Perspective II^® performance center

¹ The securities of mid-capitalization companies involve greater risks than those of larger, more established companies and may be subject to greater share price volatility.

² Performance depends on the changes in market and economic conditions in the selection and percentages of allocations among Underlying Funds.

³ The price of equity or equity-related securities will fluctuate and can decline and reduce the value of a portfolio investing in these securities.

⁴ The manager's investment techniques could fail to achieve the Fund's investment objective or negatively affect the Fund's investment performance.

⁵ Jackson National Asset Management, LLC (JNAM) is an investment adviser registered with the U.S. Securities and Exchange Commission and is the investment adviser to the "Funds," which are investment companies (subaccounts) that underlie the Jackson variable products. Nothing contained herein is investment advice nor a solicitation for investment advisory services. JNAM is an affiliate of Jackson National Life Distributors LLC and Jackson National Life Insurance Company.

⁶ Morningstar^® and Morningstar indices are trademarks or service marks of Morningstar, Inc. ("Morningstar") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC in connection with certain series of JNL Series Trust (all such series, collectively, the "JNL Funds"). The JNL Funds are not sponsored, endorsed, sold or promoted by Morningstar, or any of its affiliated companies (all such entities, collectively, "Morningstar Entities"). The Morningstar Entities make no representation or warranty, express or implied, to the owners of the JNL Funds or any member of the public regarding the advisability of investing in the JNL Funds in particular or the ability of the Morningstar Indices to track general stock market performance. THE MORNINGSTAR ENTITIES DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE MORNINGSTAR INDICES OR ANY DATA INCLUDED THEREIN AND MORNINGSTAR ENTITIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN.

⁷ Growth stocks are generally priced based on future or anticipated earnings and susceptible to larger price swings and greater potential for loss than other types of stocks.

⁸ Investments in securities that are difficult to purchase or sell (illiquid or thinly-traded securities) may reduce returns if the Fund is unable to sell the securities at advantageous times or prices. Illiquid securities may also be difficult to value.

⁹ The securities of small-capitalization companies involve greater risks than those of larger, more established companies and may be subject to greater share price volatility.

¹⁰ Value stocks may not increase in price if other investors fail to recognize a company's value or the factors that are expected to increase the price of a security do not occur.

¹¹ Large capitalization stocks as a group could fall out of favor with the market, causing the fund to underperform funds that focus on other types of stocks.

¹² Proprietary quantitative models may not be successful in identifying securities that will help the Fund achieve its objectives, and may underperform its benchmark or other funds with similar investment objectives.

¹³ This Sub-account invests in a Feeder Fund that in turn invests in a Master Fund. Please see the Prospectus for more details.

¹⁴ Investments in foreign securities are subject to potential adverse fluctuations in foreign currency values, less publicly available information, and the possible imposition of foreign withholding taxes on income payable on the securities. They may be more volatile and less liquid than U.S. markets.

¹⁵ The Morningstar ratings are calculated using "extended performance" which dates back to the commencement date of the Master Fund to help investors see how the portfolio has performed relative to peers over time. Extended performance ratings are calculated using the same methodology as the Morningstar rating and takes the Master Fund monthly returns adjusted for additional expenses in the Feeder Fund, combined with the actual monthly returns from the date the Feeder Fund commenced operations to rate the portfolio for three-, five-, and ten-year periods as available.

¹⁶ The JNL/American Funds Growth inception date of February 8, 1984 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on March 5, 2012 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

¹⁷ The JNL/American Funds Growth-Income inception date of February 8, 1984 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

¹⁸ The JNL/American Funds Washington Mutual Investors Fund inception date of July 5, 2001 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

¹⁹ Fixed income prices respond to changing economic environments, including interest rate changes, credit risk, and call features that could negatively affect the price and/or result in reinvestment in lower yielding securities.

²⁰ This portfolio invests in derivative instruments, which are financial instruments whose value depends on, or is derived from, the value of underlying assets, reference rates, or indices. Derivatives can be highly volatile and may be subject to transaction costs and certain risks, such as unanticipated changes in securities prices and global currency investment. Gains or losses from derivatives can be substantially greater than the derivatives' original cost. Certain derivatives transactions may subject the portfolio to counterparty risk.

²¹ High-yield bonds, lower-rated bonds, and unrated securities are broadly referred to as "junk bonds" and are considered below "investment-grade" by national ratings agencies. Junk bonds typically have a higher yield to compensate for the greater risk that the issuer might not make its principal and interest payments.

²² When interest rates increase, fixed-income securities generally will decline in value. Long-term fixed-income securities normally have more price volatility than short-term fixed-income securities. Some equity securities may also be sensitive to interest rate changes.

