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Quarterly Performance History for Account A Series RR Fee-Based

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 at maturity or surrender may be more or less than original cost. Current performance may be lower or higher than the performance data shown.

Before investing in a variable annuity, you should carefully consider the objectives, risks and charges associated with its investment options. For this and other information about a Contract, you should obtain the appropriate Contract and underlying fund prospectuses by contacting your Northwestern Mutual Financial Representative. Read the prospectuses carefully before you invest.

The Government 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. Effective May 1, 2020, 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, 2021. 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. Neither the Division nor the underlying fund is insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and it is possible to lose money by investing in the Government Money Market Division.

Performance for periods greater than one year are based on average annual returns and are expressed as a percent (%). Contract was first available on October 16, 2006.

Account A Series RR Fee-Based
For the Quarter Ending: 09/30/2020
          Average Annual Returns
Investment Option Division 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 6.07 -9.91 -4.24 2.90 7.18 9.30 4.17
Domestic Equity (MSA/Delaware) 07/31/01 2.72 -12.87 -7.62 2.31 7.17 9.69 5.67
Equity Income (MSA/T Rowe Price) 05/01/03 3.02 -16.53 -10.84 0.09 6.68 7.99 6.88
Large Cap Blend (MSA/Fiduciary Management) 04/30/07 7.69 -5.03 0.24 5.92 9.33 10.43 5.02
Index 500 Stock (MSA) 12/12/90 8.78 5.16 14.53 11.65 13.50 13.10 9.88
Large Cap Core Stock (MSA/Wellington Management) 05/03/94 9.80 8.52 17.82 12.08 13.32 11.25 7.34
Neuberger Berman Sustainable Equity (2) 04/30/07 9.51 2.44 10.54 8.35 10.52 10.89 6.91
US Strategic Equity (Russell Invsts) 04/30/99 8.19 6.59 14.59 9.89 11.96 11.98 5.01
Fidelity® VIP Contrafund® Portfolio (3) 04/30/07 10.57 20.54 32.50 15.33 15.28 13.30 8.83
Growth Stock (MSA/T Rowe Price) ** 05/03/94 12.05 24.39 35.49 20.07 17.16 14.62 9.50
Focused Appreciation (MSA/Loomis Sayles Company) 05/01/03 10.66 21.54 33.32 18.25 19.20 15.58 12.60
Mid Cap Value (MSA/American Century) 05/01/03 4.05 -13.22 -7.42 0.51 6.74 9.68 8.34
Fidelity® VIP Mid Cap Portfolio (3) 05/01/03 11.02 -3.14 4.01 2.32 6.82 7.70 10.23
Index 400 Stock (MSA) 04/30/99 4.56 -9.02 -2.79 2.28 7.44 9.84 8.39
Mid Cap Growth Stock (MSA/Wellington Management) (4) 12/12/90 4.37 -1.02 5.72 8.09 8.62 8.77 9.20
Small Cap Value (MSA/T Rowe Price) 07/31/01 3.15 -15.26 -9.40 -1.50 6.78 8.26 7.72
Index 600 Stock (MSA) 04/30/07 3.05 -15.65 -8.86 -0.98 6.50 9.82 6.09
US Small Cap Equity (Russell Invsts) 04/30/99 4.19 -14.79 -8.80 -1.43 4.77 7.57 5.20
Small Cap Growth Stock (MSA/Wellington Management) 04/30/99 6.14 0.98 14.13 7.57 11.31 11.65 9.74
International Equity (MSA/Franklin Templeton) (4) 04/30/93 1.39 -14.62 -7.88 -6.03 0.73 2.11 5.65
Emerging Markets Equity (MSA/Aberdeen Asset Mgrs) 04/30/07 11.60 0.07 9.14 2.59 7.93 1.46 1.56
Research International Core (MSA/MFS®) 04/30/07 7.55 0.61 10.31 5.22 7.65 5.46 2.34
International Developed Markets (Russell Invsts) 04/30/99 4.58 -12.03 -4.65 -2.60 3.23 3.60 2.97
International Growth (MSA/FIAM LLC) 07/31/01 9.29 6.39 17.82 9.68 10.65 6.54 5.68
Asset Allocation (MSA) 07/31/01 5.14 2.02 7.59 6.53 8.08 7.38 5.48
Balanced (MSA) 01/07/82 4.17 3.64 7.83 6.41 7.22 6.57 8.36
LifePoints Moderate (Russell Invsts) (5) 04/30/07 2.78 -2.57 0.19 1.55 4.17 4.24 3.81
LifePoints Balanced (Russell Invsts) (5) 04/30/07 3.66 -4.51 -0.15 1.58 4.92 5.08 3.76
LifePoints Growth (Russell Invsts) (5) 04/30/07 4.25 -5.39 -0.25 1.67 5.71 5.63 3.44
LifePoints Equity Growth (Russell Invsts) (5) 04/30/07 5.25 -7.75 -2.42 0.97 5.86 5.97 2.86
Global Real Estate Securities (Russell Invsts) 04/30/99 4.27 -15.57 -13.93 0.10 2.63 4.81 7.43
Credit Suisse Commodity Return Strategy (3, 6) 11/15/13 9.48 -10.17 -6.32 -4.36 -3.18 -7.22
Short-Term Bond (MSA/T Rowe Price) 04/30/07 0.85 3.25 3.75 2.72 2.04 1.25 2.10
Inflation Protection (MSA/American Century) 04/30/07 3.46 6.94 7.61 4.58 3.88 2.75 3.57
Select Bond (MSA/Wells Capital Management Inc.) 10/01/81 0.99 7.58 7.57 5.10 4.05 3.30 7.52
Strategic Bond (Russell Invsts) 04/30/99 1.36 6.30 6.38 4.60 3.77 3.41 4.68
Long-Term U.S. Government Bond (MSA/PIMCO) 04/30/07 -0.14 20.44 14.99 10.58 7.28 6.25 7.51
Multi-Sector Bond (MSA/PIMCO) 04/30/07 2.45 1.01 2.91 4.35 6.21 4.70 5.47
High Yield Bond (MSA/Federated Invest. Mgmt. Co.) 05/03/94 4.36 0.56 3.52 3.77 6.08 5.65 6.64
Govt Money Market (MSA/BlackRock Advisors LLC) (4,7) (-0.35% yield) 12/31/81 -0.09 0.05 0.33 0.98 0.55 0.15 3.50

