NATIONWIDE

VL SEPARATE

ACCOUNT-G

Annual Report

to

Contract Owners

December 31, 2009

NATIONWIDE LIFE AND ANNUITY INSURANCE COMPANY

HOME OFFICE: COLUMBUS, OHIO

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY

December 31, 2009

Assets:

Investments at fair value:
Variable Series Funds, Inc. - Global Allocation V.I. Fund - Class II (MLVGA2)
26,723 shares (cost $394,572)	$	398,446
Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)
32,004 shares (cost $1,017,081)		1,061,558
Janus Aspen Series - Overseas Portfolio - Service II Shares (JAIGS2)
48,090 shares (cost $2,113,397)		2,179,900
Investors Growth Stock Series - Initial Class (MIGIC)
452 shares (cost $3,876)		4,444
Value Series - Initial Class (MVFIC)
129,861 shares (cost $1,389,141)		1,532,359
Core Plus Fixed Income Portfolio - Class I (MSVFI)
13,649 shares (cost $138,580)		135,533
AllianceBernstein NVIT Global Fixed Income Fund - Class III (NVAGF3)
2,516 shares (cost $28,735)		27,728
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
1,630 shares (cost $17,908)		20,771
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)
89,157 shares (cost $1,314,763)		1,397,976
American Funds NVIT Bond Fund - Class II (GVABD2)
32,780 shares (cost $336,711)		349,111
American Funds NVIT Global Growth Fund - Class II (GVAGG2)
36,349 shares (cost $631,669)		718,616
American Funds NVIT Growth Fund - Class II (GVAGR2)
19,492 shares (cost $957,153)		896,833
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)
10,451 shares (cost $308,761)		350,435
Federated NVIT High Income Bond Fund - Class III (HIBF3)
85,001 shares (cost $539,795)		560,157
Gartmore NVIT Emerging Markets Fund - Class III (GEM3)
138,979 shares (cost $1,736,479)		1,576,017
Gartmore NVIT International Equity Fund - Class VI (NVIE6)
46,703 shares (cost $333,675)		373,628
Gartmore NVIT Worldwide Leaders Fund - Class III (GEF3)
109 shares (cost $1,027)		1,114

(Continued)

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STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
18,425 shares (cost $135,419)	$	155,692
Neuberger Berman NVIT Socially Responsible Fund - Class II (NVNSR2)
88,454 shares (cost $729,255)		744,785
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
66,120 shares (cost $477,619)		556,069
NVIT Cardinal Balanced Fund - Class I (NVCRB1)
76,038 shares (cost $657,849)		726,166
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)
113,511 shares (cost $912,588)		1,031,814
NVIT Cardinal Conservative Fund - Class I (NVCCN1)
13,070 shares (cost $124,344)		131,484
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
170,662 shares (cost $1,466,250)		1,592,278
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
306,438 shares (cost $2,445,244)		2,708,909
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
31,849 shares (cost $283,451)		310,527
NVIT Core Bond Fund - Class I (NVCBD1)
49,779 shares (cost $512,184)		508,241
NVIT Core Plus Bond Fund - Class I (NVLCP1)
3,858 shares (cost $41,504)		41,628
NVIT Fund - Class I (TRF)
97,777 shares (cost $871,524)		792,971
NVIT Government Bond Fund - Class I (GBF)
149,553 shares (cost $1,764,758)		1,755,751
NVIT Health Sciences Fund - Class III (GVGHS)
9,945 shares (cost $88,676)		95,667
NVIT International Index Fund - Class VI (GVIX6)
37,189 shares (cost $312,350)		301,229
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
206,903 shares (cost $1,740,206)		1,702,811
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)
1,343 shares (cost $15,888)		16,159
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)
7,551 shares (cost $95,923)		97,482
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
64,736 shares (cost $612,840)		638,942

(Continued)

3

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
317,748 shares (cost $3,059,307)	$	3,085,336
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
511,903 shares (cost $4,950,646)		4,806,771
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
30,475 shares (cost $288,485)		298,964
NVIT Mid Cap Index Fund - Class I (MCIF)
42,305 shares (cost $660,816)		626,966
NVIT Money Market Fund - Class I (SAM)
6,073,709 shares (cost $6,073,709)		6,073,709
NVIT Multi-Manager International Growth Fund - Class III (NVMIG3)
89,689 shares (cost $754,805)		774,913
NVIT Multi-Manager International Value Fund - Class III (GVDIV3)
63,473 shares (cost $658,103)		621,404
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
75,357 shares (cost $536,318)		654,852
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
12,707 shares (cost $95,217)		106,108
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
143,045 shares (cost $1,019,297)		1,200,150
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
79,229 shares (cost $667,721)		723,361
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
10,178 shares (cost $118,234)		125,185
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
26,080 shares (cost $233,775)		216,463
NVIT Multi-Manager Small Company Fund - Class I (SCF)
42,560 shares (cost $624,794)		614,989
NVIT Multi-Sector Bond Fund - Class I (MSBF)
41,853 shares (cost $360,297)		346,122
NVIT Short Term Bond Fund - Class II (NVSTB2)
7,907 shares (cost $81,435)		81,048
NVIT Technology & Communications Fund - Class III (GGTC3)
59,329 shares (cost $196,980)		203,497
NVIT U.S. Growth Leaders Fund - Class I (GVUG1)
14,284 shares (cost $117,892)		107,127
Oppenheimer NVIT Large Cap Growth Fund - Class I (NVOLG1)
532 shares (cost $6,672)		7,484

(Continued)

4

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

Templeton NVIT International Value Fund - Class III (NVTIV3)
62,879 shares (cost $723,670)	$	874,017
Van Kampen NVIT Comstock Value Fund - Class I (EIF)
50,094 shares (cost $441,624)		444,839
Van Kampen NVIT Real Estate Fund - Class I (NVRE1)
134,375 shares (cost $848,807)		980,937
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)
29,168 shares (cost $346,310)		327,267
V.I. Capital Appreciation Fund - Series I (AVCA)
1,094 shares (cost $22,241)		22,242
V.I. Capital Development Fund - Series I (AVCDI)
11,968 shares (cost $109,980)		135,123
VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
8,004 shares (cost $89,710)		107,328
VP Inflation Protection Fund - Class II (ACVIP2)
21,641 shares (cost $224,489)		232,205
VP Mid Cap Value Fund - Class I (ACVMV1)
45,026 shares (cost $503,706)		545,714
VP Value Fund - Class I (ACVV)
203,676 shares (cost $1,287,635)		1,075,407
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
56,388 shares (cost $596,704)		549,783
Stock Index Fund, Inc. - Initial Shares (DSIF)
71,387 shares (cost $2,078,594)		1,878,199
Appreciation Portfolio - Initial Shares (DCAP)
1,325 shares (cost $39,932)		41,595
Market Opportunity Fund II - Service Shares (FVMOS)
4,683 shares (cost $48,383)		46,128
Quality Bond Fund II - Primary Shares (FQB)
7,983 shares (cost $86,824)		89,410
VIP Fund - Contrafund Portfolio - Service Class (FCS)
128,755 shares (cost $3,492,067)		2,645,907
VIP Fund - Energy Portfolio - Service Class 2 (FNRS2)
83,675 shares (cost $1,421,628)		1,404,899
VIP Fund - Equity-Income Portfolio - Service Class (FEIS)
49,949 shares (cost $852,242)		836,644
VIP Fund - Freedom Fund 2010 Portfolio - Service Class (FF10S)
4,116 shares (cost $41,686)		40,211

(Continued)

5

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

VIP Fund - Freedom Fund 2020 Portfolio - Service Class (FF20S)
48,443 shares (cost $459,122)	$	460,209
VIP Fund - Freedom Fund 2030 Portfolio - Service Class (FF30S)
81,378 shares (cost $690,084)		734,027
VIP Fund - Growth Portfolio - Service Class (FGS)
39,097 shares (cost $1,365,062)		1,171,349
VIP Fund - Investment Grade Bond Portfolio - Service Class (FIGBS)
139,120 shares (cost $1,705,156)		1,723,700
VIP Fund - Mid Cap Portfolio - Service Class (FMCS)
79,142 shares (cost $2,074,723)		2,011,001
VIP Fund - Overseas Portfolio - Service Class R (FOSR)
100,371 shares (cost $1,972,692)		1,502,552
VIP Fund - Value Strategies Portfolio - Service Class (FVSS)
6,069 shares (cost $51,996)		46,795
Franklin Income Securities Fund - Class 2 (FTVIS2)
21,843 shares (cost $269,786)		308,427
Franklin Rising Dividends Securities Fund - Class 1 (FTVRDI)
2,442 shares (cost $44,772)		39,387
Franklin Small Cap Value Securities Fund - Class 1 (FTVSVI)
112,380 shares (cost $1,469,528)		1,460,945
Templeton Developing Markets Securities Fund - Class 3 (FTVDM3)
70,237 shares (cost $726,732)		683,405
Templeton Foreign Securities Fund - Class 3 (TIF3)
31,192 shares (cost $333,715)		417,033
Templeton Global Bond Securities Fund - Class 3 (FTVGI3)
22,294 shares (cost $375,018)		386,359
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)
33,544 shares (cost $195,488)		239,504
Brandes International Equity Fund (MFBIE)
9,671 shares (cost $108,877)		111,896
Business Opportunity Value Fund (MFBOV)
13,499 shares (cost $129,547)		128,243
Frontier Capital Appreciation Fund (MFFCA)
5,540 shares (cost $107,600)		113,398
M Large Cap Growth Fund (MFTCG)
7,564 shares (cost $95,469)		100,150
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
1,785 shares (cost $23,333)		18,296

(Continued)

6

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

Socially Responsive Portfolio - I Class Shares (AMSRS)
54,891 shares (cost $792,928)	$	664,175
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
7,665 shares (cost $283,388)		283,147
Global Securities Fund/VA - Class 3 (OVGS3)
22,962 shares (cost $634,850)		612,404
High Income Fund/VA - Class 3 (OVHI3)
60,731 shares (cost $97,882)		120,856
High Income Fund/VA - Non-Service Shares (OVHI)
1,063 shares (cost $1,787)		2,105
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
50,350 shares (cost $1,002,256)		915,365
Main Street Small Cap Fund(R)/VA - Non-Service Shares (OVSC)
37,728 shares (cost $408,661)		543,290
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)
6,621 shares (cost $73,230)		70,448
Low Duration Portfolio - Administrative Class (PMVLDA)
28,490 shares (cost $292,454)		288,030
Blue Chip Growth Portfolio - II (TRBCG2)
40,607 shares (cost $305,215)		385,769
Equity Income Portfolio - II (TREI2)
21,749 shares (cost $361,310)		383,007
Ivy Fund Variable Insurance Portfolios, Inc. - Asset Strategy (WRASP)
97,248 shares (cost $852,390)		897,143
Ivy Fund Variable Insurance Portfolios, Inc. - Balanced (WRBP)
2,888 shares (cost $22,929)		24,482
Ivy Fund Variable Insurance Portfolios, Inc. - Bond (WRBDP)
21,123 shares (cost $113,803)		116,170
Ivy Fund Variable Insurance Portfolios, Inc. - Core Equity (WRCEP)
6,990 shares (cost $62,357)		69,568
Ivy Fund Variable Insurance Portfolios, Inc. - Dividend Opportunities (WRDIV)
17,768 shares (cost $94,380)		105,956
Ivy Fund Variable Insurance Portfolios, Inc. - Energy (WRENG)
7,016 shares (cost $32,637)		36,894
Ivy Fund Variable Insurance Portfolios, Inc. - Global Natural Resources (WRGNR)
26,055 shares (cost $123,460)		149,763
Ivy Fund Variable Insurance Portfolios, Inc. - Growth (WRGP)
7,173 shares (cost $59,469)		66,548

(Continued)

7

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

Ivy Fund Variable Insurance Portfolios, Inc. - High Income (WRHIP)
30,738 shares (cost $90,640)	$	101,427
Ivy Fund Variable Insurance Portfolios, Inc. - International Growth (WRIP)
10,729 shares (cost $72,258)		80,375
Ivy Fund Variable Insurance Portfolios, Inc. - International Value (WRI2P)
3,855 shares (cost $51,182)		59,296
Ivy Fund Variable Insurance Portfolios, Inc. - Micro Cap Growth (WRMIC)
1,987 shares (cost $27,184)		31,198
Ivy Fund Variable Insurance Portfolios, Inc. - Mid Cap Growth (WRMCG)
6,415 shares (cost $37,764)		42,392
Ivy Fund Variable Insurance Portfolios, Inc. - Money Market (WRMMP)
202,942 shares (cost $202,942)		202,942
Ivy Fund Variable Insurance Portfolios, Inc. - Mortgage Securities (WRMSP)
975 shares (cost $4,368)		4,383
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Aggressive (WRPAP)
21,981 shares (cost $88,914)		101,757
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Conservative (WRPCP)
1,244 shares (cost $5,764)		6,245
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderate (WRPMP)
90,845 shares (cost $380,960)		432,686
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Aggressive (WRPMAP)
103,190 shares (cost $450,829)		495,776
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Conservative (WRPMCP)
1,994 shares (cost $9,127)		9,852
Ivy Fund Variable Insurance Portfolios, Inc. - Real Estate Securities (WRRESP)
4,310 shares (cost $18,662)		22,143
Ivy Fund Variable Insurance Portfolios, Inc. - Science and Technology (WRSTP)
8,564 shares (cost $114,625)		130,995
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Growth (WRSCP)
7,145 shares (cost $52,422)		58,392
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Value (WRSCV)
4,301 shares (cost $48,659)		57,135
Ivy Fund Variable Insurance Portfolios, Inc. - Value (WRVP)
5,552 shares (cost $23,541)		28,562

(Continued)

8

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENT OF ASSETS, LIABILITIES AND CONTRACT OWNERS’ EQUITY, continued

Advantage Funds Variable Trust - VT Small Cap Growth Fund (WFVSCG)
3,158 shares (cost $18,590)	$	20,056
Total Investments		77,722,943
Accounts Receivable - NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)		335
Total Assets		77,723,278
Accounts Payable - Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderate (WRPMP)		21,778
Other Accounts Payable		2,321
Total Accounts Payable		24,099
	$	77,699,179
Contract Owners’ Equity:
Accumulation units		77,699,179
Total Contract Owners’ Equity (note 8)	$	77,699,179

See accompanying notes to financial statements.

9

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account

Year Ended December 31, 2009

Investment Activity:	Total			MLVGA2		JACAS		JARLCS		JAIGS2		MIGIC		MVFIC		MSVFI
Reinvested dividends	$	978,116		4,253		88		131		5,828		25		11,712		25,878
Net investment income (loss)		978,116		4,253		88		131		5,828		25		11,712		25,878
Realized gain (loss) on investments		(5,481,279	)	596		(26,303	)	(14,238	)	(109,250	)	(540	)	(55,717	)	(42,229	)
Change in unrealized gain (loss) on investments		16,822,557		3,874		273,112		16,657		829,685		1,767		324,354		36,589
Net gain (loss) on investments		11,341,278		4,470		246,809		2,419		720,435		1,227		268,637		(5,640	)
Reinvested capital gains		772,826		-		-		-		36,286		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	13,092,220		8,723		246,897		2,550		762,549		1,252		280,349		20,238
Investment Activity:	MSVRE			NVAGF3		NVAMV1		GVAAA2		GVABD2		GVAGG2		GVAGR2		GVAGI2
Reinvested dividends	$	15,515		893		141		837		968		-		-		-
Net investment income (loss)		15,515		893		141		837		968		-		-		-
Realized gain (loss) on investments		(388,507	)	39		179		(94,535	)	(11,069	)	(52,263	)	(74,246	)	(25,447	)
Change in unrealized gain (loss) on investments		437,861		(1,006	)	2,863		287,422		38,332		183,381		206,441		78,539
Net gain (loss) on investments		49,354		(967	)	3,042		192,887		27,263		131,118		132,195		53,092
Reinvested capital gains		-		120		793		26,794		93		38,459		78,150		5,441
Net increase (decrease) in contract owners’ equity resulting from operations	$	64,869		46		3,976		220,518		28,324		169,577		210,345		58,533

(Continued)

10

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	HIBF3			GEM3		NVIE6		GEF3		NVNMO1		NVNSR2		NVCRA1		NVCRB1
Reinvested dividends	$	34,997		9,292		351		6		105		2,669		3,342		9,654
Net investment income (loss)		34,997		9,292		351		6		105		2,669		3,342		9,654
Realized gain (loss) on investments		(13,693	)	(79,426	)	(9,130	)	5		485		(83,593	)	(7,028	)	1,391
Change in unrealized gain (loss) on investments		105,707		458,548		56,853		87		20,263		260,682		92,663		68,848
Net gain (loss) on investments		92,014		379,122		47,723		92		20,748		177,089		85,635		70,239
Reinvested capital gains		-		-		-		-		332		-		116		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	127,011		388,414		48,074		98		21,185		179,758		89,093		79,893
Investment Activity:	NVCCA1			NVCCN1		NVCMD1		NVCMA1		NVCMC1		NVCBD1		NVLCP1		TRF
Reinvested dividends	$	11,012		2,540		17,789		22,943		5,757		9,675		930		10,100
Net investment income (loss)		11,012		2,540		17,789		22,943		5,757		9,675		930		10,100
Realized gain (loss) on investments		81		(545	)	17,749		(11,400	)	(1,235	)	7,907		209		(272,615	)
Change in unrealized gain (loss) on investments		116,017		7,689		121,332		278,308		36,133		(3,618	)	23		432,152
Net gain (loss) on investments		116,098		7,144		139,081		266,908		34,898		4,289		232		159,537
Reinvested capital gains		-		238		72		981		184		2,397		706		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	127,110		9,922		156,942		290,832		40,839		16,361		1,868		169,637

(Continued)

11

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	GBF			GVGHS		GVIX6		GVIDA		NVDBL2		NVDCA2		GVIDC		GVIDM
Reinvested dividends	$	53,886		188		5,237		12,317		131		504		8,124		25,650
Net investment income (loss)		53,886		188		5,237		12,317		131		504		8,124		25,650
Realized gain (loss) on investments		14,707		(16,037	)	(29,881	)	(99,294	)	84		340		(4,901	)	(61,911	)
Change in unrealized gain (loss) on investments		(55,302	)	26,620		67,998		339,590		271		1,559		36,209		359,094
Net gain (loss) on investments		(40,595	)	10,583		38,117		240,296		355		1,899		31,308		297,183
Reinvested capital gains		27,081		-		-		76,071		114		322		2,693		45,254
Net increase (decrease) in contract owners’ equity resulting from operations	$	40,372		10,771		43,354		328,684		600		2,725		42,125		368,087
Investment Activity:	GVDMA			GVDMC		MCIF		SAM		NVMIG3		GVDIV3		NVMLG1		NVMLV1
Reinvested dividends	$	38,903		1,903		4,631		2,006		7,447		11,221		2,139		590
Net investment income (loss)		38,903		1,903		4,631		2,006		7,447		11,221		2,139		590
Realized gain (loss) on investments		(239,151	)	(27,986	)	(18,995	)	-		(43,431	)	(389,067	)	4,098		1,257
Change in unrealized gain (loss) on investments		813,226		38,246		151,847		-		237,399		498,191		118,067		11,169
Net gain (loss) on investments		574,075		10,260		132,852		-		193,968		109,124		122,165		12,426
Reinvested capital gains		150,807		3,074		14,638		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	763,785		15,237		152,121		2,006		201,415		120,345		124,304		13,016

(Continued)

12

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	NVMMG1			NVMMV2		SCGF		SCVF		SCF		MSBF		NVSTB2		GGTC3
Reinvested dividends	$	-		4,667		-		773		562		26,966		1,036		-
Net investment income (loss)		-		4,667		-		773		562		26,966		1,036		-
Realized gain (loss) on investments		(34,881	)	(73,147	)	(9,173	)	(15,805	)	(95,545	)	(3,755	)	679		(15,970	)
Change in unrealized gain (loss) on investments		262,543		195,050		32,479		59,338		177,886		31,933		(387	)	71,379
Net gain (loss) on investments		227,662		121,903		23,306		43,533		82,341		28,178		292		55,409
Reinvested capital gains		-		-		-		-		-		-		262		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	227,662		126,570		23,306		44,306		82,903		55,144		1,590		55,409
Investment Activity:	GVUG1			NVOLG1		NVTIV3		EIF		NVRE1		AMTB		AVBVI		AVCA
Reinvested dividends	$	-		11		2,681		4,689		7,845		24,269		-		126
Net investment income (loss)		-		11		2,681		4,689		7,845		24,269		-		126
Realized gain (loss) on investments		(9,927	)	103		9,560		(126,899	)	10,840		(39,641	)	(49,174	)	(3,992	)
Change in unrealized gain (loss) on investments		29,685		812		150,347		222,910		135,674		58,175		64,955		8,237
Net gain (loss) on investments		19,758		915		159,907		96,011		146,514		18,534		15,781		4,245
Reinvested capital gains		-		126		1,454		-		3,028		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	19,758		1,052		164,042		100,700		157,387		42,803		15,781		4,371

(Continued)

13

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	AVCDI			ALVSVA		ACVIP2		ACVI3		ACVMV1		ACVU1		ACVV		ACVVS1
Reinvested dividends	$	-		563		3,218		239		14,142		100		45,765		-
Net investment income (loss)		-		563		3,218		239		14,142		100		45,765		-
Realized gain (loss) on investments		(39,970	)	(1,778	)	1,202		(1,642	)	(19,434	)	(13,181	)	(44,645	)	(71,877	)
Change in unrealized gain (loss) on investments		66,851		20,477		11,433		4,073		119,735		18,636		174,279		82,497
Net gain (loss) on investments		26,881		18,699		12,635		2,431		100,301		5,455		129,634		10,620
Reinvested capital gains		-		2,198		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	26,881		21,460		15,853		2,670		114,443		5,555		175,399		10,620
Investment Activity:	DVSCS			DSIF		DCAP		FVMOS		FQB		FCS		FNRS2		FEIS
Reinvested dividends	$	6,712		28,894		515		686		2,782		29,464		2,710		15,511
Net investment income (loss)		6,712		28,894		515		686		2,782		29,464		2,710		15,511
Realized gain (loss) on investments		(46,299	)	(102,187	)	(12,520	)	(30	)	(828	)	(161,550	)	(57,007	)	(98,327	)
Change in unrealized gain (loss) on investments		87,210		341,389		16,201		(688	)	6,417		821,557		367,071		246,917
Net gain (loss) on investments		40,911		239,202		3,681		(718	)	5,589		660,007		310,064		148,590
Reinvested capital gains		45,501		75,426		1,504		696		-		637		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	93,124		343,522		5,700		664		8,371		690,108		312,774		164,101

(Continued)

14

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	FF10S			FF20S		FF30S		FGS		FIGBS		FMCS		FOSR		FVSS
Reinvested dividends	$	1,426		13,302		13,733		3,421		108,636		9,765		27,217		190
Net investment income (loss)		1,426		13,302		13,733		3,421		108,636		9,765		27,217		190
Realized gain (loss) on investments		(1,179	)	(23,712	)	(82,065	)	(50,678	)	(5,985	)	(46,924	)	(58,878	)	(3,876	)
Change in unrealized gain (loss) on investments		6,150		91,205		210,033		297,816		65,966		527,081		329,581		20,162
Net gain (loss) on investments		4,971		67,493		127,968		247,138		59,981		480,157		270,703		16,286
Reinvested capital gains		223		4,126		5,224		882		5,597		8,887		3,949		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	6,620		84,921		146,925		251,441		174,214		498,809		301,869		16,476
Investment Activity:	FTVIS2			FTVRDI		FTVSVI		FTVDM3		TIF3		FTVGI3		FTVFA2		MFBIE
Reinvested dividends	$	13,927		621		12,994		16,916		26,836		57,450		5,358		2,402
Net investment income (loss)		13,927		621		12,994		16,916		26,836		57,450		5,358		2,402
Realized gain (loss) on investments		(29,741	)	(4,281	)	(41,771	)	(28,672	)	(431,302	)	4,289		(16,809	)	(8,961	)
Change in unrealized gain (loss) on investments		74,094		9,346		308,372		261,969		508,102		4,381		70,310		22,407
Net gain (loss) on investments		44,353		5,065		266,601		233,297		76,800		8,670		53,501		13,446
Reinvested capital gains		-		-		30,174		1,586		32,439		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	58,280		5,686		309,769		251,799		136,075		66,120		58,859		15,848

(Continued)

15

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	MFBOV			MFFCA		MFTCG		AMINS		AMRS		AMFAS		AMSRS		OVGR
Reinvested dividends	$	549		40		313		-		-		-		12,127		665
Net investment income (loss)		549		40		313		-		-		-		12,127		665
Realized gain (loss) on investments		(5,367	)	(4,879	)	(5,884	)	(86,887	)	(80,057	)	(4,026	)	(22,801	)	(18,850	)
Change in unrealized gain (loss) on investments		25,530		34,387		24,781		132,722		137,015		7,289		161,816		102,498
Net gain (loss) on investments		20,163		29,508		18,897		45,835		56,958		3,263		139,015		83,648
Reinvested capital gains		-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	20,712		29,548		19,210		45,835		56,958		3,263		151,142		84,313
Investment Activity:	OVGS3			OVHI3		OVHI		OVGI		OVSC		PMVFBA		PMVLDA		TRBCG2
Reinvested dividends	$	7,812		-		-		11,455		5,896		224		3,240		-
Net investment income (loss)		7,812		-		-		11,455		5,896		224		3,240		-
Realized gain (loss) on investments		(31,541	)	(22,409	)	(8,744	)	(125,749	)	(243,493	)	1,223		202		(218,570	)
Change in unrealized gain (loss) on investments		158,962		53,782		9,241		302,644		398,809		(2,781	)	(4,424	)	366,392
Net gain (loss) on investments		127,421		31,373		497		176,895		155,316		(1,558	)	(4,222	)	147,822
Reinvested capital gains		7,464		-		-		-		-		798		12,825		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	142,697		31,373		497		188,350		161,212		(536	)	11,843		147,822

(Continued)

16

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	TREI2			TRLT2		WRASP		WRBP		WRBDP		WRCEP		WRDIV		WRENG
Reinvested dividends	$	5,401		1,362		442		73		1,004		206		289		-
Net investment income (loss)		5,401		1,362		442		73		1,004		206		289		-
Realized gain (loss) on investments		(54,017	)	948		(3,175	)	111		186		(85	)	(530	)	595
Change in unrealized gain (loss) on investments		131,463		1,630		50,251		1,553		1,887		8,517		12,552		4,275
Net gain (loss) on investments		77,446		2,578		47,076		1,664		2,073		8,432		12,022		4,870
Reinvested capital gains		-		-		11,943		21		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	82,847		3,940		59,461		1,758		3,077		8,638		12,311		4,870
Investment Activity:	WRGNR			WRGP		WRHIP		WRIP		WRI2P		WRMIC		WRMCG		WRMMP
Reinvested dividends	$	-		81		2,158		282		678		-		-		873
Net investment income (loss)		-		81		2,158		282		678		-		-		873
Realized gain (loss) on investments		(110	)	(992	)	559		(685	)	(922	)	563		942		-
Change in unrealized gain (loss) on investments		32,922		9,156		11,333		9,718		9,115		4,013		4,623		-
Net gain (loss) on investments		32,812		8,164		11,892		9,033		8,193		4,576		5,565		-
Reinvested capital gains		-		600		-		-		1,091		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations	$	32,812		8,845		14,050		9,315		9,962		4,576		5,565		873

(Continued)

17

NATIONWIDE VL SEPARATE ACCOUNT-G

Separate Account, Continued

Year Ended December 31, 2009

Investment Activity:	WRMSP		WRPAP	WRPCP	WRPMP	WRPMAP		WRPMCP	WRRESP	WRSTP
Reinvested dividends	$	12	125	1	505	368		-	226	-
Net investment income (loss)		12	125	1	505	368		-	226	-
Realized gain (loss) on investments		2	1,186	60	1,013	2,445		158	485	1,138
Change in unrealized gain (loss) on investments		15	12,843	481	50,363	42,517		725	3,256	16,831
Net gain (loss) on investments		17	14,029	541	51,376	44,962		883	3,741	17,969
Reinvested capital gains		-	286	2	933	660		-	-	1,068
Net increase (decrease) in contract owners’ equity resulting from operations	$	29	14,440	544	52,814	45,990		883	3,967	19,037
Investment Activity:	WRSCP		WRSCV	WRVP	WFVSCG	SGRF
Reinvested dividends	$	34	-	247	-	-
Net investment income (loss)		34	-	247	-	-
Realized gain (loss) on investments		968	1,061	47	4,330	(347,847	)
Change in unrealized gain (loss) on investments		6,470	8,449	4,955	1,466	364,727
Net gain (loss) on investments		7,438	9,510	5,002	5,796	16,880
Reinvested capital gains		-	-	-	-	-
Net increase (decrease) in contract owners’ equity resulting from operations	$	7,472	9,510	5,249	5,796	16,880

See accompanying notes to financial statements.

