National Sales Director IUL Strategies Minnesota Life National Sales Director Louis Slagle EVP Life Distribution James Hahn

Benefits of IUL Flexible premium and death benefit Tax-free death benefit Potential for greater cash value growth than fixed products Tax-deferred cash value growth Crediting floor to protect from negative crediting Agreements allow customization Depending upon actual policy experience, the Owner may need to increase premium payments to keep the policy in force.

Minnesota Life Sales by Index S&P 500 72.2% of IUL sales Fixed account 14.2% of IUL sales Multi-Index 8.7% of IUL sales Other 4.9% of IUL sales This is how our money is currently allocated based on our policies as of March 28th. S&P 500 Index Accounts Value Index A-S&P 500 100% Participation $170,980,295,640.82 Index A2-S&P 500 100% Participation $11,638,423,979.85 Index B-S&P 500 140% Participation $64,908,249,961.16 Index B2-S&P 500 140% Participation $1,969,363,489.68 Index D-S&P 500-3 year 140% Part $1,327,394,703.32 Indexed Loan Account $24,025,814.94 Total $250,847,753,589.77   Multi-Index Accounts Value  Index E- Blended 100% Participation $     30,285,487,734.24 Other Accounts Value  Index F-EUROSTOXX 50 100% Part $17,121,749,314.36 Fixed Accounts Value  Fixed Account A $47,381,352,298.85 Fixed Account A2 $1,843,248,572.97 Total $49,224,600,871.82 Overall Value  Total $347,479,591,510.19 Source: Minnesota Life actuarial software

Traditional Crediting Strategies Annual Point-To-Point Multi-Year Point-To-Point (i.e. 3 Year) Monthly Point-To-Point Monthly Average Daily Average

Benefits of Cash Value Link to cash value video Tracking#19145

Life Insurance in Retirement Program

Contribution & Tax Characteristics of Assets Annual Limits on Contributions Tax-deferred Accumulation Tax-preferred Distribution Income-tax-free Death Benefits Subject to Healthcare Surtax – 3.8% Traditional IRA1 Roth IRA1 Qualified Plan Certificate of Deposit Municipal Bond2 Individual Owned Deferred Annuity3, 4 Life Insurance5, 6 ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ ✔ 1 The ability to contribute or deduct contributions may be limited by adjusted gross income limits. 2 The principal value of bonds will fluctuate with market conditions. Bonds redeemed prior to maturity may be worth more or less than their original cost. Bond interest paid by a municipality outside the state in which you reside could be subject to state and local income taxes. If you sell a municipal bond at a profit, you could incur capital gains taxes. In some cases, municipal bond interest could be subject to the federal alternative minimum tax. 3 An annuity is a long-term, tax-deferred investment vehicle designed for retirement. Earnings are taxable as ordinary income when distributed, and if withdrawn before age 59½, may be subject to a 10 percent federal tax penalty. If the annuity will fund an IRA or other tax-qualified plan, the tax-deferral feature offers no additional value. Not FDIC/ NCUA insured. Not bank guaranteed. Not insured by any Federal Government Agency. There are charges and expenses associated with annuities, such as deferred sales charges for early withdrawals. 4 Upon annuitization, a portion of principal is included in the annuity payout and is not subject to income taxes. 5 Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender periods. 6 Withdrawals and loans from a life insurance contract are subject to special tax rules if the policy is a Modified Endowment Contract (MEC). Other than contribution limits or tax treatment, several other factors should be considered before purchasing any of these products. These include investment objectives, costs and expenses, liquidity, safety, fluctuation of principal or return, credit rates, rider availability, surrender periods and other product/investment characteristics.

Life Insurance Breakdown Initial annual distribution at age 65: $185,263 Number of annual distributions: 20 Total contributions: $1,000,000 Total gain: $1,870,085 Total distributions: $3,705,259 Death Benefit-Age 85: $395,596 Source: Minnesota Life Illustration software, March 2016. These are hypothetical examples used for advisor education only. Illustration results assume that the currently illustrated non-guaranteed elements will remain unchanged for all years shown. This is not likely to occur and actual results may be more or less favorable than those shown. Male, 45, preferred non-tobacco $1,039,525 initial death benefit. 7.29% illustrated rate. Illustration #11022164 Death and/or Retirement Benefits Net of Premium Payments Age 45 $989,525, Age 64 $1,909,610, Age 84 $3,100,855, Age 100 $4,992,335

College Funding

College Tuition is on the Rise From 2005-2015, public, in-state college tuition has increased an average of 3.5% annually – a total increase of approximately 42% over that same time period. 42% increase in the cost of public, in-state tuition since 2005 3.5% average annual increase in public, in-state tuition The College Board, Annual Survey of Colleges; NCES, Integrated Postsecondary Education Data System (IPEDS), http://trends.collegeboard.org/collegepricing/figures-tables/average-rates-growth-published-charges-decade, Accessed September 9, 2015. Balance Allocation Strategy that has been used on our Annuity Products will now applied to an Index Universal Life.

