AFN32287_1007

1. PLAN FOR RETIREMENT 1 AFN32287_0512 AFN32287_1007

2. Why Mutual of Omaha? Proven financial strength and stability Customer-focused core values Investment options are underwritten by either United of Omaha Life Insurance Company or Companion Life Insurance Company, wholly owned subsidiaries of Mutual of Omaha. 2

3. Today’s Agenda Why save for retirement? What is a 401(k) plan? How much do you need to save? Where should you invest your money? How do you get started? Specific features about your plan 3

4. Why Save for Retirement? Social Security will not be enough The impact of inflation Increased years in retirement 4

5. Current Income Sources for Today’s Retirees ASSET INCOME 11% SOCIAL SECURITY 37% PENSIONS 19% OTHER 3% EARNINGS 30% Source: Social Security Administration, Income of the Aged Chartbook, 2010, released March 2012 5

6. Higher Cost of Inflation TAKE A LOOK AT HOW PRICES MAY CHANGE OVER TIME: Sources: Inflation Data.com, 2012 Current prices are estimates. Future prices based on an annual 2.65 percent rate of inflation. 6

7. Increased Years in Retirement WHY DOES MY LIFE EXPECTANCY MATTER? 7

8. What is a 401(k) Plan? A retirement plan offered by your employer You contribute Your employer may contribute matching contributions Convenience Tax advantages 8

9. Advantages of Investing Pretax Dollars Assumes Adam and Michael are in a 27.5 percent tax bracket and an employer matching contribution of 50 cents per dollar is contributed. Calculation shows federal income tax withholding only. See the Plan Highlights section for information about your company match. 9

10. The Power of Tax-Deferred Growth Assumes both investors are in a 27.5 percent tax bracket and a 6 percent annualized return on both accounts. Upon distribution, Michael potentially may be in a lower tax bracket of 15 percent and, if elected, would receive a lump-sum amount of $38,730. 10

11. How Much Do You Need to Save? Identify personal needs Develop a plan 11

12. How Much Money Will I Need? This chart is for illustration purposes only. Not intended to be investment advice; consult your financial/tax adviser for information about your specific situation. Assumes pretax savings through this plan and other tax deferred savings, no change in Social Security benefits, a 6 percent annual rate of return on investments after retirement, retiring at age 67 and living until age 85, with all funds exhausted by age 85. Assumes that salary and payout will grow at an annual rate of inflation of 3.25 percent. 12

13. How Much Should I Contribute? This chart is for illustration purposes only. Chart computes contributions suggested to reach 75 percent of income needed for retirement. Not intended to be investment advice; consult your financial/tax adviser for information about your specific situation. Some amounts may exceed plan- or IRS-imposed participant contribution limits for defined contribution plans. Check the Plan Highlights section of your enrollment book for the IRS-imposed contribution limits. 13

14. Why is Time Important? The Benefits of Starting Early Even though Alana contributed more money to her retirement savings plan, Suzanne ended up with nearly twice as much at age 65. Why? Because Suzanne started early and took advantage of the power of time and compounding. This illustration assumes a 6 percent earned rate per year with money deposited at the beginning of the month. This rate is used for illustration purposes only and doesn't represent the actual performance of any specific investment. There’s no guarantee that any particular return will be achieved, and past performance is no guarantee of future results. Investment returns will vary and principle values, when redeemed, may be worth more or less than the original investment. Where applicable, figures have been reduced based on a tax rate of 27.5 percent. $191,696 $136,694 14

15. Where Should I Invest My Money? Professional investment portfolios Risk-based Time-based Build your own portfolio Professionally managed account options Self-directed Brokerage Account (SDBA)* *Not all plans qualify for the SDBA. Additional costs may apply. Not intended to be investment advice. 15

16. Time Horizon 16

17. Risk/Return Profiles 17

18. Asset Classes Annual Investment Returns of Various Asset Classes This graph shows the rolling 12 month returns through 12/31/2011 for Domestic Stocks, International Stocks, Bonds and Stable Value categories Legend: Stable Value = 90-day T-bills Domestic Stocks = S&P 500 Index Bonds = BarCap Aggregate Bond Index International Stocks = MSCI EAFE 18

19. Simplified Investing Through Professional Investment Portfolios Portfolios that match your needs Rigorous expert selection process Professional diversification Automatically rebalanced based on pre-set allocation over time 19

20. Mutual Directions® Portfolios Series of five risk-based portfolios One investment decision (determined by risk tolerance) Designed to meet the objectives of the conservative to aggressive investor 20

21. Mutual Directions® Portfolios Conservative to Aggressive Portfolios Diversification does not ensure a profit or protect against a loss in a declining market. 21

22. Which Portfolio is Right for You? 22

23. Mutual GlidePathSM Portfolios Mutual GlidePathSM portfolios are designed to help investors achieve a broadly diversified portfolio that will gradually become more conservative in its allocation as the target retirement date nears. The portfolios continue to be allocated along their investment “glidepaths” for approximately 20 years beyond the target retirement date. Mutual GlidePath portfolios offer higher equity exposure at the target retirement date than “to retirement” style time based portfolios. Diversification does not ensure a profit or protect against a loss in a declining market. 23