²³ An indexing strategy does not attempt to manage volatility, use defensive strategies, or reduce the effects of any long-term periods of poor stock performance. All indices referenced herein are unmanaged and not available for direct investment.

²⁴ Leverage, including borrowing, may cause the strategy to be more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund's portfolio securities, and may cause it to liquidate portfolio positions at disadvantageous times to satisfy its obligations or to meet asset segregation requirements.

²⁵ Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates and exhibit additional volatility. When interest rates decline, borrowers may pay off their mortgages sooner than expected, which can reduce the returns.

²⁶ Swap agreements are derivatives subject to default risk by the counterparty and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement.

²⁷ Sector risk is the risk that securities of companies within specific sectors of the economy can perform differently than the overall market.

²⁸ Changes in an issuer's financial strength, the market's perception of the issuer's financial strength or in a security's credit rating--which reflects a third party's assessment of the credit risk presented by a particular issuer--may affect the value of underlying debt securities resulting in potential losses to the portfolio.

²⁹ Investing according to specific, mechanical criteria applied on a specific date each year may prevent a Portfolio from responding to market fluctuations or changes in the financial condition or business prospects of the selected companies during the year.

³⁰ The "Dow Jones Industrial Average" is a product of S&P Dow Jones Indices LLC ("SPDJI"), and has been licensed for use by Jackson National Life Insurance Company. Standard & Poor's^® and S&P^® are registered trademarks of Standard and Poor's Financial Services LLC ("S&P"); DJIA^®, The Dow^®, Dow Jones^® and Dow Jones Industrial Average^TM are trademarks of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Jackson National Life Insurance Company. Jackson National Life Insurance Company's products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the Dow Jones Industrial Average.

³¹ The Nasdaq-100," "Nasdaq-100 Index," "Nasdaq Stock Market" and "Nasdaq" are trade or service marks of The Nasdaq, Inc. (which with its affiliates are the "Corporations") and have been licensed for use by Jackson National Life Insurance Company. The JNL/Mellon Nasdaq 100 Index has not passed on the Corporations as to its legality or suitability. The JNL/Mellon Nasdaq 100 Index is not issued, endorsed, sponsored, managed, sold or promoted by the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE JNL/Mellon Nasdaq 100 Index.

³² The S&P 500/S&P MidCap 400/S&P SmallCap 600 Index (the "Index") is a product of S&P Dow Jones Indices LLC (SPDJI), and has been licensed for use by Jackson. Standard & Poor's^®, S&P^® and S&P 500^®/S&P MidCap 400^®/S&P SmallCap 600 are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Jackson. Jackson's Products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products nor do they have any liability for any errors, omissions, or interruptions of the index.

³³ The Fund is considered nondiversified and may invest in a limited number of issuers. With a smaller number of different issuers, there is more risk than holding a larger number of issuers, since any changes may cause greater fluctuation of total return and share price of a nondiversified portfolio.

³⁴ The Fund's Environmental Social Governance (ESG) investment strategy limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have an ESG focus. The Fund's ESG investment strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, the Index Provider may be unsuccessful in creating an index composed of companies that exhibit positive ESG characteristics.

³⁵ Morningstar^® and Morningstar^® U.S. Sustainability Index^SM are service marks of Morningstar, Inc. and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. Jackson National Asset Management's products are not sponsored, endorsed, sold or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in JNL/Morningstar U.S. Sustainability Index Fund.

³⁶ This portfolio focuses on particular countries, regions, industries, and sectors and may be subject to greater risks of adverse developments in such areas.

³⁷ Morningstar^® and Wide Moat Focus^SM Index are service marks of Morningstar, Inc. and have been licensed for use for certain purposes by Jackson National Asset Management, LLC ("JNAM"). JNL/Morningstar Wide Moat Index Fund is not sponsored, endorsed, sold, or promoted by Morningstar, and Morningstar makes no representation regarding the advisability of investing in the JNL/Morningstar Wide Moat Index Fund.

³⁸ RAFI^® is a trademark owned by Research Affiliates, LLC and is used by RAFI Indices, LLC under license. The RAFI^® Index Series is calculated by RAFI Indices, LLC ("RAFI"). RAFI does not sponsor, offer, or sell this product and is not in any way connected to it and does not accept any liability to any person purchasing a product that uses or incorporates a product based on the Index in relation to its issue, operation and trading. Any intellectual property rights in the index values and constituent list are the intellectual property of RAFI. Fundamental Index^® and RAFI^® trade names are the exclusive property of Research Affiliates^®, LLC.

³⁹ Investments in foreign currencies, securities that trade in or receive revenues in foreign currencies, or derivatives that provide exposure to foreign currencies are subject to the risk that those currencies may decline in value versus the U.S. dollar, reducing the value of those investments in this U.S. dollar based Fund.