The Northwestern Mutual Select Variable Annuity, Account A Fee Based Contract ("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 long-term 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.

Variable annuities are designed for retirement or other long-term needs. Withdrawals and other distributions of taxable amounts, including death benefits, are subject to ordinary income tax. Certain distributions before age 59 1/2 also may be subject to a 10% IRS penalty tax in addition to income tax.

** Effective November 14, 2019, T. Rowe Price Associates, Inc. assumed sub-advisory responsibilities for the Growth Stock Portfolio.

(1) The inception date is the date on which the Division of the Separate Account was first established.

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

(3) Returns for the period beginning on January 12, 2000 and ending on May 1, 2020 for the Fidelity® VIP Mid Cap Portfolio and Fidelity® VIP Contrafund® Portfolio, as well as returns for the period since inception through May 1, 2020 for the Credit Suisse Trust Commodity Return Strategy Portfolio, reflect the imposition of a 12b-1 asset based distribution fee of 0.25% (annualized). Returns for periods that do not reflect the imposition of a 12b-1 fee would have been lower for each portfolio if the Rule 12b-1 fee structure had been in place and reflected in the performance for those periods.

(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 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) From November 15, 2013 through November 15, 2015, Northwestern Mutual periodically reimbursed subaccount expenses to the extent division expenses exceeded 0.95%. As a result, and depending on the timing of such reimbursement, for this time period returns reflect total investment option expenses in the amount of 0.95%. Other time periods not reflecting this amount assume total investment option expenses reflecting the underlying funds then-current contractual waiver and may have been greater than 0.95%. Returns for some of the periods shown would be lower if the reimbursement by Northwestern Mutual was not taken into account.

(7) 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.

The following are some 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 or sectors affecting a particular industry of commodity and international economic, political and regulatory developments. The use of leverage commodity-linked derivatives creates an opportunity for increased return, but also creates the possibility for a greater loss.

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.

"Copyright 2020, 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."

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