18

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY

Years Ended December 31, 2009 and 2008

	Total					MLVGA2			JACAS				JARLCS
	2009			2008		2009		2008	2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	978,116		740,322		4,253		-	88		21		131		223
Realized gain (loss) on investments		(5,481,279	)	(1,605,177	)	596		-	(26,303	)	(5,705	)	(14,238	)	(176	)
Change in unrealized gain (loss) on investments		16,822,557		(17,219,472	)	3,874		-	273,112		(234,112	)	16,657		(15,849	)
Reinvested capital gains		772,826		2,523,880		-		-	-		-		-		1,938
Net increase (decrease) in contract owners’ equity resulting from operations		13,092,220		(15,560,447	)	8,723		-	246,897		(239,796	)	2,550		(13,864	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		39,536,675		27,921,690		235,404		-	223,160		141,588		-		-
Transfers between funds		-		-		167,280		-	287,085		496,267		(26,353	)	80
Surrenders (note 6)		(2,794,698	)	(613,268	)	(27	)	-	(9,720	)	-		-		-
Death benefits (note 4)		(138,927	)	(8,801	)	-		-	-		-		-		-
Net policy repayments (loans) (note 5)		(595,724	)	(221,696	)	-		-	(1,389	)	-		-		-
Deductions for surrender charges (note 2d)		(408,978	)	(276,142	)	-		-	(3,716	)	(47	)	(20	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(9,112,630	)	(5,685,829	)	(12,765	)	-	(102,117	)	(35,712	)	(282	)	(400	)
Asset charges (note 3):		(226,129	)	(165,548	)	(172	)	-	(2,682	)	(1,049	)	(53	)	(118	)
Adjustments to maintain reserves		(6,565	)	(7,192	)	1		-	64		(115	)	4		(20	)
Net equity transactions		26,266,154		20,943,214		389,721		-	390,685		600,932		(26,704	)	(458	)
Net change in contract owners’ equity		39,358,374		5,382,767		398,444		-	637,582		361,136		(24,154	)	(14,322	)
Contract owners’ equity beginning of period		38,340,805		32,958,038		-		-	423,976		62,840		24,154		38,476
Contract owners’ equity end of period	$	77,699,179		38,340,805		398,444		-	1,061,558		423,976		-		24,154
CHANGES IN UNITS:
Beginning units		4,370,069		2,416,398		-		-	52,700		4,350		3,769		3,828
Units purchased		5,913,567		3,755,602		34,427		-	52,114		51,888		-		8
Units redeemed		(3,035,864	)	(1,801,931	)	(1,721	)	-	(14,446	)	(3,538	)	(3,769	)	(67	)
Ending units		7,247,772		4,370,069		32,706		-	90,368		52,700		-		3,769

(Continued)

19

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	JAIGS2					MIGIC				MVFIC				MSVFI
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	5,828		25,592		25		17		11,712		4,326		25,878		15,058
Realized gain (loss) on investments		(109,250	)	(28,427	)	(540	)	(184	)	(55,717	)	(16,849	)	(42,229	)	(12,293	)
Change in unrealized gain (loss) on investments		829,685		(833,455	)	1,767		(1,367	)	324,354		(192,392	)	36,589		(43,745	)
Reinvested capital gains		36,286		137,243		-		140		-		14,598		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		762,549		(699,047	)	1,252		(1,394	)	280,349		(190,317	)	20,238		(40,980	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		614,264		553,771		2,227		2,676		495,381		276,389		49,085		101,354
Transfers between funds		228,951		380,132		(821	)	(885	)	494,624		46,616		(184,426	)	(68,286	)
Surrenders (note 6)		(14,570	)	(871	)	-		-		(14,250	)	(751	)	(8,219	)	(5,231	)
Death benefits (note 4)		(6,486	)	-		-		-		-		-		-		(38	)
Net policy repayments (loans) (note 5)		(1,957	)	(1,878	)	-		-		(19,267	)	(393	)	(13	)	(5,304	)
Deductions for surrender charges (note 2d)		(9,176	)	(3,999	)	-		-		(9,239	)	(286	)	(2,788	)	(4,417	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(195,001	)	(136,528	)	(879	)	(842	)	(140,489	)	(45,165	)	(32,352	)	(53,385	)
Asset charges (note 3):		(5,381	)	(3,932	)	(22	)	(21	)	(3,839	)	(1,396	)	(761	)	(1,414	)
Adjustments to maintain reserves		770		(102	)	7		(22	)	92		(129	)	45		(94	)
Net equity transactions		611,414		786,593		512		906		803,013		274,885		(179,429	)	(36,815	)
Net change in contract owners’ equity		1,373,963		87,546		1,764		(488	)	1,083,362		84,568		(159,191	)	(77,795	)
Contract owners’ equity beginning of period		807,004		719,458		2,681		3,169		449,361		364,793		294,718		372,513
Contract owners’ equity end of period	$	2,180,967		807,004		4,445		2,681		1,532,723		449,361		135,527		294,718
CHANGES IN UNITS:
Beginning units		113,377		48,306		335		250		47,608		26,056		28,841		32,734
Units purchased		83,794		78,464		256		257		103,663		29,365		4,731		15,076
Units redeemed		(26,063	)	(13,393	)	(193	)	(172	)	(18,943	)	(7,813	)	(21,476	)	(18,969	)
Ending units		171,108		113,377		398		335		132,328		47,608		12,096		28,841

(Continued)

20

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	MSVRE					NVAGF3			NVAMV1			GVAAA2
	2009			2008		2009		2008	2009		2008	2009		2008
Investment activity:
Net investment income (loss)	$	15,515		22,870		893		-	141		-	837		18,544
Realized gain (loss) on investments		(388,507	)	(217,350	)	39		-	179		-	(94,535	)	(18,471	)
Change in unrealized gain (loss) on investments		437,861		(320,507	)	(1,006	)	-	2,863		-	287,422		(196,148	)
Reinvested capital gains		-		250,822		120		-	793		-	26,794		7,621
Net increase (decrease) in contract owners’ equity resulting from operations		64,869		(264,165	)	46		-	3,976		-	220,518		(188,454	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		160,493		354,254		17,483		-	3,758		-	477,925		301,768
Transfers between funds		(617,069	)	(125,034	)	11,090		-	14,066		-	246,688		367,336
Surrenders (note 6)		(8,676	)	(108	)	-		-	-		-	(15,707	)	-
Death benefits (note 4)		-		-		-		-	-		-	-		-
Net policy repayments (loans) (note 5)		50		(6,001	)	-		-	-		-	(366	)	-
Deductions for surrender charges (note 2d)		(5,275	)	(2,412	)	-		-	-		-	(4,704	)	(1,261	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(43,559	)	(87,665	)	(859	)	-	(1,029	)	-	(199,178	)	(72,634	)
Asset charges (note 3):		(1,224	)	(2,783	)	(30	)	-	-		-	(4,683	)	(2,444	)
Adjustments to maintain reserves		53		(96	)	(4	)	-	(2	)	-	79		(68	)
Net equity transactions		(515,207	)	130,155		27,680		-	16,793		-	500,054		592,697
Net change in contract owners’ equity		(450,338	)	(134,010	)	27,726		-	20,769		-	720,572		404,243
Contract owners’ equity beginning of period		450,338		584,348		-		-	-		-	677,429		273,186
Contract owners’ equity end of period	$	-		450,338		27,726		-	20,769		-	1,398,001		677,429
CHANGES IN UNITS:
Beginning units		52,025		41,926		-		-	-		-	86,089		24,380
Units purchased		21,516		29,007		2,510		-	1,740		-	98,194		70,264
Units redeemed		(73,541	)	(18,908	)	(82	)	-	(87	)	-	(40,328	)	(8,555	)
Ending units		-		52,025		2,428		-	1,653		-	143,955		86,089

(Continued)

21

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	GVABD2					GVAGG2				GVAGR2				GVAGI2
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	968		10,198		-		7,324		-		10,539		-		2,863
Realized gain (loss) on investments		(11,069	)	(3,374	)	(52,263	)	(4,428	)	(74,246	)	(14,216	)	(25,447	)	(1,911	)
Change in unrealized gain (loss) on investments		38,332		(23,642	)	183,381		(101,277	)	206,441		(268,514	)	78,539		(36,572	)
Reinvested capital gains		93		127		38,459		7,453		78,150		28,511		5,441		32
Net increase (decrease) in contract owners’ equity resulting from operations		28,324		(16,691	)	169,577		(90,928	)	210,345		(243,680	)	58,533		(35,588	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		95,785		25,675		298,799		126,446		278,566		271,304		152,674		47,157
Transfers between funds		96,818		139,092		102,022		161,097		135,812		134,742		39,400		134,559
Surrenders (note 6)		(25,653	)	(39	)	(2,182	)	(2,009	)	(8,333	)	(1,469	)	-		-
Death benefits (note 4)		-		-		(6,220	)	-		-		-		-		-
Net policy repayments (loans) (note 5)		(2,050	)	-		(2,344	)	-		(11,440	)	(327	)	(463	)	-
Deductions for surrender charges (note 2d)		(435	)	(239	)	(573	)	(1,191	)	(3,460	)	(2,388	)	(1,235	)	(334	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(29,935	)	(11,977	)	(103,764	)	(47,654	)	(111,052	)	(79,081	)	(42,208	)	(14,966	)
Asset charges (note 3):		(1,124	)	(572	)	(1,926	)	(1,050	)	(3,073	)	(2,008	)	(1,062	)	(338	)
Adjustments to maintain reserves		63		(90	)	45		(97	)	709		(95	)	576		(59	)
Net equity transactions		133,469		151,850		283,857		235,542		277,729		320,678		147,682		166,019
Net change in contract owners’ equity		161,793		135,159		453,434		144,614		488,074		76,998		206,215		130,431
Contract owners’ equity beginning of period		187,319		52,160		265,187		120,573		409,410		332,412		144,755		14,324
Contract owners’ equity end of period	$	349,112		187,319		718,621		265,187		897,484		409,410		350,970		144,755
CHANGES IN UNITS:
Beginning units		19,150		4,806		34,853		9,724		63,278		28,662		23,626		1,448
Units purchased		16,970		16,706		50,163		30,335		62,885		44,308		33,690		24,255
Units redeemed		(4,296	)	(2,362	)	(18,318	)	(5,206	)	(26,212	)	(9,692	)	(13,485	)	(2,077	)
Ending units		31,824		19,150		66,698		34,853		99,951		63,278		43,831		23,626

(Continued)

22

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	HIBF3					GEM3				NVIE6				GEF3
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	34,997		18,939		9,292		9,414		351		297		6		-
Realized gain (loss) on investments		(13,693	)	(16,612	)	(79,426	)	(4,502	)	(9,130	)	(521	)	5		-
Change in unrealized gain (loss) on investments		105,707		(80,261	)	458,548		(746,380	)	56,853		(16,900	)	87		-
Reinvested capital gains		-		-		-		173,655		-		4,511		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		127,011		(77,934	)	388,414		(567,813	)	48,074		(12,613	)	98		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		157,222		23,219		356,302		341,785		50,732		2,349		1,142		-
Transfers between funds		135,309		139,894		489,859		179,580		265,178		38,394		-		-
Surrenders (note 6)		(574	)	(6,992	)	(18,047	)	(17	)	(7	)	-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(6,962	)	(4,598	)	(7,503	)	(5,736	)	-		-		-		-
Deductions for surrender charges (note 2d)		(555	)	(1,929	)	(4,452	)	(1,118	)	(403	)	-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(36,524	)	(18,394	)	(121,091	)	(100,188	)	(16,479	)	(896	)	(125	)	-
Asset charges (note 3):		(1,470	)	(772	)	(3,458	)	(2,812	)	(664	)	(39	)	-		-
Adjustments to maintain reserves		58		(59	)	474		(28	)	21		(19	)	(2	)	-
Net equity transactions		246,504		130,369		692,084		411,466		298,378		39,789		1,015		-
Net change in contract owners’ equity		373,515		52,435		1,080,498		(156,347	)	346,452		27,176		1,113		-
Contract owners’ equity beginning of period		187,019		134,584		496,271		652,618		27,176		-		-		-
Contract owners’ equity end of period	$	560,534		187,019		1,576,769		496,271		373,628		27,176		1,113		-
CHANGES IN UNITS:
Beginning units		21,626		11,190		44,366		24,604		4,934		-		-		-
Units purchased		27,408		14,301		55,549		26,308		50,763		5,160		93		-
Units redeemed		(4,662	)	(3,865	)	(13,692	)	(6,546	)	(3,296	)	(226	)	(10	)	-
Ending units		44,372		21,626		86,223		44,366		52,401		4,934		83		-

(Continued)

23

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVNMO1					NVNSR2				NVCRA1				NVCRB1
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	105		-		2,669		1,617		3,342		876		9,654		1,576
Realized gain (loss) on investments		485		(36	)	(83,593	)	(9,172	)	(7,028	)	(5,849	)	1,391		(9,779	)
Change in unrealized gain (loss) on investments		20,263		11		260,682		(245,152	)	92,663		(14,213	)	68,848		(532	)
Reinvested capital gains		332		-		-		-		116		2,167		-		832
Net increase (decrease) in contract owners’ equity resulting from operations		21,185		(25	)	179,758		(252,707	)	89,093		(17,019	)	79,893		(7,903	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		32,101		168		246,169		151,669		344,758		70,310		380,937		3,638
Transfers between funds		106,732		193		(82,382	)	709,816		135,727		65,767		153,625		194,039
Surrenders (note 6)		(167	)	-		(12,240	)	(284	)	(18	)	(465	)	(67	)	-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		-		-		(227	)	(2,345	)	(5,142	)	-		(2,323	)	-
Deductions for surrender charges (note 2d)		-		-		(8,352	)	(2,723	)	(1,427	)	-		-		(38	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(4,237	)	(122	)	(123,370	)	(53,777	)	(108,826	)	(15,303	)	(68,751	)	(5,040	)
Asset charges (note 3):		(119	)	-		(3,069	)	(1,155	)	(1,167	)	(216	)	(1,724	)	(136	)
Adjustments to maintain reserves		(10	)	(12	)	17		(17	)	23		(26	)	66		(47	)
Net equity transactions		134,300		227		16,546		801,184		363,928		120,067		461,763		192,416
Net change in contract owners’ equity		155,485		202		196,304		548,477		453,021		103,048		541,656		184,513
Contract owners’ equity beginning of period		202		-		548,477		-		103,048		-		184,513		-
Contract owners’ equity end of period	$	155,687		202		744,781		548,477		556,069		103,048		726,169		184,513
CHANGES IN UNITS:
Beginning units		39		-		88,800		-		16,061		-		23,058		-
Units purchased		20,585		65		41,817		97,301		70,633		18,436		61,204		23,719
Units redeemed		(984	)	(26	)	(38,759	)	(8,501	)	(19,664	)	(2,375	)	(8,565	)	(661	)
Ending units		19,640		39		91,858		88,800		67,030		16,061		75,697		23,058

(Continued)

24

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVCCA1					NVCCN1				NVCMD1				NVCMA1
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	11,012		1,621		2,540		562		17,789		1,435		22,943		2,752
Realized gain (loss) on investments		81		(13,319	)	(545	)	(302	)	17,749		(20,839	)	(11,400	)	(26,328	)
Change in unrealized gain (loss) on investments		116,017		3,209		7,689		(548	)	121,332		4,697		278,308		(14,643	)
Reinvested capital gains		-		2,004		238		90		72		1,054		981		4,092
Net increase (decrease) in contract owners’ equity resulting from operations		127,110		(6,485	)	9,922		(198	)	156,942		(13,653	)	290,832		(34,127	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		555,180		34,341		39,789		8,429		698,622		89,043		1,725,605		203,615
Transfers between funds		255,114		202,442		53,614		45,882		735,349		93,159		610,457		249,613
Surrenders (note 6)		-		-		-		-		(15,458	)	-		-		(58	)
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(184	)	-		(175	)	-		(1,684	)	-		(1,381	)	-
Deductions for surrender charges (note 2d)		-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(121,664	)	(12,274	)	(23,223	)	(1,893	)	(136,720	)	(10,518	)	(295,426	)	(36,529	)
Asset charges (note 3):		(1,608	)	(156	)	(508	)	(153	)	(2,448	)	(347	)	(4,626	)	(650	)
Adjustments to maintain reserves		28		(33	)	6		(6	)	32		(44	)	1,604		(49	)
Net equity transactions		686,866		224,320		69,503		52,259		1,277,693		171,293		2,036,233		415,942
Net change in contract owners’ equity		813,976		217,835		79,425		52,061		1,434,635		157,640		2,327,065		381,815
Contract owners’ equity beginning of period		217,835		-		52,061		-		157,640		-		381,815		-
Contract owners’ equity end of period	$	1,031,811		217,835		131,486		52,061		1,592,275		157,640		2,708,880		381,815
CHANGES IN UNITS:
Beginning units		29,990		-		5,694		-		20,669		-		55,360		-
Units purchased		100,644		31,663		9,774		5,918		174,844		22,086		296,689		60,541
Units redeemed		(16,306	)	(1,673	)	(2,766	)	(224	)	(24,397	)	(1,417	)	(42,023	)	(5,181	)
Ending units		114,328		29,990		12,702		5,694		171,116		20,669		310,026		55,360

(Continued)

25

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVCMC1					NVCBD1				NVLCP1				TRF
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	5,757		1,136		9,675		653		930		30		10,100		11,215
Realized gain (loss) on investments		(1,235	)	(202	)	7,907		(27	)	209		(2	)	(272,615	)	(29,811	)
Change in unrealized gain (loss) on investments		36,133		(9,056	)	(3,618	)	(325	)	23		101		432,152		(539,952	)
Reinvested capital gains		184		299		2,397		-		706		-		-		132,450
Net increase (decrease) in contract owners’ equity resulting from operations		40,839		(7,823	)	16,361		301		1,868		129		169,637		(426,098	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		92,469		34,261		56,400		216		26,203		2,277		252,618		404,855
Transfers between funds		92,202		91,795		437,768		47,842		13,141		21		(107,840	)	(210,976	)
Surrenders (note 6)		-		-		(6,408	)	-		-		-		(12,513	)	(8,340	)
Death benefits (note 4)		-		-		-		-		-		-		-		(51	)
Net policy repayments (loans) (note 5)		-		-		36		-		-		-		(9,182	)	(8,210	)
Deductions for surrender charges (note 2d)		(4	)	-		(2,510	)	-		-		-		(9,378	)	(11,733	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(28,595	)	(3,210	)	(40,345	)	(1,086	)	(1,833	)	(119	)	(143,510	)	(162,098	)
Asset charges (note 3):		(1,131	)	(271	)	(671	)	(49	)	(54	)	(4	)	(3,543	)	(3,717	)
Adjustments to maintain reserves		15		(18	)	250		(24	)	10		(16	)	34		(108	)
Net equity transactions		154,956		122,557		444,520		46,899		37,467		2,159		(33,314	)	(378	)
Net change in contract owners’ equity		195,795		114,734		460,881		47,200		39,335		2,288		136,323		(426,476	)
Contract owners’ equity beginning of period		114,734		-		47,200		-		2,288		-		656,639		1,083,115
Contract owners’ equity end of period	$	310,529		114,734		508,081		47,200		41,623		2,288		792,962		656,639
CHANGES IN UNITS:
Beginning units		13,698		-		4,746		-		230		-		84,151		81,126
Units purchased		21,130		14,117		46,876		4,867		3,525		244		33,464		49,486
Units redeemed		(3,312	)	(419	)	(4,659	)	(121	)	(167	)	(14	)	(37,025	)	(46,461	)
Ending units		31,516		13,698		46,963		4,746		3,588		230		80,590		84,151

(Continued)

26

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	GBF					GVGHS				GVIX6				GVIDA
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	53,886		37,116		188		227		5,237		3,351		12,317		14,635
Realized gain (loss) on investments		14,707		5,138		(16,037	)	(4,027	)	(29,881	)	(2,073	)	(99,294	)	(106,893	)
Change in unrealized gain (loss) on investments		(55,302	)	40,050		26,620		(23,892	)	67,998		(89,855	)	339,590		(369,450	)
Reinvested capital gains		27,081		-		-		6,697		-		239		76,071		151,355
Net increase (decrease) in contract owners’ equity resulting from operations		40,372		82,304		10,771		(20,995	)	43,354		(88,338	)	328,684		(310,353	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		460,693		421,531		37,276		25,681		118,331		11,539		646,905		716,005
Transfers between funds		56,042		651,142		8,626		7,978		37,463		31,837		283,807		203,061
Surrenders (note 6)		(12,749	)	(10,174	)	(10,289	)	(3,534	)	(2	)	-		(2,663	)	(1,073	)
Death benefits (note 4)		-		(55	)	-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(5,964	)	(11,335	)	(144	)	-		-		-		(7,694	)	(15,722	)
Deductions for surrender charges (note 2d)		(11,240	)	(9,205	)	(1,689	)	(1,120	)	(89	)	(163	)	(15,656	)	(10,899	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(204,674	)	(142,891	)	(16,633	)	(11,983	)	(18,376	)	(11,268	)	(269,064	)	(169,630	)
Asset charges (note 3):		(6,152	)	(3,826	)	(329	)	(359	)	(545	)	(507	)	(5,606	)	(3,709	)
Adjustments to maintain reserves		149		(107	)	56		(48	)	27		(41	)	(26	)	(102	)
Net equity transactions		276,105		895,080		16,874		16,615		136,809		31,397		630,003		717,931
Net change in contract owners’ equity		316,477		977,384		27,645		(4,380	)	180,163		(56,941	)	958,687		407,578
Contract owners’ equity beginning of period		1,439,195		461,811		68,396		72,776		121,065		178,006		744,042		336,464
Contract owners’ equity end of period	$	1,755,672		1,439,195		96,041		68,396		301,228		121,065		1,702,729		744,042
CHANGES IN UNITS:
Beginning units		117,240		40,524		7,323		5,826		17,707		14,812		86,385		24,672
Units purchased		55,235		92,993		5,718		4,786		21,245		4,216		105,764		88,649
Units redeemed		(33,198	)	(16,277	)	(4,408	)	(3,289	)	(4,697	)	(1,321	)	(36,739	)	(26,936	)
Ending units		139,277		117,240		8,633		7,323		34,255		17,707		155,410		86,385

(Continued)

