JNL Multi-Manager Alternative A

Data Sources: Morningstar, Jackson National Asset Management, LLC, and Jackson.

This material is authorized for use only when preceded or accompanied by the current contract prospectus and underlying fund prospectuses. Before investing, investors should carefully consider the investment objectives, risks, charges, and expenses of the variable annuity and its underlying investment options. This and other important information are contained in the current contract prospectus and underlying fund prospectuses. Please read the prospectuses carefully before investing or sending money.

As with any investment in securities, variable annuities are subject to investment risks, including the possible loss of principal. Investor units will fluctuate with the performance of the underlying investments, and there may be a gain or loss upon redemption. All forms of securities may decline in value due to factors affecting securities markets generally, such as real or perceived adverse economic, political, or regulatory conditions, inflation, changes in interest or currency rates or adverse investor sentiment. Adverse market conditions may be prolonged and may not have the same impact on all types of securities. The values of securities may fall due to factors affecting a particular issuer, industry or the securities market as a whole.

The standardized performance information reflects past performance from the inclusion date of the underlying sub-account into the applicable separate account. All non-standardized performance information reflects hypothetical past performance that may include timeframes before the underlying sub-account was available within the applicable contract. The performance of a sub-account within a contract may differ from the performance of a sub-account within the applicable separate account because the contract has not been in existence for the life of the separate account. Please refer to the contract disclosure table for the establishment date of the separate account and offering dates of the contract.

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.

Convertible securities combine features of equity and debt, making them sensitive to both interest rate changes and market movements of the underlying stock. They may be more volatile than bonds but less volatile than the underlying equity. Longer-duration convertibles are more sensitive to interest rate changes than shorter-duration ones.

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.

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.

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.

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.

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.

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.

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.

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

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

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

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.

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.

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.

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.

"Bloomberg^®" and the Bloomberg indices referenced herein (the "Bloomberg Indices", and each such index, a "Bloomberg Index") are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Index (collectively, "Bloomberg") and/or one or more third-party providers (each such provider, a "Third-Party Provider,") and have been licensed for use for certain purposes to JACKSON NATIONAL ASSET MANAGEMENT, LLC ("JNAM"). To the extent a Third- Party Provider contributes intellectual property in connection with the Bloomberg Index, such third- party products, company names and logos are trademarks or service marks, and remain the property, of such Third-Party Provider. Bloomberg is not affiliated with the JNAM, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Jackson Funds"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Bloomberg Indices or the Jackson Funds.

Wilshire^® is a registered trademark owned by Wilshire Advisors LLC and used under license and the Wilshire Indexes^SM indexes, Wilshire Liquid Alternative Index^SM, Wilshire Liquid Alternative Event Driven Index^SM are service marks owned or licensed by Wilshire OpCo UK Limited or Wilshire Benchmarks US LLC (together "Wilshire Indexes SM") and have been licensed for use by Jackson National Asset Management, LLC. All copyrightable subject matter in a Wilshire Indexes' index and Wilshire Indexes' data is ^© 2026 Wilshire Advisors LLC, all rights reserved. The JNL Multi-Manager Alternative Fund and JNL/Westchester Capital Event Driven Fund (together, the "JNL Funds") are not sponsored, endorsed, sold or promoted by Wilshire Indexes, and Wilshire Indexes makes no representations, warranties or other commitments with respect to the JNL Funds. Wilshire Indexes does not accept any liability to any person for any loss or damage arising out of any error or omission in the Wilshire Indexes' indexes or the Wilshire Indexes data.

*Risk Measures: Alpha is a measure of the difference between a portfolio’s actual returns and its expected performance, given its level of risk measured by beta. Beta is a measure of a portfolio’s sensitivity to market movements. R-squared reflects the percentage of a portfolio’s movements that can be explained by movements in its benchmark. Sharpe Ratio is a risk-adjusted measure calculated by using standard deviation and excess return to determine rewards per unit of risk. Standard Deviation is a statistical measure of the volatility of the portfolio’s return.

**The Bloomberg US Agg Bond index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM passthroughs), ABS, and CMBS. It rolls up into other Bloomberg flagship indices, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt.

**The Wilshire Liquid Alternative Index measures the collective performance of the five Wilshire Liquid Alternative strategies that make up the Wilshire Liquid Alternative Universe. The Wilshire Liquid Alternative Index is designed to provide a broad measure of the liquid alternative market by combining the performance of the Wilshire Liquid Alternative Equity Hedge Index, Wilshire Liquid Alternative Global Macro Index, Wilshire Liquid Alternative Relative Value Index, Wilshire Liquid Alternative Multi-Strategy Index, and Wilshire Liquid Alternative Event Driven Index.

**The Morningstar Target Risk Index family is designed to meet the needs of investors who would like to maintain a target level of equity exposure through a portfolio diversified across equities, bonds and inflation-hedged instruments. The Morningstar Conservative Target Risk Index seeks approximately 20% exposure to global equity markets.

**All indices referenced herein are unmanaged and not available for direct investment.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The Morningstar Rating^TM for funds, or "star rating", is calculated for sub-accounts whose underlying investments have at least a three-year history. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. The three-, five-, and 10-year Morningstar Rating metrics are representative of short, medium, and long-term performance characteristics respectively. JNL Multi-Manager Alternative was rated against the following number of U.S. domiciled Multistrategy funds over the following time periods: 104 funds in the last three years, 99 funds in the last five years, and 66 funds in the last ten years. With respect to these Multistrategy funds, JNL Multi-Manager Alternative received a Morningstar Rating of 3 stars, 2 stars and 3 stars for the three-, five- and ten-year periods, respectively. Past performance is no guarantee of future results. The three-, five-, and 10-year Morningstar Rating metrics are representative of short, medium, and long-term performance characteristics respectively.

