National Life Insurance Company announced that holders of 10.50% Surplus Notes due 2039 (the "Existing Surplus Notes") may tender Existing Surplus Notes in principal amounts equal to minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof in National Life's previously announced offer to exchange (the "Exchange Offer") any and all of the Existing Surplus Notes held by Eligible Holders for National Life's 5.250% Fixed-to-Floating Rate Surplus Notes due 2068 (the "New 2068 Surplus Notes"). The Exchange Offer is being made only (a) in the United States, to holders of Existing Surplus Notes who are "qualified institutional buyers," as defined in Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and (b) outside the United States, to holders of Existing Surplus Notes who are not "U.S. persons," as defined in Rule 902 under the Securities Act.