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Unit values current as of: 07/29/2010
Performance represents average of annual returns, expressed as percentages, as of: 06/30/2010

The cash value and performance of a VGUL policy needs to be considered in light of the investment objectives of the particular Portfolio and the market conditions during the time period shown. This report is for illustrative purposes only and it is important to remember that past performance is not an indication of future results. The cash value will fluctuate with the investment experience of the underlying Portfolio and may be more or less than the accumulated premium paid at the time of withdrawal or surrender.

The data quoted represents past performance. Past performance does not guarantee future results. The current performance may be higher or lower than the performance data quoted. Investments will fluctuate, and when redeemed, may be worth more or less than originally invested. The performance shown does not reflect the cost of insurance, sales charges or administration charges and if it did, it would significantly lower the performance shown. The performance does reflect the policy's maximum mortality and expense charge and this information also includes re-occurring fees (management fees, 12b-1 fees, and other expenses).

You can refer to the hypothetical illustrations in the prospectus to see the impact the cost of insurance has on performance. You may also request a personalized illustration which reflects the cost of insurance.

Variable Group Universal Life (VGUL) is a flexible premium life insurance policy which offers insurance protection and the opportunity for long-term accumulation of cash values through variable subaccounts and/or a guaranteed account. VGUL policies are issued by Minnesota Life and the Minnesota Life Variable Universal Life account. The guarantees for the guaranteed account are solely based on the financial strength and claims-paying ability of Minnesota Life, which are important; however, they do not have any bearing on the performance of the variable subaccounts. Variable products are distributed by Securian Financial Services, Inc., Securities Dealer, member FINRA/SIPC.

The total return chart above reflects a Portfolio's expenses and investment gains and losses, and reflects the policy's maximum mortality and expense risk charge of 0.50 percent. The returns quoted above do not account for any other deduction of policy charges, including cost of insurance charge, taken against a policy's premium and cash values. Such charges, if deducted, would significantly reduce the performance quote (see the prospectus for a full description of all charges).

The Funds' investment advisors may have paid some of the fees and expenses during these periods. These fee and expense subsidies may be terminated or revised at any time, in which event performance may be reduced. For a complete discussion of the fees, expense and subsidies application to a Portfolio, please refer to the prospectus for that Fund. These performance figures are historical; future performance and principal value will vary.

VGUL was first offered for sale on August 8, 1994. Therefore, performance for the variable account options that note an inception date before August 8, 1994 reflects the inception date for the underlying fund, which either precedes the initial offering of VGUL or the date the variable account option was added to the contract. It is hypothetical and actual performance might have varied based on various factors.

This must be preceded or accompanied by a current prospectus. You should consider the investment objectives, risks, charges and expenses of a portfolio and the variable insurance product carefully before investing. The portfolio and variable insurance product prospectuses contain this and other information. Please read the prospectuses carefully before investing.

¹ Non-Agency Securities Risk - is the risk that payments on a security will not be made when due, or the value of such security will decline, because the security is not issued or guaranteed as to principal or interest by the U.S. Government or by agencies or authorities controlled or supervised by and acting as instrumentalities of the U.S. Government. These securities may include but are not limited to notes payable by non-government guaranteed prime, Alt A, and sub-prime residential mortgage borrowers. Non-agency securities also may include asset-backed securities (which represent interests in auto, consumer and/or credit card loans) and commercial mortgage-backed securities (which represent interests in commercial mortgage loans).
² Risks of investment in the bond portfolio include, but are not limited to, changes in interest rates and the creditworthiness of their issuers. Also, in a low interest rate market there is the risk that bonds could be called by the issuer and prepaid prior to maturity. They could be replaced by bonds that offer lower interest rates.
³ "Standard & Poor's®," "S&P®," "S&P 500®," "Standard & Poor's 500® ," "Standard & Poor's MidCap 400®," and "S&P MidCap 400®" are trademarks of The McGraw-Hill Companies, Inc., and have been licensed for use by the Advantus Series Fund, Inc. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the Fund. This sub-account seeks investment results generally corresponding to the Index from which the sub-account takes its name. You may not invest directly in an Index.
⁴ Investments in small, mid or micro cap companies involve greater risks not associated with investing in more established companies, such as business risk, stock price fluctuations, increased sensitivity to changing economic conditions, less certain growth prospects and illiquidity.
⁵ Investment risks associated with international investing, in addition to other risks, may include currency fluctuation, political, social and economic instability, and differences in account standards when investing in foreign markets.
⁶ Investments in the Money Market Account are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.
⁷ The risks incurred by mortgage securities include, but are not limited to, reinvestment of prepaid loans at lower rates of return. In addition, the net asset value of mortgage securities may fluctuate in response to changes in interest rates and are not guaranteed.
⁸ Investment risks associated with real estate investing, in addition to other risks, include rental income fluctuation, depreciation, property tax value changes, and differences in real estate market values.
⁹ Debt obligations are affected by changes in interest rates and the creditworthiness of their issuers. High yield, lower-rated (junk) bonds generally have greater price swings and higher default risks.
¹⁰ Effective on or about April 30, 2010, Ivy Funds VIP International Value will change to Ivy Funds VIP International Core Equity.
¹¹ Derivatives may be used to seek increased income or try to hedge investment risks. In general terms, a derivative investment's value depends on (or is derived from) the value of an underlying asset, interest rate or index. Options, futures, swaps, structured notes and certain mortgage-related securities are examples. Derivatives can be highly volatile, illiquid, may disproportionately increase losses and may have a potentially large negative impact on the fund's performance. There is also a possibility that derivatives may not perform as intended, which can reduce opportunity for gain or result in losses by offsetting positive returns in other securities in the Portfolio.
¹² A "non-diversified" fund has the ability to take larger positions in a smaller number of issuers than a "diversified" fund. "Non-diversified" funds may experience greater price volatility.
¹³ The Portfolio may have significant short sale activity. The use of short sales may cause the Portfolio to have higher expenses than those of other equity portfolios. Short sales are speculative transactions and involve special risks, including a greater reliance on the investment team's ability to accurately anticipate the future value of a security. The Portfolio's losses are potentially unlimited in a short sale transaction. The Portfolio's use of short sales in effect leverages the portfolio. The Portfolio's use of leverage may result in risks and can magnify the effect of any losses. There is no assurance that a leveraging strategy will be successful.
¹⁴ This Portfolio may have significant exposure to emerging markets. In general, emerging market investments have historically been subject to significant gains and/or losses. As such, the Fund's returns and NAV may be subject to such volatility. Investments in emerging markets involve heightened risks due to their smaller size and decreased liquidity.
¹⁵ The Portfolio will normally invest at least 80% of its net assets, measured at the time of purchase, in the type of securities described by its name.