27

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVDBL2				NVDCA2			GVIDC				GVIDM
	2009			2008	2009		2008	2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	131		-	504		-	8,124		4,574		25,650		26,142
Realized gain (loss) on investments		84		-	340		-	(4,901	)	(715	)	(61,911	)	(10,894	)
Change in unrealized gain (loss) on investments		271		-	1,559		-	36,209		(10,034	)	359,094		(337,235	)
Reinvested capital gains		114		-	322		-	2,693		2,187		45,254		85,895
Net increase (decrease) in contract owners’ equity resulting from operations		600		-	2,725		-	42,125		(3,988	)	368,087		(236,092	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		9,651		-	53,857		-	176,704		105,132		1,567,959		420,982
Transfers between funds		8,780		-	48,648		-	263,906		122,878		548,568		229,342
Surrenders (note 6)		-		-	-		-	(3	)	(16	)	(7,535	)	(316	)
Death benefits (note 4)		-		-	-		-	-		-		(645	)	-
Net policy repayments (loans) (note 5)		-		-	-		-	-		-		(14,614	)	-
Deductions for surrender charges (note 2d)		(337	)	-	(400	)	-	(1,324	)	(2,208	)	(10,111	)	(13,527	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(2,519	)	-	(7,213	)	-	(62,418	)	(12,771	)	(345,403	)	(150,738	)
Asset charges (note 3):		(22	)	-	(144	)	-	(2,921	)	(792	)	(7,961	)	(4,234	)
Adjustments to maintain reserves		341		-	358		-	33		(64	)	53		(92	)
Net equity transactions		15,894		-	95,106		-	373,977		212,159		1,730,311		481,417
Net change in contract owners’ equity		16,494		-	97,831		-	416,102		208,171		2,098,398		245,325
Contract owners’ equity beginning of period		-		-	-		-	222,845		14,674		986,929		741,604
Contract owners’ equity end of period	$	16,494		-	97,831		-	638,947		222,845		3,085,327		986,929
CHANGES IN UNITS:
Beginning units		-		-	-		-	20,458		1,266		102,479		59,144
Units purchased		1,675		-	8,679		-	41,453		20,619		207,339		65,075
Units redeemed		(258	)	-	(663	)	-	(8,138	)	(1,427	)	(40,906	)	(21,740	)
Ending units		1,417		-	8,016		-	53,773		20,458		268,912		102,479

(Continued)

28

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	GVDMA					GVDMC				MCIF				SAM
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	38,903		61,886		1,903		3,147		4,631		4,865		2,006		51,748
Realized gain (loss) on investments		(239,151	)	(165,954	)	(27,986	)	(2,118	)	(18,995	)	(7,137	)	-		-
Change in unrealized gain (loss) on investments		813,226		(973,554	)	38,246		(27,601	)	151,847		(186,519	)	-		-
Reinvested capital gains		150,807		272,695		3,074		6,620		14,638		24,573		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		763,785		(804,927	)	15,237		(19,952	)	152,121		(164,218	)	2,006		51,748
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		2,006,132		1,236,517		168,238		41,296		126,194		150,356		14,443,780		11,897,806
Transfers between funds		594,967		419,341		33,775		111,768		72,501		92,039		(9,644,084	)	(8,186,428	)
Surrenders (note 6)		(41,244	)	(25,542	)	-		-		(2,906	)	(6,245	)	2,010,066		(385,473	)
Death benefits (note 4)		-		-		-		(402	)	-		-		-		-
Net policy repayments (loans) (note 5)		(8,689	)	(19,663	)	(14,000	)	9,319		(461	)	(4,417	)	(335,760	)	(37,963	)
Deductions for surrender charges (note 2d)		(22,276	)	(46,659	)	(41	)	(42	)	(1,461	)	(3,748	)	(45,388	)	(6,887	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(793,160	)	(490,615	)	(36,749	)	(21,881	)	(49,980	)	(42,154	)	(1,096,151	)	(523,152	)
Asset charges (note 3):		(16,259	)	(12,376	)	(662	)	(379	)	(2,181	)	(1,681	)	(23,874	)	(14,428	)
Adjustments to maintain reserves		(81	)	50		38		(67	)	39		(59	)	15,720		(213	)
Net equity transactions		1,719,390		1,061,053		150,599		139,612		141,745		184,091		1,304,177		2,743,262
Net change in contract owners’ equity		2,483,175		256,126		165,836		119,660		293,866		19,873		1,306,183		2,795,010
Contract owners’ equity beginning of period		2,323,555		2,067,429		133,130		13,470		333,096		313,223		4,759,554		1,964,544
Contract owners’ equity end of period	$	4,806,730		2,323,555		298,966		133,130		626,962		333,096		6,065,737		4,759,554
CHANGES IN UNITS:
Beginning units		255,853		156,190		12,983		1,116		38,566		23,042		414,695		174,684
Units purchased		292,090		185,566		26,020		13,916		20,753		20,719		1,315,198		1,124,101
Units redeemed		(122,449	)	(85,903	)	(13,553	)	(2,049	)	(6,239	)	(5,195	)	(1,201,613	)	(884,090	)
Ending units		425,494		255,853		25,450		12,983		53,080		38,566		528,280		414,695

(Continued)

29

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVMIG3					GVDIV3				NVMLG1				NVMLV1
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	7,447		518		11,221		12,241		2,139		34		590		8
Realized gain (loss) on investments		(43,431	)	(6,641	)	(389,067	)	(36,100	)	4,098		(2,701	)	1,257		(119	)
Change in unrealized gain (loss) on investments		237,399		(217,291	)	498,191		(503,600	)	118,067		467		11,169		(278	)
Reinvested capital gains		-		-		-		112,120		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		201,415		(223,414	)	120,345		(415,339	)	124,304		(2,200	)	13,016		(389	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		241,242		174,820		256,183		309,120		112,857		1,823		32,387		510
Transfers between funds		(32,311	)	633,540		(199,831	)	(111,312	)	459,403		16,125		72,353		1,538
Surrenders (note 6)		(12,587	)	(2,080	)	(28,766	)	(5,297	)	(4,355	)	-		(232	)	-
Death benefits (note 4)		-		-		-		(15	)	-		-		-		-
Net policy repayments (loans) (note 5)		(185	)	(2,037	)	(4,819	)	(4,148	)	125		-		-		-
Deductions for surrender charges (note 2d)		(9,178	)	(3,431	)	(4,024	)	(4,617	)	(3,476	)	-		(265	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(122,456	)	(64,129	)	(58,115	)	(96,262	)	(47,987	)	(509	)	(12,143	)	(466	)
Asset charges (note 3):		(2,961	)	(1,329	)	(1,800	)	(2,768	)	(1,248	)	(10	)	(196	)	-
Adjustments to maintain reserves		44		(47	)	27		(108	)	8		(10	)	27		(30	)
Net equity transactions		61,608		735,307		(41,145	)	84,593		515,327		17,419		91,931		1,552
Net change in contract owners’ equity		263,023		511,893		79,200		(330,746	)	639,631		15,219		104,947		1,163
Contract owners’ equity beginning of period		511,893		-		542,194		872,940		15,219		-		1,163		-
Contract owners’ equity end of period	$	774,916		511,893		621,394		542,194		654,850		15,219		106,110		1,163
CHANGES IN UNITS:
Beginning units		83,365		-		69,824		60,332		2,391		-		183		-
Units purchased		37,937		93,470		34,949		31,763		84,483		2,472		14,655		258
Units redeemed		(28,820	)	(10,105	)	(43,140	)	(22,271	)	(7,592	)	(81	)	(1,756	)	(75	)
Ending units		92,482		83,365		61,633		69,824		79,282		2,391		13,082		183

(Continued)

30

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVMMG1					NVMMV2				SCGF				SCVF
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	-		-		4,667		3,697		-		-		773		1,753
Realized gain (loss) on investments		(34,881	)	(2,272	)	(73,147	)	(3,929	)	(9,173	)	(3,838	)	(15,805	)	(15,947	)
Change in unrealized gain (loss) on investments		262,543		(81,689	)	195,050		(139,410	)	32,479		(29,601	)	59,338		(42,537	)
Reinvested capital gains		-		-		-		-		-		-		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		227,662		(83,961	)	126,570		(139,642	)	23,306		(33,439	)	44,306		(56,731	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		223,014		53,098		140,553		130,714		41,230		41,080		58,998		57,420
Transfers between funds		727,313		220,001		148,209		458,940		25,806		3,259		21,754		3,923
Surrenders (note 6)		(7,112	)	(790	)	(6,706	)	(1,544	)	(1,101	)	(344	)	(2,618	)	(384	)
Death benefits (note 4)		(25,979	)	-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		7,943		(1,015	)	(50	)	(1,669	)	(499	)	(4,340	)	(841	)	(4,463	)
Deductions for surrender charges (note 2d)		(7,326	)	(1,079	)	(5,280	)	(2,585	)	(1,128	)	(665	)	(1,278	)	(652	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(110,237	)	(20,559	)	(71,785	)	(49,365	)	(16,772	)	(11,622	)	(24,681	)	(21,381	)
Asset charges (note 3):		(3,349	)	(444	)	(1,961	)	(1,039	)	(356	)	(274	)	(721	)	(656	)
Adjustments to maintain reserves		(684	)	(25	)	16		(12	)	26		(54	)	33		(45	)
Net equity transactions		803,583		249,187		202,996		533,440		47,206		27,040		50,646		33,762
Net change in contract owners’ equity		1,031,245		165,226		329,566		393,798		70,512		(6,399	)	94,952		(22,969	)
Contract owners’ equity beginning of period		165,226		-		393,798		-		54,677		61,076		121,514		144,483
Contract owners’ equity end of period	$	1,196,471		165,226		723,364		393,798		125,189		54,677		216,466		121,514
CHANGES IN UNITS:
Beginning units		26,311		-		58,272		-		8,023		4,802		15,192		12,256
Units purchased		146,705		29,398		43,359		65,412		9,354		6,144		10,777		6,822
Units redeemed		(23,136	)	(3,087	)	(19,589	)	(7,140	)	(2,965	)	(2,923	)	(4,527	)	(3,886	)
Ending units		149,880		26,311		82,042		58,272		14,412		8,023		21,442		15,192

(Continued)

31

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	SCF					MSBF				NVSTB2				GGTC3
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	562		2,533		26,966		14,113		1,036		-		-		-
Realized gain (loss) on investments		(95,545	)	(11,022	)	(3,755	)	(4,566	)	679		-		(15,970	)	(15,326	)
Change in unrealized gain (loss) on investments		177,886		(172,985	)	31,933		(46,634	)	(387	)	-		71,379		(72,335	)
Reinvested capital gains		-		62,513		-		5,012		262		-		-		17,249
Net increase (decrease) in contract owners’ equity resulting from operations		82,903		(118,961	)	55,144		(32,075	)	1,590		-		55,409		(70,412	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		90,815		147,608		46,579		69,376		29,302		14		66,185		49,055
Transfers between funds		262,748		94,640		81,096		21,015		56,651		8,920		21,849		(2,488	)
Surrenders (note 6)		(8,912	)	(1,434	)	(18	)	(10	)	(6,201	)	-		(424	)	-
Death benefits (note 4)		-		(10	)	-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(581	)	(2,097	)	(441	)	-		-		-		(219	)	-
Deductions for surrender charges (note 2d)		(1,839	)	(1,376	)	-		(448	)	(1,896	)	-		(231	)	(352	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(45,467	)	(44,557	)	(22,597	)	(13,083	)	(7,157	)	(9	)	(20,535	)	(15,708	)
Asset charges (note 3):		(1,231	)	(1,053	)	(1,046	)	(662	)	(165	)	-		(573	)	(525	)
Adjustments to maintain reserves		55		(92	)	(225	)	(61	)	5		(6	)	40		(69	)
Net equity transactions		295,588		191,629		103,348		76,127		70,539		8,919		66,092		29,913
Net change in contract owners’ equity		378,491		72,668		158,492		44,052		72,129		8,919		121,501		(40,499	)
Contract owners’ equity beginning of period		236,498		163,830		187,363		143,311		8,919		-		82,374		122,873
Contract owners’ equity end of period	$	614,989		236,498		345,855		187,363		81,048		8,919		203,875		82,374
CHANGES IN UNITS:
Beginning units		29,057		12,442		20,192		12,774		897		-		9,743		7,472
Units purchased		41,049		21,552		12,102		9,832		10,187		898		8,506		6,030
Units redeemed		(14,012	)	(4,937	)	(2,327	)	(2,414	)	(3,474	)	(1	)	(2,431	)	(3,759	)
Ending units		56,094		29,057		29,967		20,192		7,610		897		15,818		9,743

(Continued)

32

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	GVUG1					NVOLG1			NVTIV3			EIF
	2009			2008		2009		2008	2009		2008	2009		2008
Investment activity:
Net investment income (loss)	$	-		-		11		-	2,681		-	4,689		10,773
Realized gain (loss) on investments		(9,927	)	(1,962	)	103		-	9,560		-	(126,899	)	(97,337	)
Change in unrealized gain (loss) on investments		29,685		(45,047	)	812		-	150,347		-	222,910		(150,948	)
Reinvested capital gains		-		13,969		126		-	1,454		-	-		7,020
Net increase (decrease) in contract owners’ equity resulting from operations		19,758		(33,040	)	1,052		-	164,042		-	100,700		(230,492	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		45,662		32,496		6,231		-	126,471		-	141,144		262,298
Transfers between funds		157		18,057		1,235		-	669,590		-	(65,489	)	(259,630	)
Surrenders (note 6)		-		(29	)	-		-	(8,867	)	-	(18,786	)	(3,450	)
Death benefits (note 4)		-		-		-		-	-		-	-		(21	)
Net policy repayments (loans) (note 5)		(940	)	-		-		-	268		-	(2,577	)	(2,871	)
Deductions for surrender charges (note 2d)		(803	)	(50	)	-		-	(7,328	)	-	(6,403	)	(5,757	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(15,871	)	(12,584	)	(1,022	)	-	(68,264	)	-	(67,866	)	(87,325	)
Asset charges (note 3):		(372	)	(296	)	(12	)	-	(1,894	)	-	(1,879	)	(2,410	)
Adjustments to maintain reserves		141		(147	)	(1	)	-	405		-	48		(125	)
Net equity transactions		27,974		37,447		6,431		-	710,381		-	(21,808	)	(99,291	)
Net change in contract owners’ equity		47,732		4,407		7,483		-	874,423		-	78,892		(329,783	)
Contract owners’ equity beginning of period		59,393		54,986		-		-	-		-	365,944		695,727
Contract owners’ equity end of period	$	107,125		59,393		7,483		-	874,423		-	444,836		365,944
CHANGES IN UNITS:
Beginning units		6,995		3,802		-		-	-		-	48,218		57,762
Units purchased		5,319		4,382		666		-	74,070		-	20,004		29,971
Units redeemed		(2,288	)	(1,189	)	(93	)	-	(6,984	)	-	(22,626	)	(39,515	)
Ending units		10,026		6,995		573		-	67,086		-	45,596		48,218

(Continued)

33

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	NVRE1					AMTB				AVBVI				AVCA
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	7,845		649		24,269		21,204		-		723		126		-
Realized gain (loss) on investments		10,840		(2,820	)	(39,641	)	(4,138	)	(49,174	)	(5,647	)	(3,992	)	(276	)
Change in unrealized gain (loss) on investments		135,674		(3,544	)	58,175		(78,420	)	64,955		(62,220	)	8,237		(10,821	)
Reinvested capital gains		3,028		-		-		-		-		15,632		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		157,387		(5,715	)	42,803		(61,354	)	15,781		(51,512	)	4,371		(11,097	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		146,867		6,186		108,460		154,351		13,226		28,903		5,636		11,405
Transfers between funds		703,105		24,288		(168,032	)	46,587		(63,905	)	(3,542	)	(184	)	310
Surrenders (note 6)		(416	)	-		(15,712	)	(7,986	)	(7,608	)	(4,052	)	-		-
Death benefits (note 4)		-		-		-		(59	)	-		-		-		-
Net policy repayments (loans) (note 5)		(734	)	-		(91	)	(7,908	)	37		(1,294	)	(15	)	(4,388	)
Deductions for surrender charges (note 2d)		(1,546	)	(22	)	(2,918	)	(6,188	)	(112	)	(1,491	)	(204	)	(159	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(45,372	)	(1,564	)	(51,676	)	(68,623	)	(6,948	)	(12,101	)	(3,993	)	(4,788	)
Asset charges (note 3):		(1,474	)	(44	)	(1,579	)	(1,943	)	(157	)	(370	)	(106	)	(100	)
Adjustments to maintain reserves		927		(40	)	44		(110	)	5		(20	)	5		(21	)
Net equity transactions		801,357		28,804		(131,504	)	108,121		(65,462	)	6,033		1,139		2,259
Net change in contract owners’ equity		958,744		23,089		(88,701	)	46,767		(49,681	)	(45,479	)	5,510		(8,838	)
Contract owners’ equity beginning of period		23,089		-		415,961		369,194		49,681		95,160		16,728		25,566
Contract owners’ equity end of period	$	981,833		23,089		327,260		415,961		-		49,681		22,238		16,728
CHANGES IN UNITS:
Beginning units		4,089		-		43,351		33,310		8,367		7,730		2,205		1,938
Units purchased		137,077		4,414		12,480		20,972		2,251		3,171		752		1,145
Units redeemed		(8,273	)	(325	)	(25,735	)	(10,931	)	(10,618	)	(2,534	)	(536	)	(878	)
Ending units		132,893		4,089		30,096		43,351		-		8,367		2,421		2,205

(Continued)

34

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	AVCDI					ALVSVA				ACVIP2				ACVI3
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	-		-		563		-		3,218		2,405		239		47
Realized gain (loss) on investments		(39,970	)	(5,260	)	(1,778	)	(178	)	1,202		117		(1,642	)	(1,361	)
Change in unrealized gain (loss) on investments		66,851		(41,879	)	20,477		(2,859	)	11,433		(5,034	)	4,073		(4,057	)
Reinvested capital gains		-		10,443		2,198		-		-		-		-		552
Net increase (decrease) in contract owners’ equity resulting from operations		26,881		(36,696	)	21,460		(3,037	)	15,853		(2,512	)	2,670		(4,819	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		46,037		33,715		47,643		6,352		110,721		27,527		5,990		13,366
Transfers between funds		36,502		31,552		27,577		16,400		39,368		65,087		(15,345	)	1,295
Surrenders (note 6)		(8,193	)	-		(35	)	-		(12,965	)	(9	)	(1	)	(1	)
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		-		-		-		-		(4,990	)	-		-		-
Deductions for surrender charges (note 2d)		(995	)	(26	)	(58	)	-		(2,375	)	(815	)	(29	)	(155	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(21,514	)	(10,209	)	(8,026	)	(601	)	(29,382	)	(10,248	)	(3,516	)	(5,411	)
Asset charges (note 3):		(489	)	(281	)	(318	)	(27	)	(709	)	(301	)	(46	)	(47	)
Adjustments to maintain reserves		16		(52	)	224		(168	)	39		(108	)	9		(25	)
Net equity transactions		51,364		54,699		67,007		21,956		99,707		81,133		(12,938	)	9,022
Net change in contract owners’ equity		78,245		18,003		88,467		18,919		115,560		78,621		(10,268	)	4,203
Contract owners’ equity beginning of period		56,873		38,870		18,919		-		116,602		37,981		10,268		6,065
Contract owners’ equity end of period	$	135,118		56,873		107,386		18,919		232,162		116,602		-		10,268
CHANGES IN UNITS:
Beginning units		7,496		2,714		3,021		-		10,488		3,362		1,080		352
Units purchased		10,744		6,569		10,323		3,147		16,469		8,145		638		1,150
Units redeemed		(5,731	)	(1,787	)	(1,341	)	(126	)	(8,010	)	(1,019	)	(1,718	)	(422	)
Ending units		12,509		7,496		12,003		3,021		18,947		10,488		-		1,080

(Continued)

35

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	ACVMV1					ACVU1				ACVV				ACVVS1
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	14,142		301		100		-		45,765		18,664		-		-
Realized gain (loss) on investments		(19,434	)	(28,256	)	(13,181	)	(1,179	)	(44,645	)	(40,230	)	(71,877	)	(10,370	)
Change in unrealized gain (loss) on investments		119,735		(64,577	)	18,636		(27,053	)	174,279		(322,940	)	82,497		(94,645	)
Reinvested capital gains		-		-		-		6,715		-		99,086		-		7,205
Net increase (decrease) in contract owners’ equity resulting from operations		114,443		(92,532	)	5,555		(21,517	)	175,399		(245,420	)	10,620		(97,810	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		139,759		213,005		5,291		10,787		177,626		236,557		9,734		42,279
Transfers between funds		85,768		22,065		(38,030	)	(109	)	70,235		67,019		(119,998	)	89,134
Surrenders (note 6)		(26,378	)	(5,172	)	-		(179	)	(1,569	)	(9,696	)	-		(88	)
Death benefits (note 4)		-		(11	)	-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(465	)	(1,521	)	18		(4,553	)	(810	)	(3,724	)	21		(627	)
Deductions for surrender charges (note 2d)		(5,817	)	(3,024	)	(27	)	(212	)	(5,413	)	(4,008	)	-		(536	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(58,506	)	(51,021	)	(3,810	)	(6,392	)	(87,481	)	(73,127	)	(12,165	)	(21,867	)
Asset charges (note 3):		(1,581	)	(1,486	)	(98	)	(194	)	(3,215	)	(2,865	)	(327	)	(749	)
Adjustments to maintain reserves		452		(103	)	3		(27	)	21		(30	)	24		(67	)
Net equity transactions		133,232		172,732		(36,653	)	(879	)	149,394		210,126		(122,711	)	107,479
Net change in contract owners’ equity		247,675		80,200		(31,098	)	(22,396	)	324,793		(35,294	)	(112,091	)	9,669
Contract owners’ equity beginning of period		298,427		218,227		31,098		53,494		750,615		785,909		112,091		102,422
Contract owners’ equity end of period	$	546,102		298,427		-		31,098		1,075,408		750,615		-		112,091
CHANGES IN UNITS:
Beginning units		29,645		16,400		4,365		4,394		85,421		65,490		12,491		5,864
Units purchased		22,577		24,387		770		1,143		28,841		29,279		1,099		8,298
Units redeemed		(10,475	)	(11,142	)	(5,135	)	(1,172	)	(12,160	)	(9,348	)	(13,590	)	(1,671	)
Ending units		41,747		29,645		-		4,365		102,102		85,421		-		12,491

(Continued)

36

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	DVSCS					DSIF				DCAP				FVMOS
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	6,712		1,957		28,894		28,941		515		909		686		420
Realized gain (loss) on investments		(46,299	)	(7,298	)	(102,187	)	(4,699	)	(12,520	)	(3,588	)	(30	)	(89	)
Change in unrealized gain (loss) on investments		87,210		(125,391	)	341,389		(579,806	)	16,201		(18,593	)	(688	)	(1,717	)
Reinvested capital gains		45,501		33,860		75,426		-		1,504		3,385		696		-
Net increase (decrease) in contract owners’ equity resulting from operations		93,124		(96,872	)	343,522		(555,564	)	5,700		(17,887	)	664		(1,386	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		205,685		140,044		426,938		319,044		16,931		12,437		2,513		28,162
Transfers between funds		67,025		16,928		221,630		462,879		8,414		(18,614	)	(32	)	588
Surrenders (note 6)		(2,453	)	(6,780	)	(25,627	)	(16	)	(16,475	)	-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(941	)	(1	)	1,558		(5,588	)	-		-		-		-
Deductions for surrender charges (note 2d)		(2,739	)	(3,104	)	(9,621	)	(5,212	)	(395	)	-		(30	)	(337	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(53,589	)	(47,122	)	(177,153	)	(146,290	)	(8,435	)	(5,311	)	(4,928	)	(4,373	)
Asset charges (note 3):		(1,260	)	(1,101	)	(5,625	)	(4,960	)	(126	)	(221	)	(149	)	(120	)
Adjustments to maintain reserves		44		2		31		(37	)	23		(48	)	9		(12	)
Net equity transactions		211,772		98,866		432,131		619,820		(63	)	(11,757	)	(2,617	)	23,908
Net change in contract owners’ equity		304,896		1,994		775,653		64,256		5,637		(29,644	)	(1,953	)	22,522
Contract owners’ equity beginning of period		244,886		242,892		1,102,552		1,038,296		35,957		65,601		48,083		25,561
Contract owners’ equity end of period	$	549,782		244,886		1,878,205		1,102,552		41,594		35,957		46,130		48,083
CHANGES IN UNITS:
Beginning units		28,168		19,302		136,077		80,552		3,901		5,014		4,736		2,496
Units purchased		29,272		14,561		74,905		71,151		2,562		1,433		239		2,715
Units redeemed		(6,860	)	(5,695	)	(27,494	)	(15,626	)	(2,781	)	(2,546	)	(489	)	(475	)
Ending units		50,580		28,168		183,488		136,077		3,682		3,901		4,486		4,736

(Continued)

37

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	FQB					FCS				FNRS2				FEIS
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	2,782		1,670		29,464		24,018		2,710		-		15,511		12,647
Realized gain (loss) on investments		(828	)	(494	)	(161,550	)	(88,051	)	(57,007	)	2,552		(98,327	)	(19,569	)
Change in unrealized gain (loss) on investments		6,417		(4,258	)	821,557		(1,308,147	)	367,071		(420,952	)	246,917		(212,643	)
Reinvested capital gains		-		-		637		64,210		-		22,506		-		361
Net increase (decrease) in contract owners’ equity resulting from operations		8,371		(3,082	)	690,108		(1,307,970	)	312,774		(395,894	)	164,101		(219,204	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		13,845		19,909		485,100		674,391		447,173		266,146		205,804		160,956
Transfers between funds		41,679		5,614		(43,565	)	81,606		356,878		229,777		218,574		108,030
Surrenders (note 6)		(800	)	-		(36,574	)	(9,608	)	(5,617	)	(40	)	(7,572	)	(2,730	)
Death benefits (note 4)		-		-		(18,509	)	-		(5,461	)	-		-		-
Net policy repayments (loans) (note 5)		(4	)	(1	)	(17,626	)	(1,391	)	(654	)	(478	)	(12,720	)	(652	)
Deductions for surrender charges (note 2d)		(1,402	)	(302	)	(18,061	)	(3,431	)	(3,504	)	(2,112	)	(8,288	)	(1,006	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(10,993	)	(10,836	)	(251,527	)	(253,389	)	(127,094	)	(47,382	)	(99,484	)	(71,263	)
Asset charges (note 3):		(287	)	(219	)	(8,735	)	(9,462	)	(3,292	)	(2,203	)	(2,681	)	(2,050	)
Adjustments to maintain reserves		16		(28	)	36		(64	)	1,778		(140	)	458		(69	)
Net equity transactions		42,054		14,137		90,539		478,652		660,207		443,568		294,091		191,216
Net change in contract owners’ equity		50,425		11,055		780,647		(829,318	)	972,981		47,674		458,192		(27,988	)
Contract owners’ equity beginning of period		38,983		27,928		1,865,261		2,694,579		433,974		386,300		378,026		406,014
Contract owners’ equity end of period	$	89,408		38,983		2,645,908		1,865,261		1,406,955		433,974		836,218		378,026
CHANGES IN UNITS:
Beginning units		3,785		2,514		209,580		173,746		41,466		16,830		50,518		31,088
Units purchased		4,637		2,427		51,822		68,578		64,165		29,346		55,189		28,178
Units redeemed		(1,214	)	(1,156	)	(42,264	)	(32,744	)	(14,535	)	(4,710	)	(19,767	)	(8,748	)
Ending units		7,208		3,785		219,138		209,580		91,096		41,466		85,940		50,518