Some of Morningstar's proprietary calculations, including the Morningstar Rating^TM, are not customarily calculated based on adjusted historical returns. However, for new share classes/channels, Morningstar may calculate an extended performance Morningstar Rating. The extended performance is calculated by adjusting the historical total returns of the oldest share class of a fund to reflect the fee structure of the younger share class/channel, attaching this data to the younger share class' performance record, and then compounding the adjusted plus actual monthly returns into the extended performance Morningstar Risk-Adjusted Return for the three-, five-, and 10- year time periods. The Morningstar Risk-Adjusted Returns are used to determine the extended performance Morningstar Rating. The extended performance Morningstar Rating for this fund does not affect the retail fund data published by Morningstar, as the bell curve distribution on which the ratings are based includes only funds with actual returns. The Overall Morningstar Rating for multi-share funds is based on actual performance only or extended performance only. Once the share class turns three years old, the Overall Morningstar Rating will be based on actual ratings only. The Overall Morningstar Rating for multi-share variable annuities is based on a weighted average of any ratings that are available. While the inclusion of pre-inception data, in the form of extended performance, can provide valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

Morningstar Rating is for the A share class only; other classes may have different performance characteristics.

The Morningstar Ownership Zone^TM provides detail about a portfolio’s equity investment style by showing the range of stock sizes and styles. A portfolio’s Ownership Zone^TM is derived by plotting each stock in the fund’s portfolio within the proprietary Morningstar Style Box^TM . The shaded area represents the center 75% of the fund’s assets, and it provides an intuitive visual representation of the area of the market in which the fund invests. A "centroid" plot in the middle of the Ownership Zone represents the weighted average of all the fund’s holdings. A fund that is concentrated will have a small ownership zone relative to the area of the style box, and broadly diversified fund will have an ownership zone that stretches across many sizes and style. Over a period of time, the shape and location of a fund’s ownership zone may vary.

The Morningstar Style Box^TM reveals a fund’s investment strategy. For equity funds the vertical axis shows the market capitalization of the long stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the long bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond’s effective duration.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of “low”, “medium”, or “high” based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than “BBB-”; medium are those less than “AA-”, but greater or equal to “BBB-”; and high are those with a weighted-average credit quality of “AA-” or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar’s analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar calculates the average effective duration for portfolio holdings or sources from a third-party data provider from which Morningstar licenses data. Morningstar classifies a fixed-income fund’s interest-rate sensitivity based on the effective duration of the fund relative to the effective duration of the Morningstar Core Bond Index (MCBI). The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI’s average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

Asset Allocation: The weighting of the portfolio in various asset classes, including “Other” is shown in the table. “Other” includes security types that are not neatly classified in the other asset classes, such as convertible bonds and preferred stocks. In the table, allocation to the classes is shown for long positions, short positions, and net (long positions net of short) positions. These statistics summarize what the managers are buying and how they are positioning the portfolio. When short positions are captured in these portfolio statistics, investors get a more robust description of the funds’ exposure and risk.

Most managed product portfolios hold fairly conventional securities, such as long positions in stocks and bonds. Other portfolios use other investment strategies or securities, such as short positions or derivatives, to reduce transaction costs, enhance returns, or reduce risk. Some of these securities and strategies behave like conventional securities, while others have unique return and risk characteristics.

Most portfolios take long positions in securities. Long positions involve buying the security outright and then selling it later, with the hope that the security price rises over time. In contrast, short positions are taken to benefit from anticipated price declines. In this type of transaction, the investor borrows the security from another investor, sells it and receives cash, and then is obligated to buy it back at some point in the future. If the price falls after the short sale, the investor will have sold high and can now buy low to close the short position and lock in a profit. However, if the price of the security increases after the short sale, the investor will experience losses by buying it at a higher price than the sale price.

The strategy of selling securities short is prevalent in specialized portfolios, such as long-short, market-neutral, bear-market, and hedge funds. Most conventional portfolios do not typically short securities, although they may reserve the right to do so under special circumstances. Funds may also short derivatives, and this is sometimes more efficient than shorting individual securities. Short positions produce negative exposure to the security that is being shorted. This means that when the security rises in value, the short position will fall in value and vice versa. Morningstar's portfolio statistics will capture this negative exposure. For example, if a fund has many short stock positions, the percent of assets in stocks in the asset allocation breakdown may be negative. Funds must provide their broker with cash collateral for the short position, so funds that short often have a large cash position, sometimes even exceeding 100% cash.

Note that all other portfolio statistics presented in this report are based on the long holdings of the fund only.

The latest income date allowed is age 95, which is the required age to annuitize or take a lump sum. Please see the prospectus for important information regarding the annuitization of a contract.

Products and features may be limited by state availability, and/or your selling firm's policies and regulatory requirements (including standard of conduct rules).

• Not FDIC/NCUA insured • Not bank/CU guaranteed • May lose value •
Not a deposit • Not insured by any federal agency

Variable annuities are issued by Jackson National Life Insurance Company^® (Home Office: Lansing, Michigan) and in New York, by Jackson National Life Insurance Company of New York^® (Home Office: Purchase, New York). Variable annuities are distributed by Jackson National Life Distributors LLC, member FINRA. These contracts have limitations and restrictions. Jackson issues other annuities with similar features, benefits, limitations, and charges. Discuss them with your representative or contact Jackson for more information. Jackson^® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company^®, and Jackson National Life Insurance Company of New York^®.

Jackson National Life Insurance Company
1 Corporate Way
Lansing, MI 48951