FOR IMMEDIATE RELEASE

RYDEX CONTACT:
Melinda Clore, PR Manager
800.258.4332 ext. 5394
mclore@rydexinvestments.com

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

RYDEX INVESTMENTS AND JEFFERSON NATIONAL'S MONUMENT ADVISOR LAUNCH TWO VARIABLE TRUST PRODUCTS USING HEDGE FUND STRATEGIES IN FIRST VARIABLE ANNUITY WITH FLAT INSURANCE FEE

One of the Lowest Cost VAs on the Market¹ Seeks to Deliver Benefits of Hedge Fund Investing to Fee-Based Advisors and the Clients They Serve

Rockville, MD and New York, NY—March 13, 2005— - Known for their alternative product lineup and strong commitment to the RIA marketplace, Rydex Investments and Jefferson National have teamed up to give advisors access to popular hedge fund-like strategies² by launching two new variable trust products–the Rydex Absolute Return Strategies Fund and the Rydex Hedged Equity Fund—in Jefferson National's Monument Advisor, the only variable annuity to charge a flat insurance fee of $20 per month, no matter how much clients invest.³

One of the lowest cost VAs on the market, Monument Advisor charges no asset-based insurance M&E fee, no product surrender fee,⁴ no sales charge, and pays no commission. As with all variable annuities, clients pay the fees of the underlying funds they select, (which range from 0.26% to 2.54%), as well as any fees that they have agreed to pay their investment advisors.

Rounding out its full suite of Rydex funds with the addition of two hedge fund-like strategies, Jefferson National's Monument Advisor now offers variable annuity investors greater access to investment options which can help to effectively manage risk in their portfolios and to generate returns in a wide range of market conditions:

• Rydex Absolute Return Strategies Fund seeks to provide capital appreciation consistent with the risk and return characteristics of the hedge fund universe with low correlation and less volatility than equity indexes.
• Rydex Hedged Equity Fund seeks to provide capital appreciation consistent with the risk and return characteristics of the long/short hedge fund universe with low correlation and less volatility than equity indexes.

Monument Advisor will also offer the Rydex Core Equity Fund, a multi-cap fund providing broad market exposure across all sizes, styles and sectors which seeks long term capital appreciation by investing in a combination of value and growth oriented strategies.⁵

"The interest in alternate investments such as hedge funds continues to grow, especially in response to the flat results of the current equity market," said Jeff Joseph, managing director of alternative investments at Rydex Investments. "By joining forces with Jefferson National's Monument Advisor, we believe Rydex's new funds are well positioned to help investors meet their long-term goals using the unique combination of low volatility absolute return strategies within one of the market's lowest cost variable annuities."

"Alternate investment strategies can be important for investors who are saving for retirement in this challenging market environment, but they are difficult to find within variable annuity structures," said Patrick D. Ferrer, National Sales Director, Jefferson National. "Combining the power of Rydex's alternate investment strategies with Monument Advisor's low-cost tax deferral of just $20 per month no matter how much clients invest, advisors now have more options to tailor solutions for their clients in response to business cycles and market events."

Monument Advisor offers advisors and their clients a total of more than 120 funds, one of the industry's widest selections of investment options available today, covering every style and category including inverse funds, market neutral funds, hard assets, bond funds, REITs and a suite of Rydex funds designed for dynamic trading to accommodate the needs of both new and seasoned investors. During the accumulation period, transfers between funds are unlimited,⁶ allowing investors to adjust their portfolio, tax free.

About Rydex

Rydex Investments, the investment advisor to Rydex funds, continues to drive change in the financial industry by introducing investment products and services that challenge conventional thinking, empower investors and provide essential new options for an uncertain market. Rydex manages $14 billion in assets via more than 50 mutual funds, including nine exchange traded products. For more information, call 800.258.4332 or visit www.rydexinvestments.com.

About Jefferson National Life Insurance Company

Jefferson National Life Insurance Company (Jefferson National) is a retirement savings company for fee-based advisors and the clients they serve. We believe that simple, low-cost variable annuities should be a part of every American's retirement portfolio, and we've made it our mission to help all Americans save more for retirement by launching Monument Advisor, the first variable annuity with a flat insurance fee. Founded in 1937, Jefferson National serves more than 40,000 customers nationwide. Jefferson National is domiciled in Dallas, Texas with authority in 49 states and the District of Columbia. To reach our sales desk, please call 1-866-667-0564. To learn more, please visit www.jeffnat.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 59 ½ 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 91% 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 12/31/2005.

² Both Rydex Variable Trust Absolute Return Strategies Fund and Rydex Variable Trust Hedged Equity Fund are subject to a number of risks and may not be suitable for all investors. The funds' use of derivatives such as futures, options and swap agreements may expose the funds to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The more the funds invest in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. The funds' use of short selling involves increased risks and costs. The funds risk paying more for a security than they received from its sale. Rydex Variable Trust Absolute Return Strategies Fund's investments in high yield securities and unrated securities of similar credit quality ("junk bonds") may be subject to greater levels of interest rate, credit and liquidity risk than funds that do not invest in such securities. The fund's fixed-income investments will change in value in response to interest rate changes and other factors. The fund's exposure to foreign currencies subjects the fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Additionally, diplomatic, political or economic developments in foreign countries could adversely impact the fund's investment in securities of foreign companies. These risks may cause the fund to experience higher losses and/or volatility than a fund that does not invest in derivatives, use leverage or short sales or have exposure to high yield/fixed income securities, foreign currencies and/or securities. Rydex Variable Trust Hedged Equity Fund's fixed-income investments will change in value in response to interest rate changes and other factors. In addition, the value of securities with longer maturities will fluctuate more in response to interest rate changes. Additionally, diplomatic, political or economic developments in foreign countries could adversely impact the fund's investment in securities of foreign companies. These risks may cause the fund to experience higher losses and/or volatility than a fund that does not invest in derivatives, use leverage or short sales or have exposure to fixed income or foreign securities.

These are non-diversified funds. This presents greater risk of loss of principal as the financial condition or market's assessment of such securities changes.

Rydex Distributors, Inc., an affiliate of Rydex Investments, is the distributor of the Rydex funds.

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

⁴The IRS may charge 10% tax penalty on any withdrawal made before age 59½

⁵ Rydex Core Equity Fund is subject to a number of risks and may not be suitable for all investors. This portfolio is non-diversified, with the potential to invest a greater portion of its assets in a limited number of companies. Consequently, this portfolio may have more risk as changes in the value of a single security may have a more significant effect on the portfolio's net asset value. This portfolio invests (or may invest) in securities of companies with micro-, small-, or mid-capitalization. Any investment in micro-, small-, or mid-capitalization companies involves greater risk than that customarily associated with investments in larger, more established companies because of the greater business risks of smaller size, limited markets and financial resources, narrower product lines, and frequent lack of management depth. As such, micro- or small-cap companies may be more subject to erratic and abrupt market movements than securities of larger, more established companies. This portfolio can leverage or use leveraged instruments or derivatives. Portfolios that use leverage, that is, borrow money, are subject to the risk that the cost of borrowing money to leverage will exceed the returns for the securities purchased or that the securities purchased may actually go down in value. Thus the portfolio's net asset value can decrease more quickly than if the portfolio had not borrowed. Portfolios that use leveraged instruments or derivatives such as futures, options and swap agreements, may expose the portfolio to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The more a portfolio invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments.

⁶See 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.

JNL2006CL5 03/06

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