Positioned to Win with Independent Broker/Dealers Clifford Jack President Jackson National Life Distributors Inc. Chairman National Planning Holdings

Shared Services  Operations  Technology  Training  Marketing  Facilities  Finance  Research Efficient Operating Model  Marketing  National Sales Development  Product Development  Conference and Travel  Human Resources  Compliance  Legal Operational Synergy * Marketing Effectiveness * Leveraged Relationships JNLD, IMG, RBD & RIANPH & RIA Wholesale DistributionRetail Distribution

Jackson National Life Distributors ▲ Wholesale ▲ Variable Annuities, Fixed Annuities, Equity Index Annuities, Life Insurance ▲ 80 Wholesalers ▲ 700+ Selling Agreements ▲ 83,000 Appointed Producers ▲ 24% Multi-product Producers ▲ 8% Sell over $800k annually

Wholesale Sales Process Selling Group Agreement Broker/Dealer Conferences Preferred Lists Branch Access Rep Access First Sale Multiple Sales

JNL Model Limited ad spend Limited conference spend Limited broker/dealer support No incentive trips Roadshows Focus on themes vs. product Compliment travel with heavy phone work Multiple monthly communications Low-cost distribution

Summary ▲ Distribution revolves around five things: – Better people: trained or hired – Better information to make better decisions – Understanding and managing the complexities/interrelationships – Access to successful reps – Speed

National Planning Holdings, Inc.

NPH’s Role in the JNL family ▲ Why we own a broker dealer ▲ Who is NPH? ▲ How we will succeed ▲ Industry trends

NPH’s Role in the JNL family ▲ Benefits of owning NPH

National Planning Holdings, Inc. National Planning Corporation SII Investments, Inc. Invest Financial Corporation Investment Centers Of America National Planning Holdings Organizational Chart ▲ One of the fastest growing firms in the business ▲ Doubled sales and value in 4 years

NPH Locations

National Planning Holdings Profile ▲ $8 billion in sales ▲ $279 million in revenue in 2001 ▲ Top 5 b/d networks in U.S. in 4 th year of existence ▲ Half organic and half acquired ▲ $2 billion in I.A. assets and growing by 50% per year

National Planning Holdings Retirement Market ▲ 50% of current client assets in qualified plans ▲ Over $4 billion in retirement product sales ▲ Largest distributor of JNL retirement products ▲ Active use of proprietary retirement planning software

National Planning Holdings Retirement Market ▲ Largest distributor of JNL products ▲ NPH represents 17% of all JNLD VA sales ▲ Over $300 million of JNL annuities year-to-date, 9/30/2002 ▲ JNL represents 18% of all annuities sold at NPH

How Do We Compete? ▲ We give the reps more time ▲ We offer them an attractive payout and ▲ We give them better technology

National Planning Holdings Solutions ▲ Backoffice tools – Granite Proprietary commission and licensing system Transaction history ▲ Frontoffice tools – 24/7 website Research Trading E-documents – Consolidated client statements – Electronic Order Entry – Electronic file cabinet

Where is the Industry Going? ▲ More efficiencies needed ▲ Better support from technology ▲ Increased emphasis on risk and regulatory management