Fitch Affirms Jackson National Life Global Funding & Jackson National Life Funding LLC; Rates Program Issues 'AA'.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 16, 2004

Fitch Ratings has affirmed the 'AA' rating of Jackson National Life Funding, LLC's and Jackson National Life Global Funding's secured notes programs and has assigned an 'AA' rating to the programs' issues specified below. The notes are secured by funding agreements issued by Jackson National Life Insurance Company (Jackson National Life), which carries an 'AA' insurer financial strength rating from Fitch. The Rating Outlook is Stable.

The rating reflects the credit quality of the underlying funding agreement, and includes a review of the legal structure of Jackson National Life Funding LLC and Jackson National Life Global Funding, the funding agreements and the notes. Based on that review, Fitch has concluded that the structure in place allows Fitch to 'pass-through' the rating on Jackson National Life to these notes.

Payment of principal and interest on the notes will be sourced from cash flows from the funding agreement. The funding agreement is structured such that the timing and the amount of the payments will enable Jackson National Life Funding LLC and Jackson National Life Global Funding to make payments on the notes.

Jackson National Life Global Funding is a Delaware statutory trust. Jackson National Life Funding LLC is a limited-liability company under the laws of the Cayman Islands. The companies were established for the sole purpose of issuing debt instruments secured by funding agreements issued by Jackson National Life.

Previously, Fitch only rated funding agreement-backed programs and not individual issues. Fitch is now also providing ratings on individual issues to better serve the needs of investors.

Entity/Issue/Type                  Action       Rating/Outlook

Jackson National Life Funding, LLC

Program                           Affirmed       'AA'/Stable.

--EUR 160,000,000 (US$ $167,256,000) fixed-rate due June 30, 2014

--US$ 89,000,000 index-linked due 2007 Oct. 29, 2007

--US$ 250,000,000 floating-rate due Feb. 8, 2005

--CHF 250,000,000 (US$ $148,000,000) 4.25% due Dec. 30, 2004

--US$ 100,000,000 floating-rate due July 26, 2004

--AUD 225,000,000 (US$ $131,175,000) floating-rate due Sept. 15, 2004

--AUD 175,000,000 (US$ $102,025,000) 7% fixed due Sept. 15, 2004

--AUD 180,000,000 (US$ $97,938,000) 6% fixed due Jan. 19, 2006

--CHF 200,000,000 (US$ $119,417,200) 3.75% fixed due Feb. 28, 2008

--US$ 100,000,000 floating-rate due 2/12/2008

--JPY 20,000,000,000 (US$ $170,020,000) fixed due May 30, 2006

--JPY 20,000,000,000 (US$ $170,020,000) fixed due Nov. 28, 2006

--US$ 75,000,000 floating-rate due July 3, 2009
                                  Assigned        'AA'/Stable.

Jackson National Life Global Funding

Program                           Affirmed        'AA'/Stable.

--US$ 100,000,000 floating-rate due July 13, 2006

--US$ 75,000,000 floating-rate due Jan. 18, 2005

--US$ 500,000,000 fixed due March 15, 2007

--US$ 250,000,000 floating-rate due March 11, 2005

--US$ 250,000,000 fixed due May 30, 2012

--US$ 76,180,509 fixed installment notes due Dec. 21, 2009

--US$ 125,000,000 floating-rate due May 1, 2006

--US$ 175,000,000 floating-rate due May 2, 2005

--US$ 150,000,000 fixed due June 1, 2018

--US$ 125,000,000 floating-rate due Jan. 20, 2006

--US$ 112,000,000 floating-rate due Jan. 20, 2006

--US$ 200,000,000 fixed due Jan. 22, 2009

--US$ 100,000,000 floating-rate due Feb. 12, 2007

--US$ 100,000,000 floating-rate due April 1, 2009

--US$ 250,000,000 monthly extendible notes May 2005 initial/2011 final
                                 Assigned         'AA'/Stable