1. Delivering Shareholder Value Clark P. Manning, Jr. President and Chief Executive Officer Jackson National Life Insurance

3. Value- based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model Strong risk management capabilities and financial discipline

4. Value- based approach

5. Focus on Value ▲ Focus on value will drive your – Choice of customer segments – Product designs – Expense structure – Approach to growth ▲ Focus on value is an anchor during good times and bad

6. Value- based approach Low-cost, flexible infrastructure

7. Low-Cost, Flexible Infrastructure ▲ Three ways to measure scale – Distribution scale – Administrative scale – Financial scale

8. Low-Cost, Flexible Infrastructure ▲ Benefits of organic growth before making acquisitions – No huge expenditures for systems integration – Prior experience in conversions – New, efficient and well-integrated systems

9. Value- based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability

10. Excellent Product Manufacturing and Administrative Capability ▲ Broad product line helps drive sales – 2000 was best sales year ever, driven by high variable annuity sales – 2001 was second best sales year, driven by high fixed annuity sales – Through 30 September 2002, sales are up in every category

11. Excellent Product Manufacturing and Administrative Capability ▲ Efficient product manufacturing is a strategic advantage – Developed Perspective II from concept to completion in only six months – 65% of September 2002 sales from products that did not exist at beginning of this year

12. Value- based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model

13. Relationship-Driven Distribution ▲ JNL’s high quality, value-added wholesaling model – Appeals to “high achiever” reps – Adds value through technology – Establishes trust and long-lasting profitable relationships

14. Relationship-Driven Distribution ▲ JNL’s distribution network consists of: – Independent insurance agents – Banks and financial institutions – Independent broker-dealers – Regional broker-dealers

15. Relationship-Driven Distribution ▲ The quality of JNL’s distribution network is a significant strategic advantage – Wholesalers deliver consistent message of “partnership” – Each JNL wholesaler generates a significantly higher amount of new business than the industry average

16. Value- based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model Strong risk management capabilities and financial discipline

17. Strong Risk Management and Financial Discipline ▲ JNL takes a careful, yet confident approach to risk management – Unwilling to accept certain types of risk – Discipline pushes product design in profitable direction

18. Strong Risk Management and Financial Discipline ▲ With investments, JNL prefers diversifiable credit risk over non-diversifiable interest rate risk – Credit environment has been difficult over last two years but strategy effective over entire business cycle – Earning fundamentals continue to be strong

19. Strong Risk Management and Financial Discipline ▲ JNL’s strategy is based on strong financial discipline – Returns on capital above the industry average – Self-financed rapid growth over the last ten years and still has returned capital to Prudential plc

20. Value-based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model Strong risk management capabilities and financial discipline Profitable, organic growth in targeted channels

21. Profitable, Organic Growth ▲ From 1991-2002: – Total sales grew 13% and retail sales grew 9% on an annualized basis – Admitted assets grew from $13.6b to $45b (as of 30 June 2002) ▲ From 1 January 1992 to 1 January 2002, JNL returned $238m of capital to Prudential plc

22. Profitable, Organic Growth ▲ From 1986 to present, JNL’s admitted assets grew from $2.3b to $45b, nearly a 20-fold increase ▲ All achieved with a net investment of only $697m from Prudential

23. Profitable, Organic Growth ▲ Focus has been and will continue to be on organic growth ▲ In considering acquisitions to complement organic growth, we will: – Look at like businesses to lower unit costs further – Follow strict pricing disciplines – Consider transactions that provide value based on discounted cash flows

24. Value-based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model Strong risk management capabilities and financial discipline Profitable, organic growth in targeted channels EXECUTION

25. Execution ▲ Speed to market is critical ▲ Quality to market is critical ▲ We do both ▲ Jackson National’s success has been founded on execution

26. Summary ▲ Jackson National is built for this environment, and the next ▲ Our strategy is cycle-neutral ▲ We have no expense or goodwill overhang ▲ We never lost the economic rationale for our business

27. Value-based approach Low-cost, flexible infrastructure Excellent product manufacturing & administrative capability Relationship- driven distribution model Strong risk management capabilities and financial discipline Profitable, organic growth in targeted channels

28. Wednesday Agenda ▲ Greg Salsbury, Executive Vice President, Jackson National Life Distributors “The U.S. Retirement Market” ▲ Mike Wells, Vice Chairman, Jackson National Life “Broader Distribution, Greater Market Share” ▲ Break ▲ Clifford Jack, President, Jackson National Life Distributors, Inc. “Positioned to Win with Independent Broker/Dealers” ▲ Jim Sipe, President PCA, Raymond James Inc. ▲ Brad Powell, President, Insitutional Marketing Group “Positioned to Win with Independent Broker/Dealers” ▲ Mike Wells “Wrap Up”