Owner Trust, Series 2014-5, 0.6% Class A1, 0.697%, 10/15/19 7. Hewlett Packard Enterprise Co., Various 0.6% 8. Capital Auto Receivables Asset Trust 1, Series 0.6% 2013-1, Class A4, 0.97%, 1/22/18 9. Verizon Communications, Inc., Various 0.5% 10. Citigroup, Inc., Various 0.5% % of total portfolio 62.7% 1. US Treasury, Various 79.0% 2. Federal National Mortgage Association, 4.7% Various 3. Residual Funding Stripped, Various 4.7% 4. Financing Corp., Various 2.3% 5. Federal Home Loan Mortgage Corp., 2.0% 4.00%, 9/15/44 6. Federal Home Loan Mortgage Corp., Series 2.0% 4092, Class AY, 3.00%, 8/15/32 7. Israel Government AID Bond, Various 1.8% 8. Federal Home Loan Mortgage Corp., 0.6% Series 2752, Class EZ, 5.50%, 2/15/34 9. Tennessee Valley Authority, Various 0.6% 10. Vessel Management Services, 0.5% Inc., 3.432%, 8/15/36 % of total portfolio* 98.2% *Based on Market Value Corporate Debt Funds BBB-Rated 3 months* -3.84% 0.49% -5.51% -0.14% Year-to-Date -4.09% -0.16% -6.16% -0.67% 1-Year -2.64% 1.14% -4.86% 0.14% 3-Year -0.19% 0.54% -1.48% 1.03% 5-Year 1.94% 2.07% 1.32% 2.75% 10-Year 3.99% 3.64% 3.64% 3.76% Inception 4.50% 3.96% 3.96% 4.11% Front- Load Back- Load Back- Load 3 months* -3.66% 0.68% -5.32% Year-to-Date -3.82% 0.11% -5.89% 1-Year -2.48% 1.30% -4.70% 3-Year -0.50% 0.23% -1.80% 5-Year 1.46% 1.58% 0.82% 10-Year 3.61% 3.26% 3.26% Inception 7.63% 6.92% 6.92% Back- Load Front- Load Back- Load Back- Load General U.S. Government 3 months* -0.26% 4.23% -1.77% 1.55% Year-to-Date -5.05% -1.17% -7.17% 1.55% 1-Year 2.33% 6.30% 0.30% 4.41% 3-Year -0.02% 0.71% -1.30% 0.45% 5-Year 4.10% 4.23% 3.54% 1.88% 10-Year Inception 6.88% 6.61% 6.61% 3.40% Fixed Income Net Expenses* 0.68% 0.68% Net Expenses* 0.32% 0.32% Net Expenses* 0.66% 0.66% 41

Quarter-End 9/30/15 Fixed Income Generally seek to preserve principal and create current income. MORNINGSTAR RATINGS (Based on Risk Adjusted Returns) Morningstar Ratings are assessments of the performance of the fund in comparison to other funds in the same category. See page 5 for an explanation of the. MODERATE Multi-Sector Bond Sub-adviser Pacific Investment Management Company LLC Focus Normally invests at least 80% of net assets in a diversified portfolio of fixed income instruments of varying maturities, which may be represented by forwards or derivatives such as options, futures contracts or swap agreements. Asset Class Bond Inception Date 4/30/07 Net Assets $563.54 Million Multi-Sector Bond Account B () HHH HH HHHH Number of Funds 768 768 592 High Yield Bond Sub-adviser Federated Investment Management Company Focus Normally invests at least 80% of net assets in non-investment grade debt securities. Asset Class Bond Inception Date 5/03/94 Net Assets $698.95 Million Equity Fixed Income N/A High Yield Bond Account B () HHHHH HHHH HHHH HHHHH Number of Funds 2143 2143 1780 1213 LIPPER RANKINGS General Bond High Current Yield (Based on Total Return) 66% 84 of 128 93% 119 of 128 66% 85 of 128 26% 101 of 388 49% 187 of 388 48% 184 of 387 34% 128 of 378 TOP 10 PORTFOLIO HOLDINGS Lists the top individual holdings (percent of net assets) within the fund. This information can be beneficial in attempting to limit duplicate holdings among funds. 1. Barclays Bank PLC, Various 2.2% 2. Petroleos Mexicanos, Various 1.9% 3. Republic of Indonesia, Various 1.8% 4. Credit Agricole SA, Various 1.8% 5. UBS AG, Various 1.4% 6. Navient Corp., Various 1.4% 7. United Mexican States, Various 1.3% 8. Sprint Corp., Various 1.2% 9. Ally Financial, Inc., Various 1.2% 10. Gazprom OAO Via Gaz Capital SA, Various 1.2% % of total portfolio 15.4% 1. HCA, Inc., Various 2.2% 2. Valeant Pharmaceuticals International, 1.5% Various 3. First Data Corp., Various 1.4% 4. T-Mobile USA, Inc., Various 1.4% 5. Sprint Corp., Various 1.3% 6. CCO Holdings LLC/CCO Holdings Capital 1.2% Corp., Various 7. Tenet Healthcare Corp., Various 1.1% 8. Ally Financial, Inc., Various 1.1% 