College Funding Vehicles UGMA/UTMA Coverdell Education Savings Account Section 529 savings plans Roth IRAs Life insurance cash values Balance Allocation Strategy that has been used on our Annuity Products will now applied to an Index Universal Life.

Benefits of using Life Insurance Control Policyowner remains in control Flexibility Funding flexibility – ability to contribute more Assets can be used for non-college expenses Tax-deferred Distributions can be tax-free Balance Allocation Strategy that has been used on our Annuity Products will now applied to an Index Universal Life.

Benefits of using Life Insurance Financial aid Life insurance is not considered in financial aid profiles Sub-account options Funding flexibility Assets can be used for non-college Balance Allocation Strategy that has been used on our Annuity Products will now applied to an Index Universal Life.

Case Study: Two Examples College cost calculator – $220,000 in 18 years Option 1: Tap accumulation value to pay tuition Option 2: Repay student loan in lump sum Give student a fresh, clean start Balance Allocation Strategy that has been used on our Annuity Products will now applied to an Index Universal Life. Source: https://bigfuture.collegeboard.org/pay-for-college/college-costs/college-costs-calculator

Option 1: $9,000 premium paid for 18 years $55,000 switch at basis strategy with partial surrenders and loans for 4 years ($220,000) Accumulation value after college: $175,463 Death benefit after college: $337,340 Male, Age 35, standard non-tobacco, 7% illustrated rate, $283,794 initial death benefit (increasing). Hypothetical example for illustrative purposes only.

Option 2: $9,000 premium paid for 18 years Interest deferred school loan Pay off $220,000 loan in lump sum with a switch at basis strategy including partial surrenders and loans Accumulation value after college: $199,653 Death benefit after college: $338,254 Male, Age 35, standard non-tobacco, 7% illustrated rate, $283,794 initial death benefit (increasing). Hypothetical example for illustrative purposes only.

Business Strategies: Retaining Top Talent

Case Study Employer Employee Offer small businesses a solution that helps retain key employees without giving away ownership Employee Flexibility to access cash prior to retirement Tax-free income Death benefit Long-term care

Retaining Top Talent Recent studies show that 75% of an organization’s top performers leave the company within three years1 Replacement costs ranging anywhere from 60% to 200% of annual salary1 Employers must increasingly look for ways to provide additional value to incentivize their key employees 1Source: http://benefitsdoneright.com/ 2014

Having a Different Conversation Advisor Business Owner Employee

In Summary: Benefits for the Small Business Retain top talent Different conversation Offer a unique benefit to key employees Tax deduction Simple options available

In Summary: Benefits for the Employee Tax-preferred income, in addition to other benefits Tax-free death benefit Potential for long-term care protection Rewarding a loyal impactful employee

Business Succession Strategies

Case Study Male, 45 Business owner Help ensure long-term viability of business when he retires At age 65, will purchase shares of minority partner and transition business to son Looking for additional income and LTC coverage 1 1 Hypothetical example for illustrative purposes only.

Option 1: $45,000 premium to age 65 Pre-determined buyout at age 65 Lump sum switch at basis strategy for buyout for $1,000,000 including partial surrenders and loans Son has 100% ownership Father has $68,019 income to age 100 Male, 45 standard non-tobacco, $965,052 initial death benefit (increasing), 7.0% illustrated rate, BAS S&P 500® 2 Year Uncapped Strategy, Overloan Protection Agreement. Hypothetical example for illustrative purposes only.

Option 2: $45,000 premium to age 65 Pre-determined buyout at age 65 Lump sum switch at basis strategy for buyout for $1,000,000 including partial surrenders and loans Son has 100% ownership Father has $22,761 income to age 100 LTC Agreement providing $10,200/month Male, 45 standard non-tobacco, $965,052 initial death benefit (increasing), 5.0% illustrated rate, BAS S&P 500® 2 Year Uncapped Strategy, Accelerated Death Benefit Agreement, Overloan Protection Agreement, Long Term Care Agreement $1,000,000 2%. Hypothetical example for illustrative purposes only.

