<PAGE> 1
[NATIONWIDE LOGO]
NATIONWIDE(R)
VARIABLE
ACCOUNT-3
ANNUAL REPORT
TO
CONTRACT OWNERS
DECEMBER 31, 1999
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: COLUMBUS, OHIO
APO-1545-AB (12/99)
<PAGE> 2
[NATIONWIDE LOGO]
NATIONWIDE LIFE INSURANCE COMPANY
ONE NATIONWIDE PLAZA, COLUMBUS, OHIO 43215-2220
[PHOTO]
PRESIDENT'S MESSAGE
We at Nationwide Life Insurance Company are pleased to bring you the 1999 annual
report of the Nationwide Variable Account-3.
During 1999 equity investments extended their spirited advance to a fifth
consecutive year. The S&P 500 was the laggard of the major indices with a
year-over-year change of a respectable 19.53%. The NASDAQ topped the list at
over 85% with the other indices falling into line nearer the lower end of the
range. Fixed earnings investments did not fare as well in the current
environment of rising interest rates.
The U.S. economy remains strong, inflation remains docile and the available
labor pool is incessantly tight. Against this good-news-bad-news backdrop, the
Federal Reserve is increasingly concerned that recent productivity gains will
subside and ignite wage inflation. To date, the Fed has hiked short-term
interest rates a quarter percentage point on four occasions since last June.
Prospectively, they may well become more aggressive in their preemptive efforts
to dampen economic growth and avoid a new round of inflation.
We believe some caution may be warranted at this juncture. Certain market
sectors are well extended and may inevitably retreat to less lofty valuation
levels. However, we remain bullish for the long-term prospects of financial
assets. Your variable insurance contract provides an excellent resource to help
you achieve your long-term retirement savings and financial planning objectives.
We appreciate your trust in our company and in our investment products, and we
welcome and encourage your feedback.
/s/ Joseph J. Gasper
Joseph J. Gasper, President
February 10, 2000
3
<PAGE> 3
NATIONWIDE VARIABLE ACCOUNT-3
STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS' EQUITY
DECEMBER 31, 1999
<TABLE>
<S> <C>
Assets:
Investments at market value:
Van Kampen LIT - Asset Allocation Fund
2,096,163 shares (cost $24,654,718) .......................... $25,468,385
Van Kampen LIT - Domestic Income Fund
491,707 shares (cost $4,170,326) ............................. 3,953,326
Van Kampen LIT - Emerging Growth Fund
170,750 shares (cost $3,693,434) ............................. 7,893,775
Van Kampen LIT - Enterprise Fund
1,476,205 shares (cost $27,271,508) .......................... 38,543,707
Van Kampen LIT - Global Equity Fund
54,478 shares (cost $672,475) ................................ 922,851
Van Kampen LIT - Government Fund
382,573 shares (cost $3,435,546) ............................. 3,374,296
Van Kampen LIT - Money Market Fund
5,417,131 shares (cost $5,417,131) ........................... 5,417,131
Van Kampen LIT - Morgan Stanley Real Estate Securities Portfolio
24,667 shares (cost $371,652) ................................ 305,125
-----------
Total investments ......................................... 85,878,596
Accounts receivable ....................................... 798
-----------
Total assets ................................................... 85,879,394
Accounts payable ....................................................... 138
-----------
Contract owners' equity ................................................ $85,879,256
===========
</TABLE>
4
<PAGE> 4
<TABLE>
<CAPTION>
Annual
Contract owners' equity represented by: Units Unit Value Return*
-------- ---------- --------
<S> <C> <C> <C> <C>
Contracts in accumulation phase:
Van Kampen LIT - Asset Allocation Fund:
Tax qualified ......................... 270,771 $ 33.990612 $ 9,203,672 4%
Non-tax qualified ..................... 477,855 33.990612 16,242,584 4%
Van Kampen LIT - Domestic Income Fund:
Tax qualified ......................... 54,620 18.803197 1,027,031 (3)%
Non-tax qualified ..................... 154,960 18.803197 2,913,743 (3)%
Van Kampen LIT - Emerging Growth Fund:
Tax qualified ......................... 56,810 43.607260 2,477,328 102%
Non-tax qualified ..................... 124,216 43.607260 5,416,719 102%
