AMENDMENT NUMBER ONE
TO THE
PARTICIPATION AGREEMENT
AMONG
ADVANTUS SERIES FUND, INC.
ADVANTUS CAPITAL MANAGEMENT, INC.
AND
MINNESOTA LIFE INSURANCE COMPANY
This Amendment modifies the existing Participation Agreement made March 1, 2000,
by and between Advantus Series Fund, Inc., a Minnesota corporation (hereinafter
called the "Fund"), Advantus Capital Management, Inc., (hereinafter the
"Adviser") and Minnesota Life Insurance Company, (hereinafter "Minnesota Life").
This Amendment shall be effective on February 9, 2001.
I
The Agreement shall be modified so that paragraph 1.12 is added to Article I.,
"Purchase and Redemption of Fund Portfolio Shares". Article I shall be amended
as follows:
1.12 In the event adjustments are required to correct any material
error in the computation of the net asset value of the Fund's shares,
the Fund shall notify Minnesota Life as soon as practicable after
discovering the need for those adjustments which result in a
reimbursement to an Account in accordance with the Fund's then current
policies on reimbursement, which the Fund represents are consistent
with applicable SEC standards. If an adjustment is to be made in
accordance with such policies to correct an error which has caused an
Account to receive an amount different than that to which it is
entitled, the Fund shall make all necessary adjustments to the number
of shares owned in the Account and distribute to the Account the amount
of such underpayment for credit to Minnesota Life's Contract/Policy
Owners.
IN WITNESS WHEREOF, the Fund, the Adviser and the Minnesota Life have caused
this amendment to be executed in triplicate by their duly authorized officers.
Executed on this 15th day of February, 2001 in St. Xxxx, Minnesota.
ADVANTUS SERIES FUND, INC.
By /s/Xxxxxxx X. Xxxxxxxx
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Its President
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ADVANTUS CAPITAL MANAGEMENT, INC.
By /s/Xxxxxxxxx X. Xxxxxxxxx
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Its Vice President
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MINNESOTA LIFE INSURANCE COMPANY
By /s/Xxxxxx X. Xxxxxxx
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Its Executive Vice President
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