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Monthly Performance History for Northwestern Mutual's Variable Universal Life Insurance Policies

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that, when redeemed, it may be worth more or less than the original cost. Current performance may be lower or higher than the performance data quoted. All returns are based on performance that would have been realized had CVUL, EVUL and SVUL been available for the time periods indicated below. Performance pre-dating introduction is hypothetical. Returns do not reflect deductions such as sales charges or premium taxes, surrender charges or cost of insurance charges. These deductions would significantly impact the returns if they were included.

CVUL, EVUL, SVUL introduced 01/31/2007, VEL introduced 03/02/1998, and VJL introduced 12/28/1998. Performance pre-dating the funds being available within the product or within the Separate Account is hypothetical. Returns do not reflect premium deductions such as sales charges, premium taxes, surrender charges or cost of insurance charges. These charges would significantly lower the returns if they were included.

As of 12/31/2008, VEL and VJL are no longer available for sale.

For more complete information please refer to the prospectus which you can obtain from your Northwestern Mutual Investment Services Registered Representative. Read the prospectus carefully and consider the investment objectives, risks, and charges and expenses carefully before you invest or send money.

All net returns below are expressed as a percent (%) and reflect the change in net asset values after the deduction of fund expenses.

For the Month Ending: 05/31/2018
          Average Annual Returns
Investment Option Inception Date (1) Last Three Months Year To Date 1 Year 3 Year 5 Year 10 Year Since Inception
Large Company Value (MSA/American Century) 04/30/07 -0.48 -1.60 5.79 5.66 9.03 6.63 4.80
Domestic Equity (MSA/Delaware) 07/31/01 1.37 1.79 13.52 8.47 11.62 8.65 6.86
Equity Income (MSA/T Rowe Price) 05/01/03 -1.66 -1.61 10.28 7.98 8.95 7.08 8.60
Large Cap Blend (MSA/Fiduciary Management) 04/30/07 -2.03 -0.08 11.07 8.44 10.70 7.19 5.36
Index 500 Stock (MSA) 06/26/84 0.14 1.93 14.12 10.72 12.73 8.96 10.05
Large Cap Core Stock (MSA/Wellington Management) (11) 05/03/94 -0.15 1.38 12.99 9.02 9.77 6.61 7.24
Neuberger Berman Sustainable Equity (2,10) 02/18/99 0.80 3.08 11.24 9.20 11.52 7.91 7.40
US Strategic Equity (Russell Invsts) 01/02/97 0.37 2.03 13.84 9.83 12.19 8.18 7.27
Fidelity® VIP Contrafund® Portfolio (3) 01/12/00 0.73 2.91 12.70 8.95 11.91 7.86 7.01
Growth Stock (MSA/The Boston Company Asset Mgmt) 05/03/94 3.50 8.21 19.34 11.53 13.86 8.94 9.00
Focused Appreciation (MSA/Loomis Sayles Company) (8) 05/01/03 -0.60 3.61 18.47 14.87 16.65 8.88 12.02
Mid Cap Value (MSA/American Century) 05/01/03 0.66 -0.76 7.59 9.54 12.13 8.13 10.23
Fidelity® VIP Mid Cap Portfolio - Service Class 2 (3) 12/28/98 0.94 2.50 16.23 8.64 11.37 8.26 12.69
Index 400 Stock (MSA) 04/30/99 4.73 2.94 14.56 9.94 11.89 9.68 9.95
Mid Cap Growth Stock (MSA/Wellington Management) (4,11) 11/30/90 4.92 7.43 17.90 7.36 9.67 6.58 10.17
Small Cap Value (MSA/T Rowe Price) 07/31/01 6.99 2.60 15.18 12.85 10.76 8.70 9.89
Index 600 Stock (MSA) 04/30/07 9.66 8.00 22.23 13.43 13.88 10.87 9.19
US Small Cap Equity (Russell Invsts) 01/02/97 7.51 5.98 20.96 9.50 10.58 7.58 7.57
Small Cap Growth Stock (MSA/Wellington Management) 04/30/99 6.87 8.24 21.71 11.61 14.18 9.36 10.78
International Equity (MSA/Franklin Templeton) (4) 04/30/93 -1.41 -1.57 6.14 2.85 4.72 2.22 7.40
Emerging Markets Equity (MSA/Aberdeen Asset Mgrs) 04/30/07 -7.49 -6.15 3.58 3.83 1.19 -0.59 1.35
Research International Core (MSA/MFS®) 04/30/07 -1.15 -1.06 8.98 3.99 5.40 1.93 2.16
International Developed Markets (Russell Invsts) 01/02/97 -1.42 -1.49 8.72 4.46 6.55 2.40 4.69
International Growth (MSA/FIAM LLC) (8) 07/31/01 -0.81 -0.38 8.18 4.06 5.41 1.53 5.36
Asset Allocation (MSA) (7) 07/31/01 0.49 1.08 8.47 6.15 7.21 5.68 5.73
Balanced (MSA) (7) 06/26/84 0.47 0.47 6.36 5.05 6.00 5.36 8.42
LifePoints Moderate (Russell Invsts) (5) 04/30/07 0.11 -0.33 3.69 4.21 4.73 4.85 4.62
LifePoints Balanced (Russell Invsts) (5) 04/30/07 0.14 0.13 5.52 4.91 5.95 5.03 4.66
LifePoints Growth (Russell Invsts) (5) 04/30/07 0.26 0.56 8.08 5.89 6.92 4.86 4.40
LifePoints Equity Growth (Russell Invsts) (5) 04/30/07 0.52 0.84 9.32 6.56 7.72 4.50 3.94
Global Real Estate Securities (Russell Invsts) 04/30/99 5.40 -0.92 5.87 3.85 5.61 4.13 8.92
Credit Suisse Commodity Return Strategy (3,6) 02/28/06 3.51 3.77 10.38 -2.75 -6.76 -7.85 -3.45
Short-Term Bond (MSA/T. Rowe Price) 04/30/07 0.39 0.10 0.45 0.98 0.91 1.86 2.15
Inflation Protection (MSA/American Century) 04/30/07 0.46 -1.35 0.43 1.30 0.52 2.92 3.43
Strategic Bond (Russell Invsts) 01/02/97 0.02 -1.94 -0.86 1.21 1.79 4.28 5.07
Select Bond (MSA/Wells Capital Management Inc.) 06/26/84 0.41 -1.67 -0.52 1.44 1.94 3.81 7.06
Long-Term U.S. Government Bond (MSA/PIMCO) 04/30/07 2.27 -3.80 -1.00 1.50 3.23 6.34 6.40
Multi-Sector Bond (MSA/PIMCO) 04/30/07 -0.37 -1.65 1.11 3.93 3.40 6.15 5.69
High Yield Bond (MSA/Federated Invest. Mgmt. Co.) 05/03/94 -0.27 -0.67 1.49 4.83 4.48 7.04 7.15
Govt Money Market (MSA/BlackRock Advisors LLC) *(4,9) 06/26/84 0.34 0.50 0.94 0.41 0.27 0.41 3.71