⁴⁰ Investing in emerging markets may involve greater risks than investing in developed countries, including the possibility of industry concentration, nationalization, taxes and transaction costs, lower trading volumes, and less liquid securities, resulting in higher volatility.

⁴¹ The JNL/American Funds Global Growth inception date of April 30, 1997 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on September 16, 2013 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁴² The JNL/American Funds Global Small Capitalization inception date of April 30, 1998 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁴³ The JNL/American Funds International inception date of May 1, 1990 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁴⁴ The JNL/American Funds New World inception date of June 17, 1999 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁴⁵ The portfolio may invest in a limited number of securities, which could subject it to additional risk if one of the portfolio securities declines in price, or if certain sectors of the market experience a downturn.

⁴⁶ This investment may be closely linked to the performance of the real estate markets and may rise and fall more than the value of shares of a fund invested in a broader range of companies.

⁴⁷ If the Fund acquires shares of investment companies, including ones affiliated with the Fund, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the investment companies.

⁴⁸ Greater emphasis or programmed concentration on investments in a particular industry may result in significant share value fluctuation in response to events affecting that industry.

⁴⁹ This portfolio is more vulnerable to the price movements of natural resources and factors that particularly affect the oil, gas, mining, energy, chemicals, paper, steel, or agriculture sectors than a more broadly diversified portfolio.

⁵⁰ The financial services sector may be adversely affected by changes in the regulatory framework or interest rates, financial institution exposure to a nondiversified or concentrated loan portfolio, exposure to financial leverage and/or investments or agreements that may lead to losses such as sub-prime loans, or an unexpected shock affecting the financial services sector.

⁵¹ Utility company securities are particularly sensitive to interest rate movements. When interest rates rise, the stock prices of these companies tend to fall. The continually changing regulatory environment has led to greater competition in the industry and the emergence of non-regulated providers as a significant part of the industry, which may make some companies less profitable.

⁵² The JNL/American Funds Bond Fund of America inception date of January 2, 1996 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on April 26, 2021 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁵³ "Bloomberg^®" and the Bloomberg U.S. Aggregate Bond Index, Bloomberg Global Aggregate Index, Bloomberg U.S. Government Bond Index, Bloomberg Commodity Index, Bloomberg U.S. Credit Bond Index, Bloomberg U.S. TIPS Index, Bloomberg U.S. High Yield 2% Issuer Cap Index, Bloomberg Commodity Gold Total Return Sundex, and Bloomberg 1-3 Year Government/Credit Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively,"Bloomberg") and have been licensed for use for certain purposes by Jackson National Asset Management, LLC. Bloomberg is not affiliated with Jackson, and Bloomberg does not approve, endorse, review, or recommend Jackson Funds. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Jackson Funds.

⁵⁴ The JNL/American Funds Capital World Bond inception date of October 4, 2006 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on May 3, 2010 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.

⁵⁵ These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity's debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. There is no legal process to collect all or part of the principal or interest due.

⁵⁶ During periods of falling interest rates, a debt security with a high stated interest rate may be prepaid before its expected maturity date and the Fund may have to reinvest the proceeds in a lower yielding security.

⁵⁷ When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Rising interest rates tend to extend the duration of securities, making them more volatile as they become more sensitive to interest rate changes. Longer-term securities generally change more in response to interest rates than shorter-term securities.

⁵⁸ The Fund may attempt to hedge (protect) against currency risks using forward foreign currency exchange contracts where available and advantageous to the Fund. The Fund may also use futures, swaps, and other derivative instruments to hedge risk and may invest a small amount relative to the amount of risk assumed.

⁵⁹ Obligations issued by agencies and instrumentalities of the U.S. Government vary in the level of support they receive from the U.S. Government, and the maximum potential liability of the issuers may greatly exceed their current resources. It is possible that these issuers will not have the funds to meet their payment obligations in the future.

⁶⁰ Fidelity Institutional Asset Management and the Fidelity Investments Logo are registered service marks of FMR LLC. Used with permission.

⁶¹ This portfolio is neither insured nor guaranteed by the U.S. government.

⁶² Bank loans, corporate loans, loan participations and assignments involve credit risk, interest rate risk, liquidity risk, and the general risks of being a lender.

⁶³ A security's value may decline for reasons that directly relate to the issuer such as management performance, corporate governance, financial leverage, and reduced demand for the issuer's goods or services.

⁶⁴ If the counterparty defaults on its obligation, the Fund may suffer delays, incur costs, or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security in either situation and the market value of the security declines, the Fund may lose money.

⁶⁵ The value of Treasury inflation-protected securities (TIPS) generally fluctuates in response to changes in real interest rates, which are, in turn, tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increased at a faster rate than inflation, then real interest rates might rise, leading to a decrease in the value of inflation-protected securities.

