Broader Distribution, Greater Market Share

Mike WellsVice Chairman

Jackson National Life

Large enough to have scale; small enough to have speed

JNL’s Business Model – The Balance of Size, Desired Market Position, and Speed

From 1-Product/1-Channel…to Multi-Product/Multi-Channel

1997 1998 1999 2000 2001 2002

Index Annuity

No-SurrenderVariable Annuity

JNL ofNew York

Creationof NPC

UIT StyleVariable Annuity

Acquired SII Investments

AcquiredInvest & ICA

BonusVariable Annuity

Enhancements to Annuity Lines

Short-TermVariable Annuity

RIA Distribution & Products

Certificateof Deposit

Regional B/D Distribution

JacksonFederal Bank

Channel Development

Product Initiatives

Index Fixed Option (IFO)

JNL Evolution to a Financial Services Company

The Right Products for Every Kind of Economy

0

1,000

2,000

3,000

4,000

5,000

6,000

0

10,000

20,000

30,000

40,000

50,000

60,000

Fixed Annuity Index Annuity Variable Annuity JNL Assets

($ m

illio

ns)

Product Sales JNL Assets

The Impact of Diversifying Products and Channels

1997 1998 1999 2000 2001 YTD (9/30/02)

JNL’s Focus is on the Most Profitable Channels

Insurance Agents 36% Independent Broker/Dealers 26% Regional Broker/Dealers 13% NY Wirehouse 12% Bank/Credit Union 11% Direct Response 2%

Variable Annuity Industry

Insurance Agents (36%)

Bank/Credit Union (11%)NY Wirehouse (12%)

DirectResponse (2%)

Regional Broker/Dealers (13%)

IndependentBroker/Dealers (26%)

54,997.7

Industry Sales by Distribution Channel Year-to-Date 6/02

27,560.0(50.1%)

Where JNL Chooses NOT to Compete

NY Wirehouse (12%)

DirectResponse (2%)

Variable Annuity Industry

54,997.7

Insurance Agents (36%)

Industry Sales by Distribution Channel Year-to-Date 6/02

27,437.7(49.9%)

Where JNL Chooses to Compete

Bank/Credit Union (11%)

Variable Annuity Industry

Industry Sales by Distribution Channel Year-to-Date 6/02

54,997.7

Regional Broker/Dealers (13%)

IndependentBroker/Dealers (26%)

Industry Trends

Industry Trends

$53$72

$53$42$38 $32

$88$100

$123

$137

$113

$55

$0

$50

$100

$150

$200

$250

1997 1998 1999 2000 2001 YTD 6/02

0%

20%

40%

60%

80%

100%

Fixed VA JNL's FA to Total Industry FA to Total

Industry Annuity Sales($billions)

Source: LIMRA Annuity Report (Fixed Annuities) The VARDS Report (Variable Annuities)

After Years of VA Growth, Fixed Annuity Sales Are Back

Fixed Annuity

▲ Move from annual reset-able to multi-year guarantee products

▲ Mispriced Fixed option in variable annuity contracts

▲ Large players continue to lead market on rates and commission

▲ Channel-specific issues

Industry Trends

JNL’s Fixed Annuity Strategy

▲ Year-to-date sales of $2.9 billion*▲ Revised product line▲ Customized by channel▲ Leveraging business reputation

*Through 9/30/02

JNL’s Life Strategy

▲ Revised product line▲ Entering new channels▲ Leveraging existing life producers▲ Re-dedicated marketing efforts

Variable Annuity

▲ Guaranteed principal options▲ Repricing of Guaranteed Minimum Income

Benefit▲ More sub-accounts▲ Shorter contingent deferred sales charges▲ Unbundling

Industry Trends

JNL’s Variable Annuity Strategy

▲ Leveraging administrative technology ▲ Revised product line▲ Solution-based sales▲ Year-to-date sales of $1.3 billion*

*Through 9/30/02

JNL’s Index Annuities Strategy

▲ Enhanced product line▲ Advantageous crediting methodology▲ Producer certification ▲ Year-to-date sales of $300 million*

*Through 9/30/02

This Is Where We Are Going…

Where We Are Going

▲ Broader distribution▲ Increased market share in current

channels▲ Move from products to platforms▲ The Registered Investment Advisor

business

Registered Investment Advisor▲ $400 billion market▲ The likely competitors cannot cover this space▲ JNL Stakeholders win:

– Client– Rep– Shareholder

▲ Asset management business, without the overhead, acquisition costs, personalities, etc.

▲ Institutional quality for everyone

Evolution of Consumer Needs…

Retirement

Cost &Simplicity

Guarantees &Complexity

Where We are Going…

Institutional-quality

advice withtheir first dollar

Institutional-quality

advice withtheir first dollar

Income & mortality products that are

flexible and address their ever-changing

needs

Income & mortality products that are

flexible and address their ever-changing

needs

Advice that is truly customized

to their needs

Advice that is truly customized

to their needs

Products thatadjust to their

changing needsand asset levels

Products thatadjust to their

changing needsand asset levels

JNL: Positioned to Win

▲ Large enough for scale; small enough for speed

▲ Multi-product/multi-channel▲ Built to succeed in any economy▲ Evolution towards platforms, not

products ▲ Meeting consumer needs at a variety of

inflection points