*For the seven-day period ended 05/31/2018, the Government Money Market Portfolio's yield for CVUL, EVUL, SVUL was 1.47% annualized. The yield quotation more closely reflects the current earnings of the Government Money Market Portfolio than the total return quotation.

All returns reflect the deduction of fund expenses. Fund expenses currently range from 0.21% to 1.12% (1.40% without any fee waivers and reimbursements) depending on the division(s) selected. Returns would be lower if excluded contract charges were included and/or if underlying fund expense reimbursement and fee waivers were not reflected.

Effective May 1, 2018, the adviser has contractually agreed to waive a portion of the Government Money Market Portfolio's 0.30% management fee such that the fee is 0.30% on the Portfolio's first $500 million of average net assets, 0.29% on the next $500 million, and 0.28% on average net assets in excess of $1 billion. The adviser may terminate this contractual fee waiver agreement at any time after April 30, 2019. There has also been a voluntary fee waiver in place with respect to the 0.30% management fee and other expenses for the Portfolio since December 31, 2008. The amount of the waiver has varied based on market conditions. Effective August 30, 2014, the voluntary fee 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 voluntary fee waiver can be revised or terminated at any time without notice. The Portfolio's performance would have been lower without the waiver.

Service Class 2 shares include an asset-based distribution fee (12b-1 fee). Initial offering of Service Class 2 took place on January 12, 2000, at which time a 0.25% 12b-1 fee was imposed. Returns prior to that date do not include the effect of the Service Class 2 0.25% 12b-1 fee, and returns listed would have been lower for each portfolio if the fee structure had been in place and reflected in the performance.

We will provide you with illustrations for a Policy under your request. The illustrations, which reflect all fees and charges including the cost of insurance, show how the death benefit and cash value for a Policy would vary based on Hypothetical investment results. The illustrations will be based on the information you give us about the insured persons and will reflect such factors as the Minimum Guaranteed Death Benefit and amount of Additional Protection as you select.

(1) The inception date is the date on which the fund commenced its operations.

