Delivering Shareholder Value

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

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

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

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

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

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

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”