(Continued)

38

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	FF10S					FF20S				FF30S				FGS
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	1,426		841		13,302		7,554		13,733		9,306		3,421		9,951
Realized gain (loss) on investments		(1,179	)	(22	)	(23,712	)	(42,512	)	(82,065	)	(2,712	)	(50,678	)	16,690
Change in unrealized gain (loss) on investments		6,150		(9,307	)	91,205		(97,491	)	210,033		(181,873	)	297,816		(775,286	)
Reinvested capital gains		223		1,193		4,126		12,372		5,224		26,121		882		-
Net increase (decrease) in contract owners’ equity resulting from operations		6,620		(7,295	)	84,921		(120,077	)	146,925		(149,158	)	251,441		(748,645	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		10,886		6,509		193,959		160,952		334,432		183,534		196,684		253,595
Transfers between funds		3,965		64		38,898		74,206		109,211		77,497		27,870		72,218
Surrenders (note 6)		(1	)	-		(13,789	)	(3,268	)	(3,863	)	(2	)	(27,262	)	(6,309	)
Death benefits (note 4)		-		-		-		-		-		(7,887	)	(57,278	)	-
Net policy repayments (loans) (note 5)		-		-		-		-		(22,052	)	532		2,845		(119	)
Deductions for surrender charges (note 2d)		-		-		(1,921	)	-		(20,325	)	(2,837	)	(3,201	)	(1,228	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(5,905	)	(2,881	)	(72,871	)	(46,451	)	(126,061	)	(87,692	)	(100,851	)	(97,304	)
Asset charges (note 3):		(133	)	(111	)	(1,791	)	(1,188	)	(2,804	)	(1,711	)	(3,846	)	(4,642	)
Adjustments to maintain reserves		19		(35	)	35		(80	)	43		(75	)	35		(106	)
Net equity transactions		8,831		3,546		142,520		184,171		268,581		161,359		34,996		216,105
Net change in contract owners’ equity		15,451		(3,749	)	227,441		64,094		415,506		12,201		286,437		(532,540	)
Contract owners’ equity beginning of period		24,761		28,510		232,769		168,675		318,522		306,321		884,910		1,417,450
Contract owners’ equity end of period	$	40,212		24,761		460,210		232,769		734,028		318,522		1,171,347		884,910
CHANGES IN UNITS:
Beginning units		2,564		2,212		25,258		12,316		36,079		21,486		114,992		97,194
Units purchased		1,371		621		23,608		28,731		52,182		23,747		30,531		28,954
Units redeemed		(581	)	(269	)	(10,087	)	(15,789	)	(24,988	)	(9,154	)	(26,743	)	(11,156	)
Ending units		3,354		2,564		38,779		25,258		63,273		36,079		118,780		114,992

(Continued)

39

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	FIGBS					FMCS				FOSR				FVSS
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	108,636		33,396		9,765		4,239		27,217		40,854		190		268
Realized gain (loss) on investments		(5,985	)	(8,390	)	(46,924	)	(34,869	)	(58,878	)	(17,890	)	(3,876	)	(2,307	)
Change in unrealized gain (loss) on investments		65,966		(63,741	)	527,081		(646,877	)	329,581		(955,031	)	20,162		(24,694	)
Reinvested capital gains		5,597		660		8,887		156,793		3,949		152,899		-		5,899
Net increase (decrease) in contract owners’ equity resulting from operations		174,214		(38,075	)	498,809		(520,714	)	301,869		(779,168	)	16,476		(20,834	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		431,466		406,975		624,366		416,429		242,420		314,980		11,322		13,408
Transfers between funds		294,059		68,919		155,013		129,684		65,796		137,212		288		2,318
Surrenders (note 6)		(29,486	)	(15,866	)	(18,341	)	(1,411	)	(31,375	)	(4,418	)	(127	)	-
Death benefits (note 4)		-		(55	)	(6,334	)	-		(12,015	)	-		-		-
Net policy repayments (loans) (note 5)		(19,258	)	(7,614	)	(1,087	)	(912	)	812		(136	)	-		-
Deductions for surrender charges (note 2d)		(11,551	)	(10,817	)	(7,493	)	(2,396	)	(8,158	)	(2,349	)	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(170,921	)	(140,880	)	(195,606	)	(131,576	)	(133,964	)	(121,788	)	(5,119	)	(4,682	)
Asset charges (note 3):		(5,447	)	(4,209	)	(5,708	)	(4,290	)	(4,947	)	(5,279	)	(152	)	(135	)
Adjustments to maintain reserves		90		(119	)	477		(150	)	58		(85	)	2		(2	)
Net equity transactions		488,952		296,334		545,287		405,378		118,627		318,137		6,214		10,907
Net change in contract owners’ equity		663,166		258,259		1,044,096		(115,336	)	420,496		(461,031	)	22,690		(9,927	)
Contract owners’ equity beginning of period		1,060,542		802,283		967,271		1,082,607		1,082,056		1,543,087		24,107		34,034
Contract owners’ equity end of period	$	1,723,708		1,060,542		2,011,367		967,271		1,502,552		1,082,056		46,797		24,107
CHANGES IN UNITS:
Beginning units		99,043		72,418		101,995		69,056		111,554		89,282		3,737		2,576
Units purchased		60,842		54,168		74,585		50,759		30,725		34,376		1,562		1,665
Units redeemed		(20,721	)	(27,543	)	(25,102	)	(17,820	)	(19,816	)	(12,104	)	(690	)	(504	)
Ending units		139,164		99,043		151,478		101,995		122,463		111,554		4,609		3,737

(Continued)

40

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	FTVIS2					FTVRDI				FTVSVI				FTVDM3
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	13,927		4,743		621		1,088		12,994		9,274		16,916		10,962
Realized gain (loss) on investments		(29,741	)	(5,608	)	(4,281	)	(1,563	)	(41,771	)	(27,187	)	(28,672	)	392
Change in unrealized gain (loss) on investments		74,094		(34,102	)	9,346		(15,185	)	308,372		(271,756	)	261,969		(364,615	)
Reinvested capital gains		-		1,986		-		403		30,174		50,168		1,586		79,528
Net increase (decrease) in contract owners’ equity resulting from operations		58,280		(32,981	)	5,686		(15,257	)	309,769		(239,501	)	251,799		(273,733	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		90,538		31,042		7,608		14,079		401,021		217,212		146,425		156,896
Transfers between funds		33,866		105,916		(110	)	(1,526	)	329,236		(9,318	)	57,100		46,208
Surrenders (note 6)		(934	)	-		(4,623	)	(4,880	)	(10,275	)	(1,030	)	(4,468	)	(450	)
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(2,029	)	-		(862	)	-		(6,156	)	-		(4,967	)	(4,305	)
Deductions for surrender charges (note 2d)		(96	)	(82	)	(2,483	)	(2,002	)	(6,835	)	(1,348	)	(4,938	)	(1,230	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(26,587	)	(11,698	)	(4,192	)	(6,659	)	(101,103	)	(59,097	)	(57,839	)	(55,220	)
Asset charges (note 3):		(674	)	(425	)	(185	)	(255	)	(3,378	)	(2,157	)	(2,020	)	(1,730	)
Adjustments to maintain reserves		51		(74	)	8		(25	)	49		(71	)	23		(69	)
Net equity transactions		94,135		124,679		(4,839	)	(1,268	)	602,559		144,191		129,316		140,100
Net change in contract owners’ equity		152,415		91,698		847		(16,525	)	912,328		(95,310	)	381,115		(133,633	)
Contract owners’ equity beginning of period		156,008		64,310		38,541		55,066		548,614		643,924		302,289		435,922
Contract owners’ equity end of period	$	308,423		156,008		39,388		38,541		1,460,942		548,614		683,404		302,289
CHANGES IN UNITS:
Beginning units		19,057		5,526		4,380		4,572		63,876		50,330		30,241		20,640
Units purchased		18,241		15,082		876		1,315		81,901		25,611		15,220		14,728
Units redeemed		(9,513	)	(1,551	)	(1,452	)	(1,507	)	(14,471	)	(12,065	)	(5,858	)	(5,127	)
Ending units		27,785		19,057		3,804		4,380		131,306		63,876		39,603		30,241

(Continued)

41

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	TIF3					FTVGI3				FTVFA2				MFBIE
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	26,836		18,113		57,450		4,422		5,358		1,932		2,402		1,724
Realized gain (loss) on investments		(431,302	)	(6,411	)	4,289		2,228		(16,809	)	(644	)	(8,961	)	(6,016	)
Change in unrealized gain (loss) on investments		508,102		(462,183	)	4,381		2,434		70,310		(26,293	)	22,407		(18,244	)
Reinvested capital gains		32,439		69,923		-		-		-		1,917		-		4,150
Net increase (decrease) in contract owners’ equity resulting from operations		136,075		(380,558	)	66,120		9,084		58,859		(23,088	)	15,848		(18,386	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		184,872		412,791		133,554		62,213		147,134		998		25,373		1,901
Transfers between funds		(486,012	)	224,000		14,554		115,546		(9,579	)	92,292		39,755		19,267
Surrenders (note 6)		(7,010	)	(5,287	)	(8,136	)	(6	)	-		-		-		-
Death benefits (note 4)		-		(25	)	-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(198	)	(10,276	)	(6,274	)	(7,069	)	-		-		1,769		1,837
Deductions for surrender charges (note 2d)		(3,629	)	(8,093	)	(3,136	)	(122	)	(57	)	-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(99,784	)	(139,260	)	(51,063	)	(20,415	)	(23,121	)	(2,905	)	(8,246	)	(1,385	)
Asset charges (note 3):		(2,643	)	(3,420	)	(1,454	)	(678	)	(837	)	(184	)	(209	)	(138	)
Adjustments to maintain reserves		51		(122	)	169		(189	)	13		(25	)	10		(20	)
Net equity transactions		(414,353	)	470,308		78,214		149,280		113,553		90,176		58,452		21,462
Net change in contract owners’ equity		(278,278	)	89,750		144,334		158,364		172,412		67,088		74,300		3,076
Contract owners’ equity beginning of period		695,303		605,553		242,030		83,666		67,088		-		37,592		34,516
Contract owners’ equity end of period	$	417,025		695,303		386,364		242,030		239,500		67,088		111,892		37,592
CHANGES IN UNITS:
Beginning units		73,691		38,256		18,407		6,758		10,079		-		6,018		3,324
Units purchased		20,286		48,628		14,966		13,901		25,518		10,514		9,544		2,937
Units redeemed		(61,762	)	(13,193	)	(8,615	)	(2,252	)	(7,972	)	(435	)	(1,264	)	(243	)
Ending units		32,215		73,691		24,758		18,407		27,625		10,079		14,298		6,018

(Continued)

42

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	MFBOV					MFFCA				MFTCG				AMINS
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	549		30		40		-		313		8		-		20
Realized gain (loss) on investments		(5,367	)	(1,018	)	(4,879	)	(1,308	)	(5,884	)	(3,979	)	(86,887	)	(120,835	)
Change in unrealized gain (loss) on investments		25,530		(26,834	)	34,387		(27,127	)	24,781		(20,100	)	132,722		(79,827	)
Reinvested capital gains		-		2,091		-		1,955		-		1,055		-		64
Net increase (decrease) in contract owners’ equity resulting from operations		20,712		(25,731	)	29,548		(26,480	)	19,210		(23,016	)	45,835		(200,578	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		17,516		(47	)	20,356		1,300		19,446		665		42,710		284,497
Transfers between funds		43,574		12,417		18,033		16,367		30,310		21,461		(268,173	)	(475,793	)
Surrenders (note 6)		-		-		-		-		-		-		(6,821	)	(6,722	)
Death benefits (note 4)		-		-		-		-		-		-		-		(31	)
Net policy repayments (loans) (note 5)		4,196		4,277		2,434		2,456		2,485		2,496		(19	)	(7,939	)
Deductions for surrender charges (note 2d)		-		-		-		-		-		-		(1,545	)	(7,558	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(7,569	)	(1,521	)	(5,118	)	(1,272	)	(6,335	)	(1,090	)	(19,040	)	(91,729	)
Asset charges (note 3):		(295	)	(214	)	(228	)	(188	)	(174	)	(120	)	(634	)	(2,434	)
Adjustments to maintain reserves		3		(16	)	6		(22	)	13		(31	)	19		(675	)
Net equity transactions		57,425		14,896		35,483		18,641		45,745		23,381		(253,503	)	(308,384	)
Net change in contract owners’ equity		78,137		(10,835	)	65,031		(7,839	)	64,955		365		(207,668	)	(508,962	)
Contract owners’ equity beginning of period		50,103		60,938		48,374		56,213		35,199		34,834		207,668		716,630
Contract owners’ equity end of period	$	128,240		50,103		113,405		48,374		100,154		35,199		-		207,668
CHANGES IN UNITS:
Beginning units		7,871		6,272		8,429		5,678		6,432		3,248		25,895		47,864
Units purchased		9,569		1,925		5,706		3,005		7,965		3,408		5,384		27,270
Units redeemed		(1,269	)	(326	)	(838	)	(254	)	(1,078	)	(224	)	(31,279	)	(49,239	)
Ending units		16,171		7,871		13,297		8,429		13,319		6,432		-		25,895

(Continued)

43

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	AMRS					AMFAS				AMSRS				OVGR
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	-		2,602		-		-		12,127		13,218		665		280
Realized gain (loss) on investments		(80,057	)	(1,609	)	(4,026	)	(640	)	(22,801	)	(63,338	)	(18,850	)	(5,868	)
Change in unrealized gain (loss) on investments		137,015		(139,197	)	7,289		(11,333	)	161,816		(309,769	)	102,498		(118,678	)
Reinvested capital gains		-		566		-		854		-		45,193		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		56,958		(137,638	)	3,263		(11,119	)	151,142		(314,696	)	84,313		(124,266	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		23,821		70,171		3,198		5,448		107,400		426,723		91,073		131,780
Transfers between funds		(259,522	)	25,893		-		(3	)	12,515		(660,718	)	1,263		(20,411	)
Surrenders (note 6)		(877	)	(1,052	)	(1,662	)	(1	)	(453	)	(11,433	)	(8,178	)	(258	)
Death benefits (note 4)		-		-		-		-		-		(53	)	-		-
Net policy repayments (loans) (note 5)		-		-		(389	)	-		-		(5,914	)	(2,930	)	(4	)
Deductions for surrender charges (note 2d)		(971	)	(605	)	(662	)	(86	)	(3,660	)	(11,507	)	(7,282	)	(6,627	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(9,314	)	(15,489	)	(2,685	)	(3,857	)	(45,110	)	(131,594	)	(46,139	)	(52,781	)
Asset charges (note 3):		(455	)	(821	)	(85	)	(128	)	(2,332	)	(4,262	)	(1,176	)	(1,081	)
Adjustments to maintain reserves		4		(32	)	8		(15	)	9		(111	)	44		(75	)
Net equity transactions		(247,314	)	78,065		(2,277	)	1,358		68,369		(398,869	)	26,675		50,543
Net change in contract owners’ equity		(190,356	)	(59,573	)	986		(9,761	)	219,511		(713,565	)	110,988		(73,723	)
Contract owners’ equity beginning of period		190,356		249,929		17,312		27,073		444,659		1,158,224		172,160		245,883
Contract owners’ equity end of period	$	-		190,356		18,298		17,312		664,170		444,659		283,148		172,160
CHANGES IN UNITS:
Beginning units		26,414		18,746		2,561		2,424		54,272		85,608		23,978		18,658
Units purchased		3,274		9,596		464		576		13,244		43,963		11,814		16,158
Units redeemed		(29,688	)	(1,928	)	(820	)	(439	)	(5,836	)	(75,299	)	(8,504	)	(10,838	)
Ending units		-		26,414		2,205		2,561		61,680		54,272		27,288		23,978

(Continued)

44

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	OVGS3					OVHI3				OVHI				OVGI
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	7,812		4,713		-		1,127		-		707		11,455		9,892
Realized gain (loss) on investments		(31,541	)	(16,656	)	(22,409	)	(3,056	)	(8,744	)	(782	)	(125,749	)	(17,224	)
Change in unrealized gain (loss) on investments		158,962		(190,628	)	53,782		(30,510	)	9,241		(8,235	)	302,644		(396,201	)
Reinvested capital gains		7,464		20,747		-		-		-		-		-		42,980
Net increase (decrease) in contract owners’ equity resulting from operations		142,697		(181,824	)	31,373		(32,439	)	497		(8,310	)	188,350		(360,553	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		203,658		175,656		77,819		24,782		(48	)	1		259,490		388,885
Transfers between funds		50,203		23,389		8,641		14,205		(2	)	(18	)	(26,754	)	72,476
Surrenders (note 6)		(4,660	)	(3,445	)	(74	)	-		(2	)	-		(10,269	)	(7,532	)
Death benefits (note 4)		-		-		-		-		-		-		-		(47	)
Net policy repayments (loans) (note 5)		(3,939	)	(15	)	-		-		-		-		(11,585	)	(8,103	)
Deductions for surrender charges (note 2d)		(4,581	)	(1,968	)	(119	)	(1,580	)	(6	)	(51	)	(7,684	)	(10,646	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(73,917	)	(56,037	)	(10,146	)	(9,861	)	(420	)	(1,878	)	(130,979	)	(152,980	)
Asset charges (note 3):		(1,854	)	(1,607	)	(144	)	(112	)	(11	)	(50	)	(3,346	)	(3,636	)
Adjustments to maintain reserves		783		(83	)	11		13		2		(28	)	37		(126	)
Net equity transactions		165,693		135,890		75,988		27,447		(487	)	(2,024	)	68,910		278,291
Net change in contract owners’ equity		308,390		(45,934	)	107,361		(4,992	)	10		(10,334	)	257,260		(82,262	)
Contract owners’ equity beginning of period		304,751		350,685		13,499		18,491		2,092		12,426		658,467		740,729
Contract owners’ equity end of period	$	613,141		304,751		120,860		13,499		2,102		2,092		915,727		658,467
CHANGES IN UNITS:
Beginning units		33,763		23,236		6,619		1,914		873		1,106		82,941		57,410
Units purchased		24,755		17,630		46,117		6,314		-		-		31,486		44,324
Units redeemed		(9,892	)	(7,103	)	(5,981	)	(1,609	)	(173	)	(233	)	(24,514	)	(18,793	)
Ending units		48,626		33,763		46,755		6,619		700		873		89,913		82,941

(Continued)

45

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	OVSC					PMVFBA			PMVLDA			TRBCG2
	2009			2008		2009		2008	2009		2008	2009		2008
Investment activity:
Net investment income (loss)	$	5,896		2,613		224		-	3,240		-	-		838
Realized gain (loss) on investments		(243,493	)	(27,845	)	1,223		-	202		-	(218,570	)	(2,129	)
Change in unrealized gain (loss) on investments		398,809		(246,271	)	(2,781	)	-	(4,424	)	-	366,392		(313,333	)
Reinvested capital gains		-		29,016		798		-	12,825		-	-		-
Net increase (decrease) in contract owners’ equity resulting from operations		161,212		(242,487	)	(536	)	-	11,843		-	147,822		(314,624	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		205,899		310,263		31,762		-	52,271		-	154,468		337,926
Transfers between funds		(179,511	)	103,146		42,050		-	244,796		-	(380,311	)	314,120
Surrenders (note 6)		(5,064	)	(4,558	)	-		-	(199	)	-	(22,543	)	(7,483	)
Death benefits (note 4)		-		(21	)	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		(13,372	)	(3,091	)	-		-	130		-	(2,906	)	(7,299	)
Deductions for surrender charges (note 2d)		(4,164	)	(7,423	)	-		-	(1,222	)	-	(7,519	)	(8,700	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(87,810	)	(104,980	)	(2,731	)	-	(19,065	)	-	(86,899	)	(110,118	)
Asset charges (note 3):		(2,746	)	(2,706	)	(96	)	-	(523	)	-	(2,252	)	(2,719	)
Adjustments to maintain reserves		49		(126	)	(7	)	-	(42	)	-	44		(89	)
Net equity transactions		(86,719	)	290,504		70,978		-	276,146		-	(347,918	)	515,638
Net change in contract owners’ equity		74,493		48,017		70,442		-	287,989		-	(200,096	)	201,014
Contract owners’ equity beginning of period		468,796		420,779		-		-	-		-	585,859		384,845
Contract owners’ equity end of period	$	543,289		468,796		70,442		-	287,989		-	385,763		585,859
CHANGES IN UNITS:
Beginning units		58,050		32,394		-		-	-		-	73,411		27,656
Units purchased		31,452		37,289		6,672		-	28,035		-	18,307		58,434
Units redeemed		(40,467	)	(11,633	)	(248	)	-	(1,963	)	-	(57,627	)	(12,679	)
Ending units		49,035		58,050		6,424		-	26,072		-	34,091		73,411

(Continued)

46

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	TREI2					TRLT2				WRASP				WRBP
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	5,401		5,267		1,362		1,585		442		266		73		-
Realized gain (loss) on investments		(54,017	)	(7,613	)	948		(3	)	(3,175	)	(260	)	111		-
Change in unrealized gain (loss) on investments		131,463		(100,004	)	1,630		(1,672	)	50,251		(5,498	)	1,553		-
Reinvested capital gains		-		5,806		-		-		11,943		4,364		21		-
Net increase (decrease) in contract owners’ equity resulting from operations		82,847		(96,544	)	3,940		(90	)	59,461		(1,128	)	1,758		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		62,977		102,673		3,643		55,833		483,700		49,301		18,766		-
Transfers between funds		22,960		110,488		(62,950	)	2,692		372,931		2,728		6,827		28
Surrenders (note 6)		(7,134	)	-		-		(1,864	)	(10	)	-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(846	)	1,227		-		-		(2,892	)	-		-		-
Deductions for surrender charges (note 2d)		(3,280	)	(183	)	(33	)	(29	)	3		-		1		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(42,230	)	(32,720	)	(3,262	)	(2,791	)	(64,545	)	(2,065	)	(2,897	)	-
Asset charges (note 3):		(1,438	)	(1,160	)	(115	)	(108	)	(335	)	-		-		-
Adjustments to maintain reserves		50		(67	)	28		(60	)	(27	)	(3	)	3		(3	)
Net equity transactions		31,059		180,258		(62,689	)	53,673		788,825		49,961		22,700		25
Net change in contract owners’ equity		113,906		83,714		(58,749	)	53,583		848,286		48,833		24,458		25
Contract owners’ equity beginning of period		269,107		185,393		58,749		5,166		48,833		-		25		-
Contract owners’ equity end of period	$	383,013		269,107		-		58,749		897,119		48,833		24,483		25
CHANGES IN UNITS:
Beginning units		32,472		14,258		5,231		466		6,405		-		3		-
Units purchased		15,248		21,505		312		5,238		96,196		6,682		2,899		3
Units redeemed		(10,821	)	(3,291	)	(5,543	)	(473	)	(8,502	)	(277	)	(333	)	-
Ending units		36,899		32,472		-		5,231		94,099		6,405		2,569		3

(Continued)

47

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRBDP					WRCEP				WRDIV				WRENG
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	1,004		19		206		26		289		13		-		1
Realized gain (loss) on investments		186		(8	)	(85	)	(14	)	(530	)	(15	)	595		(13	)
Change in unrealized gain (loss) on investments		1,887		481		8,517		(1,306	)	12,552		(977	)	4,275		(17	)
Reinvested capital gains		-		-		-		390		-		23		-		1
Net increase (decrease) in contract owners’ equity resulting from operations		3,077		492		8,638		(904	)	12,311		(956	)	4,870		(28	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		67,052		20,788		38,594		11,656		59,531		12,826		20,983		83
Transfers between funds		36,164		167		23,398		135		33,130		11		15,992		434
Surrenders (note 6)		-		-		(4	)	-		(7	)	-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		-		-		(1,019	)	-		-		-		-		-
Deductions for surrender charges (note 2d)		-		-		-		-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(10,527	)	(1,043	)	(10,699	)	(225	)	(10,593	)	(296	)	(5,376	)	(63	)
Asset charges (note 3):		-		-		-		-		-		-		-		-
Adjustments to maintain reserves		4		(2	)	7		(6	)	9		(6	)	(1	)	(3	)
Net equity transactions		92,693		19,910		50,277		11,560		82,070		12,535		31,598		451
Net change in contract owners’ equity		95,770		20,402		58,915		10,656		94,381		11,579		36,468		423
Contract owners’ equity beginning of period		20,402		-		10,656		-		11,579		-		423		-
Contract owners’ equity end of period	$	116,172		20,402		69,571		10,656		105,960		11,579		36,891		423
CHANGES IN UNITS:
Beginning units		2,000		-		1,458		-		1,581		-		77		-
Units purchased		9,628		2,105		7,641		1,489		12,053		1,623		5,497		88
Units redeemed		(1,001	)	(105	)	(1,424	)	(31	)	(1,361	)	(42	)	(794	)	(11	)
Ending units		10,627		2,000		7,675		1,458		12,273		1,581		4,780		77

(Continued)