⁶⁶ Inflation-indexed securities have a tendency to react to changes in real interest rates, which represent nominal (stated) interest rates lowered by the anticipated effect of inflation. In general, the price of an inflation-indexed security can decrease when real interest rates increase, and it can increase when real interest rates decrease. Interest payments on inflation-indexed securities will fluctuate as the principal and/or interest is adjusted for inflation and can be unpredictable.

⁶⁷ Trading options, futures contracts and other derivative financial instruments, and some over-the-counter securities entails credit and settlement risk on the counterparties.

⁶⁸ Loan investments involve credit risk, interest rate risk, liquidity risk, and risk of being a lender.

⁶⁹ PPM America, Inc. is an affiliate of Jackson National Life Distributors LLC. PPM America, Inc. is an indirect, wholly owned subsidiary of Jackson Financial Inc. Jackson Financial Inc. is a publicly traded company.

⁷⁰ Please see the SEC 7-day yield, the standardized performance, which more accurately reflects the performance of this sub-account.

⁷¹ This sub-account is not taxable within the structure of a variable annuity.

⁷² Income generated from the Fund's investments may decline in the event of falling interest rates.

⁷³ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁷⁴ Currency management strategies may result in a loss to the Fund.

⁷⁵ Loan investments are often issued in connection with highly leveraged transactions, including leveraged buyout loans, leveraged recapitalization loans, and other types of acquisition financing. Leveraged buyout loans are subject to greater credit risks than other investments, including a greater possibility that the borrower may default or enter bankruptcy and may be "covenant lite" loans, which do not include terms that allow the lender to monitor the performance of the borrower and declare a default if certain criteria are breached.

⁷⁶ Convertible securities have both debt and equity characteristics. Equities may have greater potential growth, but also higher volatility. The value of the convertible and debt securities may fall when interest rates rise. Longer duration securities may be more volatile and sensitive to interest rate changes than the underlying common stock.

⁷⁷ A short sale may be effected by selling a security that the fund does not own. If the price of the security sold short increases, the fund would incur a potentially unlimited loss; conversely, if the price declines, the fund will realize a gain.

⁷⁸ Alternative investment strategies such as leveraging, arbitrage and commodities investing are subject to greater risks and volatility than more traditional investment offerings. The sub-accounts expect to invest in positions that emphasize alternatives or nontraditional asset classes or investment strategies and, as a result, are subject to the risk factors of those asset classes.

⁷⁹ Infrastructure companies securities are more susceptible to adverse economic or regulatory occurrences affecting their industries, including capital construction interest rate, high leverage, regulatory costs, surplus capacity, increased competition, reasonable fuel prices, energy conservation policies, service interruption, tariffs and taxes, innovations in technology, market demand, terrorist acts, and environmental damage.

⁸⁰ Holders of MLP units have limited control on matters affecting the partnership and may be illiquid. MLPs holding credit-related investments have default risk. An MLP benefit is largely dependent on the tax treatment as partnerships for federal income tax purposes.

⁸¹ Writing call options can reduce the risk of owning equity securities, but it limits the opportunity to profit from an increase in the market value of stocks. Unusual market conditions may reduce the effectiveness of the Fund's options strategies and may not reduce the Fund's volatility to the extent desired.

⁸² The Fund may invest in securities of issuers that are, or will be, involved in reorganizations, financial restructurings, or bankruptcy (also known as "distressed debt"). The Fund may lose a portion or all or its investment and incur higher expenses trying to protect its interests in distressed debt.

⁸³ "Special situations" such as mergers, reorganizations, restructurings, or other unusual events might not occur, causing the price of the security to fall, perhaps sharply, resulting in a loss. This is an aggressive investment technique that may be considered speculative.

⁸⁴ The Fund will engage in merger and acquisition arbitrage transactions where it will purchase or sell short securities at prices below or above the anticipated value of the cash, securities, or other consideration involved in the proposed transaction. If the transaction appears that it will not or does not take place, the security may decline sharply and result in losses if such securities are sold, transferred, or exchanged for securities or cash, the value of which is less than the purchase price. If a security is sold short and the merger does not take place, the Fund may be forced to cover its short positions at a higher price than its short sale price, resulting in a loss.

⁸⁵ An exchange-traded fund ("ETF") may fail to accurately track the market segment or index it is meant to track or trade at a discount to its net asset value "NAV". Shareholders of the Fund will bear their proportionate share of the ETF fees in addition to their fund fees.

⁸⁶ The JNL/American Funds Capital Income Builder inception date of May 1, 2014 refers to the date the Master Fund commenced operations. The Feeder Fund commenced operations on August 13, 2018 and the performance information prior to the Feeder Fund's inception date has been adjusted to reflect deduction of any applicable expenses or charges. Please see the prospectus and contract disclosure for additional information.