24. Mutual GlidePathSM Mutual GlidePath 2010Designed for investors who intend to retire within five years of 2010. Mutual GlidePath 2015Designed for investors who intend to retire within five years of 2015. Mutual GlidePath 2020Designed for investors who intend to retire within five years of 2020. Mutual GlidePath 2025Designed for investors who intend to retire within five years of 2025. Mutual GlidePath 2030Designed for investors who intend to retire within five years of 2030. Mutual GlidePath 2035Designed for investors who intend to retire within five years of 2035. Mutual GlidePath 2040Designed for investors who intend to retire within five years of 2040. Mutual GlidePath 2045Designed for investors who intend to retire within five years of 2045. Mutual GlidePath 2050Designed for investors who intend to retire within five years of 2050. Mutual GlidePath 2055Designed for investors who intend to retire within five years of 2055. 24

25. Vanguard® Target Retirement Funds Vanguard® Target Retirement Funds are time-based investments that become more conservative as the target retirement date nears. Vanguard Target Retirement Funds offer lower equity exposure at the target retirement date than “through retirement” style time-based portfolios. Diversification does not ensure a profit or protect against a loss in a declining market. All Vanguard Target Retirement funds are managed by The Vanguard Group, Inc. Vanguard and Mutual of Omaha are not affiliated companies. 25

26. Vanguard® Target Retirement Funds Vanguard Target Retirement Income FundDesigned for investors already in retirement. Vanguard Target Retirement 2015 FundDesigned for investors who intend to retire within five years of 2015. Vanguard Target Retirement 2020 FundDesigned for investors who intend to retire within five years of 2020. Vanguard Target Retirement 2025 FundDesigned for investors who intend to retire within five years of 2025. Vanguard Target Retirement 2030 FundDesigned for investors who intend to retire within five years of 2030. Vanguard Target Retirement 2035 FundDesigned for investors who intend to retire within five years of 2035. Vanguard Target Retirement 2040 FundDesigned for investors who intend to retire within five years of 2040. Vanguard Target Retirement 2045 FundDesigned for investors who intend to retire within five years of 2045. Vanguard Target Retirement 2050 FundDesigned for investors who intend to retire within five years of 2050. Vanguard Target Retirement 2055 FundDesigned for investors who intend to retire within five years of 2055. 26 *Vanguard is a trademark of The Vanguard Group, Inc.

27. Build Your Own Customized portfolios High level of involvement Carefully selected, monitored investment options Mutual funds universe Self-directed brokerage account* Not all plans qualify for the SDBA. This feature may impact pricing. 27

28. Monitored Funds Fixed Income/Bonds BlackRock High Yield Bond Portfolio Bond Index fund Goldman Sachs High Yield Fund Guaranteed Account* Lifetime Guaranteed Income Account** Metropolitan West Total Return Bond Fund PIMCO Total Return Fund Templeton Global Total Return Fund TIPS Index Fund Domestic Stock Funds Alliance Bernstein Small/Mid Cap Value Fund Allianz NFJ Dividend Value Fund Blackrock Capital Appreciation Fund *The Guaranteed Account is an individual investment choice that is not part of the Mutual Directions or Mutual GlidePath portfolios and is not part of the program used by Mutual of Omaha to monitor the portfolios and their underlying funds at the product level. **Lifetime Guaranteed Income Account (Rider Forms 651-GAQR-10 or 651-GAQR-10(OR)) may not be available in all states and specific features may vary by state. Availability may vary by plan. The Lifetime Guaranteed Income Account is not available in New York. Availability may vary by plan and may change over time. 28

29. Monitored Funds (Continued) Domestic Stock Funds (continued) Dreyfus/ The Boston Company Small/Mid Cap Growth Portfolio Goldman Sachs Small CapValue Fund Growth Stock Index Fund Harbor Capital Appreciation Fund John Hancock Disciplined Value Mid Cap Fund Lord Abbett Value Opportunities Fund MFS Value Fund Mid Cap Stock Index Fund • Royce Total Return Fund • Small Company Fund* • Small Cap Stock Index Fund • Stock Market Index Fund • Strategic Value Fund* • Target Small Capitalization Value Portfolio • T. Rowe Price Growth Stock Fund • Value Stock Index Fund • Vanguard® Morgan Growth Fund • Vanguard® Windsor II™ Fund • Waddell & Reed New Concepts Fund • William Blair Small-Mid Cap Growth I Fund * Not available in New York. Availability may vary by plan and may change over time. 29

30. Monitored Funds (Continued) International Stock Funds Causeway International Value Fund Dodge & Cox International Stock Fund Emerging Markets Index Fund Franklin International Small Cap Growth Fund Harbor International Fund International Developed Countries Fund International Stock Index Fund International Emerging Markets Fund MFS International Growth Fund Wells Fargo Advantage Emerging Markets Equity Fund Specialty Funds • Cohen & Steers Institutional Realty Shares • Franklin Growth Fund • Lord Abbett Fundamental Equity Fund • Oppenheimer Global Fund • Vanguard Global Equity Fund 30 Availability may vary by plan and may change over time.