48

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRGNR					WRGP				WRHIP				WRIP
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	-		516		81		-		2,158		127		282		50
Realized gain (loss) on investments		(110	)	(204	)	(992	)	(137	)	559		(60	)	(685	)	(117	)
Change in unrealized gain (loss) on investments		32,922		(6,619	)	9,156		(2,078	)	11,333		(547	)	9,718		(1,601	)
Reinvested capital gains		-		2,095		600		131		-		-		-		421
Net increase (decrease) in contract owners’ equity resulting from operations		32,812		(4,212	)	8,845		(2,084	)	14,050		(480	)	9,315		(1,247	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		69,195		22,974		43,933		12,223		52,556		16,254		49,556		15,905
Transfers between funds		44,608		65		12,317		102		30,243		883		16,501		9
Surrenders (note 6)		(5	)	-		-		-		(4	)	-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(1,594	)	-		-		-		(1,966	)	-		-		-
Deductions for surrender charges (note 2d)		-		-		(124	)	-		-		-		(87	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(13,660	)	(419	)	(7,855	)	(809	)	(9,557	)	(551	)	(9,047	)	(527	)
Asset charges (note 3):		-		-		-		-		-		-		-		-
Adjustments to maintain reserves		3		(5	)	(1	)	-		8		(3	)	4		(5	)
Net equity transactions		98,547		22,615		48,270		11,516		71,280		16,583		56,927		15,382
Net change in contract owners’ equity		131,359		18,403		57,115		9,432		85,330		16,103		66,242		14,135
Contract owners’ equity beginning of period		18,403		-		9,432		-		16,103		-		14,135		-
Contract owners’ equity end of period	$	149,762		18,403		66,547		9,432		101,433		16,103		80,377		14,135
CHANGES IN UNITS:
Beginning units		4,390		-		1,331		-		2,010		-		2,086		-
Units purchased		18,610		4,487		7,077		1,442		7,730		2,080		8,475		2,165
Units redeemed		(2,426	)	(97	)	(1,018	)	(111	)	(1,093	)	(70	)	(1,213	)	(79	)
Ending units		20,574		4,390		7,390		1,331		8,647		2,010		9,348		2,086

(Continued)

49

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRI2P					WRMIC				WRMCG				WRMMP
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	678		36		-		-		-		-		873		53
Realized gain (loss) on investments		(922	)	(181	)	563		-		942		(22	)	-		-
Change in unrealized gain (loss) on investments		9,115		(1,001	)	4,013		1		4,623		5		-		-
Reinvested capital gains		1,091		145		-		-		-		16		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		9,962		(1,001	)	4,576		1		5,565		(1	)	873		53
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		33,512		6,502		14,962		16		33,829		809		961,303		118,707
Transfers between funds		17,348		26		15,656		5		6,497		9		(807,901	)	(23,030	)
Surrenders (note 6)		-		-		-		-		-		-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		-		-		-		-		-		-		-		-
Deductions for surrender charges (note 2d)		-		-		(48	)	-		-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(6,635	)	(417	)	(3,968	)	(2	)	(4,264	)	(49	)	(42,856	)	(4,257	)
Asset charges (note 3):		-		-		-		-		-		-		-		-
Adjustments to maintain reserves		7		(3	)	4		(2	)	8		(7	)	97		(7	)
Net equity transactions		44,232		6,108		26,606		17		36,070		762		110,643		91,413
Net change in contract owners’ equity		54,194		5,107		31,182		18		41,635		761		111,516		91,466
Contract owners’ equity beginning of period		5,107		-		18		-		761		-		91,466		-
Contract owners’ equity end of period	$	59,301		5,107		31,200		18		42,396		761		202,982		91,466
CHANGES IN UNITS:
Beginning units		733		-		3		-		104		-		9,084		-
Units purchased		6,305		793		4,124		4		4,296		112		94,868		11,799
Units redeemed		(824	)	(60	)	(539	)	(1	)	(448	)	(8	)	(83,996	)	(2,715	)
Ending units		6,214		733		3,588		3		3,952		104		19,956		9,084

(Continued)

50

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRMSP				WRPAP			WRPCP			WRPMP
	2009			2008	2009		2008	2009		2008	2009		2008
Investment activity:
Net investment income (loss)	$	12		-	125		-	1		-	505		-
Realized gain (loss) on investments		2		-	1,186		-	60		-	1,013		(61	)
Change in unrealized gain (loss) on investments		15		-	12,843		-	481		-	50,363		1,363
Reinvested capital gains		-		-	286		-	2		-	933		-
Net increase (decrease) in contract owners’ equity resulting from operations		29		-	14,440		-	544		-	52,814		1,302
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		1,537		-	85,958		-	6,473		-	277,535		29,716
Transfers between funds		3,135		-	16,238		-	618		-	103,152		11,350
Surrenders (note 6)		-		-	-		-	-		-	-		-
Death benefits (note 4)		-		-	-		-	-		-	-		-
Net policy repayments (loans) (note 5)		-		-	-		-	-		-	-		-
Deductions for surrender charges (note 2d)		-		-	(167	)	-	-		-	-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(318	)	-	(14,711	)	-	(1,389	)	-	(41,080	)	(2,093	)
Asset charges (note 3):		-		-	-		-	-		-	-		-
Adjustments to maintain reserves		2		-	(6	)	-	(3	)	-	(21,772	)	(16	)
Net equity transactions		4,356		-	87,312		-	5,699		-	317,835		38,957
Net change in contract owners’ equity		4,385		-	101,752		-	6,243		-	370,649		40,259
Contract owners’ equity beginning of period		-		-	-		-	-		-	40,259		-
Contract owners’ equity end of period	$	4,385		-	101,752		-	6,243		-	410,908		40,259
CHANGES IN UNITS:
Beginning units		-		-	-		-	-		-	4,780		-
Units purchased		465		-	12,212		-	761		-	43,257		5,038
Units redeemed		(32	)	-	(1,691	)	-	(146	)	-	(6,675	)	(258	)
Ending units		433		-	10,521		-	615		-	41,362		4,780

(Continued)

51

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRPMAP					WRPMCP			WRRESP				WRSTP
	2009			2008		2009		2008	2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	368		-		-		-	226		24		-		-
Realized gain (loss) on investments		2,445		(26	)	158		-	485		(9	)	1,138		(109	)
Change in unrealized gain (loss) on investments		42,517		2,430		725		-	3,256		226		16,831		(460	)
Reinvested capital gains		660		-		-		-	-		68		1,068		67
Net increase (decrease) in contract owners’ equity resulting from operations		45,990		2,404		883		-	3,967		309		19,037		(502	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		229,122		71,210		11,216		-	13,080		2,143		68,436		2,307
Transfers between funds		193,802		6,577		512		-	5,386		426		56,139		61
Surrenders (note 6)		-		-		-		-	-		-		-		-
Death benefits (note 4)		-		-		-		-	-		-		-		-
Net policy repayments (loans) (note 5)		-		-		-		-	-		-		(1,545	)	-
Deductions for surrender charges (note 2d)		(122	)	-		-		-	-		-		-		-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(50,545	)	(2,710	)	(2,760	)	-	(2,976	)	(191	)	(12,783	)	(153	)
Asset charges (note 3):		-		-		-		-	-		-		-		-
Adjustments to maintain reserves		12		41		(3	)	-	2		(2	)	5		(3	)
Net equity transactions		372,269		75,118		8,965		-	15,492		2,376		110,252		2,212
Net change in contract owners’ equity		418,259		77,522		9,848		-	19,459		2,685		129,289		1,710
Contract owners’ equity beginning of period		77,522		-		-		-	2,685		-		1,710		-
Contract owners’ equity end of period	$	495,781		77,522		9,848		-	22,144		2,685		130,999		1,710
CHANGES IN UNITS:
Beginning units		9,522		-		-		-	412		-		231		-
Units purchased		46,731		9,866		1,299		-	2,824		444		13,604		253
Units redeemed		(5,802	)	(344	)	(317	)	-	(487	)	(32	)	(1,534	)	(22	)
Ending units		50,451		9,522		982		-	2,749		412		12,301		231

(Continued)

52

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	WRSCP					WRSCV				WRVP				WFVSCG
	2009			2008		2009		2008		2009		2008		2009		2008
Investment activity:
Net investment income (loss)	$	34		-		-		3		247		7		-		-
Realized gain (loss) on investments		968		(43	)	1,061		-		47		-		4,330		-
Change in unrealized gain (loss) on investments		6,470		(500	)	8,449		27		4,955		66		1,466		-
Reinvested capital gains		-		34		-		27		-		21		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		7,472		(509	)	9,510		57		5,249		94		5,796		-
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		36,433		2,318		29,379		1,153		11,028		2,067		11,846		-
Transfers between funds		19,942		6		21,592		6		12,407		-		5,087		-
Surrenders (note 6)		(1	)	-		-		-		-		-		-		-
Death benefits (note 4)		-		-		-		-		-		-		-		-
Net policy repayments (loans) (note 5)		(984	)	-		-		-		-		-		-		-
Deductions for surrender charges (note 2d)		-		-		-		-		-		-		(4	)	-
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(6,125	)	(159	)	(4,494	)	(67	)	(2,155	)	(126	)	(2,256	)	-
Asset charges (note 3):		-		-		-		-		-		-		(56	)	-
Adjustments to maintain reserves		2		(6	)	(3	)	(1	)	(3	)	(2	)	23		-
Net equity transactions		49,267		2,159		46,474		1,091		21,277		1,939		14,640		-
Net change in contract owners’ equity		56,739		1,650		55,984		1,148		26,526		2,033		20,436		-
Contract owners’ equity beginning of period		1,650		-		1,148		-		2,033		-		-		-
Contract owners’ equity end of period	$	58,389		1,650		57,132		1,148		28,559		2,033		20,436		-
CHANGES IN UNITS:
Beginning units		231		-		144		-		261		-		-		-
Units purchased		6,663		254		5,906		153		2,892		278		1,596		-
Units redeemed		(826	)	(23	)	(499	)	(9	)	(258	)	(17	)	(48	)	-
Ending units		6,068		231		5,551		144		2,895		261		1,548		-

(Continued)

53

NATIONWIDE VL SEPARATE ACCOUNT-G

STATEMENTS OF CHANGES IN CONTRACT OWNERS’ EQUITY, Continued

Years Ended December 31, 2009 and 2008

	SGRF
	2009			2008
Investment activity:
Net investment income (loss)	$	-		-
Realized gain (loss) on investments		(347,847	)	(15,222	)
Change in unrealized gain (loss) on investments		364,727		(442,446	)
Reinvested capital gains		-		-
Net increase (decrease) in contract owners’ equity resulting from operations		16,880		(457,668	)
Equity transactions:
Purchase payments received from contract owners (notes 2a and 6)		30,836		218,306
Transfers between funds		(512,969	)	(263,769	)
Surrenders (note 6)		(32,068	)	(5,267	)
Death benefits (note 4)		-		(20	)
Net policy repayments (loans) (note 5)		(2	)	(2,386	)
Deductions for surrender charges (note 2d)		(176	)	(4,950	)
Redemptions to pay cost of insurance charges and administration charges (notes 2b and 2c)		(19,482	)	(95,000	)
Asset charges (note 3):		(640	)	(3,548	)
Adjustments to maintain reserves		26		(124	)
Net equity transactions		(534,475	)	(156,758	)
Net change in contract owners’ equity		(517,595	)	(614,426	)
Contract owners’ equity beginning of period		517,595		1,132,021
Contract owners’ equity end of period	$	-		517,595
CHANGES IN UNITS:
Beginning units		71,365		84,110
Units purchased		4,442		28,674
Units redeemed		(75,807	)	(41,419	)
Ending units		-		71,365

See accompanying notes to financial statements.

54

NATIONWIDE VL SEPARATE ACCOUNT-G

NOTES TO FINANCIAL STATEMENTS

December 31, 2009 and 2008

(1) Background and Summary of Significant Accounting Policies

(a) Organization and Nature of Operations

The Nationwide VL Separate Account-G (the Account) was established pursuant to a resolution of the Board of Directors of Nationwide Life and Annuity Insurance Company (the Company) on December 10, 2003. The Account is registered as a unit investment trust under the Investment Company Act of 1940. The Company currently offers five individual flexible premium variable life insurance policies through the Account: Nationwide® Options Select, Nationwide MarathonSM VUL, Nationwide YourLife® Protection VUL, Nationwide YourLife® Accumulation VUL and Nationwide MarathonSM Performance VUL. The Company offers a last survivor flexible premium adjustable variable life insurance policy-Nationwide YourLife® Survivorship VUL. The primary distribution for contracts is through wholesalers and brokers.

(b) The Contracts

Only contracts with a front-end sales charge and certain other fees are offered for purchase. See note 2 for a discussion of policy charges and note 3 for asset charges.

With certain exceptions, contract owners may invest in the following:

BLACKROCK FUNDS

Variable Series Funds, Inc. - Global Allocation V.I. Fund - Class II (MLVGA2)

JANUS FUNDS

Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)

Janus Aspen Series - INTECH Risk-Managed Core Portfolio - Service Shares (JARLCS)*

Janus Aspen Series - Overseas Portfolio - Service II Shares (JAIGS2)

MASSACHUSETTS FINANCIAL SERVICES CO.

Investors Growth Stock Series - Initial Class (MIGIC)

Value Series - Initial Class (MVFIC)

MORGAN STANLEY

Core Plus Fixed Income Portfolio - Class I (MSVFI)

U.S. Real Estate Portfolio - Class I (MSVRE)*

NATIONWIDE FUNDS GROUP

AllianceBernstein NVIT Global Fixed Income Fund - Class III (NVAGF3)

American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)

American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)

American Funds NVIT Bond Fund - Class II (GVABD2)

American Funds NVIT Global Growth Fund - Class II (GVAGG2)

American Funds NVIT Growth Fund - Class II (GVAGR2)

American Funds NVIT Growth-Income Fund - Class II (GVAGI2)

Federated NVIT High Income Bond Fund - Class I (HIBF)*

Federated NVIT High Income Bond Fund - Class III (HIBF3)

Gartmore NVIT Emerging Markets Fund - Class III (GEM3)

Gartmore NVIT International Equity Fund - Class VI (NVIE6)

Gartmore NVIT Worldwide Leaders Fund - Class III (GEF3)

Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)

Neuberger Berman NVIT Socially Responsible Fund - Class II (NVNSR2)

NVIT Cardinal Aggressive Fund - Class I (NVCRA1)

NVIT Cardinal Balanced Fund - Class I (NVCRB1)

NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)

NVIT Cardinal Conservative Fund - Class I (NVCCN1)

NVIT Cardinal Moderate Fund - Class I (NVCMD1)

NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)

NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)

NVIT Core Bond Fund - Class I (NVCBD1)

NVIT Core Plus Bond Fund - Class I (NVLCP1)

NVIT Fund - Class I (TRF)

NVIT Fund - Class II (TRF2)*

NVIT Government Bond Fund - Class I (GBF)

NVIT Health Sciences Fund - Class III (GVGHS)

NVIT International Index Fund - Class VI (GVIX6)

NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)

NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)

NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)

NVIT Investor Destinations Conservative Fund - Class II (GVIDC)

NVIT Investor Destinations Moderate Fund - Class II (GVIDM)

NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)

NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)

NVIT Mid Cap Index Fund - Class I (MCIF)

NVIT Money Market Fund - Class I (SAM)

NVIT Multi-Manager International Growth Fund - Class III (NVMIG3)

NVIT Multi-Manager International Value Fund - Class III (GVDIV3)

NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)

NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)

NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)

NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)

NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)

(Continued)

55

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)

NVIT Multi-Manager Small Company Fund - Class I (SCF)

NVIT Multi-Sector Bond Fund - Class I (MSBF)

NVIT Short Term Bond Fund - Class II (NVSTB2)

NVIT Technology & Communications Fund - Class III (GGTC3)

NVIT U.S. Growth Leaders Fund - Class I (GVUG1)

Oppenheimer NVIT Large Cap Growth Fund - Class I (NVOLG1)

Templeton NVIT International Value Fund - Class III (NVTIV3)

Van Kampen NVIT Comstock Value Fund - Class I (EIF)

Van Kampen NVIT Real Estate Fund - Class I (NVRE1)

NEUBERGER & BERMAN MANAGEMENT, INC.

Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)

Portfolios of the AIM Variable Insurance Funds

V.I. Basic Value Fund - Series I (AVBVI)*

V.I. Capital Appreciation Fund - Series I (AVCA)

V.I. Capital Development Fund - Series I (AVCDI)

Portfolios of the AllianceBernstein Variable Products Series Fund, Inc.

VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)

Portfolios of the American Century Variable Portfolios, Inc.

VP Inflation Protection Fund - Class II (ACVIP2)

VP International Fund - Class III (ACVI3)*

VP Mid Cap Value Fund - Class I (ACVMV1)

VP Ultra(R) Fund - Class I (ACVU1)*

VP Value Fund - Class I (ACVV)

VP Vista(SM) Fund - Class I (ACVVS1)*

Portfolios of the Dreyfus Investment Portfolios

Small Cap Stock Index Portfolio - Service Shares (DVSCS)

Stock Index Fund, Inc. - Initial Shares (DSIF)

Portfolios of the Dreyfus Variable Investment Fund

Appreciation Portfolio - Initial Shares (DCAP)

Portfolios of the Federated Insurance Series

Market Opportunity Fund II - Service Shares (FVMOS)

Quality Bond Fund II - Primary Shares (FQB)

Portfolios of the Fidelity Variable Insurance Products Fund Fidelity

VIP Fund - Contrafund Portfolio - Service Class (FCS)

VIP Fund - Energy Portfolio - Service Class 2 (FNRS2)

VIP Fund - Equity-Income Portfolio - Service Class (FEIS)

VIP Fund - Freedom Fund 2010 Portfolio - Service Class (FF10S)

VIP Fund - Freedom Fund 2020 Portfolio - Service Class (FF20S)

VIP Fund - Freedom Fund 2030 Portfolio - Service Class (FF30S)

VIP Fund - Growth Portfolio - Service Class (FGS)

VIP Fund - Investment Grade Bond Portfolio - Service Class (FIGBS)

VIP Fund - Mid Cap Portfolio - Service Class (FMCS)

VIP Fund - Overseas Portfolio - Service Class R (FOSR)

VIP Fund - Value Strategies Portfolio - Service Class (FVSS)

Portfolios of the Franklin Templeton Variable Insurance Products Trust

Franklin Income Securities Fund - Class 2 (FTVIS2)

Franklin Rising Dividends Securities Fund - Class 1 (FTVRDI)

Franklin Small Cap Value Securities Fund - Class 1 (FTVSVI)

Templeton Developing Markets Securities Fund - Class 3 (FTVDM3)

Templeton Foreign Securities Fund - Class 3 (TIF3)

Templeton Global Bond Securities Fund - Class 3 (FTVGI3)

VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)

Portfolios of the Lincoln Variable Insurance Products Trust

Brandes International Equity Fund (MFBIE)

Business Opportunity Value Fund (MFBOV)

Frontier Capital Appreciation Fund (MFFCA)

M Large Cap Growth Fund (MFTCG)

Portfolios of the Neuberger Berman Advisers Management Trust

(Continued)

56

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

International Portfolio - S Class Shares (AMINS)*

Regency Portfolio - S Class Shares (AMRS)*

Small-Cap Growth Portfolio - S Class Shares (AMFAS)

Socially Responsive Portfolio - I Class Shares (AMSRS)

Portfolios of the Oppenheimer Variable Account Funds

Capital Appreciation Fund/VA - Non-Service Shares (OVGR)

Global Securities Fund/VA - Class 3 (OVGS3)

Global Securities Fund/VA - Non-Service Shares (OVGS)*

High Income Fund/VA - Class 3 (OVHI3)

High Income Fund/VA - Non-Service Shares (OVHI)

Main Street Fund(R)/VA - Non-Service Shares (OVGI)

Main Street Small Cap Fund(R)/VA - Non-Service Shares (OVSC)

Portfolios of the PIMCO Variable Insurance Trust

Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)

Low Duration Portfolio - Administrative Class (PMVLDA)

Portfolios of the Putnam Variable Trust

Putnam VT Growth and Income Fund - IB Shares (PVGIB)*

Putnam VT Voyager Fund - IB Shares (PVTVB)*

T. ROWE PRICE

Blue Chip Growth Portfolio - II (TRBCG2)

Equity Income Portfolio - II (TREI2)

Limited-Term Bond Portfolio - II (TRLT2)*

WADDELL & REED, INC.

Ivy Fund Variable Insurance Portfolios, Inc. - Asset Strategy (WRASP)

Ivy Fund Variable Insurance Portfolios, Inc. - Balanced (WRBP)

Ivy Fund Variable Insurance Portfolios, Inc. - Bond (WRBDP)

Ivy Fund Variable Insurance Portfolios, Inc. - Core Equity (WRCEP)

Ivy Fund Variable Insurance Portfolios, Inc. - Dividend Opportunities (WRDIV)

Ivy Fund Variable Insurance Portfolios, Inc. - Energy (WRENG)

Ivy Fund Variable Insurance Portfolios, Inc. - Global Natural Resources (WRGNR)

Ivy Fund Variable Insurance Portfolios, Inc. - Growth (WRGP)

Ivy Fund Variable Insurance Portfolios, Inc. - High Income (WRHIP)

Ivy Fund Variable Insurance Portfolios, Inc. - International Growth (WRIP)

Ivy Fund Variable Insurance Portfolios, Inc. - International Value (WRI2P)

Ivy Fund Variable Insurance Portfolios, Inc. - Micro Cap Growth (WRMIC)

Ivy Fund Variable Insurance Portfolios, Inc. - Mid Cap Growth (WRMCG)

Ivy Fund Variable Insurance Portfolios, Inc. - Money Market (WRMMP)

Ivy Fund Variable Insurance Portfolios, Inc. - Mortgage Securities (WRMSP)

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Aggressive (WRPAP)

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Conservative (WRPCP)

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderate (WRPMP)

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Aggressive (WRPMAP)

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Conservative (WRPMCP)

Ivy Fund Variable Insurance Portfolios, Inc. - Real Estate Securities (WRRESP)

Ivy Fund Variable Insurance Portfolios, Inc. - Science and Technology (WRSTP)

Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Growth (WRSCP)

Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Value (WRSCV)

Ivy Fund Variable Insurance Portfolios, Inc. - Value (WRVP)

WELLS FARGO FUNDS

Advantage Funds Variable Trust - VT Small Cap Growth Fund (WFVSCG)

Z CLOSED FUNDS

NVIT Mid Cap Growth Fund - Class I (obsolete) (SGRF)*

* At December 31, 2009, contract owners were not invested in this fund.

The contract owners’ equity is affected by the investment results of each fund, equity transactions by contract owners and certain policy and asset charges (see notes 2 and 3). The accompanying financial statements include only contract owners’ purchase payments pertaining to the variable portions of their contracts and exclude any purchase payments for fixed dollar benefits, the latter being included in the accounts of the Company.

A contract owner may choose from among a number of different underlying mutual fund options. The underlying mutual fund options are not available to the general public directly. The underlying mutual funds are available as investment options in variable life insurance policies or variable annuity contracts issued by life insurance companies or, in some cases, through participation in certain qualified pension or retirement plans.

Some of the underlying mutual funds have been established by investment advisers which manage publicly traded mutual funds having similar names and investment objectives. While some of the underlying mutual funds may be similar to, and may in fact be modeled after, publicly traded mutual funds, the underlying mutual funds are not otherwise directly related to any publicly traded mutual fund. Consequently, the investment performance of publicly traded mutual funds and any corresponding underlying mutual funds may differ substantially.

(Continued)

57

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

A purchase payment could be presented as a negative equity transaction in the Statements of Changes in Contract Owners’ Equity if a prior period purchase payment is refunded to a contract owner due to a contract cancellation during the free look period, and/or if a gain is realized by the contract owner during the free look period.

(c) Security Valuation, Transactions and Related Investment Income

Investments in underlying mutual funds are valued at the closing net asset value per share at December 31, 2009 of such funds, which represents fair value. The cost of investments sold is determined on a first in – first out basis. Investment transactions are accounted for on the trade date (date the order to buy or sell is executed), and dividends and capital gain distributions are accrued as of the ex-dividend date and are reinvested in the underlying mutual funds.

(d) Federal Income Taxes

Operations of the Account form a part of, and are taxed with, operations of the Company, which is taxed as a life insurance company under the provisions of the Internal Revenue Code. The Company does not provide for income taxes within the Account. Taxes are generally the responsibility of the contract owner upon termination or withdrawal.

(e) Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with U.S. generally accepted accounting principles may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(f) Recently Issued Accounting Standards

In September 2006, the FASB issued FASB ASC 820, Fair Value Measurements and Disclosures (SFAS No. 157, Fair Value Measurements). FASB ASC 820 provides enhanced guidance for using fair value to measure assets and liabilities and requires new disclosures about fair value measurements and also provides guidance regarding the extent to which companies measure assets and liabilities at fair value, the information used to measure fair value, and the effect of fair value measurements on earnings. For assets and liabilities that are measured at fair value on a recurring basis in periods subsequent to initial recognition, the reporting entity shall disclose information that enables financial statement users to assess the inputs used to develop those measurements. FASB ASC 820 applies whenever other standards require (or permit) assets or liabilities to be measured at fair value but does not expand the use of fair value in any new circumstances.

FASB ASC 820 was effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years, with early adoption permitted. The Account adopted FASB ASC 820 effective January 1, 2008. The adoption of FASB ASC 820 did not have a material impact on the Account’s financial position or results of operations.

In September 2009 the FASB issued ASU 2009-12, which amends FASB ASC 820, Fair Value Measurements and Disclosures. This guidance applies to reporting entities that hold an investment that is required or permitted to be measured or disclosed at fair value on a recurring or nonrecurring basis if the investment does not have a readily determinable fair value and the investee has attributes of an investment company. For these investments, this update allows, as a practical expedient, the use of net asset value (NAV) as the basis to estimate fair value as long as it is not probable, as of the measurement date that the investment will be sold and NAV is not the value that will be used in the sale. The NAVs must be calculated consistent with the American Institute of Certified Public Accountants Audit and Accounting Guide, Investment Companies, which generally requires these investments to be measured at fair value. Additionally, the guidance provided updated disclosures for investments within its scope and noted that if the investor can redeem the investment with the investee on the measurement date at NAV, the investment should likely be classified as Level 2 in the fair value hierarchy. Investments that cannot be redeemed with the investee at NAV would generally be classified as Level 3 in the fair value hierarchy. If the investment is not redeemable with the investee on the measurement date, but will be at a future date, the length of time until the investment is redeemable should be considered in determining classification as Level 2 or 3. This guidance is effective for interim and annual periods ending after December 15, 2009 with early adoption permitted. The Account adopted this guidance effective the period ending December 31, 2009. The adoption of this guidance did not have a material impact on the financial statements of the Account.