Van Kampen LIT - Enterprise Fund:
Tax qualified ......................... 197,285 62.744344 12,378,518 24%
Non-tax qualified ..................... 416,344 62.744344 26,123,231 24%
Van Kampen LIT - Global Equity Fund:
Tax qualified ......................... 18,872 20.791032 392,368 28%
Non-tax qualified ..................... 25,515 20.791032 530,483 28%
Van Kampen LIT - Government Fund:
Tax qualified ......................... 38,406 16.529117 634,817 (5)%
Non-tax qualified ..................... 164,188 16.529117 2,713,883 (5)%
Van Kampen LIT - Money Market Fund:
Tax qualified ......................... 100,916 15.775220 1,591,972 3%
Non-tax qualified ..................... 241,145 15.775220 3,804,115 3%
Van Kampen LIT - Morgan Stanley
Real Estate Securities Portfolio:
Tax qualified ......................... 6,848 14.892896 101,987 (5)%
Non-tax qualified ..................... 13,640 14.892896 203,139 (5)%
========== ============
Reserves for annuity contracts in payout phase:
Tax qualified ......................... 1,938
Non-tax qualified ..................... 121,728
------------
$ 85,879,256
============
</TABLE>
* The annual return does not include contract charges satisfied by surrendering
units.
See accompanying notes to financial statements.
- --------------------------------------------------------------------------------
5
<PAGE> 5
NATIONWIDE VARIABLE ACCOUNT-3
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY
STATEMENTS OF OPERATIONS
YEARS ENDED DECEMBER 31, 1999 AND 1998
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN LIT)
<TABLE>
<CAPTION>
Total Asset Allocation Fund
----------------------------- --------------------------
1999 1998 1999 1998
------------ ---------- ---------- ----------
<S> <C> <C> <C> <C>
Investment activity:
Reinvested dividends ......................... $ 2,025,017 462,441 992,341 36,927
Mortality, expense and administration
charges (note 2) ........................... (1,140,920) (1,266,400) (367,905) (429,630)
------------ ---------- ---------- ----------
Net investment activity ................... 884,097 (803,959) 624,436 (392,703)
------------ ---------- ---------- ----------
Proceeds from mutual fund shares sold ........ 40,239,807 39,771,201 8,769,273 9,985,119
Cost of mutual fund shares sold .............. (33,196,418) (34,580,486) (7,870,636) (9,405,948)
------------ ---------- ---------- ----------
Realized gain (loss) on investments ....... 7,043,389 5,190,715 898,637 579,171
Change in unrealized gain (loss) on investments (669,794) 8,994,987 (3,642,876) 3,129,573
------------ ---------- ---------- ----------
Net gain (loss) on investments ............ 6,373,595 14,185,702 (2,744,239) 3,708,744
------------ ---------- ---------- ----------
Reinvested capital gains ..................... 5,727,152 1,466,481 2,990,224 998,161
------------ ---------- ---------- ----------
Net increase (decrease) in contract owners'
equity resulting from operations ....... 12,984,844 14,848,224 870,421 4,314,202
------------ ---------- ---------- ----------
Equity transactions:
Purchase payments received from
contract owners ............................ 1,183,501 1,969,286 275,874 524,822
Transfers between funds ...................... - - (1,372,586) (809,904)
Redemptions .................................. (23,356,550) (20,875,429) (5,912,033) (6,663,073)
Annuity benefits ............................. (25,925) (22,456) (9,579) (7,968)
Annual contract maintenance charge (note 2) .. (65,326) (77,816) (25,060) (29,820)
Contingent deferred sales charges (note 2) ... (70,212) (76,867) (14,743) (14,549)
Adjustments to maintain reserves ............. 801 (817) 147 (558)
------------ ---------- ---------- ----------
Net equity transactions .................. (22,333,711) (19,084,099) (7,057,980) (7,001,050)
------------ ---------- ---------- ----------
Net change in contract owners' equity ......... (9,348,867) (4,235,875) (6,187,559) (2,686,848)
Contract owners' equity beginning of period ... 95,228,123 99,463,998 31,656,055 34,342,903
------------ ---------- ---------- ----------
Contract owners' equity end of period ......... $ 85,879,256 95,228,123 25,468,496 31,656,055