Power of the Uncapped Strategy CAGR years S&P500 12.5% 1 year PTP cap1 1 year BAS2 2 year BAS3 5 year BAS4 20 7.84% 7.63% 8.07% 8.90% 6.03% 30 8.75% 7.75% 8.26% 9.37% 9.56% Historical results based on end of year, consistent with supplemental illustration methodology by Minnesota Life, 1/16. These values assume that the currently illustrated non-guaranteed elements will continue unchanged for all years shown. This is not likely to occur and actual results may be more or less favorable than those shown. Past performance does not guarantee future results. Results show up to 1.81% higher annual returns 1 Historical Compound Average return of S&P 500® (excluding dividends) with 100% Participation, assuming the current Growth Cap of 12.5% applied throughout the applicable period 2 Historical Compound Average return of S&P 500® (excluding dividends) with 105% participation rate, 65% allocated to the indexed account, 35% applied to the fixed account with a declared rate of 3%, assuming the account is uncapped throughout the applicable period 3 Historical Compound Average return of S&P 500® (excluding dividends) with 110% participation rate, 85% allocated to the indexed account, 15% applied to the fixed account with a declared rate of 3%, assuming the account is uncapped throughout the applicable period 4 Historical Compound Average return of S&P 500® (excluding dividends) with 125% participation rate, 105% allocated to the indexed account, 0% applied to the fixed account with a declared rate of 3%, assuming the account is uncapped throughout the applicable period This table introduces the hypothetical compound annual growth rate (CAGR) of the S&P 500 and BGA’s four indexed accounts from 12/18/86 – 12/17/15 for the 30-year period and from 12/19/96 – 12/17/15 for the 20-year period. Historical results based on end of year, Will be consistent with supplemental illustration ML Software When comparing BAS historic returns vs capped products BAS has out performed Capped products depending on BAS strategy up to 1.81% higher returns 1 year BAS - 0.51% greater than 12.5% capped 2 year BAS – 1.62% 5 year BAS – 1.81%

Insurance products described here are underwritten and issued by Minnesota Life Insurance Company. Annexus Enterprises, LLC serves as a distributor of these products and is independently owned and operated. Annexus designs insurance solutions combining principal protection with index growth opportunities. Annexus uses patented technologies developed in partnership with Genesis Financial to help individuals face their financial future with confidence. This information should not be considered as tax or legal advice. Clients should consult their tax or legal advisor regarding their own tax or legal situation. BGA Indexed Universal Life Insurance is designed first and foremost to provide life insurance protection. While the interest crediting options are attractive for cash value accumulation, this product should always be promoted to first meet the death benefit needs of families and businesses with cash accumulation as a secondary benefit. One cannot invest directly in an index. One can lose money in these products. Life insurance products contain fees, such as mortality and expense charges, and may contain restrictions, such as surrender charges. Guarantees are based on the claims-paying ability of the issuing insurance company. Agreements are available for additional cost and may be subject to restrictions. Agreements may not be available in all states or may exist under a different name in various states. Policy loans and withdrawals may create an adverse tax result in the event of lapse or policy surrender, and will reduce both the surrender value and death benefit. You/Clients should consult your/their tax advisor when considering taking a policy loan. The underlying indices only recognize the changes in stock prices and do not include any dividend returns. While the policy and the Indexed Accounts do not actually participate in the stock market or the S&P 500 Index, and one cannot invest directly in an Index, the performance of the underlying index may exceed the indexed growth cap offered on Index Account A. Interest crediting within these accounts will vary based on the movement of the equities within the underlying index. If the index experiences growth less than or equal to 0%, no index credit will be applied to the account. Administrative and insurance charges are deducted every month, regardless of whether premium outlays are made. The Policy is not sponsored, endorsed, sold or promoted by Standard & Poor’s (“S&P”) or its third party licensors. Neither S&P nor its third party licensors makes any representation or warranty, express or implied, to the owners of the Policy or any member of the public regarding the advisability of investing in securities generally or in the Policy particularly or the ability of the S&P 500 (the “Index”) to track general stock market performance. S&P’s and its third party licensor’s only relationship to Minnesota Life is the licensing of certain trademarks and trade names of S&P and the third party licensors and of the Index which is determined, composed and calculated by S&P or its third party licensors without regard to Minnesota Life or the Policy. S&P and its third party licensors have no obligation to take the needs of Minnesota Life or the owners of the Policies into consideration in determining, composing or calculating the Index. Neither S&P nor its third party licensors is responsible for and has not participated in the determination of the prices and amount of the Policy or the timing of the issuance or sale of the Policy or in the determination or calculation of the equation by which the Policy is to be converted into cash. S&P has no obligation or liability in connection with the administration, marketing or trading of the Policy. Neither S&P, its affiliates nor their third party licensors guarantee the adequacy, accuracy, timeliness or completeness of the index or any data included therein or any communications, including but not limited to, oral or written communications (including electronic communications) with respect thereto. S&P, its affiliates and their third party licensors shall not be subject to any damages or liability for any errors, omissions or delays therein. S&P makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the marks, the index or any data included therein. Without limiting any of the foregoing, in no event whatsoever shall S&P, its affiliates or their third party licensors be liable for any indirect, special, incidental, punitive or consequential damages, including but not limited to, loss of profits, trading losses, lost time or goodwill, even if they have been advised of the possibility of such damages, whether in contract, tort, strict liability or otherwise. Securian Financial Group, Inc. www.securian.com Insurance products offered by Minnesota Life Insurance Company 400 Robert Street North, St. Paul, MN 55101-2098 © 2016 Securian Financial Group, Inc. All rights reserved. 44079 04-2016 DOFU 04-2016 Please read.