(g) Subsequent Events

The Company evaluated subsequent events through the date the financial statements were issued with the SEC.

(2) Policy Charges

(a) Deductions from Premium

For Nationwide® Options Select and Nationwide MarathonSM VUL contracts, the Company currently deducts 0.50% from each premium payment (up to 2.5% maximum) to cover sales expenses. For Nationwide YourLife® Accumulation VUL contracts, the Company currently deducts 2.5% from each premium payment (maximum is 2.5%) to cover sales expenses. The Company also deducts 3.5% from each premium payment to cover premium taxes.

For Nationwide MarathonSM Performance VUL contracts, the Company currently deducts 5.5% from each premium (the maximum is 6.5%) to cover sales expenses if the Accumulation Rider is not elected. If the Accumulation Rider is elected, the Company currently deducts 2.5% from each premium payment (the maximum is 2.5%) to cover sales expenses. The Company also deducts 3.5% from each premium to cover premium taxes.

For Nationwide YourLife® Protection VUL contracts, the Company currently deducts 6.5% from each premium (the maximum is 6.5%) to cover sales expenses. The Company also deducts 3.5% from each premium to cover premium taxes.

The Company may, at its sole discretion, reduce the sales loading.

For the periods ended December 31, 2009 and 2008, total front-end sales charge deductions were $2,524,153 and $1,511,986, respectively and were recognized as a reduction of purchase payments on the Statement of Changes in Contract Owners’ Equity.

(Continued)

58

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

(b) Cost of Insurance

A cost of insurance charge is assessed monthly against each contract by liquidating units. The amount of the charge varies widely and is based upon age, sex, rate class and net amount at risk (death benefit less total contract value).

(c) Administrative Charges

For all contracts, the Company currently deducts a short-term trading fee of 1.0% of an amount allocated to a sub account and transferred from that sub account within 60 days of that allocation.

For Nationwide^® Options Select and Nationwide Marathon^SM VUL contracts, the Company currently deducts a $10 administrative charge per policy per month (maximum of $20 per policy per month) taken proportionally from the sub accounts and any companion fixed funds of the contract.

For Nationwide YourLife® Protection VUL contracts and Nationwide MarathonSM Performance VUL, if the Accumulation Rider is not elected, the Company currently deducts a $20 administrative charge per month which is also the maximum charge.

For Nationwide YourLife® Accumulation VUL contracts and Nationwide MarathonSM Performance VUL, if the Accumulation Rider is elected, the Company currently deducts a $25 administrative charge per month which is also the maximum charge.

For Nationwide YourLife® Survivorship VUL contracts, the Company currently deducts a $15 administrative charge per month (maximum of $20 per policy per month).

For Nationwide® Options Select VUL contracts, the Company currently deducts a monthly underwriting and distribution charge of $0.17 per $1,000 of Specified Amount. The maximum guaranteed charge is $0.20 per $1,000 of Specified Amount.

For MarathonSM Performance VUL contracts, if the Accumulation Rider is not elected, the Company deducts a maximum guaranteed charge for all ages of $0.20 per $1,000 of the first $250,000 of Base Policy Specified Amount for all ages and $0.10 per $1,000 of Base Policy Specified Amount in excess of $250,000.

For Nationwide MarathonSM contracts, the Company currently deducts a monthly underwriting and distribution charge of $0.10 per $1,000 of Specified Amount. The maximum guaranteed charge is $0.20 per $1,000 of Specified Amount.

For Nationwide YourLife® Protection VUL contracts, the Company currently deducts a monthly underwriting and distribution charge of $0.00 per $1,000 of Specified Amount. The maximum guaranteed charge is $0.20 per $1,000 of Specified Amount.

For Nationwide YourLife® Accumulation VUL contracts, the Company currently deducts a monthly underwriting and distribution charge of $0.02 per $1,000 of Specified Amount. The maximum guaranteed charge is $1.18 per $1,000 of Specified Amount.

Nationwide YourLife® Survivorship VUL contracts, the monthly underwriting and distribution charge varies by the insureds’ attained ages, sexes and Base Policy Specified Amount. The maximum guaranteed underwriting and distribution charge is $0.74 per $1,000 of Specified Amount.

The charges above are assessed against each contract by liquidating units.

(d) Surrender Charges

Policy surrenders result in a redemption of the contract value from the Account and payment of the surrender proceeds to the contract owner or designee. The surrender proceeds consist of the contract value, less any outstanding policy loans, and less a surrender charge, if applicable. The amount of the charge is based upon a specified percentage of the initial surrender charge which varies by issue age, sex and rate class.

For Nationwide YourLife® Protection VUL contracts, the charge is 100% of the initial surrender charge in the first year, and declines over time to 0% of the initial surrender charge in the thirteenth year or fifteenth year, depending on the insured’s age at the time of policy issuance.

For both the Nationwide® Options Select and Nationwide Marathon^SM VUL contracts, the charge is 100% of the initial surrender charge in the first year, and declines over time to 0% of the initial surrender charge in the eleventh year or thirteenth year, depending on the insured’s age at the time of policy issuance.

For Nationwide YourLife^® Accumulation VUL contracts, the charge is 100% of the initial surrender charge in the first year, and declines over time to 0% of the initial surrender charge in the eleventh year, depending on the insured’s age at the time of policy issuance the percentage decline will vary.

For Marathon^SM Performance VUL contracts, the charge is 100% of the initial surrender charge in the first year, and declines over time to 0% by the eleventh year. The Company may waive the surrender charge for certain contracts in which the sales expenses normally associated with the distribution of a contract are not incurred.

(Continued)

59

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

Nationwide YourLife® Survivorship VUL contracts, the surrender charge is assessed during the first fifteen policy years upon surrender, policy lapse, or certain Base Policy Specified Amount decreases. The maximum Surrender Charge that may be assessed for any segment of coverage is $50 per $1,000 of Base Policy Specified Amount. The minimum Surrender Charge that may be assessed for any segment of coverage is $0.52 per $1,000 of Base Policy Specified Amount.

The charges above are assessed against each contract by liquidating units.

(3) Asset Charges

The Company deducts a charge related to the assumption of mortality and expense risk.

For Nationwide YourLife® Accumulation VUL contracts, the current charge is 0.00% of variable contract value on an annualized basis, with a guaranteed maximum charge of 0.30 % of the variable contract value on an annualized basis.

The amount of the charge for other contracts may vary based on the policy year and the amount of the contract value. The tables below show by product the amount of the charge on an annualized basis, current charges, and charge variation based on policy year and contract value.

Nationwide^® Options Select VUL contracts

Policy Years	Charge for First $25,000 in Variable Contract Value (Annualized)		Charge for Next $225,000 in Variable Contract Value (Annualized)		Charge for Variable Contract Value in Excess Of $250,000 (Annualized)
1 through 10	0.60	%	0.30	%	0.10	%
11 through 20	0.30	%	0.20	%	0.05	%
21 and later	0.00	%	0.00	%	0.00	%

Note: the guaranteed maximum for all contracts is 0.60% on an annualized basis.

Nationwide Marathon^SM VUL contracts

Policy Years	Charge for First $25,000 in Variable Contract Value (Annualized)		Charge for Next $225,000 in Variable Contract Value (Annualized)		Charge for Variable Contract Value in Excess Of $250,000 (Annualized)
1 through 10	0.60	%	0.30	%	0.10	%
11 through 20	0.30	%	0.10	%	0.00	%
21 and later	0.00	%	0.00	%	0.00	%

Note: the guaranteed maximum for all contracts is 0.60% on an annualized basis.

Nationwide^®YourLife^SM Protection VUL contracts

Policy Years	Charge for First $250,000 in Variable Contract Value (Annualized)		Charge for Variable Contract Value in Excess Of $250,000 (Annualized)
1 through 15	0.80	%	0.80	%
16 or later	0.30	%	0.30	%

Note: the guaranteed maximum for all contracts is 0.80% on an annualized basis.

Nationwide Marathon^SM Performance VUL contracts

For contracts that do not elect the accumulation rider, the charge will be deducted in accordance with the table below.

(Continued)

60

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

Policy Years	Charge for First $250,000 in Variable Contract Value (Annualized)		Charge for Variable Contract Value in Excess Of $250,000 (Annualized)
1 through 15	0.80	%	0.80	%
16 or later	0.30	%	0.30	%

Note: the guaranteed maximum for all contracts not electing that accumulation rider is 0.80% on an annualized basis. If you do not elect the accumulations rider, the maximum guaranteed charge is equal to an annualized rate of 0.30% of variable contract value for all policy years and the current charge is 0.00%.

Nationwide YourLife® Survivorship VUL contracts

Policy Years	Charge for First $250,000 in Variable Contract Value (Annualized)		Charge for Variable Contract Value in Excess Of $250,000 (Annualized)
1 through 15	0.80	%	0.50	%
16 through 20	0.50	%	0.50	%
21 or later	0.00	%	0.00	%

Note: the guaranteed maximum for all contracts is 0.80% on an annualized basis of all variable account cash value for policy years 1-15, 0.50% on an annualized basis for all variable cash value for policy years 16-20 and 0.00% for policy year 21 and later.

The charges above are assessed against each contract by liquidating units.

(4) Death Benefits

Death benefit proceeds result in a redemption of the contract value from the Account and payment of those proceeds, less any outstanding policy loans (and policy charges), to the legal beneficiary. In the event that the guaranteed death benefit exceeds the contract value on the date of death, the excess is paid by the Company’s general account.

(5) Policy Loans (Net of Repayments)

Contract provisions allow contract owners to borrow 90% of a policy’s variable cash surrender value plus 100% of a policy’s fixed cash surrender value less applicable value of surrender charge. Interest is charged on the outstanding loan and is due and payable in advance on the policy anniversary. For Nationwide® Options Select, Nationwide MarathonSM VUL, Nationwide YourLife® Accumulation VUL contracts and Nationwide YourLife® Survivorship VUL the maximum guaranteed loan interest charged is 3.9% on the outstanding loan. For the Nationwide YourLife® Protection and Nationwide MarathonSM Performance VUL contracts the maximum guaranteed loan interest charged is 4.5%, except for contract owners electing the accumulation rider on the Nationwide MarathonSM Performance in which case the maximum guaranteed loan interest charged is 3.9%. Current loan interest charged may vary. At the time the loan is granted, the amount of the loan is transferred from the Account to the Company’s general account as collateral for the outstanding loan. Collateral amounts in the general account are credited with the stated rate of interest in effect at the time the loan is made, subject to a guaranteed minimum rate. Interest credited is paid by the Company’s general account to the Account. Loan repayments result in a transfer of collateral including interest credited back to the Account.

(6) Related Party Transactions

The Company performs various services on behalf of the mutual fund companies in which the Account invests and may receive fees for the services performed. These services include, among other things, shareholder communications, postage, fund transfer agency and various other record keeping and customer service functions. These fees are paid to an affiliate of the Company. Contract owners may, with certain restrictions, transfer their assets between the Account and a fixed dollar contract (fixed account) maintained in the accounts of the Company. These transfers are the result of the contract owner executing fund exchanges. Fund exchanges from the Account to the fixed account are included in surrenders, and fund exchanges from the fixed account to the Account are included in purchase payments received from contract owners, as applicable, on the accompanying Statements of Changes in Contract Owners’ Equity. Policy loan transactions (note 5), executed at the direction of the contract owner, also result in transfers between the Account and the fixed account of the Company, but are included in Net Policy (Loans) Repayments. The fixed account assets are not reflected in the accompanying financial statements. For the periods ended December 31, 2009 and 2008, total transfers into the Account from the fixed account were $2,065,392 and $1,071,442, respectively, and total transfers from the Account to the fixed account were $3,133,173 and $695,745, respectively.

(7) Fair Value Measurement

FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Account generally uses the market approach as the valuation technique due to the nature of the mutual fund investments offered in the Account. This technique maximizes the use of observable inputs and minimizes the use of unobservable inputs.

In accordance with FASB ASC 820, the Account categorized its financial instruments into a three level hierarchy based on the priority of the inputs to the valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument in its entirety.

(Continued)

61

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

The Account categorizes financial assets recorded at fair value as follows:

• Level 1 – Unadjusted quoted prices accessible in active markets for identical assets at the measurement date. The assets utilizing Level 1 valuations represent investments in publicly-traded registered mutual funds with quoted market prices.

• Level 2 – Unadjusted quoted prices for similar assets in active markets or inputs (other than quoted prices) that are observable or that are derived principally from or corroborated by observable market data through correlation or other means. The assets utilizing Level 2 valuations represent investments in privately-traded registered mutual funds only offered through insurance products. These funds have no unfunded commitments or restrictions and the Account always has the ability to redeem its interest in the funds with the investee at NAV daily. The investment objectives of these mutual funds are described by the fund name in note 1(b) and in more detail in the applicable product prospectus.

• Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. The Account invests only in funds with fair value measurements in the first two levels of the fair value hierarchy.

The following table summarizes assets measured at fair value on a recurring basis as of December 31, 2009:

	Level 1	Level 2		Level 3	Total
Separate Account Investments	0	$	77,722,943	0	$	77,722,943

Net Accounts Payable of $23,764 are measured at settlement value which approximates the fair value due to the short-term nature of such liabilities.

The Account did not have any assets or liabilities reported at fair value on a nonrecurring basis required to be disclosed under FASB ASC 820.

The cost of purchases and sales of Investments for the year ended December 31, 2009 are as follows:

	Purchases of Investments		Sales of Investments
Variable Series Funds, Inc. - Global Allocation V.I. Fund - Class II (MLVGA2)	$	408,439	$	13,867
Janus Aspen Series - Forty Portfolio - Service Shares (JACAS)		446,161		81,755
Janus Aspen Series - INTECH Risk-Managed Core Portfolio - Service Shares (JARLCS)		131		40,947
Janus Aspen Series - Overseas Portfolio - Service II Shares (JAIGS2)		805,245		262,093
Investors Growth Stock Series - Initial Class (MIGIC)		1,729		1,739
Value Series - Initial Class (MVFIC)		922,490		163,930
Core Plus Fixed Income Portfolio - Class I (MSVFI)		65,015		260,840
U.S. Real Estate Portfolio - Class I (MSVRE)		143,635		1,031,887
AllianceBernstein NVIT Global Fixed Income Fund - Class III (NVAGF3)		29,150		415
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)		18,903		995
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)		708,436		275,365
American Funds NVIT Bond Fund - Class II (GVABD2)		221,974		98,576
American Funds NVIT Global Growth Fund - Class II (GVAGG2)		421,274		151,266
American Funds NVIT Growth Fund - Class II (GVAGR2)		439,752		158,827
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)		200,217		73,105
Federated NVIT High Income Bond Fund - Class III (HIBF3)		330,571		63,179
Gartmore NVIT Emerging Markets Fund - Class III (GEM3)		794,855		173,734
Gartmore NVIT International Equity Fund - Class VI (NVIE6)		342,027		52,449
Gartmore NVIT Worldwide Leaders Fund - Class III (GEF3)		1,089		62
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)		137,656		2,439
Neuberger Berman NVIT Socially Responsible Fund - Class II (NVNSR2)		212,136		276,531
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)		469,580		109,245
NVIT Cardinal Balanced Fund - Class I (NVCRB1)		525,593		52,830
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)		746,655		48,723
NVIT Cardinal Conservative Fund - Class I (NVCCN1)		87,555		15,825
NVIT Cardinal Moderate Fund - Class I (NVCMD1)		1,447,641		134,370
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)		2,205,869		157,124
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)		174,562		14,915
NVIT Core Bond Fund - Class I (NVCBD1)		662,110		197,474
NVIT Core Plus Bond Fund - Class I (NVLCP1)		40,523		1,221
NVIT Fund - Class I (TRF)		233,284		529,176
NVIT Government Bond Fund - Class I (GBF)		950,720		578,924
NVIT Health Sciences Fund - Class III (GVGHS)		49,795		49,183
NVIT International Index Fund - Class VI (GVIX6)		190,459		78,321
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)		833,702		214,600
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)		17,302		1,415
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)		98,628		2,705
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)		450,915		71,054
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)		1,957,970		218,719
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)		2,232,499		562,459
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)		274,601		147,051
NVIT Mid Cap Index Fund - Class I (MCIF)		204,308		62,328
NVIT Money Market Fund - Class I (SAM)		10,389,796		9,075,798
NVIT Multi-Manager International Growth Fund - Class III (NVMIG3)		184,658		159,078
NVIT Multi-Manager International Value Fund - Class III (GVDIV3)		244,514		663,550
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)		539,246		17,689
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)		98,529		4,779
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)		889,450		117,100
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)		386,469		251,969
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)		60,541		22,533
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)		72,651		37,070

(Continued)

62

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

NVIT Multi-Manager Small Company Fund - Class I (SCF)	376,815	176,263
NVIT Multi-Sector Bond Fund - Class I (MSBF)	145,123	18,340
NVIT Short Term Bond Fund - Class II (NVSTB2)	106,410	33,899
NVIT Technology & Communications Fund - Class III (GGTC3)	82,723	32,998
NVIT U.S. Growth Leaders Fund - Class I (GVUG1)	40,413	22,496
Oppenheimer NVIT Large Cap Growth Fund - Class I (NVOLG1)	7,340	669
Templeton NVIT International Value Fund - Class III (NVTIV3)	771,102	47,432
Van Kampen NVIT Comstock Value Fund - Class I (EIF)	145,189	289,281
Van Kampen NVIT Real Estate Fund - Class I (NVRE1)	875,509	53,366
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)	127,603	274,525
V.I. Basic Value Fund - Series I (AVBVI)	11,259	125,899
V.I. Capital Appreciation Fund - Series I (AVCA)	10,471	13,200
V.I. Capital Development Fund - Series I (AVCDI)	90,746	79,367
VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)	75,954	8,188
VP Inflation Protection Fund - Class II (ACVIP2)	213,047	108,959
VP International Fund - Class III (ACVI3)	5,829	20,179
VP Mid Cap Value Fund - Class I (ACVMV1)	214,244	86,756
VP Ultra(R) Fund - Class I (ACVU1)	4,000	53,738
VP Value Fund - Class I (ACVV)	250,734	100,240
VP Vista(SM) Fund - Class I (ACVVS1)	4,711	199,324
Small Cap Stock Index Portfolio - Service Shares (DVSCS)	303,419	85,776
Stock Index Fund, Inc. - Initial Shares (DSIF)	734,012	299,770
Appreciation Portfolio - Initial Shares (DCAP)	22,934	33,520
Market Opportunity Fund II - Service Shares (FVMOS)	3,538	4,812
Quality Bond Fund II - Primary Shares (FQB)	57,092	13,100
VIP Fund - Contrafund Portfolio - Service Class (FCS)	309,090	350,035
VIP Fund - Energy Portfolio - Service Class 2 (FNRS2)	735,863	132,088
VIP Fund - Equity-Income Portfolio - Service Class (FEIS)	443,054	231,390
VIP Fund - Freedom Fund 2010 Portfolio - Service Class (FF10S)	14,842	5,561
VIP Fund - Freedom Fund 2020 Portfolio -Service Class (FF20S)	205,986	69,784
VIP Fund - Freedom Fund 2030 Portfolio - Service Class (FF30S)	418,314	212,883
VIP Fund - Growth Portfolio - Service Class (FGS)	198,664	210,077
VIP Fund - Investment Grade Bond Portfolio - Service Class (FIGBS)	800,478	203,367
VIP Fund - Mid Cap Portfolio - Service Class (FMCS)	658,612	142,073
VIP Fund - Overseas Portfolio - Service Class R (FOSR)	233,693	142,836
VIP Fund - Value Strategies Portfolio - Service Class (FVSS)	10,000	7,475
Franklin Income Securities Fund - Class 2 (FTVIS2)	172,523	94,253
Franklin Rising Dividends Securities Fund - Class 1 (FTVRDI)	6,030	14,536
Franklin Small Cap Value Securities Fund - Class 1 (FTVSVI)	728,819	124,910
Templeton Developing Markets Securities Fund - Class 3 (FTVDM3)	201,821	82,698
Templeton Foreign Securities Fund - Class 3 (TIF3)	191,280	977,729
Templeton Global Bond Securities Fund - Class 3 (FTVGI3)	275,003	135,219
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)	174,447	72,359
Brandes International Equity Fund (MFBIE)	73,810	21,927
Business Opportunity Value Fund (MFBOV)	69,337	16,734
Frontier Capital Appreciation Fund (MFFCA)	43,527	12,889
M Large Cap Growth Fund (MFTCG)	53,685	13,524
International Portfolio - S Class Shares (AMINS)	30,838	371,256
Regency Portfolio - S Class Shares (AMRS)	18,297	345,673
Small-Cap Growth Portfolio - S Class Shares (AMFAS)	2,877	9,187
Socially Responsive Portfolio - I Class Shares (AMSRS)	110,659	53,005
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)	62,808	54,360
Global Securities Fund/VA - Class 3 (OVGS3)	231,283	82,639
High Income Fund/VA - Class 3 (OVHI3)	83,310	29,729
High Income Fund/VA - Non-Service Shares (OVHI)	6,827	16,059
Main Street Fund(R)/VA - Non-Service Shares (OVGI)	243,648	289,446
Main Street Small Cap Fund(R)/VA - Non-Service Shares (OVSC)	346,297	670,672
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)	112,873	39,643
Low Duration Portfolio - Administrative Class (PMVLDA)	300,919	8,464
Blue Chip Growth Portfolio - II (TRBCG2)	120,727	687,270
Equity Income Portfolio - II (TREI2)	103,576	121,184
Limited-Term Bond Portfolio - II (TRLT2)	15,777	76,178
Ivy Fund Variable Insurance Portfolios, Inc. - Asset Strategy (WRASP)	831,130	33,074
Ivy Fund Variable Insurance Portfolios, Inc. - Balanced (WRBP)	23,883	982
Ivy Fund Variable Insurance Portfolios, Inc. - Bond (WRBDP)	106,926	13,047
Ivy Fund Variable Insurance Portfolios, Inc. - Core Equity (WRCEP)	57,062	6,673
Ivy Fund Variable Insurance Portfolios, Inc. - Dividend Opportunities (WRDIV)	91,551	9,733
Ivy Fund Variable Insurance Portfolios, Inc. - Energy (WRENG)	37,044	4,851
Ivy Fund Variable Insurance Portfolios, Inc. - Global Natural Resources (WRGNR)	109,585	11,151
Ivy Fund Variable Insurance Portfolios, Inc. - Growth (WRGP)	52,725	4,766
Ivy Fund Variable Insurance Portfolios, Inc. - High Income (WRHIP)	78,567	4,579
Ivy Fund Variable Insurance Portfolios, Inc. - International Growth (WRIP)	64,775	8,258
Ivy Fund Variable Insurance Portfolios, Inc. - International Value (WRI2P)	49,660	4,589
Ivy Fund Variable Insurance Portfolios, Inc. - Micro Cap Growth (WRMIC)	29,403	2,237
Ivy Fund Variable Insurance Portfolios, Inc. - Mid Cap Growth (WRMCG)	41,022	4,020
Ivy Fund Variable Insurance Portfolios, Inc. - Money Market (WRMMP)	893,861	782,397
Ivy Fund Variable Insurance Portfolios, Inc. - Mortgage Securities (WRMSP)	4,527	159

(Continued)

63

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Aggressive (WRPAP)		96,455		7,540
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Conservative (WRPCP)		6,228		464
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderate (WRPMP)		398,432		56,375
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Aggressive (WRPMAP)		474,990		99,259
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Conservative (WRPMCP)		11,352		2,225
Ivy Fund Variable Insurance Portfolios, Inc. - Real Estate Securities (WRRESP)		19,677		3,476
Ivy Fund Variable Insurance Portfolios, Inc. - Science and Technology (WRSTP)		121,335		8,883
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Growth (WRSCP)		55,872		5,606
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Value (WRSCV)		53,107		5,569
Ivy Fund Variable Insurance Portfolios, Inc. - Value (WRVP)		22,940		1,367
Advantage Funds Variable Trust - VT Small Cap Growth Fund (WFVSCG)		51,162		32,572
NVIT Mid Cap Growth Fund - Class I (obsolete) (SGRF)		17,534		899,898
Total	$	49,661,626	$	27,106,188

(8) Financial Highlights

The following tabular presentation is a summary of units, unit fair values and contract owners’ equity outstanding for variable life contract as of the end of the periods indicated, and the contract expense rate, investment income ratio and total return for each of the periods in the five year period ended December 31, 2009.