============ ========== ========== ==========
<CAPTION>
Domestic Income Fund Emerging Growth Fund
------------------------- -------------------------
1999 1998 1999 1998
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
Investment activity:
Reinvested dividends .......................... $ 429,732 20,180 - 1,446
Mortality, expense and administration
charges (note 2) ............................ (74,265) (96,249) (70,621) (48,924)
--------- --------- --------- ---------
Net investment activity .................... 355,467 (76,069) (70,621) (47,478)
--------- --------- --------- ---------
Proceeds from mutual fund shares sold ......... 3,192,232 3,746,179 2,717,924 1,245,627
Cost of mutual fund shares sold ............... (3,193,198) (3,581,711) (1,177,962) (934,382)
--------- --------- --------- ---------
Realized gain (loss) on investments ........ (966) 164,468 1,539,962 311,245
Change in unrealized gain (loss) on investments (565,047) 292,822 2,860,589 831,306
--------- --------- --------- ---------
Net gain (loss) on investments ............. (566,013) 457,290 4,400,551 1,142,551
--------- --------- --------- ---------
Reinvested capital gains ...................... - - - -
--------- --------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ (210,546) 381,221 4,329,930 1,095,073
--------- --------- --------- ---------
Equity transactions:
Purchase payments received from
contract owners ............................ 61,552 225,507 160,637 217,054
Transfers between funds ...................... (117,071) (729,708) 447,511 246,295
Redemptions .................................. (2,446,195) (1,527,773) (1,153,156) (881,368)
Annuity benefits ............................. (2,498) (2,586) - -
Annual contract maintenance charge (note 2) .. (4,637) (5,953) (3,635) (3,551)
Contingent deferred sales charges (note 2) ... (34,960) (6,386) (3,318) (6,441)
Adjustments to maintain reserves ............. (90) 17 274 (13,062)
--------- --------- --------- ---------
Net equity transactions ................... (2,543,899) (2,046,882) (551,687) (441,073)
--------- --------- --------- ---------
Net change in contract owners' equity ......... (2,754,445) (1,665,661) 3,778,243 654,000
Contract owners' equity beginning of period ... 6,707,663 8,373,324 4,115,804 3,461,804
--------- --------- --------- ---------
Contract owners' equity end of period ......... $3,953,218 6,707,663 7,894,047 4,115,804
========= ========= ========= =========
</TABLE>
6
<PAGE> 6
NATIONWIDE VARIABLE ACCOUNT-3
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, Continued
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31, 1999 AND 1998
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN LIT)
<TABLE>
<CAPTION>
Enterprise Fund Global Equity Fund Government Fund
-------------------------- -------------------- -----------------------
1999 1998 1999 1998 1999 1998
------------ ---------- ------- ------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Investment activity:
Reinvested dividends ......................... $ 115,759 37,274 2,343 10,562 206,767 47,499
Mortality, expense and administration
charges (note 2) ........................... (487,097) (532,088) (11,121) (11,146) (51,178) (58,697)
------------ ---------- ------- ------- --------- ---------
Net investment activity ................... (371,338) (494,814) (8,778) (584) 155,589 (11,198)
------------ ---------- ------- ------- --------- ---------
Proceeds from mutual fund shares sold ........ 14,137,060 11,539,797 346,089 400,134 1,185,948 1,798,576
Cost of mutual fund shares sold .............. (9,571,854) (7,516,554) (305,802) (402,388) (1,164,520) (1,667,686)
------------ ---------- ------- ------- --------- ---------
Realized gain (loss) on investments ......... 4,565,206 4,023,243 40,287 (2,254) 21,428 130,890
Change in unrealized gain (loss) on investments 886,267 4,474,361 175,191 155,933 (367,908) 187,878
------------ ---------- ------- ------- --------- ---------
Net gain (loss) on investments .............. 5,451,473 8,497,604 215,478 153,679 (346,480) 318,768
------------ ---------- ------- ------- --------- ---------