31. Self-directed Brokerage Account For participants who want to select and trade in: Individual stocks listed on major U.S. stock exchanges New York Stock Exchange American Stock Exchange NASDAQ Fixed income funds including U.S. government and corporate securities A large list of mutual funds *Not all plans qualify for the SDBA. An additional cost may apply. 31

32. Professionally Managed Account Options For participants who want a “do it for me” approach Personalized retirement strategy recommendations Professional account management Regular monitoring and detailed reports Additional costs apply 32

33. Professionally Managed Account Option Stadion Fully automated feature Manages investments based on current market conditions Defaulted based on age or individual preference Additional costs apply 33

34. Professionally Managed Account Option Additional costs apply Morningstar® Retirement Manager™ Professional investment guidance Managed account services Ongoing account review 34

35. Qualified Default Investment Alternatives (QDIA) QDIA solutions include: Stadion Mutual GlidePath portfolios Vanguard Target Retirement Funds 35

36. How Do I Get Started? Determine how much to contribute Choose how to invest your money Complete the enrollment forms 36

37. Your Plan Features Plan highlights Plan tools 37

38. Plan Highlights Eligibility Contributions Vesting Investment options Loans Distributions 38

39. Roth 401(k) – More Ways to Save for Retirement After-tax contributions Tax-free withdrawals* No income restrictions Eligible for matching contributions** Eligible for rollover into another qualified plan *Contributions must remain in the plan for 5 years from the first time Roth 401(k) contributions are made and begin after age 59 ½. **Check your plan provisions. 39

40. What is more advantageous – Roth or Pretax You may want to consider pretax contributions if: Minimizing the taxes you pay today is very important to you You think your tax rates will be lower when you retire than they are today The current tax savings you get by making pretax contributions is substantial Increasing your income would reduce tax credits you may be eligible for now You believe the certainty of an immediate tax reduction outweighs a potentially larger, but uncertain tax reduction in the future You have the self-discipline to take the tax savings and invest them for retirement You may want to consider Roth contributions if: You want your retirement savings to be tax free when withdrawn (subject to IRS conditions) You think your tax rates will be higher when you retire than they are today Your personal tax situation limits the benefits of pretax contributions today (your income is low or you have high tax deductions or credits) You plan to leave the money in the plan until you retire You are younger and have a long time to accumulate earnings on your contributions (compounding earnings will have a greater impact on the amount distributed tax free) You are not eligible for a Roth IRA due to income limitations 40

41. Plan Tools Information to help manage your 401(k) account Customer service options Account access capabilities Ongoing communications Education and planning tools 41

42. Convenient Customer Service Options Interactive Voice Response (IVR) System 1-888-917-7191 Speak with a Retirement Specialist Call IVR System Press 0 8:00 a.m. – 8:00 p.m. (CST) Monday - Friday 42

43. Quick Access Web site: GetRetirementRight.com Account balance information Investment election changes Deferral percentage changes* Transfers among current funds Sample loan modeling* Loan requests* Statements on demand Fund performance information Distribution requests Retirement planning tools Wireless application protocol [The bullets on this slide may be variable, depending on the specific plan’s features - for example, if loans are not available, the bullet may be deleted.] * Availability may vary by plan 43

44. Ongoing Communications Quarterly Statements Quarterly Newsletters 44

45. Education and Planning Tools Enrollment Booklet Retirement Calculator 45

46. Education and Planning Tools SmartPlan EnterpriseSM 46

47. Online Tools 47

48. Remember Start saving early Contribute regularly Choose investments that meet your unique needs Online and telephone support is always available

49. Important Information All graphs and charts are for illustration purposes only and do not represent actual performance of specific investments. Your investment results will differ. Unless noted, illustrations assume 6 percent growth per year with money deposited at the beginning of the month. Figures have been reduced based on a tax rate of 27.5 percent. Taxes must be paid when funds are withdrawn. This presenter does not offer investment advice, legal advice, tax advice or tax opinions. Consult with your investment, legal or tax professional before taking any action based on this information. Past performance is no guarantee of future results. Investment options are offered through a group variable annuity contract (Forms 902-GAQC-09 or 902-GAQC-09(CT) or 902-GAQC-09(OR)) underwritten by United of Omaha Life Insurance Company for contracts issued in all states except New York. United of Omaha Life Insurance Company, Omaha, NE 68175 is not licensed in New York. In New York, Companion Life Insurance Company, Hauppauge, NY 11788 underwrites the group variable annuity (Form 900-GAQC-07(NY)). Each company accepts full responsibility for each of their respective contractual obligations under the contract but does not guarantee any contributions or investment returns except as to the Guaranteed Account and the Lifetime Guaranteed Income Account as provided under the contract. Neither United of Omaha Life Insurance Company, Companion Life Insurance Company, nor their representatives or affiliates offers investment advice in connection with the contract. Lifetime Guaranteed Income Account (Rider Forms 651-GAQR-10 or 651-GAQR-10(OR)) may not be available in all states and specific features may vary by state. Availability may vary by plan. The Lifetime Guaranteed Income Account is not available in Nevada or New York. 49