open quoteFrom time to time—not enough for me—financial products come out that actually fill a need...I'll start with a variable annuity called Monument Advisor issued by Jefferson National Life Insurance Co.
—Los Angeles Times

FOR IMMEDIATE RELEASE

INVIVA CONTACT:
Deborah Newman
Corporate Communications
212-220-5862
dnewman@inviva.com

INVIVA'S JEFFERSON NATIONAL REDEFINES VARIABLE ANNUITIES: FIRST FLAT INSURANCE FEE ALLOWS FEE-BASED ADVISORS TO ALIGN BUSINESS GOALS WITH CLIENTS' NEEDS

Lowest Insurance Cost VA on the Market1: No Insurance M&E Fee, No Product Surrender Fee2, No Sales Charge—One Simple Flat Monthly Insurance Fee

Louisville, KY and New York, NY, May 23, 2005 - Inviva's Jefferson National is now making variable annuities a viable option for the first time to a growing number of fee-based advisors and the clients they serve with the launch of Monument Advisor, the only variable annuity to charge a flat insurance fee of $20 per month, no matter how much clients invest3. Compared to most variable annuities, which charge an asset-based insurance fee averaging 1.35% of invested assets each year4, Monument Advisor's flat insurance fee is the absolute lowest in the industry on an investment of $100,000 or more, at just $240 per year versus an average of $1,350. Likewise, Monument Advisor costs less than at least 85% of all other variable annuities on a contract of $25,000, according to Morningstar data.

For an increasing number of financial advisors who provide fee-based advisory services, as well as those actively making the transition from a commission based practice toward a fee-based advice model, there is a clear need for customer-centric products that will increase client satisfaction, boost retention and generate stable income. Monument Advisor, with its flat insurance fee of $20 per month no matter how much clients invest, plus a low-cost pricing structure that pays no commission and has no product surrender charge, can help align the best interest of both parties and allows advisors to manage client accounts without the onerous "stacking" of fees, creating less drag on portfolio performance.

"Monument Advisor is rewriting the way that fee-based advisors do business and redefining variable annuities for their clients by cutting tax deferral to one of the lowest levels in the market today: a simple VA with a flat insurance fee of $20 per month-just $240 per year-no matter how much clients invest," said Patrick D. Ferrer, National Sales Director, Jefferson National. "By providing this low-cost tax deferral with a flat insurance fee, Monument Advisor helps advisors to boost retention, drive new sales and is a 'magnet' for larger accounts. Twenty years in the business, and I've never seen a value so compelling."

Monument Advisor's flat insurance fee and low-cost pricing is only half of the value equation. While lower costs often means less choice, Monument Advisor gives consumers one of the industry's widest selections of underlying funds, with more than 110 variable investment options, including real estate & sector funds, hard assets, alternative investments and flexible trading with a full Rydex suite. This can translate into active management for a smaller insurance cost5. Like all variable annuities, Monument Advisor passes along the investment charges of its underlying funds, which range from 0.26% to 2.54%.

Inviva, Jefferson National's parent company, invested millions of dollars and thousands of man-hours developing a platform that keeps Monument Advisor's cost low, to help advisors streamline operations and improve efficiencies while delivering superior customer value. Spending less time on routine administration and paperwork means advisors can spend more time advising clients and building new business. Through the ultimate convenience of single-sign-on, Monument Advisor's platform allows advisors to manage one account or an entire book of business with advanced modeling for both active and passive investors, Ibbotson model allocations, custom asset allocations, as well as one-click aggregate account information, client statements and financial planning tools. (NOTE: Additional information of July 20, 2005)

About Jefferson National Life Insurance Company

Jefferson National Life Insurance Company (Jefferson National) is a wholly owned subsidiary of Inviva, Inc. as of 2002. Founded in 1937, Jefferson National is domiciled in Dallas, Texas with authority in 49 states and the District of Columbia. Jefferson National has offices in New York, N.Y. and in Louisville, KY. To learn more, please visit www.jeffnat.com.