Reinvested capital gains ...................... 2,726,941 457,154 9,987 - - -
------------ ---------- ------- ------- --------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 7,807,076 8,459,944 216,687 153,095 (190,891) 307,570
------------ ---------- ------- ------- --------- ---------
Equity transactions:
Purchase payments received from
contract owners ............................. 430,203 629,483 26,158 30,769 37,063 58,124
Transfers between funds ....................... (1,686,157) (128,135) (8,101) 266,300 251,439 28,249
Redemptions ................................... (9,249,464) (7,873,368) (172,871) (291,981) (898,143) (915,228)
Annuity benefits .............................. (5,871) (3,745) - - (4,912) (5,087)
Annual contract maintenance charge (note 2) ... (23,885) (29,054) (776) (1,035) (3,072) (3,571)
Contingent deferred sales charges (note 2) .... (12,096) (24,380) (849) (1,051) (449) (4,251)
Adjustments to maintain reserves .............. 547 (39,639) (16) 13 11 41
------------ ---------- ------- ------- --------- ---------
Net equity transactions ................... (10,546,723) (7,468,838) (156,455) 3,015 (618,063) (841,723)
------------ ---------- ------- ------- --------- ---------
Net change in contract owners' equity ......... (2,739,647) 991,106 60,232 156,110 (808,954) (534,153)
Contract owners' equity beginning of period ... 41,283,855 40,292,749 862,619 706,509 4,183,233 4,717,386
------------ ---------- ------- ------- --------- ---------
Contract owners' equity end of period ......... $ 38,544,208 41,283,855 922,851 862,619 3,374,279 4,183,233
============ ========== ======= ======= ========= =========
<CAPTION>
Money Market Fund
-------------------------
1999 1998
--------- ---------
<S> <C> <C>
Investment activity:
Reinvested dividends ......................... $ 254,459 307,418
Mortality, expense and administration
charges (note 2) ............................ (74,074) (81,908)
--------- ---------
Net investment activity .................... 180,385 225,510
--------- ---------
Proceeds from mutual fund shares sold ........ 9,754,704 10,714,673
Cost of mutual fund shares sold .............. (9,754,703) (10,714,673)
--------- ---------
Realized gain (loss) on investments ........ 1 -
Change in unrealized gain (loss) on investments - -
--------- ---------
Net gain (loss) on investments ............. 1 -
--------- ---------
Reinvested capital gains ..................... - -
--------- ---------
Net increase (decrease) in contract owners'
equity resulting from operations ........ 180,386 225,510
--------- ---------
Equity transactions:
Purchase payments received from
contract owners ............................. 180,927 252,638
Transfers between funds ...................... 2,509,543 1,199,627
Redemptions .................................. (3,463,491) (2,556,917)
Annuity benefits ............................. (3,065) (3,070)
Annual contract maintenance charge (note 2) .. (4,030) (4,321)
Contingent deferred sales charges (note 2) ... (3,753) (19,446)
Adjustments to maintain reserves ............. (71) 52,370
--------- ---------
Net equity transactions .................. (783,940) (1,079,119)
--------- ---------
Net change in contract owners' equity ......... (603,554) (853,609)
Contract owners' equity beginning of period ... 6,020,585 6,874,194
--------- ---------
Contract owners' equity end of period ......... $5,417,031 6,020,585
========= =========
</TABLE>
(Continued)
7
<PAGE> 7
NATIONWIDE VARIABLE ACCOUNT-3
STATEMENTS OF CHANGES IN
CONTRACT OWNERS' EQUITY, Continued
STATEMENTS OF OPERATIONS, Continued
YEARS ENDED DECEMBER 31, 1999 AND 1998
(UNDERLYING MUTUAL FUNDS OF VAN KAMPEN LIT)
<TABLE>
<CAPTION>
Morgan Stanley Real Estate
Securities Portfolio
-------------------------
1999 1998
-------- --------
<S> <C> <C>
Investment activity:
Reinvested dividends .......................... 23,616 1,135
Mortality, expense and administration
charges (note 2) ............................. (4,659) (7,758)
------- -------
Net investment activity ..................... 18,957 (6,623)
------- -------
Proceeds from mutual fund shares sold ......... 136,577 341,096
Cost of mutual fund shares sold ............... (157,743) (357,144)