(2) A mutual fund that follows social policies may underperform similar funds that do not have such policies.

(3) Returns reflect 12b-1 asset based distribution fee of 0.25% (annualized) imposed by Service Class 2 shares of the Fidelity VIP Mid Cap Portfolio and the Fidelity VIP Contrafund Portfolio beginning January 12, 2000, as well as the Credit Suisse Commodity Return Strategy Portfolio since its inception date.

(4) Total return reflects the effect of a one-time class action settlement received on June 18, 2009. Absent the payment, returns would have been lower.

(5) Each of the Divisions identified as a Russell Investments LifePoints Variable Target Portfolio Series Fund (LifePoints Fund) is a fund of funds and diversifies its assets by investing, at present, in other mutual 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.

(6) For the period November 15, 2013 through November 15, 2015, Northwestern Mutual will periodically reimburse subaccount expenses to the extent division expenses exceed 0.95%. As a result, and depending on the timing of such reimbursement, for some or all of the time periods shown, returns reflect total investment option expenses in the amount of 0.95%. Time periods not reflecting this amount assume total investment option expenses in the amount of 1.05%, which reflects the underlying funds current contractual waiver. Figures would be lower if the reimbursement by Northwestern Mutual was not taken into account for some or all of the periods shown.

(7) No investment strategy can guarantee a profit or protect against a loss.

(8) Although the Portfolio is diversified, it may hold larger positions in a smaller number of companies than more diversified funds. Holding fewer securities increases the risk that the value of the Portfolio could go down because of the poor performance of a single investment.

(9) Prior to May 1, 2016, the Government Money Market Portfolio was known as the Money Market Portfolio and operated as a 'prime' money market fund, which allowed it to invest in certain types of securities that the Portfolio is no longer permitted to hold as a 'government' money market fund. Consequently, the performance information prior to May 1, 2016 may have been different if the current investment limitations had been in effect during the period prior to the Portfolio's conversion to a government money market fund.

*You could lose money by investing in the Government Money Market Portfolio. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Portfolio's sponsor has no legal obligation to provide financial support to the Portfolio, and you should not expect that the sponsor will provide financial support to the Portfolio at any time.

(10) Effective May 1, 2018, the Neuberger Berman AMT Socially Responsive Portfolio will be known as the Neuberger Berman AMT Sustainable Equity Portfolio.

(11) Effective October 27, 2017, Wellington Management Company LLP assumed sub-advisory responsibilities for the Large Cap Core Stock Portfolio and the Mid Cap Growth Stock Portfolio.

The following are some additional risks associated with investments in various Divisions. High yield bonds present greater credit risk than bonds of higher quality. Bond prices correlate inversely with interest rates and this effect is usually more pronounced for longer-term bonds making their prices more volatile. Investing in companies with small and mid-size capitalizations or with shorter operating histories, may present more financial and other risks than investing in companies of larger capitalizations and more seasoned companies. Their securities may also trade less frequently and in lower volumes making their market prices more volatile. Investing in special sectors, such as real estate, can be subject to different and greater risks than more diversified investing. Investing in real estate companies entails some of the risks associated with investing in real estate directly, including sensitivity to general and local economic and market conditions, demographic patterns, changes in interest rates and governmental actions. Investing internationally, globally or in emerging markets may involve higher expenses and additional risks not present when investing solely in the U.S. markets, including political, currency and financial reporting risks.

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 companies. 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 which include more holdings. Exposure to the commodities markets may subject the Credit Suisse 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 of sectors affecting a 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 greater loss. 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.

Mason Street Advisors, LLC (MSA) is the principal investment adviser for all the Portfolios in the Northwestern Mutual Series Fund (Series Fund). (Portfolios in the Series Fund are identified 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 prospectus for more information. Additional fund options are advised by Russell Investments, Fidelity Investments, Neuberger Berman Investment Advisers LLC, and Credit Suisse Asset Management, LLC.

Issuer: The Northwestern Mutual Life Insurance Company, 720 E. Wisconsin Avenue, Milwaukee, WI 53202-4797

Principal Underwriter: Northwestern Mutual Investment Services, LLC (NMIS) (securities), subsidiary of NM, registered investment adviser, broker-dealer, member FINRA and SIPC.

NMFN-CVUL/EVUL/SVUL/VEL/VJL-001 (0618)"Copyright 2018, The Northwestern Mutual Life Insurance Company, Milwaukee, WI. All rights reserved. 720 East Wisconsin Avenue, Milwaukee, Wisconsin 53202-4797 (414)271-1444. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company, Milwaukee, WI (NM)(life and disability insurance, annuities) and its subsidiaries."