About Inviva

Inviva is a privately owned insurance holding company with two subsidiaries that are licensed to sell life insurance and annuities, with both fixed and variable authority, collectively in all 50 states. Inviva's patent-pending automated process has been designed expressly to meet the life insurance and annuity needs of consumers by streamlining every step of sales, application, issuance and administration. Inviva's innovative products have helped hundreds of agents, broker-dealers, advisors and direct marketing partners to gain efficiencies and drive sales while providing greater customer value. Through its subsidiaries, Inviva serves more than 90,000 customers nationwide. Inviva is headquartered in New York, N.Y. with administrative operations in Louisville, KY. To learn more, please visit www.inviva.com.

Important Disclosure:

Variable annuities are subject to investment risk, including possible loss of the principal amount invested. Variable annuities are long-term investments to help you meet retirement and other long-range goals. Variable annuities are complex products, however, and are not suitable for everyone. They are not designed for meeting short-term goals because substantial taxes and insurance company charges may apply if you withdraw your money early. Withdrawal of tax-deferred accumulations may be subject to deferred sales charges and are subject to ordinary income tax. If owners who are less than age 59½ make withdrawals, those withdrawals may incur a 10% IRS tax penalty. Neither Jefferson National nor its representatives are qualified to give tax advice.

Please see current product and underlying investment portfolio prospectuses for more complete information about Jefferson National's variable annuities and the underlying investment portfolios. Prospectuses may be obtained from Jefferson National by writing to us at the below address or from your registered representative. Consider the investment objectives, risks and charges and expenses of the underlying investment portfolios carefully before investing. Prospectuses contain this, and other information about the investment portfolios. Please read all prospectuses carefully before investing.

1For a $25,000 contract, Monument Advisor's $20 per month insurance fee is lower than 86% of all variable annuity insurance charges. For a $100,000 contract, the $20 insurance fee is lower than all variable annuity insurance charges. Morningstar data as of 12/31/2004.

2The IRS may charge 10% tax penalty on any withdrawal made before age 59½.

3Contributions in excess of $2 million are subject to Company approval.

4Morningstar data as of 12/31/2004.

5See prospectus for limitations on transfers.

Guarantees are based on the financial strength and claims-paying ability of the issuing company: Jefferson National Life Insurance Company. Annuities are not FDIC insured; they are not deposits, obligations of or guaranteed by the bank or any federal government agency; and they involve risk, including the possible loss of principal. Jefferson National variable annuities are issued by Jefferson National Life Insurance Company, with Administrative Offices at 9920 Corporate Campus Drive, Suite 1000, Louisville, KY 40223 and are offered by prospectus only. Jefferson National Securities Corporation is a member of the NASD and the principal underwriter of the variable annuities issued by Jefferson National.

This summary of product features is not intended to be all-inclusive. Restrictions will apply. The contracts have exclusions and limitations. The products may not be available in all states or at all times. Please see the product prospectuses for more information.

JNL2005CL24 0505

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An investor should carefully consider the investment objectives, risks, charges and expenses of the investment before investing or sending money. For a prospectus containing this and additional information, please contact your financial professional. Read it carefully before investing. The summary of product features is not intended to be all-inclusive. Restrictions may apply. The contracts have exclusions and limitations, and may not be available in all states or at all times.

Variable annuities are investments subject to market fluctuation and risk, including possible loss of principal. Your units, when you make a withdrawal or surrender, may be worth more or less than your original investment.

Variable annuities are long-term investments to help you meet retirement and other long-range goals. Withdrawal of tax-deferred accumulations are subject to ordinary income tax. Withdrawals made prior to age 59 ½ may incur a 10% IRS tax penalty. Jefferson National does not offer tax advice. Annuities are not deposits or obligations of, or guaranteed by any bank, nor are they FDIC insured.

Monument Advisor is issued by Jefferson National Life Insurance Company (Dallas, TX) and distributed by Jefferson National Securities Corporation, FINRA member. Policy series JNL-2300-1, JNL-2300-2.

Form #: jef-pr-20061207