------- -------
Realized gain (loss) on investments ......... (21,166) (16,048)
Change in unrealized gain (loss) on investments (16,010) (76,886)
------- -------
Net gain (loss) on investments .............. (37,176) (92,934)
------- -------
Reinvested capital gains ..................... - 11,166
------- -------
Net increase (decrease) in contract owners'
equity resulting from operations ....... (18,219) (88,391)
------- -------
Equity transactions:
Purchase payments received from
contract owners ............................. 11,087 30,889
Transfers between funds ...................... (24,578) (72,724)
Redemptions .................................. (61,197) (165,721)
Annuity benefits ............................. - -
Annual contract maintenance charge (note 2) .. (231) (511)
Contingent deferred sales charges (note 2) ... (44) (363)
Adjustments to maintain reserves ............. (1) 1
------- -------
Net equity transactions .................. (74,964) (208,429)
------- -------
Net change in contract owners' equity ......... (93,183) (296,820)
Contract owners' equity beginning of period ... 398,309 695,129
------- -------
Contract owners' equity end of period ......... 305,126 398,309
======= =======
</TABLE>
See accompanying notes to financial statements.
8
<PAGE> 8
NATIONWIDE VARIABLE ACCOUNT-3
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1999 and 1998
(1) Summary of Significant Accounting Policies
(a) Organization and Nature of Operations
Nationwide Variable Account-3 (the Account) was established pursuant to
a resolution of the Board of Directors of Nationwide Life Insurance
Company (the Company) on October 7, 1987. The Account has been
registered as a unit investment trust under the Investment Company Act
of 1940.
The Company offers tax qualified and non-tax qualified Individual
Deferred Variable Annuity Contracts through the Account. The primary
distribution for the contracts is through the brokerage community;
however, other distributors may be utilized.
(b) The Contracts
Only contracts without a front-end sales charge, but with a contingent
deferred sales charge and certain other fees, are offered for purchase.
See note 2 for a discussion of contract expenses.
Contract owners in either the accumulation or the payout phase may
invest in the following funds of the Van Kampen Life Investment Trust
(Van Kampen LIT):
Van Kampen LIT - Asset Allocation Fund
Van Kampen LIT - Domestic Income Fund
Van Kampen LIT - Emerging Growth Fund
Van Kampen LIT - Enterprise Fund
Van Kampen LIT - Global Equity Fund
Van Kampen LIT - Government Fund
Van Kampen LIT - Money Market Fund
Van Kampen LIT - Morgan Stanley Real Estate Securities Portfolio
At December 31, 1999, contract owners have invested in all of the above
funds. The contract owners' equity is affected by the investment
results of each fund, equity transactions by contract owners and
certain contract expenses (see note 2). The accompanying financial
statements include only contract owners' purchase payments pertaining
to the variable portions of their contracts and exclude any purchase
payments for fixed dollar benefits, the latter being included in the
accounts of the Company.
A contract owner may choose from among a number of different underlying
mutual fund options. The underlying mutual fund options are not
available to the general public directly. The underlying mutual funds
are available as investment options in variable life insurance policies
or variable annuity contracts issued by life insurance companies or, in
some cases, through participation in certain qualified pension or
retirement plans.
Some of the underlying mutual funds have been established by investment
advisers which manage publicly traded mutual funds having similar names
and investment objectives. While some of the underlying mutual funds
may be similar to, and may in fact be modeled after, publicly traded
mutual funds, the underlying mutual funds are not otherwise directly
related to any publicly traded mutual fund. Consequently, the
investment performance of publicly traded mutual funds and any
corresponding underlying mutual funds may differ substantially.
