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SUPPLEMENT DATED JULY 1, 1999 TO
PROSPECTUS DATED MAY 1, 1999 FOR
CORPORATE FLEXIBLE PREMIUM VARIABLE UNIVERSAL LIFE
INSURANCE POLICIES
ISSUED BY
NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY
THROUGH ITS
NATIONWIDE VL SEPARATE ACCOUNT-D
THIS SUPPLEMENT UPDATES CERTAIN INFORMATION CONTAINED IN YOUR PROSPECTUS. PLEASE
READ IT AND KEEP IT WITH YOUR PROSPECTUS FOR FUTURE REFERENCE.
1. INFORMATION FOR THE FOLLOWING UNDERLYING MUTUAL FUNDS CONTAINED IN THE
"UNDERLYING MUTUAL FUND ANNUAL EXPENSES" TABLE LOCATED ON PAGE 7 OF YOUR
PROSPECTUS, IS AMENDED AS FOLLOWS:
UNDERLYING MUTUAL FUND ANNUAL EXPENSES
(AS A PERCENTAGE OF UNDERLYING MUTUAL FUND AVERAGE NET ASSETS,
AFTER EXPENSE REIMBURSEMENT)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Management Other 12b-1 Total Mutual
Fees Expenses Fees Fund Expenses
- --------------------------------------------------------------------------------------------------------------------
NSAT Capital Appreciation Fund 0.58% 0.22% 0.00% 0.80%
- --------------------------------------------------------------------------------------------------------------------
NSAT Government Bond Fund 0.44% 0.22% 0.00% 0.66%
- --------------------------------------------------------------------------------------------------------------------
NSAT Money Market Fund 0.34% 0.21% 0.00% 0.55%
- --------------------------------------------------------------------------------------------------------------------
NSAT Total Return Fund 0.57% 0.21% 0.00% 0.78%
- --------------------------------------------------------------------------------------------------------------------
NSAT Nationwide Small Cap Value Fund 0.47% 0.58% 0.00% 1.05%
- --------------------------------------------------------------------------------------------------------------------
NSAT Nationwide Small Company Fund 1.00% 0.25% 0.00% 1.25%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
The expenses shown above are deducted by the underlying mutual fund before it
provides Nationwide with the daily net asset value. Nationwide then deducts
applicable variable account charges from the net asset value to calculate the
unit value of the corresponding sub-account. The management fees and other
expenses are more fully described in the prospectus for each underlying mutual
fund. Information relating to the underlying mutual funds was provided by the
underlying mutual funds and not independently verified by Nationwide.
Some underlying mutual funds are subject to fee waivers and expense
reimbursements. The following chart shows what the expenses would have been for
such funds without fee waivers and expense reimbursements.
<TABLE>
<CAPTION>
- -------------------------------------------------------------- ------------- ------------ ------------ ----------------
Management Other 12b-1 Total Mutual
Fees Expenses Fees Fund Expenses
<S> <C> <C> <C> <C>
- -------------------------------------------------------------- ------------- ------------ ------------ ----------------
NSAT Capital Appreciation Fund 0.60% 0.22% 0.00% 0.82%
- --------------------------------------------------------------------------------------------------------------------
NSAT Government Bond Fund 0.50% 0.22% 0.00% 0.72%
- --------------------------------------------------------------------------------------------------------------------
NSAT Money Market Fund 0.40% 0.21% 0.00% 0.61%
- --------------------------------------------------------------------------------------------------------------------
NSAT Total Return Fund 0.59% 0.21% 0.00% 0.80%
- --------------------------------------------------------------------------------------------------------------------
NSAT Nationwide Small Cap Value Fund 0.90% 0.58% 0.00% 1.48%
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
1
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2. THE FIRST SENTENCE OF THE SECOND PARAGRAPH OF THE "INTEREST" PROVISION ON
PAGE 19 OF YOUR PROSPECTUS IS AMENDED AS FOLLOWS:
"On a current and guaranteed basis, the cash value in the policy loan
account is credited with an annual effective rate of 3% in all policy
years."
3. THE FIRST PARAGRAPH OF THE "DOLLAR COST AVERAGING" PROVISION ON PAGE 20 OF
YOUR PROSPECTUS IS AMENDED TO DELETE THE FOLLOWING SENTENCE:
"Policy owners may participate in this program if their policy value is at
least $15,000."
