Our shareholders benefit from this powerful foundation of organizational leverage, financial strength, and relationship strategy. We believe this largely unrecognized value will emerge in our stock performance as the industry continues to consolidate and becomes even more competitive.

We strengthened this foundation last August by announcing our sponsored demutualization of Provident Mutual Life Insurance Company (Provident Mutual). Provident provides a strategic fit that brings yet another proven, powerful distribution channel to our mix, andwidens our partnership network. Provident Mutual’s network of career financial consultants, independent agents, and its 1717 Capital Management affiliated broker/dealers will provide us with important new distribution and growth opportunities. We expect the demutualization of Provident Mutual to be

WE OFFERED THE:
FIRST 24/7 ANNUITY CALL CENTER
FIRST MULTI-FUND ANNUITY
FIRST DAILY PARTICIPANT ACCOUNTING

the demutualization of Provident Mutual to be completed in the summer, when the company will become Nationwide Provident.

We are in the right business at the right time, and in position to move from being a very good Company to being a great one. The past year provided an important opportunity to strengthen the relationships that matter to us most. This strategy is proven and sound. Our optimism is rooted in the positive fundamentals of the long-term savings business. We will succeed when we are cited consistently as the performance benchmark by which others in our industry are measured.