(Continued)
9
<PAGE> 9
NATIONWIDE VARIABLE ACCOUNT-3
NOTES TO FINANCIAL STATEMENTS, CONTINUED
(c) Security Valuation, Transactions and Related Investment Income
The market value of the underlying mutual funds is based on the closing
net asset value per share at December 31, 1999. The cost of investments
sold is determined on a specific identification basis. Investment
transactions are accounted for on the trade date (date the order to buy
or sell is executed) and dividend income is recorded on the ex-dividend
date.
(d) Federal Income Taxes
Operations of the Account form a part of, and are taxed with,
operations of the Company which is taxed as a life insurance company
under the Internal Revenue Code. The Company does not provide for
income taxes within the Account. Taxes are the responsibility of the
contract owner upon termination or withdrawal.
(e) Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with generally
accepted accounting principles may require management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities, if
any, at the date of the financial statements and the reported amounts
of revenues and expenses during the reporting period. Actual results
could differ from those estimates.
(f) Calculation of Annuity Reserves
Annuity reserves are computed for contracts in the variable payout
stage according to industry standard mortality tables. The assumed
investment return is 3.5 percent unless the annuitant elects otherwise,
in which case the rate may vary from 3.5 percent to 7 percent, as
regulated by the laws of the respective states. The mortality risk is
fully borne by the Company and may result in additional amounts being
transferred into the Account by the Company to cover greater longevity
of annuitants than expected. Conversely, if reserves exceed amounts
required, transfers may be made to the Company.
(2) Expenses
The Company does not deduct a sales charge from purchase payments received
from the contract owners. However, if any part of the contract value of
such contracts is surrendered, the Company will, with certain exceptions,
deduct from the contract owner's contract value a contingent deferred sales
charge, not to exceed 6% (3% after 36 months) of the lesser of the total of
all purchase payments made within 72 months prior to the date of the
request for surrender, or the amount surrendered. (For contracts issued in
the State of New York, the contingent deferred sales charge will not exceed
7% of purchase payments, such charge declining 1% per year, to 0%, after
the purchase payment has been held in the contract for seven years.) No
sales charges are deducted on redemptions used to purchase units in the
fixed investment options of the Company.
The following contract charges are deducted by the Company: (a) an annual
contract maintenance charge of up to $35, dependent upon contract type and
issue date (up to $30, dependent upon contract type and issue date, for
contracts issued in the State of New York), which is satisfied by
surrendering units; and (b) a mortality risk charge, an expense risk charge
and an administration charge assessed through the daily unit value
calculation equal to an annual rate of 0.80%, 0.45% and 0.05%,
respectively.
(3) Related Party Transactions
The Company performs various services on behalf of the Mutual Fund
Companies in which the Account invests and may receive fees for the
services performed. These services include, among other things, shareholder
communications, preparation, postage, fund transfer agency and various
other record keeping and customer service functions. These fees are paid to
an affiliate of the Company.
10
<PAGE> 10
INDEPENDENT AUDITORS' REPORT
----------------------------
The Board of Directors of Nationwide Life Insurance Company and
Contract Owners of Nationwide Variable Account-3:
We have audited the accompanying statement of assets, liabilities and
contract owners' equity of Nationwide Variable Account-3 (comprised of the
sub-accounts listed in note 1(b)) (collectively, "the Account") as of December
31, 1999, and the related statements of operations and changes in contract
owners' equity for each of the years in the two year period then ended. These
financial statements are the responsibility of the Account's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 1999, by correspondence with
the transfer agents of the underlying mutual funds. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Account as of December
31, 1999, and the results of its operations and its changes in contract owners'
equity for each of the years in the two year period then ended in conformity
with generally accepted accounting principles.
KPMG LLP
Columbus, Ohio
February 18, 2000
11
<PAGE> 11
NATIONWIDE LIFE INSURANCE COMPANY
HOME OFFICE: ONE NATIONWIDE PLAZA o COLUMBUS, OHIO 43215-2220
Bulk Rate
U.S. Postage
PAID
Columbus, Ohio
Permit No. 521
Nationwide(R) is a registered federal service mark of Nationwide Mutual
Insurance Company