(Continued)

64

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
Variable Series Funds, Inc. - Global Allocation V.I. Fund - Class II (MLVGA2)
2009	0.00	%	32,706	$	12.182592	$	398,444	3.46	%	21.83	%	5/1/2009
Janus Aspen Series-Forty Portfolio-Service Shares (JACAS)
2009	0.00	%	90,368		11.747058		1,061,558	0.01	%	46.01	%
2008	0.00	%	52,700		8.045115		423,976	0.01	%	-44.31	%
2007	0.00	%	4,350		14.445945		62,840	0.33	%	36.63	%
2006	0.00	%	36		10.572707		381	0.07	%	5.73	%	5/1/2006
Janus Aspen Series - INTECH Risk-Managed Core Portfolio - Service Shares (JARLCS)
2008	0.00	%	3,769		6.408647		24,154	0.69	%	-36.24	%
2007	0.00	%	3,828		10.051308		38,476	1.93	%	0.51	%	5/1/2007
Janus Aspen Series - Overseas Portfolio - Service II Shares (JAIGS2)
2009	0.00	%	171,108		12.746144		2,180,967	0.42	%	79.07	%
2008	0.00	%	113,377		7.117893		807,004	2.70	%	-52.21	%
2007	0.00	%	48,306		14.893765		719,458	0.53	%	28.07	%
2006	0.00	%	5,004		11.629148		58,192	1.29	%	16.29	%	5/1/2006
Investors Growth Stock Series - Initial Class (MIGIC)
2009	0.00	%	398		11.168160		4,445	0.69	%	39.55	%
2008	0.00	%	335		8.002768		2,681	0.53	%	-36.87	%
2007	0.00	%	250		12.677102		3,169	0.29	%	11.36	%
2006	0.00	%	198		11.384079		2,254	0.00	%	7.58	%
2005	0.00	%	26		10.582381		275	0.00	%	5.82	%	1/18/2005
Value Series - Initial Class (MVFIC)
2009	0.00	%	132,328		11.582760		1,532,723	1.20	%	22.71	%
2008	0.00	%	47,608		9.438767		449,361	0.95	%	-32.58	%
2007	0.00	%	26,056		14.000352		364,793	0.50	%	7.91	%
2006	0.00	%	7,340		12.974380		95,232	0.54	%	20.84	%
2005	0.00	%	632		10.736776		6,786	0.00	%	7.37	%	1/18/2005
Core Plus Fixed Income Portfolio - Class I (MSVFI)
2009	0.00	%	12,096		11.204270		135,527	11.88	%	9.64	%
2008	0.00	%	28,841		10.218734		294,718	4.14	%	-10.20	%
2007	0.00	%	32,734		11.380012		372,513	3.39	%	5.45	%
2006	0.00	%	13,182		10.791549		142,254	4.70	%	3.73	%
2005	0.00	%	492		10.403391		5,118	3.37	%	4.03	%	1/18/2005
U.S. Real Estate Portfolio - Class I (MSVRE)
2008	0.00	%	52,025		8.656213		450,338	3.67	%	-37.89	%
2007	0.00	%	41,926		13.937607		584,348	1.00	%	-17.07	%
2006	0.00	%	13,494		16.806589		226,788	1.13	%	38.04	%
2005	0.00	%	2,604		12.174767		31,703	0.02	%	21.75	%	1/18/2005
AllianceBernstein NVIT Global Fixed Income Fund - Class III (NVAGF3)
2009	0.00	%	2,428		11.419071		27,726	8.59	%	14.19	%	5/1/2009
American Century NVIT Multi Cap Value Fund - Class I (NVAMV1)
2009	0.00	%	1,653		12.564442		20,769	0.88	%	25.64	%	5/1/2009
American Funds NVIT Asset Allocation Fund - Class II (GVAAA2)
2009	0.00	%	143,955		9.711378		1,398,001	0.09	%	23.41	%
2008	0.00	%	86,089		7.868935		677,429	3.74	%	-29.78	%
2007	0.00	%	24,380		11.205324		273,186	7.29	%	6.14	%
2006	0.00	%	1,918		10.556998		20,248	5.77	%	5.57	%	5/1/2006
American Funds NVIT Bond Fund - Class II (GVABD2)
2009	0.00	%	31,824		10.970085		349,112	0.39	%	12.15	%
2008	0.00	%	19,150		9.781713		187,319	8.04	%	-9.87	%
2007	0.00	%	4,806		10.853118		52,160	12.10	%	2.98	%
2006	0.00	%	114		10.538858		1,201	0.00	%	5.39	%	5/1/2006
American Funds NVIT Global Growth Fund - Class II (GVAGG2)
2009	0.00	%	66,698		10.774250		718,621	0.00	%	41.60	%
2008	0.00	%	34,853		7.608765		265,187	3.86	%	-38.64	%
2007	0.00	%	9,724		12.399481		120,573	3.48	%	14.36	%
2006	0.00	%	658		10.842096		7,134	0.00	%	8.42	%	5/1/2006

(Continued)

65

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
American Funds NVIT Growth Fund - Class II (GVAGR2)
2009	0.00	%	99,951	$	8.979238	$	897,484	0.00	%	38.78	%
2008	0.00	%	63,278		6.470039		409,410	2.57	%	-44.21	%
2007	0.00	%	28,662		11.597638		332,412	1.18	%	11.90	%
2006	0.00	%	3,546		10.364424		36,752	0.91	%	3.64	%	5/1/2006
American Funds NVIT Growth-Income Fund - Class II (GVAGI2)
2009	0.00	%	43,831		8.007342		350,970	0.00	%	30.69	%
2008	0.00	%	23,626		6.126963		144,755	4.55	%	-38.06	%
2007	0.00	%	1,448		9.892316		14,324	0.72	%	-1.08	%	5/1/2007
Federated NVIT High Income Bond Fund - Class III (HIBF3)
2009	0.00	%	44,372		12.632602		560,534	10.14	%	46.08	%
2008	0.00	%	21,626		8.647843		187,019	10.34	%	-28.10	%
2007	0.00	%	11,190		12.027193		134,584	7.70	%	3.17	%
2006	0.00	%	8,688		11.657910		101,284	8.64	%	10.60	%
2005	0.00	%	708		10.540776		7,463	4.67	%	5.41	%	5/2/2005
Gartmore NVIT Emerging Markets Fund - Class III (GEM3)
2009	0.00	%	86,223		18.287102		1,576,769	1.19	%	63.48	%
2008	0.00	%	44,366		11.185864		496,271	1.39	%	-57.83	%
2007	0.00	%	24,604		26.524857		652,618	0.75	%	45.55	%
2006	0.00	%	10,796		18.224168		196,748	0.61	%	36.64	%
2005	0.00	%	510		13.336908		6,802	0.06	%	33.37	%	5/2/2005
Gartmore NVIT International Equity Fund - Class VI (NVIE6)
2009	0.00	%	52,401		7.130177		373,628	0.22	%	29.45	%
2008	0.00	%	4,934		5.508000		27,176	1.15	%	-44.92	%	5/1/2008
Gartmore NVIT Worldwide Leaders Fund - Class III (GEF3)
2009	0.00	%	83		13.411529		1,113	0.63	%	34.12	%	5/1/2009
Neuberger Berman NVIT Multi Cap Opportunities Fund - Class I (NVNMO1)
2009	0.00	%	19,640		7.927018		155,687	0.19	%	52.96	%
2008	0.00	%	39		5.182412		202	0.00	%	-48.18	%	5/1/2008
Neuberger Berman NVIT Socially Responsible Fund - Class II (NVNSR2)
2009	0.00	%	91,858		8.107965		744,781	0.44	%	31.27	%
2008	0.00	%	88,800		6.176544		548,477	0.43	%	-38.23	%	5/1/2008
NVIT Cardinal Aggressive Fund - Class I (NVCRA1)
2009	0.00	%	67,030		8.295819		556,069	1.16	%	29.30	%
2008	0.00	%	16,061		6.416027		103,048	1.31	%	-35.84	%	5/1/2008
NVIT Cardinal Balanced Fund - Class I (NVCRB1)
2009	0.00	%	75,697		9.593104		726,169	2.37	%	19.88	%
2008	0.00	%	23,058		8.002099		184,513	1.47	%	-19.98	%	5/1/2008
NVIT Cardinal Capital Appreciation Fund - Class I (NVCCA1)
2009	0.00	%	114,328		9.025006		1,031,811	2.05	%	24.25	%
2008	0.00	%	29,990		7.263571		217,835	1.75	%	-27.36	%	5/1/2008
NVIT Cardinal Conservative Fund - Class I (NVCCN1)
2009	0.00	%	12,702		10.351566		131,486	3.11	%	13.22	%
2008	0.00	%	5,694		9.142885		52,061	2.42	%	-8.57	%	5/1/2008
NVIT Cardinal Moderate Fund - Class I (NVCMD1)
2009	0.00	%	171,116		9.305236		1,592,275	2.68	%	22.00	%
2008	0.00	%	20,669		7.626933		157,640	1.78	%	-23.73	%	5/1/2008
NVIT Cardinal Moderately Aggressive Fund - Class I (NVCMA1)
2009	0.00	%	310,026		8.737590		2,708,880	2.12	%	26.69	%
2008	0.00	%	55,360		6.896919		381,815	1.72	%	-31.03	%	5/1/2008
NVIT Cardinal Moderately Conservative Fund - Class I (NVCMC1)
2009	0.00	%	31,516		9.853071		310,529	2.53	%	17.64	%
2008	0.00	%	13,698		8.375935		114,734	1.48	%	-16.24	%	5/1/2008
NVIT Core Bond Fund - Class I (NVCBD1)
2009	0.00	%	46,963		10.818752		508,081	3.75	%	8.78	%
2008	0.00	%	4,746		9.945181		47,200	1.56	%	-0.55	%	5/1/2008
NVIT Core Plus Bond Fund - Class I (NVLCP1)
2009	0.00	%	3,588		11.600708		41,623	5.45	%	16.62	%
2008	0.00	%	230		9.947099		2,288	3.30	%	-0.53	%	5/1/2008

(Continued)

66

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
NVIT Fund - Class I (TRF)
2009	0.00	%	80,590	$	9.839457	$	792,962	1.39	%	26.10	%
2008	0.00	%	84,151		7.803097		656,639	1.40	%	-41.55	%
2007	0.00	%	81,126		13.351018		1,083,115	1.16	%	8.18	%
2006	0.00	%	43,158		12.341341		532,628	1.61	%	13.63	%
2005	0.00	%	790		10.861219		8,580	0.55	%	8.61	%	1/18/2005
NVIT Government Bond Fund - Class I (GBF)
2009	0.00	%	139,277		12.605611		1,755,672	3.53	%	2.69	%
2008	0.00	%	117,240		12.275629		1,439,195	4.28	%	7.72	%
2007	0.00	%	40,524		11.395982		461,811	5.07	%	7.16	%
2006	0.00	%	12,406		10.634744		131,935	5.11	%	3.34	%
2005	0.00	%	1,836		10.290913		18,894	2.67	%	2.91	%	1/18/2005
NVIT Health Sciences Fund - Class III (GVGHS)
2009	0.00	%	8,633		11.124833		96,041	0.27	%	19.11	%
2008	0.00	%	7,323		9.339799		68,396	0.32	%	-25.23	%
2007	0.00	%	5,826		12.491648		72,776	0.08	%	13.23	%
2006	0.00	%	7,262		11.032385		80,117	0.00	%	2.70	%
2005	0.00	%	744		10.742057		7,992	0.00	%	7.42	%	5/2/2005
NVIT International Index Fund - Class VI (GVIX6)
2009	0.00	%	34,255		8.793694		301,228	3.18	%	28.62	%
2008	0.00	%	17,707		6.837123		121,065	2.01	%	-43.11	%
2007	0.00	%	14,812		12.017667		178,006	1.65	%	9.50	%
2006	0.00	%	7,512		10.975279		82,446	2.29	%	9.75	%	5/1/2006
NVIT Investor Destinations Aggressive Fund - Class II (GVIDA)
2009	0.00	%	155,410		10.956366		1,702,729	1.00	%	27.21	%
2008	0.00	%	86,385		8.613097		744,042	2.41	%	-36.84	%
2007	0.00	%	24,672		13.637494		336,464	2.19	%	5.96	%
2006	0.00	%	5,178		12.870621		66,644	3.64	%	16.87	%
2005	0.00	%	372		11.012968		4,097	1.96	%	10.13	%	1/18/2005
NVIT Investor Destinations Balanced Fund - Class II (NVDBL2)
2009	0.00	%	1,417		11.640280		16,494	1.76	%	16.40	%	5/1/2009
NVIT Investor Destinations Capital Appreciation Fund - Class II (NVDCA2)
2009	0.00	%	8,016		12.204484		97,831	1.35	%	22.04	%	5/1/2009
NVIT Investor Destinations Conservative Fund - Class II (GVIDC)
2009	0.00	%	53,773		11.882294		638,947	1.70	%	9.08	%
2008	0.00	%	20,458		10.892776		222,845	3.94	%	-6.02	%
2007	0.00	%	1,266		11.590847		14,674	3.73	%	5.38	%
2006	0.00	%	674		10.998997		7,413	3.38	%	6.16	%
2005	0.00	%	134		10.360404		1,388	2.01	%	3.60	%	1/18/2005
NVIT Investor Destinations Moderate Fund - Class II (GVIDM)
2009	0.00	%	268,912		11.473370		3,085,327	1.37	%	19.14	%
2008	0.00	%	102,479		9.630534		986,929	2.97	%	-23.20	%
2007	0.00	%	59,144		12.538964		741,604	3.09	%	5.66	%
2006	0.00	%	20,210		11.867343		239,839	3.44	%	11.35	%
2005	0.00	%	3,600		10.657424		38,367	1.47	%	6.57	%	1/18/2005
NVIT Investor Destinations Moderately Aggressive Fund - Class II (GVDMA)
2009	0.00	%	425,494		11.296821		4,806,730	1.26	%	24.39	%
2008	0.00	%	255,853		9.081599		2,323,555	2.72	%	-31.39	%
2007	0.00	%	156,190		13.236630		2,067,429	2.50	%	6.15	%
2006	0.00	%	59,678		12.469697		744,167	3.33	%	14.54	%
2005	0.00	%	4,036		10.886732		43,939	2.97	%	8.87	%	1/18/2005
NVIT Investor Destinations Moderately Conservative Fund - Class II (GVDMC)
2009	0.00	%	25,450		11.747183		298,966	1.43	%	14.56	%
2008	0.00	%	12,983		10.254072		133,130	3.83	%	-15.04	%
2007	0.00	%	1,116		12.069809		13,470	3.34	%	5.86	%
2006	0.00	%	598		11.401762		6,818	3.45	%	8.42	%
2005	0.00	%	212		10.516039		2,229	0.54	%	5.16	%	1/18/2005

(Continued)

67

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
Nationwide VIT - Mid Cap Growth Fund - Class II (SGRF2)
2006	0.00	%	3,170		11.588975		36,737	0.00	%	3.21	%
2005	0.00	%	1,932		11.228805		21,694	0.00	%	12.29	%	1/18/2005
NVIT Mid Cap Index Fund - Class I (MCIF)
2009	0.00	%	53,080	$	11.811646	$	626,962	1.06	%	36.76	%
2008	0.00	%	38,566		8.637043		333,096	1.35	%	-36.46	%
2007	0.00	%	23,042		13.593553		313,223	1.42	%	7.56	%
2006	0.00	%	8,502		12.638155		107,450	1.29	%	9.89	%
2005	0.00	%	2,294		11.500795		26,383	0.72	%	15.01	%	1/18/2005
NVIT Money Market Fund - Class I (SAM)
2009	0.00	%	528,280		11.482050		6,065,737	0.21	%	0.04	%
2008	0.00	%	414,695		11.477234		4,759,554	1.74	%	2.05	%
2007	0.00	%	174,684		11.246272		1,964,544	4.75	%	4.79	%
2006	0.00	%	90,136		10.731921		967,332	4.18	%	4.53	%
2005	0.00	%	49,186		10.266806		504,983	1.71	%	2.67	%
NVIT Multi-Manager International Growth Fund - Class III (NVMIG3)
2009	0.00	%	92,482		8.379106		774,916	1.28	%	36.46	%
2008	0.00	%	83,365		6.140389		511,893	0.11	%	-38.60	%	5/1/2008
NVIT Multi-Manager International Value Fund - Class III (GVDIV3)
2009	0.00	%	61,633		10.082162		621,394	2.25	%	29.84	%
2008	0.00	%	69,824		7.765128		542,194	1.79	%	-46.33	%
2007	0.00	%	60,332		14.468946		872,940	2.26	%	2.93	%
2006	0.00	%	30,304		14.056822		425,978	1.95	%	22.75	%
2005	0.00	%	4,958		11.451970		56,779	0.68	%	14.52	%	5/2/2005
NVIT Multi-Manager Large Cap Growth Fund - Class I (NVMLG1)
2009	0.00	%	79,282		8.259762		654,850	0.75	%	29.78	%
2008	0.00	%	2,391		6.364575		15,219	0.52	%	-36.35	%	5/1/2008
NVIT Multi-Manager Large Cap Value Fund - Class I (NVMLV1)
2009	0.00	%	13,082		8.111157		106,110	1.37	%	27.59	%
2008	0.00	%	183		6.357067		1,163	0.75	%	-36.43	%	5/1/2008
NVIT Multi-Manager Mid Cap Growth Fund - Class I (NVMMG1)
2009	0.00	%	149,880		7.982859		1,196,471	0.00	%	27.12	%
2008	0.00	%	26,311		6.279727		165,226	0.00	%	-37.20	%	5/1/2008
NVIT Multi-Manager Mid Cap Value Fund - Class II (NVMMV2)
2009	0.00	%	82,042		8.817001		723,364	1.06	%	30.47	%
2008	0.00	%	58,272		6.757903		393,798	0.87	%	-32.42	%	5/1/2008
NVIT Multi-Manager Small Cap Growth Fund - Class I (SCGF)
2009	0.00	%	14,412		8.686440		125,189	0.00	%	27.46	%
2008	0.00	%	8,023		6.814966		54,677	0.00	%	-46.42	%
2007	0.00	%	4,802		12.718919		61,076	0.00	%	9.75	%
NVIT Multi-Manager Small Cap Value Fund - Class I (SCVF)
2009	0.00	%	21,442		10.095402		216,466	0.50	%	26.22	%
2008	0.00	%	15,192		7.998530		121,514	1.19	%	-32.15	%
2007	0.00	%	12,256		11.788779		144,483	1.35	%	-6.89	%
2006	0.00	%	5,826		12.661605		73,767	0.52	%	17.29	%
2005	0.00	%	2,670		10.794811		28,822	0.13	%	7.95	%	1/18/2005
NVIT Multi-Manager Small Company Fund - Class I (SCF)
2009	0.00	%	56,094		10.963538		614,989	0.21	%	34.70	%
2008	0.00	%	29,057		8.139096		236,498	1.11	%	-38.19	%
2007	0.00	%	12,442		13.167514		163,830	0.16	%	2.13	%
2006	0.00	%	4,962		12.892586		63,973	0.22	%	12.04	%
2005	0.00	%	618		11.507293		7,112	0.00	%	15.07	%	1/18/2005
NVIT Multi-Sector Bond Fund - Class I (MSBF)
2009	0.00	%	29,967		11.541196		345,855	9.60	%	24.38	%
2008	0.00	%	20,192		9.279073		187,363	8.63	%	-17.29	%
2007	0.00	%	12,774		11.218961		143,311	4.29	%	4.62	%
2006	0.00	%	7,652		10.723071		82,053	4.53	%	4.84	%
2005	0.00	%	5,336		10.228234		54,578	2.24	%	2.28	%	1/18/2005
NVIT Short Term Bond Fund - Class II (NVSTB2)
2009	0.00	%	7,610		10.650192		81,048	2.54	%	7.11	%
2008	0.00	%	897		9.943310		8,919	0.00	%	-0.57	%	5/1/2008

(Continued)

68

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
NVIT Technology & Communications Fund - Class III (GGTC3)
2009	0.00	%	15,818	$	12.888766	$	203,875	0.00	%	52.44	%
2008	0.00	%	9,743		8.454726		82,374	0.00	%	-48.59	%
2007	0.00	%	7,472		16.444438		122,873	0.00	%	20.19	%
2006	0.00	%	6,608		13.682536		90,414	0.00	%	11.08	%
2005	0.00	%	996		12.317458		12,268	0.00	%	23.17	%	5/2/2005
NVIT U.S. Growth Leaders Fund - Class I (GVUG1)
2009	0.00	%	10,026		10.684702		107,125	0.00	%	25.84	%
2008	0.00	%	6,995		8.490774		59,393	0.00	%	-41.29	%
2007	0.00	%	3,802		14.462452		54,986	0.00	%	22.49	%
2006	0.00	%	722		11.807452		8,525	0.41	%	-0.29	%
2005	0.00	%	104		11.841567		1,232	0.00	%	18.42	%	5/2/2005
Oppenheimer NVIT Large Cap Growth Fund - Class I (NVOLG1)
2009	0.00	%	573		13.059893		7,483	0.25	%	30.60	%	5/1/2009
Templeton NVIT International Value Fund - Class III (NVTIV3)
2009	0.00	%	67,086		13.034354		874,423	0.38	%	30.34	%	5/1/2009
Van Kampen NVIT Comstock Value Fund - Class I (EIF)
2009	0.00	%	45,596		9.756035		444,836	1.26	%	28.55	%
2008	0.00	%	48,218		7.589375		365,944	2.03	%	-36.99	%
2007	0.00	%	57,762		12.044718		695,727	1.82	%	-2.22	%
2006	0.00	%	32,492		12.317759		400,229	2.03	%	15.91	%
2005	0.00	%	4,416		10.627448		46,931	1.29	%	6.27	%	1/18/2005
Van Kampen NVIT Real Estate Fund - Class I (NVRE1)
2009	0.00	%	132,893		7.388147		981,833	2.24	%	30.84	%
2008	0.00	%	4,089		5.646840		23,089	5.01	%	-43.53	%	5/1/2008
Advisers Management Trust - Short Duration Bond Portfolio - I Class Shares (AMTB)
2009	0.00	%	30,096		10.873885		327,260	6.92	%	13.33	%
2008	0.00	%	43,351		9.595209		415,961	4.96	%	-13.43	%
2007	0.00	%	33,310		11.083576		369,194	3.57	%	4.77	%
2006	0.00	%	8,916		10.578811		94,321	5.15	%	4.20	%
2005	0.00	%	1,212		10.152239		12,305	1.21	%	1.52	%	1/18/2005
V.I. Basic Value Fund - Series I (AVBVI)
2008	0.00	%	8,367		5.937752		49,681	0.91	%	-51.77	%
2007	0.00	%	7,730		12.310539		95,160	0.72	%	1.54	%
2006	0.00	%	5,238		12.123351		63,502	0.49	%	13.20	%
2005	0.00	%	2,758		10.709293		29,536	0.12	%	7.09	%	1/18/2005
V.I. Capital Appreciation Fund - Series I (AVCA)
2009	0.00	%	2,421		9.185296		22,238	0.62	%	21.08	%
2008	0.00	%	2,205		7.586238		16,728	0.00	%	-42.49	%
2007	0.00	%	1,938		13.191695		25,566	0.00	%	12.01	%
2006	0.00	%	1,318		11.776847		15,522	0.07	%	6.30	%
2005	0.00	%	418		11.078867		4,631	0.12	%	10.79	%	1/18/2005
V.I. Capital Development Fund - Series I (AVCDI)
2009	0.00	%	12,509		10.801700		135,118	0.00	%	42.37	%
2008	0.00	%	7,496		7.587025		56,873	0.00	%	-47.03	%
2007	0.00	%	2,714		14.321990		38,870	0.00	%	10.84	%
2006	0.00	%	1,520		12.920789		19,640	0.00	%	16.52	%
2005	0.00	%	178		11.088904		1,974	0.00	%	10.89	%	1/18/2005
VPS Small/Mid Cap Value Portfolio: Class A (ALVSVA)
2009	0.00	%	12,003		8.946607		107,386	1.11	%	42.86	%
2008	0.00	%	3,021		6.262626		18,919	0.00	%	-37.37	%	5/1/2008
VP Inflation Protection Fund - Class II (ACVIP2)
2009	0.00	%	18,947		12.253214		232,162	1.94	%	10.21	%
2008	0.00	%	10,488		11.117573		116,602	4.01	%	-1.59	%
2007	0.00	%	3,362		11.297046		37,981	4.44	%	9.49	%
2006	0.00	%	2,262		10.317483		23,338	2.67	%	1.59	%
2005	0.00	%	260		10.156270		2,641	2.08	%	1.56	%
VP International Fund - Class III (ACVI3)
2008	0.00	%	1,080		9.507294		10,268	0.57	%	-44.82	%
2007	0.00	%	352		17.230511		6,065	0.00	%	18.06	%

(Continued)

69

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
VP Mid Cap Value Fund - Class I (ACVMV1)
2009	0.00	%	41,747	$	13.081223	$	546,102	3.89	%	29.94	%
2008	0.00	%	29,645		10.066767		298,427	0.09	%	-24.35	%
2007	0.00	%	16,400		13.306496		218,227	0.88	%	-2.31	%
2006	0.00	%	5,692		13.620466		77,528	0.99	%	20.30	%
2005	0.00	%	1,594		11.322176		18,048	1.17	%	13.22	%	5/2/2005
VP Ultra(R) Fund - Class I (ACVU1)
2008	0.00	%	4,365		7.124413		31,098	0.00	%	-41.48	%
2007	0.00	%	4,394		12.174342		53,494	0.00	%	21.02	%
2006	0.00	%	3,536		10.060123		35,573	0.00	%	-3.28	%
2005	0.00	%	2,682		10.400804		27,895	0.00	%	4.01	%	1/18/2005
VP Value Fund - Class I (ACVV)
2009	0.00	%	102,102		10.532686		1,075,408	5.42	%	19.86	%
2008	0.00	%	85,421		8.787234		750,615	2.28	%	-26.78	%
2007	0.00	%	65,490		12.000449		785,909	1.35	%	-5.14	%
2006	0.00	%	37,198		12.650434		470,571	1.44	%	18.65	%
2005	0.00	%	2,654		10.661727		28,296	0.00	%	6.62	%	1/18/2005
VP Vista(SM) Fund - Class I (ACVVS1)
2008	0.00	%	12,491		8.973691		112,091	0.00	%	-48.62	%
2007	0.00	%	5,864		17.466180		102,422	0.00	%	39.77	%
2006	0.00	%	1,306		12.496264		16,320	0.00	%	9.01	%
2005	0.00	%	924		11.463606		10,592	0.00	%	14.64	%	5/2/2005
Small Cap Stock Index Portfolio - Service Shares (DVSCS)
2009	0.00	%	50,580		10.869560		549,782	1.97	%	25.03	%
2008	0.00	%	28,168		8.693766		244,886	0.72	%	-30.91	%
2007	0.00	%	19,302		12.583781		242,892	0.26	%	-0.65	%
2006	0.00	%	7,178		12.666664		90,921	0.27	%	14.41	%
2005	0.00	%	1,838		11.071201		20,349	0.00	%	10.71	%	1/18/2005
Stock Index Fund, Inc. - Initial Shares (DSIF)
2009	0.00	%	183,488		10.236118		1,878,205	2.13	%	26.33	%
2008	0.00	%	136,077		8.102406		1,102,552	2.29	%	-37.14	%
2007	0.00	%	80,552		12.889762		1,038,296	1.83	%	5.26	%
2006	0.00	%	50,022		12.246198		612,579	2.21	%	15.50	%
2005	0.00	%	5,084		10.602989		53,906	1.35	%	6.03	%	1/18/2005
Appreciation Portfolio - Initial Shares (DCAP)
2009	0.00	%	3,682		11.296583		41,594	0.34	%	22.56	%
2008	0.00	%	3,901		9.217282		35,957	1.89	%	-29.55	%
2007	0.00	%	5,014		13.083574		65,601	1.58	%	7.13	%
2006	0.00	%	7,528		12.212508		91,936	1.45	%	16.48	%
2005	0.00	%	970		10.484934		10,170	0.00	%	4.85	%	1/18/2005
Market Opportunity Fund II - Service Shares (FVMOS)
2009	0.00	%	4,486		10.283025		46,130	1.42	%	1.28	%
2008	0.00	%	4,736		10.152569		48,083	1.09	%	-0.86	%
2007	0.00	%	2,496		10.240958		25,561	0.12	%	-1.48	%
2006	0.00	%	130		10.395256		1,351	0.00	%	3.95	%	5/1/2006
Quality Bond Fund II - Primary Shares (FQB)
2009	0.00	%	7,208		12.403996		89,408	5.18	%	20.43	%
2008	0.00	%	3,785		10.299392		38,983	4.57	%	-7.29	%
2007	0.00	%	2,514		11.108998		27,928	3.46	%	5.38	%
2006	0.00	%	1,178		10.541505		12,418	3.56	%	4.15	%
2005	0.00	%	536		10.121073		5,425	0.00	%	1.21	%	1/18/2005