9. Infor US, Inc., Various 1.1% 10. Sirius XM Radio, Inc., Various 0.9% % of total portfolio 13.2% Fixed Income PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. General Bond 3 months* -7.78% -3.63% -9.63% -2.23% Year-to-Date -7.16% -3.37% -9.37% -2.87% 1-Year -8.30% -4.74% -10.74% -3.90% 3-Year -1.49% -0.76% -2.84% 0.23% 5-Year 2.11% 2.24% 1.49% 2.52% 10-Year Inception 4.29% 4.03% 4.03% 3.65% High Current Yield 3 months* -7.64% -3.49% -9.49% -4.48% Year-to-Date -5.19% -1.32% -7.32% -1.57% 1-Year -6.48% -2.85% -8.85% -2.87% 3-Year 1.12% 1.86% -0.10% 2.48% 5-Year 4.09% 4.22% 3.54% 4.64% 10-Year 5.51% 5.16% 5.16% 4.70% Inception 6.37% 5.75% 5.75% FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Net Expenses* 0.81% 0.81% Net Expenses* 0.47% 0.47% 42

Quarter-End 9/30/15 Money Market Fund To generate maximum current income consistent with liquidity and stability of capital. LIPPER RANKINGS Money Market (Based on Total Return) HIGH QUALITY, SHORT MATURITY Money Market Sub-adviser BlackRock Advisors, LLC Focus Invests only in high-quality, short-term money market instruments that present minimal credit risks, as determined by management. Asset Class Cash Inception Date 12/31/81 Net Assets $452.46 Million Money Market Instrument 28% 117 of 427 26% 109 of 427 24% 99 of 427 18% 71 of 416 Portfolio Rebalancing Because asset classes grow at different rates of return, it may be necessary to periodically rebalance a portfolio to maintain a target asset mix. Asset classes associated with high degrees of risk tend to have higher rates of return than less volatile asset classes. For this reason, a portfolio that is not rebalanced periodically may become more volatile (riskier) over time. The overall goal of rebalancing is to reduce portfolio risk. An additional benefit of using this strategy within a variable annuity is that exchanges between variable portfolios are tax-free. IMPORTANCE OF REBALANCING PERFORMANCE OF ACCOUNT B RR SERIES & LIPPER BENCHMARK Average Annual Total Returns + *Reflects total return, not annualized return. Performance shown represents past performance and is no guarantee of future results. Investment returns and the principal value of a variable annuity will fluctuate so that the accumulation value may be more or less than original investment. Current performance may be lower or higher than the performance data shown. For the most current month end performance, please visit our website at https://www.northwesternmutual.com/productsand-services/annuities/performance-history. + There has been a voluntary fee waiver in place with respect to the 0.30% management fee & other expenses for the Money Market Portfolio since December 31, 2008. The amount of the waiver has varied based on market conditions. Effective August 30, 2014, the waiver was revised to provide that the adviser will waive its advisory fee and/ or reimburse expenses in excess of the Portfolio s daily yield so as to maintain a zero or positive yield for the Portfolio. This fee waiver is voluntary and can be revised or terminated at any time without notice. The Portfolio s performance would have been lower without the waiver. FEES & EXPENSES * Net Expenses are as of the prospectus dated 5/01/2015. Money Market Instrument Yield -0.51% -1.31% -1.31% 3 months* -4.62% -0.33% -6.33% -0.21% Year-to-Date* -4.86% -0.97% -6.97% -0.65% 1-Year -4.98% -1.29% -7.29% -0.86% 3-Year -1.96% -1.24% -3.33% -0.88% 5-Year -1.31% -1.19% -2.05% -0.92% 10-Year 0.54% 0.20% 0.20% 0.32% Inception 3.51% 2.82% 2.82% The yield quotation more closely reflects the current earnings of the Money Market Portfolio than the total return quotation. Net Expenses* 0.33% 0.33% 100% 80% 60% 40% 20% Target asset mix: 50% stocks / 50% bonds Stock allocation Bond allocation 50% 50% 63% 37% 71% 29% 75% 25% 72% 28% 0% Year End 1995 2000 2005 2010 1990 This image illustrates the effect of different growth rates on a static (unbalanced) portfolio over a 20- year period. In 1990, the target asset mix began with a 50% allocation to stocks and a 50% allocation to bonds. The proportion of stocks in the portfolio grew from 1990 to 2005, when it accounted for 75% of the portfolio. Poor stock market performance in subsequent years caused the stock allocation to drop to 72% by 2010. e: This is for illustrative purposes only and not indicative of any investment. The data assumes reinvestment of income and does not account for taxes or transaction costs. The 50% stock allocation is equally distributed between large and small company stocks. The 50% bond allocation is represented by intermediate-term government bonds. Government bonds are guaranteed by the full faith and credit of the United States government as to the timely payment of principal and interest. Bonds in a portfolio are typically intended to provide income and/or diversification. U.S. government bonds may be exempt from state taxes, and income is taxed as ordinary income in the year received. With government bonds, the investor is a creditor of the government. Stocks are not guaranteed and have been more volatile than bonds. Stocks provide ownership in corporations that intend to provide growth and/or current income. Capital gains and dividends received may be taxed in the year received. An investment cannot be made directly in an index. Past performance is no guarantee of future results. Source: Small stocks are represented by the performance of the Dimensional Fund Advisors, Inc. (DFA) U.S. Micro Cap Portfolio. Large stocks are represented by the Standard & Poor s 500, which is an unmanaged group of securities and considered to be representative of the stock market in general, intermediate-term government bonds by the five-year U.S. government bond. 43 Other

Quarter-End 9/30/15 Guaranteed Interest Fund Guarantee of principal and a current interest rate for designated intervals. The guaranteed minimum interest rate varies by state and date of issue. Guarantees are based on the claims-paying ability of Northwestern Mutual. Each purchase payment or amount transferred to the GIF becomes part of Northwestern Mutual s general assets, which are all of the Company s assets except those held in Separate Accounts. Guaranteed Interest Fund (GIF 1) Objective Guarantee of principal and a current interest rate for one-year intervals. The guaranteed minimum interest rate varies by state and date of issue, and may be as low as 0.5% or as high as 3.0%. For new contracts, the guaranteed minimum interest rate is 0.5%. Intervals 1-year Guaranteed Interest Fund (GIF 8) Objective Guarantee of principal and a current interest rate for eight-year intervals. The guaranteed minimum interest rate varies by state and date of issue. Intervals 8-year MONEY BASE RATES Historic Rates* * These rates do not reflect the $30 annual contract fee or the 4.5% front-load sales charge for the front-load design. The back-load new money and renewal rates are the rates for class B accumulation units that have not converted to class A accumulation units. The front-load renewal rate is also the converted rate for back-load class A accumulation units. The transfer amount from the GIF 1 to a variable fund cannot be less than $1,000 or greater than $50,000. The $50,000 limit does not apply in New York. Investments in the GIF are subject to a maximum limit as stated in the Contract. Contractual minimum rates vary by state and date of issue. Please consult with your Financial Representative or call the Customer Service Line at 1-888-455-2232 to get the current GIF interest rate in your state. ACCOUNT A & B NEW MONEY RATE: Beginning of Month 09/01/15 1.35 0.60 08/01/15 1.30 0.55 07/01/15 1.25 0.50 06/01/15 1.00 0.50 05/01/15 0.95 0.50 04/01/15 0.90 0.50 ACCOUNT A & B RENEWAL MONEY RATE: Beginning of Month 09/01/15 1.20 0.50 08/01/15 1.10 0.50 07/01/15 1.10 0.50 06/01/15 1.00 0.50 05/01/15 0.95 0.50 04/01/15 1.05 0.50 ACCOUNT B NEW MONEY BASE RATE: Beginning of Month 09/01/15 1.70 08/01/15 1.65 07/01/15 1.65 06/01/15 1.35 05/01/15 1.25 04/01/15 1.20 FEE BASED BASE RATE: Beginning of Month New Money Renewal Money 09/01/15 1.50 1.35 08/01/15 1.45 1.25 07/01/15 1.40 1.25 06/01/15 1.15 1.15 05/01/15 1.10 1.10 04/01/15 1.05 1.20 available in all states. Other 44

