Thrivent…

                                                         Thrivent Partner Mid Cap Value Portfolio
                                                                                                                                June 30, 2008

     Portfolio Overview                            Investment Objective
                                                   Seeks to achieve long-term growth of capital.
      Investment Management Style
                                                   Investment Strategy
                       Value Blend Growth          · Focuses mainly on the stocks of companies with market capitalizations
              Large                                  similar to those companies included in the Russell Midcap Value Index.
                                                   · A forward-looking investment approach will be used based on the belief

                                            Size
                Mid                                  that rigorous independent research is key to identifying quality, well-
                                                     positioned businesses selling at compelling valuations.
               Small

                             Style
                                                     Investment Performance - Average Annual Total Return*
                                                                                       3 Mo.      YTD        1 Yr.      3 Yr.   5 Yr. 10 Yr. Inception
            Portfolio Information                  If contract IS NOT
                                                   surrendered**                      3.96%     (4.36)% (10.99)% 4.92% N/A              N/A      7.36%
     Inception date:         04/29/05
                                                   If contract IS surrendered***     (1.66)% (9.53)% (15.80)% 3.65% N/A                 N/A      6.44%
     Total Net Assets:       $109.2 million
                                                   Lipper Mid-Cap Value
     Benchmark:              Russell Midcap        Median                             0.12%     (8.60)% (16.28)% 4.18% N/A              N/A        --
                             Value Index
                                                    Russell Midcap Value Index          0.07% (8.58)% (17.09)% 4.97% N/A N/A                        --
                                                     *All data represents past performance and should not be viewed as an indication of future
                                                      results. Total investment returns and principal value of an investment will fluctuate and your
                                                      units when redeemed may be worth more or less than your original cost. Current
                                                      performance may be lower or higher than the performance data quoted. Market volatility
                                                      can significantly affect short-term performance, and more recent returns may be different
                                                      from those shown. Call 800-THRIVENT or visit www.thrivent.com for most recent month end
                                                      performance results. Maximum surrender charge is 7.0%. Additional expenses also included
                                                      are the maximum mortality and expense risk charge of 1.90% and annual expenses ranging
                                                      from .37% to 1.19%, depending on the portfolio. Annual expenses are subject to change.
                                                      See the prospectus for detailed information on fees related specifically to this portfolio.
                                                      Periods less than one year are not annualized. Subaccount total return calculations assume an initial
                                                      investment of $10,000. At various times, the Portfolio's adviser may have reimbursed Portfolio
                                                      expenses. Had the adviser not done so, the Portfolio's total returns would have been lower. This
                                                      reimbursement of expenses may be discontinued at any time.
                                                    **Non-standardized. Annualized total returns are based on the performance of the Thrivent Financial
                                                      Flexible Premium Deferred Variable Annuity's underlying portfolio. The date of inception of the
                                                      portfolio and the subaccount is 04/29/05. Adjustments for possible annual administrative charges
                                                      or surrender charges have not been included.
                                                   ***Standardized. The standardized average total returns are calculated from the inception date of the
                                                      portfolio on 04/29/05. If the contract is surrendered values reflect surrender charges applied
                                                      during the first seven years. These charges are 7% in the first contract year, and decrease by 1%
                                                      each subsequent year until they are zero.
                                                      Lipper figures do not include sales charges. If included, returns would have been lower.
                                                      The Russell Midcap Value Index is an unmanaged index composed of the mid-cap value segment
                                                      of the U.S. equity universe.




     Portfolio Management
                                                   Risks:The Portfolio is exposed to the risks of investing in equity securities of
                                                   medium-sized companies. Medium-sized companies often have greater price vola-
                                                   tility, lower trading volume, and less liquidity than larger, more-established compa-
                                                   nies. These companies tend to have smaller revenues, narrower product lines, less
                                                   management depth and experience, smaller shares of their product or service mar-
                                                   kets, fewer financial resources, and less competitive strength than larger compa-
                                                   nies. Value portfolios are subject to style risk in that value investing may fall out of
                                                   favor with investors. These and other risks are described in the Portfolio's prospec-
                                                   tus.




21523MCV
                                                                     Thrivent Partner Mid Cap Value Portfolio
                                                                                                                                      June 30, 2008


        Portfolio Diversification1                                                                             Portfolio Statistics1
    I Financials                             21%                                                               Number of holdings:                    117
    I Utilities                              15%                                                               Weighted Average
                                                                                                               Market Cap:                  $10.0 billion
    I Energy                                 15%
                                                                                                               Median Market Cap:            $7.8 billion
    I Consumer Discretionary                 11%
                                                                                                               Turnover ratio:                      93%
    I Information Technology                   8%                                                              Beta2:                               0.98
    I Industrials                              7%                                                              Standard Deviation3:
    I Consumer Staples                         6%                                                                 3-year       5-year            10-year
    I Materials                                6%                                                                11.68%         N/A               N/A
    I Health Care                              5%
    I Cash & Cash Equivalent                   4%
                                                                                                                         Top Ten Holdings
    I Telecommunication
      Services
                                               2%
                                                                                                               PPL Corporation                      2.88%
                                                                                                               United States Steel Corporation      2.87%
        Growth of a $10,000 Investment
                                                                                                               Range Resources Corporation          2.70%
    Value if Contract is Not Surrendered                                                                       Entergy Corporation                  2.40%
                                                                                                               Amphenol Corporation                 2.20%
        $20,000
                                                                                                               Hess Corporation                     2.07%
                                                                                                               Fortune Brands, Inc.                 1.85%
        $15,000                                                                                                EOG Resources, Inc.                  1.83%
                                                                                                    $12,526    Edison International, Inc.           1.73%
                                                                                                               FirstEnergy Corporation              1.71%
        $10,000




         $5,000




            $0
             4/05            12/05         6/06         12/06         6/07         12/07         6/08

    Performance of other contracts will be greater or less than the line shown based on the differences
    in contract charges and expenses paid by contractholders.

    Calendar Year Total Returns (%) (Assumes no sales charge)
        2006 2007
        13.55 1.20
    Assumes the Maximum Mortality and Expense Charge of 1.90%




    1
     This is subject to change.
    2
     Beta: A measure of the 3-year volatility of an investment compared to the S&P 500 Index.
    3
     Standard Deviation: A statistical measure of volatility. The higher the standard deviation, the riskier
     an investment is considered to be.
    Investing in a variable product involves risks, including the possible risk of
    principal. Investors should consider the portfolios' investment objectives,
    risks, charges and expenses carefully before investing. The prospectus
    contains this and other information about the portfolio, which investors
    should read carefully before investing. To obtain a prospectus contact a
    registered representative or visit www.thrivent.com.
    Variable insurance products, where available, are offered and underwritten by Thrivent Financial for
    Lutherans, Appleton, WI 54919-0001 and distributed by Thrivent Investment Management Inc., 625
    Fourth Ave. S., Minneapolis, MN 55415-1665, (800-THRIVENT; 800-847-4836), a wholly owned
    subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC.

21523MCV