08/02/2006 - Midland National Introduces One of the Most Innovative Variable Annuities Designed for the Registered Investment Market

Vector Variable Annuity(SM) -- The First Variable Annuity With "Twice-a-Day" Traded Funds -- 49 Investment Options(1) and 15 Riders(2) Without Trading Restrictions

WEST DES MOINES, IA -- (MARKET WIRE) -- 08/02/2006 -- Midland National Life Insurance Company, a member of the $25 billion Sammons Financial Group based in Chicago, IL, announced today that it has introduced the Vector Series Variable Annuity(SM), a fully unbundled variable annuity designed specifically for the Registered Investment Advisor Market. The Vector
Variable Annuity is the first variable annuity to have unlimited trading restrictions on 49 actively traded funds(1) from Profunds, Rydex and DireXion, including 5 funds(1) that may be traded twice daily. Additionally, there are 30 core funds(1) from some of the strongest fund families in the industry.

"Market volatility has focused the advisor's attention on investment strategies in addition to traditional static asset allocation.(3) Investors are in search of investment products and strategies that can work in all markets, not just in up markets," said Esfand Dinshaw, President of Annuities for Midland National Life.

"The Vector Annuity is a great tool for the investment adviser, providing building blocks for a variety of sophisticated investment strategies -- while offering tax deferral and living benefits to the client," said Michael Sapir, CEO of ProFund Advisors LLC. The Bethesda, MD-based fund company specializing in innovative funds designed for the registered investment advisor market.

"The Vector product fits in perfectly with our business model. It has everything we need, a comprehensive fund line-up including 44 funds that can be traded daily and five that can be traded twice-a day with a state-of-the-art web based trading platform," commented Werner Keller, president of Keller Partners, a Calabasas, CA-based investment management firm and former founder and CEO of Centurion Capital Management.
The concept and design features of the product represent a partnership between Midland National and industry veteran Elliott Shifman, president of Outer Banks Financial of Raleigh, North Carolina.

"What a great opportunity for us to partner with Midland National," Shifman said. "It's rare to find an insurance company full of top-notch individuals that are genuinely interested in thinking out of the box and problem solving."

"Now, more than ever before, advisors and their clients are looking carefully at the strength of the insurance company, and its ability to stand behind policy guarantees," Shifman added. "Midland stands out as one of the highest-rated insurance companies in the nation at a time when many insurers are being downgraded.

"The Vector product is definitely a unique innovation," said Shifman. It features 15 rider options with no trading restrictions, including the "Five for Life Plus" rider with a step-up option and a "GMIB Plus" rider with an annual step and built in return of principal after 15 years. In addition, unlike most variable annuities that impose a surrender charge on advisory fees, the Vector product does not. Advisory fees, up to 2.90%, are not counted against the free partial withdrawal provision.

"Midland's philosophy of continuous development is a real signal to the market. We are already working on the next generation of product riders," Shifman said.

In addition to living benefits, the Vector Variable Annuity offers a "Shortened CDSC Rider," which allows clients to shorten their surrender charge schedule. Clients may choose to have a 3-year schedule, 4-year schedule or even a complete waiver of surrender charges. Also available are seven death benefit options and 3 extra credit options. The product also supports spousal continuation, a valuable tool for financial planning and uses a sophisticated web based trading platform developed by a subsidiary of Orion Advisory Services.

Midland National is one of the leading insurance companies in the country. The Company has enjoyed steady growth, stability of leadership and industry success over the course of its history. At year-end 2005, Midland National has over $110 billion in life insurance and over $18.8 billion in assets.

These testimonials represent the opinions of the named individuals only and are not a guarantee of future performanceor success.

(1) All Separate Account investment portfolios are subject to market risk.
(2) All optional riders are subject to an additional annual charge. For the 3 Extra Credit Options, the value of the extra credit, over time, may be offset by the additional charges. The GMIB Plus and Five For Life Plus Riders provide a type of insurance against negative investment performance only.
(3) No investment strategy assures a profit or protects against a loss in a declining market.

Please consider the fund's investment objectives, risks, charges and expenses carefully before investing. Past performance is no guarantee of future results. The product prospectus and the fund prospectuses contain this and other information about Midland National's variable products including the funds' investment objectives, risks, charges and expenses. To obtain current product and fund prospectuses, you can call 866-270-9564 or by e-mail at sales@vectorannuity.com. Please read and have your client read these prospectuses carefully before they invest or send any money.

The Midland National Vector Annuity products and riders are issued on forms: AS/AC117A, AS/AC118A, AR113A, AR143A, AR144A, AR145A, AR146A, AR147A or state variations. This contract, its riders and features may not be available in all states.

Variable annuities are suitable for long-term investing, such as retirement planning, and are subject to market risk.

Outer Banks Financial and Sammons Securities Company are not affiliated companies. Sammons Securities
Company distributes Midland National's variable securities products.

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