Morningstar Fixed Income Style Box Information The reveals a fund s investment strategy. For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond s effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by a Nationally Recognized Statistical Rating Organization (NRSRO). If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of A in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed income security can change from time to time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weightedaverage credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than BBB- ; medium are those less than AA-, but greater or equal to BBB- ; and high are those with a weighted-average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed income fund s interest-rate sensitivity based on the effective duration of the Morningstar Core Bond (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% and 75% of MCBI s average effective duration; funds whose average effective duration is between 75% and 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-us taxable and non-us domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than or equal to 6 years; (iii) Extensive: greater than 6 years. 45

Variable contracts have limitations. This brochure is authorized for distribution only when preceded or accompanied by a current prospectus or offering circular. You should carefully consider the investment objectives, risks, expenses and charges of the investment company before you invest. Your Northwestern Mutual Investment Services Registered Representative can provide you with a contract, a fund prospectus or offering circular that will contain the information noted above, and other important information that you should read carefully before you invest or send money. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Northwestern Long Term Care Insurance Company, Milwaukee, WI (long-term care insurance) is a subsidiary of NM. Northwestern Mutual Wealth Management Company, Milwaukee, WI, a subsidiary of NM and limited purpose federal savings bank, provides financial planning, investment management, and trust services. Mason Street Advisors, LLC is a wholly owned company of NM and a federally registered investment adviser. Wellington Management Company LLP, is a SEC-registered investment adviser and an independent and unaffiliated subadviser to NM. FIDELITY, FIDELITY INVESTMENTS, FIDELITY INVESTMENTS and Pyramid logo, Contrafund, Pyramis, and the Pyramis Global Advisors logo are registered service marks of FMR LLC. Used with permission. Issuer: The Northwestern Mutual Life Insurance Company, Milwaukee, WI. Principal Underwriter: Northwestern Mutual Investment Services, LLC, subsidiary of NM, broker/dealer and member FINRA and SIPC. To be used with form numbers: ICC12.RR.VA.ABK.(0313), ICC12.RR.VA.AFR.(0313), ICC12. RR.VA.BBK.(0313), ICC12.RR.VA.BFR.(0313), ICC12.RR.VA.AFB.(0313), ICC12.RR.VA.CNE. (0313), NPV.1C.(0594) or state equivalent. all contracts available in all states. Standard & Poor s, S&P, S&P 500, S&P 500, Standard & Poor s 500, S&P MidCap 400, Standard & Poor s MidCap 400, and S&P 600 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by The Northwestern Mutual Life Insurance Company. The funds are not sponsored, endorsed, sold or promoted by Standard & Poor s, and Standard & Poor s makes no representations regarding the advisability of investing in the funds. The Northwestern Mutual Life Insurance Company Milwaukee, WI www.northwesternmutual.com 14-1465 (0113) (REV 1015)