(Continued)

70

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
VIP Fund - Contrafund Portfolio - Service Class (FCS)
2009	0.00	%	219,138	$	12.074163	$	2,645,908	1.46	%	35.66	%
2008	0.00	%	209,580		8.899992		1,865,261	0.98	%	-42.61	%
2007	0.00	%	173,746		15.508728		2,694,579	1.01	%	17.51	%
2006	0.00	%	115,588		13.198045		1,525,536	1.30	%	11.59	%
2005	0.00	%	10,312		11.827342		121,964	0.00	%	18.27	%	1/18/2005
VIP Fund - Energy Portfolio - Service Class 2 (FNRS2)
2009	0.00	%	91,096		15.444750		1,406,955	0.36	%	47.57	%
2008	0.00	%	41,466		10.465765		433,974	0.00	%	-54.40	%
2007	0.00	%	16,830		22.953063		386,300	0.22	%	45.64	%
2006	0.00	%	2,250		15.759845		35,460	1.16	%	16.62	%
2005	0.00	%	464		13.514321		6,271	0.67	%	35.14	%	5/2/2005
VIP Fund - Equity-Income Portfolio - Service Class (FEIS)
2009	0.00	%	85,940		9.730256		836,218	2.60	%	30.03	%
2008	0.00	%	50,518		7.482988		378,026	3.10	%	-42.70	%
2007	0.00	%	31,088		13.060141		406,014	2.40	%	1.42	%
2006	0.00	%	13,380		12.877569		172,302	3.78	%	20.08	%
2005	0.00	%	2,668		10.724223		28,612	0.00	%	7.24	%	1/18/2005
VIP Fund - Freedom Fund 2010 Portfolio - Service Class (FF10S)
2009	0.00	%	3,354		11.989176		40,212	4.71	%	24.15	%
2008	0.00	%	2,564		9.656832		24,761	3.12	%	-25.08	%
2007	0.00	%	2,212		12.888793		28,510	2.89	%	8.65	%
2006	0.00	%	1,676		11.863160		19,883	1.74	%	9.78	%
VIP Fund - Freedom Fund 2020 Portfolio - Service Class (FF20S)
2009	0.00	%	38,779		11.867504		460,210	4.18	%	28.78	%
2008	0.00	%	25,258		9.215628		232,769	2.97	%	-32.71	%
2007	0.00	%	12,316		13.695591		168,675	2.80	%	10.17	%
2006	0.00	%	7,834		12.431698		97,390	1.80	%	11.81	%
VIP Fund - Freedom Fund 2030 Portfolio - Service Class (FF30S)
2009	0.00	%	63,273		11.600974		734,028	2.94	%	31.40	%
2008	0.00	%	36,079		8.828445		318,522	2.95	%	-38.08	%
2007	0.00	%	21,486		14.256765		306,321	2.61	%	11.21	%
2006	0.00	%	13,160		12.819894		168,710	1.83	%	13.15	%
2005	0.00	%	10,994		11.329788		124,560	0.55	%	13.30	%	5/2/2005
VIP Fund - Growth Portfolio - Service Class (FGS)
2009	0.00	%	118,780		9.861487		1,171,347	0.35	%	28.15	%
2008	0.00	%	114,992		7.695394		884,910	0.80	%	-47.23	%
2007	0.00	%	97,194		14.583722		1,417,450	0.57	%	26.87	%
2006	0.00	%	77,220		11.495023		887,646	0.02	%	6.73	%
2005	0.00	%	822		10.769983		8,853	0.00	%	7.70	%	1/18/2005
VIP Fund - Investment Grade Bond Portfolio - Service Class (FIGBS)
2009	0.00	%	139,164		12.386163		1,723,708	9.17	%	15.67	%
2008	0.00	%	99,043		10.707897		1,060,542	3.42	%	-3.35	%
2007	0.00	%	72,418		11.078504		802,283	2.16	%	4.21	%
2006	0.00	%	19,280		10.630812		204,962	1.83	%	4.30	%
2005	0.00	%	4,492		10.192547		45,785	0.00	%	1.93	%	1/18/2005
VIP Fund - Mid Cap Portfolio - Service Class (FMCS)
2009	0.00	%	151,478		13.278281		2,011,367	0.69	%	40.01	%
2008	0.00	%	101,995		9.483511		967,271	0.40	%	-39.51	%
2007	0.00	%	69,056		15.677232		1,082,607	0.74	%	15.49	%
2006	0.00	%	45,078		13.574900		611,929	0.08	%	12.59	%
2005	0.00	%	5,094		12.056903		61,418	0.00	%	20.57	%	1/18/2005
VIP Fund - Overseas Portfolio - Service Class R (FOSR)
2009	0.00	%	122,463		12.269434		1,502,552	2.41	%	26.49	%
2008	0.00	%	111,554		9.699843		1,082,056	2.93	%	-43.88	%
2007	0.00	%	89,282		17.283296		1,543,087	3.21	%	17.23	%
2006	0.00	%	71,092		14.743687		1,048,158	0.16	%	17.95	%
2005	0.00	%	5,016		12.499996		62,700	0.00	%	25.00	%	5/2/2005

(Continued)

71

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
VIP Fund - Value Strategies Portfolio - Service Class (FVSS)
2009	0.00	%	4,609	$	10.153436	$	46,797	0.56	%	57.40	%
2008	0.00	%	3,737		6.450849		24,107	0.86	%	-51.17	%
2007	0.00	%	2,576		13.212045		34,034	0.87	%	5.60	%
2006	0.00	%	1,874		12.511424		23,446	0.03	%	16.20	%
2005	0.00	%	42		10.767426		452	0.00	%	7.67	%	1/18/2005
Franklin Income Securities Fund - Class 2 (FTVIS2)
2009	0.00	%	27,785		11.100337		308,423	7.57	%	35.59	%
2008	0.00	%	19,057		8.186428		156,008	5.03	%	-29.66	%
2007	0.00	%	5,526		11.637657		64,310	1.27	%	3.76	%
2006	0.00	%	124		11.216304		1,391	0.00	%	12.16	%	5/1/2006
Franklin Rising Dividends Securities Fund - Class 1 (FTVRDI)
2009	0.00	%	3,804		10.354358		39,388	1.76	%	17.67	%
2008	0.00	%	4,380		8.799201		38,541	2.12	%	-26.94	%
2007	0.00	%	4,572		12.044130		55,066	2.39	%	-2.41	%
2006	0.00	%	3,918		12.342050		48,356	1.26	%	17.43	%
2005	0.00	%	1,942		10.510323		20,411	0.00	%	5.10	%	1/18/2005
Franklin Small Cap Value Securities Fund - Class 1 (FTVSVI)
2009	0.00	%	131,306		11.126242		1,460,942	1.49	%	29.54	%
2008	0.00	%	63,876		8.588732		548,614	1.42	%	-32.87	%
2007	0.00	%	50,330		12.794049		643,924	0.69	%	-2.14	%
2006	0.00	%	26,908		13.073214		351,774	0.84	%	17.30	%
2005	0.00	%	1,754		11.144808		19,548	0.00	%	11.45	%	1/18/2005
Templeton Developing Markets Securities Fund - Class 3 (FTVDM3)
2009	0.00	%	39,603		17.256364		683,404	3.61	%	72.63	%
2008	0.00	%	30,241		9.996007		302,289	2.77	%	-52.67	%
2007	0.00	%	20,640		21.120230		435,922	2.17	%	28.70	%
2006	0.00	%	7,986		16.410826		131,057	0.79	%	28.17	%
2005	0.00	%	1,612		12.804274		20,640	0.01	%	28.04	%	5/2/2005
Templeton Foreign Securities Fund - Class 3 (TIF3)
2009	0.00	%	32,215		12.945045		417,025	5.15	%	37.20	%
2008	0.00	%	73,691		9.435374		695,303	2.53	%	-40.39	%
2007	0.00	%	38,256		15.828965		605,553	1.79	%	15.45	%
2006	0.00	%	12,790		13.711150		175,366	1.34	%	21.46	%
2005	0.00	%	3,774		11.288544		42,603	0.00	%	12.89	%	5/2/2005
Templeton Global Bond Securities Fund - Class 3 (FTVGI3)
2009	0.00	%	24,758		15.605635		386,364	16.16	%	18.69	%
2008	0.00	%	18,407		13.148675		242,030	3.23	%	6.21	%
2007	0.00	%	6,758		12.380292		83,666	2.88	%	11.03	%
2006	0.00	%	3,076		11.150160		34,298	2.34	%	12.84	%
2005	0.00	%	614		9.881172		6,067	0.00	%	-1.19	%	5/2/2005
VIP Founding Funds Allocation Fund - Class 2 (FTVFA2)
2009	0.00	%	27,625		8.669683		239,500	3.21	%	30.25	%
2008	0.00	%	10,079		6.656135		67,088	3.14	%	-33.44	%	5/1/2008
Brandes International Equity Fund (MFBIE)
2009	0.00	%	14,298		7.825688		111,892	3.79	%	25.28	%
2008	0.00	%	6,018		6.246550		37,592	4.59	%	-39.84	%
2007	0.00	%	3,324		10.383840		34,516	1.47	%	3.84	%	9/18/2007
Business Opportunity Value Fund (MFBOV)
2009	0.00	%	16,171		7.930242		128,240	0.68	%	24.58	%
2008	0.00	%	7,871		6.365512		50,103	0.05	%	-34.48	%
2007	0.00	%	6,272		9.715909		60,938	0.00	%	-2.84	%	9/18/2007
Frontier Capital Appreciation Fund (MFFCA)
2009	0.00	%	13,297		8.528591		113,405	0.06	%	48.61	%
2008	0.00	%	8,429		5.739062		48,374	0.00	%	-42.03	%
2007	0.00	%	5,678		9.900064		56,213	0.00	%	-1.00	%	9/18/2007

(Continued)

72

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
M Large Cap Growth Fund (MFTCG)
2009	0.00	%	13,319	$	7.519606	$	100,154	0.55	%	37.40	%
2008	0.00	%	6,432		5.472607		35,199	0.02	%	-48.97	%
2007	0.00	%	3,248		10.724819		34,834	0.00	%	7.25	%	9/18/2007
International Portfolio - S Class Shares (AMINS)
2008	0.00	%	25,895		8.019658		207,668	0.00	%	-46.44	%
2007	0.00	%	47,864		14.972222		716,630	3.38	%	3.21	%
2006	0.00	%	12,944		14.506093		187,767	0.37	%	23.45	%
2005	0.00	%	1,416		11.750261		16,638	0.18	%	17.50	%	5/2/2005
Regency Portfolio - S Class Shares (AMRS)
2008	0.00	%	26,414		7.206627		190,356	1.04	%	-45.95	%
2007	0.00	%	18,746		13.332382		249,929	0.39	%	3.05	%
2006	0.00	%	9,160		12.937253		118,505	0.45	%	10.94	%
2005	0.00	%	46		11.661977		536	0.00	%	16.62	%	5/2/2005
Small-Cap Growth Portfolio - S Class Shares (AMFAS)
2009	0.00	%	2,205		8.298232		18,298	0.00	%	22.75	%
2008	0.00	%	2,561		6.760031		17,312	0.00	%	-39.47	%
2007	0.00	%	2,424		11.168606		27,073	0.00	%	0.52	%
2006	0.00	%	1,320		11.111353		14,667	0.00	%	5.25	%
2005	0.00	%	2,234		10.556851		23,584	0.00	%	5.57	%	1/18/2005
Socially Responsive Portfolio - I Class Shares (AMSRS)
2009	0.00	%	61,680		10.767989		664,170	2.26	%	31.43	%
2008	0.00	%	54,272		8.193158		444,659	1.36	%	-39.44	%
2007	0.00	%	85,608		13.529389		1,158,224	0.10	%	7.61	%
2006	0.00	%	16,878		12.572219		212,194	0.11	%	13.70	%
2005	0.00	%	1,102		11.057136		12,185	0.00	%	10.57	%	1/18/2005
Capital Appreciation Fund/VA - Non-Service Shares (OVGR)
2009	0.00	%	27,288		10.376282		283,148	0.27	%	44.52	%
2008	0.00	%	23,978		7.179944		172,160	0.13	%	-45.52	%
2007	0.00	%	18,658		13.178440		245,883	0.20	%	14.15	%
2006	0.00	%	19,526		11.544928		225,426	0.19	%	7.95	%
2005	0.00	%	2,298		10.694866		24,577	0.00	%	6.95	%	1/18/2005
Global Securities Fund/VA - Class 3 (OVGS3)
2009	0.00	%	48,626		12.609317		613,141	2.01	%	39.70	%
2008	0.00	%	33,763		9.026171		304,751	1.35	%	-40.19	%
2007	0.00	%	23,236		15.092302		350,685	0.94	%	6.34	%
2006	0.00	%	10,284		14.192798		145,959	0.50	%	17.69	%
2005	0.00	%	2,920		12.059670		35,214	0.00	%	20.60	%	5/2/2005
High Income Fund/VA - Class 3 (OVHI3)
2009	0.00	%	46,755		2.584961		120,860	0.00	%	26.75	%
2008	0.00	%	6,619		2.039384		13,499	5.41	%	-78.89	%
2007	0.00	%	1,914		9.661022		18,491	0.00	%	-3.39	%	5/1/2007
High Income Fund/VA - Non-Service Shares (OVHI)
2009	0.00	%	700		3.002931		2,102	0.00	%	25.32	%
2008	0.00	%	873		2.396292		2,092	7.99	%	-78.67	%
2007	0.00	%	1,106		11.235173		12,426	7.49	%	-0.10	%
2006	0.00	%	924		11.246592		10,392	5.83	%	9.42	%
2005	0.00	%	430		10.278092		4,420	0.00	%	2.78	%	1/18/2005
Main Street Fund(R)/VA - Non-Service Shares (OVGI)
2009	0.00	%	89,913		10.184591		915,727	1.63	%	28.29	%
2008	0.00	%	82,941		7.938976		658,467	1.29	%	-38.47	%
2007	0.00	%	57,410		12.902441		740,729	0.73	%	4.42	%
2006	0.00	%	9,596		13.148448		126,173	0.08	%	15.00	%
2005	0.00	%	448		11.433673		5,122	0.00	%	14.34	%	1/18/2005

(Continued)

73

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
Main Street Small Cap Fund(R)/VA - Non-Service Shares (OVSC)
2009	0.00	%	49,035	$	11.079617	$	543,289	1.09	%	37.20	%
2008	0.00	%	58,050		8.075736		468,796	0.47	%	-37.83	%
2007	0.00	%	32,394		12.989416		420,779	0.22	%	-1.21	%
2006	0.00	%	29,914		12.355835		369,612	0.78	%	15.02	%
2005	0.00	%	4,442		10.741901		47,716	0.00	%	7.42	%	1/18/2005
Foreign Bond Portfolio (Unhedged) - Administrative Class (PMVFBA)
2009	0.00	%	6,424		10.965488		70,442	0.26	%	9.65	%	4/30/2009
Low Duration Portfolio - Administrative Class (PMVLDA)
2009	0.00	%	26,072		11.045905		287,989	1.51	%	10.46	%	4/30/2009
Blue Chip Growth Portfolio - II (TRBCG2)
2009	0.00	%	34,091		11.315697		385,763	0.00	%	41.79	%
2008	0.00	%	73,411		7.980543		585,859	0.15	%	-42.65	%
2007	0.00	%	27,656		13.915435		384,845	0.13	%	12.49	%
2006	0.00	%	9,996		12.370493		123,655	0.43	%	9.33	%
2005	0.00	%	1,556		11.314946		17,606	0.21	%	13.15	%	5/2/2005
Equity Income Portfolio - II (TREI2)
2009	0.00	%	36,899		10.380043		383,013	1.82	%	25.25	%
2008	0.00	%	32,472		8.287351		269,107	2.35	%	-36.26	%
2007	0.00	%	14,258		13.002714		185,393	1.63	%	3.03	%
2006	0.00	%	5,252		12.620348		66,282	1.64	%	18.65	%
2005	0.00	%	794		10.636871		8,446	0.96	%	6.37	%	5/2/2005
Limited-Term Bond Portfolio - II (TRLT2)
2008	0.00	%	5,231		11.230967		58,749	3.64	%	1.31	%
2007	0.00	%	466		11.086232		5,166	4.04	%	5.23	%
2006	0.00	%	98		10.535464		1,032	0.42	%	4.03	%
Ivy Fund Variable Insurance Portfolios, Inc. - Asset Strategy (WRASP)
2009	0.00	%	94,099		9.533783		897,119	0.14	%	25.05	%
2008	0.00	%	6,405		7.624275		48,833	0.96	%	-23.76	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Balanced (WRBP)
2009	0.00	%	2,569		9.530163		24,483	0.90	%	13.23	%
2008	0.00	%	3		8.416983		25	0.00	%	-15.83	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Bond (WRBDP)
2009	0.00	%	10,627		10.931821		116,172	1.83	%	7.16	%
2008	0.00	%	2,000		10.201066		20,402	0.13	%	2.01	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Core Equity (WRCEP)
2009	0.00	%	7,675		9.064570		69,571	0.65	%	24.02	%
2008	0.00	%	1,458		7.308863		10,656	0.24	%	-26.91	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Dividend Opportunities (WRDIV)
2009	0.00	%	12,273		8.633605		105,960	0.58	%	17.88	%
2008	0.00	%	1,581		7.323854		11,579	0.11	%	-26.76	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Energy (WRENG)
2009	0.00	%	4,780		7.717746		36,891	0.00	%	40.48	%
2008	0.00	%	77		5.493770		423	0.29	%	-45.06	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Global Natural Resources (WRGNR)
2009	0.00	%	20,574		7.279176		149,762	0.00	%	73.64	%
2008	0.00	%	4,390		4.192055		18,403	5.19	%	-58.08	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Growth (WRGP)
2009	0.00	%	7,390		9.004979		66,547	0.26	%	27.07	%
2008	0.00	%	1,331		7.086429		9,432	0.00	%	-29.14	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - High Income (WRHIP)
2009	0.00	%	8,647		11.730371		101,433	4.75	%	46.42	%
2008	0.00	%	2,010		8.011550		16,103	1.43	%	-19.88	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - International Growth (WRIP)
2009	0.00	%	9,348		8.598329		80,377	0.80	%	26.89	%
2008	0.00	%	2,086		6.776160		14,135	0.58	%	-32.24	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - International Value (WRI2P)
2009	0.00	%	6,214		9.543084		59,301	2.44	%	36.97	%
2008	0.00	%	733		6.967466		5,107	0.82	%	-30.33	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Micro Cap Growth (WRMIC)
2009	0.00	%	3,588		8.695716		31,200	0.00	%	41.29	%
2008	0.00	%	3		6.154606		18	0.00	%	-38.45	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Mid Cap Growth (WRMCG)
2009	0.00	%	3,952		10.727709		42,396	0.00	%	46.66	%
2008	0.00	%	104		7.314577		761	0.00	%	-26.85	%	7/25/2008

(Continued)

74

NATIONWIDE VL SEPARATE ACCOUNT-G NOTES TO FINANCIAL STATEMENTS

	Contract Expense Rate**		Units	Unit Fair Value		Contract Owners’ Equity		Investment Income Ratio***		Total Return****		Inception Date*
Ivy Fund Variable Insurance Portfolios, Inc. - Money Market (WRMMP)
2009	0.00	%	19,956	$	10.171477	$	202,982	0.78	%	1.02	%
2008	0.00	%	9,084		10.068911		91,466	0.15	%	0.69	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Mortgage Securities (WRMSP)
2009	0.00	%	433		10.127592		4,385	1.22	%	8.37	%
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Aggressive (WRPAP)
2009	0.00	%	10,521		9.671369		101,752	0.24	%	23.32	%
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Conservative (WRPCP)
2009	0.00	%	615		10.151169		6,243	0.03	%	12.95	%
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderate (WRPMP)
2009	0.00	%	41,362		9.934421		410,908	0.19	%	17.95	%
2008	0.00	%	4,780		8.422293		40,259	0.00	%	-15.78	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Aggressive (WRPMAP)
2009	0.00	%	50,451		9.826989		495,781	0.18	%	20.70	%
2008	0.00	%	9,522		8.141331		77,522	0.00	%	-18.59	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Pathfinder Moderately Conservative (WRPMCP)
2009	0.00	%	982		10.028059		9,848	0.00	%	15.12	%
Ivy Fund Variable Insurance Portfolios, Inc. - Real Estate Securities (WRRESP)
2009	0.00	%	2,749		8.055120		22,144	2.30	%	23.62	%
2008	0.00	%	412		6.515876		2,685	1.94	%	-34.84	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Science and Technology (WRSTP)
2009	0.00	%	12,301		10.649440		130,999	0.00	%	43.84	%
2008	0.00	%	231		7.403637		1,710	0.00	%	-25.96	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Growth (WRSCP)
2009	0.00	%	6,068		9.622434		58,389	0.16	%	34.72	%
2008	0.00	%	231		7.142413		1,650	0.00	%	-28.58	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Small Cap Value (WRSCV)
2009	0.00	%	5,551		10.292224		57,132	0.00	%	29.15	%
2008	0.00	%	144		7.969357		1,148	0.25	%	-20.31	%	7/25/2008
Ivy Fund Variable Insurance Portfolios, Inc. - Value (WRVP)
2009	0.00	%	2,895		9.864810		28,559	1.69	%	26.64	%
2008	0.00	%	261		7.789549		2,033	0.34	%	-22.10	%	7/25/2008
Advantage Funds Variable Trust - VT Small Cap Growth Fund (WFVSCG)
2009	0.00	%	1,548		13.201660		20,436	0.00	%	32.02	%	5/1/2009
NVIT Mid Cap Growth Fund - Class I (obsolete) (SGRF)
2008	0.00	%	71,365		7.252787		517,595	0.00	%	-46.11	%
2007	0.00	%	84,110		13.458816		1,132,021	0.00	%	9.01	%
2006	0.00	%	60,450		12.345868		746,308	0.00	%	9.91	%
2005	0.00	%	1,346		11.232927		15,120	0.00	%	12.33	%	1/18/2005
2009	Contract owners equity:					$	77,699,179
2008	Contract owners equity:					$	38,340,805
2007	Contract owners equity:					$	32,958,038
2006	Contract owners equity:					$	14,548,089
2005	Contract owners equity:					$	1,951,231

* This represents the date the underlying mutual fund option was initially added and funded. Total returns presented in years of initial offering represent the return for the period from the initial offering through year end.

** This represents the contract expense rate of the variable account for the period indicated and includes only those expenses that are charged through a reduction in the unit values. Excluded are expenses of the underlying mutual funds and charges made directly to contract owner accounts through the redemption of units.

*** This represents the dividends for the period indicated, excluding distributions of capital gains, received by the subaccount from the underlying mutual fund, net of management fees assessed by the fund manager, divided by average net assets. The ratios exclude those expenses, such as policy and asset charges, that result in direct reductions to the contractholder accounts through redemption of units. The recognition of investment income by the subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the subaccounts invest.

**** This represents the total return for the period indicated. The total return does not include any expenses assessed through the redemption of units; inclusion of these expenses in the calculation would result in a reduction in the total return presented. Total return is not annualized if the underlying mutual fund option is initially offered, funded, or both, during the period presented.

75

Report of Independent Registered Public Accounting Firm

The Board of Directors of Nationwide Life and Annuity Insurance Company and Contract Owners of Nationwide VL Separate Account-G:

We have audited the accompanying statement of assets, liabilities and contract owners’ equity of Nationwide VL Separate Account-G (comprised of the sub-accounts listed in note 1(b) (collectively, “the Accounts”)) as of December 31, 2009, and the related statements of operations and changes in contract owners’ equity, and the financial highlights for each of the periods indicated herein. These financial statements and financial highlights are the responsibility of the Accounts’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2009, by correspondence with the transfer agents of the underlying mutual funds. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Accounts as of December 31, 2009, and the results of their operations, changes in contract owners’ equity, and financial highlights for each of the periods indicated herein, in conformity with U.S. generally accepted accounting principles.

/s/    KPMG LLP

Columbus, Ohio

March 10, 2010

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